Something is very strange this year with $ICP . ⚠️👀 Because if you look at past year charts, you'll see that $ICP volumes haven't crossed $1B in many years. In 2021, when $ICP was at $72, its 24-hour volumes were around a billion dollars. ☄️♾️ We've seen $1B++ volumes this year at ~$5-$7. What I think is that whales have accumulated ICP for the long term, so don't fade your ICP bags because we are here to stay.🌊🚀
The first sentence "Virtual currencies do not have the same legal status as fiat currencies, do not have legal tender status, and should not and cannot be used as currency in the market" directly defines the legal status of cryptocurrencies and fiat currencies. In essence, everyone knows that in China it is possible to hold $BTC , but trading is illegal. If trading is illegal, how can it be equated with the status of fiat currency? Therefore, this sentence starts by stating that stablecoins are the main focus, especially since there are laws for stablecoins in the United States. After legislation in Hong Kong, the primary focus in mainland China is to distinguish between what is offshore and what is onshore. Regardless of what happens offshore, onshore is illegal and cannot be circulated.
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Central Bank's New Policy Interpretation: Why is this Shock Different from the Past?
Recently, the central bank, in conjunction with multiple ministries, issued a document reiterating its crackdown on virtual currency speculation. Many investors felt a sense of tension, fearing a repeat of the '5·19' level storm. However, in-depth analysis reveals that the impact of this policy is far less than in previous years. What is the reason?
Core Difference: Shift in Focus of Crackdown Unlike in the past, which primarily targeted mining and fraud, this policy directly points to stablecoins (such as USDT) and their underlying 'capital flow' and 'information flow.' This means that cross-border capital transfers, gray OTC trading, as well as domestic public promotions and community operations will face stricter regulations. The deeper intention is to block an 'unregulated cross-border dollar system' and maintain financial security.
Why is the Market's Reaction Relatively Mild? The key lies in the fact that relevant domestic exchanges, mining farms, and other infrastructure have long since relocated abroad. The policy has lost most of its direct targets, and the impact on domestic businesses and capital scale is limited. The market has also fully anticipated domestic policies, and the negative effects have been digested in advance.
Future Outlook and Response Strategies 'Prohibition domestically, active abroad' will become a long-term state. The policy will not change the essence of the market's bull and bear nature but will profoundly affect the way participants engage. For ordinary users, maintaining a low profile, avoiding gray capital chains, and not engaging in domestic public promotions are the primary principles to ensure personal safety. The industry may increasingly rely on decentralized exchanges and other infrastructures in the future, but compliance boundaries must be strictly adhered to.
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The entire market is in heavy red today, with BTC, ETH and XRP leading the drop. Bitcoin slipped sharply below the key support zone, pulling the whole market down with it. Ethereum followed with a deep correction, and XRP also faced strong selling pressure.
Why the Market Is Bleeding Today: 1️ Massive Liquidations A huge wave of over-leveraged long positions got wiped out. Once BTC started dropping, liquidation cascades accelerated the sell-off, hitting ETH and XRP hardest.
2️ Weak Liquidity & No Buyers Stepping In Order books are thin right now. Even small sell pressure quickly turns into big moves. With buyers staying cautious, the market couldn’t absorb the dump.
3️ Global Risk-Off Sentiment Macro conditions are tense — rising yields, uncertain economic signals, and investors moving away from risk assets. Crypto took the direct hit.
Bottom Line: Today’s red isn’t about one token — it’s the combination of leverage, low liquidity, and global market fear. Expect volatility, move carefully, and protect your capital.
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Disclaimer: Not financial advice, Do your own research and invest responsibly.