Core Insights - Paxos mistakenly minted $300 trillion worth of PayPal's PYUSD stablecoin, later correcting the error by burning the excess tokens [1][2] - The error was due to the addition of six extra zeros during the minting process, which was quickly rectified by re-minting the correct amount of $300 million [2] - Such minting errors are not uncommon in the crypto industry, with past incidents involving other stablecoin issuers like Tether and BlockFi [3][4] Industry Context - The stablecoin sector's market cap reached approximately $306.18 billion as of mid-October 2025, reflecting a 47% increase year-to-date, driven by major players like Tether's USDT and Circle's USDC [5] - PayPal's PYUSD, while smaller, has a market cap of about $2.32 billion, with its trading price closely aligned to $0.9997 [6]

Market Overview - The market has transitioned from merely observing interest rates to a full liquidity regime, where central bank balance sheets and cross-border capital flows are the primary drivers of risk rather than the Federal Reserve's rate adjustments [1] - Central bank buying, de-dollarization flows, and institutional portfolio hedging are the main forces driving gold prices higher, indicating a shift beyond traditional inflation-hedge frameworks [2] Predictions and Trends - Prediction markets indicate a steady but shallow easing cycle from the Fed, favoring gold and digital assets over high-beta risks, with a 76% chance of three rate cuts in 2025 totaling 75 basis points [3] - Kalshi traders assign a 51% probability that Bitcoin will break $130,000 this year, with lower probabilities for $140,000 and $150,000 [4] Market Positioning - The market is preparing for a slow-burn rally rather than a speculative surge, as easing expectations gradually influence real yields and dollar liquidity [5] - On-chain signals suggest a liquidity-fed advance rather than an adrenaline-driven bull market, indicating potential for continued asset appreciation without aggressive Fed intervention [6] Current Market Movement - Bitcoin is trading above $110,500, down 2%, influenced by U.S.–China trade tensions and global risk concerns, with analysts warning that breaching the $110,000 support could lead to a drop towards $96,500–$100,000 [7] - Ethereum is trading around $3,900, down about 4%, as investors reduce exposure amid macro uncertainty, although some remain optimistic about its potential to "catch up" to gold over time [7]

Semiconductor Industry - Kaynes Semicon has shipped India's first commercially packaged multi-chip module to US-based Alpha & Omega Semiconductor (AOS), marking a significant milestone in India's semiconductor journey [17][18] - The Sanand OSAT facility, established under India Semiconductor Mission 1.0, received central funding of Rs 1,653.5 crore and has a capacity to produce 3,000 pieces per day, with plans for another shipment next month [4][17] - Once fully operational, Kaynes' facility is designed for a daily output of 6.3 million chips, with AOS expected to consume most of the initial capacity, ramping up to about 1.5 million chips per day by Q1 2026-27 [6][18] - Indian semiconductor startups are collaborating with advanced foundries in Taiwan and South Korea to scale their designs, with companies like Calligo Technologies and Mindgrove Technologies leading the way [8][18] Cryptocurrency Sector - Coinbase is increasing its stake in Indian cryptocurrency exchange CoinDCX, valuing the company at $2.45 billion, with the funding aimed at expanding CoinDCX's product suite and global reach [11][13][18] - Coinbase Ventures has been an investor in CoinDCX since May 2020, participating in previous funding rounds that established CoinDCX as India's first crypto unicorn [13][18] Financial Services - Paytm is restructuring its group structure by acquiring stakes from founder Vijay Shekhar Sharma and consolidating its online and offline merchant payment businesses under Paytm Payments Services Ltd (PPSL), which has received RBI's in-principle approval to operate as a payment aggregator [14][18] Investment Activities - Dutch investment firm Prosus has acquired an additional 5.06% stake in Le Travenues Technology, the parent company of online travel aggregator Ixigo, through off-market transactions [17][18]

Binance completes Gopax acquisition, paving way for South Korea comeback: report https://t.co/PEUttcVs0R ...

Core Insights - A significant operational error led to the unprecedented minting and subsequent destruction of 300 trillion PYUSD stablecoins by Paxos, exceeding the total GDP of all countries combined [1][6] - Following the incident, Aave temporarily froze PYUSD trading due to the unexpected high-volume transaction [1] - Paxos confirmed that the excessive minting was a technical error during an internal transfer, ensuring customer funds remained secure [1][5] Group 1 - The incident resulted in the largest token destruction in cryptocurrency history, surpassing previous notable events [6] - PYUSD maintained its dollar peg, with only a brief price drop of approximately 0.5% post-incident [3] - The current market capitalization of PYUSD exceeds $2.3 billion, ranking it sixth among stablecoins [5] Group 2 - The event raised critical questions regarding the collateral mechanisms of stablecoins [8] - Concerns were expressed about what collateral backed the erroneously minted $300 trillion stablecoins [9]

Photo by BeInCrypto Crypto Black Friday’s record liquidations erased $19 billion in positions, exposing transparency gaps between centralized and decentralized venues. As Binance stumbled, Hyperliquid held firm, making the 10.10 crash crypto’s biggest stress test since FTX. The crash and Binance’s recent listing controversy underscored one growing theme: the cost of centralization and the appeal of open systems. The Crash That Shook Trust Latest UpdateBloomberg reported that Hyperliquid processed over $1 ...

A crypto wallet that purchased the memecoin "4" just before Binance co-founder Changpeng "CZ" Zhao posted about it on X has transformed a small wager into an extraordinary profit. On Oct. 1, CZ posted about the community on X, mocking a hacker by purchasing the memecoin "4" after the hacker dumped his coin holdings for $4,000. Related: Meme coins are bringing users to crypto, Gemini exec says The blockchain analytics platform Bubblemaps reported that just before the post, a substantial purchase of the me ...

Popular YouTuber MrBeast is reportedly eyeing a move into crypto entrepreneurship. James "Jimmy" Donaldson, known as MrBeast, is the world's most popular YouTuber with over 445 million subscribers. He is well-known for hosting elaborate and controversial challenges on his channel whose popularity has turned him into a billionaire. Now, it seems he wants to venture beyond YouTube and is looking to launch a financial services entity. Related: What is Crypto? Cryptocurrency explained On Oct. 13, MrBeast re ...

CoinGecko CEO Bobby Ong believes the crypto market has entered the middle stages of its current expansion — a period marked by renewed optimism, easing regulation, and rising institutional participation. Speaking with TheStreet Roundtable’s Alp Gasimov, Ong said Bitcoin’s recovery from its 2022 lows signals that “we’re probably in the third inning or getting to the fourth inning” of the market cycle. Bitcoin fell to around $16,000 after the FTX collapse but, as Ong noted, has seen “almost a 10x gain from ...

A Polymarket bet on Bitcoin's pseudonymous creator, Satoshi Nakamoto's activity saw a sudden uptick on Oct. 15. The bet "Will Satoshi move any Bitcoin in 2025?" spiked 15% for some time before crashing down to 5%. This sudden spike-and-fall incident caused some traders to lose their positions. Traders hit with losses As per Polymarket data, one trader by the username 1897sadhjns444dpoasdp placed more than $13,000 on “Yes” at an average price of 10 cents a share. They saw their current value drop by near ...