Foreign exchange markets are experiencing intense volatility, with the US dollar weakening across the board. On December 30th, the US dollar index continued to decline under pressure, while offshore and onshore RMB rose accordingly, easily breaking the 7.0 threshold, and the appreciation trend was quite aggressive.

Looking ahead to 2026, the market has largely reached a consensus—it's a settled fact that the US dollar is entering a relatively weak cycle. This is undoubtedly a positive for the RMB, as the shift in global attractiveness creates ample room for the RMB to appreciate further.

The problem is, this macroeconomic positive signal has become a sweet but troublesome dilemma for crypto investors.

On one hand, RMB appreciation means increased purchasing power; on the other hand, the crypto market remains cold—mainstream coins show little sign of movement, and trading activity is sluggish. Worse still, the price of stablecoin USDT is also declining. Data from a major exchange shows that the sell-side price of USDT has dropped to 6.82 yuan, which means you need to give up a chunk of USDT to make a trade.

This is quite awkward. Macro economic logic suggests one thing, but the crypto market operates under another. The expectation of RMB's increased purchasing power due to appreciation clashes with the reality of asset devaluation in the crypto space, leaving many investors caught in the middle, stuck between a rock and a hard place.

So, what's next? Can the crypto market be saved if the US dollar remains stable in its weak state? Will USDT continue to depreciate? These questions are now the most pressing concerns in the crypto community.