Weekly Ad Leaders: The 5 Most Active Websites in Global Advertising
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Weekly Industry Highlights
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China intensifies crackdown on virtual currencies including stablecoins
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Dogecoin Plunges 9% Amid Bitcoin Weakness — ETF Inflows Fail to Soothe Markets
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Major cryptocurrencies dip as DeFi platform’s Incident Amplifies Market Fear
1. China intensifies crackdown on virtual currencies including stablecoins
Chinese regulators have reaffirmed a strict stance against virtual currencies, declaring them unlawful as payment instruments and labeling related activities illegal. Officials from the People's Bank of China (PBOC) and other regulatory bodies convened this week and announced an escalation of enforcement targeting speculation, stablecoin use, and illicit trading. The move underscores renewed efforts to prevent financial risks linked to anonymous crypto transactions, money-laundering, and unregulated cross-border fund flows. Observers warn this could further squeeze crypto activity linked to China and influence global stablecoin sentiment.
2. Dogecoin Plunges 9% Amid Bitcoin Weakness — ETF Inflows Fail to Soothe Markets
Dogecoin (DOGE) saw a dramatic drop of nearly 9%, breaking its key support level around $0.1495. The decline triggered a high-volume sell-off that pushed the price toward new monthly lows. The sell-off occurred even as new DOGE ETFs from major issuers saw only US$2.16 million in inflows — far below expectations from institutional buyers. The weak ETF demand, combined with broader market risk aversion as Bitcoin (BTC) drifted near multi-month lows, intensified volatility for meme-linked assets like DOGE. Technical indicators remain bearish, suggesting downside risk may persist unless significant rebound triggers emerge.
3. Major cryptocurrencies dip as DeFi platform’s Incident Amplifies Market Fear
The week began with a sharp drop in leading tokens such as BTC, Ethereum (ETH), XRP, and others after the decentralized-finance platform Yearn Finance flagged an “incident” in its yETH liquidity pool. Market data shows BTC fell over 3%, ETH dropped around 5%, and several altcoins lost more than 4% in early Asian trading hours. The incident triggered over US$400 million in leveraged futures liquidations, revealing how quickly DeFi troubles can ripple across the broader crypto market. The sell-off extends a bruising November for crypto, further undermining investor confidence.
