China Banned Bitcoin, But the World Kept Moving.

What we’ll cover today:

🛑 Is China Falling Behind in the Crypto Race?

💸 Ethereum Skyrocket to $20,000 by 2025?

🪙 $32 Million Vanished.

1. Is China Falling Behind in the Crypto Race?

China banned Bitcoin, but the world kept moving—and fast.

The U.S. just approved Bitcoin ETFs, and now former finance minister Lou Jiwei is raising concerns.

He says China can’t afford to ignore this shift.

At the Tsinghua Wudaokou Chief Economists Forum, Lou pointed out key risks:

• Volatility: Crypto prices are unstable.

• Money Laundering: Cryptos often enable illicit activities.

• Global Impact: Despite risks, crypto is reshaping finance.

China still controls 55% of Bitcoin mining, but the U.S. is gaining ground with 40%.

Lou’s message:

• China must pay attention to these shifts.

• Falling behind could hurt its place in the digital economy.

Here’s the whole article

2. Ethereum Skyrocket to $20,000 by 2025?

Ethereum is back in the spotlight.

It’s up 4% in September, breaking past $2,600.

Some experts believe if this pace continues, Ethereum could hit $20,000 by January 2025.

Key points driving optimism:

• Ethereum has broken key technical levels, sparking interest.

• The funding rate is rising, showing increased buying pressure.

• Eyes are on the $2,800 resistance, which could trigger a bigger rally.

But there's a catch:

• Two whales moved $53 million worth of ETH to exchanges.

• This raised concerns about a possible sell-off.

Here’s the whole article.

3. $32 Million Vanished.

On Sept. 27, a phishing attack drained 12,083 Spark Wrapped Ethereum (spWETH) tokens—worth $32 million—from a single wallet.

The stolen crypto was split across several wallets, with speculation that the victim is a high-profile figure in the crypto world.

Phishing scams are skyrocketing. 

In August 2024 alone:

• Attacks surged 215%.

• Total losses hit $66 million.

• One victim lost $55 million in a single scam.

Scammers are using “AngelX,” a new tool targeting blockchain networks like The Open Network and Tron.

Even DuckDuckGo accidentally featured fake Etherscan links, leading users to connect their MetaMask wallets and lose funds instantly.

Here’s the whole article