{"id":89829,"date":"2025-10-12T19:09:10","date_gmt":"2025-10-12T16:09:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89829"},"modified":"2025-10-12T19:13:20","modified_gmt":"2025-10-12T16:13:20","slug":"this-week-a-market-rout-buterins-zkid-concept-and-durovs-bleak-warning","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/this-week-a-market-rout-buterins-zkid-concept-and-durovs-bleak-warning\/","title":{"rendered":"This week: a market rout, Buterin\u2019s ZKID concept and Durov\u2019s bleak warning"},"content":{"rendered":"

A sweeping market sell-off led to record liquidations of $19.3bn, Vitalik Buterin unveiled the ZKID<\/span> concept, Pavel Durov warned of the \u201cimminent demise\u201d of the free internet, and other events of the week.<\/p>\n

US\u2013China trade tensions were a factor in bitcoin\u2019s decline<\/h2>\n

On 6 October the price of the first cryptocurrency tested a new all-time high of $126,080 (CoinGecko<\/a>). After a brief pullback, the asset moved sideways, holding above $120,000.<\/p>\n

\"BTCUSD_2025-10-12_17-59-24\"
\u0427\u0430\u0441\u043e\u0432\u043e\u0439 \u0433\u0440\u0430\u0444\u0438\u043a BTC\/USD \u0431\u0438\u0440\u0436\u0438 Coinbase. \u0418\u0441\u0442\u043e\u0447\u043d\u0438\u043a: TradingView<\/a>.<\/figcaption><\/figure>\n

Prices began to fall on the evening of 10 October. According to experts, the move was driven by<\/a> a confluence of technical factors, including a long-overdue correction.<\/p>\n

The drop accelerated sharply<\/a> after US president Donald Trump announced 100% tariffs on imports from China. On America\u2019s biggest crypto exchange, Coinbase, the price briefly plunged to $107,000.<\/p>\n

According to CoinGecko, the local low came on 12 October at about $101,800. By Sunday evening, prices had steadied and recovered above $112,500.<\/p>\n

The net result was an 8.4% weekly decline for digital gold.<\/p>\n

Large-cap altcoins reacted more sharply to the market\u2019s slump. Dogecoin fell 22% over seven days; Solana and XRP lost roughly 18% each; Ethereum dropped about 12%. The exception was BNB, up 9%.<\/p>\n

\"Cryptocurrency
\u0418\u0441\u0442\u043e\u0447\u043d\u0438\u043a: CoinGecko.<\/figcaption><\/figure>\n

Outside the top 10, Zcash stood out: the privacy-focused coin rose 80% in seven days.<\/p>\n

Total crypto-market capitalisation shrank to $3.9trn; bitcoin\u2019s dominance approached 60%.<\/p>\n

The 11 October rout triggered a cascade of liquidations totalling a record $19.3bn<\/a>. Analysts noted this was an order of magnitude above the figures recorded during the COVID-19 crash ($1.2bn) and the FTX collapse ($1.6bn).<\/p>\n

Leading the exchanges by forced position closures was the perp-DEX<\/span> Hyperliquid with around $10bn.<\/p>\n

Next, at a considerable distance, were Bybit ($4.6bn) and Binance ($2.4bn). The latter\u2019s team acknowledged that a large share of liquidations was linked to the depeg of three tokens: USDE, BNSOL and WBETH. The assets were used as collateral for margin positions.<\/p>\n

By experts\u2019 assessment<\/a>, trading volume in these coins on Binance during the crash amounted to $3.5\u20134bn, while traders\u2019 losses reached $0.5\u20131bn. The exchange\u2019s management pledged to reimburse losses but warned that all cases would be reviewed individually.<\/p>\n

The crypto fear-and-greed index<\/a> plunged to 24 points, having reached 74 a week earlier. The current reading signals \u201cextreme fear\u201d.<\/p>\n

\n
\"Crypto
\u0418\u0441\u0442\u043e\u0447\u043d\u0438\u043a: alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n

The altseason index on CoinMarketCap<\/a> fell to 38 from 55 at the start of the week. Reaching the 75 threshold typically signals investors are expecting a rally beyond bitcoin.<\/p>\n

Buterin unveiled ZKID as a foundation for new financial models<\/h2>\n

The emergence of “low-risk DeFi”<\/a> and breakthrough ZKID-based applications could transform financial markets, said<\/a> Ethereum co-founder Vitalik Buterin.<\/p>\n

\n

\u201cLately I have been talking a lot about ZKID. Why? Because identity and privacy are extremely important in the modern world,\u201d he said.<\/em><\/p>\n<\/blockquote>\n

According to the programmer, centralised databases are \u201cinevitably hacked\u201d, causing leaks. ZKID uses zk-SNARKs<\/a> to verify information without third parties.<\/p>\n

Buterin noted that the technology can be used in undercollateralised lending. A borrower can prove creditworthiness through analysis of transaction history without having to disclose total assets.<\/p>\n

What to discuss with friends?<\/h2>\n