News & Research

U.S. President Donald Trump said on Oct. 12 that the United States is trying to help China, not harm it, amid rising concerns over trade tensions, according to Yonhap News. In a post on Truth Social, the president said not to worry about China and that everything will be fine. He described President Xi Jinping as highly respected and suggested Xi was just experiencing a temporary difficult period, adding that neither leader wants their country to face a recession. In an interview with reporters, Trump also indicated that there is room for negotiation before a previously announced tariff deadline, remarking that Nov. 1 seems like a very distant future to him.

Nasdaq-listed company Bitmine (BMNR), which focuses on Ethereum investments, purchased an additional 27,256 ETH ($104.24 million) approximately 30 minutes ago, Lookonchain reported.

Cryptocurrency market maker GSR Markets announced on its official X account that its over-the-counter (OTC) desk remains fully operational and is continuing to provide liquidity amid market volatility. The statement follows rumors within the crypto industry that market makers were withdrawing liquidity around the time of a record-breaking forced liquidation event on Oct. 11.

Kris Marszalek, CEO of the global cryptocurrency exchange Crypto.com, has called on regulators to investigate certain exchanges following what he described as the largest-ever forced liquidation event. In a statement on X, Marszalek urged authorities to examine whether some platforms halted or experienced degraded functionality during market volatility, effectively preventing users from trading. He also said investigators should verify that all trade execution prices were accurate and consistent with market indices. Additionally, Marszalek called for a review of the operational status of trade monitoring and anti-money laundering (AML) programs, as well as whether systems are in place to segregate information between internal trading teams and general users.

DWF Labs founder Andrei Grachev stated on X that the recent record-breaking wave of forced liquidations was not driven by fundamental factors, such as the collapse of FTX. Instead, he attributed the event to a sudden tariff announcement that led to a cascade of leverage liquidations. Grachev added that while liquidity has been depleted, strong projects like Bitcoin will recover soon. He previously stated on Sept. 26 that this season would be the last opportunity to purchase coins at low prices.

Macro investor and Real Vision CEO Raoul Pal stated on X that the recent record-breaking wave of forced liquidations is merely noise for long-term holders. He explained that for investors not using leverage, the event is insignificant. Pal suggested that long-term holders should only ask themselves two questions: whether the world will become more digital and whether the current liquidity and economic cycles have peaked. If the answer to both is yes, he argued, then the recent market turmoil is simply noise. He concluded by advising investors to buy the dip and maintain this perspective.

Well-known Ukrainian cryptocurrency blogger Konstantin Hanich has been found dead, according to local media outlet RBC-Ukraine. He was reportedly discovered with a gunshot wound inside his Lamborghini. The report noted that Hanich was the CEO of the local cryptocurrency firm Cryptology. While he owned high-end vehicles, he had also recently complained of financial difficulties. Shortly before his death, Hanich was also linked to a project facing allegations of a $2 million investment withdrawal fraud, leading to further speculation within the industry surrounding his death.

The record-breaking liquidations in the cryptocurrency market today were the result of excessive leverage and underlying structural vulnerabilities, according to an analysis by Jordi Alexander, founder of crypto venture capital firm Selini Capital. He noted that on Oct. 11 alone, a massive amount of liquidity was wiped from the market, with open interest on Hyperliquid plummeting from $15 billion to $6 billion. Alexander explained that during the recent bull market, investors over-accumulated leverage risk amid low volatility, leading to a cascade of liquidations similar to the one seen in May 2021. He added that many investors overlooked weaknesses, such as using synthetic dollars for collateral and chasing illiquid derivatives. Furthermore, Alexander stated that project founders failed to build resilience against market shocks by focusing solely on token price as a measure of success. He concluded that the event exposed structural weaknesses in the crypto market that had been concealed by abundant liquidity, all of which were revealed at once by an external shock.

Bitcoin remains unstable even after a record forced liquidation event exceeding $19 billion, Cointelegraph reported, citing multiple experts. Crypto trader Skew projected that while the wave of forced liquidations is subsiding and passive buying is appearing on the Coinbase spot market, it will take time for liquidity to recover. Another trader, Roman, stated that this is not the bottom, noting that the altcoin market contains numerous scam projects and that BTC has rallied more than 700% from its low. Roman added that a major cleansing of the crypto space has begun. The outlet noted that while Coinglass data indicates around $20 billion in forced liquidations over the past 24 hours, the actual total is likely much higher due to API lags. Cointelegraph also projected that Bitcoin currently faces significant resistance around the $120,000 level, whereas support to prevent a drop below $100,000 is minimal.

XRP has fallen to fifth in overall cryptocurrency market capitalization following what was described as the market's largest-ever wave of forced liquidations, CryptoPotato reported. The outlet noted that while XRP reached $3.65 this summer, its rally has since stalled amid a lack of catalysts and fading buying momentum. Concerns that its bullish run has ended grew after the price touched below $1.50 on the morning of Oct. 11. A potential spot ETF is now seen as the asset's primary hope, but this faces risks. These include the possibility that an approval is already priced in and that a U.S. federal government shutdown could delay a decision from the U.S. Securities and Exchange Commission (SEC). The outlet projected that fund inflows following a potential ETF approval will ultimately determine XRP's price. According to CoinMarketCap, XRP is trading at $2.46, down 11.90% over the past 24 hours. Its market cap of approximately $147.5 billion now trails that of fourth-place BNB ($157.7 billion).