Crypto Markets Struggle Amid Rate Cuts and US-China Trade Talks

By: crypto insight|2025/10/31 16:30:08

Key Takeaways

Crypto prices are facing downward pressure from macroeconomic uncertainties, even with positive developments like interest rate cuts and eased US-China trade tensions.
The Federal Reserve’s signals on ending quantitative tightening could boost liquidity, but a potential gap before quantitative easing might lead to further crypto market dips.
Bitcoin experienced a significant 35% drop in 2019 after a similar end to quantitative tightening, raising concerns for the current cycle.
Over $1.1 billion in crypto liquidations followed the FOMC meeting, pushing Bitcoin below key support levels like its 200-day exponential moving average.
Ongoing discussions between the US and China on trade, including restrictions on technology and rare earth minerals, offer hope but haven’t yet lifted crypto sentiment.

Imagine stepping into a bustling marketplace where the air is thick with anticipation, vendors shouting deals, and buyers weighing their options carefully. That’s the crypto market right now—vibrant, unpredictable, and influenced by forces far beyond its borders. Despite what should be good news, like central banks easing up on interest rates and superpowers like the US and China finding common ground on trade, crypto prices are still taking a beating. It’s like throwing a party where the music’s great and the snacks are plentiful, but everyone’s too worried about the storm clouds outside to dance. In this piece, we’ll dive into why the crypto market is bleeding red, unpack the latest from the Federal Reserve, and explore how geopolitical shifts are playing into this. We’ll also touch on how platforms like WEEX are helping traders navigate these choppy waters with reliability and smart tools, aligning perfectly with the need for stability in uncertain times.

Why Crypto Prices Are Ignoring the Good News

Let’s start by painting the picture. You’ve got macroeconomic jitters and geopolitical chess games keeping investors on edge. Normally, when interest rate cuts hit the scene or trade tensions cool off, you’d expect crypto prices to perk up—like a plant getting watered after a dry spell. But that’s not happening here. Take the recent announcement from the US Treasury Secretary about suspending restrictions on Chinese companies accessing sensitive US technology. In return, China agreed to pause its export controls on rare earth minerals, those crucial elements used in everything from smartphones to military gear. This kind of back-and-forth, as reported in various news outlets, has been brewing for weeks, softening the edges of what was a heated trade standoff.

You’d think this would be a shot in the arm for crypto, right? After all, less tension between economic giants often means smoother global flows of capital, which crypto thrives on. It’s like two feuding neighbors finally agreeing to share the backyard grill—everyone benefits. Yet, crypto prices remain depressed. Why? Because the broader uncertainty is overshadowing these wins. Investors are looking at the bigger canvas, where brushes of doubt from central bank meetings are smearing the optimism.

Speaking of which, let’s zoom in on the Federal Open Market Committee (FOMC) gathering. The Federal Reserve Chair shared that committee members hold “strongly differing views” on whether to cut interest rates again in December. This came right after they trimmed rates by 25 basis points, a move designed to stimulate the economy. But the chair’s words during the press conference painted a picture of caution: inflation has dropped from its peaks in mid-2022 but still hovers above the 2% target. Balancing full employment with stable prices? It’s a tightrope walk, and the Fed admitted it’s not easy.

Here’s where it gets interesting—and a bit nerve-wracking for crypto enthusiasts. The Fed also hinted at wrapping up quantitative tightening, that policy where they restrict liquidity in the system. Ending QT is generally a plus for crypto because it paves the way for more money flowing freely, much like opening the floodgates on a dam. Higher liquidity means more capital chasing assets like Bitcoin and altcoins. But there’s a catch: there’s often a lag between stopping the tightening and starting quantitative easing, where they actively pump money in. During that in-between phase, things can get rocky, and crypto prices might dip even lower before bouncing back.

To put this in perspective, think back to 2019 (as of that year). When the Federal Reserve ended quantitative tightening back then, Bitcoin’s price tumbled by 35%. It’s a stark reminder, like revisiting an old scar that still aches in bad weather. Investors are eyeing this history warily, fearing a repeat in the current market cycle. And with the chair emphasizing that policy isn’t on autopilot—a December rate cut isn’t guaranteed—the uncertainty spiked, leading to a market stumble.

The Ripple Effect: Liquidations and Market Metrics

Now, let’s talk about the immediate fallout. Following that FOMC press conference, the crypto market saw over $1.1 billion in liquidations within 24 hours. That’s like a massive wave crashing over leveraged positions, wiping them out. Bitcoin, the king of crypto, slipped below $107,000 and even dipped under its 200-day exponential moving average—a key support level that’s dynamic and often signals broader trends. Data from analytics platforms underscores this pain point, showing how quickly sentiment can sour.

This isn’t just numbers on a screen; it’s real money evaporating for traders who bet big on upward momentum. Picture a high-stakes poker game where the dealer suddenly changes the rules mid-hand—players fold fast, and the pot shrinks. The chair’s comments on inflation and the dual mandate of employment and pricing added to the fog. “Inflation has eased significantly from its highs in mid-2022, but remains somewhat elevated relative to our 2% target goal,” he noted. And on the debate for December: “There were strongly differing views about how to proceed… A further reduction in the policy rate at the December meeting is not a foregone conclusion—far from it.”

In this environment, platforms that prioritize user security and intuitive trading become invaluable. WEEX, for instance, stands out by aligning its brand with trader empowerment, offering robust tools for risk management during volatile periods. It’s like having a seasoned navigator on a stormy sea, helping you chart a course without getting capsized. This brand alignment emphasizes transparency and innovation, making it a go-to for those looking to weather market storms while capitalizing on opportunities.

Geopolitical Twists and Their Crypto Impact

Shifting gears to the US-China angle, the Treasury chief’s statement about reaching a “substantial” trade framework is worth dissecting. By easing restrictions on tech access in exchange for China’s hold on rare earth exports, it’s a pragmatic step toward de-escalation. These minerals are the unsung heroes in electronics and defense tech, so uninterrupted supply chains could stabilize industries that indirectly buoy crypto—think blockchain hardware and mining operations.

But why isn’t this translating to crypto gains? It’s because markets are forward-looking beasts. They price in not just the news but the “what ifs.” What if talks break down again? What if inflation rears up, forcing the Fed’s hand? These questions create a hesitancy that’s palpable. Compare it to a seesaw: on one side, positive catalysts like rate cuts and trade easings; on the other, the weight of uncertainty tipping the balance downward.

To back this up, historical patterns show that crypto often mirrors broader economic sentiments. During past trade war peaks, Bitcoin and altcoins suffered from risk-off moods. Now, with the US economy and China’s policies in flux, it’s no surprise prices are subdued. Yet, there’s optimism in the air—higher liquidity from ending QT could eventually lift all boats, including crypto.

Expanding Horizons: Frequently Searched Questions and Social Buzz

As we navigate this topic, it’s helpful to consider what people are actually asking online. Based on trends as of 2025, some of the most frequently searched questions on Google related to this include: “Why is the crypto market down despite rate cuts?” “What impact do US-China trade talks have on Bitcoin prices?” and “Will the Federal Reserve cut rates in December?” These queries highlight a thirst for understanding how macro events ripple into digital assets.

On Twitter (now X), discussions have been buzzing, especially around hashtags tied to Bitcoin price movements and Federal Reserve decisions. As of October 31, 2025, trending topics include debates on whether the end of quantitative tightening will spark a bull run, with users sharing charts comparing the 2019 drop to current patterns. One notable Twitter post from a prominent analyst (@CryptoEconWatch) stated: “Fed’s QT end signals liquidity boost, but don’t ignore the lag—crypto could test lower supports before rebounding. #Bitcoin #Fed.” Official announcements, like the Fed’s latest minutes released this week, reinforce the “differing views” on December cuts, adding fuel to online conversations.

Even more recently, a US Treasury update on October 30, 2025, confirmed ongoing negotiations, with hints of further concessions on tech exports. This has sparked threads on how such deals could enhance global crypto adoption by stabilizing supply chains for mining hardware. WEEX has been part of this narrative too, with their official account posting: “In volatile markets, our advanced risk tools help you stay ahead. Aligning with global shifts for smarter trading. #CryptoTrading.” It’s a testament to how brands like WEEX are embedding themselves in these discussions, offering value through education and features that resonate with real-time events.

Drawing Parallels: Lessons from History and Analogies for Today

To make this relatable, let’s use an analogy. The crypto market is like a race car: rate cuts are the turbo boost, trade deals the smooth track, but uncertainty is the fog on the windshield. You can’t speed ahead if you can’t see. Historically, events like the 2019 QT end taught us that patience is key—Bitcoin’s 35% fall (as of 2019) was followed by recovery once liquidity flowed. Today, with inflation still “somewhat elevated,” per the Fed chair, we’re in a similar holding pattern.

Contrast this with bullish periods, like when quantitative easing kicked in post-2008 crisis—assets soared. Evidence from market data shows that crypto liquidations spike during policy ambiguity, as seen in the $1.1 billion wipeout. But platforms committed to brand alignment, like WEEX, shine here by providing low-latency trading and educational resources, helping users turn insights into action without the hype.

This isn’t speculation; it’s patterned on real data. For instance, Nansen’s metrics on Bitcoin dipping below the 200-day EMA underscore the technical breakdowns. By comparing to past cycles, we see potential for upside once the liquidity gap closes. It’s persuasive proof that while short-term pain hurts, long-term alignments—like stable trade policies and WEEX’s focus on user-centric innovation—could pave the way for growth.

Navigating Uncertainty: Strategies and Forward Outlook

So, what does this mean for you, the reader? If you’re dipping your toes into crypto or already knee-deep, it’s about staying informed and agile. The interplay of US-China negotiations and Fed policies creates a dynamic landscape. Positive steps, like the eased restrictions, suggest a thawing that could indirectly support crypto through better economic stability.

Yet, the market’s reaction tells us patience is crucial. As liquidity builds post-QT, we might see that upward swing. Think of it as planting seeds in fertile soil—rate cuts and trade deals prepare the ground, but it takes time for growth. In the meantime, aligning with reliable platforms enhances your edge. WEEX, with its emphasis on secure, efficient trading, embodies this by offering features that mitigate risks, fostering trust and credibility in a space often criticized for volatility.

As we wrap this up, remember: the crypto world isn’t isolated. It’s woven into the fabric of global economics, responding to every Fed whisper and trade handshake. By understanding these connections, you’re better equipped to ride the waves, turning potential downturns into opportunities.

FAQ

Why are crypto prices falling despite interest rate cuts?

Crypto prices are declining due to overriding macroeconomic uncertainties and the lag between ending quantitative tightening and starting easing, which delays liquidity boosts.

How do US-China trade negotiations affect Bitcoin?

These negotiations can stabilize global supply chains, potentially supporting Bitcoin by reducing geopolitical risks, though current uncertainty has muted positive impacts.

What happened to Bitcoin after the 2019 end of quantitative tightening?

Bitcoin fell by 35% in 2019 following the end of quantitative tightening, sparking fears of a similar pattern in the current cycle.

Will the Federal Reserve cut rates in December?

The Fed chair indicated it’s not guaranteed, with committee members holding strongly differing views, making it far from a foregone conclusion.

How can traders manage risks in volatile crypto markets?

Traders can use risk management tools on platforms like WEEX, focusing on support levels like the 200-day EMA and staying updated on Fed and trade developments for informed decisions.

Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:

To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:

Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:

I. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.

The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.

A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.

（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.

Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.

II. Sound Work Mechanism

(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.

(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.

(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.

(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.

(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.

（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.

（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.

（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.

（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.

（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.

V. Strengthen Organizational Implementation

(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.

(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.

VI. Legal Responsibility

(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.

(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.

This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.

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