How is the Crypto Market Today (10/16/25)?

Jakarta, Pintu News – The crypto market was again shocked by three major events that shook the community in mid-October 2025. First, Paxos reportedly “accidentally” minted 300 trillion PayPal USD (PYUSD) tokens before burning them again.

On the other hand, Coinbase Ventures announced its investment in CoinDCX, an Indian crypto exchange, with a valuation of Rp40.7 trillion. Meanwhile, renowned analysts such as Tom Lee and Arthur Hayes remain optimistic that Ethereum (ETH) will break $10,000 before the end of the year.

Paxos Accidentally Prints 300 Trillion Stablecoins

Stablecoin issuer Paxos is in the spotlight after blockchain data showed the minting of 300 trillion PYUSD tokens in a single transaction on Wednesday evening UTC time. Shortly afterward, all the tokens were burned just 22 minutes later, leaving a huge confusion among cryptocurrency users.

In a statement on the X platform, Paxos explained that this incident occurred due to an “internal technical error” during the internal transfer process. They emphasized that there was no security breach, and all customer funds remain safe. Although it caused some panic, Paxos’ quick action in burning back the tokens managed to calm the market.

This event also triggered a swift move by Aave, one of the leading crypto lending platforms, which decided to temporarily freeze PYUSD trading to prevent potential price anomalies. With a market capitalization of over $2.3 billion (IDR38 trillion), PYUSD is now the sixth largest stablecoin in the world, competing with Tether (USDT) and USD Coin (USDC).

Read also: Price of 1 Pi Network (PI) in Indonesia Today (10/16/25)

Coinbase Ventures enters the Indian market through CoinDCX

Positive news is coming from Coinbase Ventures, the investment arm of the largest crypto exchange in the United States. On Wednesday, the company announced a strategic investment in CoinDCX, an Indian crypto exchange, with a valuation of $2.45 billion (Rp40.7 trillion).

According to Sumit Gupta, CEO of CoinDCX, this move strengthens CoinDCX’s position in India and the Middle East, especially after acquiring BitOasis in late 2024. Coinbase notes that CoinDCX now has more than 20 million active users, annual transaction volume of $165 billion, and assets under management of $1.2 billion.

This investment signals a growing confidence in the potential of the crypto market in South Asia. While India is known for its strict crypto regulations, Coinbase’s entry shows that expansion opportunities are still wide open – especially for platforms that comply with government policies and focus on user safety.

Also read: Gold Jewelry Price Today, Thursday, October 16, 2025

Analysts Remain Confident Ethereum (ETH) Will Break $10,000 This Year

Amidst market volatility, two renowned analysts, Tom Lee (BitMine) and Arthur Hayes (BitMEX), are sticking to their prediction that the price of Ethereum (ETH) will reach $10,000 before the end of 2025.

In the Bankless podcast, Lee mentioned that this huge spike is not a sign of market euphoria, but rather a new “price discovery” stage after ETH endured a four-year consolidation phase. Hayes added that Ethereum’s fundamentals remain strong, especially with the increasing adoption of spot Ethereum ETFs and the growing DeFi ecosystem.

This bullish prediction is a signal of optimism amid investor concerns following the liquidity crisis that hit the market last week. If this positive trend continues, Ethereum has the potential to set new records and attract large capital flows from institutional investors.

Conclusion

Today has been one of the defining moments in the cryptocurrency world – from the giant printing error by Paxos, to Coinbase’s strategic expansion move into Asia, to the belief that Ethereum (ETH) still has tremendous potential. While the crypto market remains volatile, these three events confirm that the industry continues to be dynamic – between innovation, risk, and the new opportunities that await.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Here’s what happened in crypto today. Accessed October 16, 2025
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