Bitcoin climbs back above 94k, but USDT falls below 7 RMB

In the past couple of days, BTC’s price has climbed back to around 94k. Compared to that low of 80k a few days ago, that’s a jump of more than ten percent. But honestly, the market feels cold and quiet—nobody seems excited.

What’s even more interesting is USDT. The price against RMB has dropped to 6.95, while the USD to RMB exchange rate is still at 7.07. Keep in mind that USDT is supposed to be a stablecoin pegged to the dollar, so this price gap is hard to justify.

A few days ago, the central bank released new policies on stablecoin regulation. They’ve now classified stablecoins under the virtual currency regulatory framework. In the November 2025 meeting, it was made clear for the first time—stablecoins are a type of virtual currency, and all related transactions, issuance, and investments are considered illegal financial activities. What does this mean? It means if you get involved with these things and something goes wrong, the law won’t protect you.

Stablecoin trading has always been operating in a gray area, never really protected. Anyone playing in the crypto market should keep this in mind—risk is your own responsibility. If you get scammed or lose money, there’s basically nowhere to complain. You need to stay alert to the risks.

USDT has been dropping continuously these past few days. It’s unclear whether this is a chain reaction from the new policies, fallout from the Huiwang Pay incident, or the recent negative news about Tether brewing. In any case, negative sentiment tends to snowball once it starts.

What’s next in the coming days? Hard to say. If you’re holding USDT and not in a rush to cash out, it might be best to just wait and see.

When policy battles are murky and uncertainty is everywhere, sometimes it’s good to stay a bit numb and not overreact. Just watch and see what happens.

After all, at its core, this world is basically one big makeshift troupe.