What Happened in Crypto Today: Will Crypto Market Keep Rising?

What Happened in Crypto Today: Is Pi Coin, XRP & SEC Behind the Rise?

Today’s Crypto Market Snapshots 

The global crypto market cap has reached $3.23 trillion, marking a 0.69% increase over the past day. In the last 24 hours, the total crypto market volume hit $96.03 billion, reflecting a 16.71% rise. 

DeFi contributes $7.47 billion to this volume, accounting for 7.78% of the total. Meanwhile, stablecoins dominate the market activity, with $91.64 billion in volume, making up 95.43% of the overall 24-hour trading volume.

Grayscale XRP ETF Review Sparks Investor Optimism

Grayscale’s XRP ETF filing has officially moved into the U.S. SEC review process, with a decision expected by October 18, 2025. Published in the Federal Register, the filing has sparked excitement among investors, with Polymarket showing an 81% chance of approval.

If approved, the ETF would make investing in XRP easier through traditional stock exchanges, which could potentially drive up XRP’s price. This marks a significant milestone for the Grayscale XRP Trust and the wider XRP community.

SEC Launches CETU to Combat Cyber Fraud and Protect Investors

The Securities and Exchange Commission (SEC) has introduced the Cyber and Emerging Technologies Unit (CETU) to tackle cyber-related misconduct and safeguard retail investors. This new unit replaces the Crypto Assets and Cyber Unit and is led by Laura D'Allaird, along with 30 fraud experts and attorneys.

In response to rising crypto scams in 2025, CETU aims to protect investors while fostering trust in emerging technologies like AI, blockchain, and crypto. The unit focuses on ensuring market integrity and promoting innovation without the looming threat of fraud.

Pi Coin Crash: Plummets 98% After Mainnet Launch Chaos

Pi Coin has suffered a massive collapse, plummeting 98% from its peak of $33.742 following its February 20, 2025, mainnet launch. What was meant to be a major milestone led instead to massive sell-offs due to speculative trading and market manipulation.

The situation was worsened by fake Pi Coin listings on decentralized exchanges (DEXs), trapping unsuspecting investors. Uncertainty around official exchange listings, including Binance, further fueled the panic. Analysts are now speculating whether Pi Coin’s collapse could be a classic pump-and-dump scheme.

Litecoin ETF Gains Momentum with DTCC Listing

The much-anticipated Litecoin ETF is gaining momentum as Canary’s Litecoin ETF (ticker: LTCC) appeared on the DTCC platform. This development has boosted hopes for imminent approval, coming 13 months after Bitcoin’s ETF success.

While the DTCC listing doesn’t confirm approval, Bloomberg’s senior ETF analyst Eric Balchunas highlighted that it signals the issuer’s readiness. Balchunas estimates a 90% chance of spot Litecoin ETFs being approved this year, surpassing the odds for Solana and XRP ETFs. With LTC showing recent price strength, analysts foresee a potential rally to $200 and beyond.

Ex-WeChain Manager Jailed for $5.7M Bybit Crypto Theft

In a major crypto-related fraud case, Ho Kai Xin, a former payroll manager at WeChain, was sentenced to nearly 10 years in prison by a Singapore court for embezzling $5.7 million from Bybit.

Ho manipulated payroll Excel files, inflating salaries and diverting $4.2 million into her crypto wallets. She later converted the stolen funds into fiat, splurging on luxury items like a Mercedes-Benz, Louis Vuitton bags, and placing a $750,000 deposit on a penthouse. Found guilty of 44 charges, including fraud and money laundering, Ho’s case underscores the persistent risks in crypto finance.

Market Sentiment: Fear & Greed Index

The Crypto Fear & Greed Index today stands at 55, indicating a Greed sentiment in the market. This marks an increase from yesterday's Neutral (49) and last week’s Neutral (48), showing growing market confidence. However, the index remains below last month’s Extreme Greed (84) level, suggesting that investors are cautiously optimistic.