Find out what happened this week in Crypto and Web3

After rising to an all-time high above $126,000, Bitcoin and the broader cryptocurrency market have been rocked by unprecedented volatility – literally. On Friday, cryptocurrency markets experienced the largest liquidation in history, with a total value of approximately $19 billion.

This weakness surpassed even the worst days of the FTX crash in 2022, highlighting both how much the market has grown since then and its fragility.

The selloff started in classic crypto fashion. Reports suggest US President Donald Trump may have misinterpreted China’s export controls, triggering a far-reaching tariff threat that has sent risk assets tumbling.

As markets crashed, cryptocurrency price feeds briefly showed zero prices for some tokens, and investors reported losing years of profits in a matter of minutes.

When the dust settled, Binance was back in the spotlight. Since then, the exchange has announced a enormous aid program aimed at helping traders affected by the crash.

This week, Crypto Biz examines Binance’s pledge to aid, JPMorgan’s latest crypto initiative, the continued rise of Bitcoin (BTC) treasuries, and Elon Musk’s comparison of Bitcoin to “solid money.”

Binance promises $400 million relief program for traders

Binance announced a $400 million aid initiative to support traders affected by the October 10 market crash, which was reportedly triggered by President Trump’s fresh tariff threat against China.

The event quickly turned into one of the largest liquidation waves in the cryptocurrency industry, wiping out an estimated $19 billion in leveraged positions.

Under the fresh program, Binance will distribute vouchers worth $300 million in tokens to eligible users. To qualify, investors must have experienced liquidation of futures contracts or hedge positions during the height of the confusion – between 00:00 UTC on Friday and 23:59 UTC on Saturday.

The exchange also plans to establish a $100 million low-interest lending fund for ecosystem participants affected by volatility. However, Binance stressed that it is “not responsible for user losses.”

The move follows widespread criticism from traders, some of whom reported technical issues that prevented them from closing positions, as well as interface glitches that briefly showed prices of several tokens at zero.

Binance has also been linked to an exploit affecting Ethena’s USDe synthetic stablecoin, which temporarily lost ground during the market chaos.

Source: Trader Elon

JPMorgan plans to offer cryptocurrency trading

From skeptic to adopter, US banking giant JPMorgan is preparing to offer cryptocurrency trading services to clients, underscoring Wall Street’s continued shift towards digital assets.

In an interview with CNBC’s Squawk Box Europe, Scott Lucas, the bank’s global head of markets and digital assets, said that while cryptocurrency custody is not part of JPMorgan’s immediate plans, the introduction of trading services is on the horizon.

“I think Jamie [Dimon] during Investor Day, it was quite clear that we would be involved in trading this cryptocurrency, but at this time the issue of custody of Bitcoin is not on the table,” Lucas said, referring to JPMorgan CEO Jamie Dimon, who has long been a vocal critic of Bitcoin.

Despite Dimon’s previous skepticism, JPMorgan has steadily expanded its cryptocurrency business in recent years.

The bank has previously partnered with Coinbase to provide banking services to its clients and has developed its own blockchain-based payment system, JPM Coin, for institutional clients.

*Scott Lucas of JPMorgan. Source:* *CNBC*

Corporations are betting on Bitcoin like never before

The number of Bitcoin treasuries has increased by 38% in just three months, reflecting unprecedented interest in Bitcoin as a reserve asset, likely spurred by the success of Michael Saylor’s strategy

In its third-quarter corporate bitcoin adoption report, Bitwise found that 172 companies currently have bitcoin on their balance sheets, with 48 of those additions coming in the third quarter alone.

The total value of these corporate Bitcoin holdings increased by 28% quarter over quarter, reaching $117 billion.

“This participation helps legitimize cryptocurrencies as a mainstream asset class and lays the foundation for broader financial innovations, from Bitcoin-backed lending to new derivatives markets,” said Racheel Lucas, an analyst at BTC Markets.

The strategy remains the largest corporate holder of Bitcoin to date, with over 640,000 BTC, although the pace of accumulation has slowed in recent months. MARA Holdings is a distant second with 53,250 BTC on its books.

*Corporate adoption of Bitcoin is growing. Source:* *Bit*

Elon Musk praises Bitcoin’s energy-intensive model

Billionaire entrepreneur Elon Musk has praised Bitcoin’s solid money principles, arguing that it provides stronger protection against currency depreciation than fiat money that can be printed at will.

In a post on X, Musk highlighted Bitcoin’s energy-intensive proof-of-work system, describing it as “unfakeable energy” – a contrast, he suggested, to government-issued currencies.

Musk’s comments came in response to a Zerohedge post that said Bitcoin’s recent rally reflects a broader “devaluation trade” as investors become increasingly distrustful of the US dollar.

Musk is no stranger to Bitcoin. His electric vehicle company, Tesla, previously added the cryptocurrency to its balance sheet. Despite later selling some of its shares, Tesla remains the 11th largest corporate holder of Bitcoin, with 11,509 BTC on the books, according to industry data.

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