Рынок криптовалют на подъёме: биткоин достиг $125,000 и новые правила регулирования Translation: Cryptocurrency Market on the Rise: Bitcoin Hits $125,000 and New Regulatory Rules

The price of Bitcoin has reached a new all-time high, with the SEC identifying the crypto industry as a primary focus. Trading volume on perpetual DEX has surpassed $1 trillion, and stricter regulations for digital assets are set to be implemented in Poland, among other developments from the past week.

The leading cryptocurrency started gearing up for an October rally as early as late September. On Monday morning, it was still trading below $110,000, but it quickly gained traction and embarked on its journey towards a new record.

Throughout the week, Bitcoin exhibited a positive trend punctuated by brief consolidation periods. On the morning of October 5, the digital asset indeed set a new historical peak (ATH) at $125,708.

At the time of writing, the coin had corrected to $123,300, with a market capitalization of $2.45 trillion. Over the past week, Bitcoin has surged by 13%.

The primary catalyst for this growth is attributed to the U.S. government shutdown, which occurred on September 30 for the first time since 2018. This came about due to a lack of agreement between Republicans and Democrats regarding healthcare funding.

Positive sentiment has also been fueled by inflows into cryptocurrency-based spot ETFs. In the past trading week, Bitcoin funds recorded the second-largest weekly inflow since their inception, totaling $3.24 billion.

Ethereum-based instruments saw an addition of $1.3 billion.

Over the week, the ETH price climbed by 13.7%, testing the $4,600 mark. Currently, it has fallen to around $4,500, approximately 8% away from its previous ATH.

Among the standout assets for the week was BNB, which also reached a record above $1,110.

The total market capitalization exceeded $4.3 trillion, with BTC dominance at 57% and ETH at 12.7%.

The cryptocurrency fear and greed index rose to 74, up from 34 the previous week.

In September, trading volume on decentralized perpetual futures exchanges (perp-DEX) crossed the $1 trillion mark for the first time in history. This segment has clearly attracted investor interest, leading to a significant rivalry among platforms.

Aster emerged as a leader in this segment with $493 billion in volume, followed by Hyperliquid with $280 billion, and Lighter in third with $165 billion.

Launched with the support of Binance founder Changpeng Zhao, Aster has maintained its top position since late September, with a total value of locked assets amounting to $2.41 billion.

The platform also ranked high in protocols based on fee volume. On September 28, Aster’s fee volume surpassed $29 million compared to $22 million for Tether and $7 million for Circle.

By the time of this writing, the exchange had slipped to second place with $193 million over the last 30 days.

Additionally, one of the leading perp-DEXs, Lighter, announced the full launch of its L2 network after eight months of beta testing. A token generation event (TGE) is expected by the end of the year.

Despite Hyperliquid’s market share declining from 45% to 8%, it is still deemed “the most attractive for investment,” according to DeFi analyst Patrick Scott.

He noted that the platform’s key advantage lies in its sustainable business model. The current market capitalization to revenue ratio of 12.6 «indicates a fair valuation in light of the project’s profitability.»

During a round table with the CFTC, SEC Chair Gary Gensler stated that regulating the crypto market is “task number one” for the agency. The meeting between representatives of the two agencies focused on collaboration in monitoring the industry and delineating their powers.

They will continue to play a vital role in the regulation of digital asset markets. The SEC oversees operations with cryptocurrencies classified as securities, while the CFTC regulates most tokens recognized as commodities.

“We must work in unison. The goal is to create a system wherein our agencies seamlessly coordinate their efforts,” Gensler emphasized.

Acting CFTC Chair Caroline Pham indicated that “the struggle for jurisdiction has come to an end.”

Gensler highlighted the “limitless potential” of tokenization, estimating that regulatory frameworks for this activity may take up to two years to develop.

This week, the SEC also excluded DePIN tokens from its oversight, as it did not classify them as securities. This was communicated in a letter to the DoubleZero project.

Michael Simen, the chief legal officer for the SEC’s corporate finance division, stated that he would not recommend enforcement actions regarding the planned launch of the 2Z token. He indicated that the coin does not require registration as a security.

According to DoubleZero’s explanation, its protocol provides blockchain systems access to “underutilized private fiber optic lines” operated by network participants, who will receive 2Z tokens.

Co-founder Austin Feder described the SEC’s decision as evidence of the possibility for productive dialogue between regulators and crypto projects.

As part of a collaboration with Kazakhstan’s supercomputer, Telegram founder Pavel Durov presented an AI laboratory at the Digital Bridge 2025 forum.

“Last year, we opened our first regional office in Kazakhstan and are very pleased with the results. I am delighted to announce the launch of a specialized artificial intelligence laboratory in the Alem.ai building,” the entrepreneur stated.

He noted that the company had been working on new technology at the intersection of blockchain and AI over the past few months, allowing over a billion people to utilize artificial intelligence functions confidentially, transparently, and efficiently.

The technology will first be tested on mini-apps within Telegram.

During the event, Kazakh President Kassym-Jomart Tokayev discussed potential collaboration with Durov in the fields of education, artificial intelligence, and cybersecurity.

The President acknowledged Telegram’s contributions to the country’s digital agenda, while Durov presented ideas for joint AI projects.

At Digital Bridge 2025, Binance founder Changpeng Zhao also met with Tokayev. The primary discussion topics included the development of the crypto industry, licensing for the exchange, and the inclusion of BNB in state reserves.

They also announced the launch of a new stablecoin, KZTx, but provided no further details.

The Polish parliament approved the “Crypto Assets Market Law” and sent it to the Senate for review. The document introduces regulations for the industry.

According to its provisions, the KNF will be established as the main supervisory body. A licensing regime corresponding to European regulation MiCA will be introduced for all crypto asset service providers.

Applicants must meet several criteria to obtain approval to operate in the country:

Unlicensed operations are subject to criminal penalties, including up to two years in prison and fines of up to 10 million zlotys (~$2.74 million). If the bill is passed, market participants will be granted a six-month transition period to align their operations with the norms.

Opposition MP Janusz Kowalski criticized the proposed implementation of MiCA, supported by the ruling «Civic Platform» party, describing the bill as “118 pages of excessive regulation” and a threat to 3 million digital asset investors.

“KNF is the slowest acting regulator in the EU: the average application review time is 30 months,” added politician Tomasz Mentzen.

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In the monthly digest, the state of Ethereum was evaluated ahead of Fusaka, important industry news from September was gathered, and the situation in the mining sector analyzed.