Whether you were tracking the global blockchain sector or India’s own drama-filled cryptocurrency ecosystem, it was certainly a year of unprecedented highs that were brought down to earth by world events and technical factors. As U.S. President Donald Trump marks the first year of his second term in the White House, new crypto regulations have been put in place while existing ones have been loosened. The effects of these were felt in markets all over the world.
Let’s take a look at some of the biggest crypto events of the year.
Bitcoin hits new highs in price—and then crashes
Bitcoin reached a new all-time-high of $126,198 on October 7, but crashed towards the end of the year as the industry reckons with the impacts of U.S. President Donald Trump’s wide-ranging economic policies and tariffs.
The top cryptocurrency by market capitalisation reached lows of $74,436.68 this year, according to CoinMarketCap, with both sharp rises and drops happening in a matter of days—and sometimes mere hours. Investors were reminded just how quickly huge amounts of value can be lost in the 24×7 market even while cryptocurrencies themselves stake out newer and higher price ranges.
Crypto investors learned they cannot simply rely on “finfluencers” or copy other traders if they want profits, but need to understand blockchain technologies at a granular level in order to keep their funds secure in a volatile and partially regulated market. And sometimes, legal help is needed as well.
Trump passes stablecoin bill
Stablecoins are cryptocurrencies that are pegged to the value of real-world currencies such as dollars and pounds, or assets such as gold. They are considered to be more stable than crypto assets like Bitcoin and Dogecoin. However, governments have naturally viewed them with suspicion, concerned about their potential impact on real world economies as they need to be backed by real-world wealth.
Trump upended this approach as he signed the GENIUS Act into law in July, to create a U.S. federal regulatory system for stablecoins, with strong reserve requirements. What’s more, the Act makes it mandatory for stablecoins to have 100% reserve backing with liquid assets like U.S. dollars or short-term Treasuries. Those issuing stablecoins will have to make periodic disclosures, to ensure that traders aren’t investing in assets that have distorted values.
The GENIUS Act helped to spur pro-crypto sentiments worldwide, with other financial regulators—such as Hong Kong’s Monetary Authority—actively developing legal frameworks for governing stablecoin issuers and investors in their own jurisdictions.
North Korean crypto hackers mark a record in thefts
When crypto prices see impressive spikes, cyber criminals have all the more reason to launch attacks against both crypto platforms as well as individual users. Dominant among these cybercriminals are North Korean crypto hackers, who can use stolen blockchain assets to evade international sanctions.
According to a report by the blockchain analytics platform Chainalysis, North Korean hackers this year stole at least $2 billion in cryptocurrency, which is $681 million more than last year. This represents a 51% increase year-over-year, and a new record, per the platform. Not just restricted to remote attacks, it is through embedding IT workers in exchanges, custodians, and web3 firms that these North Korean hackers are able to carry out their criminal operations, reported Chainalysis. Others are allegedly posing as recruiters in order to gain illicit access.
“This marks the most severe year on record for DPRK crypto theft in terms of value stolen, with DPRK attacks also accounting for a record 76% of all service compromises,” noted Chainalysis in its report.
WazirX resumes operations—with bumps
More than a year after the July 2024 hack that led to the loss of over $230 million from a multi-signature digital wallet, WazirX resumed operations following its restructuring exercise in Singapore. The cryptocurrency exchange restarted operations on October 24, but customers complained that they faced steep losses and that withdrawals were limited. WazirX stated that 85% of users’ funds had been distributed to them, and that both crypto withdrawals as well as INR withdrawals were open, based on the compliance status of users.
WazirX also introduced a new trading model subscription where users are by default charged a base monthly fee rather than a per-trade fee. While the company claimed this would help traders save more money in the long run, the choice of making this mode the default was criticised by users who said they were hit with deductions they hadn’t explicitly agreed to. WazirX customers are also waiting for their recovery tokens, which CEO Nischal Shetty said would be issued before January 12 next year.
India leads in crypto adoption (again)
Cryptocurrency adoption is not limited to countries in North America, East Asia, and Europe. While India lags far behind these countries in terms of crypto regulation, safeguards for investors, and government incentives for fintech businesses, everyday Indians are deeply invested in these technologies and keen to experiment with blockchain-based assets. Indian crypto exchanges are having their moment, despite regulatory hurdles that often prevent investors from withdrawing assets in crypto form.
In Chainalysis’ 2025 Global Adoption Index, India topped the list for the year as a “global hub of grassroots crypto activity”. The United States, Pakistan, Vietnam, and Brazil followed. As of June 2025, the APAC [Asia-Pacific] region was identified as the fastest-growing region for on-chain crypto activity. There was a 69% year-over-year increase in value received, while total crypto transaction volume in the region increased from $1.4 trillion to $2.36 trillion, according to the report.
This is not the first time that India has topped the index, with Indian traders racing far ahead of Indian financial authorities when it comes to crypto investments.
Published – December 26, 2025 11:26 am IST
