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At the intersection of technology and finance, a significant announcement that could reshape the digital lifestyles of billions has shaken the cryptocurrency and consumer electronics sectors. The high-performance public chain Sei Network has announced a milestone strategic partnership with global smartphone giant Xiaomi. The core content of this cooperation is that starting in 2026, new smartphones sold by Xiaomi in the global market (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 on a phone; it represents the most ambitious step yet for the crypto world toward mainstream users. Can this cross-industry partnership really pave a 'one-click access' highway to cryptocurrency for global users and ignite the next wave of large-scale applications?

In the fast-moving, information-exploding world of cryptocurrencies, 'heat' and 'traffic' are almost equivalent to the code for wealth. As the world's largest cryptocurrency exchange by trading volume, any minor action from Binance and its executives can create enormous waves in the market. However, this unparalleled influence is a double-edged sword; it is both the cornerstone of Binance's success and makes it a target for opportunists, exploiters, and even attackers.

A series of recent events—from co-founder He Yi's WeChat account being hacked, to internal employees using official accounts for 'mouse warehouses' operations, to a careless typo by a senior executive giving birth to a meme coin with a market value of tens of millions of dollars—undoubtedly point to one core phenomenon: everyone in the crypto circle wants to ride on Binance's heat.

In an era where Hong Kong actively embraces and regulates the wave of cryptocurrency, a milestone event is about to be recorded in history. The 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 first licensed cryptocurrency exchange to go public in Hong Kong. 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 market.

IPO Core Details

According to the prospectus disclosed by HashKey, its global offering plan aims to raise up to HK$16.7 billion (approximately US$2.15 billion). The company plans to issue approximately 240.6 million shares, with an offering price range set between HK$5.95 and HK$6.95 per share. If calculated at the highest price, HashKey's listing valuation will be close to HK$19 billion (approximately US$2.44 billion).

Under the global spotlight, the Trump administration in the United States recently released its latest National Security Strategy (NSS) report. This programmatic document aims to outline America's core interests and strategic priorities on the global stage in the future. However, what surprised and even shocked the entire cryptocurrency industry is that in this lengthy report, cryptocurrency and blockchain technology, which have been mentioned multiple times by the President himself, encountered a complete 'digital silence'—not mentioned at all.

This silence forms a stark contrast to the 'cryptocurrency-friendly' stance previously exhibited by President Trump and his administration, sparking widespread discussion in the crypto community and directly leading to fluctuations in market sentiment, with Bitcoin prices falling in response. What does the 'blank space' in this strategic document actually mean? Is it an unintentional oversight, or a well-considered strategic choice? This reveals the true views of Washington's decision-makers on this emerging field, as well as the subtle position of crypto assets in the global macroeconomic chessboard.

The news disclosed by Reuters that 'China may consider issuing a RMB-based stablecoin' has stirred up significant waves in the global financial and cryptocurrency markets. The fact that this topic, long regarded as a 'taboo' in policy discussions, has come to the surface is itself enough to be interpreted as an important signal of a shift in direction.

This sudden discussion is not without reason. From the China National Petroleum Corporation (CNPC) researching the use of stablecoins for cross-border oil settlements, to Hong Kong actively promoting a stablecoin regulatory sandbox, 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 move that may reshape the global financial landscape, the internal voices in China are not unanimous; instead, they present a complex picture of official caution, market enthusiasm, and public skepticism interwoven.

Recently, discussions around the digitalization of the renminbi have presented a highly tense picture: on one side, the mainland of China maintains strict bans on cryptocurrencies and stablecoins, while on the other side, Hong Kong is ambitiously rolling out the red carpet, aiming to build a globally leading regulated virtual asset center. The stablecoin regulation that will take effect on August 1, 2025, by the Hong Kong Monetary Authority, further escalates this 'ice and fire' comparison.

The market cannot help but ask: under the strict financial control walls of the mainland, will stablecoins ever have a chance to land? Where will the digitalization process of the renminbi ultimately lead? The answer is not simply 'yes' or 'no,' but reveals a carefully designed, complex, and multi-layered 'dual-track parallel' and 'trio' strategy.

Amidst the turbulent global cryptocurrency market, particularly with the US accelerating its embrace of this emerging field under the Trump administration, China, the "Eastern Dragon," has chosen a completely different path. An invisible "high wall" is being continuously reinforced and raised.

Recently, the People's Bank of China (PBOC) convened a high-level closed-door meeting, led by the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Stability and Development Office, the Supreme People's Court, the Supreme People's Procuratorate, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Justice, the State Administration for Market Regulation, the State Financial Regulatory Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. The meeting sent a clear and strong signal: China will not only continue its stringent cryptocurrency ban implemented since 2021, but will also launch a new round of crackdowns and blockades on virtual currency trading and speculation with unprecedented力度 (intensity/effort).

In the torrent of history, some chapters seem to have long been predetermined, yet they always reappear in unexpected ways. In 2021, the Chinese government, with a thunderous momentum and out of dual considerations for financial stability and energy security, comprehensively banned cryptocurrency mining activities. A ban caused the once dominant Chinese mining industry, which accounted for half of the global Bitcoin hash rate, to suddenly fall silent, with millions of mining machines extinguishing their lights overnight, staging an epic 'hash rate migration'. However, four years later, a surprising reality is quietly emerging: China's Bitcoin mining activities have not only not disappeared, but have instead revived in a secretive and tenacious manner, with its hash rate share climbing to third in the world.

The founder of Binance, Zhao Changpeng (CZ), has once again found himself and his cryptocurrency empire at the center of a legal storm. Just as he was enjoying a moment of peace following a presidential pardon and gradually stepping out of the public eye, new shocking allegations have surfaced, directly linking Binance to international terrorism, with claims for damages reaching the billion-dollar level.

This latest class action lawsuit was officially filed on Monday in the federal court of North Dakota, USA, featuring a large and unique group of plaintiffs—over 300 American families of those who were killed or injured in the Hamas attack on October 7, 2023. They are bringing a civil lawsuit against Binance, founder Zhao Changpeng, and another executive, 'Chief Financial Officer' Chen Guangying, under the Justice Against Sponsors of Terrorism Act, accusing them of knowingly providing financial channels for Hamas and other organizations recognized as terrorist groups by the United States over the past several years.

Wall Street's embrace of digital assets is entering a whole new chapter. Asset management giant Grayscale has reached a historic moment, as its highly anticipated Dogecoin (DOGE) and Ripple (XRP) spot exchange-traded funds (ETFs) have officially been approved by the New York Stock Exchange (NYSE), expected to begin trading on November 25 at 11:00 AM Eastern Time. This milestone event not only signifies a significant increase in the acceptance of alternative crypto assets by mainstream financial markets but also opens up more convenient and compliant investment avenues for a wide range of investors.

In the wave of the global digital economy, Bitcoin mining has evolved into a massive industry that influences geopolitics, energy consumption, and national security. Recently, a federal investigation codenamed 'Operation Red Sunset' has put the world's largest Bitcoin mining hardware manufacturer—Bitmain Technologies Ltd. from Beijing, China—under the spotlight. The U.S. government is conducting an in-depth review of its mining equipment (ASIC miners) under the pretext of national security, worried that these devices, which are widespread across the U.S., could potentially become tools for espionage and even pose a threat to the nation's critical infrastructure.

In November, the cryptocurrency market saw a sudden chill. The price of Bitcoin sharply declined from the historical high of about $126,000 set at the beginning of October, performing a breathtaking dive that briefly dipped below the $81,000 mark, evaporating more than 36% of its value in just a few weeks. This sudden crash has intensified discussions of 'the end of the bull market' and 'the arrival of the bear market,' casting a thick veil of fear over the market. However, amidst the panic selling by retail investors, another contrasting scene is unfolding: institutional capital, with its keen sense, seems unfazed and is quietly making strategic moves, taking advantage of the market's panic.

Recently, the cryptocurrency market has been gloomy, with Bitcoin (BTC), which once soared, now experiencing a downward trend after reaching a historical high of $126,000, even briefly falling below the important psychological level of $86,000, with a monthly drop of over 20%. Altcoins are in an even worse state, as the market's fear and greed index has plunged to an 'extreme fear' low. Faced with this seemingly endless 'decline', investors are filled with immense doubts: is this a severe but healthy correction during a bull market, or does it signal a fundamental reversal of the long-term trend, or even the beginning of a new bear market?

In today's rapidly changing world of cryptocurrency, Ethereum co-founder Vitalik Buterin (affectionately known as 'V God' by the community) has once again made a significant impact with his forward-thinking ideas, dropping a bombshell for the entire industry. He not only expressed confidence in the security of decentralized finance (DeFi) in public forums, believing it can rival traditional banking systems in certain aspects, but also took concrete action by co-releasing the Trustless Manifesto with the Ethereum Foundation. This manifesto aims to recalibrate the future development of Ethereum, ensuring that its essence of 'decentralization' and 'censorship resistance' remains intact. This series of actions not only affirms the current state of DeFi development but also serves as a profound prediction for the future of the financial paradigm.

A batch of 127,000 Bitcoins, a mysterious tycoon based in Cambodia, and the increasingly tense standoff between the two superpowers of China and the United States—these elements intertwine to create a cryptocurrency mystery that can be described as a 'Rashomon' scenario. Recently, China's official cybersecurity agency publicly accused the U.S. government of orchestrating and stealing this asset, while the U.S. insists that it is a legitimate seizure action against transnational crime. Who truly owns these hundreds of billions of dollars worth of Bitcoins? What geopolitical struggles and digital sovereignty disputes are hidden behind it?

Amid the global fintech wave, the application of blockchain technology is quietly shifting from the controversial cryptocurrency to areas with more practical application value. Recently, a series of actions by Chinese tech giant Alibaba and its affiliate Ant Group are drawing the market's attention to an emerging and key concept—'Deposit Token' or 'Tokenized Deposit'. This not only heralds a disruptive change in the cross-border payment field but also reflects how large tech companies are cleverly seeking compliant innovation paths under strict regulatory environments.