11.18 AI Daily Report Industry Shock: BTC big dump breaks 92,000 DappRadar shuts down Nvidia's financial report affects global AI

1. Headlines

1. Federal Reserve Governor Waller supports rate cuts in December as internal divisions intensify market volatility.

Federal Reserve Governor Christopher Waller publicly expressed support for a 25 basis point rate cut at the December meeting, citing concerns about the persistently weak labor market and the impact on low- to middle-income groups. Waller referred to this move as a “risk management rate cut” to prevent a further deterioration in the labor market.

However, the hawkish voices within the Federal Reserve have not diminished, with several governors opposing further easing policies. This divergence has exacerbated market volatility, with investors' expectations for the December interest rate decision becoming polarized. Analysts point out that in the absence of key economic data, Waller's dovish signals may boost risk assets in the short term, but in the long run, they will only amplify bidirectional fluctuations.

The market will closely watch the Federal Reserve's meeting minutes to assess the outlook for interest rate paths this week. In addition, Nvidia's upcoming earnings report will also influence the performance of the artificial intelligence sector, thereby putting pressure on overall market sentiment.

2. Japan plans to classify Bitcoin as a financial product, significantly reducing cryptocurrency tax rates.

The Japanese Financial Services Agency has developed a comprehensive plan in November to reclassify 105 cryptocurrencies, including Bitcoin (, as financial products under the Financial Instruments and Exchange Act, marking one of the most significant regulatory changes since the era.

According to reports, this change will subject these assets to the same information disclosure, reporting, and market supervision standards as traditional securities markets. At the same time, the financial department proposed to significantly reduce the cryptocurrency tax rate from a maximum of 55% to 20%, aligning it with the taxation standards for stocks. This proposal will be reviewed in the tax reform for the fiscal year 2026.

Analysts believe that this move will not only benefit the standardized development of the cryptocurrency market but also enhance its attractiveness as an alternative investment tool. Lowering the tax rate will reduce the holding costs for investors, which is expected to attract more capital inflows and promote industry growth.

However, there are also viewpoints that excessive regulation may limit the innovative space of cryptocurrencies and weaken their essential characteristic of decentralization. Therefore, while promoting healthy market development, how to balance regulatory strength and retain the unique advantages of cryptocurrencies will be a question that policymakers need to weigh.

) 3. The Sui ecosystem is facing an asset scarcity dilemma, and the industry is calling for the optimization of the token issuance mechanism.

Despite the Sui ecosystem being highly favored by capital, the currently tradable assets are indeed too scarce. Apart from a few star projects like Cetus, there are simply too few tokens available for speculation on Sui.

Industry insiders point out that the scarcity of such assets is detrimental to the development of the ecosystem. The lack of liquidity will hinder the influx of funds, thereby affecting the developmental momentum of the project parties. At the same time, overly concentrated token distribution may also exacerbate speculative trading, leading to systemic risks.

To address this dilemma, industry insiders are calling for the optimization of the token issuance mechanism. On one hand, it is necessary to accelerate the incubation of new projects to inject new assets into the ecosystem; on the other hand, it is also important to review the unlocking schedule of existing tokens and appropriately relax liquidity restrictions.

At the same time, exchanges should pay more attention to the number of real users and the business model during the project launch review, avoiding excessive hype for purely speculative varieties, in order to promote the long-term healthy development of the industry.

4. AI company Perplexity is viewed pessimistically, and the founder's confidence is questioned.

At the latest BrainWave Summit ###, more than 300 professionals in the artificial intelligence industry voted on the prospects of various AI companies. The results showed that the search startup Perplexity was considered the most likely to fail.

Analysts believe that this result reflects the industry's skepticism towards the founder of Perplexity and its technological direction. In contrast, Anthropic and OpenAI received higher trust ratings.

Perplexity has always insisted on search as its core business, but under the current wave of large models, its development prospects are questioned by the market. At the same time, internal management issues and funding shortages within the company may also become potential factors for its failure.

However, there are also opinions that believe Perplexity's focus on search could become an opportunity. If the company can make breakthroughs in vertical fields and provide users with a high-quality search experience, it may still have a chance to share in the future AI market.

( 5. Mastercard collaborates with Polygon to launch a cryptocurrency username transfer system

Mastercard chooses the Polygon blockchain to build a new type of crypto transfer system, enabling cryptocurrency transfers through readable usernames instead of complex wallet addresses.

According to a press release from Mastercard, its “crypto credential” technology standardizes blockchain address verification by creating human-readable aliases for verified users. The crypto payment API company Mercuryo will be responsible for identity verification and alias issuance, allowing users to bind these aliases to self-hosted wallets.

This model mimics the operational logic of applications that transfer funds using usernames instead of banking account information, aiming to reduce the barriers to using cryptocurrencies and enhance user experience. Analysts believe that if this system is widely adopted, it will help promote the adoption of cryptocurrencies in everyday payment scenarios.

However, there are also opinions questioning whether the username system will affect the decentralized characteristics of cryptocurrencies. After all, the issuance and management of usernames require the introduction of intermediary institutions, which deviates from the trustless concept that cryptocurrencies pursue. Therefore, while enhancing usability, how to balance the core value of decentralization still needs further exploration by the industry.

2. Industry News

) 1. Bitcoin fell below $92,000, triggering panic in the market.

The price of Bitcoin fell below the $92,000 mark on November 18, with an intraday decline of 2.55%. This drop triggered panic in the market, and the cryptocurrency fear and greed index fell to 11, indicating “extreme fear.”

Analysts point out that Bitcoin's recent decline is mainly influenced by panic selling from short-term holders, the emergence of bearish technical signals, and a shift in bearish sentiment in the prediction market. Over the past week, the price of Bitcoin has fallen by a cumulative 14.2%, and market sentiment is bleak.

Traders expect that Bitcoin may further drop to the level of $80,000, as the overall cryptocurrency market is caught in a bearish atmosphere. The options market shows that traders are increasing their bearish bets, generally believing that the current decline is far from over.

However, some analysts believe that this round of decline is more like a valuation reset rather than a steep bear market with a drop of over 80%. The macro environment remains positive, global easing policies continue to be implemented, the U.S. quantitative tightening is about to end, and the channels for fiscal stimulus remain active, with liquidity expected to improve in the first quarter. As long as Bitcoin rises back to the top of its price range, market breadth is expected to recover.

2. Ethereum encounters a sell-off, institutional investors are in a loss position.

The price of Ethereum briefly fell below the $3,000 mark on November 18, with an intraday drop of up to 13.67%, becoming the hardest hit in this round of decline.

Analysts say that the decline of Ethereum is mainly influenced by a group of whale investors. This group holds approximately $263 million in Ethereum positions and faced liquidation risks due to the price drop, forcing them to sell 1,316.8 Ethereum on the same day, at an average selling price of $2,970, resulting in total losses of up to $137 million.

In addition, Ethereum-related ETFs have previously accumulated a net inflow of approximately 10 billion USD, and related long positions are at a relatively high level. In the absence of new capital to take over, the pressure for price adjustments has clearly increased. Since we first warned about the risks, Ethereum has accumulated a correction of about 10% this year, with a decline close to 20%, and the process of long deleveraging is basically in line with expectations.

Analysts indicate that the phased risks of Ethereum have long been foreseen. Throughout the summer, incremental buying mainly came from Mine, whose sustained buying power has largely supported the price and market sentiment. As Mine's buying power diminishes, there has also been a net outflow of funds related to Ethereum ETFs, leading to downward pressure on prices.

3. Privacy coins strengthen against the market trend, ZEC fails to break 750 dollars for the fourth time.

In this round of declining market, privacy coins have shown strong resistance to the downturn. Among them, ZEC attempted to break through the $750 mark four times on November 18, but each attempt ended in failure, ultimately retreating to above $700.

Similar to ZEC, other privacy coins such as DASH and ZEN have also shown a performance that is significantly stronger than the market in this round of行情. Analysts believe this may be related to the unique properties of privacy coins. During periods of market panic, investors' demand for privacy protection increases, thereby driving the demand for privacy coins.

However, some analysts warn that the risks of privacy coins are rising. Technical indicators show that ZEC has entered the overbought zone and is facing a psychological resistance level challenge at $750 in the short term. If it cannot effectively break through, ZEC may experience a pullback.

Overall, the performance of privacy coins in this round of bearish market is worth paying attention to. They may provide a certain safe haven for investors, but at the same time, potential risks should also be heeded.

4. Institutional View: Macroeconomic factors are the main reason for the current decline.

Multiple institutional analysts believe that the current decline in the cryptocurrency market is primarily due to macroeconomic factors rather than structural issues within the crypto industry.

The analysis report pointed out that in the past week, the market mainly digested the sharp adjustment of the interest rate cut expectations for December, during which the vacuum of macro data amplified the volatility. Powell's ambiguous statement on the December interest rate cut forced the market to reassess the internal divisions within the Federal Reserve, revealing that there is far from a consensus on the interest rate cut. Risk assets weakened in response, with the cryptocurrency market being the first to bear the brunt.

Economist Perfumo also stated that the current market panic stems more from macro anxieties rather than structural issues within the crypto industry. The cooling expectations for the Federal Reserve's interest rate cuts, along with discussions about the artificial intelligence bubble, have jointly suppressed market sentiment. Since the beginning of October, the crypto market has wiped out approximately $19 billion in market capitalization, and the futures open interest continues to decline.

However, analysts emphasize that the current macro environment does not match the characteristics of a long-term bear market. Global easing policies continue to be advanced, the U.S. quantitative tightening is about to end, fiscal stimulus channels remain active, and liquidity is expected to improve in the first quarter. As long as leading assets regain momentum, the market has a broad basis for recovery.

5. Analyst: Investors turn to safe havens, focus on the Federal Reserve meeting minutes

On November 18, Cryptoquant analyst Axel posted on social media that the current volatility in the stock market is rising in sync with the volatility in the interest rate/credit market, marking a comprehensive shift in the market towards a risk-averse mode. In this environment, funds and institutional investors are starting to significantly reduce their portfolio risk exposure.

Gold prices have fallen for four consecutive trading days and currently retreated to the level of $4,033. Investors are closely monitoring several delayed U.S. economic data releases scheduled for this week, including the Federal Reserve's meeting minutes to be published at 3 a.m. Beijing time on Thursday.

The document not only provides forward guidance for the interest rate path but also helps the market assess the short-term direction of monetary policy. Analysts say this will become a key catalyst influencing the trend of risk assets.

In addition, the artificial intelligence sector is also putting extra pressure on the market. Investor sentiment is becoming tense ahead of Nvidia's third-quarter earnings report released after the market on Wednesday, as this company has always been the core market barometer for the entire artificial intelligence field.

Overall, investors are shifting to a risk-off mode, significantly reducing their risk exposure. The Federal Reserve's meeting minutes and NVIDIA's earnings report will impact the short-term direction, and the market will be closely monitoring.

3. Project News

1. Vitalik Buterin releases the Kohaku privacy framework, promoting Ethereum privacy protection upgrades.

Ethereum founder Vitalik Buterin unveiled a privacy protection framework named Kohaku at the Devcon conference. Kohaku aims to enhance the privacy and security of the Ethereum ecosystem and is developed under the leadership of the Ethereum Foundation.

In recent months, Vitalik and the Ethereum Foundation have more clearly regarded privacy as a fundamental right and goal for blockchain developers. The Kohaku framework will provide privacy protection features for Ethereum, including encrypted transactions, hidden account balances, etc., allowing users to engage in on-chain activities without exposing sensitive information.

The launch of this framework marks the expansion of the Ethereum ecosystem into the field of privacy computing. Privacy has always been a major challenge facing blockchain, and Kohaku is expected to bring breakthrough progress to Ethereum. In the future, DApps and smart contracts on Ethereum may integrate privacy protection mechanisms to provide users with a more secure experience.

Industry analysts believe that privacy is key to the large-scale application of blockchain. The release of the Kohaku framework will promote new advancements in privacy computing within the Ethereum ecosystem, helping to attract more privacy-conscious businesses and individual users. However, the development of privacy technology may also raise concerns and questions from regulatory authorities.

2. Avalanche launched the Granite upgrade, increasing transaction speed to 2 seconds.

Avalanche will launch the Granite upgrade this week, aimed at improving transaction speed and security. Ava Labs executive Olivia Vande Woude stated that this upgrade could reduce settlement time to under 2 seconds, making it more suitable for applications that require real-time on-chain confirmations.

Granite includes three core updates: dynamic adjustment of transaction processing speed to cope with on-chain traffic fluctuations, reduction of cross-chain transaction costs, and the introduction of biometric signature features ### supporting fingerprint, facial, and other verification methods ###.

However, this six-year-old blockchain is facing economic challenges. According to DefiLlama, Avalanche's DeFi deposits have decreased by $1.4 billion in the past six weeks, and the current on-chain economic scale has plummeted nearly 90% compared to its peak of $17.8 billion in 2022.

The launch of the Granite upgrade is seen as an important step in revitalizing Avalanche. Faster transaction speeds and biometric signatures are expected to enhance user experience and attract more applications to join. However, it will still take time to truly reverse Avalanche's decline, and the key lies in whether it can nurture killer applications.

Analysts point out that the Granite upgrade demonstrates Avalanche's commitment to continuous innovation. Although the ecosystem is currently shrinking, there is still a chance to make a comeback in the future as long as technological advancements are maintained. However, Avalanche also faces fierce competition from other “Ethereum killers” and needs to present more attractive selling points.

( 3. DappRadar announces that it will close soon, marking the winter of We data services.

DappRadar was founded in 2018, originally inspired by CryptoKitties, with the aim of helping users discover and understand the decentralized application ecosystem. During its seven years of operation, the platform has helped millions of users discover decentralized applications, collaborated with hundreds of blockchains and thousands of developers and projects, and its data has been cited by journalists, used in research papers, and shared globally.

The company stated that it will begin to gradually shut down the platform in the coming days, stop tracking blockchain and decentralized applications, and close related services. Arrangements regarding the DAO and RADAR tokens will be communicated separately through DAO channels.

The closure of DappRadar is seen as a sign of the winter of We data services. Against the backdrop of a continued slump in the cryptocurrency market, the business model of providing data services for blockchain and DApps is facing severe challenges. Although some leading projects are still persisting, their scale and influence have significantly diminished.

Industry analysts indicate that DappRadar's exit reflects the current predicament of the We ecosystem. Despite continuous technological advancements, real large-scale applications have yet to emerge, leading to an oversupply of related services. In the future, data services are expected to regain growth momentum only after applications gain widespread support.

At the same time, DappRadar's exit has sounded the alarm for the industry. We need to examine our business model to avoid repeating past mistakes. Only by aligning with the development of the ecosystem can we gain sustainable momentum for future growth.

) 4. GAIB announced that it will launch TGE on November 19, leading a new track of RWA×AI×DeFi.

GAIB is a We project focused on the AI computing economy layer, and it will conduct the TGE### token generation event on November 19. The project aims to integrate tangible assets such as GPUs and robots into the DeFi world, creating a new model for the fusion of RWA### real-world assets( with AI and DeFi.

The core concept of GAIB is to connect AI computing resources and enable pricing, trading, and leasing on the blockchain, providing a fair and decentralized infrastructure for AI computing. Users can rent out idle hardware resources such as GPUs to earn income, or they can lease the required computational power for AI training and calculations.

The project has received investments from top institutions including y Capital and has reached a strategic partnership with OlaXBT, deeply integrating AI with financial risk control. GAIB is expected to become a model of the integration of AI and We, leading the new track of RWA×AI×DeFi.

Analysts believe that GAIB has hit the pain points of capital-intensive AI supply chains. Bringing physical assets on-chain helps improve resource utilization efficiency and promotes the democratization of AI computing power. However, whether the project can truly take off and achieve widespread application remains to be seen.

Meanwhile, the emergence of GAIB also reflects the trend of AI combining with We. In the future, AI is expected to play an increasingly important role in the We ecosystem, bringing new application scenarios and development momentum to blockchain.

) 5. Nano(XNO) surged 116% in a single day, attracting market attention.

Nano###XNO( has surged 116% in price over the past 24 hours, reigniting market interest. As a cryptocurrency focused on fast, fee-less transactions, Nano has previously remained relatively under the radar.

The design concept of Nano is to achieve an instant, free transfer experience through a new consensus mechanism that does not require proof of work. Its block format adopts a blockchain format but does not rely on traditional proof of work mechanisms, enabling efficient transaction processing.

The reason for Nano's surge is still unclear, but analysts believe it may be related to its unique technological advantages. In the current bear market environment, some projects focusing on practicality are expected to gain favor. Nano's free and efficient transfer characteristics may have attracted the attention of a new group of users.

However, Nano still faces many challenges in achieving significant development. First, there are security issues, and the reliability of its consensus mechanism needs further verification; second, there is a lack of an ecosystem, with insufficient application scenarios to support it; in addition, Nano also faces fierce competition from other high-performance cryptocurrencies.

Overall, the surge of Nano may just be the result of short-term speculative behavior, and its long-term prospects remain to be seen. However, its emergence also reflects the market's demand for high-efficiency, low-cost cryptocurrencies, providing development opportunities for related projects.

4. Economic Dynamics

) 1. Fed Governor Waller publicly supports a rate cut in December, leading to intensified internal divisions.

Federal Reserve Governor Christopher Waller publicly expressed support for a 25 basis point rate cut in December during his speech in London. He defined this as a “risk management-style rate cut” aimed at preventing further deterioration in the labor market. Waller pointed out that although the inflation rate, excluding the impact of tariffs, is only less than 0.5 percentage points above the 2% target, there are serious divisions of opinion within the Federal Reserve.

Waller's position focuses on the ongoing weakness in the labor market and concerns about pressure on middle- and low-income consumers. He believes that in the face of limited official data, it is better to cut interest rates early to avoid a rapid deterioration in employment. However, several regional Fed presidents oppose further easing, as they are more concerned about the risks of persistently high inflation.

Goldman Sachs chief economist Jan Hatzius stated that Waller's remarks highlight the increasing divisions within the Federal Reserve. He expects at least three dissenting votes at the December meeting, whether to keep interest rates unchanged or to cut them again. Analysts point out that against the backdrop of a data vacuum and growing divisions, the Fed's decisions are full of uncertainties, which will only amplify market volatility.

( 2. The Governor of the Bank of Japan met with the Prime Minister, emphasizing a “gradual adjustment” of the easing policy.

Bank of Japan Governor Haruhiko Kuroda met with Prime Minister Fumio Kishida to discuss several economic issues, including monetary policy. In a post-meeting press conference, Kuroda stated, “We are gradually adjusting the extent of monetary easing.”

This statement has raised market expectations that the Bank of Japan will gradually tighten its easing policy. Japan is one of the few major economies in the world that is still implementing large-scale monetary easing. However, sustained inflationary pressures and the depreciation of the yen have raised doubts about its policy.

Goldman Sachs analysts expect that the Bank of Japan may begin to scale back its large-scale bond purchase program in the first half of 2023. However, analysts also point out that due to the uncertainty surrounding Japan's economic recovery, the central bank may remain cautious and avoid a rapid shift toward tightening.

The meeting also discussed foreign exchange issues. Haruhiko Kuroda stated that the central bank will closely monitor the impact of exchange rates on the economy and work closely with the government. The yen has experienced significant depreciation this year, putting pressure on Japan's export-oriented companies.

) 3. A survey by Bank of America shows that investors are “extremely bearish” on risk assets.

The latest global fund manager survey from Bank of America shows that investors hold an extremely bearish attitude towards risk assets, with cash holdings reaching a near 20-year low.

The survey shows that fund managers' cash levels are only 3.7%, well below the long-term average of 4.9%. Analysts say that such a low cash level is typically seen as a “sell signal”. At the same time, the willingness to increase holdings in stocks and bonds in the future has also reached a historic low.

Bank of America stated that this extreme bearish sentiment is mainly due to concerns about a global economic recession. About three-quarters of respondents expect a recession in the next 12 months. Meanwhile, persistent inflationary pressures have significantly reduced the appeal of risk assets for investors.

However, experts point out that current investor sentiment is overly pessimistic and fails to fully reflect some positive factors, such as peak inflation and improvements in the supply chain. Goldman Sachs strategists believe that if economic data exceeds expectations, the market may experience a rebound. However, the premise is that inflation data needs to further slow down.

4. Nvidia's financial report will trigger a chain reaction in global AI-related assets.

On the evening of November 16, Eastern Time, NVIDIA will release its third-quarter financial report. This chip manufacturer is seen as a bellwether for the artificial intelligence industry, and its financial performance will trigger a chain reaction in global AI-related assets.

Analysts point out that amid growing concerns about the AI bubble in the current U.S. stock market, whether NVIDIA's performance can dispel market doubts and restore confidence has become the focus. NVIDIA's stock price has fallen nearly 50% this year, partly due to investors' skepticism about the prospects of its AI chip business.

Goldman Sachs analysts indicate that Nvidia's data center business could become a key driver of performance. If this segment performs better than expected, it will continue to support the AI boom. However, if it falls short of expectations, it may further intensify market concerns about an AI bubble.

At the same time, some companies have begun to take action to address the potential cooling of the AI boom. Meta CEO Mark Zuckerberg stated that while short-term price fluctuations may raise concerns, the company will continue to focus on the accumulation of long-term value such as AI.

Overall, Nvidia's financial report will provide investors with the latest window into the development of the AI industry, and its results are likely to trigger significant fluctuations in global AI-related assets.

5. Regulation & Policy

1. The U.S. SEC will enter a critical regulatory period, with Chair Atkins leading the development of cryptocurrency rules.

The U.S. Securities and Exchange Commission ### SEC ### is entering the most crucial 12 months of Chairman Paul Atkins' tenure after months of government shutdown. During this period, the SEC will begin to formulate regulatory rules for the cryptocurrency industry, with Chairman Atkins leading the development of relevant policies.

As the U.S. securities regulatory agency, the SEC has always had differences regarding the regulation of crypto assets. After the Trump administration took office, the SEC took several actions to clarify its position on crypto regulation, including the release of staking guidelines, holding roundtable discussions, and launching a rule modernization initiative called the “Crypto Project.” Last week, Atkins also announced a token classification proposal aimed at defining under what circumstances digital assets should be classified as securities.

Analysts point out that the SEC needs to start releasing proposals in the coming months in order to complete the rule-making by 2027. This will allow room for judicial defense and ensure that the new regulations are implemented by the end of 2028. The introduction of regulatory rules will bring certainty to the crypto industry and help attract more institutional investors. However, it may also increase compliance costs and have some impact on innovation.

Industry insiders have differing views on the SEC's regulatory measures. Supporters believe that clear regulations will benefit the long-term healthy development of the industry. However, some are concerned that excessive regulation could stifle innovation and are calling for the SEC to remain open and inclusive when formulating rules. Overall, there are high expectations in the market for the policy direction of the new SEC chairman, hoping to seek a balance between regulation and innovation.

2. The White House reviews the United States' participation in the international cryptocurrency tax reporting framework, cross-border regulation may be adjusted.

The Trump administration is advancing a regulatory proposal aimed at authorizing the IRS to obtain key information about citizens' overseas cryptocurrency accounts and implement taxation. According to a government website announcement, the Treasury's proposal regarding the U.S. participation in the international cryptocurrency tax reporting framework has been submitted to the White House, and the presidential advisory team will conduct a review of this.

The multilateral agreement requires member countries to automatically share information on citizens' crypto assets to combat cross-border tax evasion. Currently, Japan, Germany, France, Canada, Italy, the UK, as well as crypto hubs like the UAE, Singapore, and the Bahamas, have all signed on. In the crypto policy report released this summer, Trump's crypto advisory team recommended that the US join this framework.

The White House pointed out at the time: “Implementing this framework will prevent taxpayers from transferring digital assets to overseas trading platforms, promote the growth and application of digital assets in the United States, and avoid putting the U.S. at a competitive disadvantage due to a lack of reporting mechanisms.” The report calls for the Treasury Department and the IRS to study specific implementation plans, but emphasizes that “new reporting requirements should not be set for DeFi transactions.” According to the plan, the global deployment of this framework is scheduled to officially start in 2027.

The proposal aims to strengthen U.S. regulation of crypto assets and curb tax evasion. However, it may also increase compliance costs and impact industry development. There are differences of opinion within the industry; supporters believe it will help maintain a fair competitive environment, while opponents worry about excessive regulation. Overall, the market is highly concerned about the direction of this proposal and hopes to find a balance between tax regulation and industry development.

( 3. European Parliament proposal to strengthen the fight against crypto fraud crimes, or freeze wallets and detain suspects.

European lawmakers are advancing a bill aimed at strengthening the fight against crypto fraud. The bill allows judges to take preventive measures, either proactively or at the request of prosecutors, when dealing with fraud cases, including freezing cryptocurrency wallets and traditional financial assets.

Lawmakers stated that these preventive measures will help protect society and provide robust tools for combating fraud. The bill also proposes the establishment of a “National Fraud Victims Compensation Fund” to provide immediate assistance to victims and address the slow civil compensation procedures.

In addition, lawmakers are calling for harsher penalties for cybercriminals, including preventive detention, and restricting citizens' access to cryptocurrency trading platforms used for criminal activities. The bill is currently under review by the committee, and it is expected to take some time to complete the final analysis.

The bill aims to strengthen the punishment of cryptocurrency fraud and protect the public interest. However, it may also increase compliance costs and affect industry development. Supporters believe it is beneficial for maintaining a fair competitive environment, while opponents worry that excessive regulation stifles innovation. Overall, the market is paying significant attention to the direction of the bill, hoping to find a balance between punishing crime and promoting innovation.

Industry insiders have differing views on this bill. Supporters believe that strengthening punitive measures is beneficial for maintaining a healthy development environment for the industry. However, some are concerned that overly harsh measures may affect legitimate transactions and are calling for caution in law enforcement. Overall, the market hopes to seek a balance between punishing crime and promoting innovation.