PBoC issues fresh warning, labels stablecoins a high-risk threat

China’s central bank reaffirmed that all crypto-related activities remain illegal in the country, warning that stablecoins pose significant risks tied to illicit payments, money laundering and financial instability. Officials reiterated that the state will not tolerate speculative trading or cross-border crypto flows, calling for strict enforcement across financial institutions.

The announcement marks China’s strongest communication on crypto in recent months, signalling a renewed push to eliminate private digital-asset use as the government prioritises control over capital movement and financial discipline.

Crypto markets slump as Hong Kong-linked firms feel the impact

The latest crackdown reverberated through global markets, with leading cryptocurrencies slipping in early trading following Beijing’s remarks. Some Hong Kong-listed firms associated with digital-asset and stablecoin ventures also declined sharply, reflecting investor anxiety over spillover effects from the mainland’s policy tightening.

Market analysts noted that China’s stance continues to influence broader Asian sentiment, particularly in sectors tied indirectly to crypto infrastructure and financial services.

Bitcoin mining resurfaces as underground activity expands

Despite the nationwide ban, China has re-emerged as a major contributor to global Bitcoin mining. Recent industry data suggests that miners have quietly resumed operations in regions with surplus electricity, helping the country regain a notable share of global hashrate.

The resurgence indicates that profit incentives remain strong, and enforcement against decentralised mining activity continues to vary across provinces. Demand for mining hardware in the domestic black market has also been rising, underscoring a disconnect between regulatory intentions and on-ground activity.

Authorities vow coordinated enforcement across agencies

Multiple government bodies — including the central bank, public security agencies, cyberspace regulators and judicial authorities — held a joint meeting last week to strengthen cross-agency coordination. The meeting emphasised strict monitoring, tighter anti-money-laundering controls and immediate action against any platform or individual involved in crypto-related transactions.

Officials stressed that private cryptocurrencies undermine financial stability, and reiterated support for the state-backed digital yuan as the only legitimate form of digital currency in China.

China’s latest actions reinforce its hardline position on private digital assets, even as underground activity proves resilient. The renewed crackdown has shaken sentiment across regional markets once again, signalling that the regulatory environment in the world’s second-largest economy remains firmly opposed to decentralised crypto activities.

With the COVID public health emergency officially ending in May 2023, it’s now possible to look back and assess just how dramatically the crypto market transformed during the pandemic years.

Here’s what would have happened if someone had invested $100 at the start of the pandemic — $50 in Bitcoin and $50 in Ethereum on 31 March 2020.

How much Bitcoin $50 would have bought in March 2020

• Bitcoin price on 31 March 2020: $6,438.64
• Investment: $50

Amount of BTC purchased:

$50 ÷ $6,438.64 = 0.0077656 BTC

Value today (3 December 2025), at $93,517.32 per BTC:

0.0077656 BTC × $93,517.32 = $726.22

Your $50 Bitcoin investment alone would now be worth $726.22.

How much Ethereum $50 would have bought in March 2020

• Ethereum price on 31 March 2020: $133.59
• Investment: $50

Amount of ETH purchased:

$50 ÷ $133.59 = 0.3742795 ETH

Value today (3 December 2025), at $3,060.84 per ETH:

0.3742795 ETH × $3,060.84 = $1,145.61

Your $50 Ethereum investment would have grown to $1,145.61.

Total value of a $100 investment at the start of COVID

• Bitcoin today: $726.22
• Ethereum today: $1,145.61

Combined total value today:

$726.22 + $1,145.61 = $1,871.83

A simple $100 split between BTC and ETH during the pandemic crash would now be worth approximately $1,871.83.

That’s an almost 19x return in just over five years.

A Major Jump in Position Limits

NASDAQ’s proposal seeks to raise the current limit of 250,000 contracts to 1,000,000 contracts for IBIT options — a four-fold increase.
Such a dramatic expansion would place Bitcoin ETF options in the same category as the most liquid equity ETFs in traditional markets.

Position limits act as safeguards, preventing excessive concentration and reducing the risk of market manipulation. Increasing them indicates confidence that the underlying ETF has matured enough to handle larger volumes while maintaining market integrity.

Why the Proposal Is Important

This development is noteworthy for several reasons:

1. Spot Bitcoin ETFs Are Rapidly Growing

Since their approval, spot Bitcoin ETFs have seen strong inflows and consistently rising trading volumes. Investor participation has far exceeded early expectations, prompting exchanges to update risk controls, liquidity frameworks, and product limits.

2. Regulatory Clarity Is Improving

The U.S. Securities and Exchange Commission recently introduced updated guidelines for spot crypto ETFs, simplifying the listing process and aligning them with broader ETF standards.
This shift has boosted confidence across the financial industry, encouraging more issuers and enabling exchanges like NASDAQ to modernize crypto-linked derivatives.

3. Larger Limits Can Boost Liquidity and Institutional Use

Higher position and exercise limits on IBIT options could:

• Improve liquidity in the ETF options market

• Enable more efficient hedging by institutional investors

• Attract larger trading firms and asset managers

• Support more active options strategies linked to Bitcoin

Overall, the move reinforces the industry’s view that crypto markets — especially Bitcoin ETFs — are becoming more integrated into the mainstream financial ecosystem.

What This Means for the Future

If approved, NASDAQ’s proposal would mark an important milestone in the evolution of digital asset products. Higher limits suggest regulators and exchanges believe Bitcoin ETF markets are stable, scalable, and capable of supporting deeper institutional participation.

As crypto investment products continue to grow, more exchanges may follow with similar rule changes, shaping a more mature and competitive landscape for digital-asset-based derivatives.

Bitcoin, Ethereum lead the decline

Bitcoin fell below $86,500, dropping 4.63% in 24 hours, while Ethereum sank over 5% to $2,830. XRP, Binance Coin and other large-cap assets also slipped sharply, deepening the market’s 30-day downtrend.

With volatility returning to the forefront, investors are asking one question: Why is crypto down today?

Top Reasons Why Crypto Is Down Today

1. Heavy leveraged liquidations

One of the biggest triggers behind today’s fall is the unwinding of highly leveraged positions.

• Over $16 million in Bitcoin long positions were liquidated in a single day.

• Previous liquidations in October wiped out nearly $19 billion of levered bets after Bitcoin hit an all-time high.

As these long positions are force-sold, prices drop sharply, creating a chain reaction across the market.

2. Bitcoin breaks critical support levels

Bitcoin slipped below key technical supports:

• $90,954 support zone

• $87,000 Fibonacci levels

Losing these levels accelerates selling pressure as traders cut losses or exit positions. Market participants are now watching whether Bitcoin will retest $80,659, its October low.

3. Risk-off sentiment hits global markets

Sean McNulty, APAC derivatives trading lead at FalconX, described today as a “risk-off start to December.”

Low inflows into Bitcoin ETFs and an absence of dip buyers are adding pressure. With investors turning cautious:

• Safe-haven assets see inflows

• Crypto sees outflows

• Liquidity thins, making price swings sharper

4. Macroeconomic fears intensify

Broader macroeconomic concerns amplified the selloff.

• Fears of a Bank of Japan rate hike

• Japanese government bond yields hitting a 15-year high

• Volatile Asian market sentiment impacting global risk assets

As global markets turn cautious, crypto—already a high-risk domain—feels the heat immediately.

5. Weekend low liquidity worsened the move

The drop occurred early Sunday–Monday when liquidity is naturally weaker.

Low liquidity amplifies every sell order, causing:

• Faster declines

• Longer red candles

• Higher volatility

This is why major cryptos fell within minutes, triggering panic across social media.

6. Investor sentiment turns negative

The decline has pushed trader mood firmly into “fear mode,” with many still recovering from the recent 20% monthly drop.

Posts on X (Twitter) reflected real-time panic:

• “What is Bitcoin down today?”

• “Crypto is going to zero rn.”

• “$400 million longs liquidated in minutes.”

Negative sentiment accelerates selling and keeps buyers cautious.

Is this the start of a deeper crash?

Analysts remain divided. While some see this as a healthy correction, others warn that if Bitcoin breaks below $80,000, a larger selloff could follow.

For now, the market remains volatile, and traders are watching:

• ETF inflow trends

• U.S. economic data for 2026

• Federal Reserve rate expectations

• Asian market reactions

• High-yield bond movements

A mid-year upswing followed by weakening momentum

Between July and mid-October, BTC exhibited a gradual upward trend with several strong bursts of buying interest. However, the rallies repeatedly failed to break the higher resistance zones, signalling momentum fatigue. As moving averages tightened and upward volume weakened, Bitcoin began losing strength, eventually slipping into a clear downward pattern.

Consistent downtrend leads to a sharp fall near $80,600

By early November, Bitcoin firmly entered a lower-high, lower-low formation. Selling intensified sharply during the final phase of the decline, pushing BTC down to approximately $80,600 — its lowest point in several months. The spike in red volume bars during this drop reflects a period of panic-driven liquidation and strong bearish dominance.

First constructive bounce after weeks of selling

Following the heavy decline, the recent candles indicate that Bitcoin is attempting to stabilise. The price has risen from the $80k zone to above $90,000, with green volume bars showing an increase in dip-buying interest. While this movement does not confirm a trend reversal, it signals that the sharp bearish pressure has eased for now.

Price still faces resistance from key moving averages

Technical structure remains weak on the higher timeframe:

• Bitcoin still trades below the MA(25) and well below the MA(99).

• These two averages, currently positioned around $95,824 and $108,833, continue to act as heavy dynamic resistance.

• The decline below these levels earlier in November marked a decisive shift from neutral to bearish trend conditions.

Any sustained recovery attempt would require BTC to reclaim the 25-day average first, then challenge the long-term 99-day average — both of which remain overhead obstacles.

Volume analysis hints at stabilisation

The sell-off days in early November showed significantly high volume, suggesting capitulation. Since then, volume has moderated, and recent green candles display more balanced participation. This transition typically accompanies a shift from panic selling to attempted consolidation, although more price development is needed before a structural trend change can be identified.

Chart suggests shift from acceleration of decline to early consolidation phase

Based solely on visible chart structure:

• The sharp downtrend appears to have lost momentum.

• Bitcoin is forming its first meaningful bounce after weeks of pressure.

• A potential short-term base may be forming around the $80,000–$85,000 range.

• Major moving averages remain overhead and continue to define a cautious technical environment.

BTC is now in a phase where the market is assessing whether the recent rebound is a temporary relief move or the initial stage of a broader consolidation.

Disclaimer: This article is a neutral analysis of chart data for informational purposes only. It does not constitute financial advice, investment guidance or a prediction of future price movement.

In this guide, we break down what NFTs are, how they work, and why they continue to matter in 2025.

What Is an NFT?

An NFT is a unique digital asset stored on a blockchain, acting as a tamper-proof certificate of ownership. Unlike cryptocurrencies such as Bitcoin or Ethereum — which are fungible, interchangeable, and identical — each NFT is one-of-a-kind.

Fungible = interchangeable (like cash)
Non-fungible = unique (like a painting)

When someone purchases an NFT, what they actually acquire is a verified ownership record, secured by blockchain technology. Even though the associated digital file (art, music, etc.) can be viewed online, the NFT certifies who owns the original.

How NFTs Work

NFTs are created through a process called minting, where a digital file is transformed into a blockchain-verified asset.

How minting works:

1. A creator uploads a digital asset to an NFT platform.
2. The asset is recorded on the blockchain as a unique token.
3. A smart contract attaches details such as:
   • ownership rights
   • transfer rules
   • resale royalties for creators

This smart contract ensures transparency and automates every future sale. Minted NFTs live on decentralized networks such as Ethereum, Solana, Polygon, and Flow, each offering different transaction speeds, fees, and security models.

Understanding Non-Fungible Meaning

Non-fungible simply means unique and irreplaceable.

Example:

• One US dollar can be swapped for any other dollar → fungible.
• The Mona Lisa cannot be swapped for an identical copy → non-fungible.

NFTs behave like the digital equivalent of rare collectibles or artworks — no two are exactly the same.

What Is NFT Art?

NFT art consists of digital artworks tokenized on a blockchain. Tokenization guarantees:

• authenticity
• proof of ownership
• royalties for creators
• global transferability

Artists mint their digital pieces on marketplaces like OpenSea, SuperRare, and Foundation, enabling collectors worldwide to purchase authenticated originals.

The NFT art world gained mainstream attention when Beeple’s “Everydays: The First 5000 Days” sold for $69 million at Christie’s in 2021.

Why NFTs Matter in 2025

Even after a massive market correction where 95% of early NFTs lost value, the technology behind them remains powerful.

NFTs now provide real-world utility in areas such as:

1. Ticketing & Access

NFT tickets prevent fraud and unlock exclusive rewards.

2. Gaming

Players truly own in-game items and can trade them freely.

3. Luxury Authentication

Brands like Prada and Rolex use NFTs to verify product authenticity.

4. Real Estate Tokenization

Property deeds and transactions are moving on-chain for faster settlements.

NFTs have evolved beyond speculative art and now function as digital proof-of-ownership tools across industries.

Why People Buy NFTs

Investors and collectors buy NFTs for several reasons:

Digital Ownership & Status

Owning rarities or limited editions reflects prestige in online communities.

Investment Potential

Some NFTs appreciate significantly over time, especially those with strong communities or historical relevance.

Creator Royalties

Artists earn a percentage of every resale — a major shift from traditional art markets.

Rarity & Scarcity

NFTs let creators control supply, boosting collectible value.

How NFTs Make Money

NFTs generate earnings through:

1. Primary Sales

Buying newly minted NFTs at launch.

2. Secondary Market Trading

Reselling on marketplaces like OpenSea.

3. Creator Royalties

Automatic payments embedded in smart contracts every time the NFT changes hands.

The Technology Behind NFTs

NFTs rely entirely on blockchain infrastructure:

Blockchain

Provides transparency, immutability, and public verification.

Smart Contracts

Automate ownership transfers, royalty payments, and uniqueness verification.

Distributed Ledger

Records every transaction permanently.

Different blockchains offer different benefits:

• Ethereum: most secure & widely used
• Solana: fast, low-cost transactions
• Polygon: eco-friendly and scalable
• Flow: optimized for gaming and entertainment

Should You Invest in NFTs?

NFT investing is no longer about fast flips — it is about utility, longevity, and fundamentals.

Smart investors look for:

• strong project purpose
• reputable creators
• transparent roadmaps
• well-audited smart contracts

NFTs are considered taxable assets in the U.S., with sales generally falling under capital gains tax.

As with any investment, there are risks:

• volatility
• illiquidity
• counterfeit projects

Due diligence is essential.

Final Thoughts

NFTs are entering a new chapter — one focused on utility, authentication, and real-world integration, rather than hype. From gaming economies and luxury authentication to digital identity and real estate tokenization, NFTs are quietly becoming the backbone of digital ownership.

They are no longer just about pixel art and speculation.
They are about the future of how we own, trade, and verify everything digital.

China’s Bitcoin mining share climbs again

China has re-emerged as a major force in global Bitcoin mining, regaining an estimated 14% share of total hashrate as of late November. Despite the nationwide ban on mining imposed in 2021, operations have quietly resurfaced in provinces with abundant cheap electricity and unused industrial infrastructure. The renewed activity suggests that miners continue to find ways to operate discreetly while benefiting from favourable local conditions.

Mining rig demand surges across the domestic market

Domestic mining hardware manufacturers have reported a sharp rise in sales over the past month, signalling growing interest among Chinese buyers. The demand reflects both existing miners expanding their facilities and new entrants exploring opportunities in covert mining setups. The increased hardware purchases closely align with the rise in China’s underground mining footprint.

Stablecoin downgrade triggers unease among Chinese traders

A significant downgrade of a widely used stablecoin created noticeable concern among crypto traders in China, particularly within informal trading networks. With many underground users depending on stablecoins for liquidity, transfers and offshore exchange access, the downgrade led to increased caution and discussions about market stability. The development highlights the sensitivity of China’s shadow crypto economy to global stablecoin movements.

Ban remains in place, but enforcement appears inconsistent

While China’s official stance on cryptocurrency mining and trading remains unchanged, recent developments point to uneven enforcement across regions. Provinces with surplus energy and strong industrial bases appear more tolerant of low-visibility mining activity. This lack of uniform enforcement has created pockets where mining can flourish despite national restrictions.

Underground crypto activity continues to expand

The past 24–48 hours underscore that China’s crypto presence is far from dormant. Rising hashrate, increased hardware demand and volatile trader sentiment all point to a crypto ecosystem operating beneath the regulatory surface. Even as the government advances its digital yuan initiative, underground crypto markets remain active, adaptive and resilient.

Disclaimer: This article is for general information only and does not constitute financial advice.

Understanding Bitcoin ETFs

Bitcoin ETFs have quickly become an essential part of the financial system, offering investors exposure to Bitcoin without the complexities of managing the digital asset directly. These funds track Bitcoin’s price and enable easier entry for both institutional and retail investors. As demand grows, stronger trading infrastructure is required — and that’s exactly where Nasdaq’s proposal enters the picture.

Nasdaq’s proposal: raising the ceiling

Nasdaq has formally filed with the SEC to lift the option position limits for IBIT from 250,000 contracts to 1 million. The proposal aims to accommodate rising interest in IBIT and facilitate advanced strategies such as hedging and income generation. More than anything, the move reflects the market’s increasing recognition of Bitcoin as a legitimate, scalable asset class.

Risks: manipulation, concentration, and volatility

Despite the upside, raising option limits introduces a series of risks. Bitcoin’s wealth concentration in a handful of large wallets leaves ample room for coordinated manipulation, which could be amplified through expanded options activity. The spot market also lacks the depth of oversight present in traditional finance, making practices like wash trading harder to detect.

Higher option limits could also intensify price swings. With more leverage and larger institutional flows, the Bitcoin market may experience sharper movements, complicating risk management for investors. As institutional influence grows, retail traders — often relying on volatility for speculative returns — may find it harder to navigate these shifts.

Institutional adoption: stability or crowding out?

Institutional participation is a double-edged sword. On one hand, structured inflows and disciplined strategies could reduce extreme volatility. Institutions also bring long-term capital, stronger governance, and broader acceptance for Bitcoin.

But their dominance can diminish opportunities for retail investors. Systematic buying and hedging behaviour may limit price inefficiencies that retail traders typically rely on. Although ETFs democratise access, the balance of power in price discovery could tilt heavily toward major financial players.

Impact on fintech startups in Asia

For fintech startups across Asia, Nasdaq’s proposal presents both challenges and avenues for innovation. As institutional investors gain more sophisticated tools for managing Bitcoin exposure, smaller startups may struggle to compete. Increased regulatory scrutiny around derivatives could raise compliance costs and limit access to high-value markets.

However, many startups are adapting by specialising—offering crypto payroll solutions, stablecoin payment systems, or regulatory-friendly cross-border services. These targeted niches may become increasingly valuable as institutional capital gravitates toward regulated products like IBIT.

The road ahead

Nasdaq’s proposal to lift option limits for BlackRock’s Bitcoin ETF represents one of the most significant developments in the evolution of crypto-linked financial products. While the move could enhance liquidity and overall market efficiency, it also renews concerns around manipulation, retail investor vulnerability, and competitive pressure on fintech startups. As institutional adoption accelerates, adaptability and regulatory alignment will shape the next phase of Bitcoin ETF growth.

Disclaimer

The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market and cryptocurrency investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Crypto trading is legal, but not recognised as currency

In India, buying, selling, and holding cryptocurrencies such as Bitcoin, Ethereum, or stablecoins is legal. The government has not banned crypto trading, and major exchanges continue to operate in compliance with Indian law.

However, crypto is not considered legal tender. This means it cannot be used as official currency to settle debts or make compulsory payments. The Reserve Bank of India (RBI) has repeatedly cautioned users about risks but has not imposed any prohibition since the Supreme Court overturned the RBI banking ban in March 2020.

Regulatory environment: No dedicated crypto law yet

India does not yet have a specific law that governs cryptocurrency. Instead, various government bodies have issued guidelines and taken regulatory steps:

1. RBI’s stance

• The RBI has expressed concerns about financial stability, money laundering, and investor protection.
• Banks are allowed to offer services to crypto users as long as they perform proper due diligence.
• RBI continues to push for strong regulations but has not banned crypto.

2. Ministry of Finance

• The government has introduced Virtual Digital Asset (VDA) classification under the Income Tax Act to regulate taxation.
• Discussions on a future regulatory framework (or crypto bill) have been ongoing, but no legislation has been passed yet.

3. FIU registration for exchanges

• In December 2023, major crypto exchanges operating in India were required to register with the Financial Intelligence Unit (FIU-IND).
• Exchanges must comply with anti-money-laundering rules and report suspicious transactions.

How cryptocurrencies are taxed in India

Taxation is the most clearly defined part of India’s crypto policy. Since 1 April 2022, cryptocurrencies fall under the category of Virtual Digital Assets (VDAs) with strict tax rules.

1. 30% tax on profits

• All gains from the sale or transfer of cryptocurrencies are taxed at 30%.
• This applies irrespective of whether the gain is short-term or long-term.
• No deduction is allowed for expenses except the cost of acquisition.

2. 1% TDS on every trade

• A 1% Tax Deducted at Source (TDS) applies to every crypto trade above ₹10,000 in a year on Indian exchanges.
• This TDS is collected by exchanges and deposited with the government.
• Traders can claim credit for this TDS while filing their income tax returns.

3. Crypto gifts are taxable

• Gifts of crypto are taxable in the hands of the recipient if the value exceeds ₹50,000, unless exempt under relatives’ category.

4. Losses cannot be set off

• Losses from crypto cannot be:
  • set off against other income, or
  • carried forward to future years. This is the strictest part of the tax regime.

GST implications

While there is no separate GST law for crypto:

• Crypto exchanges pay 18% GST on their service fees.
• Traders do not pay GST on the crypto itself.
• The government may introduce additional GST classifications in the future.

What the future may hold

India is moving towards a regulated crypto ecosystem:

• Discussions on a global regulatory framework continue under the G20 agenda.
• Experts expect clearer rules once the government finalises its stance.
• Meanwhile, the RBI is developing the Digital Rupee (CBDC) as an official alternative.

Crypto trading in India is legal but tightly taxed and cautiously monitored. Investors can trade freely through compliant exchanges, but must follow the 30% tax rule and 1% TDS requirements. While a dedicated crypto law is still awaited, the existing framework ensures that trading remains allowed, regulated, and taxable.

Disclaimer: This article is for general information only and does not constitute financial or tax advice.

Trading data from the one‑day chart indicated a session open close to $90,484, with the price reaching a high of about $91,950 and a low just under $90,000 before closing near $91,150. The move left Bitcoin up roughly two per cent on the day, as the market stabilised following a series of heavy sell‑offs that had wiped tens of thousands of dollars from its value since the all‑time high.

Technical indicators on the chart, including short‑ and medium‑term moving averages, showed the price beginning to curl back towards the 25‑day average after spending several sessions below it. Traders said the bounce from the $80,600 area, combined with rising intraday volumes, suggested that a local floor may be forming, though Bitcoin remains well below its peak near $120,000 reached in late October.

Market participants are now watching whether Bitcoin can hold above the psychological $90,000 level and build on the recovery towards the mid‑$90,000s. A sustained move higher, they noted, would strengthen the case that the worst of the recent downturn is over, while a break back below $90,000 could invite another round of selling from short‑term speculators.