Seychelles-based cryptocurrency exchange MEXC found itself in the midst of controversy on Friday as users on social media site X (formerly Twitter) called for immediate withdrawals amid speculation about the exchange’s potential bankruptcy. 

What Happened At MEXC?

Market analyst J.A. Maartun was among the first to draw attention to the situation, sharing a chart on social media that indicated a significant spike in withdrawal transactions around midday.

Researcher Hanzo also shed light on the unfolding drama, revealing the plight of a user known as “The White Whale.” This individual claimed that his account was suspended despite engaging in trading without the use of bots or APIs, leaving him unable to access his funds, which he estimated at between $3 million and $5 million. 

The White Whale alleged that customer support was unresponsive and that when he engaged with Cecilia Hsueh, MEXC’s new Chief Strategy Officer, he was pressured to admit to breaking the rules to have his funds released, a claim he firmly denied.

Cecilia later responded that their conversation should have remained private and accused The White Whale of misrepresenting the facts. MEXC subsequently announced its intention to take legal action against him for alleged misinformation. 

However, as the situation escalated, a wave of support emerged from the cryptocurrency community, including notable figures like ZachXBT, as many users reported similar issues with MEXC. 

This collective response led to warnings on social media urging users to withdraw their funds immediately, fueling the growing unrest.

CSO Issues Apology

In a rapid development, Cecilia issued an apology and confirmed that The White Whale’s withdrawal had been processed. She stated:

We fucked up. We apologize to @TheWhiteWhaleV2, and his money is already released. He can claim it at any time. I messed up in communicating with him. I got emotional, and I shouldn’t have. Since I joined MEXC 2 months ago I’ve been fighting behind the scenes to get MEXC to change. We grew really fast—a few years ago, we were a very small exchange, but given our current scale, our risk, operations, and PR teams have not kept up.

She noted that MEXC has experienced rapid growth, but its operational and public relations teams had struggled to keep pace. “We’re going to change that,” she stated, emphasizing that leadership has begun to recognize the need for improvement in transparency and operations.

In response to the swirling rumors of bankruptcy, MEXC took to social media to clarify its financial status. The exchange stated, “Recent online discussions have circulated unverified rumors regarding MEXC’s financial status. We would like to clearly state that these claims are false and misleading.” They assured users that MEXC remains financially healthy, with all user assets fully backed. 

Featured image from DALL-E, chart from TradingView.com 

As October comes to a close, Bitcoin (BTC) has disappointed many who had anticipated the month to be a strong one for the cryptocurrency, often referred to as “Uptober” due to its historically positive performance. Instead, Bitcoin finished the month down, creating a gap of approximately 13% from its all-time high. 

Historical Trends Suggest Bitcoin Could Rebound

Joel Kruger, a market strategist at LMAX Group, noted that while October was a letdown compared to historical trends, it’s essential to contextualize the price movements. He remarked, “Prices have held up well overall, especially after a September that actually bucked the usual weakness.”

Notably, on the 6th of this month, the market’s leading cryptocurrency reached an all-time high just beyond $126,000. Additionally, the current downturn has failed to erase the year-to-date gains, with Bitcoin still recording a 55% uptrend during this period.

However, according to a recent analysis by Fortune, this October marks the fourth-worst performance for Bitcoin since 2013 and the worst in the past seven years. Bitcoin’s performance lagged behind that of the S&P 500, which saw a gain of roughly 2.3% during the same period. 

Despite this under performance, Kruger remains optimistic about Bitcoin’s potential recovery in the upcoming months. “Historically, Q4 has been one of the best periods for crypto performance,” he stated, expressing hope for a push toward record highs for both Bitcoin and Ethereum (ETH) as the year draws to a close.

October Challenges

The month proved challenging not only in terms of price but also due to significant market events. Adam McCarthy, a senior research analyst at digital market data provider Kaiko, observed that cryptocurrencies entered October tracking gold and stocks at near all-time highs. However, as uncertainty crept into the market, investors did not flow back into Bitcoin as anticipated. 

In addition, October witnessed the largest liquidation event in cryptocurrency history, triggered by President Donald Trump’s announcement of a 100% tariff on Chinese imports, alongside threats of export controls on crucial software.

McCarthy commented on the impact of this liquidation, stating, “That washout on the 10th really reminded people that this asset class is very narrow.” He emphasized that even dominant cryptocurrencies like Bitcoin and Ethereum can experience sharp drawdowns, citing instances of 10% declines occurring in just 15 to 20 minutes.

Amid these developments, concerns have been raised by several figures regarding the high valuations in equity markets. Jamie Dimon, CEO of JPMorgan Chase, recently warned of a heightened risk of a significant correction in the US stock market within the next six months to two years. 

Jake Ostrovskis, head of trading at Wintermute’s over-the-counter desk, noted that participants in the market remain hesitant as they grapple with the implications of the largest liquidation event on record. He added that this caution persists amid ongoing speculation about vulnerabilities that might still exist within the financial system.

When writing, BTC was trading at $109,688, losing its nearest support floor of $110,000. 

Featured image from DALL-E, chart from TradingView.com 

dYdX (DYDX), one of the leading decentralized cryptocurrency trading platforms in the industry, is reportedly preparing to enter the US market by the end of the year, following the recent shift in crypto policies by the Trump administration. 

dYdX Expands Amid Supportive Legislation 

In an interview with Reuters, Eddie Zhang, the president of dYdX, emphasized the importance of this move, stating that having a presence in the United States aligns with the platform’s future direction.

Unlike centralized exchanges such as Coinbase (COIN) and Kraken, which act as intermediaries between buyers and sellers, dYdX aims to eliminate the middleman, allowing users to transact directly on a blockchain network that underpins cryptocurrencies. 

The platform specializes in perpetual contracts, a form of derivative that enables traders to speculate on asset prices without ownership and without an expiration date, distinguishing it from traditional futures contracts. Since its inception, dYdX has surpassed $1.5 trillion in total trading volume.

As part of its expansion strategy, dYdX plans to introduce spot trading for Solana (SOL) and other linked cryptocurrencies, potentially including XRP and Cardano (ADA), to US users by the end of the year. 

This move comes in the wake of President Donald Trump’s increased support for the cryptocurrency sector, which has led to the dismissal of numerous lawsuits against major crypto platforms and prompted financial regulators to develop specialized rules for digital assets.

These new measures include Congress’s passage of the GENIUS Act earlier this year and the potential passage of the Market Structure Bill. Together, these measures address the industry’s call for a new framework that could boost adoption and growth of the broader digital asset ecosystem in the US.  

Trading Fees Slashed, Prospective Offerings Awaiting Guidance

Upon its entry into the US market, Reuters reports that dYdX intends to reduce its trading fees significantly, with plans to cut them by as much as half, bringing them down to between 50 and 65 basis points. 

However, while perpetual contracts will not be available to US users immediately, Zhang expressed hope that regulators will eventually provide the necessary guidance for decentralized platforms to offer these products.

The US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) recently issued a joint statement indicating their willingness to consider allowing crypto perpetual contracts to trade across regulated platforms in the US, which could pave the way for dYdX’s future offerings.

As of this writing, the platform’s native token, DYDX, is trading at approximately $0.30. However, the token has experienced a significant decline of nearly 68% over the past year, shedding about $1.43 billion in market cap value.

Featured image from DALL-E, chart from TradingView.com 

In a recent financial disclosure, two of the crypto industry’s giants, Coinbase (COIN) and Strategy (MSTR), reported significant gains in their third-quarter (Q3) results. 

Coinbase Surges Past Profit Expectations

Coinbase exceeded analysts’ expectations for its Q3 profit, buoyed by increased volatility in digital assets that elevated trading volumes on its platform. The company reported a transaction revenue of $1.05 billion for the quarter, a substantial rise from $572.5 million during the same period last year. 

Additionally, the cryptocurrency exchange recorded a net income of $432.6 million, translating to $1.50 per share, compared to just $75.5 million, or $0.28 per share, a year prior. Analysts had projected a profit of $1.06 per share, according to Reuters.

Coinbase also completed its acquisition of Deribit in the third quarter. Alesia Haas, the company’s finance chief, noted during a conference call that Deribit commands over 75% of the market share for options, primarily outside the US. 

This acquisition opens pathways for Coinbase to expand its options market within the US. As part of its broader strategy, Coinbase also highlighted its commitment to accelerating payments through stablecoin adoption, citing favorable policy trends and growing interest from financial institutions and corporations. 

David Bartosiak, a stock strategist at Zacks Investment Research, remarked, “Coinbase is cash-rich and growth-ready,” emphasizing that the company is evolving beyond merely trading cryptocurrencies to establishing the infrastructure for a new financial internet.

Largest Corporate Bitcoin Holder Posts $2.78 Billion Net Profit 

Meanwhile, Strategy, previously MicroStrategy, reported profits in the third quarter after experiencing a loss the previous year. This positive sentiment surrounding the cryptocurrency sector has benefited the company, which is the largest corporate Bitcoin (BTC) holder. 

As of October 26, the company held 640,808 Bitcoin, with a total acquisition cost of $47.44 billion, averaging $74,032 per BTC. With the market’s leading crypto currently trading around $107,400 when writing, the company’s holdings are positioned for significant appreciation. 

Strategy’s net profit for the three months ended September 30 was reported at $2.78 billion, or $8.42 per share, contrasting sharply with a loss of $340.2 million, or $1.72 per share, a year earlier. However, it’s worth noting that Strategy’s shares have declined 12% so far in 2025, even as Bitcoin prices have risen by 14.5%.

COIN stocks closed Thursday’s trading session with a 3% surge toward $328 on the wake of the financial disclosure. Similarly, Strategy’s shares climbed nearly 4% following its earnings report toward the $254 mark. 

Featured image from DALL-E, chart from TradingView.com 

Despite recent interest rate cuts by the Federal Reserve on Wednesday, Bitcoin’s price reacted unexpectedly, declining when many anticipated a rise. However, market analyst Crypto Birb has identified ten indicators suggesting a potential surge may be on the horizon.

Bitcoin Price Holds Above Key Moving Averages

At the time of the expert’s post, BTC traded at $112,000. He pointed that with exchange-traded funds (ETFs) gaining traction and market fear subsiding, the Bitcoin price appears to be consolidating before a significant upward movement, indicating that a breakout is imminent.

Currently, the Bitcoin price trades comfortably above the 50-week simple moving average (SMA) of $102,934 and the 200-week SMA of $54,756. The correlation with the S&P 500 stands at -0.02, suggesting that Bitcoin’s movements are largely independent of broader equity market trends. 

On the daily chart, Bitcoin is supported by the 200-day SMA at $109,267 and a key trend line at $113,100. The relative strength index (RSI) is neutral at 50, while the average true range (ATR) has decreased to 3,495, indicating a calmer market environment. 

In terms of short-term bias, the market shows balance but is not bullish yet. The CTF Trailer indicates a bearish mode with a stop at $115,623, while the higher time frame trailer reflects a bullish mode with a stop at $114,601. 

Currently, Bitcoin’s trading range is between $110,000 and $117,800, and this compression indicates that an equilibrium is forming. The next significant movement is expected to occur once this range is broken.

Calm Before The Storm?

Sentiment within the market appears balanced, with the Fear & Greed Index sitting at 51, which reflects a neutral stance. Crypto Birb asserts that emotions have reset following last week’s spike in fear, creating a stable environment for sustainable price movements.

Volatility is also cooling off, with a 50-day volatility of 3,080 and an ATR of 3,495. This contraction in trading range suggests that traders are reloading positions rather than capitulating, and history shows that periods of calm consolidation often precede volatility shocks.

On the mining front, the economic landscape is looking favorable, with mining costs at $106,400 and a ratio of 0.94, indicating that miners remain moderately profitable after last week’s compression. Stable costs suggest no immediate pressure for forced selling, and network fundamentals remain solid.

Looking at the October outlook, the month-to-date performance shows a minor decline of 0.53%, which is still an improvement over the typical historic October average of 19.78%. This suggests a healthy reset within an otherwise strong seasonal backdrop.

A Potential 51% Surge Ahead? 

The expert further highlighted that historically, the fourth quarter has been bullish for the Bitcoin price, with an average gain of 51.04% over the past 15 years, resulting in nine winning years. If the current structure holds, Q4 is poised to remain a high-probability accumulation zone.

Lastly, data related to Ethereum ETFs indicates a quiet strength beneath the surface, with spot ETF volumes at $147 million and net inflows of $133.9 million. The total assets under management have reached $24.88 billion, and rising liquidity in altcoins complements the ongoing flows into Bitcoin, supporting a narrative of market rotation.

At the time of writing, however, the Bitcoin price has retraced back towards $110,439. Yet, still inside its current consolidation range that could result in a new uptrend for the leading crypto. 

Featured image from DALL-E, chart from TradingView.com 

On Wednesday, the Federal Reserve (Fed) announced a 25-basis-point rate cut from the previous rate of 4.25%, aligning with market expectations. Despite this bullish development being highly anticipated by top experts as the best catalyst for the remainder of the year, Bitcoin (BTC), XRP, and Ethereum (ETH) led the market downturn following the announcement. 

Fed Chair Signals Uncertainty Over Further Rate Cuts

The selloff intensified after Fed Chairman Jerome Powell indicated during his press conference that another interest-rate cut in December “is not a foregone conclusion.” This uncertainty has contributed to market volatility, as both cryptocurrencies and stocks have rallied this year in anticipation of lower interest rates.

If the Fed does not implement further rate cuts in December, it could lead to a rebound in the dollar, which would be detrimental for Bitcoin bulls.

Analyst Manuel Villegas from Julius Baer noted that options-derived implied movements for US equity indices suggest significant shifts around upcoming macroeconomic reports. He advised crypto investors to prepare for potential volatility.

However, market expert Timothy Peterson provided further insights on social media site X (formerly Twitter), predicting that the Bitcoin price could rise up to 12% over the next week, meaning that the leading crypto could surge toward $123,000. 

Analyst Foresees Positive Momentum For Bitcoin

In his analysis, Peterson highlighted Bitcoin’s performance surrounding Federal Reserve Federal Open Market Committee (FOMC) meetings and noted that since 2023, Bitcoin’s average movement after such meetings has been about 1.5 times its prior week’s performance. 

With Bitcoin having gained 4% in the week leading up to the Fed’s decision, Peterson anticipates a subsequent increase of around 7%, with a potential range of 0-15%. 

The FOMC, which sets US interest rates and guides monetary policy, often sees markets trade cautiously before meetings, followed by reactions once the uncertainty is resolved, with the expert concluding that despite the growing uncertainty, Bitcoin and the broader market could see a new leg up near record highs.

Featured image from DALL-E, chart from TradingView.com 

The second part of the year has seen a notable surge in the US stock market, while Bitcoin (BTC) and the broader cryptocurrency market has faced its share of uncertainty and significant corrections. 

With the Nasdaq recently surpassing the 26,000 mark, leading analysts are now suggesting that this milestone could be a clear indicator for Bitcoin to finish the year at new highs.

What Historical Patterns Indicate

According to experts at The Bull Theory, the pattern observed with the Nasdaq reaching all-time highs typically suggests a flow of liquidity, an increased risk appetite, and a shift of capital into growth assets. As this phase develops, it often sets the stage for Bitcoin’s next significant movement.

Data compiled by the analysts supports this assertion. Historically, in the first 30 days following a Nasdaq all-time high, Bitcoin has averaged a gain of approximately 7%. This return tends to grow, reaching about 14% within 60 days and climbing to an average of 25% by the 90-day mark. 

This pattern is not merely coincidental; it reflects a capital rotation where liquidity does not disappear but instead shifts from traditional markets into higher-risk assets like Bitcoin. 

The current situation appears to follow a similar trajectory. The Nasdaq’s rise to 26,000 indicates a wave of liquidity building beneath the surface. With rate cuts beginning and quantitative tightening coming to an end, global capital is once again seeking yield. 

This scenario mirrors the conditions that contributed to Bitcoin’s significant breakouts in previous years, particularly in 2017, 2020, and 2023.

As such, the analysts note that the next four to five months may represent an acceleration phase for Bitcoin, coinciding with a potential pause in equities, which could lead to crypto becoming the primary outlet for liquidity. 

Bitcoin Poised For Breakout Similar To 2020-2021 Cycle

Analysts like Ash Crypto also noted on social media that the BTC/NASDAQ weekly chart is revealing a repeating pattern reminiscent of the 2020-2021 cycle, during which Bitcoin significantly outperformed traditional tech stocks. In both cycles, the October to March timeframe has historically prompted major upward movements. 

After a period of consolidation within a rising wedge, the BTC/NASDAQ pair appears poised for another breakout. Should this pattern repeat, Bitcoin may see substantial gains compared to the Nasdaq in the fourth quarter and into early 2026, Ash Crypto noted. 

Notably, this sets the stage for a major rally that could see Bitcoin prices surpassing current records of over $126,000. However, the market is still characterized by increased volatility, and there is no clear path ahead for BTC.

The leading cryptocurrency is trading at $113,350 after a 2% correction in Tuesday’s trading session, following an initial surge above $115,000. This puts BTC 6.5% below record highs. 

Featured image from DALL-E, chart from TradingView.com 

Global financial services company Western Union is making a strategic move into the world of stablecoins, responding to the evolving landscape created by the recent passage of the GENIUS Act in the US.

On Tuesday, the company announced its intention to launch the US Dollar Payment Token (USDPT), a new stablecoin, alongside its Digital Asset Network designed to integrate digital and fiat currencies.

Western Union New USDPT Stablecoin

Built on the Solana (SOL) blockchain and issued by Anchorage Digital Bank, USDPT aims to broaden the options for transferring money for customers, agents, and partners, while also bolstering Western Union’s treasury capabilities. 

Through this initiative, the company plans to provide users with access to digital assets, allowing them to send, receive, spend, and hold USDPT with ease, supported by Western Union’s global compliance and risk management framework.

Devin McGranahan, President and CEO of Western Union, expressed the company’s commitment to harnessing emerging technologies to empower customers and communities. 

“As we transition into the digital asset space, USDPT will enable us to take ownership of the economics associated with stablecoins,” McGranahan stated. 

He also highlighted the significance of the Digital Asset Network, which aims to simplify cash off-ramps for digital assets by partnering with wallets and wallet providers, thereby allowing seamless access for customers via Western Union’s extensive global network.

Western Union anticipates that USDPT will launch in the first half of 2026, with plans for users to access the stablecoin through partner exchanges, ensuring broad availability and user-friendliness.

Stablecoins To Reduce Reliance On Traditional Banking

During Western Union’s third quarter of the year earnings call last Thursday, McGranahan revealed that the company has initiated a pilot program utilizing stablecoins for value transfer. 

He noted that this pilot aims to leverage blockchain technology and stablecoins to decrease reliance on traditional correspondent banking systems, which will help shorten settlement times and enhance capital efficiency.

Historically, Western Union has maintained a cautious approach towards crypto, primarily due to concerns regarding volatility, regulatory challenges, and customer protection. 

However, with the enactment of the GENIUS Act, McGranahan indicated that new opportunities are emerging for integrating digital assets into the company’s operations, enhancing efficiency, reducing friction, and ultimately improving the customer experience.

Western Union facilitates the transfer of billions of dollars annually, boasting a market capitalization of over $2.9 billion as of October 28, and generating more than $1 billion in adjusted revenue in the third quarter of the year alone.

Despite the announcement, SOL’s price has failed to react positively, currently attempting to hold the $200 line as the cryptocurrency’s next short-term support.

Featured image from DALL-E, chart from TradingView.com 

Market expert VirtualBacon recently suggested that the most significant event for the crypto industry this year is not the Bitcoin (BTC) Halving or the approval of exchange-traded funds (ETFs), but rather a potential shift in Federal Reserve (Fed) liquidity policy. 

After 18 months of tightening measures, the Fed is reportedly preparing to pause its quantitative tightening (QT) and may even initiate stealth quantitative easing (QE) once again.

What’s Next For The Crypto Market

In a recent post on social media platform X, VirtualBacon laid out a compelling argument linking liquidity pivots to altcoin cycles. In 2019, the Fed halted QT, which resulted in a rally for altcoins. Conversely, in 2022, when the Fed began QT, altcoins peaked. 

Now, as the Fed is expected to end QT in 2025, VirtualBacon anticipates a similar surge for altcoins. The correlation is clear: when the Fed increases liquidity, altcoins tend to rise. The pressing question now is when exactly QT will come to a close.

While the Fed may not explicitly label a shift as QE, the expert notes that the pivotal moment will arrive when they remove the language regarding “reducing the size of the balance sheet.” 

The last notable instance of this was during the 2019 repo crisis, when banks faced immediate cash shortages, prompting the Fed to inject $75 billion into the financial system. Although Powell claimed it was “not QE,” it effectively was, and following that intervention, Bitcoin tripled in value within months.

CME FedWatch Tool Shows High Probability Of Rate Cuts

Major financial institutions are already making predictions, with Goldman Sachs stating that the October meeting is the base case for QT to end, Bank of America expecting QT to cease by month-end, and Evercore indicating that the Fed is likely to signal an end to QT this week. 

The same indicators that caused market disruptions back in 2019 are signaling distress now. Regardless of official statements, it appears QT is nearing its conclusion, with stealth QE on the horizon.

This shift would facilitate a return of liquidity to the markets, which historically has driven crypto prices. Liquidity acts as the fuel for market movements, and the Fed is poised to refill this tank. 

The CME FedWatch tool currently indicates a 96.7% probability of a rate cut this month and an 87.9% chance of another cut in December. Powell recently hinted that QT would conclude “in the coming months,” signaling an imminent pivot.

M2 Money Supply Signals Upcoming Bitcoin Surge

Despite the current market uncertainty, VirtualBacon asserts that Bitcoin has not reached its peak. Out of 30 historical indicators that typically signal a bull market peak, none have activated yet, with data indicating there is still room for growth. 

The global M2 money supply continues to rise, which historically leads Bitcoin prices by 10 to 12 weeks. The expert added that since the beginning of the month, this money supply has been increasing.

This development indicates that Bitcoin’s next upward movement is already in the pipeline, albeit lagging behind the liquidity curve. Additionally, VirtualBacon forecasts that once the Fed pivots, a new altcoin season may commence. 

Featured image from DALL-E, chart from TradingView.com