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比特币历年表现总结，你觉得2025年BTC价格表现如何？

Venezuela's oil-backed cryptocurrency is a government experiment in digital currency amidst an economic collapse. Its original intention was to bypass U.S. sanctions, but technical instability and lack of trust led to failure. The public shifted to stablecoin USDT for transactions, creating a "cryptocurrency dollarization." In contrast, the Maduro government accumulated Bitcoin reserves through complex networks, ultimately leading to regime collapse due to military intervention. This case reveals that technology cannot replace trust, and when a state fails, cryptocurrencies can provide a survival guarantee for ordinary people.

Recently, Hong Kong experienced a unique case of electricity theft, with the method and location being quite unexpected. The Hong Kong police took action and successfully arrested two male technicians. They are suspected of abusing their positions to illegally install cryptocurrency "mining" equipment within a care home that provides services to disabled individuals, and of stealing electricity to keep the devices running around the clock for personal gain. This case not only exposes new issues arising from cryptocurrency mining activities on the fringes of regulation but also serves as a wake-up call for the internal security and management of various social institutions.
Case Details
According to the Cyber and Financial Crime Investigation Team of the Sham Shui Po Police District, the exposure of this case was triggered by abnormal network activity in one of the care homes. When the IT staff was investigating the cause of repeated slow network speeds, they unexpectedly discovered a batch of unauthorized electronic devices in the ceiling cavity of the office. This discovery immediately raised the alarm of the care home, which promptly reported the incident to the authorities.
The police

As 2025 draws to a close, the global financial markets are playing out a rare and contradictory scene. On one hand, the dollar's weakness is becoming increasingly evident; on the other hand, the RMB exchange rate is surging, reaching a two-and-a-half-year high. Meanwhile, traditional safe-haven assets like gold and silver are undergoing a historic revaluation, with prices hitting new highs repeatedly. However, in this macroeconomic feast that should be paving the way for cryptocurrencies, one of the main players—Bitcoin—has unexpectedly fallen silent, with its price hovering in a key range.
This classic, textbook-like bullish script—weak dollar, strong safe-haven assets—seems to be failing when it comes to Bitcoin. The market can't help but ask: why haven't the RMB's surge and the dollar's decline ignited a bullish crypto rally as they have in the past? Is this merely a temporary market malfunction, or is there a deeper structural shift at play?
Macro Background
To understand Bitcoin's predicament

Against the backdrop of a wave of global digital asset regulation, Hong Kong is taking steady and clear steps to accelerate the consolidation of its position as a leading global virtual asset hub. Recently, the Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) jointly announced that after completing public consultation, they will formally advance legislation for a licensing regime targeting virtual asset (VA) OTC traders and custodians. This move is not only another important piece of Hong Kong's regulatory framework but also seen as a key step in opening the "main and collateral channels" for institutional funds to enter the crypto market.
Regulatory Puzzle
Since 2020, Hong Kong's cryptocurrency regulation has mainly focused on Virtual Asset Trading Platforms (VATPs), requiring all centralized exchanges targeting Hong Kong investors to obtain an SFC license. However, a mature financial ecosystem is far more than just publicly traded platforms.

On Christmas Eve 2025, the Russian Central Bank, which has long maintained a firm cautious stance on cryptocurrencies, unexpectedly issued an official statement to the global market, announcing plans to develop a brand-new cryptocurrency regulatory framework. Starting from 2026, under strict regulation, it aims to open the doors to the world of digital assets for both retail investors and professional institutional investors.
This move marks a decisive shift in Kremlin policy—from past scattered restrictions and gray areas to a structured, licensed, and regulated market. However, this is not a complete embrace of decentralization principles; rather, it appears to be a carefully calculated geopolitical chess move. Against the backdrop of a reshaped global financial landscape due to sanctions, is Russia's motivation behind this move to align with the fintech trend or to create an economic lifeline that bypasses Western financial hegemony? This question warrants in-depth exploration.
Dual-Track Investment Threshold

As 2025 comes to a close, the West African nation of Ghana has completely rewritten its domestic and even the entire African continent's digital financial landscape. The Ghanaian Parliament has officially passed the highly anticipated "Virtual Asset Service Providers Bill, 2025", a move that not only marks the legalization of Crypto Assets trading in the country from a legal gray area but also firmly places the regulatory power of the entire industry in the hands of the nation's highest financial management authority - the Bank of Ghana (BoG). This milestone decision signifies that Ghana is embracing a future driven by Blockchain technology with an unprecedented openness and prudence.
Farewell Chaos
Before the introduction of this bill, Ghana's Crypto Assets market had long been in a savage state, much like many regions around the world.

In the world of Crypto Assets, risk and legend coexist. F2Pool co-founder Wang Chun tested Address security with 500 Bitcoins, losing 490 to a Hacker, showcasing a transcendent attitude. Meanwhile, South Korean companies also face threats of Crypto Assets ransomware. These events reveal the vulnerability of asset security, and users need to remain vigilant to ensure Private Key safety to avoid losses.

On the global cryptocurrency market chessboard, Binance is undoubtedly the leader. However, for the world's most important financial market—the United States—this exchange giant has always harbored a complex sentiment. Since withdrawing from the U.S. domestic market in 2019 and serving local users through the independent entity Binance.US, Binance's "American Dream" has been full of twists and turns. Now, with political shifts and a series of strategic adjustments emerging, Binance's blueprint to return to the U.S. seems to be being redrawn, and its founder Changpeng Zhao (CZ)'s personal halo and shareholding have unexpectedly become the most critical variables and potential "shackles" in this comeback drama.
“CZ Dilemma”
The turning point in the story occurred in October 2025, when U.S. President Donald Trump granted clemency to Changpeng Zhao, not only freeing the crypto leader from legal troubles but also bringing

By the end of 2025, a seemingly simple update to the payment feature has sparked enthusiastic discussions across the global tech and finance communities. The world's largest video platform, YouTube, announced that content creators in the United States will be allowed to receive their earnings using PYUSD, a USD stablecoin issued by PayPal. This is not just a new payment option for creators, but is seen as a watershed event—it marks the moment when top tech giants like Google, which have long maintained a wait-and-see stance, finally take concrete action and officially enter the cryptocurrency payment arena. This move raises a deeper question: does it mean the era of mass adoption of cryptocurrency payments is truly approaching?
"Firewall" Mode
What is most notable about this partnership is not its disruptive nature, but its extremely cautious and clever architectural design. According to May Za, head of PayPal's crypto business,

Against the backdrop of an increasingly clear global digital asset regulatory landscape, Hong Kong is taking a crucial step with its consistent prudence and foresight. Recently, the Hong Kong Special Administrative Region government officially announced a two-month public consultation on the introduction of the international Crypto-Asset Reporting Framework (CARF) and the revision of the existing Common Reporting Standard (CRS). This move not only signifies Hong Kong's determination to align with the highest international standards in cryptocurrency tax transparency but also starkly contrasts with the increasingly tightening regulatory policies in Mainland China under the "One Country, Two Systems" framework, highlighting its unique strategic positioning as a global virtual asset hub.
A New Chapter in Regulation
The core of this consultation is to adopt the framework developed by the Organisation for Economic Co-operation and Development (OECD).

At the intersection of technology and finance, a groundbreaking announcement that could reshape the digital lives of hundreds of millions has shaken the worlds of cryptocurrency and consumer electronics. High-performance public blockchain Sei Network announced a milestone strategic partnership with global smartphone giant Xiaomi. The core of this cooperation is that, starting in 2026, new Xiaomi smartphones sold in global markets (excluding Mainland China and the United States) will come pre-installed with a Web3 application powered by Sei.
This is not just about adding an app to a phone; it represents one of the most ambitious steps the crypto world has taken toward mainstream users to date. Will this crossover collaboration truly pave a “one-click direct access” highway to cryptocurrency for global users and ignite the next wave of large-scale applications?
Ecological Integration
According to both parties in December 2025

Amid Hong Kong’s proactive embrace and regulation of the cryptocurrency wave, a milestone event is about to make history. Hong Kong licensed cryptocurrency group HashKey Holdings Limited (hereinafter referred to as HashKey) has officially launched its initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange, aiming to become the city’s first publicly listed licensed cryptocurrency exchange. This listing is not only a critical step in HashKey’s own development, but is also seen as an important test of confidence in Hong Kong’s Web3 strategy and the global capital markets.
IPO Core Details
According to HashKey’s prospectus, its global offering aims to raise up to HK$1.67 billion (approximately US$215 million). The company plans to issue about 240.6 million shares, with the offer price set between HK$5.95 and HK$6.95 per share. At the highest pricing, H

The world's first blockchain business war movie, explaining what blockchain is.

The news disclosed by Reuters that "China may review the issuance of a stablecoin based on the Renminbi" has stirred up a wave in the global financial and crypto assets market. The fact that this long-considered policy "taboo" topic can surface is itself sufficient to be interpreted as a significant signal of a shift in direction.
This sudden discussion is not without basis. From the China National Petroleum Corporation (CNPC) researching the use of stablecoins for cross-border oil settlements, to Hong Kong actively promoting a regulatory sandbox for stablecoins, and the grassroots exploration of offshore RMB stablecoins, all indicate that the narrative around RMB stablecoins is entering a new and more complex stage. However, in the face of this potential initiative that could reshape the global financial landscape, the voices within China are not unified; instead, they present a complex picture of official caution, market enthusiasm, and public skepticism interwoven.
Optimism and Expectation
In the eyes of supporters, the RMB stablecoin carries great strategic significance.

Bitcoin explanation strongly recommended by President Trump

The digitalization of the Renminbi faces a dual situation of strict control in the mainland and active openness in Hong Kong. The mainland emphasizes financial sovereignty and capital control, promoting the development of the digital Renminbi (e-CNY), while Hong Kong attempts to build a regulated virtual asset center through stablecoin regulations. In this context, three parallel paths may emerge in the future, reflecting the complex interaction between regulation and innovation.