Крипторынок в панике: рекордные ликвидации, инновации от Бутерина и мрачные предсказания Дурова Headline: Cryptocurrency Market in Panic: Record Liquidations, Innovations from Buterin, and Durovs Grim Predictions

A significant market crash resulted in record liquidations amounting to $19.3 billion. Vitalik Buterin unveiled the concept of ZKID (Zero-Knowledge Identity), and Pavel Durov warned about the impending demise of the free internet, among other noteworthy events from the past week.

On October 6, Bitcoin tested a new high at $126,080 (according to CoinGecko). Following a slight correction, the asset traded sideways, maintaining a level above $120,000.

Prices began to decline in the evening of October 10. Experts suggested that this decline was driven by a combination of several technical factors, including a long-overdue market correction.

The decline accelerated sharply after US President Donald Trump announced a 100% tariff on imports from China, causing Bitcoin’s price on the largest American cryptocurrency exchange, Coinbase, to drop temporarily to $107,000.

According to CoinGecko, a local minimum of around $101,800 was registered on October 12. By Sunday evening, prices stabilized and recovered to levels above $112,500.

As a result of these price movements, Bitcoin’s value decreased by 8.4% over the week.

The largest altcoins by market capitalization reacted even more dramatically to the market downturn. Dogecoin saw a 22% drop in value over the week, while Solana and XRP lost roughly 18% each, and Ethereum dropped about 12%. In contrast, the BNB token experienced a 9% increase.

Outside the top 10 assets, Zcash stood out, with its privacy-focused coin gaining 80% in value over the week.

The total market capitalization of cryptocurrencies shrank to $3.9 trillion, with Bitcoin’s dominance approaching 60%.

The market crash on October 11 triggered a cascade of liquidations, exceeding a staggering $19.3 billion. Experts noted that this number significantly surpassed the figures recorded during crashes induced by the COVID-19 pandemic ($1.2 billion) and the FTX collapse ($1.6 billion).

Leading the exchanges in terms of forced position closures was the perpetual DEX Hyperliquid, with around $10 billion in liquidations.

Bybit ($4.6 billion) and Binance ($2.4 billion) followed at a distance. The team at Binance acknowledged that a significant portion of the liquidations was linked to the depegging of three tokens: USDE, BNSOL, and WBETH, which were used as collateral for margin positions.

According to experts, the trading volume of these coins on Binance during the market crash amounted to $3.5–4 billion, with trader losses reaching between $0.5–1 billion. The exchange management promised to cover the losses but warned that each case would be reviewed individually.

The cryptocurrency fear and greed index plummeted to 24 points, down from 74 just a week prior. The current value of the metric indicates «extreme fear» in the market.

The alt-season index on CoinMarketCap fell to 38 points from 55 at the start of the week. Generally, reaching a threshold of 75 suggests that investors expect a rally beyond Bitcoin.

Vitalik Buterin claimed that the emergence of «low-risk DeFi» and groundbreaking applications based on ZKID could transform financial markets. «I’ve been talking a lot about ZKID lately. Why? Because identity and privacy are extremely important in today’s world,» he stated.

According to Buterin, centralized databases are «inevitably hacked,» leading to data leaks. ZKID employs zk-SNARKs to verify information without third-party involvement.

He commented that the technology could be useful in under-collateralized lending, allowing borrowers to prove their creditworthiness through transaction history analysis without revealing the total assets they possess.

Pavel Durov, the creator of Telegram, expressed concern that we are «moving towards a dark, dystopian world» as governments gradually strip users of their right to privacy. «I turned 41, but I don’t feel like celebrating. Our generation is running out of time to save the free internet created by our forefathers,» he wrote.

He highlighted that formerly free countries have been implementing increasingly «grim» measures lately, citing the introduction of a national digital identity system in the UK and age verification in Australia.

Developers of the MetaMask Web3 wallet, owned by ConsenSys, are set to launch an on-chain rewards program in the coming days.

The total rewards for the first season will exceed 30 million in LINEA tokens. Referral bonuses, incentives in the form of the mUSD stablecoin, and exclusive partner rewards are also expected.

The MetaMask team also initiated trading of perpetual contracts directly within the mobile application using Hyperliquid’s perp-DEX infrastructure.

The developers of the privacy-focused cryptocurrency Monero have enhanced mechanisms to counter so-called «spy nodes» in the new client version (v0.18.4.3) dubbed Flourine Fermi. «This is a strongly recommended update,» project representatives emphasized.

In the Monero community, the term «spy nodes» refers to malicious nodes, groups, or botnets capable of linking IP addresses with transactions on the network.

The update deploys an improved peer selection algorithm that avoids connections to large subnets commonly used by spy nodes, ensuring users connect to more secure nodes.

General enhancements to improve the network’s stability and reliability have also been added.

Polygon Labs has upgraded the Polygon main net, activating the Rio update aimed at increasing the speed, reliability, and scalability of the blockchain, particularly for payment solutions.

The upgrade raised the network’s throughput to 5,000 transactions per second and enabled near-instant completion of operations. A key change is the elimination of the risk of blockchain reorganization.

Discussions emerged on how major developers like OpenAI and Anthropic are adapting large language model technologies for corporate tasks, while insights were shared about how Nepali authorities’ attempts to control the internet led to a revolution. Furthermore, an exploration of the evolution of derivative exchanges in crypto was conducted to understand the essence of the perp-DEX trend.