🤯 $19B Crypto Wiped Out Overnight

Morning, Readers! 🌞 

The latest in crypto this week…

Breaking: $19bn crypto liquidated within 24 hours. Did Trump’s latest tariff trigger the greatest crypto bloodbath in history? Full details inside. 👇

Spotlight: Hyperliquid’s latest HIP-3 upgrade is now Live.

Headlines:

• $19B Crypto Gone Overnight

• HIP-3 Launch Update

• Meme Rush Finally Here

• ViaBTC Collateralized Loans

• China Renaissance’s $600M BNB Fund

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📊 News flash: Over $19.13 billion in crypto was wiped overnight after U.S. President Donald Trump announced a 100% China tariff.

What Triggered the Wipe Out? 🤔

Stage 1: The US–China trade war escalated

On Friday afternoon, President Donald Trump, in his Truth Social post, announced stringent export controls and a 100% tariff on Chinese tech exports, with the existing 30% tariff, effective November 1. This was a response to China’s aggressive trade restrictions on the export of rare earth minerals.

Stage 2: Global crypto market crashes

After the shocking announcement, large crypto assets like Bitcoin, Ethereum, and Solana took the biggest hits. According to CoinGlass Liquidation Data, Bitcoin dipped nearly 10% over the last 5 days. It briefly tumbled to $104,000 before recovering to $111,000 on Saturday. Ethereum took a similar route, declining 14% to $3742.88 within hours. Meanwhile, Solana plunged almost 20% from $223.10 on Friday to $178.72.

Stage 3: Billions Washed Out

CoinGlass reported that over 1.6 million traders liquidated within 24 hours, and $7 billion positions were sold off within an hour. Binance, one of the leading crypto exchanges, suffered a massive outage due to account freezes, sharp price drops, and losses. The international financial market, including Nasdaq and the S&P 500, reported its steepest decline in the past 6 months.

The Aftermath: Trump’s 100% China tariff triggered a global panic among investors and the broader crypto market. CoinGlass tweeted on X and described it as “The largest liquidation event in crypto history.” Market experts warn that this could signify greater market volatility and slower economic growth. Let’s wait and watch!

🔗 Related: Binance Spends $283 Million Cleaning Up Weekend Market Chaos.

🔔 Protocol Update: Hyperliquid, the popular decentralized exchange (DEX), activates HIP-3 upgrade for the permissionless perpetual futures (Perps) market.

What is HIP-3?

On October 13, a Hyperliquid administrator announced on Discord that the HIP-3 will be included in the protocol’s network upgrade. The new milestone will support fully permissionless and decentralized builder-deployed perps.

With the HIP-3 upgrade, Hyperliquid, known for its high-performance Perps, spot trading experience, and low transaction fees, will enable developers and deployers to build new and upgraded futures DEX platforms without centralized approval or license. The futures exchanges can be built on their layer-1 core infrastructure, HyperCore. It requires a minimum staking limit of 500,000 HYPE coins. The PLUS? No extensive tech knowledge is needed, and DEX operators can earn up to 50% trading fees.

📄 Read the full testnet document here: HIP-3

Note: According to CoinGecko’s price page, Hype is priced at $40 (8:45 AM ET), marking a 5.5% gain over the last 24 hours.

👉 Also Read: Hyperliquid founder criticizes CEXs for underreporting liquidation data after market wipeout.

Binancians: Meme Rush Has Arrived 🤪

“BNB meme szn!” -  That’s the latest X post from Binance founder, Changpeng Zhao (CZ), fueling the meme coin frenzy. Binance Wallet in partnership with Four.Meme has launched an exclusive feature called the “Meme Rush” for verified keyless users who can get early access to token launches and many other perks. 

📎Read More at Binance News. 

ViaBTC Unveils Collateralized Loans 💰

ViaBTC, the world’s third-ranked Bitcoin mining pool, recently announced a major upgrade in its crypto loan services. The upgraded Collateral-pledged Loan service facilitates seamless lending and supports a wide range of crypto assets. Besides borrowing USDT for everyday expenses, users get collateral options, including BTC, DOGE, LTC, BCH, etc., for their liquidity needs.  

📎Read More at Business Insider. 

China Renaissance Seeks $600M BNB Treasury 👀

China Renaissance Holdings Ltd., the Beijing-based financial services company to allocate $600 million in the U.S.-listed BNB treasury company. Previously, in August 2025, the company announced its plans to coinvest $100 million with YZi Labs Management Ltd to establish itself as the “first Hong Kong-listed company” to adopt BNB.

📎Read More at The Block.

What is a Black Swan Event in Crypto?

A “black swan event” in crypto symbolizes a rare, unexpected, or unpredictable occurrence that can cause profound financial damage or crisis in the crypto market and other economic sectors. Notable occurrence: FTX bankruptcy

Read More At Coinbase Learn.  🎓

🎲 Play the Quiz

Last week’s quiz result: 10,000 Bitcoins. Did you get it right this time?

Until next week, keep reading! 📰 ☕

The top five Cryptos according to CoinMarketCap, October 15, 2025.

• Coinbase to Boost Debit Card Limits, Fueling Bullish Momentum for Crypto Adoption. API News

• Crypto crime research group SEAL Org unveils new way to report potential phishing sites. The Block

• Chainlink Advances Tokenized Fund Workflows With Swift Messaging in Collaboration With UBS. PR Newswire

• Korea Blockchain Week 2025: Key Themes Discussed Shaping Crypto’s Next Chapter. API News

That’s it for this week, folks. 👋 

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Disclaimer: The information provided in this newsletter is educational and not intended for any investment or financial advice.