Latest Crypto News and Market Updates – October 16

1. BTC, ETH, and SOL continue to slip as altcoins swing wildly

Bitcoin, Ethereum, and Solana extended their slow decline while several altcoins posted wild gains. U.S. stocks moved mixed overnight, adding to market uncertainty. As volatility rises, traders expect another typical “chaotic weekend” of unpredictable trades.

2. AI token $COAI surges 80% in one day, reaching $16.1 billion market cap

The AI-themed meme token $COAI skyrocketed 80% in 24 hours, pushing its market cap to $16.1 billion. Driven by whale-led hype, the project has captivated traders with its blend of chaos and entertainment — described by many as a “spectacle” rather than a traditional investment.

3. Paxos mints 300 trillion stablecoins, burns them 22 minutes later

In a bizarre on-chain event, Paxos minted 300 trillion stablecoins before burning the entire amount just 22 minutes later. The incident sparked confusion and speculation across the crypto community, with Paxos later clarifying it was a system test gone wrong — a true “on-chain drama.”

4. SBF reappears to attack the Biden administration, triggering $FTT volatility

Sam Bankman-Fried (SBF) resurfaced on social media, claiming he was under “emergency detention” and criticizing the Biden administration. His comments sent $FTT soaring 20% before it quickly crashed, proving once again that “SBF tweets” can still move markets — at least briefly.

5. Polymarket launches stock prediction markets – an “on-chain casino”

Polymarket introduced a new feature allowing users to bet on whether stock prices will rise or fall, creating what many describe as a “crypto-powered Wall Street casino.” The feature has seen explosive activity, cementing Polymarket’s position as the leading prediction platform.

6. MegaETH public sale coming soon on Sonar

MegaETH is preparing for a public sale on Sonar — the same platform that successfully launched Plasma. Investors are closely watching, viewing this as a potential early-stage opportunity with manageable risk.

7. Investor Li Hua Yi advises against high leverage amid uncertainty

Veteran investor Li Hua Yi cautioned traders to avoid high leverage positions, citing elevated market risks. He noted that the best opportunities will come when the market finds clarity and establishes a stable trend.

8. Jupiter DAO to vote on burning 121 million $JUP tokens

Jupiter DAO announced an upcoming vote to burn 121 million $JUP tokens repurchased from the market. Despite the bullish news, $JUP’s price remains subdued as investors await the final results.

9. Coinbase adds BNB to its listing roadmap – community reacts playfully

Coinbase surprised the market by adding BNB to its listing roadmap. The crypto community reacted with humor, joking about whether Binance had to “pay a listing fee” to its American competitor.

10. Gold hits new all-time high as Bank of America predicts $5,000/oz

Gold surged to a record $4,200 per ounce, with Bank of America forecasting it could reach $5,000/oz soon. Institutional investors are reportedly accumulating gold instead of Bitcoin, raising questions about whether confidence in crypto is weakening.

Overview

On October 16, 2025, the crypto market remained mixed as BTC and ETH drifted lower while altcoins like $COAI exploded in price. SBF’s return stirred fresh volatility, Paxos sparked confusion with an on-chain mishap, and Coinbase’s BNB listing made headlines. Meanwhile, gold’s rally to record highs suggests that institutional capital may be shifting toward safer assets

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.