Crypto Weekly Market Wrap October 13: Global Market Shock, Regulatory Progress, and Institutional Milestones

The crypto market was extremely volatile last week after Trump announced a 100% tariff on Chinese imports, triggering a historic liquidation of $19 billion. Bitcoin dropped below $113,000 amid global panic while regulatory changes, institutional investment, and new crypto initiatives developed. In the section below, we will discuss major headlines that occurred in the crypto market last week.

Trump’s Tariff Announcement Sparks Record Crypto Liquidation

A 100% tariff on Chinese imports announced by Donald Trump sent the global crypto market into turmoil. The move sparked trade war fears, leading to panic on major exchanges. Over 24 hours, over $19 billion was wiped out of crypto markets, marking the largest single-day liquidation in history. Bitcoin dropped by more than 10% below $113,000 but rebounded slightly. Moreover, over 1.6 million traders had their positions liquidated after leveraged positions unraveled.

SEC Prepares “Innovation Exemption” to Encourage Digital Growth

SEC Chairman Paul Atkins, in New York, confirmed plans to implement the long-debated “Innovation Exemption” by the end of 2025. This plan will assist companies building blockchain and digital asset technologies in the US. According to Atkins, the exemption is of first priority even after the government shutdown led to delays.

🚨 JUST IN: U.S. SEC CHAIR PAUL ATKINS SAYS THE AGENCY WILL BEGIN FORMAL RULEMAKING FOR AN “INNOVATION EXEMPTION” BY LATE 2025 OR EARLY 2026, AIMED AT BOOSTING DIGITAL ASSET AND TECH DEVELOPMENT IN THE U.S. HE ADDED THAT DESPITE SHUTDOWN DELAYS, THE PLAN REMAINS A TOP SEC… pic.twitter.com/CpvXW8EQVj

— Coinwaft (@coinwaft) October 8, 2025

He stressed how regulatory obstacles in the past stifled crypto innovation, but the SEC is currently interested in responsible development. Atkins also commended the congressional progress on regulating stablecoins, noting that the GENIUS Act might redefine the structure of the American cryptocurrency market.

Luxembourg’s Wealth Fund Adds Bitcoin Exposure

The Luxembourg-based intergenerational sovereign wealth fund, FSIL, unveiled a landmark decision to invest 1% of its assets in Bitcoin ETFs. Finance Minister Gilles Roth confirmed the investment in his annual budget address, terming it as part of the larger diversification policy.

Valued at around $730 million, the fund has been traditionally focused on high-grade bonds but recently transitioned to a new structure that permits up to 15% of alternative assets. These are crypto holdings, real estate, and private equity. Luxembourg, therefore, becomes the first Eurozone country to include Bitcoin ETFs in its sovereign portfolio.

Grayscale Introduces Staking for Ethereum ETFs

Grayscale made the headlines as it added staking to its Ethereum-based ETFs, the first in the U.S market. The firm’s Ethereum Spot ETF (ETH) and Ethereum Trust ETF (ETHE) began staking 272,000 ETH worth around $1.21 billion. Together, they have now staked more than 304,000 ETH in staking pools. The company further confirmed that Grayscale Solana Trust (GSOL) has activated staking and may convert to an ETF on approval.

North Dakota Launches USD-Backed “Roughrider Coin”

North Dakota launched the Roughrider Coin, a US-dollar-backed stablecoin, aimed at modernizing the state’s financial infrastructure. The token would enhance interbank lending, overnight loans, and financing infrastructure.

The Bank of North Dakota has always been an innovator, and today we announced a partnership with Fiserv to develop ND’s own stablecoin, the Roughrider coin. This digital asset, backed by the U.S. dollar, will improve efficiency and quality control in the banking sector, a direct… pic.twitter.com/1yIB9A3Zr9

— Governor Kelly Armstrong (@GovArmstrong) October 8, 2025

According to officials, the blockchain technology would enable financial transactions to become more transparent, cheaper, and faster. Each coin is backed 1:1 with the U.S. dollar, which guarantees stability and confidence in state banks.

Roger Ver Nears Settlement in Tax Case

Roger Ver, known as the Bitcoin Jesus, is reportedly on the verge of settling the tax evasion case with the Justice Department of the U.S. According to sources, a preliminary deal might soon be in place. Ver was charged with failing to pay taxes amounting to $48 million on his crypto holdings. Under the suggested agreement, he would repay the amount owed, which might result in the dismissal of the case.

Metaplanet Freezes Stock Rights to Strengthen Bitcoin Focus

Tokyo-based Metaplanet paused its 20th to 22nd series of stock acquisition rights covering approximately 398 million shares. The suspension, which spans from October 20 to November 17, favors its plans to simplify capital and focus on Bitcoin holdings.

According to CEO Simon Gerovich, this step aids in streamlining capital-raising strategies but still keeps the company focused on Bitcoin. Metaplanet now owns 30,823 BTC, which further strengthens its status as an institutional Bitcoin holder in Asia.

Lummis Pushes for Tax-Free Small Bitcoin Payments

A proposal by Senator Cynthia Lummis would help in simplifying small crypto transactions in the U.S. Her proposal would exempt any capital gains tax on Bitcoin payments less than $300, and a 5,000-year limit.

If only we had a ₿ill for that…

Oh, wait.⬇️ https://t.co/xENadEbrlJ pic.twitter.com/WCWr2MS0hh

— Senator Cynthia Lummis (@SenLummis) October 9, 2025

This program would make the daily use of Bitcoin as easy as using a credit card. According to Lummis, digital assets can be discussed as currency instead of property. The bill was criticized by many people, including Senator Elizabeth Warren, who expressed concern regarding the possible tax loopholes. However, many believe the bill can help increase real-world crypto adoption.

CZ May Return to Binance After Possible Pardon

Changpeng Zhao might soon come back to Binance after talks of a possible presidential pardon. According to Fox Business, the White House is considering the proposal as debate on crypto regulation intensifies. In 2023, CZ resigned as CEO after admitting to a violation of the Bank Secrecy Act and a four-month jail sentence.

Crypto Gains Political Traction Ahead of 2026 Elections

A joint poll by McLaughlin & Associates and The Digital Chamber found that 64% of American voters believe that crypto policies will play an essential role in their votes. The results indicate an increase in bipartisan support for blockchain innovation and regulation reform.

NEW POLL: McLaughlin poll finds crypto voters are swing voters, and real policy actions can move their votes.

Learn More: https://t.co/iYID8raKGg pic.twitter.com/JYC7YCDgRp

— The Digital Chamber (@DigitalChamber) October 8, 2025

The majority of the respondents indicated that they preferred republican leadership to have the crypto-friendly policies. Moreover, 75% were in favor of the reversal of the strict enforcement measures of past regimes.

S&P Global Launches Digital Asset Index

S&P Global joined the crypto market with the introduction of its first Digital Markets 50 Index. The benchmark is a combination of 15 major cryptocurrencies as well as 35 blockchain-linked stocks. The index will be tokenized on top of Dinari in the dShares platform. Investors are now able to find diversified exposure to digital assets directly on blockchain networks. Cameron Drinkwater (S&P) referred to the move as a breakthrough towards its traditional finance and decentralized market.

Bank of England Considers Flexible Stablecoin Limits

Under its upcoming regulatory system, the Bank of England is preparing an exception clause on stablecoin holding limits. The response is in accordance with industry concerns about high caps. According to the proposal, individuals may keep stablecoins of up to £20,000, whereas businesses may handle up to £10 million. According to liquidity requirements, a number of trading platforms may be subject to exemptions. BoE also intends to experiment with stablecoins as settlement assets as part of its so-called digital securities sandbox.

Coinbase Expands Staking to New York

Coinbase rolled out crypto staking in New York, enabling users to stake Ethereum, Solana, Cosmos, Cardano, and more. The move follows approval under the clear state regulations. Cosmos has the largest estimated yield of more than 16%, and Ethereum has around 1.9%.

🚨JUST IN: COINBASE USERS IN NEW YORK CAN NOW STAKE ETH AND SOL DIRECTLY ON THE PLATFORM AFTER STATE APPROVAL

— BSCN (@BSCNews) October 9, 2025

Coinbase currently has staking services in 46 states. The announcement follows the resignation of NYDFS Superintendent Adrienne Harris, who oversaw a $100 million compliance settlement deal made by Coinbase in 2023.

Binance Wallet Debuts Meme Rush Platform

Binance Wallet launched Meme Rush, a meme token discovery and trading platform. The service is based on Four.Meme operates on a Bonding Curve model for a fair token issuance. Meme Rush also has real-time performance classification and rewards for early participants with Alpha points bonuses. Verified users get access to early-stage token sales, while outstanding projects get access to Binance Alpha.

Vietnam Prepares Licensing for Crypto Exchanges

Vietnam’s Ministry of Finance is finalizing rules to license five crypto platforms under a new pilot program. The plan links digital assets to the Vietnamese dong currency and intends to improve market oversight.

Vietnam's Finance Ministry has received no formal applications for the digital-asset trading pilot, capped at five firms. Several companies are preparing, but submissions are pending. Govt targets launch before 2026 to onshore $100B informal crypto market. #VietnamCrypto pic.twitter.com/MjneWjoDul

— Vincent Bu Lu (@VincentBuLu1) October 6, 2025

Deputy Minister Nguyen Duc Chi confirmed that there have not yet been any formal applications, but dozens of companies have shown interest. The pilot will involve taxation, accounting, and anti-money laundering regimes. The government anticipates qualified exchanges to start operations by 2026 as progress improves.

Samsung Expands Crypto Access for Galaxy Users

Samsung teamed up with Coinbase to offer crypto access to 75 million Galaxy device users. Samsung Pay now enables users in the U.S. and Canada to purchase Bitcoin and other cryptocurrencies directly through Samsung Wallet. The partnership builds on earlier Coinbase integrations and makes it easy to buy crypto without traditional banking intermediaries.

Galaxy Digital Unveils GalaxyOne Platform

Galaxy Digital introduced GalaxyOne, a financial services platform that merges crypto trading, stock investing, and yield-bearing accounts. The platform is aimed at retail investors in the U.S. Qualified users can earn up to 8% APY through Galaxy Premium Yield notes, which have a $25,000 minimum investment. The GalaxyOne Cash deposits at the Cross River Bank are FDIC-insured and earn 4% returns for regular users. Built on the Fierce platform, GalaxyOne is Galaxy Digital’s latest digital finance play, led by Managing Director Zac Prince.

ICE Invests $2 Billion in Polymarket

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a $2 billion investment in Polymarket. The deal places the prediction market platform at an $8 billion valuation.

Market disrupters join forces: @ICE_Markets made its name by disrupting global markets with technology.

Now, the company has made a strategic investment in @Polymarket to help bring prediction markets into the financial mainstream. pic.twitter.com/ZL8LUJpjuK

— NYSE 🏛 (@NYSE) October 7, 2025

ICE will also share Polymarket’s event-driven data to provide new market sentiment tools. The collaboration will see the growth of prediction markets into mainstream finance. Despite the limited U.S. services offered by Polymarket, recent regulatory resolutions may provide it with a path toward domestic reentry.

MetaMask Adds Perpetual Trading with Hyperliquid

MetaMask integrated Hyperliquid to launch perpetual exchange trading in its wallet. The update allows users to trade more than 150 tokens with up to 40x leverage directly from MetaMask. The wallet also introduced MetaMask Rewards, which will go live at the end of October. Users will be rewarded by obtaining points for swaps, referrals, and futures trading. Rewards include LINEA tokens, reduced fees, and premium card perks.

CleanCore Accelerates Dogecoin Treasury Accumulation

Dogecoin-focused CleanCore announced that the company currently owns 710 million DOGE worth about $188 million. The company’s goal is to accumulate 1 billion DOGE tokens. Backed by the Dogecoin Foundation, CleanCore raised $175 million through a private placement to fund its acquisitions. CEO Clayton Adams said that the initiative will improve Dogecoin’s utility and governance model. The company also seeks SEC registration of its shares as part of its long-term strategy to professionalize DOGE treasury management.

Digital Asset Investment Products Market Overview

Investor confidence remained high, even as markets corrected, with $3.17 billion drawn into digital asset funds last week, as per CoinShares’ report. Ongoing U.S.-China tariff issues caused brief turbulence, but capital inflows continued. Year-to-date records reached a record $48.7 billion, already higher than that of last year.

The trade activity soared sharply. The weekly volumes of exchange-traded products reached a record $53 billion, nearly twice the average of 2025. On Friday, the trading day alone was at $15.3 billion, the largest ever to be recorded. However, overall assets under management dropped by 7% to $242 billion following the announcement of the tariff.

Digital asset investment products saw US$3.17bn inflows last week, pushing YTD inflows to a record US$48.7bn. Bitcoin led inflows with US$2.67bn, Ethereum followed with US$338m, and SOL and XRP inflows slowed to US$93.3m and US$61.6m respectively. https://t.co/pLN5u2n8g3

— Wu Blockchain (@WuBlockchain) October 13, 2025

Bitcoin still took the lead of inflows with $2.67 billion, lifting its yearly sum to $30.2 billion. Friday flows remained small at $0.39 million despite a record $10.4 billion of daily trading volume. Ethereum followed with $338 million of weekly inflows but had significant outflows of $172 million on Friday, implying that traders perceived more short-term risk.

Meanwhile, XRP and Solana experienced a decrease in momentum. Their inflows decreased to $93.3 million and $61.6 million, respectively, although expectations of future U.S.-listed ETFs were high. Overall, digital assets performed well, which indicates strong investor sentiment against a shifting market environment.

Bitcoin Price Performance

Bitcoin’s price dropped from highs of $125k to $108k following the broad market crash. The downturn erased the recent gains recorded during the rally to the new all-time high, resulting in a 7% decline on the weekly chart. The price has, however, recovered, trading above $115k with a market cap and trading volume of $2.30 trillion and $90 billion, respectively.

Technical indicators on the weekly chart suggest that BTC is trading above the immediate support at $113,340 despite the huge correction. The next resistance level has been noted at $124,300, aligning with the upper Bollinger band.

Furthermore, the Relative Strength Index (RSI) is hovering in the neutral zone at 55 levels. Green candlesticks are forming on the chart, indicating the bulls have the upper hand at the moment and the price could be gearing up for a fresh upward journey.