Crypto News Today, October 21 – Why Is Crypto Crashing? Bears Call Bitcoin Price To $97K, But For Now BTC Holds $108K Ahead Of US Federal Reserve Meeting – Best Crypto To Buy?

A new report from Bubblemaps has raised serious questions about Ocean Protocol’s handling of community funds following its withdrawal from the Artificial Superintelligence (ASI) alliance.

In March 2024, Ocean Protocol, Fetch AI, and SingularityNET merged their tokens under the FET umbrella to unify their artificial intelligence ecosystems. While OCEAN holders could convert to FET at a fixed rate, Ocean retained a substantial reserve of OCEAN tokens reportedly set aside for “community incentives” and “data farming.”

On July 1, 2025, on-chain data shows an Ocean Protocol team wallet (0x4D9B) converted 661 million OCEAN into 286 million FET, worth roughly $191 million, and transferred 90 million FET to GSR Markets, an OTC provider. By October 14, approximately 270 million FET (valued near $120 million) had been distributed across multiple wallets, with most funds eventually sent to Binance or OTC entities.

On October 9, Ocean announced its departure from the ASI alliance without explanation, prompting Fetch AI to accuse the team of liquidating community tokens. Ocean has denied the allegations, calling them “baseless” and saying it has “proven its case” in ongoing legal proceedings. The team has invited Fetch and SingularityNET to waive confidentiality and make the adjudicator’s findings public.

While on-chain evidence confirms the transfers, it remains unclear whether the tokens were sold. Ocean has not responded to direct requests for comment. The case now appears under review on Intel Desk for community scrutiny.

Binance is currently facing the heat in South Korea.

On 20 October 2025, Min Byung-dug, a South Korean lawmaker asked regulators if Binance is going to pay up investors affected by GOPAX’s GoFi fund going under. GOPAX offered GoFi as a high-yield crypto deposit solution. However, after FTX went down in 2022, roughly $106 million in consumer funds where frozen. This affected around 3000 users and so far, there is no solution in sight.

Now that Binance has acquired GOPAX, the onus falls on the parent company to follow through

According to a local publication, speaking during a parliamentary hearing, Min questioned the Financial Services Commission (FSC) Chairman, Lee Eog-won about Binance’s promise to pay the effected users.

South Korean lawmaker Min Byung-dug urges Binance to compensate 3,000 GoFi investors on GOPAX, whose $106M in funds have been frozen since the 2022 FTX collapse. Questions GOPAX acquisition approval without repayment plan. #Crypto #Binance pic.twitter.com/kQvIIfnPG4

— Vincent Bu Lu (@VincentBuLu1) October 21, 2025

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According to The Wall Street Journal, Coinbase Global (Nasdaq: COIN) has struck a deal to acquire Echo for roughly $375 million. Echo is a blockchain-based platform that enables crypto companies to raise capital directly through token sales.

The acquisition will allow Coinbase to expand its services into early-stage funding and democratize access to investment via the blockchain. The move aligns with Coinbase’s strategy of building an integrated ecosystem spanning trading, custody, and now capital formation.

The crypto market rally is in trouble after Bitcoin price dropped below $110K overnight, after working hard to reclaim the pivotal level. With crucial events like tomorrow’s earnings reports for Tesla (TSLA) and CME Group (CME), the US Fed’s last-minute ‘Payments innovation conference’, and next week’s FOMC meeting, whales are seeking out the next crypto to explode as we head into November.

Bitcoin wasn’t the only major cap affected in the overnight dip; Ethereum also lost $4K, a level which has proven tough to breach and even tougher to hold in the past. BTC is now trading for around $107.8K, while ETH Ethereum ETH $1,620.20 0.44% Ethereum ETH Price $1,620.20 0.44% /24h Volume in 24h $9.37B Price 7d Learn more sits at $3,850.

The market is anxiously waiting for the fallout from the TSLA and CME earnings reports and upcoming Fed meetings in the US, with recent volatility and upcoming headwinds evidenced in the crypto fear and greed index, which is still firmly planted in the ‘fear’ zone.

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According to @ai_9684xtpa, SpaceX has transferred $268 million worth of Bitcoin, its first major movement in three months. Roughly 1,187 BTC were sent to a bc1qq address and 1,208 BTC to a bc1qj7 address, both still inactive.

The previous July transfer was later identified by Arkham as linked to Coinbase Prime Custody, suggesting this latest transaction could be another internal wallet shuffle rather than a sale or market move.