【ChainNews】Russia's crypto market is ushering in new changes. The Moscow Exchange and the Saint Petersburg Exchange recently announced their full support for the Russian Central Bank's crypto regulatory plan and are preparing to launch crypto asset trading services once the relevant regulations come into effect.
The new regulatory framework classifies Bitcoin and stablecoins as "monetary assets," which must be handled through licensed exchanges or brokerages. Regulatory requirements for crypto custody and trading platforms will be more stringent. Investors are categorized into levels—non-qualified investors can spend up to 300,000 rubles per year on crypto assets, while qualified investors face no quota restrictions (excluding privacy coins).
The timeline indicates that this framework will be implemented by July 1, 2026, at the latest. The pilot project is scheduled to start in March 2025. The two major exchanges are already offering crypto derivatives, so their support for this new framework is quite positive. This means Russia

In 2024, the crypto market experienced an extraordinary boom, with AI concept coins and Meme coins soaring significantly, becoming popular narratives. However, by 2025, the market shifted dramatically, with many narratives incurring losses. Only RWA and Layer1 remained profitable, indicating that the crypto market style rotation is intense, warning investors to be cautious when choosing narratives.

Kyrgyzstan launches the stablecoin KGST pegged to the fiat currency som, marking a significant advancement in its crypto infrastructure. This move will promote cross-border payments and the integration of the global crypto ecosystem. The country also released the USD stablecoin USDKG, planning to expand the digital asset industry, demonstrating a shift in attitude towards crypto assets.

Ethereum has been experiencing frequent developments recently, with the EIP-7864 proposal supported by Vitalik Buterin potentially breaking through smart contract size limits. The Layer 2 market is showing clear segmentation, with leading projects attracting most of the activity. ETH price faced resistance at $3000, with a key support level at $2800. Future performance will depend on whether it can hold above these critical levels.

Recently, the BTC market has been volatile, with prices rebounding compared to the day before but slightly declining, and trading volume weakening, indicating insufficient market participation. Technical indicators suggest that bullish forces are accumulating, and divergence between price and volume may signal a reversal. Key buy and sell points, as well as support and resistance levels, are clearly identified, and trading should be aligned with risk appetite.

Sling Money has received approval from the UK Financial Conduct Authority, becoming a licensed crypto service provider, marking an upgrade in its presence in the European market. The app supports USDP and EURC stablecoin trading and offers instant currency withdrawal services in 80 countries. It is currently in testing in the UK.

【CryptoWorld】Looking at ETH's recent 4-hour trend, there are a few points worth noting.
Price Trend Analysis
From a time perspective, the price experienced slight fluctuations between 16:00:00 and 20:00:00 on 2025-12-23. It then rebounded compared to 12 hours ago, but still declined when compared to the same period the previous day. The latest candlestick closed bearish, with the closing price below the opening price, forming a bearish engulfing pattern — indicating selling pressure still exists, but its strength is waning.
Volume Analysis
Trading volume has significantly decreased. Recent trading activity has indeed been low, and the simultaneous decline in volume and price suggests limited market participation at the moment, with a generally cold atmosphere.
Technical Indicator Signals
The MACD histogram remains negative but is gradually shortening, which is a positive sign — indicating that bearish momentum is weakening and the bulls are quietly accumulating strength. The KDJ indicator currently shows no clear golden or death cross, but the KDJ value has dropped into the oversold zone at 16, indicating an extreme position.

Curve Finance founder Michael Egorov proposed to allocate 17.45 million CRV tokens to Swiss Stake AG to support ecosystem development and technological research, but the proposal was opposed by 54.46%, revealing issues with governance decisions favoring large stakeholders. The community recommends increasing transparency and adopting installment payment methods.

[Coin World] The beta version of Stakehouse is now online. This is a platform developed by a group of core developers from Overtake Labs, aiming to provide one-stop services within the TAKE ecosystem. Simply put, you can stake, trade, and refer all in one place, all from a single interface. This platform is very targeted; it focuses on participants who are deeply engaged in the ecosystem and truly create value. The more you contribute, the more rewards you receive in corresponding tokens from the ecosystem. This design is quite interesting: it can attract long-term participants to stay in the ecosystem while making token distribution more fair and transparent. For users wanting to participate in the TAKE ecosystem, there is now a more convenient entry point.

[Coin World] The Swedish listed company Bitcoin Treasury Capital (ticker: BTCB) is making frequent moves. The recently disclosed financing plan shows that they are raising funds through the issuance of Class A preferred shares, with a target amount of $783,000. The purpose of this money is clear — to continue increasing their Bitcoin reserves. Against the backdrop of institutional investors gradually laying out their positions in encryption assets, the actions of such listed companies often become a market barometer. The purchase intentions of large institutions usually indicate changes in market sentiment, making it worth following their subsequent coin acquisition progress.

[Coin World] Spot gold has reached a new high again. It has just broken through $4500/ounce, which is already the rhythm of a historical high. Calculating from the beginning of the year to now, the rise in gold exceeds $1870. This wave of rise, against the backdrop of increasing global economic uncertainty and fluctuations in the dollar's performance, indeed reflects the market's continued pursuit of safe-haven assets. Compared to the fluctuation of encryption assets, the performance of gold, as a traditional safe-haven commodity, is also worth noting—many investors consider both together when allocating.

[Coin World] The market in the past two years has been quite interesting. The silver trust fund rose by 145% in 2025, completely overshadowing Bitcoin and Ripple. Bitcoin fell by 6%, while Ripple fared even worse, dropping by 9%. It seems like the gap is not small.
Why is this happening? The key lies in the different sources of demand. Silver has two strong purchasing powers - one is the investors seeking safe havens, and the other is the industrial demand for real gold and silver. Fields such as solar panels and electric vehicle batteries have a growing appetite for silver, with the essential demand right there.
What about cryptocurrencies? The current demand mainly comes from traders' fantasies about the future. Everyone is betting that institutional investors will make a big entrance, but what is the reality? Regulatory policies are still playing a game of Tai Chi, and various ETF issuances have also been postponed. This uncertainty has directly undermined market confidence. Simply put, silver has real production and consumption demand to support it, while cryptocurrencies are still relying on stories to survive. This is the difference between the two.

The publicly listed company UPXI, which focuses on Solana digital assets, submitted a Form S-3 registration statement to the SEC, planning to enhance efficiency and drop costs through new financing methods to support its Solana asset management. The company holds over 2 million SOL and employs strategies such as smart capital issuance and stake returns for value addition, while also continuing to develop its traditional consumer goods business.

The U.S. consumer confidence index for December is 89.1, lower than expected but a rise from the previous value; November's data was revised to 92.9, indicating a stronger economic situation. However, manufacturing continues to weaken, with the Richmond Fed manufacturing index at -7, overall still in contraction territory. These data reflect the challenges facing the U.S. economy and have significant implications for investor sentiment and Fed policy expectations.

Asset management company Amplify ETFs recently launched two thematic ETFs, focusing on stablecoins and asset tokenization respectively. The STBQ ETF invests in the stablecoin ecosystem, including various mainstream tokens, while the TKNQ ETF focuses on the on-chain of real assets and corporate digitization. Both ETFs trade on NYSE Arca with a fee rate of 69 basis points, making it convenient for investors to participate in these two fields.

A well-known DEX platform has launched the direct trading feature for $PUMPv2, allowing users to trade easily without additional wallet configuration and to keep up with the latest token market trends in real-time. The platform is based on the Solana chain, utilizing liquidity distribution and a fast block confirmation mechanism to provide a smooth trading experience, suitable for frequent traders.

Recently, the views in the Chinese trading circle regarding Bitcoin's short-term market have become somewhat divided. Many are focused on the $90,000 threshold, believing that if it can't break through, a correction might be necessary. With Christmas approaching, the risk of liquidity exhaustion is indeed worth noting—at this time, the market is prone to getting dumped. What’s even more concerning is that long positions are continuously squeezing each other, causing market fluctuations to become increasingly smaller, and volatility has already dropped to historic lows. This kind of deadlock often signifies that the market is brewing for a big move. Traders are now waiting to see if they can break out before the holiday or if they really need to enter a bear market correction mode.

[Chain News] Interestingly, on-chain data tracking shows that the market maker GSR has been quite active in large ETH dumps recently. In just the past 48 hours, 4,400 Ethereum have flowed to DBS Bank, amounting to approximately 13.2 million USD. Just yesterday, GSR transferred 2,000 ETH to DBS Bank, worth about 5.93 million USD.
This level of institutional transfers often reflects market participants' adjustments to liquidity management. As the second largest crypto asset, large amounts flowing into traditional financial institution accounts usually indicate that institutions may be rebalancing, managing risk, or preparing for subsequent trades. For traders who pay attention to whale movements, such data changes are worth closely monitoring.

SOL's 4-hour trend on December 22 showed fluctuations, with bearish traders still in control. The last candlestick was a bearish line, and trading volume shrank. Technical indicators indicate strong bearish forces, confirming a short-term fall. The support level is at 124.0, with resistance at 127.0. Traders need to follow this range and operate cautiously.