AltSignals Blog

Mainland China showcases signs of altering its approach towards stablecoins, as regulated discussions and enhanced research into digital currencies become hot topics in Shanghai. This development emerges amidst China’s increasing interest in creating a stablecoin pegged to the Chinese yuan. With recent concerns over the ongoing crypto trading bans, this article explores the potential shift in China’s crypto narrative. Plus, it provides insights into reports suggesting China’s covert accumulation of Bitcoin.

The hacker who exploited the GMX v1 decentralized exchange and stole $40 million in cryptocurrency has begun returning the stolen funds. After acknowledging a bounty offered by GMX, the hacker returned about $9 million in Ether and $10.5 million in FRAX tokens, totaling around $20 million worth of assets at the time of writing. The attack targeted a liquidity pool on GMX v1, draining various digital assets due to a design flaw. GMX has offered a $5 million bounty for the complete return of the stolen funds.

Bitcoin achieved a new high of over $112,000, marking its first record since May. With an annual increase of nearly 20%, experts anticipate Bitcoin to be adopted as a reserve asset in the latter half of 2025. Severe short position liquidations followed this surge, and corporations like Coinbase Global and Strategy observed a roughly 5% increase in shares. Bitcoin’s continuous rise brings hope for a strategic bitcoin reserve despite diminishing odds.

The U.S. Treasury Department and IRS have officially removed a controversial rule that required decentralized exchanges and protocols to submit customer transactions data for taxation. The decision marks the end of a long dispute over the enforcement of the rule, which was perceived as a threat to privacy and a hindrance to the growth of the DeFi sector. The regulatory issue started with the Biden administration’s attempt to broaden the definition of crypto brokers for tax purposes in 2021.

Bitcoin mining company, Bit Mining, is planning a strategic shift into the Solana ecosystem, aiming to raise up to $300 million. The capital will be used to build a Solana token treasury and expand its capabilities within the network. The company also plans to run validator nodes on Solana to support network decentralization and security. CEO Xianfeng Yang has expressed confidence in this move’s adaptability in the blockchain space and potential for delivering shareholder value.

Ant Group, backed by Jack Ma, teams up with USDC issuer Circle, aiming to incorporate the stablecoin in its blockchain for global use. The timeline for the integration remains unknown, but this move aligns with the fintech firm’s history of interest in stablecoins. Meanwhile, Circle continues to expand globally amid increased regulatory clarity.

Bitcoin maintains its dominance in the crypto market with a 3.7% return, outperforming 15 of the top 20 tokens by market cap, as most major altcoins show negative performance. The exceptional performer is Bitcoin Cash, posting a 25% return. Institutional investors show an inclination towards crypto equity exposure over direct token ownership.

Bitcoin and crypto exchange-traded funds (ETFs) are trending in news as their assets under management continue to rise substantiating sustained institutional interest. Spot bitcoin ETFs alone manage assets close to $150 billion. Companies like Figma boost this growth as it discloses $70 million holdings in Bitcoin ETF shares. Furthermore, the launch of staked Solana ETF represents the significant evolution of crypto investment products. Also, corporate crypto treasury adoption is driving positive market reception. Future expansion with XRP and Doge ETFs are in line, awaiting regulatory approval.

Bitcoin is facing resistance at $110,000 as market liquidity increases, highlighting the need for more strength to reignite bull market momentum. Market analysts predict a potent frenzy to $130,000 if Bitcoin overcomes this hurdle. The upcoming Consumer Price Index release and the ongoing US trade-tariff situation remain significant macro factors influencing market volatility. An in-depth look at Bitcoin’s market position and potential triggers awaits the interested readers.