Bybit Private Wealth Management Beat November Downtrend with Top Fund Delivering Close to 30% APR

Italy’s financial markets regulator, Consob, has issued a new warning to investors and crypto operators as the 30 December 2025 deadline for MiCAR compliance approaches. This date marks the end of the transition period for Virtual Asset Service Providers (VASPs) operating under Italy’s current, lighter rules. 

With Europe’s new MiCAR framework coming into effect, operators will face a stricter authorisation process, and investors should be prepared for potential service disruptions.

What Happens After 30 December

Currently, VASPs in Italy only need to be registered with the OAM to operate legally. Under MiCAR, however, all crypto service providers, now called Crypto-Asset Service Providers (CASPs), must obtain full authorisation from regulators and operate under ongoing supervision. Consob emphasizes that 30 December 2025 will be the final day that unapproved VASPs can legally provide services in Italy.

A temporary exception applies to firms that submit a CASP authorisation request by the deadline. These operators may continue serving clients while their application is reviewed, but no later than 30 June 2026. Firms that fail to apply will be required to shut down immediately at the end of December.

This move follows earlier warnings. In April, the Bank of Italy noted that around 75% of firms holding large Bitcoin positions are based in the U.S., limiting the eurozone’s visibility into how these companies manage risk. The central bank cautioned that as crypto becomes more connected with traditional finance, potential vulnerabilities could affect wider markets.

How MiCAR Changes Affect Crypto Users

Consob advises investors to check the status of the crypto platforms they use. Many VASPs may not receive approval under MiCAR, which could leave users unable to access services or funds. Investors should confirm whether their platform has shared a MiCAR transition plan and verify the operator’s status via the official OAM list or ESMA’s register of authorised CASPs.

If a platform is not authorised after the deadline, it must stop operating and return all client funds and crypto-assets. Consob warns that using an unapproved operator after 30 December could expose users to unnecessary risks, especially if the firm delays withdrawals or provides unclear instructions.

Crypto Operators Must Comply or Shut Down Under MiCAR Rules

Consob’s warning is particularly relevant for VASPs that have not yet started the authorisation process. Those that do not transition into CASPs must wind down operations, close customer accounts, return assets and funds, and stop all crypto services, including custody and administration. Regulators stress that operators should communicate their plans clearly through public notices and direct updates to customers to ensure an orderly transition or shutdown.

Zcash price is witnessing a sharp shift in sentiment as traders quickly flip bullish following a wave of short liquidations that hit the market over the past few hours. The sudden unwind of bearish positions has injected fresh upside momentum into ZEC, lifting expectations that the privacy token may be preparing for a short-term price recovery.

With volatility rising and liquidity improving across the ZEC derivatives market, analysts are now watching whether the token can reclaim its pivotal support zone before the weekend.

Short Liquidations Trigger a Bullish Shift

In the past 12 hours, the Zcash price has faced the third-largest short liquidations after Bitcoin and Ethereum. Zcash’s latest upswing began when a cluster of short positions was wiped out within a tight trading window, creating a classic short-squeeze effect. This forced bearish traders to exit their positions at market price, adding buy-side pressure and accelerating the reversal.

Ripple has spent $4 billion this year expanding its payments and digital asset ecosystem, winning approvals in Singapore and the UAE.

Yet, the XRP price remains stubbornly low, leaving investors puzzled as adoption accelerates behind the scenes.

Ripple Strengthens Global Footprint with Strategic Acquisitions and Regulatory Wins

On December 4, Ripple outlined four major acquisitions aimed at creating an end-to-end infrastructure for payments and digital assets. The deals include:

• GTreasury – $1 billion
• Rail – ($200 million,
• Palisade, and
• Ripple Prime.

According to Ripple, these acquisitions integrate corporate treasury intelligence, stablecoin payments, high-speed custody, and institutional-grade liquidity into Ripple’s Payments Solutions.

The goal is to achieve a unified platform that enables businesses to move, manage, and optimize money in real-time.

Ripple has also made headlines with approvals in Asia and the Middle East. Singapore’s Monetary Authority granted Ripple an expanded Major Payment Institution license, allowing broader regulated payment operations. Fiona Murray, VP & Managing Director for APAC, emphasized the region’s leadership in real digital asset usage.

In the UAE, RLUSD, Ripple’s fiat-referenced stablecoin, received FSRA approval for institutional use, covering collateral, lending, and prime brokerage activities. Jack McDonald, SVP of Stablecoins, called this a “signal of trust” that reinforces Ripple’s compliance and market credibility.

XRP Price Lagging Despite Positive Developments

Despite these strategic moves, the XRP price remains muted. Over the past two months, XRP has declined by 31%, with social sentiment indicating extreme fear, according to Santiment.

CryptoQuant data also highlights rising network velocity, indicating rapid trading and low long-term holding.

Short positions in derivatives markets, particularly among Korean investors, add further pressure. Upbit alone held 6.18 billion XRP as of December 4, the highest level of 2025, potentially signaling future selling.

Against this backdrop, analysts warn that while early-December gains align with broader market recovery, the XRP price could retest lows near $1.9–$2.0 if selling pressure continues.

As of this writing, XRP was trading for $2.09, down by almost 4% in the last 24 hours. Market observers suggest focusing on adoption rather than charts.

This sentiment highlights Ripple’s increasing role in the enterprise payments ecosystem, where strategic acquisitions and regulatory clarity are creating tangible long-term value.

Ripple’s 2026 roadmap points to further integration of acquired assets, expanded corporate treasury services, and deeper institutional adoption.

XRP ETFs, including new inflows from Vanguard, could mitigate short-term selling pressure, even as the financial instrument races for the $1 billion milestone.

With infrastructure strengthening globally, Ripple’s vision as a one-stop shop for digital assets could reshape real-time finance, and XRP may yet catch up.

0818 GMT - Bitcoin rises modestly as expectations for another interest-rate cut at the Federal Reserve's meeting on Wednesday support risk sentiment. The cryptocurrency is also lifted by reduced concerns about highly-valued artificial intelligence-related stocks after Chinese AI chip company Moore Threads surged nearly 500% on its Shanghai debut. Bitcoin has experienced a volatile week, having suffered its worst fall since March on Monday before recovering back above $90,000. "Despite the recent volatility, bitcoin's underlying narrative remains little changed and institutional adoption continues to broaden," BCA Research strategist Artem Sakhbiev says in a note. Bitcoin rises 0.1% to $92,258, LSEG data show. It hit a two-week high of $94,082 Thursday and a one-week low of $83,873 on Monday. (renae.dyer@wsj.com)

0812 GMT - U.K. government bonds, or gilts, look favorable as their supply in the market slows in the coming months, RBC Capital Markets strategists say in a note. Markets' pricing of a significantly higher terminal rate in the U.K. versus the eurozone seems unjustified, the strategists say. Markets price a total of 65 basis points of interest-rate cuts by the Bank of England by the end of 2026, LSEG data show. (miriam.mukuru@wsj.com)

0809 GMT - German Bund yields are little changed on the day but could continue edging higher, Jefferies' Mohit Kumar says in a note. Jefferies isn't ready to fade the recent rise in yields, the global economist says. The bank expects some bearish pressure on Bunds--pushing yields higher--in the coming weeks, even though yields will likely keep within a tight range. Pressure on Japanese government bonds is spilling onto other markets as the Bank of Japan prepares to raise interest rates, potentially this month, he says. Bund yields could also rise if the Federal Reserve cuts rates next week but is cautious about future easing, he says. The 10-year Bund yield is up 0.4 basis points at 2.774%, according to Tradeweb. (emese.bartha@wsj.com)

0758 GMT - The dollar falls ahead of the release of U.S. personal consumption expenditures data, the Federal Reserve's preferred measure of inflation. The September PCE data will be released at 1500 GMT after being delayed due to the recent government shutdown. The core PCE data will be particularly important ahead of the Fed's December 10 meeting, Hargreaves Lansdown's Emma Wall says in a note. If the inflation print is higher than expected, the Fed could keep rates on hold, she says. If it eases in line with expectations or below, that paves the way for another rate cut as anticipated, she says. The DXY dollar index falls 0.1% to 98.846. (renae.dyer@wsj.com)

0744 GMT - Singapore retail growth could be subdued next year, say DBS Group Research analysts in a note. Any boost from government vouchers for supermarkets and higher tourist spending are likely to be largely offset by reduced discretionary spending amid softer economic growth, they say. The anticipated end-2026 launch of a rapid rail between the city-state and Malaysia's Johor Bahru could also serve as an overhang going into the year after. Additionally, the analysts expect an absence of government vouchers to weigh on 2027's retail growth. DFI Retail Group is DBS's top consumer pick, given the margin expansion in its health and beauty segment. Among Singapore's retail landlords, the bank likes CapitaLand Integrated Commercial Trust and Lendlease Global Commercial REIT as they offer decent projected yields. (megan.cheah@wsj.com)

0739 GMT - Wage and final estimate of third-quarter eurozone GDP data will be key for the region's government bonds on Friday. "The data will give us the first full picture of wage developments in the third quarter," Danske's Asger Wilhelm Dalsjo says in a note. The data are very important for the European Central Bank outlook since services inflation--which is mainly determined by wages--is what currently keeps inflation from falling below target, the assistant analyst says in a note. This year's last ECB meeting is on Dec. 18 and the market expects the central bank to keep policy rates on hold. The 10-year Bund yield is little changed at 2.772%, according to Tradeweb. (emese.barta@wsj.com)

0732 GMT - Nordic markets are seen opening slightly lower, with IG calling the OMXS30 down 0.1% at around 2811. There was calm on Wall Street Thursday, despite a confusing picture of the U.S. labor market, SEB senior economist Johan Javeus writes. After ADP data signaled a weak labor market on Wednesday, jobless claims data were unexpectedly strong, Javeus says. However, everyone still seems confident that the Federal Reserve will cut interest rates next week, he says. Stock markets in Asia are mixed and futures are pointing slightly up in both Europe and the U.S. Focus Friday will be on U.S. PCE inflation data. OMXS30 closed at 2813.61, OMXN40 at 2418.82 and OBX at 1542.26. (dominic.chopping@wsj.com)

0716 GMT - U.S. Treasury yields trade lower, reversing some of Thursday's increases that were driven by better-than-expected jobless claims data. Friday's U.S. data focus is on September PCE inflation. The Federal Reserve's preferred gauge of inflation was delayed by the longest U.S. government shutdown. U.S. Treasury yields decline by 1 bp to 1.5 bps across maturities, with the two-year yield falling 1.2 bps to 3.518% and the 10-year yield declining 1.4 bps to 4.093% in Asian trading, according to Tradeweb. (emese.bartha@wsj.com)

0657 GMT - The Australian dollar appears positioned for outperformance ahead, with cyclical and structural factors providing it a durable tailwind, says Vishnu Varathan at Mizuho Securities. The Australian dollar may get a leg up if expectations of the Reserve Bank of Australia turning hawkish pan out and the Federal Reserve turns more aggressively dovish, he says in a note. It may also be supported by structural demand for Australian dollar-denominated reserve assets, as a key hedge to "Sell America." A constructive commodity supercycle may also support a stronger Australian dollar, further amplified by the AI infrastructure buildout and the race for geoeconomic resource security, he adds. AUD/USD is at 0.66, according to LSEG. (monica.gupta@wsj.com)

0644 GMT - Ten-year eurozone government bond yields are expected to see some upward pressure from rising U.S. Treasury yields in 2026, Macquarie's David Doyle and Dan Fabbro say in an outlook. They forecast 10-year German Bund yield to reach 3.15% by end-2026, they say. Macquarie's base case for the European Central Bank is to stay on hold over the forecast horizon, albeit with risks toward further rate cuts. The 10-year Bund yield closed at 2.768% on Thursday, according to Tradeweb. (emese.bartha@wsj.com)

0640 GMT - Even after Friday's rate cut by the Reserve Bank of India, real rates hover near 5%, which is far too restrictive for an economy that needs healthy nominal growth to sustain earnings and tax collection, says Apurva Sheth at Samco Securities. With inflation tamed and growth remaining resilient, the RBI retains ample room for further easing, he says in an email. A weaker currency is the main cause of concern for the RBI. "Right after the cut we saw the rupee give some of its gains in the last two days," he says. Further rate cuts will push the rupee even lower until foreign portfolio and foreign direct investment come back in a big way. Currency and growth are the two major factors the RBI needs to balance now after benign inflation, he adds. (monica.gupta@wsj.com)

0640 GMT - Ten-year U.S. Treasury yields are expected to move higher over 2026 as activity improves, reaching 4.75% by year end, before modestly decelerating over 2027 to 4.50%, Macquarie's David Doyle and Dan Fabbro say in an outlook. Over the past year, the 10-year has remained elevated relative to market pricing for the fed funds rate in three years, suggesting the "higher for longer" theme will continue, they say. The 10-year Treasury yield falls 1 bp to 4.097%, according to Tradeweb. (emese.bartha@wsj.com)

Bitcoin is again trading under the shadow of a potential yen carry-trade shock as markets head into the 9–10 December FOMC meeting and a likely hawkish turn from the Bank of Japan at the December 18-19 meeting. The setup echoes last summer’s episode, when a policy shift in Tokyo triggered rapid deleveraging across risk assets, including crypto.

Will The Bitcoin Price Crash Next Week?

Analyst Benjamin Cowen explicitly links today’s environment to that July shock. He reminded followers that “in July 2024, the Fed cut rates while the BOJ raised rates, leading to the unwind of the carry trade. Bitcoin capitulated into it, and found a low 1 week later.” He added, “Good chance this happens again on December 10th (Fed cuts, BOJ raises rates). So maybe Bitcoin finds a low mid-Dec?”

The precise sequencing last year was more nuanced – markets aggressively priced Fed easing while the BoJ surprised with a hike – but the core mechanism Cowen highlights is the same: when US policy is moving toward looser conditions just as Japan tightens, the long-running yen carry trade becomes unstable and high-beta assets sell off hard.

Truflation’s thread lays out why this matters for Bitcoin and the wider crypto market. Large institutions and commercial banks “borrow money in Yen where interest rates are historically and famously low, and use that money to invest in the US.” They can park the funds in interest-bearing instruments to “earn healthy 3–4%” on the spread, or “more often, they invest in stocks and bonds to get way more.” This is reinforced by a BoJ policy of keeping the yen cheap against the dollar.

The danger arises when stocks fall and the yen starts to rise or is expected to rise. Then “institutional and Commercial borrowers may exit, so as not to get stuck with significant losses on their Yen debts.” They “sell whatever assets they purchased in the US and get back into Yen to pay back their loans in Japan, resulting in a cascade of US asset sales and Yen purchases.” After “years of Yen carry trade being a relatively safe way for big banks and institutional investors to make easy money,” even a modest normalization can force broad, mechanical de-risking — and Bitcoin, as a liquid, leveraged risk asset, sits directly in that firing line.

Crypto trader Kevin (@Kev_Capital_TA) underscores how tight the current window is. He notes that “we have the Fed’s preferred measure to track inflation via the Core PCE inflation and then the FOMC all in the next six days,” followed by a BoJ press conference on 19 December that will be “massive for Dollar, short end and long end of the yield curve not to mention Yen carry trade fears.” In a separate post, he stresses that “the JP10Y continues to make new highs. Pretty big deal folks,” highlighting that Japanese yields are grinding higher into that meeting and increasing pressure on the BoJ to act.

A few days ago, BitMEX founder Arthur Hayes connected that macro repricing directly to Bitcoin’s latest leg down. “BTC dumped cause BOJ put Dec rate hike in play. USDJPY 155–160 makes BOJ hawkish,” he argues, framing the sell-off as a funding shock rather than a crypto-native event.

Into December, futures and economist surveys put the probability of a Fed cut at roughly 80–87% for the 9–10 December meeting, even as the committee remains divided. At the same time, the BoJ is openly signalling it will “consider the pros and cons” of a hike at its 18–19 December meeting, with markets now pricing a high likelihood of tightening and 10-year JGB yields near multi-decade highs.

That combination — Fed easing expectations plus BoJ tightening risk — is exactly the configuration that threatens the yen carry and makes a repeat of July 2024’s pattern plausible: a sharp flush in Bitcoin and other risk assets, followed by a bottom once forced deleveraging runs its course.

At press time, BTC traded at $92,235.

For years, Chinese crypto investors have relied on USDT and other dollar-pegged stablecoins as a safe harbor from market volatility. But a dramatic shift in currency dynamics is forcing them to reconsider: what happens when the “stable” coin loses value against your home currency?

Over the past six months, the offshore renminbi has surged from 7.4 to 7.06 against the dollar, marking its strongest level in a year. While this appreciation benefits China’s broader economy, it creates an uncomfortable reality for stablecoin holders—their dollar-denominated assets are quietly bleeding value when measured in yuan terms.

The Perfect Storm Against Dollar Holdings

The mathematics is straightforward but painful. A Chinese investor who converted 100,000 yuan to USDT in April at 7.4 would now receive only about 95,400 yuan when converting back at 7.06—a 4.6% loss without touching a single volatile crypto asset.

This isn’t a temporary blip. The dollar index has fallen nearly 10% this year as weak US employment data and aggressive Fed rate cuts have triggered massive unwinding of carry trades. Meanwhile, China’s stock market rally—with the Shanghai Composite breaking 4,000—has attracted foreign capital, further strengthening the yuan.

Additionally, China’s trade settled in RMB more than doubled between January and July. Corporations increased hedging with financial contracts, boosting practical RMB demand beyond speculation.

Goldman Sachs research suggests that every 1% yuan appreciation is correlated with a 3% gain in Chinese equities, creating a self-reinforcing cycle that could push the currency even higher.

USDT: From Safe Haven to Risk Asset

The change means dollar stablecoins are no longer a reliable hedge for Chinese crypto users. The combination of a weaker USD and a stronger RMB reduces USDT’s local purchasing power.

Tighter regulations deepen this challenge. In May, China’s central bank and 13 ministries officially named stablecoins as a concern in anti-money laundering and foreign exchange oversight. Recent statements caution that stablecoins lack legal status and are vulnerable to illegal use, indicating a possible increase in enforcement.

On peer-to-peer markets, the USDT-to-RMB exchange rate has fallen below 7, reflecting both market pressure and regulatory risk premiums. Transaction fees and spreads have also grown.

Chinese Investors Pivot to Tokenized Real-World Assets

To manage eroding savings and increased regulation, Chinese investors are adopting new strategies. Rather than holding USDT, many now prefer on-chain, dollar-denominated real-world assets, such as tokenized US equities and gold. These assets can yield returns or appreciate, potentially offsetting currency losses and regulatory hurdles.

This trend aligns with a global move by institutional investors to tokenize physical assets, blending blockchain with traditional markets. For Chinese crypto holders, these alternatives maintain dollar exposure while offering diversification beyond pure currency bets.

The USDT’s rapid shift from a haven to a risk asset marks a significant change for both the Chinese crypto sector and the RMB. The era of treating stablecoins as risk-free savings accounts may be over for Chinese investors.