Crypto Market Analysis Today October 14, 2025: After $19 Billion Crash, Market Starts to Recover

Updated

October 14, 2025

Jakarta, Pintu News – The crypto market is in turmoil again after President Donald Trump’s new tariffs on imports from China sparked global panic. In one day, more than $19 billion (Rp315 trillion) of leveraged positions were liquidated, making it one of the biggest crashes in digital asset history.

Not only did this event push the price of Bitcoin to the IDR 331 million level, but it also reopened the old debate about transparency between centralized exchanges (CEX) and the fully on-chain DeFi system. Here’s today’s crypto market analysis as of October 14, 2025 according to BeInCrypto!

Trump Tariff Impact and Domino Effect on Crypto Market

The crypto market experienced one of the biggest shocks in history on Friday, October 11, 2025, after more than $19 billion (Rp315 trillion) worth of leveraged positions were wiped out in just one day.

This event saw more than 1.6 million traders around the world experience mass liquidation across multiple exchanges. Many analysts referred to this event as the “Black Friday of Crypto,” which sparked a serious debate about transparency between centralized exchanges (CEXs) and decentralized financial systems .

This was triggered by President Donald Trump’s surprise economic policy of imposing a 100% tariff on imported Chinese goods, prompting panic sells in global markets. As a result, the price of Bitcoin (BTC) plummeted to IDR331 million in a short period of time, with the crypto market capitalization corrected to IDR6,300 trillion.

CEX vs DeFi: Who’s More Transparent?

Jeff, co-founder of Hyperliquid, a blockchain-based derivatives exchange, said that this event showed the fundamental weakness of the CEX system in terms of data disclosure. He emphasized that on the DeFi platform, all transactions-from orders, trades, to liquidations-can be audited on-chain by anyone in real-time.

According to Jeff, some CEXs even report liquidation data inaccurately, with differences up to “100 times smaller” than what actually happened. He emphasized that proof of reserves and transparent on-chain reporting should be the new standard for the crypto industry.

It's official:

Crypto just saw its LARGEST liquidation event in history with 1.6 MILLION traders liquidated.

Over $19 BILLION worth of leveraged crypto positions were liquidated in 24 hours, 9 TIMES the previous record.

Why did this happen? Let us explain.

(a thread) pic.twitter.com/dHbkfNjrVs
— The Kobeissi Letter (@KobeissiLetter) October 11, 2025

As a next step, Hyperliquid plans to launch the HIP-3 upgrade, which allows anyone to create a DEX (Decentralized Exchange) for futures trading.

Exchange Reaction and Market Impact

The timeline over the past few days has been out of control. Some things absurd. Some things deserved. Here's my perspective.

– When the market crashed during the industry's largest liquidation event in history, a lot of people got liquidated. This hurt a lot of people. The…
— Armani Ferrante (@armaniferrante) October 13, 2025

Backpack Exchange founder Armani Ferrante acknowledged that this event exposed a “serious flaw in the global crypto market system.” He explained that liquidity disappeared instantly, causing the exchange’s orderbook to freeze within seconds. According to him, systems such as vault protection and circuit breakers-features capable of withstanding extreme pressure-should be adopted immediately to avoid a domino effect in the future.

Did Ethena Really Depeg?

I’ve seen a lot of chatter about the Ethena depeg during the market mayhem this weekend. The story is that USDe briefly depegged to ~68c before recovering. Here’s the Binance chart everyone is quoting:

But digging into the data and talking to a bunch of… https://t.co/ln0fEeVc5E pic.twitter.com/lQuZrQbL7f
— Haseeb ＞|＜ (@hosseeb) October 12, 2025

Meanwhile, Haseeb Qureshi of Ethena Labs confirmed that their stablecoin, USDe, did not depeg as rumored. He explained that the “flash crash” on Binance was only caused by oracle and API glitches, not a system failure.

On the other hand, OKX executive Star thinks Ethena shows exemplary transparency, but cautions that USDe “looks more like a tokenized hedge fund” than a 1:1 stablecoin like Tether or USD Coin .

Binance under the spotlight, DeFi becomes investor’s choice

Some users have accused Binance of holding back withdrawals during the market crash. Binance co-founder He Yi denied the allegations and emphasized that their system remained stable with minor delays. He also confirmed compensation of more than $280 million to affected users, which was later confirmed by BeInCrypto’s report.

I can't offer thoughts on perp market mechanisms, because it is not my specialty

What I can offer, is my market thoughts – and I believe there is a structural trend shift.

Firstly, the entirety of 2025 was propelled by a DEX vs CEX through the birth of Hyperliquid and on-chain… https://t.co/0EldA2ZStB pic.twitter.com/xiQ3Uhbuwt
— Kyle (@0xkyle__) October 12, 2025

However, market analyst Kyle believes that the focus has now shifted. According to him, it is no longer a matter of “CEX vs DEX”, but competition between major exchanges such as Binance, Bybit, and OKX. DefiLlama data notes that throughout 2025, derivative DEXs such as Hyperliquid and Aster have processed more than $2.6 trillion in trading volume.

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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.

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