Bitcoin Near $112K and Major Regulations Shake Crypto Markets

The key events in the crypto space last week include Bitcoin reaching a new all-time high just shy of $112,000, and Ethereum climbing to $2,576. Weekly winners are Hyperliquid (+49%), SPX6900 (+32%), and Zcash (+31%). Globally, crypto regulation is intensifying, with Russia proposing fines up to 200,000 ₽ for citizens and one million for companies involved in crypto payments. In the United States, the GENIUS law supporting stablecoins is gaining traction among senators, potentially boosting their market capitalization. Hong Kong is also tightening rules, requiring stablecoin projects to back their coins with fiat currency by late 2025. On the corporate front, Circle is in talks to sell its IPO stake, potentially to Coinbase or Ripple, at an estimated value of $5 billion. Meanwhile, decentralized platform Cetus was hacked, incurring approximately $224 million in total losses, with about $160 million frozen during ongoing investigations. These developments highlight significant upward price momentum amidst regulatory tightening and major business moves, suggesting a bullish outlook tempered by security concerns and regulatory risks.