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The market is in a bit of a slump as October ends, with Bitcoin stuck between $111,000 and $115,000 after another round of $470 million in liquidations, Ethereum having a hard time breaking through the $4,000 mark and altcoins just not having any energy.
Volumes are still thin, and traders are not just staring at the charts but also at the macro calendar: a Fed decision on Wednesday, Powell's first remarks in weeks during the government data blackout and earnings from Microsoft, Google, Meta, Apple and Amazon — $15.2 trillion worth of market cap reporting in one stretch.
TL;DR:
- XRP gains legal precedent in India as crypto recognized as property and major exchange WazirX blocked from redistributing customers' funds.
- Mt. Gox repayments delayed to October 2026, keeping 140,000 BTC worth $15 billion frozen.
- China warns stablecoins pose systemic risk, doubles down on anti-crypto stance.
India gives XRP its first legal armor
In a ruling that could set a precedent for India’s crypto scene, the Madras High Court sided with an XRP holder against WazirX’s restructuring plan. The case centered on 3,532 XRP, worth approximately $9,400 — a modest sum, but significant in principle. The judge barred WazirX from redistributing the tokens to cover the $230 million hack and stated unequivocally that cryptocurrency qualifies as "property capable of being possessed."
This is India's first official recognition that digital assets are property, opening the door to arbitration and legal remedies. WazirX had pitched a "socialization of losses" scheme, where all users would take a cut. The court rejected this, forcing the exchange to secure a bank guarantee of 956,000 rupees (~$11,500) to shield the customer's balance.
For XRP traders, the decision acts as both a legal shield and a sentiment boost. XRP is trading at nearly $2.61, defying the broader market trend, with technical resistance forming around $2.80. If the ruling sparks more confidence in crypto ownership rights across India, the token may see stronger regional demand, bringing its price closer to the top of the range.
Mt. Gox delays $15 billion Bitcoin repayments again
The never-ending Mt. Gox saga in Tokyo has been extended yet again. The trustee was granted permission to delay repayment deadlines by one year, from October 2025 to October 2026. The trustee cited incomplete creditor procedures and technical issues as the reasons for the delay, but the bigger picture is simple: the 140,000 BTC — worth over $15 billion at current prices — will remain locked away for another 12 months.
The delay eases immediate fears of a mass sell-off but leaves the sword dangling longer. Creditors now face another year in limbo, prolonging a case that spans more than a decade. The distribution risk remains unchanged — when those coins eventually move, the market will have to absorb them. For now, traders can remove "Mt. Gox dump" from the 2025 calendar.
Bitcoin sits at $115,300, just over its October range. Attempts to reach higher are met with selling, while short squeezes have defended against downside wicks.
If the price clears $115,000, the next target is closer to $120,000. Failure could lead to another test of the $111,000 floor, where liquidation clusters build. With $177.9 million in BTC longs gone in the past day, traders fear a brutal next move.
China renews anti-crypto stance
The governor of the People’s Bank of China reiterated that stablecoins are not just speculative tokens but pose systemic threats. According to the governor, stablecoins amplify loopholes in financial regulation, add fragility to global markets and undermine the monetary sovereignty of underdeveloped economies.
This stance is not new for Beijing, but the timing matters. USDT and USDC remain the backbone of Asian liquidity, particularly in offshore markets. However, China continues to isolate itself. The BTC vs. CNH chart clearly shows the clash: despite constant crackdowns, Bitcoin has risen about 13% against the Chinese yuan this year, functioning as a shadow hedge while domestic users remain locked out.
While other regions experiment with regulation, China's position is absolute: no tolerance for speculation, no room for stablecoin rails and no compromise on sovereignty.
Traders are now considering whether Beijing's renewed language indicates that more enforcement is forthcoming, especially against cross-border platforms that facilitate yuan-to-stablecoin transactions.
Evening outlook
With the Fed, Powell and Big Tech earnings about to hit, any catalyst could push crypto out of its tight ranges. If Bitcoin cannot escape its $111,000-$115,000 cage, November may begin with the same chop — but if it does, the first move of the month could snowball into something much larger.
- Bitcoin (BTC): The $111,000 floor and $115,000 ceiling define the battle. Break higher and $120,000 is the next level, but break lower and liquidation risk spikes fast.
- XRP: Legal precedent in India secures sentiment — $2.60 holds as firm support, $2.80 stands as breakout trigger.
- Solana (SOL): Sitting at $34.7 million in liquidations yesterday, with $200 as major support. A push above would offer a clean breakout, under $188 sellers would take back control.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team