$19 Billion Crypto Liquidation: Dogecoin Founder Breaks Silence, XRP Drops Out of Top 3, Ripple CEO Predicts Financial Shake-Up — Top Weekly Crypto News

Ethereum (ETH) price crashes on Friday

Ethereum was crushed, with its price coming close to dropping below the $4,000 level.

Ethereum (ETH), the flagship altcoin, has endured an extremely severe price drop amid a broader market correction. The cryptocurrency has come awfully close to plunging below the $4,000 level, reaching an intraday low of $4,096, according to CoinGecko data.

The sudden sell-off comes amid renewed trade tensions between the U.S. and China. Earlier today, major U.S. stock market indices, including the tech-heavy Nasdaq, moved sharply lower after the White House threatened to massively increase tariffs on Chinese goods.

The world’s second-largest economy has been accused of holding the world hostage with its rare earth metals. That said, analyst Adam Kobeissi believes that the recent correction is an overreaction since the tariff threat is just a bargaining chip. “We believe trade talks between the US and China will resume after a little turbulence,” he said.

Dogecoin founder breaks silence on Uptober amid crypto dump

DOGE creator Billy Markus has weighed in on the latest crypto market turmoil.

Billy Markus, the co-creator of Dogecoin and one of the crypto community’s most outspoken figures, has shared his thoughts on the market’s sharp downturn during what traders had been calling “Uptober.”

In a post on X (formerly Twitter), Markus, also known as Shibetoshi Nakamoto, criticized the excessive optimism surrounding Uptober, a month traditionally associated with bullish momentum in digital assets, arguing that misplaced enthusiasm and speculative leverage contributed to the crash: “Anyone who said Uptober should be slapped in the face.”

According to data from Coinglass, more than $19 billion in leveraged positions were liquidated in the past 24 hours, affecting over 1.6 million traders worldwide. More than $7 billion of these liquidations occurred in just one hour on Friday, marking an unprecedented wave of forced selling.

XRP drops out of top 3

BNB has now pushed XRP out of the top three.

On Tuesday, BNB has knocked XRP from the top three following a massive rally. The two tokens are currently worth $178.3 billion and $178.2 billion, respectively.

The native token of crypto exchange behemoth Binance is now up by as much as 26% over the past week. It has vastly outperformed Bitcoin (9.6%) and other major altcoins. XRP, for comparison, is up by only a relatively modest 4.2%.

Ripple CEO shares his view on upcoming financial system shake-up

This comes as massive $1 trillion inflow predicted for stablecoins ahead.

This year’s Pantera Blockchain summit is the tenth in a series of gatherings since 2013, back when blockchain was a $2 billion industry, with it now over $4 trillion. The summit featured a stacked lineup of discussions with industry leaders across key themes, with Ripple CEO Brad Garlinghouse joining in on the conversation.

Pantera Capital shared highlights from the summit, which cited Ripple CEO Brad Garlinghouse speaking on a future rewiring of the financial system in a conversation hosted by Pantera Capital founder Dan Morehead.

“This represents the future re-wiring of the financial system,” Brad Garlinghouse, CEO of Ripple, stated at Pantera Blockchain Summit 2025.

Crypto community in shock as trader shorts Bitcoin right before crash

Apparently, the trader shorted Bitcoin 30 minutes before the big announcement.

The cryptocurrency market has been rocked by an unprecedented $19 billion liquidation following a sudden flash crash, yet one trader managed to secure an astonishing $88 million profit by shorting Bitcoin just 30 minutes before the U.S. tariff announcement.

According to crypto analyst Vivek Sen, the account responsible for this trade was opened on the same day, raising widespread suspicion within the community.

Many have accused the trader of insider activity, with prominent pro-crypto attorney John Deaton reposting the information and calling for a full investigation into the matter.