Latest Crypto News and Market Updates – October 17

1. Bitcoin, Ethereum, and Solana fall as U.S. stocks decline

BTC, ETH, and SOL all moved lower alongside a broad drop in U.S. equities. Crypto-related stocks suffered even steeper losses, showing that digital assets are still tracking traditional markets rather than staging a full recovery.

2. COAI maintains strength despite negative funding on Binance

AI token $COAI continued to perform strongly, with its perpetual funding rate on Binance at -1.54% (1-hour cycle). This indicates that short positions are barely profitable even during pullbacks — a sign that sentiment remains bullish among leveraged traders.

3. Chinese meme coins “Binance Life” and “Hakimi” surge amid rumors

Chinese meme coins such as “Binance Life” and “Hakimi” spiked sharply following rumors that Binance is testing Chinese-language trading codes on its futures platform. A cryptic post from CZ added fuel to the FOMO, triggering renewed retail excitement.

4. KPMG: Stablecoins could cut cross-border payment costs by 99%

A new KPMG report revealed that stablecoins could reduce international payment times from days to seconds while slashing costs by up to 99%. Analysts say stablecoins remain a dominant market narrative, especially for cross-border settlement projects.

5. a16z invests $50 million in Jito, a Solana staking protocol

Venture firm a16z invested $50 million in Jito, a major Solana-based staking protocol. Despite the backing, Jito’s token $JTO showed little price reaction, holding around a $1.1 billion market cap after months of sluggish performance.

6. Tom Lee warns of “DAT fund bubble” but praises BitMine’s resilience

Market analyst Tom Lee warned that several DAT (Treasury investment) funds are trading below their NAV, suggesting a potential bubble burst. However, he noted that BitMine remains strong, holding over 3 million ETH — equivalent to 2.5% of total supply.

7. Trader Machi liquidated – loses over ¥350 million in massive downturn

Notorious trader “Machi” was liquidated again, reducing his account to just $32,800 after a staggering loss of over ¥350 million (≈$48 million). Once sitting on $43.6 million in profits, Machi now faces a $13 million deficit — one of 2025’s biggest personal trading collapses.

8. Market sentiment cools as Fear & Greed Index drops to 28

The Altcoin Season Index fell to 27 (from 35), and the Fear & Greed Index dropped to 28 — deep in “fear” territory — compared to 54 last week. This sharp decline signals weakening investor confidence and reduced risk appetite.

9. Gold hits new all-time high, PAXG spikes 16% causing short wipeouts

Spot gold surged to a record $4,250 per ounce. On Binance, PAXG futures suddenly jumped 16% within seconds, triggering mass liquidations among short traders caught off guard by the spike.

10. AI infrastructure project Voyage raises $3 million

AI-focused project Voyage successfully raised $3 million from major backers including a16z Speedrun, Alliance DAO, Solana Ventures, and IOSG VC. The round highlights continued investor interest in AI infrastructure despite market uncertainty.

11. Coinbase launches “Coinbase Business” for USDC payments

Coinbase unveiled “Coinbase Business,” a new platform enabling companies to send and receive USDC payments. The launch marks a major step in integrating crypto with real-world enterprise finance and payment systems.

Overview

On October 17, 2025, the crypto market followed the broader downtrend in U.S. equities. While $COAI and Chinese meme coins saw brief rallies, overall sentiment weakened as fear levels rose. Institutional focus shifted toward stablecoin efficiency and blockchain-based financial infrastructure, signaling where long-term growth may lie.

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.