The crypto market plummeted drastically in the early morning, and the Polymarket Token may be postponed until next year.

Headline

▌The crypto market has experienced extreme fluctuations, with BTC and ETH both falling over 12% within 30 minutes

The cryptocurrency market has experienced extreme fluctuations. Between 04:50 and 05:20 on October 11, BTC had a maximum drop of 12.7% within 30 minutes, briefly falling to a low of $102,000.00. ETH had a maximum drop of 14.3% within 30 minutes, briefly hitting a low of $3,435.00.

▌Insider: Polymarket token plans may be postponed until next year, currently focusing on returning to the US market

According to insiders, the prediction market platform Polymarket plans to issue a native token, but the launch date may be postponed until next year. The company is currently focusing on re-entering the U.S. market, having previously been banned from operating by the CFTC in 2022 due to violations. This news follows the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, investing $2 billion in Polymarket, raising its valuation to $9 billion. Polymarket CEO Shayne Coplan recently hinted at the token plans on the X platform, sparking speculation. Polymarket regained its operating license in the U.S. by acquiring the regulated derivatives exchange QCX and obtaining a CFTC “no-action letter.” The platform has now reopened markets in sports and elections, capturing about 31% of the global prediction market share, second only to competitor Kalshi.

Market

As of the time of writing, according to data from CoinGecko:

The price of BTC is $114,059, with a 24-hour change of -6.2%;

The price of ETH is $3,877.44, with a 24-hour change of -11.2%;

The BNB price is $1,123.58, with a 24-hour change of -10.4%;

The price of SOL is $192.02, with a 24-hour change of -12.9%;

The price of DOGE is $0.1964, with a 24-hour change of -20.9%;

The price of XRP is $2.39, with a 24-hour change of -14.8%;

The price of TRX is $0.3205, with a 24-hour change of -4.7%;

The price of WLFI is $0.129, with a 24-hour change of -27.9%;

The price of HYPE is $39.01, with a 24-hour change of -11.5%.

Policy

▌European Commission: European cryptocurrency rules are sufficient to address stablecoin risks

According to a report by Reuters, the European Commission stated on Friday that the EU's cryptocurrency rules are sufficient to address the risks posed by stablecoins, and after the European Central Bank called for more safeguards, it believes that no major adjustments are necessary. Europe has introduced landmark regulations specifically for cryptocurrencies, but Brussels lawmakers are under pressure from the European Central Bank to stop the “multi-jurisdictional issuance” model for stablecoins. The contentious issue is whether multinational stablecoin companies can treat their tokens issued within the EU as interchangeable with tokens held outside the EU. On Tuesday, six cryptocurrency industry associations, including Circle, sent a letter to EU commissioners urging the release of guidance to confirm the multi-jurisdictional issuance model and clarify its operation under the Markets in Crypto-Assets Regulation (MiCA). An EU Commission spokesperson stated that MiCA provides a strong and moderate framework to address the risks of stablecoins and that clarifications are being provided as soon as possible. The European Systemic Risk Board noted that the multi-jurisdictional issuance structure has inherent risks, while the European Central Bank expressed concerns about triggering a run on reserves, and stablecoin issuers claim they have sufficient reserves to meet redemptions.

▌The U.S. Treasury is prepared to take “extraordinary measures” to maintain market stability

The U.S. Treasury is preparing to take “extraordinary measures” to maintain market stability.

▌Trump discusses pardoning CZ, doubts raised within the White House

Trump is currently discussing the possibility of pardoning Binance founder Zhao Changpeng (CZ), but there are concerns within the White House about the public opinion impact of such a move.

▌The Central Bank of Russia has decided to allow banks to conduct cryptocurrency business

According to Cryptopolitan, Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia (CBR), revealed at the Finopolis forum that the central bank has decided to allow banks to engage in cryptocurrency activities, but strict capital limits and reserve requirements will be introduced. Chistyukhin also pointed out that the central bank hopes to implement a comprehensive law regulating cryptocurrency investments next year. This will enable authorities to establish a licensing mechanism, which they believe will allow the first licensed service providers to enter the market by the end of that year. Chistyukhin's call for the swift approval of appropriate cryptocurrency legislation has received support from his superior, Elvira Nabiullina, the Governor of the Central Bank of Russia.

Blockchain Applications

▌Coinbase: Some users may experience delays or performance degradation issues while trading

The Coinbase support team stated that they have noticed some users may experience delays or performance issues when trading, but rest assured, the funds are safe. The team is investigating the cause and will provide updates as soon as possible.

▌Binance: System delays due to a surge in market activity

Binance official X account stated that due to unusually high market activity, the system is currently under high load, and some users may experience intermittent delays or display issues. The platform team is actively monitoring and addressing the situation, and Binance emphasizes the safety of user funds.

▌Kalshi completed a $300 million financing at a valuation of $5 billion

According to The New York Times, Kalshi completed a $300 million financing at a valuation of $5 billion.

▌Securitize plans to go public via Cantor Fitzgerald SPAC, highlighting institutional interest in on-chain finance

The blockchain tokenization platform Securitize is in talks to go public through a SPAC with Cantor Equity Partners II, a blank check company backed by Cantor Fitzgerald, with a potential valuation exceeding $1 billion. If the deal is successful, Securitize will become one of the first major tokenization companies to go public, demonstrating Wall Street's growing interest in on-chain finance.

Cryptocurrency

▌The total market value of cryptocurrencies has dropped to $3.85 trillion, with a 24-hour decline of 9.2%

According to CoinGecko data, the total market capitalization of cryptocurrencies is currently reported at $3.85 trillion, with a 24-hour decline of 9.2%. Currently, BTC's market share is 58.8%, and ETH's market share is 12.3%.

▌USDE has experienced a severe de-pegging, briefly dropping to a low of 0.6567 USD

The stablecoin USDE has experienced a severe de-pegging situation, briefly dropping to a low of $0.6567, currently reported at $0.93, with a maximum decline of over 34% in the last 24 hours.

▌In the past hour, the entire network has liquidated $7.441 billion

According to data from Coinglass, the total liquidation across the network in the past hour is $7.441 billion, with long positions liquidated at $6.353 billion and short positions liquidated at $1.087 billion.

▌Multiple banks explore the issuance of stablecoins pegged to G7 currencies

A group of banks, including Bank of America, Goldman Sachs, Deutsche Bank, and Citibank, is exploring the issuance of stablecoins pegged to the major G7 currencies (such as the US dollar, euro, yen, etc.). The project aims to issue a 1:1 reserve-backed digital currency that provides stable payment assets on a public blockchain while adhering to regulatory requirements and best risk management practices. The banks stated that this initiative aims to explore the market competitive advantages brought by digital assets, but no specific timetable has been announced yet.

▌Canary submits sixth revision of spot Solana ETF, with a fee rate of 0.5%

Bloomberg ETF analyst Eric Balchunas stated that asset management firm Canary has submitted its sixth amendment filing for its spot Solana ETF, indicating that the product is nearing the approval stage. The management fee for this ETF is 0.50%, but it does not collect staking rewards; meanwhile, Bitwise's Solana ETF has a fee rate of 0.20%, but it does collect 6% of staking rewards.

▌Morgan Stanley lifts restrictions on crypto funds held by wealth management clients

Morgan Stanley informed its financial advisors on Friday that the company is expanding access to cryptocurrency investments to all clients and allowing such investments in any type of account, including retirement accounts. Starting October 15, advisors will be able to recommend cryptocurrency funds to any client. Previously, this option was limited to clients with an aggressive risk tolerance and assets of at least $1.5 million. Morgan Stanley will rely on automated monitoring processes to ensure that clients do not overly concentrate their investments in this volatile asset class. The bank's Global Investment Committee recently released a model suggesting that the maximum initial allocation to cryptocurrency could be as high as 4%, based on different objectives ranging from “wealth preservation” to “opportunity growth.”

▌DTCC Lists Bitwise Avalanche ETF

According to market news, DTCC (Depository Trust & Clearing Corporation) has listed the Bitwise Avalanche ETF, with the code BAVA.

Important Economic Dynamics

▌Federal Reserve's Musalem: Open to Potential Further Rate Cuts

Federal Reserve's Musalem stated that the Fed's targets are under pressure; inflation remains high, and the labor market shows signs of potential weakness. Of the inflation observed, only 10% is attributable to tariffs. Caution is advised, as there is very limited room for further easing before the policy becomes overly accommodative. He maintains an open attitude towards potential further rate cuts.

▌The three major US stock indices closed lower, with the Nasdaq recording its largest weekly decline since April.

The three major US stock indexes collectively closed lower, with the Dow Jones down 1.9%, a cumulative decline of 2.73% this week; the Nasdaq down 3.56%, a cumulative decline of 2.53% this week; the S&P 500 index down 2.71%, a cumulative decline of 2.43% this week. The S&P 500 index recorded its largest single-week drop since May, while the Nasdaq index saw its largest single-week drop since April. Large tech stocks fell broadly, with Broadcom down nearly 6%, Tesla down over 5%, Amazon down nearly 5%, NVIDIA down over 4%, Apple and Meta down over 3%, and Microsoft and Google down over 2%. Semiconductor and cryptocurrency concept stocks led the declines, with the Philadelphia Semiconductor Index falling sharply by 6.32%, Circle down over 11%, Arm down over 9%, AMD, Qualcomm, and Coinbase down over 7%, KLA down over 6%, Micron Technology down over 5%, ASML down over 4%, and Intel down over 3%. A few sectors, such as gold, tobacco, and rare earths, saw gains, with Jintian up over 2% and the US Gold Corporation up over 1%.

▌The U.S. Bureau of Labor Statistics has decided to release the CPI report related to the annual Social Security cost adjustment process

The U.S. Bureau of Labor Statistics announced that it will release the Consumer Price Index (CPI) for September 2025 on Friday, October 24, 2025, at 8:30 AM Eastern Time (8:30 PM Beijing Time). The Bureau of Labor Statistics stated that no other news releases will be rescheduled or produced until normal government services are restored. This announcement will allow the Social Security Administration to ensure the accurate and timely payment of benefits within the statutory deadline.

Golden Encyclopedia

▌What is a multi-signature cold wallet?

A cold wallet is a method of storing cryptocurrency that remains offline and disconnected from the internet. This setup makes it more difficult for hackers to remotely access funds. Cold wallets mitigate the risk of network attacks, such as phishing or malware, by storing private keys offline. Multi-signature technology requires multiple private keys to approve a transaction, whereas single-signature wallets only require one key. This can be viewed as a joint bank account, where any withdrawal requires approval from two or more signers. This additional layer of security means that even if one key is compromised, the attacker cannot unilaterally transfer funds. Multi-signature cold wallets require multiple private keys from trusted parties to approve and authorize transactions, enhancing security by preventing single points of failure.

Although multi-signature wallets have security advantages, they are not immune to attacks. Hackers often exploit vulnerabilities in implementation, human behavior, or third-party services. To make multi-signature cold wallets more secure, a higher signature threshold should be used, multi-factor authentication implemented, and keys stored in secure, geographically dispersed locations. For those looking to protect their cryptocurrency assets from theft and fraud, multi-signature cold wallets remain one of the best options. However, their complexity and potential vulnerabilities, especially in the case of supply chain attacks, should not be overlooked.