In the past 24 hours, the crypto market has been engaged in multiple battles around geopolitical issues, regulatory developments, and technological stability.

Let's start with the macro perspective. On the 9th, Trump officially signed an executive order declaring a national emergency and banning courts or creditors from seizing Venezuela's oil revenues held in the U.S. Treasury accounts—this is a typical sovereignty power struggle move. Investors' reactions to such risk pricing are quite direct: BTC has regained the $91,000 level, and risk aversion sentiment has clearly increased.

On the crypto side, XRP's performance has been the most eye-catching. Driven by continuous net inflows into the spot XRP ETF (surpassing $1.1 billion cumulatively) and improved regulatory expectations, XRP surged over 27% in the first week of 2026, maintaining a price above $2.0, and even temporarily surpassed BNB in market cap, becoming the third-largest cryptocurrency globally. This reflects a market reassessment of XRP's long-term prospects.

However, there are discordant signals on the security front. After a hacker attack on the computational verification platform Truebit, 8,535 ETH (worth approximately $26.36 million) were fully transferred out through privacy mixers. This again highlights underlying security vulnerabilities in Layer 2 solutions and computational verification protocols, raising significant industry concerns.

On the regulatory side, South Korea's Supreme Court made an important ruling: virtual assets stored on exchanges like Upbit and Bithumb are considered attachable property under the Criminal Procedure Act, allowing law enforcement agencies to bypass complex procedures and directly freeze suspect accounts. This further tightens compliance and environmental standards in Asia, imposing new constraints on exchanges and users.

Technologically, Starknet experienced a brief mainnet outage this week. Post-incident analysis pointed to a synchronization issue between Blockifier and the proof layer. Although the problem has been fixed, such stability flaws remain a clear weakness in the face of fierce competition from Arbitrum and Optimism.