Live: Market Rebound and Other Crypto News for Oct. 20

The Royal Government of Bhutan has made a significant move in the crypto market, transferring 108.8 BTC, valued at about $12.06 million. Despite this transfer, the government still holds a substantial reserve of 6,262 BTC, worth approximately $694 million.

Royal Government of bhutan just transferred 108.8 $BTC($12.06M) out and still holds 6,262 $BTC($694M).https://t.co/hiNf1ySQhU pic.twitter.com/miTbVttRL7— Lookonchain (@lookonchain) October 20, 2025

HTX announced the launch of its “Sail Together” initiative. It is a global campaign will last till Nov. 15. It allows crypto traders from any platform or region to claim loss-rebate airdrops of up to 5,000 USDT.

The announcement came after the Oct. 11 market crash, which turned out to be one of the largest liquidation events in crypto history. Within just a few hours, more than $19 billion in leveraged positions were wiped out. As a result, BTC price plunged from around $124,000 to nearly $104,000 within hours.

With this initiative, HTX aims to help crypto traders recover a portion of their recent losses. Eligibility is limited to users who incurred trading losses of at least 100 USDT between Oct. 9 at 4:00 p.m. UTC and Oct. 11 at 3:59 p.m. UTC.

Vitalik Buterin has unveiled the GKR protocol, a new proof system aimed at streamlining and facilitating zero-knowledge computations.

The GKR framework enables the verification of large computations with minimal on-chain overhead. GKR processes proofs in logarithmic time, which eliminates the need for expensive intermediate commitments.

This design makes it considerably more efficient than traditional ZK-SNARK or STARK systems.

While the top crypto coins are climbing on average by 3%-4%, Synthetix (SNX) is a top gainer, with a 27% increase.

SPX6900 (SPX), Artificial Superintelligence Alliance (FET), Mantle (MNT), Bittensor (TAO), and Chainlink (LINK) are among other coins with the most significant gains over the past 24 hours.

Bitcoin (BTC) has gained over 4% over the past 24 hours and managed to reclaim the $111K level. At the moment, the major coin is trading at $111,163 (+4.05%), which is still significantly lower than $ the $127K reached in September.

Nevertheless, some analysts describe the recent downturn as a temporary shakeout rather than a structural collapse. They point to heavy liquidations and ETF outflows as the main drivers behind the move. At the same time, whales have been accumulating during the dips. All these factors suggest Bitcoin is going through a correction phase but is not entering a new bearish cycle.