- Bitcoin fell to $82,847.56 today, though still up 3.2% for the week.
- South Korea’s KOSPI plunged 7%, triggering a sell-side circuit breaker.
- IMF warns AI-driven sell-offs pose a global threat to financial markets.
The global crypto market cap fell 1.1% to $2.87 trillion over the past 24 hours. Bitcoin traded at $82,847.56, down 0.8% on the day and 3.2% over the past week. Ethereum changed hands at $2,491.92, down 2.0% in 24 hours and 8.0% over seven days. BNB fell 1.4% to $740.52, down 5.4% weekly. XRP dropped 2.7% to $1.36, down 9.0% over the week. Solana fell 4.2% to $106.77, also down 11.5% over seven days. USDT and USDC both held close to their dollar peg.
Trending Searches
Claudia led trending searches, up 66.5% to $0.01992. Crawlerpad followed, up 899.7% to $0.026338, and Bunker Mode fell 11.6% to $0.023181. Among top gainers, Crawlerpad topped the list at 899.7%, Identity.md 6900 climbed 98.9% to $0.021131, and Hood Sword Inu rose 81.3% to $0.09078.
South Korean Market Turmoil Spills Over
South Korea’s KOSPI index plunged as much as 7% intraday, hitting 5,936.36 points and triggering a sell-side circuit breaker for the first time in roughly two months, with SK Hynix down over 9% and Samsung Electronics down 8.4%.
Tom Lee warned the selloff could spill into crypto markets, noting that margin liquidations at South Korean brokerages pose short-term selling pressure risk for ETH given South Korean investors’ significant crypto holdings.
BlackRock downgraded US equities from overweight to neutral while turning bullish on Treasuries, upgrading short-term bonds to overweight and long-term bonds from underweight to neutral.
IMF Flags AI and Bond Market Risks
The IMF warned that bond market risks have risen since its April stability report and that a correction in AI-related investments could carry “global” implications, with AI-driven sell-offs and sharply rising bond yields identified as potential threats to financial markets.
The IMF raised its 2026 global growth forecast to 3.1% from 3.0%, crediting AI investment with cushioning energy price shocks, while projecting global inflation to rise to 4.7% before easing to 4.1% in 2027.
Anthropic’s Self-Replication Research
Anthropic’s Frontier Red Team found that small AI models may need only a few months to achieve self-replication using cheap IoT devices without relying on data centers. In testing, a 9-billion-parameter model successfully set up inference services on 8 of 9 hardware categories, and a Gemma4-26B-A4B model ran distributed across 15 Android TV boxes costing roughly $55 each.
The research said GLM-5.2 and stronger models already possess end-to-end replication capability, though no complete “runaway replicator” has yet emerged and the testing deliberately simplified vulnerability exploitation steps.
Crypto Market Selloff
Crypto sectors fell broadly, with the RWA sector down 6.94% and the AI sector down 6.25%, according to SoSoValue data; Bitcoin briefly dipped toward $81,000 before recovering above $82,000, while Ethereum broke below $2,500.
STRK fell nearly 29% over 24 hours, with LIT, ENA, NEAR and W each down roughly 15%. Machi Big Brother’s $12.3 million in accumulated ETH long profits were nearly wiped out as his account fell to just $290,000, with a 3,500 ETH position facing liquidation risk below $2,393.
South Korea Blocks Unregistered Exchanges
South Korea’s Financial Intelligence Unit decided to block website access for 27 unregistered virtual asset service providers operating in the country, including KuCoin, MEXC, BingX, Phemex and BitMart, extending prior restrictions that already covered their mobile apps. The FIU has reported 44 unregistered operators to investigative authorities.
Related: DeFi Development Expands SOL Treasury by 12% as CHAD Hits Record Highs
DeepSeek Doubles Funding Round
DeepSeek will complete its latest financing round at approximately 100 billion yuan, doubling the previously planned 50 billion yuan target, according to people involved in the deal, with the pre-investment valuation holding steady at roughly 500 billion yuan. New investors include Shixi Capital, SMIC Capital, CPE Yuanfeng, Legend Capital and Geely.
SOL Treasury Company Liquidates Holdings
SOL treasury company SkyAI confirmed it has sold roughly 1 million SOL, about 50% of its original holdings, with proceeds directed toward a cash tender offer to repurchase shares and warrants; on-chain data shows $175 million transferred out this month against an average purchase price of about $194, implying losses exceeding $160 million.
BitMine Nears ETH Target
BitMine held 6,028,946 ETH as of October 11, representing 4.9% of total ETH supply and just 76,000 ETH short of its “5% Alchemy” target, with management saying purchases are essentially complete; annualized staking income could reach $400 million if fully staked.
Related: Bitmine Adds 12,532 ETH as Tom Lee Forecasts Historic Crypto Bull Market
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