Crypto Shockwave: Yei Finance (CLO) Surges 342% Amid Rising Investor FOMO

Crypto Market Update Today: MON Airdrop Goes Live as Coinbase Expands Global Reach

The global cryptocurrency market continued to fluctuate today, with investors balancing optimism over new token launches and institutional growth against concerns of economic headwinds and regulatory tightening.

According to CoinMarketCap data, the total market capitalization of all cryptocurrencies stood at $3.92 trillion, down 0.8% in the last 24 hours. Despite the dip, trading activity remained high, with daily volumes reaching $272 billion. Bitcoin retained a commanding 57% market dominance, while Ethereum followed with 12.6%.

Source: Forex Factory

Several emerging ecosystems, particularly AI-driven projects and XRP Ledger-based assets, registered strong performance, underscoring investor interest in innovation amid market uncertainty.

Bitcoin and Ethereum Market Overview

Bitcoin (BTC) traded at $112,844, marking a 1.7% decline in 24 hours. Despite the slight pullback, Bitcoin continues to dominate as the world’s largest cryptocurrency, with a market capitalization of $2.2 trillion and trading volume near $91.9 billion.

Ethereum (ETH) was priced at $4,102.27, down 2.8% over the same period. Ethereum’s $495 billion market cap and $63.5 billion trading volume reaffirm its dominance as the leading smart contract platform.

The broader market movement suggests that while long-term investors remain confident, traders are cautious amid global uncertainty and monetary policy shifts.

Top 5 Trending Coins

Among the trending digital assets, MANTRA (OM) traded at $0.1309, down 2.9% with $218 million in trading volume.

Yei Finance (CLO) captured attention after surging 342% to $0.6049, with volume reaching $76 million.

Enso (ENSO) dropped 36% to $2.69, while Zcash (ZEC) rose 1.9% to $250.19, supported by an $876 billion trading volume.

Synthetix (SNX) slipped 2.3%, priced at $2.19 with $485 billion traded.

These movements reflect an ongoing rotation between high-risk tokens and established blockchain projects, as investors seek opportunities across both decentralized finance (DeFi) and AI-integrated crypto ecosystems.

Top 3 Gainers and Losers

In today’s trading session, Yei Finance (CLO) led the gainers with a 339% jump, reaching $0.6037 and a trading volume of $76 million.

Following closely, BNB Attestation Service (BAS) climbed 97.2%, priced at $0.1023 with $39 million in volume.

Nockchain (NOCK) surged 99%, trading at $0.1209 with a $4.3 million total value locked (TVL).

On the downside, Enso (ENSO) fell 36% to $2.67, DORA (DORA) dropped 32.9% to $0.08348, and Portal to Bitcoin (PTB) declined 25.2% to $0.04999.

These sharp swings highlight the speculative nature of the altcoin market, where liquidity shifts rapidly between assets.

Stablecoins and DeFi Market Update

Stablecoins continued to provide a safe haven amid volatility, collectively holding a $305 billion market cap with $205 billion in trading volume, representing 0.5% growth over the last 24 hours.

Source: Alternative Me

The DeFi sector showed minor weakness, with market capitalization dropping 2.6% to $149 billion. Trading volume stood at $12.2 billion, maintaining a 3.8% share of the total crypto market.

The Crypto Fear and Greed Index moved deeper into “Fear” territory at 34, down from yesterday’s 38, and far below last week’s Greed score of 60. Market sentiment has cooled significantly following recent liquidations and rising macroeconomic uncertainty, indicating a risk-averse mood among traders.

Key Market Developments and Headlines

Trump 401(k) Investment Proposal

In Washington, U.S. Representative Troy Downing announced plans to introduce the Retirement Investment Choice Act, which would make permanent former President Donald Trump’s executive order permitting 401(k) retirement plans to include cryptocurrencies, private equity, and alternative assets.

The proposal, supported by several Republican lawmakers, aims to “democratize finance” by expanding investment opportunities for American workers. However, the bill currently lacks a Senate version, suggesting the legislative process may take time.

VanEck Solana ETF Update

In a move signaling institutional confidence, VanEck updated its Solana ETF filing, cutting fees to 0.30% and authorizing up to 50% staking participation through SOL Strategies. The ETF’s reward distribution comes after a 0.28% service fee, with Gemini and Coinbase managing custody.

This mirrors the structure of Ethereum staking ETFs and highlights growing institutional demand for Solana’s high-speed blockchain amid U.S. regulatory discussions and government funding concerns.

Coinbase Expands Through CoinDCX Investment

Coinbase announced a new strategic investment in CoinDCX, one of India’s leading crypto exchanges with over 20 million users and a growing presence in the Middle East.

This partnership underscores Coinbase’s long-term commitment to onchain growth in emerging markets. The collaboration aims to accelerate adoption, enhance liquidity, and strengthen regional ecosystems as regulatory clarity improves in India and neighboring economies.

Japan to Ban Crypto Insider Trading

In Asia, Japan’s Financial Services Agency (FSA) and Securities and Exchange Surveillance Commission (SESC) are preparing legislation to ban insider trading in cryptocurrencies for the first time.

The reform, expected to be implemented by 2026, would bring digital assets under the same regulatory framework as traditional securities. The new rules empower regulators to investigate violations and impose fines or criminal penalties, signaling Japan’s growing commitment to market integrity.

BRIC Settles $299.5 Million Lawsuit With Tether

The Blockchain Recovery Investment Consortium (BRIC), formed by GXD Labs and VanEck, reached a $299.5 million settlement with Tether over claims related to the Celsius Network bankruptcy.

The lawsuit, initiated in 2024, accused Tether of mishandling collateral tied to Celsius’s collapse in 2022. The settlement ensures creditors receive compensation while BRIC continues efforts to recover assets across multiple bankruptcy cases in the crypto sector.

Powell Signals Upcoming Rate Cut

Meanwhile, Federal Reserve Chair Jerome Powell hinted at another interest rate cut later this month, acknowledging labor market weakness despite lingering inflation.

Powell suggested the central bank may soon end its balance sheet reduction program—known as quantitative tightening (QT)—and cautioned that removing the interest-on-reserves (IOR) mechanism could complicate short-term rate control, potentially impacting market stability.

His comments provided reassurance to global markets rattled by renewed U.S.-China trade tensions following Trump’s 100% tariff threats, which triggered over $19 billion in crypto liquidations last week.

Major Crypto Scam and Regulatory Action

U.S. authorities indicted Chinese businessman Chen Zhi, accusing him of orchestrating a multi-billion-dollar crypto scam through Cambodia’s Prince Group. Prosecutors aim to seize 127,000 BTC and luxury assets tied to fraudulent activities.

The Treasury Department sanctioned Prince Group, while FinCEN cut off Huione Group for laundering $4 billion, including funds linked to North Korea’s cyber operations. Blockchain investigator ZachXBT first traced the suspicious wallets earlier this year, leading to the crackdown.

Binance Launches $400M “Together Initiative”

In an effort to stabilize investor confidence, Binance unveiled its $400 million “Together Initiative,” aimed at supporting users and institutions affected by market volatility.

The plan includes $300 million in USDC vouchers for retail traders facing liquidation losses (valued between $4,000 and $6,000 each) and a $100 million low-interest fund for institutional recovery. Binance said the initiative seeks to “rebuild confidence and provide relief in turbulent times.”

MON Airdrop Goes Live

The Monad Foundation officially launched the MON Airdrop, allowing 225,000 users and 5,500 community members to claim rewards. Eligible participants include onchain traders, Monad Card holders, Farcaster users, builders, and contributors such as ZachXBT.

The claim portal will remain open until November 3, 2025, emphasizing Monad’s mission to distribute ownership to real, active users within its ecosystem.

Analysts say the MON airdrop could boost interest in emerging Layer-1 ecosystems and reflect a broader shift toward rewarding verified onchain activity rather than speculative trading.

Final Thoughts

Today’s crypto market landscape paints a picture of both resilience and recalibration. While Bitcoin and Ethereum remain dominant, investor sentiment has grown cautious due to macroeconomic risks and tighter regulations across Asia and the U.S.

Still, initiatives like the MON Airdrop, Binance’s Together Initiative, and Coinbase’s regional expansion demonstrate ongoing innovation and community strength driving the digital asset economy forward.

With Powell signaling a softer Federal Reserve stance, markets could see renewed momentum if liquidity conditions improve and global trade tensions ease. For now, all eyes remain on the October 29 FOMC meeting, where the next rate decision may set the tone for the crypto market’s next big move.

Disclaimer

The content published on nyohoka.com is for informational and educational purposes only. It should not be considered as financial, investment, trading, or legal advice. Cryptocurrency and digital asset investments carry a high level of risk and may not be suitable for all investors.

We do not guarantee the accuracy, reliability, or completeness of the information provided. nyohoka.com and its authors are not responsible for any losses or damages that may arise from the use of this content.

Always do your own research (DYOR) and consult with a qualified professional before making any financial decisions.