Morgan Stanley MUFG analysts remain optimistic about mid-term bonds while cautious about long-term bonds due to potential economic shifts affecting Japan's terminal rate. However, limited demand for ultra-long bonds may soon pose challenges.

The cryptocurrency market is currently experiencing significant turmoil, with Bitcoin nearing $80,500 and recording its worst monthly performance since the Terra/FTX collapse. Major institutional investors have lost the "HODL mentality," triggering immediate position adjustments amid liquidity issues and a previous flash crash. Market makers lack the capacity to support buying, leading to a high risk of further decline. The Fear & Greed index indicates extreme fear, suggesting an unpredictable future for Bitcoin's price.

The essence of fiat currency lies in government promises, lacking intrinsic value unlike gold. Its rise since the 11th century reflects both strengths and weaknesses, leading to the emergence of Bitcoin as a decentralized alternative. The future may see both coexisting, complementing each other.

Despite its strict regulations, Singapore is steadily increasing the number of cryptocurrency-related licenses, emphasizing quality over quantity. Major firms like Crypto.com and Coinbase are leading the way, illustrating the potential for market growth while maintaining consumer protections.

Winning percentage is a basic indicator of trade strategy effectiveness, calculated as the ratio of profitable trades to total trades. A high win rate doesn't guarantee profit; risk-reward ratio is crucial. To improve win rate, maintain a trading diary, manage emotions, select entry conditions carefully, and avoid low-risk trades. Winning in trading requires balancing win rates, risk management, and capital management for stability.

The essay discusses the concept of candlestick charts, originally developed in Japan for rice price tracking and now widely used in stock analysis. It outlines 48 candlestick patterns, including bullish and bearish types, and presents five practical combinations for market analysis. It emphasizes the importance of considering market psychology alongside candlestick patterns for effective trading strategies.

The Moving Average (MA) is the average value calculated based on the closing prices of the past N days, commonly used to analyze price trends. MA has characteristics such as trend tracking and lag, and can identify bullish and bearish signals. In practice, it must be applied cautiously to avoid the problem of slow reaction to sudden market changes, and it is best to combine it with other indicators to improve accuracy.

On November 22, the world’s banks will fully transition from the old SWIFT system, which has been in use for decades, to the new ISO 20022 standard. This is not just a system update—it has the potential to fundamentally change the nature of international money transfers.
What’s changing
ISO 20022 replaces the long-used MT format with a message format that includes detailed metadata in XML format. As a result:
- Transfer speeds will be significantly accelerated: cross-border transactions will be smoother than ever
- Improved transparency: sender information will be fully recorded, making AML compliance easier
- Enhanced interoperability: data exchange between different systems will become more efficient
The impact on the crypto asset sector

Wall Street is focusing on Solana NFTs, with Forward Industries leading a $1.65B investment round, attracting major VCs like Galaxy Digital and Jump Crypto. Multicoin Capital's strong backing highlights their long-term commitment and significant returns from Solana investments. However, a slowdown in Multicoin's investment pace raises questions about their strategic focus.

In the wake of last week's flash crash, Bitcoin (BTC) plummeted to around $102,000, dragging down Ethereum (ETH) and other altcoins. A staggering $1.189 billion in liquidations occurred, with institutions fleeing from BTC and ETH ETFs. Industry pessimism is growing, and macroeconomic challenges are contributing to the downward trend. While some experts predict further declines, others see potential for recovery in the coming weeks.

The essay discusses Bitcoin's surge to new historic highs, driven by institutional investors and the entrance of Bitcoin ETFs. It examines Bitcoin's evolving role as a hedge against economic uncertainties, the implications of upcoming halving cycles, and technical indicators for traders. It notes the increasing correlation between Bitcoin and stocks rather than gold, and highlights corporate adoption as a foundation for Bitcoin’s value.

ZKsync leverages zero-knowledge proofs to enhance Ethereum's scalability as a Layer 2 solution. It processes transactions off-chain, significantly reducing gas fees and achieving high throughput. Challenges remain, but its air drop has raised awareness and potential for future growth.

The essay discusses how Story, a Layer 1 blockchain, transforms intellectual property (IP) management by making it more efficient, transparent, and automated through NFTs and smart contracts, enabling creators to gain automatic royalties and integrate with DeFi.