The cryptocurrency market today mainly shows a general upward trend.

· Bitcoin: Prices surged amid intense volatility, briefly surpassing the $94,000 mark during the day before slightly pulling back. In the past 24 hours, the total liquidation amount across the network was approximately $423 million.
· Ethereum: Performed strongly, with prices rising and regaining the $3,300 level, reaching a near one-month high.

Regulatory news from China and the US has had differing impacts on the market:

China: Regulatory authorities reiterated warnings about risks
The People's Bank of China, along with 13 other departments including the Public Security Ministry, held a meeting to reaffirm that virtual currency-related activities are illegal financial activities.
The China Internet Finance Association and six other associations issued a joint reminder, noting a resurgence in virtual currency speculation and urging investors to strengthen risk awareness.
· The meeting specifically mentioned “stablecoins,” stating that they currently do not meet anti-money laundering and other regulatory requirements.

US: Positive developments

· Banks permitted to participate: The Office of the Comptroller of the Currency (OCC) issued an explanatory letter confirming that qualified national banks can engage in cryptocurrency asset transactions using a “risk-free principal” model, acting as transaction intermediaries. This is seen as a positive signal for bank involvement in cryptocurrency business.
Institutional outlook adjustments: Standard Chartered Bank has lowered its year-end target price for Bitcoin from $200,000 to $100,000, but maintains a long-term bullish outlook.
· New EU regulations to take effect: Starting January 1, 2026, the EU's DAC8 directive will come into force, requiring cryptocurrency exchanges and similar institutions to report user transaction information to tax authorities.

Currently, the entire financial market’s focus is on the Federal Reserve’s interest rate decision announced in the early morning of December 11 Beijing time.
The market has almost fully priced in a 25 basis point rate cut by the Fed again.
Compared to the rate cut itself, the Federal Reserve Chair Jerome Powell’s “forward guidance” on future interest rate paths is more important. His tone—whether “dovish” (favoring easing) or “hawkish” (favoring tightening)—will directly influence market sentiment and asset prices.

In summary, today’s market oscillates amid the intertwining of regulatory “cool winds” and policy “warmth,” with the greatest uncertainty—the Federal Reserve’s decision—about to be revealed.$XRP