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Introduction BTCC financial analyst Sophia said that the price of BTCUSDT on September 19, 2025 was 116,075.01 USDT, which was slightly bullish. Sophia emphasized: "Breaking through the upper track may lay the foundation for reaching 136,000 USDT in October." Looking to the future, everyone is thinking about one question: How high can Bitcoin rise?

BTC Price Prediction‍ BTC Technical Analysis and Forecast

BTCC financial analyst Sophia said that the price of BTCUSDT on September 19, 2025 was 116,075.01 USDT, which was slightly bullish. The 20-day moving average (113,257.52 USDT) has now been broken, while MACD (-3,126.11 | -1,621.14 | -1,504.97) indicates a possible trend reversal. The Boolean band (upper track: 118,787.89, middle track: 113,257.52, lower track: 107,727.16) indicates that the market is in a shock stage. Sophia emphasized: “A breakout of the upper rail may lay the foundation for reaching 136,000 USDT in October.”

Market Sentiment: Institutional Demand Drives BTC

BTCC’s Sophia pointed to rising volatility and the liquidity of Binance’s $42 billion stablecoin as driving factors. “The bullish MACD crossover, combined with the launch of Poland’s first Bitcoin ETF and U.S. regulatory developments, creates the perfect environment for a year-end rally,” the expert said. Despite the historical risk of a correction (70-80%), she believes institutional inflows will act as a counterweight: “The impact of the Fed’s rate cuts has been priced in – cryptocurrencies are now moving more independently.”

Factors affecting BTC price Bitcoin volatility rises as Binance accumulates $42 billion in stablecoin liquidity

As Binance stablecoin reserves reach a record $42 billion, warning signs are emerging in Bitcoin market dynamics. The exchange’s liquidity build-up, which reached $5 billion in September alone, shows that Binance is strategically positioned ahead of potential volatility following the FOMC meeting. Historical patterns show a surprising correlation: During the 2024 US election, Binance’s stablecoin reserves increased from $18 billion to $32 billion, while BTC surged 54.3% to $108,000.

Current market structures indicate a growing divide between spot and derivatives trading. Spot buyers are hesitant, while leveraged perpetual traders are driving the fragile uptrend. This is reminiscent of the fragile situation leading up to the U.S. election, when speculative demand for derivatives exceeded natural demand before Bitcoin finally exploded.

MACD shows bullish breakout signal, Bitcoin price target for October $136,000

Bitcoin’s technical indicators suggest it could be heading higher, with the MACD indicator showing a bullish signal. Analysts predict that Bitcoin price could rise to $136,000 in the next 4-6 weeks, assuming a break above the near-term resistance at $117,900. The 20-day moving average (SMA) at $113,260 provides solid support.

Market forecasts show significant divergence among analysts. U.Today conservatively maintains its short-term price target of $113,000 to $114,000, while AMB Crypto’s September forecast of $136,081 is in line with current technicals. CoinCodex’s forecast of a year-end price target of $177,384 would represent a 180% upside from current levels, demonstrating Bitcoin’s asymmetric upside potential.

The market is generally bullish, and even in the bearish scenario, prices remain well above psychological support levels. This market structure shows that as institutional capital flows and macroeconomic favorable factors converge, market undercurrents are surging and power is gathering.

Fed rate cuts could boost cryptocurrencies as investors flee traditional assets

Eric Trump said cryptocurrencies could appreciate significantly if the Federal Reserve continues to cut interest rates. Low interest rates make safe, income-generating investments less attractive and may divert capital into speculative markets such as Bitcoin and stocks.

Historical patterns suggest that cryptocurrency markets tend to rise during monetary easing cycles, although growth is rarely linear. While an initial rate cut could spark a short-term rebound, ongoing economic weakness could put pressure on risk assets. The long-term viability of the digital asset industry remains unquestioned, with infrastructure such as cloud mining platforms enhancing adoption by institutional investors.

Cloud mining services like Xiushan Mining simplify hardware complexity and allow participants to rent computing power for cryptocurrency mining. This model eliminates the capital expenditure of miners while preserving the cryptocurrency’s upside potential.

Poland launches first Bitcoin ETF, Bitcoin price gains support

The Bitcoin market is gaining momentum as Poland launches its first regulated Bitcoin ETF, marking an important step towards mainstream adoption of Bitcoin in Europe. The Warsaw Stock Exchange’s Bitcoin Beta ETF provides institutional and retail investors with a compliant BTC investment vehicle.

Technical indicators highlight Bitcoin’s bullish outlook. BTC found strong support near the 55-week moving average, while the MACD and MA bands patterns suggest it may continue to rise. Despite a slight drop of 0.32%, the cryptocurrency remained stable at $116,875 with daily trading volume of $49.48 billion.

Market analysts emphasized that this development is part of Bitcoin’s growing institutional adoption. The launch of the ETF coincides with Bitcoin’s strong technical fundamentals and sets the stage for potential growth against the backdrop of increasing regulatory clarity in European markets.

Bitcoin’s Strong September Breaks Historical Trends

Bitcoin broke September's historic decline and posted an 8% gain in 2025, posting its second-best September performance in 13 years. The cryptocurrency, which has typically fallen an average of 8% this month, is currently trading around $117,000, suggesting it is maturing beyond its speculative nature.

The last similar September surge occurred in 2012, when it rose 20%. This year’s recovery coincides with the Federal Reserve’s 25 basis point interest rate cut, which is beneficial for traditional risk assets such as Bitcoin. However, as Deribit data shows, institutional traders remain cautious and hedge against the downside despite loose monetary policy.

The Fed’s interest rate decision triggers institutional capital inflows, and bullish sentiment on Bitcoin heats up

The Federal Reserve's cautious interest rate cuts have brought optimism to the cryptocurrency market, with analysts interpreting Jerome Powell's "risk management" strategy as a subtle green light for risk assets. Despite weak price performance, institutional capital has continued to flow into Bitcoin ETFs, supporting the $200,000 price target predicted by the major asset manager.

Market participants pointed out that BTC has been accumulating with unusual strength during sideways trading. The Federal Reserve's reluctance to initiate a full easing cycle does not appear to be dampening institutional investor interest. On-chain indicators and derivatives positioning suggest that an accumulation phase often precedes a larger rally.

Coinbase CEO advocates for cryptocurrency legislation in Washington

Coinbase CEO Brian Armstrong has stepped up efforts to promote clarity on cryptocurrency regulation in the United States, pointing to the Digital Asset Market Clarification Act as its key framework. After discussions with lawmakers in Washington, Armstrong expressed optimism about the bill's passage. The bill seeks to draw regulatory lines between the U.S. Securities and Exchange Commission (SEC), the U.S. Commodity Futures Trading Commission (CFTC) and other agencies, particularly for non-stablecoins such as tokenized stocks.

Armstrong stressed that this legislation is critical to promoting innovation and consumer protection in the cryptocurrency industry. “This is how we make sure the cryptocurrency industry can grow in the United States,” he said, an indirect allusion to SEC Chairman Gary Gensler’s regulatory approach. This legislation could provide much-needed clarity to institutional investors like BlackRock. Currently, BlackRock stores Bitcoin at Coinbase while other U.S. exchanges come under scrutiny.

Individual investors are encouraged to join the Stand Together with Crypto initiative, a platform designed to mobilize community support for cryptocurrency policy. Armstrong emphasized that voter engagement — not just corporate lobbying — can influence lawmakers. The initiative recently highlighted the growing political influence of cryptocurrency voters in an interview with Punchbowl News.

Bitcoin’s historical corrections suggest that a coming bear market could wipe out 70-80% of its value

Bitcoin’s price history follows a brutal pattern: a parabolic rise followed by a devastating pullback. Analyst Egrag Crypto pointed out that despite the current bullish market sentiment, the next bear market phase may be similar to past cycles, with prices falling by 70% to 80% from the peak.

Historical data paints a clear picture: In 2011, the price of Bitcoin fell from $31 to $2, a drop of 93%. During the 2013 bull market cycle, the price of Bitcoin fell from $1,150 to $200, a drop of 86%. After peaking at nearly $20,000 in 2017, Bitcoin plummeted 84% to $3,200. Most recently, the 2021 bull market ended with a 77% correction from $69,000 to $15,000.

The average decline across all cycles is 84.5%, which warns us about Bitcoin’s volatility. Even if the market is currently trending upward, investors should prepare for potential volatility.

Bitcoin remains stable after Fed rate cut, no obvious market reaction

After the Federal Reserve expected to cut interest rates by 25 basis points, the price of Bitcoin showed remarkable stability. After briefly touching $117,000, it eventually fell slightly by 0.69% to $115,500. Cryptocurrency markets reacted mutedly, suggesting traders had priced in the impact of the Federal Reserve's rate cut weeks earlier.

Federal Reserve Chairman Jerome Powell has described cutting interest rates as a "risk management" measure rather than a response to economic weakness, a nuance that may explain why risk assets like Bitcoin have seen limited volatility. The total cryptocurrency market capitalization remained stable above $4 trillion, with major tokens falling only 0.43% on average.

This incident became a typical "buy the rumor, sell the news" situation, because the derivatives market had previously digested the possibility of an interest rate cut to 96%. Market sentiment indicators such as the Crypto Fear and Greed Index declined slightly as traders focused on the impact of future monetary policy.

BTC Price Prediction: 2025, 2030, 2035, 2040 Forecast

Sofia’s forecast based on technical and fundamental data:

Annual Conservative Forecast (USDT) Bullish Scenario (USDT) Key Factors

2025

136,000

150,000

ETF flows, Fed policy

2030

300,000

500,000

States adopt

2035

750,000

1.2 million

Halving effect

2040

2 million

5 million

BTC as collateral

Factors affecting Bitcoin price 1. Market sentiment

The price of Bitcoin is highly dependent on market sentiment. When investor confidence is strong and the market is in a bull market, money flows into Bitcoin, driving the price up. During bear markets or periods of market instability, investors may turn to safer assets, causing demand for Bitcoin to fall and prices to fall.

2. Supply and demand relationship

The supply of Bitcoin is fixed at 21 million, and this scarcity determines that its price is mainly affected by demand. For example, the launch of spot Bitcoin ETFs in the United States has enabled institutional investors (such as pension funds and hedge funds) to invest in Bitcoin through traditional financial instruments, directly driving the increase in market demand for Bitcoin.

As Bitcoin becomes widely adopted, its price trends will continue to be influenced by market sentiment, supply and demand, and the external economic environment.

The key factor driving the rise in Bitcoin prices is the influx of institutional funds

Bitcoin prices have continued to rise in recent months, reaching an all-time high in mid-March as demand for the currency surged from institutional investors. This trend shows that the inflow of institutional funds has become an important catalyst for the Bitcoin market.

Bitcoin Adoption Rate and Practical Application Scenarios

Bitcoin’s price is closely related to its adoption rate and practical applications. As more businesses and individuals accept Bitcoin for transactions, payments, and investments, demand for Bitcoin grows.

In addition, Bitcoin’s usage scenarios are constantly expanding, such as:

As these new applications continue to be accepted by the market, demand for Bitcoin is expected to rise further, driving price growth.

Impact of regulatory policies

The regulatory environment in the cryptocurrency market is another big factor that affects the price of Bitcoin.

Therefore, investors need to pay close attention to the regulatory attitudes towards cryptocurrencies in various countries around the world, which will directly affect market trends.

The impact of macroeconomic factors

As a global asset, Bitcoin is also affected by the macroeconomic environment, including:

Overall, Bitcoin prices are driven by multiple factors, including institutional investment, practical applications, regulatory policies, and the macroeconomic environment. Investors should comprehensively consider these key variables when judging market trends to make more informed investment decisions.

Bitcoin price fluctuations are affected by a variety of factors, and investors need to pay close attention to these key factors to grasp potential market trends and make informed decisions.

in conclusion

Bitcoin has grown from an experiment into a global financial asset. The approval of ETFs and interest from institutional investors further establish BTC as an investment and store of value.

While challenges such as regulatory changes and high volatility remain, the long-term outlook for Bitcoin remains very positive. Innovation, increased scarcity, and integration with traditional finance are likely to drive value appreciation in the coming years.

However, there are still risks associated with investing in Bitcoin, including market volatility and potential losses. Please conduct your own research and consider consulting a financial advisor before making an investment decision, past performance is not indicative of future results.

This concludes this article about BTC price prediction 2025-2040: Can the bull market reach 136,000 USDT? This is the introduction of the article. For more related BTC price prediction content, please search Script House’s previous articles or continue to browse the relevant articles below. I hope you will support Script House in the future!

This site reminds: Investment is risky, so you must be cautious when entering the market. This content is not intended as investment and financial management advice.

Shanghai Port has exported ship berthing technology, and advanced solutions have benefited Africa; Hainan Yangpu Port has released dividends from island-wide customs closure operations, and the route network has become denser; In the first year of the "15th Five-Year Plan", my country's door to opening up is opening wider and wider.

Shanghai Port

Improve plans and improve pilotage efficiency

In the early morning, in the waters of Gaoqiao outside Shanghai Port, young pilot Yang Fan stood on the bridge of the "Han Xin Fengnian" ship, giving precise instructions and guiding the cooperation of master Zhou Hongwen to lead the ship to berth.

Zhou Hongwen said: "When I joined the company in 1992, the annual container throughput of Shanghai Port was less than 1 million TEUs. Now it exceeds 5 million in a single month, and the annual container throughput has ranked first in the world for 16 consecutive years."

While talking, the "Han Xin Fengnian" wheel docked smoothly.

“Everyone worked together to improve the plan and improve pilotage efficiency,” Yang Fan said.

Zhou Hongwen's thoughts went back to the beginning of 2025, just after the Spring Festival, when a group of pilots from Ghana, Africa, went to Shanghai for training. Participating in the high-quality joint construction of the "Belt and Road", Zhou Hongwen taught two groups of Ghanaian pilots in 2025, promoting Shanghai Port's advanced solutions to Africa and improving local piloting skills and service levels. At present, Ghanaian pilots can pilot 300,000-ton ore ships entering and leaving the port.

"Our plans and experiences are increasingly becoming international models." Zhou Hongwen is full of pride. "We must continue to innovate to bring goods and people together at home and abroad."

In the first two months of this year, Shanghai Port pilots completed a total of 11,758 pilot missions.

Hainan Yangpu Port

From waiting for the boat to arrive, to catching the boat

The giant arm of the 100-meter-high quay crane grabs various containers; the driving trajectories of electric trucks are intertwined into a network on the screen… In the early morning at Hainan Yangpu International Container Terminal, the operation site is as bright as day.

Dai Jinwei, the on-site duty manager of the production operation center of Hainan Port International Port Co., Ltd., stared closely at the ship operation scene on the screen, and the dispatch instructions on the intercom came one after another. Which operation line is more efficient? Which yard has smoother circulation? This all requires his judgment.

"In the past, in the Haikou port area, we stared at the ships; when we came to Yangpu, we stared at the 'lines'." In March 2025, due to the surge in business volume in Yangpu, Dai Jinwei came here to support. The "line" he mentioned is exactly the "first line" that must be released after the Hainan Free Trade Port's island-wide customs sealing operation and the "second line" that must be controlled.

"This is the 'second line' dedicated cargo channel." Pointing to the busy gates No. 6 and 7 under surveillance, Dai Jinwei said that a large amount of inbound grain, oil, and meat are processed in Hainan and then sold to the mainland. Supervision must keep up – vehicles take specific routes, drop boxes, randomly inspect, unlock, and release. If one link is disconnected, it will cause congestion.

"There has been a big change from waiting for the ship to arrive and catching the ship." Dai Jinwei said, especially since the island-wide customs closure was implemented on December 18 last year, policy dividends have been released, the route network has become denser and denser, and more and more "big guys" are berthing, which has brought new challenges to the port operation model.

Data show that from the launch of the island-wide customs closure to February 23, 6,741 ships entered and exited Yangpu Port, including 3,040 ships entering and exiting the port.

The east is white, Dai Jinwei closes the shift record book, and looks out the window at the deeper blue, where the increasingly dense routes are extending towards the world.

Xinjiang Horgos Highway Port

Mechanism innovation, smart customs clearance and less waiting

In the early morning, at the centralized inspection site of the Horgos Highway Port in Xinjiang, a group of new energy vehicles and pickup trucks lined up neatly waiting to be exported from the port. The front windshield of each vehicle was affixed with an exclusive QR code generated by the "single window".

Zhang Yang, chief of the No. 1 Customs Supervision Section in Horgos, walked to the vehicle to be inspected and scanned the QR code. The frame number, electronic manifest and other information immediately popped up. He wiped off the snow on the frame number, checked that it was correct, and signaled to raise the pole to release. "In the past, one car had one card, and the procedures were cumbersome. During the '14th Five-Year Plan' period, we implemented the 'highway port + territorial direct connection' reform, innovated one-code access, and intelligent card checkpoint automatic identification, greatly improving customs clearance efficiency."

"Customers are waiting for the registration of these 150 cars exported to Kazakhstan. Now the customs is very efficient, and it only takes a few minutes to scan the code. Last year, we sent more than 9,000 cars from the port, and this year is expected to increase." said Liang Hao, business manager of Horgos Haocheng International Freight Forwarding Co., Ltd.

At 10 a.m., at the green channel for rapid customs clearance of agricultural and sideline products from China and Kazakhstan, three fruit and vegetable trucks, covered with a thin layer of frost, stopped one after another. The owner of the cargo, Ma Ming, rolled down the window and handed over the declaration form: "This truck contains 60 tons of fresh fruits and vegetables, mixed with rock candy heart apples and fragrant pears. The supermarket in Kazakhstan is waiting for replenishment. Please inspect and release it as soon as possible." Zhang Yang took the declaration form and quickly operated on the mobile terminal with his fingertips. He glanced at the intact green lock seal of the carriage and quickly completed the inspection and release. "Don't worry, the green channel for agricultural and sideline products has a special window and a special post. The fruits picked in the morning can be released in the afternoon."

Ma Ming nodded, collected the receipt, and thanked him with a smile: "After completing the formalities in about ten minutes, we can arrive in Almaty on the same day without any delay. The sales of the company's fruits and vegetables have been getting better and better in recent years."

The midday sun finally penetrated the morning fog and poured onto the busy port. In 2025, the Horgos Highway Port will supervise 450,000 exported commercial vehicles, making it the largest land port for automobile exports in my country. The annual export volume of fruits and vegetables was 681,000 tons, a year-on-year increase of 44.3%. With the help of "24-hour customs clearance + green channel", "picking in the morning, leaving customs in the afternoon, and going on the market the next day" was achieved, seizing the opportunity in the Central Asian market.

(Coordinator of this issue: He Biao)

With the full implementation of the new curriculum standards, English teaching in primary schools places more emphasis on the cultivation of language ability and core competencies. Vocabulary is the basis of reading ability and expression ability.

Many parents often ask:

How many words do you need to master in primary school? How to arrange recitation scientifically? This article systematically compiles 500 core vocabulary words that primary school students in grades 1-6 must understand and master. They are divided into 10 groups according to ability gradients to facilitate step-by-step learning.

Group 1 (basic high-frequency core words 1-50)

I /aɪ/ I you /juː/ you; you he /hiː/ he she /ʃiː/ it /ɪt/ it we /wiː/ we they /ðeɪ/ am /æm/ is /ɪz/ are /ɑː/ is this /ðɪs/ this that /ðæt/ that these /ðiːz/ these /ðəʊz/ those my /maɪ/ my your /jɔː/ your his /hɪz/ his her /hɜː/ her its /ɪts/ its our /aʊə/ our their /ðeə/ their name /neɪm/ name friend /frend/ friend teacher /ˈtiːtʃə/ teacher student /ˈstjuːdənt/ student boy /bɔɪ/ boy girl /ɡɜːl/ girl father /ˈfɑːðə/ father mother /ˈmʌðə/ mother family /ˈfæməli/ home school /skuːl/ school class /klɑːs/ class book /bʊk/ pen /pen/ pen bag /bæɡ/ school bag desk /desk/ desk chair /tʃeə/ chair day /deɪ/ day week /wiːk/ week year /jɪə/ year today /təˈdeɪ/ today tomorrow /təˈmɒrəʊ/ tomorrow yesterday /ˈjestədeɪ/ yesterday morning /ˈmɔːnɪŋ/ morning afternoon /ˌɑːftəˈnuːn/ afternoon evening /ˈiːvnɪŋ/ Night hello /həˈləʊ/ Hello goodbye /ˌɡʊdˈbaɪ/ Goodbye please /pliːz/ Please thanks /θæŋks/ Thank you

Group 2 (basic verbs + common action words 51-100)

have /hæv/ do /duː/ do go /ɡəʊ/ come /kʌm/ see /siː/ see look /lʊk/ watch /wɒtʃ/ watch like /laɪk/ like love /lʌv/ love want /wɒnt/ want need /niːd/ need make /meɪk/ make get /ɡet/ get give /ɡɪv/ take /teɪk/ put /pʊt/ open /ˈəʊpən/ open close /kləʊz/ close sit /sɪt/ sit stand /stænd/ stand run /rʌn/ run walk /wɔːk/ walk jump /dʒʌmp/ jump read /riːd/ read write /raɪt/ write draw /drɔː/ draw sing /sɪŋ/ sing dance /dɑːns/ dance eat /iːt/ eat drink /drɪŋk/ drink play /pleɪ/ play help /help/ help ask /ɑːsk/ ask answer /ˈɑːnsə/ answer call /kɔːl/ call find /faɪnd/ find think /θɪŋk/ want to know /nəʊ/ know say /seɪ/ tell tell /tel/ tell begin /bɪˈɡɪn/ start finish /ˈfɪnɪʃ/ finish buy /baɪ/ buy sell /sel/ sell work /wɜːk/ work study /ˈstʌdi/ study live /lɪv/ live swim /swɪm/ swim sleep /sliːp/ sleep speak /spiːk/ speak (language)

Group 3 (common adjectives + basic descriptors 101-150)

big /bɪɡ/ big small /smɔːl/ small tall /tɔːl/ tall short /ʃɔːt/ short; short long /lɒŋ/ long new /njuː/ new old /əʊld/ old; old young /jʌŋ/ young good /ɡʊd/ good bad /bæd/ Bad happy /ˈhæpi/ Happy sad /sæd/ Sad hot /hɒt/ Hot cold /kəʊld/ Cold warm /wɔːm/ Warm cool /kuːl/ Cool fast /fɑːst/ Fast slow /sləʊ/ Slow clean /kliːn/ Clean dirty /ˈdɜːti/ dirty easy /ˈiːzi/ easy difficult /ˈdɪfɪkəlt/ difficult busy /ˈbɪzi/ busy free /friː/ idle nice /naɪs/ good kind /kaɪnd/ kind friendly /ˈfrendli/ friendly strong /strɒŋ/ strong weak /wiːk/ weak clever /ˈklevə/ smart beautiful /ˈbjuːtɪfl/ beautiful cute /kjuːt/ cute funny /ˈfʌni/ interesting interesting /ˈɪntrəstɪŋ/ interesting boring /ˈbɔːrɪŋ/ boring tired /ˈtaɪəd/ tired hungry /ˈhʌŋɡri/ hungry thirsty /ˈθɜːsti/ thirsty early /ˈɜːli/ early late /leɪt/ late right /raɪt/ right; right wrong /rɒŋ/ wrong same /seɪm/ same different /ˈdɪfrənt/ different important /ɪmˈpɔːtənt/ important ready /ˈredi/ prepared sure /ʃɔː/ confident /ˈkeəfl/ careful quiet /ˈkwaɪət/ quiet loud /laʊd/ loud

Group 4 (common adverbs + prepositions + connectives 151-200)

here /hɪə/ there /ðeə/ where /weə/ when /wen/ why /waɪ/ why how /haʊ/ now /naʊ/ then /ðen/ always /ˈɔːlweɪz/ usually /ˈjuːʒuəli/ often /ˈɒfn/ often sometimes /ˈsʌmtaɪmz/ sometimes never /ˈnevə/ never very /ˈveri/ very too /tuː/ too; too quite /kwaɪt/ quite again /əˈɡen/ again together /təˈɡeðə/ together about /əˈbaʊt/ about before /bɪˈfɔː/ before after… /ˈɑːftə/ after with /wɪð/ and without /wɪˈðaʊt/ without for /fɔː/ in order from /frɒm/ from to /tuː/ to in /ɪn/ on /ɒn/ under /ˈʌndə/ between /bɪˈtwiːn/ behind /bɪˈhaɪnd/ behind /bɪˈsaɪd/ and /ænd/ and but /bʌt/ but or /ɔː/ or because /bɪˈkɒz/ because so /səʊ/ so if /ɪf/ if than /ðæn/ than also /ˈɔːlsəʊ/ maybe /ˈmeɪbi/ maybe really /ˈrɪəli/ really quickly /ˈkwɪkli/ quickly /ˈsləʊli/ slowly first /fɜːst/ first second /ˈsekənd/ second third /θɜːd/ third last /lɑːst/ last next /nekst/ next only /ˈəʊnli/ only

Group 5 (core noun expanded vocabulary 201-250)

time /taɪm/ time place /pleɪs/ place thing /θɪŋ/ things people /ˈpiːpl/ people child /tʃaɪld/ children /ˈtʃɪldrən/ children parent /ˈpeərənt/ parents home /həʊm/ homeroom /ruːm/ room door /dɔː/ door window /ˈwɪndəʊ/ window picture /ˈpɪktʃə/ picture computer /kəmˈpjuːtə/ computer phone /fəʊn/ phone map /mæp/ map world /wɜːld/ world city /ˈsɪti/ city country /ˈkʌntri/ country job /dʒɒb/ work money /ˈmʌni/ money food /fuːd/ food water /ˈwɔːtə/ water milk /mɪlk/ milk rice /raɪs/ rice bread /bred/ bread fruit /fruːt/ fruit apple /ˈæpl/ apple banana /bəˈnɑːnə/ banana animal /ˈænɪml/ animal dog /dɒɡ/ dog cat /kæt/ cat bird /bɜːd/ bird fish /fɪʃ/ fish tree /triː/ tree flower /ˈflaʊə/ flower sun /sʌn/ sun moon /muːn/ moon star /stɑː/ star sky /skaɪ/ sky river /ˈrɪvə/ river mountain /ˈmaʊntən/ mountain sea /siː/ sea street /striːt/ street shop /ʃɒp/ shop hospital /ˈhɒspɪtl/ hospital park /pɑːk/ park station /ˈsteɪʃn/ station airport /ˈeəpɔːt/ airport library /ˈlaɪbrəri/ library museum /mjuːˈziːəm/ museum

Group 6 (modal verbs + high-frequency function words 251-300)

can /kæn/ could; could /kʊd/ can (past) may /meɪ/ can might /maɪt/ maybe must /mʌst/ must shall /ʃæl/ should /ʃʊd/ should will /wɪl/ will /wʊd/ will (past) need /niːd/ need keep /kiːp/ keep try /traɪ/ try use /juːz/ use show /ʃəʊ/ start /stɑːt/ start stop /stɒp/ stop remember /rɪˈmembə/ remember forget /fəˈɡet/ forget bring /brɪŋ/ bring carry /ˈkæri/ carry leave /liːv/ leave arrive /əˈraɪv/ arrive at build /bɪld/ build send /send/ send meet /miːt/ meet believe /bɪˈliːv/ believe feel /fiːl/ feel hear /hɪə/ hear listen /ˈlɪsn/ listen hold /həʊld/ hold move /muːv/ move change /tʃeɪndʒ/ change grow /ɡrəʊ/ grow turn /tɜːn/ turn fall /fɔːl/ fall win /wɪn/ win lose /luːz/ lose pass /pɑːs/ travel /ˈtrævl/ travel plan /plæn/ plan hope /həʊp/ hope wish /wɪʃ/ hope decide /dɪˈsaɪd/ decide to agree /əˈɡriː/ agree understand /ˌʌndəˈstænd/ understand explain /ɪkˈspleɪn/ learn /lɜːn/ learn teach /tiːtʃ/ practice /ˈpræktɪs/ practice choose /tʃuːz/

Group 7 (common derivatives + abstract nouns 301-350)

happiness /ˈhæpinəs/ happiness kindness /ˈkaɪndnəs/ kindness friendship /ˈfrendʃɪp/ friendship difference /ˈdɪfrəns/ different importance /ɪmˈpɔːtns/ importance success /səkˈses/ success failure /ˈfeɪljə/ failure health /helθ/ health safety /ˈseɪfti/ safety danger /ˈdeɪndʒə/ dangerous idea /aɪˈdɪə/ idea question /ˈkwestʃən/ question answer /ˈɑːnsə/ answer example /ɪɡˈzɑːmpl/ example reason /ˈriːzn/ reason problem /ˈprɒbləm/ question result /rɪˈzʌlt/ result story /ˈstɔːri/ story lesson /ˈlesn/ curriculum subject /ˈsʌbdʒɪkt/ subject math /mæθ/ mathematics Chinese /ˌtʃaɪˈniːz/ Chinese English /ˈɪŋɡlɪʃ/ English science /ˈsaɪəns/ science art /ɑːt/ art music /ˈmjuːzɪk/ music sport /spɔːt/ sports game /ɡeɪm/ game team /tiːm/ team player /ˈpleɪə/ athlete driver /ˈdraɪvə/ driver worker /ˈwɜːkə/ worker farmer /ˈfɑːmə/ farmer doctor /ˈdɒktə/ doctor nurse /nɜːs/ nurse police /pəˈliːs/ police fireman /ˈfaɪəmən/ firefighter cook /kʊk/ chef waiter /ˈweɪtə/ waiter visitor /ˈvɪzɪtə/ visitor winner /ˈwɪnə/ winner leader /ˈliːdə/ leader member /ˈmembə/ member group /ɡruːp/ group club /klʌb/ club activity /ækˈtɪvəti/ activity holiday /ˈhɒlədeɪ/ holiday birthday /ˈbɜːθdeɪ/ birthday festival /ˈfestɪvl/ holiday party /ˈpɑːti/ party

Group 8 (quantity + comparative + degree expression 351-400)

one /wʌn/ one two /tuː/ two three /θriː/ three four /fɔː/ four five /faɪv/ five six /sɪks/ six /ˈsevn/ seven eight /eɪt/ eight nine /naɪn/ nine ten /ten/ ten hundreds /ˈhʌndrəd/ hundred thousandth /ˈθaʊznd/ thousand /ˈmeni/ many much /mʌtʃ/ many few /fjuː/ few little /ˈlɪtl/ few more /mɔː/ more most /məʊst/ most less /les/ least least /liːst/ least better /ˈbetə/ better best /best/ best worst /wɜːs/ Worst /wɜːst/ Bigger /ˈbɪɡə/ Biggest /ˈbɪɡɪst/ Smaller /ˈsmɔːlə/ Smallest /ˈsmɔːlɪst/ Taller /ˈtɔːlə/ tallest /ˈtɔːlɪst/ Longer /ˈlɒŋɡə/ longer longest /ˈlɒŋɡɪst/ longest shorter /ˈʃɔːtə/ shorter shortest /ˈʃɔːtɪst/ shortest earlier /ˈɜːliə/ earlier earliest /ˈɜːliɪst/ earliest later /ˈleɪtə/ later latest /ˈleɪtɪst/ nearest first /fɜːst/ first last /lɑːst/ last another /əˈnʌðə/ each other /iːtʃ/ every every /ˈevri/ all /ɔːl/ both /bəʊθ/ either /ˈaɪðə/ neither /ˈnaɪðə/ some /sʌm/ some any /ˈeni/ any none /nʌn/ none

Group 9 (time + nature + common expanded words 401-450)

January /ˈdʒænjuəri/ February /ˈfebruəri/ March /mɑːtʃ/ April /ˈeɪprəl/ May /meɪ/ June /dʒuːn/ July /dʒʊˈlaɪ/ August /ˈɔːɡəst/ August /sepˈtembə/ October /ɒkˈtəʊbə/ December /nəʊˈvembə/ December /dɪˈsembə/ Monday /ˈmʌndeɪ/ Tuesday /ˈtjuːzdeɪ/ Wednesday /ˈwenzdeɪ/ Wednesday /ˈθɜːzdeɪ/ Thursday /ˈfraɪdeɪ/ Friday /ˈsætədeɪ/ Saturday /ˈsʌndeɪ/ Sunday spring /sprɪŋ/ spring summer /ˈsʌmə/ summer autumn /ˈɔːtəm/ autumn winter /ˈwɪntə/ winter weather /ˈweðə/ weather rain /reɪn/ rain snow /snəʊ/ snow wind /wɪnd/ wind cloud /klaʊd/ cloud light /laɪt/ light dark /dɑːk/ dark air /eə/ air fire /ˈfaɪə/ fire earth /ɜːθ/ earth plant /plɑːnt/ plant leaf /liːf/ leaf grass /ɡrɑːs/ grass farm /fɑːm/ farm lake /leɪk/ lake beach /biːtʃ/ beach island /ˈaɪlənd/ island road /rəʊd/ road bridge /brɪdʒ/ bridge traffic /ˈtræfɪk/ transportation market /ˈmɑːkɪt/ market supermarket /ˈsuːpəmɑːkɪt/ supermarket bank /bæŋk/ bank hotel /həʊˈtel/ hotel restaurant /ˈrestrɒnt/ restaurant cinema /ˈsɪnəmə/ cinema theater /ˈθɪətə/ theater

Group 10 (high frequency reading comprehension words 451-500)

article /ˈɑːtɪkl/ article newspaper /ˈnjuːspeɪpə/ newspaper magazine /ˌmæɡəˈziːn/ magazine information /ˌɪnfəˈmeɪʃn/ information message /ˈmesɪdʒ/ information letter /ˈletə/ letter email /ˈiːmeɪl/ email Internet /ˈɪntənet/ Internet website /ˈwebsaɪt/ website video /ˈvɪdiəʊ/ video photo /ˈfəʊtəʊ/ photo news /njuːz/ news report /rɪˈpɔːt/ report test /test/ test exam /ɪɡˈzæm/ exam mark /mɑːk/ score grade /ɡreɪd/ Level answer /ˈɑːnsə/ answer choice /tʃɔɪs/ choice question /ˈkwestʃən/ question true /truː/ correct false /fɔːls/ wrong fact /fækt/ fact opinion /əˈpɪnjən/ opinion rule /ruːl/ rule example /ɪɡˈzɑːmpl/ Example sentence /ˈsentəns/ sentence word /wɜːd/ word meaning /ˈmiːnɪŋ/ meaning sound /saʊnd/ voice /vɔɪs/ sound picture /ˈpɪktʃə/ picture page /peɪdʒ/ page title /ˈtaɪtl/ title topic /ˈtɒpɪk/ topic idea /aɪˈdɪə/ idea paragraph /ˈpærəɡrɑːf/ paragraph line /laɪn/ line text /tekst/ text language /ˈlæŋɡwɪdʒ/ language culture /ˈkʌltʃə/ culture history /ˈhɪstri/ history future /ˈfjuːtʃə/ future past /pɑːst/ past present /ˈpreznt/ present minute /ˈmɪnɪt/ minute hour /ˈaʊə/ hour moment /ˈməʊmənt/ moment age /eɪdʒ/ age life /laɪf/ life

Vocabulary learning is not achieved overnight, but over time.

It is recommended to fix 10-15 words every day, combining listening, reading, spelling, and sentence making to consolidate in multiple dimensions.

As long as you use the right method, 500 words is not difficult. If you lay a good foundation in primary school, learning in junior high school will be easier.

In 2025, the field of AI crawlers will usher in new changes. This article focuses on the best practices of AI crawlers in 2025, and provides an in-depth practical demonstration of how to use the three major tool combinations of Deepseek, Crawl4ai, and Playwright MCP to achieve efficient and intelligent crawler operations. From environment construction to code practice, to dynamic loading and data extraction, it fully demonstrates the charm and potential of AI crawlers, allowing you to easily master cutting-edge crawler technology.

Let’s do a practical exercise today: use Crawl4ai to make an AI crawler and see what it looks like.

Test your skills

First install it according to the official code:

#Install the package

pip install -U crawl4ai

# Run post-installation setup

crawl4ai-setup

#Verify your installation

crawl4ai-doctor

Finally, when you see the picture below, it proves that the installation and initialization were successful.

Next, let’s test the official example.

import asyncio

from crawl4ai import *

async def main:

async with AsyncWebCrawler as crawler:

result = await crawler.arun(

url=”https://www.nbcnews.com/business”,

print(result.markdown)

if __name__ == “__main__”:

asyncio.run(main)

The official test is a news website

Create a new py file, paste the code into it, and run it directly. The results show that it can indeed be crawled normally.

Extract form

The latest version of Crawl4ai has a new function: after crawling the tables on the website, parse them into pandas DataFrame format.

To put it simply, before we needed to manually clean and structure the downloaded data, then convert it into DataFrame format for analysis.

Now you can do it in one step.

Let's take a look at this official example for a virtual currency website. We need to crawl down the table in the picture below and convert it into a python table, which can be directly used for the next step of analysis.

But there is a problem here: the official example cannot be used, as shown in the picture, it is incomplete, all are red wavy lines, and an error will be reported when running directly. My coding ability is poor and I can’t change it. What should I do?

It's very simple, just let AI change it. Go directly to Cursor.

But then there is a new problem: because this is a new function of crawl4ai, some AI should not have learned.

At this time, you can use the context7MCP we introduced before to let the AI ​​learn the latest documents by itself and then complete the code. Red and warm! Cursor writes random code again? Install Context7 MCP in 1 minute to enjoy real-time document retrieval service

Prompt words I use:

The file code is the official example of crawl4ai. The effect is to capture the website table data as shown in the picture and save it in pandas dataframe format. However, this code is incomplete. You need to use context7 mcp to find the latest crawl4ai document and complete the code to ensure that it can be used normally.

After the AI ​​operates for a while, the code it gets can be run directly. We see that the form from the previous website has been successfully downloaded into DF.

It went quite smoothly. I opened Excel to see it more completely, and then I could use the data for analysis.

dynamic loading

Today's websites are rarely static. Most of them are dynamically loaded, which means they need to be scrolled continuously to load new content. It would be too troublesome to handle this process by yourself.

Fortunately, Crawl4ai has built-in javascript support. We can directly write a js code to load all the content in one scroll of the page. result = await crawler.arun( url="https://dynamic content site.com", js_code="window.scrollTo(0,

document.body.scrollHeight);", wait_for="document.querySelector('.loaded')")

OK, so far, we have run through the official crawler sample code provided by Crawl4ai. But AI has not been used yet.

You know, the reason why we use these frameworks is to let AI help us solve the problems in crawling.

So let’s take a look at how to use AI to make crawlers in Crawl4ai? Advanced: Dynamically load large models to crawl e-commerce reviews

The business scenario comes first. I chose a high-frequency scenario: crawling e-commerce product reviews. (The comment data that is subsequently crawled can also be subjected to text analysis to unearth information of commercial value)

The URL is:

Scroll down to see the list of comments:

Utilizing playwright MCP initialization script

In the original Cursor window, let AI help us write the code first: Now you need to write a Crawl4ai script to grab the comments under this Amazon product: customer name, title, country, time, comment content, etc. You can use playwright mcp to check the website first, and then modify it.

I didn’t find it. I didn’t let AI write the code directly. Instead, I asked it to take a look at what the website looked like and then write the code.

Because the loading process, speed, and structure of each website are different, if you rush to write a general code, it may not work.

As for the introduction and installation of Playwright MCP, I have said it before. You can jump directly to this article to learn: Use Playwright MCP to let AI change the shit mountain code it wrote.

Having said that, we can already see the AI ​​Called MCP tool automatically opening the Amazon website and `get_visible_html`, that is, taking a look.

The obtained code is as follows. It is very long overall. I have cut out some key parts, including suggestions, and put them in comments:

1. Define the data model for Amazon reviews

classAmazonReview(BaseModel):

customer_name:

review_title:

country_and_date:

review_body:

image_urls:

rating:

# 2. Use LLMConfig to configure the AI ​​model

llm_config = LLMConfig(

provider=provider,

api_token=api_token,

base_url=base_url

# 3. Set the strategy for AI crawling data. The key is the prompt word.

strategy = LLMExtractionStrategy(

llm_config=llm_config,

schema=AmazonReview.model_json_schema,

extraction_type=”schema”,

instruction=f”””

Extract Amazon product review information from the provided HTML content.

Reviews are usually contained in a hook with the 'data-hook="review"' attribute

element.

Please extract the following information for each comment and construct it into a list of JSON objects:

1. `customer_name`: The name of the reviewer, usually within or near a span element with 'data-hook="genome-widget"'.

2. `review_title`: The title of the review, usually within a span or a element with 'data-hook="review-title"', which may be bold text.

3. `country_and_date`: The country and date of the review, usually within a span element with 'data-hook="review-date"', in a format similar to "Reviewed in on".

4. `review_body`: The body content of the review, usually within a span element with 'data-hook="review-body"'.

5. `image_urls`: List of image URLs uploaded by users in comments. Pictures are usually

tag, its parent element may have a 'review-image-tile' or similar class. Please extract

The 'src' attribute of the tag. If there are no images, this field is null or an empty list.

6. `rating`: The star rating of the review, usually near the review title or at the beginning of the review body.

Make sure to extract as many reviews as possible. Ignore content in non-comment areas on the page.

""",

chunk_token_threshold=8000, # Change back to a reasonable chunking threshold

apply_chunking=True, #Chunk large pages

input_format="html",

verbose=True# Enable detailed logs of LLM policy

# 4. Browser settings must be set, especially for websites with strong anti-crawling capabilities.

browser_config = BrowserConfig(

headless=False, # can be set to True to run in the background

java_script_enabled=True, # Ensure JavaScript loads comments

# You can add proxy, user-agent and other configurations to simulate real users and reduce the risk of being blocked.

# user_agent=”Mozilla/5.0 (Windows NT 10.0; Win64; x64) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/91.0.4472.124 Safari/537.36″

viewport={“width”: 1280, “height”: 800},

verbose=True# Enable detailed logs of browser configuration

# 5. Crawler configuration

crawler_config = CrawlerRunConfig(

cache_mode=CacheMode.BYPASS,

page_timeout=90000, # Increase the page loading timeout, Amazon pages may be slow

extraction_strategy=strategy,

# Increase the waiting time to ensure that dynamically loaded comment content appears

# Note: crawl4ai currently does not have a direct wait_for_selector or a fine-grained waiting mechanism similar to playwright

# You can control the waiting time indirectly through page_timeout, or consider using playwright to operate directly later.

verbose=True# Enable detailed logs of crawler operations

# 6. Start crawling

result = await crawler.arun(

url=self.url,

config=self.crawler_config,

js_code="window.scrollTo(0, document.body.scrollHeight);",

wait_for="document.querySelector('.loaded')"

Complete crawling

Look at the result, it’s pretty good

In particular, image_url can directly organize image addresses.

The logic of Crawl4ai is that it will first throw all the HTML to AI and then let AI come up with a parsing strategy, and then split it into multiple modules and give them to AI to parse the data one by one.

Here’s a key point: When choosing a model, pay attention to one that supports “big context”

The deepseek v3 I chose at the beginning was too small, so I couldn’t read the entire HTML at first and reported an error.

Later, I switched to gemini-2.5-pro-exp-03-25 and succeeded.

It’s a waste of tokens. You can feel it. I grabbed 24 comments and how much was consumed:

Total consumption: 992,830 (Prompt) + 6,348 (Completion) = 999,178 tokens

if

Calculating the cost of gemini-2.5-pro-preview-03-25, it is about 1.3 US dollars (Gemini helped me calculate it. Fortunately, I am using the free version.)

Summarize

To be honest, RPA is much more effective when it comes to crawlers, but RPA seems to be a false proposition. You need to set up processes, capture elements, design capture logic, etc. A codeless tool will make novices confused and have to learn from scratch.

The more feasible solution for AI crawlers now is based on Cursor and paired with Playwright MCP to develop Crawl4ai scripts.

Although it is not very easy to use now, it may be a very smooth AI crawler experience in the near future.

Preface: The purpose of this article is to help friends who are interested in Mac OS and cannot use Mac devices for some reasons install Mac OS in a commonly used system environment. Since I am also a novice and my level is quite limited, there may be some operations in the article that are unreasonable or incorrect. Some functions of the system I am using now are also abnormal. Old birds, please take a detour.

Friendly reminder 1: This sharing is only applicable to computer motherboards that support uefi. If the motherboard does not support it, this method is not suitable for installation.

Friendly reminder 2: Since the two systems in this article are installed on the same hard disk, the system efi partition needs to be larger than 400m. If there is insufficient space, subsequent installation will not be possible. Please ignore this prompt if installing on a different hard drive.

Friendly tip 3: If you are a reader who knows little about the operating system, you can do some popular science first, and at least you can install Windows independently.

Friendly reminder 4: This article uses a desktop computer as an installation example. The approximate configuration is i7 2600k + asus p8z77 pro + GV-N960G1 + samsung 4gx4. Computers with different configurations will also show differences during the installation process, so the following installation process is for reference only.

Let’s get to the point

The raw materials required for this article: computer with Win installed x1, Mac OS X system image x1, Win PE image x1, USB disk x2, and several related software

Step 1: Copy various images into the USB disk

Run Floppy Drive on a Win system computer, select the Win PE image, and set the writing device to USB disk 1 for later use;

Run transmac, format U disk 2, select the Mac image, and write it to U disk 2 for later use.

Step 2: Allocate Disk Space

Right-click the computer icon under Win system, select Management-Disk Management, select the compressed volume in the Win disk area, allocate appropriate disk space (40G+ recommended), and then follow the system prompts to complete the operation.

Step 3: Modify the boot configuration (Clover) file and add the driver

Friendly reminder: This installation uses Clover boot. Other boot methods (such as Chameleon) will have some differences in the configuration files. Clover writing can be completed by directly writing to the booted image (it can also be copied directly to a USB disk). Different versions of Clover may also cause some installation problems, so the examples in this article are for reference only.

Open USB disk 2, enter the directory *EFICLOVER and edit the config.plist file therein. Here is a reference example. This file generally cannot be copied directly and needs to be modified according to the computer hardware. Place some necessary driver files into the corresponding directory of the kext folder.

Step 4: Install Mac OS X

Restart the computer and select uefi mode to boot USB disk 2. Enter Clover to boot, select the fruit icon and press the space bar. During the first installation, select the boot Mac OS X with Injected Kexts option.

Important: After selection, you will enter the installation interface process. If problems such as system restart or system freeze occur during this period, please record the prompt text before the problem occurs (you can use Clover to record the log or take a photo), then use this prompt to find the cause and modify the config.plist, and perform this step again until you can enter the installation interface.

After entering the installation interface, open Disk Utility, select the allocated space, perform the wipe operation, and execute the installation program after completion.

After the progress bar runs out, the system automatically restarts. Select U disk 2 to start again. Enter Clover and select the newly appeared fruit icon. Still select the Boot Mac OS X with Injected Kexts option. After completing the configuration according to the prompts, you can enter the Mac desktop.

Step 5: Add startup items

After completing the first 4 steps, you can enter the system normally, but USB disk 2 is required as a boot every time you start. This step is to allow the system to disconnect from the USB disk and directly choose to start.

Restart the computer and select USB disk 1 to start. Execute cmd-diskpart to add the efi partition number

Copy the Clover folder in USB disk 2 to the newly added efi partition, and then restart the computer.

Enter the Win system and use easyuefi to add Clover boot and put it at the top of the startup items (refer to the picture below to modify).

If you do this, it will directly enter Clover boot every time you turn on the computer instead of booting to Win. In Clover, you can choose to enter Win or Mac OS. If you need to enter Mac OS directly, you need to inject the kexts in step 3 into Mac OS or modify config.plist, which can solve the problem of needing to select Boot Mac OS X with Injected Kexts every time you enter the system.

After completing the above five steps, Black Apple can only be regarded as a relatively preliminary stage. There are still many imperfections, such as no sound, suspended animation and other problems, and some problems are still unsolved until now. If you want to make it as perfect as possible, you need to post more and work harder. I hope this article will be helpful to those who are interested.

Software and files used in this article:

Link password: shbp

Organized by: Cora, Techub News

TinTinLand

Original title: Hong Kong Web3 Daily Must-Read: OKX received investment from ICE, the parent company of the New York Stock Exchange, at a valuation of US$25 billion, a16z Crypto plans to raise US$2 billion for the fifth phase of the fund

Corruption fear index: 25 (panic)

Bitcoin price: $70,829

BTC/ETH Spot ETF Fund Flow (3.5)

BTC net outflow: $91.06 M

ETH net outflow: $8.89 M

Hongkong

BTC/ETH Spot ETF Fund Flow (3.5)

BTC net deposit/redemption: 0 BTC

ETH net deposit/redemption: 0 ETH

Hong Kong police cracked the case of money laundering in puppet accounts and cryptocurrency exchange shops, and two mainland men and women were sentenced respectively

Hong Kong police uncovered a case of money laundering using puppet accounts and cryptocurrency exchange shops. Two mainland men and women came to Hong Kong to open 43 local bank accounts, collected fraudulent funds from 34 different fraud cases, and purchased cryptocurrency at cryptocurrency exchange shops, laundering a total of approximately HK$17.3 million in criminal proceeds. Fund flow analysis shows that the criminal group conducted cryptocurrency transactions through local bank accounts, laundering a total amount of black money of up to HK$230 million. The police charged the two men with 3 and 10 counts of money laundering respectively. After reviewing the facts of the case, the court approved aggravated sentences, jailing them for 28 months and 43 months respectively.

Hong Kong Securities and Futures Commission Chief Executive Leung Fengyi: It is necessary to comprehensively upgrade market infrastructure and effectively integrate tokenization-related innovations

Hong Kong Securities and Futures Commission Chief Executive Leung Fengyi said at the 2026 Asian Securities Industry and Financial Markets Association EU-Asia Financial Services Dialogue event that Hong Kong must completely upgrade its market infrastructure, especially in the segmentation, clearing and settlement of financial products, and the development of distributed ledger technology and tokenization provides solutions. The core value of tokenization lies in its programmable nature, which can support a wide range of investment products such as bonds, funds and even gold; as the tokenization ecosystem continues to expand, it is necessary to effectively integrate relevant innovative projects to seamlessly combine the confidence of traditional finance with the efficiency of decentralized finance to further release liquidity. Liang Fengyi also revealed that the Hong Kong Securities and Futures Commission has jointly led the working group of the Asia-Pacific Regional Commission with the Australian Securities and Investments Commission to combat online scams, exchange intelligence with global counterparts, and participate in the formulation and coordination of standards in areas such as digital assets.

The Hong Kong Monetary Authority and four other regulatory agencies joined forces with Cyberport to launch GenA.I. Sandbox++

The Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority jointly announced the launch of the Generative Artificial Intelligence (GenA.I.) Sandbox++ today in conjunction with the Hong Kong Cyberport. Based on the successful experience of the GenA.I. sandbox launched in 2024, the plan has expanded to cover multiple financial fields such as banking, securities and capital markets, asset and wealth management, insurance, mandatory provident funds and stored value payment instruments. It focuses on the three major areas of risk management, anti-fraud and customer experience, and promotes the "AI versus AI" strategy to manage AI application risks. Participating institutions can receive targeted regulatory guidance, technical support and free use of the GPU computing resources of the Cyberport Artificial Intelligence Supercomputing Center to develop and test industry-specific or cross-sector AI applications in a risk-controlled environment, such as intelligent customer chatbots, fraud detection systems, insurance underwriting claims processes and investment product suitability assessments, etc.

First time in Asia Pacific! The Hong Kong Securities and Futures Commission releases RWA for concert revenue rights, and the fan economy is ushering in the moment of compliance and capitalization

This is not the common "fan token" hype in the Web 3 world, nor is it an air project issued overseas by a certain project party. This is the first time in the Asia-Pacific region that concert proceeds are used as RWA (Real World Assets, real world assets) to issue compliant security tokens, operating under the regulatory framework of the China Securities Regulatory Commission.

An in-depth dismantling of the Yi Sheng model: the logic of Hong Kong’s RWA supervision and the compliant issuance path of cultural and entertainment assets

By comparing it with Delin Holdings Real Estate RWA, we can clearly see the complete thinking of Hong Kong regulators on RWA. This article will deeply dismantle the Yisheng model and explore more diverse distribution paths in the future.

Highlights of Hong Kong March 2026 Events

We have specially sorted out noteworthy activities in the encryption field in Hong Kong in March. These activities will open a window to the future of Web3 for you.

Regulation/Macro

Canadian residents encounter second cryptocurrency scam, scammers pretend to use RCMP logo

A Canadian resident first received a fraudulent text message at the end of 2025, which induced him to deposit 5,000 Canadian dollars through a cryptocurrency ATM to participate in the "Home-based Stock Cryptocurrency Trading" job opportunity. The funds were subsequently lost. Earlier this year, the resident saw a fake Royal Canadian Mounted Police (RCMP) public service announcement online. After clicking on the link to fill out the form, a person claiming to be a lawyer from the Toronto law firm Helprpc called and falsely claimed that he had seized two encrypted wallets under the victim's name containing approximately $60,000 in "proceeds" and offered to provide recovery services. The victim became suspicious and verified that the lawyer was not registered with the British Columbia or Ontario Bar Associations, and police confirmed that the website provided by the caller was inaccessible. This case highlights a common secondary fraud technique used in crypto fraud, taking advantage of victims’ eagerness to recover losses to commit further fraud.

Esperanza and Hatcher Group form joint venture to provide automated trading services for tokenized investments

Esperanza entered into a joint venture agreement with Hatcher Group Limited (Yichen Group) on March 3, 2026. The two parties will hold 49% and 51% of the equity of the joint venture company JV BVI Co respectively; after the Securities Regulatory Commission grants a license to JV BVI Co and other prerequisites are met, Yichen Group will allot and issue consideration shares to Esperanza (or its agent) in return. The joint venture company JV BVI Co will become a direct non-wholly owned subsidiary of Yichen Group, and its financial results will be consolidated into Esperanza's accounts. This cooperation aims to improve the market layout of tokenized investment products, create a compliant tokenized issuance system, and establish a regulated asset-based tokenized investment automated trading system with cross-industry scalability.

White House to review new prediction market regulatory measures proposed by CFTC

The White House will review new prediction market regulations submitted by the Commodity Futures Trading Commission (CFTC). This measure aims to provide a clearer regulatory framework for prediction markets (such as event contracts), support market development while preventing risks. The specific content and review progress have not yet been publicly disclosed, and subsequent progress will depend on feedback from the White House.

Project/Company News

OKX receives investment from ICE, the parent company of the New York Stock Exchange, at a valuation of US$25 billion

Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, announced a strategic investment in OKX with a valuation of US$25 billion. The amount of money ICE invested in OKX and the specific investment terms were not disclosed. Under the agreement, ICE will gain a seat on OKX’s board of directors. The two institutions will launch a number of cooperative products, including OKX providing real-time cryptocurrency price information to ICE. OKX users will be able to trade tokenized stocks and derivatives listed on the New York Stock Exchange on the platform. This feature is expected to be launched in the second half of 2026.

Visa and other institutions complete pilot of Chainlink cross-border settlement solution

Visa, ANZ Bank, China Asset Management and Fidelity International completed cross-border settlement solutions based on Chainlink. Under the Hong Kong Monetary Authority's e-HKD initiative, Chainlink enables secure transfers of regulated assets through automated compliance and atomic settlement. Chainlink's digital transfer agent technology standard can automatically issue tokenized fund units, while using Chainlink data standards to obtain on-chain NAV data to achieve near-real-time settlement. Chainlink CCIP enables secure messaging and e-HKD value transfer across jurisdictions and blockchains; Chainlink’s automated compliance engine verifies identity credentials across networks in real time.

Google warns of new Coruna iOS exploit kit targeting cryptocurrency wallets

The Google Threat Intelligence Team discovered a new iOS exploit kit called "Coruna" that can launch attacks on iPhones running iOS 13.0 to 17.2.1 versions and steal cryptocurrency wallet mnemonic phrases. The kit contains 5 complete iOS exploit chains and 23 vulnerabilities, some of which have not been previously disclosed. Google first discovered the kit in February 2025. It was used by suspected Russian espionage organizations to target Ukrainian users, and then appeared on fake Chinese cryptocurrency websites to steal cryptocurrency assets; when users visit these websites, the kit will scan and extract text containing keywords such as mnemonics and backup phrases to steal sensitive information from applications such as Uniswap and MetaMask. Google recommends iPhone users to immediately update to the latest iOS version or turn on "Lockdown Mode" to prevent such attacks. This suite is not compatible with the latest iOS version.

Alchemy Pay obtains money transmission license from Delaware, USA

Alchemy Pay, an encrypted payment company, has obtained a money transmission license issued by the state of Delaware in the United States, and is allowed to conduct compliant fund transmission-related businesses there. After the approval of this license, Alchemy Pay already holds money transmission licenses in 15 states in the United States. Its global compliance layout has covered Australia, South Korea, Switzerland and Hong Kong, China.

Robinhood Ventures' first fund plans to list on New York Stock Exchange on March 6

Robinhood held a “Take Flight” event and announced a number of new products and features. Among them, Robinhood Ventures' first fund Fund I is expected to be listed on the New York Stock Exchange on March 6; it will soon launch an account sharing function with revocable trust accounts and flexible permission settings; a "Family Center" will be launched within this year to provide a family financial overview and external brokerage account portfolio tracking; a children's investment custody account (UTMA) is now online, supporting gifts in cash, stocks or ETFs. In addition, Robinhood also announced the launch of the Platinum Card, Robinhood Strategies enhancements, Gold Rewards Hub, early dividend payment capabilities, and brand merchandise store Robinhood Market.

Western Union partners with Crossmint to support USDPT stablecoin issuance and global payments on Solana

Cross-border payment giant Western Union has reached a cooperation with infrastructure provider Crossmint to support the issuance of the US dollar stable currency USDPT on the Solana blockchain and connect it to the Western Union global payment network. The partnership will integrate Crossmint’s wallet and payments API with Western Union’s infrastructure, allowing the fintech platform to transfer funds using stablecoins and convert digital dollars into local fiat currencies through Western Union’s more than 360,000 cash withdrawal locations. Previously, in October 2025, Western Union had announced plans to launch the Solana-based USDPT stablecoin in 2026.

Crossover Markets completed US$31 million in Series B financing, led by Tradeweb Markets

Crossover Markets, a cryptocurrency execution trading platform, completed a $31 million Series B round of financing, led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets and Illuminate Financial. The company plans to use the funds to further optimize its foreign exchange-style market structure and improve the execution efficiency and liquidity of institutional-level crypto transactions. Crossover Markets previously completed US$12 million in financing in June 2024, led by Illuminate Financial and DRW Venture Capital.

a16z Crypto plans to raise US$2 billion for its fifth fund, focusing on blockchain investment

According to multiple people familiar with the matter, a16z Crypto is raising funds for its fifth fund, with a target size of approximately US$2 billion, and plans to complete fundraising in the first half of 2026. The fund will focus entirely on blockchain investments. a16z Crypto has continued to expand in scale since its first fund of US$300 million in 2018, and in 2022 it raised a huge fund of US$4.5 billion. Although the size of the new fund is less than half that of the previous one, sources said a16z Crypto plans to shorten the fundraising cycle to more quickly adapt to the rapidly changing trends in the encryption industry.

Tether strategically invests in smart sleep technology company Eight Sleep at a valuation of US$1.5 billion

Tether made a strategic investment in smart sleep technology company Eight Sleep at a valuation of US$1.5 billion. Eight Sleep uses artificial intelligence and embedded sensors to provide personalized sleep insights and enhancements. This investment aims to enhance Eight Sleep's capabilities and establish long-term cooperation to jointly develop AI-driven health technology based on the Tether QVAC architecture. The investment follows Tether’s launch of the QVAC Health personal health platform, which integrates fragmented health data and supports local device processing to ensure user control and provide a highly personalized experience.

Depth & Foresight

A $2 billion reassurance: While joining the AI ​​wave, a16z did not forget Crypto

As the number one player in the crypto VC field, the news of a16z’s fundraising against the trend quickly attracted widespread market attention. Although the volume of US$2 billion is less than half of the peak of US$4.5 billion set in 2022, at a critical node when the industry cycle is rotating and the regulatory environment is gradually becoming clearer, this move undoubtedly injected a boost into the crypto market in the cold winter, and once again confirmed its firm bet on the long-term prospects of blockchain technology.

The bet that Vitalik lost: One person used AI to run through Ethereum in 6 days. The future in 5 years

We have the tools to quickly simulate the future, which is both an opportunity and a pressure. The opportunity lies in identifying real problems earlier, and the pressure lies in having to make decisions faster—because with every hesitation, competitors move forward.

point of view

After "buying the bottom" of 400,000 BTC: Is $74,000 a rebound or a reversal?

Tom Lee believes that March is a bottom-forming period. The decline in software, Mag 7 and crypto assets is about 90% complete. They are outperforming the market, which is a sign of leadership. Even if there is a global trade disruption, you still need AI and you still need Mag 7. The fundamentals of these companies remain strong. Investors need to remain patient and cautious and retain some cash. But I think opportunities are emerging.

Web3 lawyer analysis: What is the future of U.S. stock tokenization?

We have previously dismantled the technical elements of the New York Stock Exchange platform, including designs such as 7×24-hour trading, odd-lot mechanism, instant settlement based on stable currency, and native digital securities issuance. This article will not repeat these details, but attempts to answer two deeper questions: Why did the New York Stock Exchange choose to launch at this point in time? What is the future of tokenization of U.S. stocks?

IT House reported on March 7 that virtual machine software provider Parallels released a status update yesterday (March 6), stating that it has not yet confirmed whether Parallels Desktop software can run normally on Apple's MacBook Neo.

Parallels Desktop has always been committed to helping Mac users run virtual operating systems such as Windows smoothly. However, for this new Apple device, the official team cannot give an exact compatibility commitment at this stage. Users can currently regard this model as "not yet officially supported."

Officials revealed that the core reason for doubtful compatibility lies in the differences in the underlying hardware architecture. MacBook Neo is equipped with Apple's A18 Pro chip. Although this chip is also based on ARM architecture, it does not belong to the M-series chip family tailored for Mac computers.

Note from IT House: As a local Mac virtual machine management program, Parallels Desktop needs to directly call the macOS virtualization API that is deeply bound to the host chip architecture to drive the virtual machine.

On traditional Mac computers equipped with M-series chips, Parallels directly relies on the chip's built-in hardware virtualization support to run virtual machines based on the ARM architecture.

For new devices using the A18 Pro chip, the Parallels engineering team must first thoroughly verify whether the chip actually has the underlying hardware support features necessary to run virtual machines. Before drawing a final conclusion, the official team plans to conduct a comprehensive and detailed software and hardware adaptation test.

In addition to the hard threshold of chip architecture, device memory capacity will also significantly affect the user's actual experience. MacBook Neo is only equipped with 8GB of running memory. Although this will not directly determine whether the software is compatible, it will inevitably significantly limit the performance of running macOS and virtual machines at the same time.

Li Ruixin: Digital currency trading genius, in-depth interpretation of dual strategies of return and risk

No matter which method you choose, good risk management, rational investment decisions and continuous learning capabilities are the basis for maintaining long-term profitability. As an expert in the field of digital currency, Li Ruixin believes that the profit potential of digital currency is very large, but it is also accompanied by a high degree of volatility and uncertainty. In this article, Li Ruixin will analyze the income potential of digital currencies from multiple perspectives and how to balance risks and rewards.

1. Investing and Trading: Opportunities in Market Volatility

Long term investment (HODL)

"Long-term holding" is a classic strategy in the digital currency world. Li Ruixin believes that investors can buy mainstream currencies with strong ecological and technical support (such as Bitcoin, Ethereum, etc.), hold them and wait for long-term price appreciation. He explained: "The opportunities in the digital currency market are very large, but if you look at it from a longer-term perspective, these mainstream currencies can often go through multiple rounds of market cycles and finally develop an upward curve."

Long-term investment is one of the most common ways to make money in the digital currency market, especially for mainstream digital currencies such as Bitcoin (BTC) and Ethereum (ETH). The performance of the past few years shows that digital currencies have great potential to add value in the long term.

Bitcoin’s Growth History:

· As the first and most representative digital currency, Bitcoin has experienced multiple rounds of bull and bear markets since its birth in 2009. But looking at the overall trend, the price of Bitcoin has always shown an upward trend. For example, the price of Bitcoin was less than $1 in 2011, exceeded $20,000 at the end of 2017, and exceeded $30,000 again at the end of 2020. In 2021, the price once climbed to nearly $60,000, and in August 2024, the value exceeded $75,000!

For short-term investors, Li Ruixin emphasized that day trading and swing trading need to be flexible in responding to market fluctuations, and in particular, they must be proficient in technical analysis and sentiment analysis. "Short-term markets are often affected by news events, policy changes, market sentiment and other factors," he said. "Therefore, quick response, setting reasonable stop-loss and profit points, and tracking market trends are the keys to achieving short-term profits."

Short-term trading can bring quick profits, especially when the market is volatile, but it also requires superb technical analysis skills and keen market insight.

Although short-term trading is risky, Li Ruixin, the founder of Jutong, who is known as the king of short-term trading, has been working in the digital currency industry for decades, leading users to successfully achieve accurate buying low and selling high, using the lowest cost to obtain the highest returns.

Mining: the traditional way of "labor"

Mining, especially Bitcoin mining, used to be one of the most straightforward ways to make money. Li Ruixin mentioned that as the market for Bitcoin and other digital currencies matures, the threshold and difficulty of mining have also increased significantly. For ordinary investors, independent mining has almost no profit potential, but he believes that mining is still a way for some technical investors to get rich.

"With the emergence of mining pools, individual investors can share hardware costs and increase mining profits by joining mining pools. However, mining itself also has certain risks, including factors such as hardware failure, power cost fluctuations, and network difficulty adjustments," Li Ruixin said.

Staking: New opportunities under the PoS mechanism

Compared with traditional PoW (Proof of Work) mining, Li Ruixin is more optimistic about the pledge model based on the Proof of Stake (PoS) mechanism. In the PoS network, users can help maintain the security of the blockchain by locking up their own digital currencies, and then receive rewards from the network. Projects such as Ethereum 2.0, Cardano, Solana, etc. have all adopted this model.

Li Ruixin believes that staking not only has a low threshold, but also provides relatively stable returns. "When market uncertainty is high, staking is a relatively conservative but stable way to make profits. Compared with mining, although the returns from staking are not that high, the risks are lower and are suitable for investors who do not want to bear too much volatility."

4. DeFi (decentralized finance) and Yield Farming: innovative investment models

In the digital currency market, DeFi (decentralized finance) has become a new investment opportunity. Through decentralized exchanges (DEX), lending platforms and liquidity mining (Yield Farming) mechanisms, investors can lend, trade, earn interest and other operations without the need for traditional financial intermediaries.

Li Ruixin expressed optimism about the potential of DeFi: "DeFi not only provides liquidity mining and lending methods, but also automates financial services through smart contracts, greatly reducing intermediary fees." He believes that DeFi is an important part of the future financial system, especially with the development of Layer 2 technology, the scalability and efficiency of DeFi will be significantly improved.

NFTs (non-fungible tokens), as a new form of digital art and collectibles, also provide investors with opportunities to make money. Li Ruixin pointed out that the value of NFT lies not only in its investment return, but also in the cultural value and creative potential behind it.

"NFT can not only be used as an investment tool, but also allow artists and creators to obtain more direct benefits through the blockchain. With the rise of concepts such as the metaverse and virtual world, the application scenarios of NFT will continue to expand."

However, he also reminded investors that the NFT market is still in its early stages, the market is highly speculative, and prices fluctuate violently. When investing in NFT, you need to pay more attention to the intrinsic value of the project and the background of the creator, not just the short-term trend of the market.

6. Airdrops and early investment: opportunities to seize the opportunity

Methods such as Airdrops and ICOs (Initial Coin Offerings) provide investors with low-cost opportunities to enter the market. Li Ruixin believes that although airdrops can provide investors with free tokens, the difficulty of obtaining airdrops is gradually increasing, especially airdrops related to project cooperation and user behavior that often have certain thresholds.

Regarding ICO and early-stage investment, Li Ruixin believes that this is another way to obtain high returns, but it also faces extremely high risks. “Many crypto projects look full of potential in the early stages, but without strong teams or technical support, their survival probability is low. Investors should pay attention to the project’s white paper, technical team and market demand, not just based on gimmicks.”

Legendary Investor: Li Ruixin’s successful experience in strategic investment in digital currency

1. Ethereum ICO investment: from US$100,000 to US$70 million

In 2014, when Ethereum was conducting its ICO, Li Ruixin keenly saw the huge potential of this blockchain platform. He invested $100,000 in Ethereum’s ICO tokens, even though Ethereum was extremely cheap at the time, only a fraction of a dollar. But he deeply understood that Ethereum would become the basic platform for smart contracts and decentralized applications, so he decided to hold it firmly. As Ethereum's technology and ecosystem gradually matured, by the end of 2017, the price of Ethereum exceeded $1,400, and his investment increased 700 times, becoming one of his early investment successes.

2. Liquidity mining of DeFi projects: annualized return rate reaches 200%

When DeFi (decentralized finance) broke out in 2020, Li Ruixin quickly identified projects with high potential in the DeFi field and participated in the reward programs of multiple platforms by providing liquidity (Liquidity Mining). In one of the liquidity pools, he provides his holdings of Ethereum and stablecoins (such as USDC) to a decentralized exchange (DEX) to earn transaction fees and project token rewards. In just one year, his annualized return reached 200%. Through continuous reinvestment of profits, Li Ruixin's DeFi investment allowed him to obtain considerable returns, and he accumulated a large amount of digital assets.

3. NFT art investment: the value of a digital art work has increased 100 times

Li Ruixin not only performs well in traditional digital currency investments, but also shows strong interest in the NFT (non-fungible token) market. When the NFT craze was just beginning, he purchased an NFT artwork created by an emerging digital artist for an initial price of just $5,000. The artist used blockchain technology to create this work, which is both artistic and innovative. Li Ruixin is optimistic about its future collection value. With the explosion of the NFT market, this work was resold in 2021, and the price once exceeded US$500,000. Li Ruixin's return on investment exceeded 100 times. With the success of this investment, he became one of the well-known investors in the NFT market.

4. Early investment in Polkadot: from US$200,000 to US$250 million

When the Polkadot project was first launched, Li Ruixin had a strong interest in this project with cross-chain interoperability and multi-chain structure. After understanding the technical architecture of the project and the background of founder Gavin Wood, he decided to invest US$200,000 in capital to participate in Polkadot’s early private placement round. As the Polkadot mainnet went online and gradually became an important platform for connecting different blockchain networks, the price of its token DOT experienced a surge in 2020 and 2021. Li Ruixin’s investment of US$200,000 has increased in value to US$250 million in just two years, proving his accurate judgment of the project’s potential and his keen sense of blockchain technology and market trends.

5. Accurately grasp the low point of Bitcoin, successfully buy 2 billion US dollars of BTC at the bottom, and cash out at the high point in 2021

Vision in the trough

Looking back on 2019, the Bitcoin market experienced a long period of downturn, with the price falling to about $3,200. The market sentiment during this period was pessimistic, and investors were generally bearish on the future of digital currencies. However, after in-depth analysis of the global financial environment and digital asset market, Li Ruixin keenly captured the long-term potential of Bitcoin as a decentralized currency and value storage method.

"The trough of the market is often a moment of hidden opportunity. The price of Bitcoin in 2019 was lower than the historical average. This situation gave real investors an excellent entry opportunity." Li Ruixin said when recalling the market situation at that time. He knows that although the price is sluggish in the short term, Bitcoin's technical foundation and decentralized characteristics give it a strategic position in the future financial system.

During this period, Li Ruixin was firmly optimistic about the long-term prospects of Bitcoin and decided to invest heavily in its layout. With an inflow of US$2 billion, the market price of Bitcoin failed to attract much attention at this moment, but Li Ruixin has already seen the huge returns that this investment will bring in the next few years.

Entering 2021, global economic uncertainty has intensified, more and more institutional investors have begun to pour into the digital currency market, and the demand for Bitcoin has grown rapidly. At the same time, the loose policies of central banks in many countries and the proliferation of global currencies have promoted the demand for Bitcoin as an anti-inflation and value storage tool. Li Ruixin keeps up with market dynamics, always pays close attention to the price trend of Bitcoin, and through accurate market timing judgment, he successfully cashed out a US$2 billion investment in 2021 when the Bitcoin price was close to its historical high.

In November 2021, the price of Bitcoin once exceeded $69,000, which set a record in Bitcoin history at that time. During this period, Li Ruixin still remained rational and calm, and chose to cash in this generous return at the right time. His operation helped him obtain a return of more than 12 times on his investment of US$2 billion, making the investment amount exceed US$24 billion and becoming a success story that attracted attention in the industry.

Li Ruixin’s unique insights: investment management and short-term strategies

He suggested that when investors enter the digital currency market, they should first clarify their goals, use unique strategies to buy low and sell high, accurately control every key profit point, accumulate small amounts to make more, and gradually expand profits through rolling positions, in order to achieve long-term stable profits. Li Ruixin has personally studied in the field of digital currency for decades. He has rich investment experience and his own winning trading strategies, achieving a short-term trading winning rate of more than 95%! The Jutong Exchange he founded has led countless people to earn their first pot of gold in the field of digital currency! At present, the influence and popularity of Jutong Exchange are gradually expanding in various countries, and the team's vision is to surpass Oyi and Binance Exchange within 3 years and become the world's number one exchange.

Generally speaking, the income potential of digital currencies is very large, but it is also accompanied by huge fluctuations and uncertainties. From long-term investment to short-term trading, from DeFi to staking, NFT, etc., each method can bring different returns to investors. But be aware that the market for digital currencies is extremely volatile, and prices may rise or fall significantly in the short term.

"The digital currency market is indeed full of opportunities, but it is also full of challenges," Li Ruixin concluded. "Only by treating market fluctuations rationally, doing adequate risk assessment and fund management, and formulating personal investment strategies, can we make steady profits in this uncertain field."

In recent years, digital currencies represented by Bitcoin have continued to attract attention, and at the same time, a series of problems have followed.

Not long ago, Lu Lei, deputy director of the State Administration of Foreign Exchange, said at the 5th FinTech Bund Summit that using blockchain technology can easily bypass banks and achieve cross-border flow of funds. At the same time, digital currency money laundering is also a potential threat – using various virtual currencies as intermediaries, first convert the legal currency in the remitter's location into tokens, and then convert the tokens into the legal currency in the payee's location at the receiving end, in fact completing the cross-border payment.

For the current financial regulatory system, the use of digital currency to launder money has become a real threat. "Legal Daily" reporter conducted an interview.

Gray transactions rely on digital currency

"One day in the currency world is one year in the world." The currency circle is a circle of digital currency players.

At the beginning of this year, the digital currency market plummeted, and many senior players in the currency circle sold their digital currencies and cashed out. Jiang Ming, who has been in the industry for two years, is one of them.

"January is the peak period for cashing out, and the market has not slowed down yet, and there are more and more altcoins on the market." Despite this, Jiang Ming has no intention of quitting the currency circle.

Jiang Ming told reporters that money laundering is a major pillar of digital currency price support and is a transaction that exists on the dark web. As long as there is demand for money laundering, the price of digital currencies is bound to rise. Moreover, the currency circle itself is a bit of a gray area. Sometimes the messier the circle, the easier it is to make money.

Some Weibo bloggers in the currency circle even publicly claimed that "the biggest practical commercial value in the currency circle is the convenience of money laundering."

It has almost become a consensus that the currency circle is “a bit chaotic”, but the chaos does not stop there.

Although he rarely participates in digital currency transactions, Zhu Cheng has been paying attention to the currency circle for many years.

"Although air coins and MLM coins can be used to launder money, they also have their own problems, and many of them are just to steal money." Zhu Cheng listed the characteristics of air coins and MLM coins to reporters. "MLM coins earn income by attracting people. They have no contract address and no fixed total amount. They are generally traded through independent App software; air coins are usually developed in advance. There are obvious problems in the white paper, there is no physical support for implementation, and there is no open source progress."

Zhu Cheng’s statement was confirmed by the customer service staff of a digital asset exchange. “Some coins have no value on their own and are not supported by other projects. They only rely on the currency itself to make money. 98% of these coins are empty coins.”

"Some gray area transactions will be conducted through Bitcoin, which is why the price of Bitcoin has not collapsed." Jiang Ming revealed to reporters.

But within the currency circle, there are also different voices on this.

"In the final analysis, digital currency is just a bunch of encrypted codes. It will only generate value if it is recognized. If it is not recognized, it will have no value. As long as the currency is not issued for the purpose of making money, it is not much different from stocks. It is an investment." A currency player active in the blockchain exchange QQ group told reporters, "Similar to gold and silver, there was a lack of supervision on money laundering at the beginning. But now many large exchanges have launched digital currencies, and money laundering is not as easy as before."

There are many ways to launder digital currency money

How did digital currency become a tool for money laundering, and even became a “money laundering artifact” in the words of some players in the currency circle?

The reporter contacted a well-known Weibo blogger in the currency circle. In his opinion, "the use of digital currency to launder money is nothing more than anonymous transfers and money flushing."

According to reports, anonymity and decentralization are the two main characteristics of digital currency. Different from virtual currencies on the Internet, digital currencies, typically represented by Bitcoin, are actual media of exchange, generated through calculations based on specific algorithms, but without an issuing agency. Blockchain is a distributed data storage system that exists in a non-secure environment and its purpose is to achieve decentralization. Decentralization eliminates the supervision of trusted third-party institutions, but also allows digital currencies to be used for money laundering in theory. By purchasing digital currency in one country, converting legal currency into tokens, and then converting the tokens into legal currency in another country, cross-border transfers and remittances can be achieved to avoid supervision, and the "black money" in gray areas is laundered in the process.

"Tokens are not issued through smart contracts, and there is no formal trading platform for digital currencies. Most of them are traded through the self-built platform of the project. Therefore, the tokens can be converted into other currencies at will, which actually breaks the foreign exchange management regulations." Zhu Cheng said.

In Jiang Ming's view, cross-border transactions of digital currencies have led to regulatory difficulties and provided soil for money laundering.

Suai is a blockchain practitioner who regards digital currency money laundering as tax evasion.

"For example, if I take a lot of cash abroad, I need to pay a high tax, but if I buy it as digital currency and sell it abroad, I can escape this tax." Su Ai explained, "Buying a Bitcoin requires more than 40,000 yuan, and only a smaller amount of currency can be used to wash away more 'black money'."

There are also endless cases of money laundering using digital currencies.

Heilongjiang Provincial Higher People's Court [2016] Hei Minzhong Civil Judgment No. 274 shows that in August 2014, the criminal suspect Xu used the "OKcoin" trading platform through an account registered with Lekuda Company, and divided into three parts. Purchased 553.0346 Bitcoins in 4 transactions and conducted currency withdrawal business at the same time. All 553.0346 Bitcoins purchased were taken out of the platform in 4 transactions, transferred to the Bitcoin wallet, and then sold in Macau underground banks.

There are loopholes in the supervision of trading platforms

On September 4, 2017, seven ministries and commissions issued the "Announcement on Preventing Financing Risks of Token Issuance", officially defining the initial token issuance as "illegal financing behavior". Subsequently, "Bitcoin China" announced that it would close the trading platform starting from September 30 and would no longer accept registration from new users. On September 16, Huobi and OKCoin announced that they would cease all trading businesses related to virtual currencies.

The digital currency trading platform has now entered a cold winter.

The reporter registered accounts on multiple trading platforms as a player in the currency circle and found that the services provided by the trading platform mainly include fiat currency transactions and currency-to-crypto transactions. The former is to recharge or withdraw fiat currency into a digital currency wallet, and the latter is to conduct transactions using the virtual currency in the digital currency wallet as an intermediary.

If you want to complete legal currency transactions, you must pass different levels of identity authentication.

Taking a trading platform established in Hong Kong in 2017 as an example, it divides real-name authentication into two levels. If you pass the first level, you need to fill in your real name, ID type and ID number. If you pass the second level, you need to upload relevant ID photos and wait for manual review. The reporter filled in a pseudonym and a non-existent ID number and successfully passed the first level of real-name authentication, which means that as long as there are coins in the digital currency wallet, the reporter can conduct currency-to-crypto transactions.

According to the customer service staff, “the first level can be traded, and the second level can be withdrawn.”

The reporter further investigated and found that the recharge and withdrawal of the trading platform were all completed through the QQ group. After completing the account registration on the platform, the user needs to enter a QQ group. According to the detailed C2C transactions, currency transactions and currency deposit and withdrawal processes in the group, the user needs to actively add the "officially certified acceptor" QQ number, obtain the payment address and complete subsequent purchase operations.

Another world-renowned digital asset trading platform divides real-name authentication into three levels. Level one requires an ID card, level two requires face recognition, and level three requires video recognition. The customer service staff told reporters that the recharge of digital currency does not necessarily need to be through legal currency transactions. There are other channels and can be achieved through other platforms.

When the reporter further asked about specific matters, the customer service staff said they were unclear and asked the reporter to "ask other platforms."

A currency player analyzed that, in other words, users have the opportunity to bypass the highest level of real-name authentication and disperse and transfer digital currencies through the operation of depositing and withdrawing coins between trading platforms, providing opportunities for money laundering.

(At the request of the interviewees, the names of the interviewees in this article are pseudonyms)

Industry experts analyze how to solve the problem of digital currency supervision

The use of digital currency to launder money has become a major problem faced by financial regulatory agencies in various countries.

How to deal with money laundering using digital currencies? The reporter interviewed relevant experts in the industry.

Using digital currency to launder money is relatively hidden

Yin Zhentao, deputy director of the Law and Finance Research Office of the Institute of Finance, Chinese Academy of Social Sciences, reviewed the birth of digital currency to reporters: The emergence of Bitcoin is not just for currency issuance, but it has indeed produced a brand new currency, but more importantly, Bitcoin has produced a trading system. Most of the initial users of Bitcoin were traders in gray areas, playing an important role in gray transaction fields such as drug trafficking, hacking, and money laundering. Only later did it gradually become the object of widespread public attention and application.

Digital currency has the characteristics of anonymity and decentralization, and also involves greater risks.

"Digital currency faces two risks. The first is the technical level. Digital currency relies on blockchain technology and a system, which will subject it to security impacts, such as hacker attacks on computer systems. We have seen many practical problems in this process." Yin Zhentao said.

In May 2017, the Bitcoin ransomware virus named WannaCry broke out around the world, affecting networks in more than 70 countries. Those infected with the virus were required to pay a Bitcoin ransom in exchange for unlocking their files.

Yin Zhentao believes that another risk of digital currency is credit risk. Because there are middlemen in digital currency transactions, these middlemen are different from real organizations. Organizations in reality are visible and tangible, but digital currency middlemen are on the Internet, and the risks are greater.

"For example, buying Bitcoin domestically and then converting it into other currencies in the international market arbitrarily violates foreign exchange management regulations. The characteristics of short time, high efficiency, low cost, and easy to avoid supervision make digital currency a weapon for money laundering. Compared with traditional means of money laundering, money laundering through digital currency technology is more convenient, more concealed, and easy to avoid financial supervision." Yin Zhentao said.

Zhao Zhanhan, a special researcher at the Intellectual Property Research Center of China University of Political Science and Law, believes that digital currencies are anonymous, fast and irrevocable. In addition, digital currencies such as Bitcoin are highly circulated around the world, so many criminals use digital currencies as a new money laundering channel. Moreover, there are many different ways to launder money through digital currency. Generally speaking, the chances of new money laundering methods being discovered and investigated are lower than before. Many countries still do not have the means and technology to effectively combat digital currency money laundering. These factors make criminals prefer this method of money laundering.

The use of digital currency to launder money is suspected of violating relevant laws and regulations.

"The use of digital currency to launder money mainly violates the provisions of the criminal law and relevant judicial interpretations. The criminal law specifically stipulates the crime of money laundering. The relevant judicial interpretations stipulate that those who knowingly provide illegal income and proceeds from drug crimes, organized crime of a gangland nature, and smuggling crimes in order to cover up or conceal their source and nature provide a capital account or assist in converting property into cash or financial instruments. "Anyone who assists in the transfer of funds through transfer or other settlement methods, assists in remittance of funds overseas, or uses other methods to conceal or conceal the illegal proceeds of crime and the nature and source of the proceeds, shall constitute a crime of money laundering and shall be prosecuted. Depending on the specific method of money laundering, it may be one or more of the aforementioned behaviors," Zhao Zhan said.

Speculation and hype maintain Bitcoin price

Because of this, the rise of digital currency and the development of blockchain technology have brought challenges to traditional financial supervision.

"Because of the new technology, the combination of finance and technology is completely different from the supervision of traditional finance. Theoretically, the challenge is huge, and the gray trading area cannot be seen, penetrated, or found. Our regulatory agencies are centralized, and the blockchain is decentralized. Our regulatory agency is this kind of central organization, and the blockchain is a platform-based organization." Yin Zhentao said.

At present, there are two main domestic regulations on virtual currencies. In 2013, many ministries and commissions issued the "Notice on Preventing Bitcoin Risks", giving important reminders on Bitcoin risks. On September 4, 2017, the central bank and seven other ministries and commissions jointly issued an announcement again, stating that the initial coin offering was an illegal financing without approval.

"These are the two most important regulations. Currently, our country prohibits domestic Bitcoin transactions." Yin Zhentao explained to reporters, "At the same time, our country also prohibits third-party payment institutions, which means that payment institutions are prohibited from providing payment channels for Bitcoin. In addition, there are currently not many laws and regulations to restrict and manage."

Regarding the view of some digital currency players that "money laundering is a major pillar in maintaining the price of Bitcoin," Yin Zhentao responded that the initial price increase of Bitcoin has a lot to do with its extensive application value in the field of money laundering, but at this stage, speculation and hype are the most likely to maintain the price of Bitcoin.

Zhao Zhan believes that there are various methods of using digital currency to launder money. For example, technical means may be used to transfer funds into the cryptocurrency system, and then various transfer addresses are deployed, making it difficult to query its transaction path. In other words, money laundering driven by technological progress is becoming more and more difficult to detect and prevent. In addition, it is cross-regional. The lack of a global response mechanism has exacerbated this situation.

Ensure digital currency transactions are traceable

The severe situation calls for financial regulatory changes.

"Blockchain is a decentralized distributed 'ledger system' that can be used to register and issue digital assets, property rights certificates, points, etc., and conduct transfers, payments and transactions in a peer-to-peer manner." Yin Zhentao believes that "blockchain technology is a double-edged sword. From a technical point of view, since blockchain can be used for money laundering, it can also be used for anti-money laundering through technical means. This logic is established, and this is also one of the important methods of regulatory technology that I advocate."

"For the financial supervision of digital currencies, the first point is to clarify the legal positioning. It is still unclear whether digital currencies represented by Bitcoin are a virtual asset or a virtual currency. Secondly, the effect of existing supporting policies is not obvious. Although initial coin offerings and digital currency transactions have been nominally prohibited, in fact this has not been done Total ban. The relationship between the ban on initial coin issuance and Bitcoin’s anti-money laundering is not very close, but there are certain restrictions on currency transactions, but the effect is not yet obvious. Finally, it is necessary to introduce technological means and use advanced technological means to supervise high-tech transactions in the financial field.

Zhao Zhan believes that money laundering can be tracked through digital currency. Ensuring the traceability of digital currency is the key to dealing with money laundering crimes on a global scale. At the same time, many money laundering behaviors using digital currencies are carried out through exchanges. Therefore, stricter management and regulations should be established for digital currency exchanges, requiring exchanges to effectively adopt technical and management measures, fully fulfill their anti-money laundering obligations, and promptly report to the relevant authorities after discovering money laundering behaviors.

8. The UK releases a draft regulation of crypto assets, including cryptocurrency exchanges, etc. into the regulatory system

According to the policy notes and draft documents recently released by the British Treasury, the new regulations intend to bring activities such as cryptocurrency trading platform operations, stablecoin issuance, custody services, pledges, market making and matchmaking transactions into the regulatory scope of the Financial Services and Markets Act 2000, and require encryption companies targeting British retail customers to be approved in the UK. The new regulations clarify the definitions of "qualified crypto assets" and "qualified stable coins", and make supporting changes to transparency, anti-money laundering, financial promotion, etc. Stablecoins will not be included in payment regulations for the time being. The Ministry of Finance expects to complete the legislation within 2025.

9. El Salvador says it will still buy Bitcoin after IMF deal

According to Bloomberg, El Salvador’s Economy Minister Maria Luisa Hayem said at the Web Summit event in Rio de Janeiro that El Salvador will continue to purchase Bitcoin despite signing a loan agreement with the International Monetary Fund (IMF) that requires it to stop accumulating Bitcoin. Hayem confirmed in a live interview: "President Bukele promised to continue to accumulate assets." According to official news from The Bitcoin Office of El Salvador, El Salvador has added 8 Bitcoins to its national Bitcoin strategic reserve in the past 7 days, bringing the Bitcoin reserve to 6,162.18.

10. Russia’s anti-money laundering agency plans to criminalize illegal cryptocurrency mining

According to Cryptonews, Russia’s anti-money laundering agency, the Federal Financial Monitoring Service, plans to promote criminal liability for illegal cryptocurrency mining, accusing it of promoting money laundering activities. German Neglyad, deputy director of the agency, revealed that he has worked with the Ministry of Finance and the Central Bank to formulate relevant bills and has received support from policy-making agencies such as the Russian People's Council. Nikolai Zhuravlev, deputy chairman of the Federation Council, emphasized that legislation needs to be "forward-looking to eliminate loopholes in the financial system." Osman Kabaloev, deputy director of the Financial Policy Department of the Ministry of Finance, confirmed that the amendment is being drafted and will introduce administrative penalties in addition to criminal liability. The move aims to curb illegal mining and transfer of funds using cheap electricity.

11. SoFi plans to restart encryption services by the end of 2025

According to CoinDesk, financial technology company SoFi announced that it will restart cryptocurrency services and plans to restore customers’ crypto asset investment functions before the end of this year. The company's CEO Anthony Noto said in a CNBC interview that the return will be more strategic than before the suspension of services in 2023, and it also plans to integrate blockchain technology in all its major products in the next 24 months. In 2023, SoFi proactively suspended trading services for more than 20 tokens in order to obtain a U.S. bank license. Noto said that new regulations issued by the U.S. Office of the Comptroller of the Currency (OCC) in March this year reduced the compliance burden on banks participating in crypto businesses, creating conditions for restarting. In addition to trading, SoFi may also launch crypto payment and crypto asset lending services.

12. The British Treasury plans to cooperate with the United States to promote innovation in the encryption industry

According to The Block, the British Treasury issued a statement on April 30 that it planned to cooperate with the United States to promote innovative development in the encryption industry. Finance Minister Rachel Reeves said that new regulations will be formulated for crypto asset service providers such as Bitcoin and Ethereum through the "Change Plan" to enhance investor confidence and promote growth. The move aims to make the UK "the best place for innovation in the world". The statement revealed that Reeves recently met with U.S. Treasury Secretary Scott Bessent in Washington to discuss digital asset regulatory cooperation, including relevant proposals put forward by SEC Commissioner Hester Peirce. The ministries of finance of the two countries will continue to explore ways to support the responsible development of digital assets through the "UK-US Financial Supervision Working Group". The UK has adjusted its policies to support the encryption industry many times this year, including revising the Financial Services and Markets Act 2000 in January to remove strict supervision of domestic pledge service providers. This series of measures echoes the US Trump administration’s support for the encryption industry.

13. Circle receives preliminary approval from Abu Dhabi to operate as a money service provider

Stablecoin issuer Circle has received preliminary approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) to operate as a currency services provider, The Block reported. Previously, Circle established a new legal entity in ADGM in December 2024 to expand into the Middle East and African markets. This preliminary approval means that Circle has met the requirements to conduct financial business in ADGM, pending final permission. Circle plans to further expand its presence in the region and submitted an IPO application to the U.S. Securities and Exchange Commission earlier this month.

14. Beijing releases a blockchain action plan, aiming to achieve more than 10 breakthrough results by 2027

The Beijing Municipal Science and Technology Commission, Zhongguancun Science and Technology Park Management Committee and other departments jointly released the "Beijing Blockchain Innovation Application Development Action Plan (2025-2027)". The plan sets a goal by 2027, aiming to improve the ability of independent and controllable blockchain technology to support the national digital infrastructure, and strive to achieve more than 10 breakthrough results in core technology fields such as blockchain special chips and privacy protection. In addition, it is planned to form more than 20 excellent application cases in 5 key areas such as artificial intelligence large models, and initially build a national blockchain hub node. This action plan will provide important guidance for the development of blockchain technology in Beijing.

15. South Korea’s ruling party promises to promote spot crypto ETF trading and expand bank access

According to The Block, South Korea’s ruling People’s Power Party (PPP) announced that it will allow spot cryptocurrency ETF trading within the year and expand bank access to crypto exchanges to gain support from the crypto industry before the presidential election on June 3. PPP also plans to abolish the "one exchange corresponds to one bank" regulation and propose a draft of the "Basic Law on the Promotion of Digital Assets", covering stablecoin supervision and the legalization of security tokens.

16. Coinbase executive: Gold’s appreciation may lead the U.S. Treasury to buy Bitcoin sooner than expected

According to The Block, Coinbase Asset Management President Sebastian Bea recently stated on the "The Scoop" program that if the U.S. government re-evaluates the price relationship between gold and the U.S. dollar, it may accelerate its purchase plan for Bitcoin. He pointed out that Bitcoin is transforming from a high-volatility technology asset to a gold-like store of value, a trend that has attracted more institutional attention and portfolio integration.

17. The U.S. SEC delays its decision on the listing and trading applications of Bitwise Dogecoin ETF and Franklin XRP Fund

According to The Block, the U.S. Securities and Exchange Commission (SEC) issued a document announcing the postponement of a decision on the listing and trading applications of the Bitwise Dogecoin ETF and Franklin XRP Fund. The SEC said it needed more time to evaluate relevant rule change proposals and extended the final decision deadline for the Bitwise Dogecoin ETF to June 15 and the Franklin XRP Fund to June 17. The SEC said in the filing: "The Commission believes it is necessary to extend the review period to ensure sufficient time to evaluate the content of the proposal and the related issues involved." James Seyffart, an ETF analyst at Bloomberg Intelligence, said: "In my opinion, this is expected, and most of the final deadlines for these applications are October 2025 or later."