Since the birth of cryptocurrencies, privacy coins have been a major sector. If a one-stop integrated application combining privacy and Web3 social features can be achieved, it will undoubtedly possess the potential to become a killer product in the crypto industry.

The core impact of tonight's non-farm payrolls data on the market lies in whether it changes expectations regarding the pace of Fed rate cuts and the path of real interest rates: If employment and wages are significantly stronger than expected, rate cut expectations will be compressed, the dollar will strengthen, and gold will be under pressure; if the data largely meets expectations, the market will maintain a "soft landing" pricing, and the dollar and gold will mainly fluctuate; if non-farm payrolls are significantly weaker and wages slow in tandem, rate cut expectations will strengthen, the dollar will weaken, and gold will benefit. However, if a structural divergence emerges—weakening employment while wages remain relatively strong—then inflation stickiness and slowing growth will coexist, policy expectations will fluctuate, the dollar and gold will become more volatile, and gold will be more likely to be under pressure. (Jinshi)

OKX announced the launch of its spot margin trading service for European clients. European users will now be able to utilize existing margin trading tools on the OKX global platform, while ensuring all operations are conducted within the framework of local regulatory requirements. This new product increases leverage for spot margin trading to 10x and introduces a cross-margin mode, allowing clients to use their entire portfolio as collateral. OKX stated that this product leverages its global risk management infrastructure and reserve verification system, further strengthening its commitment to transparency and asset backing, and opening up margin trading to a wider European user base. (financefeeds)

According to Cointelegraph, Spain's national securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has released a comprehensive Q&A document detailing the application of the European Union's Markets in Crypto-Assets Regulation (MiCA) within the country. This initiative aims to provide clarity for crypto companies regarding authorizations, notifications, daily operations, and the transitional regime, urging platforms to make a decisive 'comply or quit' choice as MiCA is enforced. Spain joins other EU member states, such as Italy, in actively utilizing MiCA's transitional flexibilities to avoid prolonged regulatory uncertainty. The CNMV's FAQ offers guidance to crypto-asset service providers (CASPs) on obtaining authorization in Spain, explaining how national procedures align with MiCA. It addresses which firms are affected, the interaction between MiCA and existing national registrations, and the processes for authorization and notification that CNMV has established. The document also outlines how notifications related to authorization and cross-border activities should be managed during the transitional period, emphasizing the importance of adhering to transitional deadlines. Under MiCA, member states may allow existing providers to operate for a limited transitional period until July 1, 2026, or until authorization is granted or denied, whichever occurs first. However, Spain has opted for a shortened transitional period ending on December 30, 2025. Entities benefiting from this transition must secure MiCA authorization by that date to continue offering in-scope crypto-asset services in Spain. Failure to obtain authorization will result in the prohibition of operations, and continued activity without authorization would violate MiCA regulations. Businesses must be prepared to adapt their models or cease operations based on the outcome of their authorization process. The Q&A is accompanied by new criteria on how MiCA will apply to funds, venture capital vehicles, and MiFID II entities, along with updated guidance on when investment-related influencers are considered to be engaging in client acquisition. These measures are part of a broader effort to enhance investor protection as MiCA is implemented. This development follows similar actions in Italy, where the Italian regulator CONSOB has set a deadline of December 30, 2025, for existing VASPs to apply for MiCA-style authorization or exit, with transitional operation permitted only for those that file, and no later than June 30, 2026. The move reflects a wider trend in Europe to reconsider crypto oversight as ESMA centralization gains momentum.

According to BlockBeats, data from CME's FedWatch indicates that ahead of the U.S. employment data release tonight, there is a 24.4% probability that the Federal Reserve will cut interest rates by 25 basis points in January next year, while the likelihood of maintaining the current rates stands at 75.6%. The probability of the Federal Reserve keeping rates unchanged until March next year is 49%, with a cumulative 25 basis point rate cut probability at 42.4%, and an 8.6% chance of a 50 basis point cut. The next two Federal Open Market Committee (FOMC) meetings are scheduled for January 28, 2026, and March 18, 2026. The U.S. Bureau of Labor Statistics is set to release the seasonally adjusted non-farm payroll data and unemployment rate for November tonight at 21:30 (UTC+8). The expected figures for November's seasonally adjusted non-farm payroll are 400,000, and the unemployment rate is anticipated to be 4.40%.

According to ChainCatcher, a recent global fund manager survey conducted by Bank of America reveals an increase in the number of investors who believe the U.S. dollar is overvalued. In December, approximately 53% of investors expressed this sentiment, compared to 45% in November. The survey also indicates that investors are currently underweight on the dollar relative to historical levels. Short positions on the dollar are considered the third most crowded trade.

A Bank of America global fund manager survey in December showed that most investors expect President Trump to nominate White House economic advisor Kevin Hassett as the next Federal Reserve chairman. Approximately 69% of respondents anticipated Hassett's nomination, while only 4% mentioned Fed Governor Waller, and another 4% expected former Fed Governor Kevin Warsh to be nominated. This survey was conducted before Trump told the Wall Street Journal that he preferred either Hassett or Warsh to lead the Fed. Current Fed Chairman Jerome Powell's term ends next May. (Jinshi)

According to the official announcement, BitMart will list Magma Finance (MAGMA) on December 16th at 21:00 (UTC+8), and the MAGMA/USDT trading pair will be available. Magma Finance is Sui's liquidity hub and is the first to launch an adaptive liquidity market maker (ALMM) built entirely on Move.

In its legal battle with the Federal Reserve, Custodia Bank has filed for a full review with the U.S. Court of Appeals for the Tenth Circuit. The bank argues that the Fed's refusal to grant it a master account undermines the authority of state banks and raises constitutional issues. Custodia Bank is asking the court to reconsider its October ruling, which upheld the Fed's decision to deny the bank access to core central bank payment services. This battle has set a precedent for cryptocurrency banks accessing the U.S. payment system. (CoinDesk)

Grayscale states that quantum computing does not pose a threat to Bitcoin or cryptocurrency markets in 2026. source: https://www.cryptopolitan.com/grayscale-dismisses-quantum-threat-to-btc/

The US November non-farm payrolls report will be released later today along with October retail sales data. The employment data will further reveal the extent of the cooling in the US labor market, thus influencing expectations regarding the Federal Reserve's interest rate path. Analyst Linh Tran stated that a weaker-than-expected non-farm payrolls report could reinforce the view that US economic growth is slowing significantly, thereby increasing market expectations for more aggressive monetary easing. Lower interest rates mean that weak data could stimulate risk appetite, potentially leading to a rebound in Bitcoin prices. However, the current continued weakness in Bitcoin prices is mainly due to weak institutional demand for alternative investment instruments. (CoinDesk)

Recommended reading tonight: 1. Looking back at 2025: What progress has been made in global crypto regulatory policies?; 2. The crypto bull market will continue in 2026; 3. Bitwise's 2026 prediction: Bitcoin will break its four-year cycle and reach a new all-time high;

MetaMask, the world-renowned crypto wallet initially built for Ethereum, has officially added Bitcoin support, nearly ten months after first hinting at the integration.

x402 Protocol, The Economic Order of Machines: The Full-Stack Path of Intelligent Agent Commerce (Jinse Finance), From Protocol Stack to Payment Ecosystem: Agent Investment Map.

HashKey Holdings raised HK$1.6 billion in its IPO, pricing shares near the top of the marketed range despite crypto market volatility. The offering attracted strong demand from institutional and retail investors, highlighting confidence in the company’s regulated crypto platform.

The sentencing of Samourai Wallet developer Keonne Rodriguez has become a defining moment in the escalating battle between crypto privacy advocates and U.S. regulators—and now, President Donald Trump’s suggestion of a potential pardon could mark a rare turning point for the industry.

PayPal applied for a U.S. bank charter to offer direct loans to small businesses and interest-bearing savings accounts. The company also filed with the FDIC to ensure deposits would be federally insured.

Conservative estimates suggest that approximately 2 billion crypto assets are withdrawn from circulation each year due to a lack of heirs.

In 2025, the global crypto regulatory landscape will undergo a significant transformation. Instead of relying on enforcement actions to shape the industry, different regulatory frameworks will be established in various regions. This article reviews the regulatory achievements of the crypto industry in major regions around the world in 2025.

If Crypto × Fintech truly generates gains over the next 10 years, who will be the biggest winners?