December 8th Briefing

BTC Price: Around 91,000

Technical Analysis: Last night's news triggered a panic sell-off, quickly pushing BTC down to around 87,000. However, from the chart, this appears more like a "sentiment sell-off" than a trend reversal. Strong buying subsequently rallied, creating a clear V-shaped recovery, and it's currently stabilizing around 91,000. Short-term moving averages have turned bullish again, indicating strong support below. The market quickly absorbed the negative news regarding Hong Kong's stablecoin regulations and the mainland's reaffirmation of its stance on virtual currencies, effectively weeding out weak hands and resulting in a cleaner price action.

Today's key level is whether the 90,300-90,500 range can be held. As long as it doesn't break below this range, the short-term trend remains bullish. If it continues to stabilize with increased volume, there's a chance for a second upward move later tonight. Overall, sentiment has shifted from panic to recovery, and the market's resilience is stronger than expected.

Hot News:

1. Bank of America to Open Advisory Recommendation Channel for Crypto Assets

Bank of America's plan to open its advisory recommendation channel for crypto assets carries more weight than the news itself: this isn't about retail investors entering the market, but rather traditional finance officially recognizing crypto assets as an "allocable asset class." When wealth management firms begin including Bitcoin and Ethereum in their recommended portfolios, it signifies two things: first, the regulatory framework for institutional participation is largely in place; second, a genuine entry point for large funds is being paved. Simply put: this isn't crypto rushing into Wall Street, but Wall Street proactively opening a crack in the door.

2. Canada Revenue Agency Obtains Information on 2,500 Dapper Labs Users, Launches Second Cryptocurrency Tax Investigation

The Canada Revenue Agency (CRA) is once again targeting crypto users, this time specifically naming Dapper Labs and directly obtaining information on 2,500 users. This signifies that crypto assets have moved from the "grey area" to a "strictly regulated area" in Canada. This action is essentially a natural consequence of tax digitization: on-chain data is transparent, transactions are traceable, and the tax authorities are simply institutionalizing it. For Canadian users, crypto assets are no longer "hidden wealth" but assets that must be declared; for the global market, this is another signal that regulation is moving from "laissez-faire" to "refined management".