The crypto market is experiencing a general rise, with AI and payment sectors accelerating, while the Movement event has sparked industry reflection.

This week, the crypto market is experiencing a broad rise as trade conditions improve, with the Ethereum ecosystem and AI zone leading with gains of over 20%. At the same time, turmoil has erupted within the industry again, as the Movement project is accused of price manipulation due to its market-making protocol, involving multiple操盘方, prompting a reflection on industry ethics and regulation. Meanwhile, the AI and payment finance sectors are accelerating their development, with a major public chain promoting new standards, and several trading platforms laying out payment ecosystems. Coupled with policy trends, this indicates that the crypto market is facing a new round of reshuffling and opportunities.

The Movement event is one of the focuses this week. The project raised over 40 million USD, but due to a controversial agreement with market makers, the coin price plummeted the day after its launch. The incident exposed the lack of regulation in market-making mechanisms and the opacity of the legal framework, which may only be the tip of the iceberg in the industry's dark areas. Theoretically, market makers should provide liquidity for new tokens and maintain price stability. However, in the absence of regulation, it may be abused as a tool for market manipulation, harming the rights and interests of investors.

The AI field continues to heat up. A large public blockchain has launched a new protocol and AI support program, providing developers with a standardized and secure AI integration framework. In 2024, AI company financing is expected to see a breakthrough growth, with nearly one-third of global venture capital flowing into AI-related fields, totaling over $100 billion. The United States dominates AI financing, and this year Web3 AI projects are expected to experience explosive growth. Currently noteworthy non-token AI projects include 0G and Sentient.

The payment finance sector is also gaining attention. Several trading platforms have launched payment products, focusing on stablecoin payments. One platform has even partnered with Bhutan to launch a national-level crypto tourism payment system. These developments confirm the potential of the payment finance sector, especially against the backdrop of stricter regulations on stablecoins.

In terms of policy regulation, New Hampshire has passed the Strategic Bitcoin Reserve Bill, becoming the first state in the U.S. to authorize state financial officers to purchase Bitcoin. The bill allows for up to 5% of funds to be invested in precious metals and cryptocurrencies with a market capitalization exceeding $500 billion.

On the other hand, the U.S. Senate rejected the "Stablecoin Innovation and Security Act." The bill was originally intended to establish the first U.S. regulatory framework for stablecoins, but it failed to pass due to disagreements. This could result in the U.S. stablecoin market maintaining the existing state-level regulation, lacking a unified federal framework, or limiting market growth and weakening the U.S.'s competitiveness in the global digital finance.

Overall, this week the crypto market is seeking a balance between regulation, innovation, and risk, with intensified competition among various parties, and both new opportunities and challenges coexist.