Societe Generale-Forge, the crypto division of one of France’s top three banks, has launched a new USD-pegged stablecoin called USD CoinVertible (USDCV). The stablecoin will operate on both Ethereum and Solana blockchains, making it accessible across major decentralized ecosystems. BNY Mellon will act as the asset custodian, ensuring secure backing of the stablecoin. This move marks a major step in bridging traditional banking with the fast-growing world of digital finance.
China was among the earliest countries to enthusiastically embrace cryptocurrency. The country was one of the largest markets for crypto as the popularity of Bitcoin and Ethereum grew among the citizens. As the demand for crypto grew, China tightened its rules and regulations to maintain stability and protection. As of 2025, China has implemented one significant law that changed the entire landscape of crypto.
July 10, 2025 – Shanghai State-owned Assets Supervision and Administration Commission Debate on Digital Assets
The agencies held a meeting to discuss strategic responses to stablecoins and digital currencies.
The rapid evolution of digital assets was discussed, and experts who joined the meeting indicated that it can result in softening China’s strict position on crypto.
May 30, 2025- Comprehensive Ownership Ban
The People’s Bank of China (PBOC) issued a ban on all crypto activities, including trading, mining, and individual ownership.
The crypto ban decree became effective from June 1, 2025, states the suspension of crypto transactions, asset seizure measures, enforcement, and penalties.
Previous major crypto regulations in China–
Date
Law/ Regulation
Details
September 24, 2021
Crypto trading, mining, and transactions ban
Effectively banning digital tokens such as Bitcoin
What is the Chinese Government Saying About Cryptocurrency?
By implementing the recent ban on cryptocurrency, the Chinese government is reaffirming its commitment to centralizing financial control and promoting the use of its state-backed digital currency, the yuan. Its current focus is on:
Outlawing private ownership of crypto
Accelerating the adoption of central bank digital currency (CBDC)
As China implemented a ban on crypto trading, mining, and ownership, any crypto tax is irrelevant. It has ceased all crypto activity, while focusing on blockchain innovations with its digital yuan. The government is not focusing on crypto tax as long as the crypto ban stays.
Crypto License in China
China does not have any crypto license, as Beijing has expanded its crypto ban. Since no one will be able to hold crypto or other digital assets (except its own digital yuan), a license implementation is not necessary.
Crypto Adoption in China 2025
Before China enforced the crypto ban in 2025, the adoption rate was fluctuating, and the market was unstable. Since Chinese crypto policies are too strict and have made the market sentiment rigid, it has influenced users to use VPNs to access foreign exchanges. This raised some concerns regarding crypto, and eventually, the government banned it.
Conclusion
When crypto was regulated in China, the government had a comprehensive anti-money laundering (AML) and counter-financial terrorism (CFT) framework. However, after its historical changes of banning private ownership of crypto, China is focusing on centralizing the political power and encouraging the country’s own digital currency. Despite the restrictions, use of crypto for illicit activity remains a concern for the Chinese government.
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China was among the earliest countries to enthusiastically embrace cryptocurrency. The country was one of the largest markets for crypto as the popularity of Bitcoin and Ethereum grew among the citizens. As the demand for crypto grew, China tightened its rules and regulations to maintain stability and protection. As of 2025, China has implemented one …
Illuvium (ILV) has experienced a sharp price increase of 60% over the past 24 hours, currently trading at $24.41.
The surge in price comes ahead of the much-anticipated Illuvium Pro League 2025, set to begin on August 16. Investors have flocked to the altcoin in response, but the bullish spike has also triggered significant selling.
Illuvium Could Be Looking At Decline
The Relative Strength Index (RSI) for ILV currently sits above 70.0, placing the token in the overbought zone. This suggests that a price reversal could be imminent. Historically, when the RSI nears or crosses this threshold, ILV’s price has seen pullbacks, albeit short-term.
As the excitement around the Illuvium Pro League cools, the overbought condition could lead to selling pressure. The elevated RSI signals that the asset is potentially due for a correction, especially given the fast rise in price. This can lead to investors cashing out and triggering short-term declines.
Illuvium’s age consumed metric, which tracks Long-Term Holders (LTH) behavior, has spiked recently, marking the largest increase in the last three months. A high age consumed metric signals that LTHs are selling their holdings, capitalizing on the price surge.
Given the significant impact LTHs have on ILV’s price due to their large holdings, their selling activity can put downward pressure on the altcoin.
ILV price shot up by nearly 60% in the last 24 hours, currently trading at $24.41. The altcoin crossed the $24.19 resistance and is facing the barrier of $27.01.
Marking a 6-month high, ILV will likely not continue its uptrend, considering the above-mentioned factors. The altcoin could end up falling back down to $19.56, invalidating the bullish thesis and wiping recent gains.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
On the other hand, if the altcoin notes surprising demand it could make its way past $27.01 to head towards $30.00. This would invalidating the bullish thesis and enable the altcoin to secure its recent gains.
Bitcoin price has recovered after statements by U.S. President Donald Trump regarding trade tariffs with China. The digital asset has climbed over 12% this week and is currently trading above $94,000, raising the question of whether it could soon reclaim the $100,000 mark.
Donald Trump’s comments on the lowering of tariffs influenced the market sentiment on several risk assets, including Bitcoin, XRP, DOGE, Ethereum, and other cryptocurrencies. In a White House event, the president implied that Chinese tariffs would be reduced by a “big, substantial percentage” in the future.
However, he stated that they will not go to zero, but his change of tone seems to be pulling back on the global trade concerns.
Bitcoin Price Rises Amid Eased Trade War Tensions
Risk-on sentiment emerged back in markets after U.S. President Donald Trump floated the possibility of cutting tariffs on Chinese imports. He said that 145% is very high and it will not be that high. It’ll come down substantially.”
These statements were made after weeks of threatening words and gestures, and it was met with market appreciation.The move supported a rally in major indices and increased demand for risk assets like Bitcoin. Bitcoin, for instance, rocketed by 6.77% on Tuesday to close the day trading above $93,400. Subsequently, by Wednesday, the Bitcoin price was again on the rise and trading above $94000.
Investors saw the statement as a possible sign of easing tensions in U.S.–China trade relations. The Wall Street Journal reported that Treasury Secretary Scott Bessent also supported a more relaxed stance, stating that he believed a deal with China could be reached.
On-Chain and Derivatives Data Show Increased Market Confidence
According to K33 Research, investor activity in the futures market has grown. CME futures exposure increased to 140,000 BTC, with premiums rising above 9% for the first time since January. This suggests that traders expect further price appreciation.
During the Easter week, Open Interest (OI) also increased by about 5,000 BTC according to the K33 Research report. This sent OI to a fresh high of 140,000 BTC in the three-week range. However, it is still below the figures recorded between the period of late Q4 and early Q1, where it crossed the 200,000 BTC mark.
Source: K33 Research
An increase in futures premiums and OI is generally linked to the increased activity from institutional players. This trend points to a belief in higher prices, though overall leverage is still not at peak levels.
Bitcoin Flips Google’s Parent Company and Silver
Bitcoin has now surpassed the total market value of Alphabet, Silver, and Amazon. Data from CompaniesMarketCap shows Bitcoin’s market capitalization at over $1.8 trillion, making it the fifth-largest global asset.
The BTC value is now ahead of Google’s parent company Alphabet by $12 billion. Silver, long considered a store of value, currently holds a valuation of $1.856 trillion. Amazon follows with a market cap of $1.837 trillion.
This new ranking places Bitcoin among the top-tier global assets. The rally in price and market value came after investor concerns eased regarding the trade war and monetary policy uncertainty.
Analysts Debate BTC Cycle and Possible Trend Reversal
Ki Young Ju, CEO of CryptoQuant, commented on the current market situation. He stated that despite BTC price recent gains, he sees the market moving within a wide range. He said,
“If it breaks above $100K, I’ll gladly admit I was wrong.”
Ju focuses on long-term supply and demand using on-chain data. He noted that event-driven reactions make short-term price moves harder to predict. According to him, “even among on-chain analysts, interpretations of the data can differ.”
He also mentioned that he may reconsider the cycle theory if Bitcoin hits a new all-time high before Q4. That would suggest the market might be entering a different phase than previous bull cycles.
