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stable Surges 10.01% in 24H, Currently at 0.011443 USDT

【stable currently trades at 0.011443 USDT, up 10.01% in 24h, according to HTX market data.】stable Surges 10.01% in 24H, Currently at 0.011443 USDT

stable currently trades at 0.011443 USDT, up 10.01% in 24h, according to HTX market data.

HTX data showed that BTC fell below 87000  USDT and is now at 86964.68 USDT, with a decrease of 1.31% in 24H.

[BTC fell below 87000  USDT] HTX data showed that BTC fell below 87000  USDT and is now at 86964.68 USDT, with a decrease of 1.31% in 24H.

BTC fell below 87000  USDT

Trump administration enters its second year, the U.S. crypto regulatory landscape is shifting. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are moving from previous jurisdictional disputes to closer collaboration, jointly advancing crypto regulation. SEC Chairman Paul Atkins is promoting a "token classification system," Project Crypto, and innovative exemption mechanisms, and has approved listing standards for various crypto ETFs, while also making asset tokenization a regulatory focus.The CFTC is accelerating rule clarifications through the "Crypto Sprint," and with the new chairman Michael Selig in office, it is expected to play a more central role in regulating crypto commodities such as Bitcoin. Industry insiders believe that in 2026, U.S. crypto regulation will present a dual-track pattern of SEC institutional innovation plus CFTC-led market expansion. Former senior SEC lawyer Howard Fischer pointed out that this is the first time in his memory that the two agencies have advanced crypto regulation in a highly collaborative manner, and he expects this cooperation to dominate the regulatory agenda in 2026.

[A 2026 outlook for US crypto regulation: SEC pushes for reforms, CFTC's influence rises.]Trump administration enters its second year, the U.S. crypto regulatory landscape is shifting. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are moving from previous jurisdictional disputes to closer collaboration, jointly advancing crypto regulation. SEC Chairman Paul Atkins is promoting a "token classification system," Project Crypto, and innovative exemption mechanisms, and has approved listing standards for various crypto ETFs, while also making asset tokenization a regulatory focus.The CFTC is accelerating rule clarifications through the "Crypto Sprint," and with the new chairman Michael Selig in office, it is expected to play a more central role in regulating crypto commodities such as Bitcoin. Industry insiders believe that in 2026, U.S. crypto regulation will present a dual-track pattern of SEC institutional innovation plus CFTC-led market expansion. Former senior SEC lawyer Howard Fischer pointed out that this is the first time in his memory that the two agencies have advanced crypto regulation in a highly collaborative manner, and he expects this cooperation to dominate the regulatory agenda in 2026.

A 2026 outlook for US crypto regulation: SEC pushes for reforms, CFTC's influence rises.

Glassnode co-founder Negentropic stated that the current Bitcoin price structure is showing positive changes. The recent pullback continues to receive buying support, and previous lows remain intact, indicating that the market as a whole is exhibiting a constructive trend. A key structural change is that the derivative "short squeeze effect" has basically been cleared. With the largest Bitcoin options expiry event in history taking place, with a nominal scale of about 23.6 billion USD, the price suppression previously dominated by hedging behavior in recent weeks is coming to an end.Negentropic said that before the options expiry, market rises were often mechanically suppressed by hedging rather than driven by real supply and demand. As the related funds exit, BTC is no longer "pinned down," and the price structure is expected to be led by the market itself again, with the price discovery mechanism returning and upward bias gradually strengthening. From a macro perspective, he emphasized that the liquidity environment is still improving. The US M2 money supply grew by 4.3% year-on-year, reaching a historic high of 22.3 trillion USD in November, expanding for 21 consecutive months, about 400 billion USD higher than the 2022 peak. Even after adjusting for inflation, the real M2 still grew by 1.5% year-on-year and has risen for 15 consecutive months. The long-term trend remains clear—the dilution of fiat currency has not stopped, and macro and structural factors are creating a new tailwind environment for Bitcoin.

[Analysis suggests that the suppression of Bitcoin derivatives has been lifted, and the price discovery mechanism has returned.]Glassnode co-founder Negentropic stated that the current Bitcoin price structure is showing positive changes. The recent pullback continues to receive buying support, and previous lows remain intact, indicating that the market as a whole is exhibiting a constructive trend. A key structural change is that the derivative "short squeeze effect" has basically been cleared. With the largest Bitcoin options expiry event in history taking place, with a nominal scale of about 23.6 billion USD, the price suppression previously dominated by hedging behavior in recent weeks is coming to an end.Negentropic said that before the options expiry, market rises were often mechanically suppressed by hedging rather than driven by real supply and demand. As the related funds exit, BTC is no longer "pinned down," and the price structure is expected to be led by the market itself again, with the price discovery mechanism returning and upward bias gradually strengthening. From a macro perspective, he emphasized that the liquidity environment is still improving. The US M2 money supply grew by 4.3% year-on-year, reaching a historic high of 22.3 trillion USD in November, expanding for 21 consecutive months, about 400 billion USD higher than the 2022 peak. Even after adjusting for inflation, the real M2 still grew by 1.5% year-on-year and has risen for 15 consecutive months. The long-term trend remains clear—the dilution of fiat currency has not stopped, and macro and structural factors are creating a new tailwind environment for Bitcoin.

Analysis suggests that the suppression of Bitcoin derivatives has been lifted, and the price discovery mechanism has returned.

according to Whale Alert monitoring, USDC Treasury newly minted 90 million USDC on the Ethereum network.

[The USDC Treasury minted 90 million new USDC tokens on the Ethereum network.]according to Whale Alert monitoring, USDC Treasury newly minted 90 million USDC on the Ethereum network.

The USDC Treasury minted 90 million new USDC tokens on the Ethereum network.

researchers and developers expect 2026 to be a key year for Ethereum to achieve exponential scaling based on zero-knowledge proofs (ZK). At that time, some Ethereum validators will no longer re-execute transactions but will directly verify ZK proofs, fundamentally changing the way the blockchain operates, with a scale comparable to Ethereum's 2022 transition from PoW to PoS known as "The Merge."Ethereum researcher Justin Drake stated that the first batch of validators will begin verifying the ZK proof of each block instead of re-executing all transactions, which will bring immediate scaling effects to Layer 1 and lay the foundation for 10,000 TPS in the future. Currently, the Ethereum mainnet throughput is about 30 TPS. During Devconnect, Drake demonstrated that ZK proof verification can be completed using an old laptop, and it is expected that by the end of 2026, about 10% of validators will switch to ZK verification mode (Lean Execution Phase 1). This shift will significantly reduce hardware requirements for validator nodes while maintaining network decentralization.Ethereum Besu client engineer Gary Schulte pointed out that in the future, computationally intensive tasks will mainly be undertaken by block builders and ZK provers, while ordinary validators will only need to perform lightweight verification, creating conditions for increasing the gas limit and overall throughput. In the roadmap, Ethereum is currently still in Phase 0 (voluntary validation), expected to enter Phase 1 (partial validator switch) in 2026, and move into Phase 2 in 2027, which will mandate block producers to generate ZK proofs, achieving full ZK execution.

[2026 will be a turning point for Ethereum's ZK scaling, with the verification mechanism undergoing a merge-like transformation.]researchers and developers expect 2026 to be a key year for Ethereum to achieve exponential scaling based on zero-knowledge proofs (ZK). At that time, some Ethereum validators will no longer re-execute transactions but will directly verify ZK proofs, fundamentally changing the way the blockchain operates, with a scale comparable to Ethereum's 2022 transition from PoW to PoS known as "The Merge."Ethereum researcher Justin Drake stated that the first batch of validators will begin verifying the ZK proof of each block instead of re-executing all transactions, which will bring immediate scaling effects to Layer 1 and lay the foundation for 10,000 TPS in the future. Currently, the Ethereum mainnet throughput is about 30 TPS. During Devconnect, Drake demonstrated that ZK proof verification can be completed using an old laptop, and it is expected that by the end of 2026, about 10% of validators will switch to ZK verification mode (Lean Execution Phase 1). This shift will significantly reduce hardware requirements for validator nodes while maintaining network decentralization.Ethereum Besu client engineer Gary Schulte pointed out that in the future, computationally intensive tasks will mainly be undertaken by block builders and ZK provers, while ordinary validators will only need to perform lightweight verification, creating conditions for increasing the gas limit and overall throughput. In the roadmap, Ethereum is currently still in Phase 0 (voluntary validation), expected to enter Phase 1 (partial validator switch) in 2026, and move into Phase 2 in 2027, which will mandate block producers to generate ZK proofs, achieving full ZK execution.

2026 will be a turning point for Ethereum's ZK scaling, with the verification mechanism undergoing a merge-like transformation.

Liberal Democratic Party of Japan and the Japan Innovation Party announced the tax reform outline for the fiscal year Reiwa 8 on December 19, proposing to classify cryptocurrencies as financial products that contribute to the formation of national assets and plan to introduce a separate taxation system.According to the plan, spot trading, derivatives trading, and ETFs of cryptocurrencies will be included in the scope of separate taxation, and trading losses will be allowed to be carried forward and deducted for three years, aligning the tax system with that of financial products such as stocks. It is worth noting that this reform plan does not cover all cryptocurrency transactions; income-generating transactions such as staking and lending may still be subject to the current tax system. At the same time, NFTs are not explicitly included in the reform scope and may continue to be comprehensively taxed as miscellaneous income. Exchanges will submit user trading reports to tax authorities, and higher tax compliance requirements will be imposed on investors in the future. Experts advise investors to organize their trading records in advance to smoothly cope with the implementation of the new tax system.

[Japan has announced a proposed reform plan for cryptocurrency taxation, suggesting the introduction of a separate tax system.]Liberal Democratic Party of Japan and the Japan Innovation Party announced the tax reform outline for the fiscal year Reiwa 8 on December 19, proposing to classify cryptocurrencies as financial products that contribute to the formation of national assets and plan to introduce a separate taxation system.According to the plan, spot trading, derivatives trading, and ETFs of cryptocurrencies will be included in the scope of separate taxation, and trading losses will be allowed to be carried forward and deducted for three years, aligning the tax system with that of financial products such as stocks. It is worth noting that this reform plan does not cover all cryptocurrency transactions; income-generating transactions such as staking and lending may still be subject to the current tax system. At the same time, NFTs are not explicitly included in the reform scope and may continue to be comprehensively taxed as miscellaneous income. Exchanges will submit user trading reports to tax authorities, and higher tax compliance requirements will be imposed on investors in the future. Experts advise investors to organize their trading records in advance to smoothly cope with the implementation of the new tax system.

Japan has announced a proposed reform plan for cryptocurrency taxation, suggesting the introduction of a separate tax system.

according to Coinglass data, if Ethereum falls below $2900, the cumulative long liquidation intensity on major CEXs will reach 802 million. Conversely, if Ethereum breaks above $3000, the cumulative short liquidation intensity on major CEXs will reach 228 million.The liquidation chart does not show the exact number of contracts to be liquidated or the exact value of contracts being liquidated. The bars on the liquidation chart actually represent the relative importance of each liquidation cluster compared to nearby clusters, that is, the intensity. Therefore, the liquidation chart shows the extent of impact when the underlying price reaches a certain level. Higher "liquidation bars" indicate a stronger reaction caused by a liquidity wave when the price reaches that point.

[If Ethereum falls below $2,900, the total liquidation intensity of long positions on major centralized exchanges will reach $802 million.]according to Coinglass data, if Ethereum falls below $2900, the cumulative long liquidation intensity on major CEXs will reach 802 million. Conversely, if Ethereum breaks above $3000, the cumulative short liquidation intensity on major CEXs will reach 228 million.The liquidation chart does not show the exact number of contracts to be liquidated or the exact value of contracts being liquidated. The bars on the liquidation chart actually represent the relative importance of each liquidation cluster compared to nearby clusters, that is, the intensity. Therefore, the liquidation chart shows the extent of impact when the underlying price reaches a certain level. Higher "liquidation bars" indicate a stronger reaction caused by a liquidity wave when the price reaches that point.

If Ethereum falls below $2,900, the total liquidation intensity of long positions on major centralized exchanges will reach $802 million.

&nbsp;according to CoinPost, Japan announced the tax reform outline for fiscal year 2026, which proposes different directions for the taxation system of virtual currencies and gradually positions crypto assets as "financial products that contribute to the formation of national assets."The tax reform outline lists "spot trading," "derivatives trading," and "ETFs" of virtual currencies as subjects for separate taxation, but not all crypto transactions are included in the new system; staking, lending income, and NFT transactions may still be subject to comprehensive taxation.

[Japan's proposed tax reform for fiscal year 2026 includes a separate tax on spot, derivatives, and ETF trading of cryptocurrencies.]&nbsp;according to CoinPost, Japan announced the tax reform outline for fiscal year 2026, which proposes different directions for the taxation system of virtual currencies and gradually positions crypto assets as "financial products that contribute to the formation of national assets."The tax reform outline lists "spot trading," "derivatives trading," and "ETFs" of virtual currencies as subjects for separate taxation, but not all crypto transactions are included in the new system; staking, lending income, and NFT transactions may still be subject to comprehensive taxation.

Japan's proposed tax reform for fiscal year 2026 includes a separate tax on spot, derivatives, and ETF trading of cryptocurrencies.

According to TheBlock, the European Commission will "soon" come out with a legislative proposal on a digital euro, European Central Bank President Christine Lagarde said in a video statement at the "Towards a legislative framework enabling a digital euro for citizens and businesses" conference.
“The timely adoption of a legal framework for the digital euro would give all stakeholders the necessary legal certainty to prepare for its possible introduction and send a strong signal of political support,” Lagarde said. 
“I'm very much looking forward to the legislative proposal for establishing a digital Euro, which the European Commission will propose shortly,” she added.

Detail

【EU Commission set to propose legislation for digital euro】According to TheBlock, the European Commission will "soon" come out with a legislative proposal on a digital euro, European Central Bank President Christine Lagarde said in a video statement at the "Towards a legislative framework enabling a digital euro for citizens and businesses" conference.
“The timely adoption of a legal framework for the digital euro would give all stakeholders the necessary legal certainty to prepare for its possible introduction and send a strong signal of political support,” Lagarde said. 
“I'm very much looking forward to the legislative proposal for establishing a digital Euro, which the European Commission will propose shortly,” she added.

EU Commission set to propose legislation for digital euro

Encrypted Prophet redphone: The Silicon Era Dawns, Crypto Becomes the 'Last Free Port'

How a single copy-paste mistake cost a user $50M in USDt

Blockchain and no-code tools challenge AWS' dominance: Crypto exec

Bitcoin's apparent demand shrinks, signals new bear market: Analysts

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Galaxy: 26 Major Predictions for the Crypto Market in 2026

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BlackRock’s Bitcoin ETF Ranks 6th In 2025 Global ETF Flows — Report

Arizona lawmaker proposes barring taxes on crypto and blockchain

Bitcoin ETFs Face $826 Million Drain As Selling Pressure Builds

EU Commission set to propose legislation for digital euro

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