China

Bitcoin’s price plummeted from $90,000 to $85,000, liquidating $900 million in long positions, following renewed warnings from China about stablecoins and broader market uncertainty.

The crypto market saw a major downturn on December 1, with Bitcoin plunging over 5% and erasing $160 billion in total market cap. The drop is attributed to macroeconomic uncertainty ahead of a Fed speech, tightening monetary signals from Japan, and renewed regulatory pressure from China.

China’s central bank has reaffirmed its total ban on all cryptocurrency activities, announcing stricter enforcement measures. The news has contributed to a sharp drop in Bitcoin’s price, which fell towards $86,000 amid broader market uncertainty.

China has quietly become the third-largest bitcoin mining nation, driven by cheap energy, new data centers, and a softer government stance, despite a downturn in mining profitability.

The EU plans to impose a surcharge on packages from outside the EU under €150 starting in 2026, which could increase prices by up to 17% and curb the flood of cheap Chinese goods.

The U.S. government is investigating Chinese mining hardware giant Bitmain over concerns its equipment could be used by China to remotely destabilize the American power grid, posing a significant national security risk.