According to Odaily Planet Daily, XPL briefly fell below $0.16, currently trading at $0.159, a drop of over 90% from its all-time high of $1.80 on September 28.

According to Odaily Planet Daily, OKX market data shows that BTC briefly fell below 90,000 USDT, currently trading at 89,990.4 USDT, a 24-hour drop of 1.25%. (This news item was generated with AI assistance.)

According to Odaily, in a written response to Parliament, the Indian Ministry of Finance stated that the Enforcement Agency of India (ED) has seized, frozen, or confiscated assets totaling approximately 41.8989 billion rupees in multiple crypto-related cases under the Anti-Money Laundering Act. 29 people have been arrested and 22 indictments have been filed, with one suspect formally identified as an "economic fugitive." Meanwhile, the Central Board of Direct Taxes (CBDT) has uncovered approximately 8.8882 billion rupees in undeclared income during searches and seizures of virtual digital assets (VDAs), and has notified 44,057 taxpayers who did not include VDA information in their income tax returns. The Ministry of Finance stated that crypto assets are currently unregulated in India, and the government is working to build capacity to strengthen the monitoring and investigation of VDA transactions. It also emphasized the cross-border nature of crypto assets, stating that any effective regulatory framework requires extensive international cooperation in areas such as risk assessment and classification standards. (Business Standard)

According to a report by Odaily Planet Daily, international rating agency Fitch Ratings stated that if US banks have "significant and concentrated" exposure to the crypto space, their business models or risk profiles could be negatively reassessed. Fitch pointed out that while crypto integration can improve fees, yields, and efficiency, it also brings reputational, liquidity, operational, and compliance risks. Fitch stated that while stablecoin issuance, deposit tokenization, and on-chain technology can improve services and payment efficiency, banks still need to properly address challenges such as crypto price volatility, on-chain anonymity, and asset security. If risks are not adequately managed, a rating downgrade will lead to increased funding costs, decreased investor confidence, and impact on institutional development. The report also mentioned that several large banks have already ventured into crypto-related businesses, including JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo. At the same time, Fitch specifically warned of the potential systemic impact of stablecoins, believing that if their scale expands to the point of affecting the US Treasury market, it will bring additional financial stability risks. Another rating agency, Moody's, has also previously pointed out that the large-scale adoption of stablecoins could weaken the dollar's monetary transmission mechanism, creating pressure similar to "informal dollarization," and increasing regulatory difficulty due to less transparent on-chain settlements. (Cointelegraph)

Odaily Planet Daily reports that HASHKEY HLDGS (new listing number 03887) launched its IPO from December 9th to 12th, planning to issue 240.6 million shares, with 10% offered to the public in Hong Kong. The offer price range is HK$5.95 to HK$6.95, with a maximum fundraising scale of approximately HK$1.67 billion. Each lot consists of 400 shares, with an entry fee of approximately HK$2,808. The company is expected to list on the Hong Kong Stock Exchange on December 17th. JPMorgan, Guotai Haitong, and Guotai Junan International are the joint sponsors. As of October 31st, the company held approximately HK$1.48 billion in cash and cash equivalents, and digital assets totaling approximately HK$570 million, of which 89% were mainstream tokens (ETH, BTC, USDC, USDT, SOL). As of the end of September, the platform's assets totaled HK$19.9 billion, with 3.1% in hot wallets and 96.9% in cold wallets. Cumulative spot trading volume reached HK$1.3 trillion. The main source of revenue is transaction facilitation services, accounting for nearly 70%. Financially, HASHKEY recorded losses of HK$590 million, HK$580 million, and HK$1.19 billion in the past three years. In the first half of this year, losses narrowed to HK$510 million, a year-on-year decrease of 34.8%; revenue was approximately HK$280 million, a year-on-year decrease of 26.1%. Regarding the shareholding structure, Lu Weiding, Chairman of Wanxiang Group, is one of the major controlling shareholders, holding 43.2% of the shares and exercising 22.9% of the voting rights in the employee shareholding platform; founder Xiao Feng holds 16.3%; other investors hold a total of 17.6%. This IPO introduced nine cornerstone investors, including UBS AM Singapore, Fidelity Investments, CDH, Infini, and Zhiyuan Holdings, with a total subscription amount of approximately US$75 million (approximately HK$590 million). (Hong Kong Economic Journal)