Spruce Biosciences soared 1,400% on FDA Breakthrough approval, while crypto suffered record $19B liquidations.
Sectors & Industries
October 13, 2025
Table of Contents
One biotech soared, crypto imploded, and tariffs sent shockwaves through the market.
Last week offered a dramatic reminder of how fast sentiment shifts when regulatory breakthroughs, macro headlines, and policy surprises collide. From Spruce Biosciences’ historic rally to crypto’s biggest wipeout ever, and from gold’s defensive climb to deep sector rotations, markets were anything but calm.
Spruce Biosciences ($SPRB) stunned the biotech world last week with a 1,400% one-day gain, one of the most explosive moves in years. The catalyst? The FDA granted Breakthrough Therapy Designation to its experimental enzyme replacement therapy for Sanfilippo Syndrome Type B, a rare and deadly genetic disorder.
This designation is one of the FDA’s strongest signals of promise. It accelerates development, review timelines, and draws attention from both institutional investors and larger pharma partners. Given that Sanfilippo Type B currently has no approved cure, the upside for Spruce is not just regulatory—it’s commercial and reputational.
“This isn’t just another pipeline story — it’s a validation from regulators that SPRB’s science is working and needed.”
The momentum from this announcement lifted biotech sentiment across the board, helping the sector outperform in a week of broader market pain.
While biotech was booming, crypto was cratering.
More than $19 billion in leveraged crypto positions were wiped out in the largest single-day liquidation event in digital asset history. The trigger? A 100% tariff on all Chinese goods announced by President Trump, which sparked a panic-driven selloff across risk assets.
This event laid bare just how over-leveraged and politically sensitive crypto markets remain. When global policy shocks meet speculative exposure, the results can be brutal.
The chaos didn’t stop with crypto. The true root of last week’s turmoil was policy—and it started in D.C.
President Trump ignited a fresh trade war wave, announcing:
Meanwhile, the government shutdown entered its 12th day, paralyzing the flow of key economic data. Without jobs, inflation, or sentiment reports, the Federal Reserve is left without guidance—potentially delaying expected rate cuts and leaving markets to trade on speculation instead of fundamentals.
“When the data goes dark and policy lights up, volatility follows. Markets are being forced to react to headlines instead of hard numbers.”
Amid the domestic turmoil, the U.S. managed to broker a 20-point Gaza ceasefire agreement, marking the most significant step toward peace in over two years.
Although markets barely paused to register it, the agreement represents a meaningful geopolitical shift that could impact energy markets, defense stocks, and regional risk premiums in the weeks ahead.
With uncertainty dominating headlines, investors rushed into safe-haven assets:
This flight to safety came as bond yields dipped and volatility spiked, reinforcing gold’s role as a portfolio anchor in times of political and economic dislocation.
Despite the week ending with a slight recovery, broader markets struggled:
Markets are heading into another pivotal week with:
Volatility remains elevated, and traders should expect sharp moves — both ways — as headlines continue to drive sentiment.
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