December 5th, the US 10-year Treasury yield rose by 2 basis points to 4.12%, hitting a new high since November 2020.The US 30-year Treasury yield rose to 4.78%, reaching a new high since September 25th. (Krypton)

December 5th, Wang Yongli, former Vice President of a Chinese bank, published an article titled "Why Is China Resolutely Stopping Stablecoins?" The article stated that China is accelerating the development of the digital yuan and has clearly defined its policy orientation to resolutely curb all virtual currencies, including stablecoins. This decision is based on comprehensive considerations such as China's leading position in mobile payments and the digital yuan, the sovereignty and security of the renminbi, and the stability of the monetary and financial system.With the global spread of USD stablecoins, increasingly sharp and complex international relations, and intensified international monetary competition, the impact on how the renminbi innovates and develops, maintains national security, and achieves the strategic goal of becoming a powerful currency and financial powerhouse is significant and far-reaching. Therefore, it is necessary to calmly analyze and accurately grasp early decision-making. One must neither be indifferent nor hesitant, nor blindly follow the trend and make directional and disruptive mistakes. Wang Yongli believes:· USD stablecoins have already monopolized the global market, leaving almost no room for non-USD stablecoins to survive;· US stablecoin legislation primarily serves its own interests and may backfire on the stablecoin system;· Promoting a renminbi stablecoin not only lacks advantages but may instead threaten renminbi sovereignty and financial security;· Stablecoins and virtual currencies pose significant risks in terms of cross-border money laundering, fraud, etc.;· China already holds a global leading position in mobile payments and the digital yuan, therefore, there is no need to follow the USD stablecoin route.

December 5th, as this critical time approaches this Friday, Wall Street's attention is collectively focused on the upcoming September Personal Consumption Expenditures (PCE) Price Index. As the Federal Reserve's preferred inflation gauge, this report is not only the first official inflation reading released since late September, but is also seen as the "lode star" for whether the U.S. stock market can break out of its recent volatility and establish its future direction.Due to the previous government shutdown causing a delay in data release, the market has been filled with a significant amount of uncertainty. Investors, analysts, and even Federal Reserve officials themselves are eagerly awaiting this delayed report to clear up the economic fog.At 23:00 today, the U.S. September Core PCE Price Index YoY will be announced, with a previous value of 2.9%. The overall PCE YoY is expected to record 2.8%, a slight increase from August's 2.7%. If this forecast comes true, it will be the highest level since April 2024; PCE MoM is expected to remain at 0.3%, matching the previous value.This PCE report is not only an economic check-up, but also the final puzzle piece for the Federal Reserve before next week's interest rate meeting. Currently, the Federal Reserve is in the midst of a fierce tug-of-war over its congressionally mandated "dual mandate" - to maintain low inflation and high employment. If the PCE data confirms that inflation is gradually declining (or meeting expectations), it will provide Fed officials with more justification for rate cuts, further solidifying the market's bet on a rate cut in December. If the data unexpectedly "exceeds expectations", it will not only weaken the case for a rate cut, but may even force the Federal Reserve to maintain rates in the current range of 3.75%-4%.

December 5th, the European Commission plans to transfer regulatory power over cryptocurrency companies to the European Union's market supervisory authority as part of a "comprehensive integration" of the financial markets. The European Commission stated that bringing cryptocurrency regulation under the purview of the European Securities and Markets Authority (ESMA) would make regulation more effective and facilitate cross-border activities.This move aims to address the decentralization issue caused by regulatory differences among the 27 member states. Previously, individual national regulatory authorities, including France's AMF, Austria's FMA, and Italy's Consob, had expressed concerns about the implementation of MiCA and called for ESMA to strengthen oversight. The proposal still needs to be negotiated and approved by the European Parliament and the European Council.

December 5th, pre-market trading saw a general decline in cryptocurrency-related stocks in the US stock market, including:· MSTR down 0.49%;· COIN down 0.01%;· HOOD down 0.06%;· SBET down 0.63%;· BMNR down 1.21%;· CRCL down 0.33%.

December 5th, according to OnchainLens monitoring, a BlackRock address deposited 1,385 BTC worth $1.263 billion and 799 ETH worth $2.5 million into Coinbase.

December 5th, Bitget announced today that its AI-powered trading assistant GetAgent has successfully completed feature iteration and equity upgrade. GetAgent can automatically adjust its response based on the question scenario, providing precise and rapid answers or generating in-depth analysis reports. Additionally, the GetAgent membership system has been fully updated, and all users can now access more daily query times and in-depth research quotas.As an intelligent assistant integrating AI algorithms, real-time data, and over 50 professional-grade MCP tools, GetAgent can intelligently analyze market dynamics through natural language interaction, integrate position preferences, and generate personalized trading strategies for users. This feature upgrade aims to allow more users to easily experience intelligent decision-making and improve digital asset management efficiency.

December 5th, Multi-chain DeFi wallet Talisman officially launched its native token SEEK today, marking the entry of AI-driven DeFi into a new phase. The SEEK token has a total supply of 100 million, with the TGE project valued at $60 million.Talisman's token allocation emphasizes long-term ecosystem development, with the specific distribution as follows:· Community & Ecosystem (50%): Staking rewards, LP incentives, ecosystem grants, community initiatives, and liquidity· Team (15%): Core team and early contributors· Investors (20%): Strategic investors and IDO participants· Foundation (15%): For ecosystem development and long-term strategic reservesTalisman is a multi-chain wallet and Web3 gateway that helps users secure and scale their crypto assets in a secure and intuitive manner. As the core intelligence layer of the new generation of smart finance, Talisman has connected to over 900 networks including EVM, Solana, Substrate, Bittensor, and more. It securely manages assets worth over $2 billion, providing users with automated, customizable on-chain yield strategies through its AI Agent while maintaining asset self-custody.

December 5th, according to official sources, Pendle has released its 2025 Year in Review summary: the platform's average TVL in 2025 reached $5.8 billion, with a peak of $13.4 billion, representing a 79% increase compared to the previous year. The total trading volume was $47.8 billion, a 36.5% year-on-year increase. The number of users increased by 155,553, a 48% growth over 2024. The platform's main investment breakdown was 85% stablecoins, 3% Bitcoin, 5% Ethereum, and 7% other assets. Pendle provided $58 billion in fixed income, a 161% year-on-year increase.In 2025, Pendle launched the product Boros, which achieved a trading volume of $5.5 billion within 4 months, with an open interest volume of $80 million, accounting for 0.04% of the total market size. In the $200 billion investment market, Boros still has significant room for growth.

December 5th: Social media platform "X" was fined 120 million euros by the European Union for violating content regulations. The European Commission stated that the X company violated 3 provisions of the Digital Services Act and gave X 60 days to provide a solution and 90 days to implement corrective measures.The EU's ruling targeted X's blue checkmark verification, lack of ad transparency, and issues with data access by researchers. The EU's tech regulator stated that imposing the maximum fine on X was not the EU's intention. The amount of the fine was deemed appropriate based on the nature of the violation and its impact on EU users. (Jinse)

December 5th, according to EmberCN monitoring, a whale address borrowed and shorted 5,000 ETH ($15.66 million) in the past 2 hours.This address borrowed 5,000 ETH ($15.66 million) from Aave 2 hours ago, then transferred 4,000 ETH ($12.49 million) to Binance and 1,044 ETH ($3.26 million) to Bybit.After the ETH was sent to a centralized exchange (CEX), 40 minutes ago, 12.45 million USDT was withdrawn from Binance, equivalent to the value of the 4,000 ETH transferred to Binance, indicating a highly probable sell-off according to analysis.

December 5th, the China Internet Finance Association today jointly issued the latest risk warning on preventing illegal activities related to virtual currencies with multiple departments. This marks the first cryptocurrency risk warning since 2022, with a three-year gap. Looking back over the past five years, the Internet Finance Association has issued four heavyweight announcements in succession at key points in market speculation.On April 13, 2022, it released the "Initiative to Prevent Financial Risks Related to NFTs," resolutely curbing the financialization and securitization trends of NFTs. It explicitly prohibits using virtual currencies such as Bitcoin as the pricing and settlement tool for NFT issuance and transactions, and prohibits providing financing support for NFT transactions. The document quickly cooled down the domestic "digital collectibles" market. Leading platforms such as Tencent Fantech and Alibaba Whale Hunt subsequently tightened their gifting rules, and a large number of small and medium-sized collection platforms closed down due to liquidity exhaustion, leading to the bursting of the domestic NFT speculation bubble.On May 18, 2021, it issued the "Notice on Preventing Risks of Speculative Trading in Virtual Currencies," reiterating that virtual currency transactions are not protected by law. It required financial institutions and payment institutions not to engage in virtual currency-related businesses such as account opening, registration, trading, clearing, and settlement. The day after the announcement was issued (May 19, 2021), market panic spread, and Bitcoin's price plunged by more than 30% in a single day, breaking below the $30,000 mark from above $43,000, setting a historical record for total liquidation across the network.On April 2, 2020, it issued the "Risk Warning on Participating in Speculative Trading on Overseas Virtual Currency Exchanges," pointing out that overseas platforms are not only not protected by Chinese law, but also commonly engage in market manipulation activities such as fabricated trading data and intentional outages. This document marked an increase in regulatory attention to "offshore" exchanges. Subsequently, the crackdown on OTC (over-the-counter) fund channels for virtual currencies in China significantly intensified, leading to a widespread "freeze card" phenomenon.

December 5th, Today, the China Internet Finance Association and seven other associations jointly released the "Risk Reminder on Preventing Illegal Activities Related to Virtual Currency." According to the reminder, virtual currency cannot be used as currency for circulation within China, and China's financial regulatory authorities have not approved any real-world asset tokenization activities. Relevant institutions are not allowed to engage in businesses related to virtual currency or real-world asset tokenization.Previously, on April 13, 2022, the China Internet Finance Association jointly issued the "Initiative to Prevent NFT-Related Financial Risks," resolutely restraining the trend of financializing and securitizing NFTs, strictly preventing the risk of illegal financial activities, and voluntarily complying with behavioral norms. The joint appeal to member units: do not directly or indirectly invest in NFTs, do not provide financing support for investing in NFTs, do not weaken the non-fungible characteristics of NFTs through methods such as ownership splitting or batch creation, and do not engage in token issuance financing (ICO) in a disguised manner. Do not include securities, insurance, credit, precious metals, or other financial assets in the underlying commodities of NFTs, and do not issue transactional financial products in a disguised manner.After the NFT market gradually cooled off since March of that year, it entered a bear market, and the FTX crash event in November of that year further drained funds and market confidence from the bear market. The NFT market's heat has waned year after year, and its development has gradually become lukewarm until it has been relatively ignored.

December 5th. Recently, the concept related to cryptocurrency has been heating up rapidly. Some criminals have taken the opportunity to promote speculative trading activities, engaging in illegal fundraising, pyramid schemes, and other illegal activities under the guise of stablecoins, memecoins (such as π coin), real-world asset (RWA) tokens, and "mining," and have used cryptocurrency to transfer illegally obtained proceeds, seriously infringing on the public's property security and disrupting the normal order of the economy and finance.To further implement the requirements of the announcements on preventing the risks of token issuance financing and preventing and disposing of the risks of cryptocurrency trading speculation issued by the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, and other departments, and to implement the spirit of the coordination meeting on cracking down on cryptocurrency trading speculation, the China Internet Finance Association, China Banking Association, China Securities Association, China Securities Investment Fund Association, China Futures Association, China Association of Listed Companies, and China Payment and Clearing Association jointly issue the following risk reminders:1. Correctly understand the nature and attributes of cryptocurrency, real-world asset tokens, and related activitiesRegulatory authorities emphasize that cryptocurrency does not have legal tender status and cannot circulate for use domestically. "Air coins" such as π coin have insufficient technology and value support, leading to frequent scams; stablecoins pose a high risk of being used for money laundering, fraud, and illicit cross-border fund transfers. Real-world asset tokenization (RWA Token) also carries risks such as false assets and speculative trading, and no such projects have been approved domestically. Domestic organizations or individuals engaging in related activities may be suspected of illegal token ticket sales, illegal fundraising, or unauthorized public issuance of securities.2. Relevant institutions must not engage in businesses related to cryptocurrency and real-world asset tokensMember units must not participate in or provide any form of support for cryptocurrency or RWA issuance and trading. Banks and payment institutions must not provide accounts, payment, credit, or other services for related activities; securities, fund, and futures institutions must not provide services for related products; internet platforms must not provide promotion or technical support for related projects. Institutions must strengthen due diligence, and any discovered risk clues must be reported promptly.3. The public must remain highly vigilant of all forms of cryptocurrency and real-world asset token business activitiesGiven the high volatility and frequent scams in the cryptocurrency market, the public must enhance their risk awareness, avoid participating in any form of cryptocurrency or RWA trading, promotion, or "mining" projects, and beware of false advertising or investment group inducement. Any clues of suspected illegal activities should be actively reported to regulatory authorities or reported to public security agencies.