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Following a meteoric rise past $126,000, Bitcoin and the wider cryptocurrency market have experienced extraordinary volatility — quite literally. On Friday, the crypto markets encountered their largest liquidation event on record, amounting to approximately $19 billion.
This wipeout exceeded even the most chaotic days of the FTX crash in 2022, highlighting both the growth of the market since and its inherent fragility.
The downturn initiated in classic crypto style. Reports indicate that US President Donald Trump may have misinterpreted China’s export policies, triggering a sweeping tariff warning that caused risk assets to plunge.
As the markets stumbled, crypto price feeds briefly displayed zero prices for some tokens, leading traders to report that they lost years of gains within minutes.
As the situation calmed, Binance found itself once more at the center of attention. The exchange has since unveiled a significant relief program designed to assist traders affected by the upheaval.
This week’s Crypto Biz explores Binance’s relief commitment, JPMorgan’s latest crypto venture, the ongoing surge of Bitcoin (BTC) treasury companies, and Elon Musk’s comparison of Bitcoin to “sound money.”
Binance commits to $400 million relief fund for traders
Binance has announced a $400 million relief initiative to aid traders impacted by the market crash on October 10, allegedly triggered by President Trump’s new tariff threat against China.
This occurrence rapidly turned into one of the largest liquidation surges in the crypto sector, erasing an estimated $19 billion in leveraged positions.
As part of the initiative, Binance will allocate $300 million in token vouchers to users who qualify. To be eligible, traders must have experienced liquidations on futures or margin positions during the peak chaos — from Friday 00:00 UTC to Saturday 23:59 UTC.
The exchange also aims to create a $100 million low-interest loan fund for ecosystem participants affected by the market fluctuations. Nevertheless, Binance stressed that it “does not accept liability for users’ losses.”
The announcement comes in response to significant criticism from traders, some of whom encountered technical difficulties that hindered them from closing their positions, alongside interface glitches that briefly showed several token prices at zero.
Binance was also associated with an exploit that affected Ethena’s USDe synthetic stablecoin, which temporarily lost its peg amid the market turmoil.
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JPMorgan set to introduce crypto trading
Transitioning from skepticism to adoption, US banking giant JPMorgan is getting ready to provide clients with cryptocurrency trading services, signaling Wall Street’s ongoing movement towards digital assets.
In a discussion with CNBC’s Squawk Box Europe, Scott Lucas, the bank’s global head of markets and digital assets, mentioned that while crypto custody isn’t part of JPMorgan’s immediate plans, the launch of trading services is forthcoming.
“Jamie [Dimon] was quite clear on Investor Day that we will be involved in trading that, but custody is not on the table at this time,” Lucas stated, referencing JPMorgan CEO Jamie Dimon, who has long been a vocal opponent of Bitcoin.
Despite Dimon’s historical skepticism, JPMorgan has progressively expanded its crypto-related endeavors over the years.
The bank previously collaborated with Coinbase to offer banking services to its customers and has developed its own blockchain-based payment system, JPM Coin, for institutional clients.
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Corporations are embracing Bitcoin like never before
The number of companies holding Bitcoin on their balance sheets has skyrocketed by 38% in just three months, indicating unprecedented interest in Bitcoin as a reserve asset, likely driven by the success of Michael Saylor’s strategy.
In its Q3 Corporate Bitcoin Adoption Report, Bitwise revealed that 172 companies currently hold Bitcoin, with 48 of those emerging in the third quarter alone.
The aggregate value of these corporate Bitcoin holdings surged 28% quarter-over-quarter, reaching $117 billion.
“This engagement helps to legitimize crypto as a mainstream asset class and sets the groundwork for wider financial innovation, from Bitcoin-backed loans to novel derivatives markets,” noted Racheel Lucas, an analyst at BTC Markets.
Strategy continues to be the largest corporate Bitcoin holder significantly, possessing over 640,000 BTC, though its accumulation pace has slowed in recent months. MARA Holdings follows as a distant second with 53,250 BTC on its books.
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Elon Musk lauds Bitcoin’s energy-intensive mechanism
Billionaire entrepreneur Elon Musk commended Bitcoin’s sound money principles, asserting that it provides better protection against currency debasement than fiat currencies, which can be printed freely.
In a post on X, Musk emphasized Bitcoin’s energy-intensive proof-of-work system, referring to it as “impossible to fake energy” — a contrast he suggested to government-issued currencies.
Musk’s comments were a response to a Zerohedge post claiming that Bitcoin’s recent surge reflects a broader “debasement trade,” as investors become increasingly cautious of the US dollar.
Musk is well-acquainted with Bitcoin. His electric vehicle manufacturer, Tesla, previously included the cryptocurrency in its balance sheet. Although it later sold part of its holdings, Tesla still ranks as the 11th-largest corporate Bitcoin holder, with 11,509 BTC on its books, according to industry data.
Crypto Biz is your weekly update on the business aspects of blockchain and crypto, delivered directly to your inbox every Thursday.
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