Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 108,130.0 | −2.37% |
| Ethereum (ETH) | 3,882.82 | −2.45% |
| Bitcoin Spot ETF | −40.0M | Net Outflow |
| Ethereum Spot ETF | −145.0M | Net Outflow |
| Nasdaq (NAS100) | 25,114.3 | −0.17% |
| S&P 500 (SPX) | 6,735.14 | +1.07% |
| Russell 2000 (RUT) | 2,499.3 | −0.16% |
| U.S. Dollar Index (DXY) | 98.755 | +0.17% |
| VIX Volatility Index (VIX) | 18.24 | −12.18% |
| U.S. 10-Year Treasury Yield (US10Y) | 3.974 | −0.20% |
| Brent Crude Oil (BRENT) | 60.845 | +0.26% |
| LBMA Gold (XAU) | 4,338.005 | −0.41% |
| LBMA Silver (XAG) | 51.8493 | −1.01% |
“Prepared at UTC 06.50 am”
Today’s Key Events
- Federal Reserve Payments Innovation Conference
- FOMC Member Waller’s Speech
US-Australia Rare Earths Agreement and New Round of Talks with China
U.S. President Donald Trump and Australian Prime Minister Anthony Albanese signed an $8.5 billion cooperation agreement on critical minerals and rare earth elements. The parties will invest $1 billion in mining and processing projects within six months and establish a minimum price system for essential minerals. This step aims to reduce U.S. dependence on China.
U.S.-China Trade Talks
Trump stated that the focus of the China-U.S. trade talks would be rare earths, fentanyl, and soybeans. He said they expect China to end its use of fentanyl and resume soybean purchases. U.S. Treasury Secretary Bessent announced that the two countries would hold high-level talks in Malaysia this weekend. Markets anticipate that these talks could lead to an extension of the tariff suspension period and signals of a softening in China’s export controls. Trump also said the Taiwan issue would be on the trade negotiation agenda and emphasized that the U.S.-Australia defense cooperation would provide strategic deterrence against China. Trump also said that if a trade agreement is not reached before November 1, China could face a 155% tariff.
China’s Third Quarter Economic Data
According to data from the National Bureau of Statistics of China:
- GDP (third quarter): 4.8% annual increase (in line with expectations, previous 5.2%).
- Industrial production (September): 6.5% annual increase (expectation 5.2%).
- Fixed asset investment (January–September): -0.5% (previous +0.5%).
- Real estate investment (September): -21.3% (previous -19.5%).
- Retail sales (September): 3.0% increase (expected 3.1%).
- Urban unemployment rate: 5.2% (previous 5.3%).
These figures show that while the manufacturing industry is recovering, the ongoing weakness in the real estate sector is limiting economic growth.
US Government Shutdown and Trade Policies
White House economic adviser Kevin Hassett said the government shutdown could end this week. He noted that Democrats could speed up the vote following the “King’s Opponents” protests. Hassett said that if the shutdown continues, the White House could take “stronger measures.” The Trump administration plans to exempt some goods not produced in the US from customs duties. The Supreme Court will discuss “reciprocal customs duties” in early November. This change is seen as a protective measure against potential legal risks related to broad tariffs.
Russia-Ukraine Peace Talks: Budapest Summit
Trump and Putin are expected to meet in Budapest. Ukrainian President Zelensky has announced his willingness to participate in the talks. Zelensky emphasized that they are open to peace talks but will not make concessions to Russia. He stated that both sides must maintain their current front lines to achieve a ceasefire.
Japan’s First Female Prime Minister: Sanae Takaiçi
Sanae Takaiçi, leader of Japan’s Liberal Democratic Party, was elected as the country’s first female prime minister in a parliamentary vote. With 237 votes, Takaiçi marked a historic turning point in Japanese politics, which has been dominated by men. The new government’s priorities include economic recovery, defense reform, and digitalization.
Fed Whisperer: Bank of America Reserves Fall to Critical Levels
According to Nick Timiraos, known as “The Voice of the Fed,” the ratio of bank reserves to total assets fell below 13% as the U.S. Treasury rebuilt its cash balance. New York Fed President John Williams had previously defined this level as the critical threshold at which reserves are “adequate.”
This decline is raising concerns about liquidity tightening in the markets.
Elon Musk: Grokipedia v0.1 Release Postponed Until Weekend
Elon Musk announced that the launch of “Grokipedia v0.1” has been postponed until this weekend. He cited “the need for more refinement of the introductory content” as the reason for the delay. Last month, Musk announced that $xAI was working on a new system that would “significantly improve” Wikipedia.
Bank of Japan Deputy Governor: Stablecoins Could Replace Bank Deposits
Bank of Japan Deputy Governor Ryozo Himino said stablecoins could become key players in the global payment system and partially replace bank deposits. Himino pointed out that approximately half of global financial assets are held by non-bank institutions, emphasizing that regulators need to take more comprehensive measures in this area.
Coinbase Calls on US Government to Integrate Crypto and Artificial Intelligence
In a letter submitted to the U.S. Treasury Department, Coinbase called for the adoption of blockchain analysis and artificial intelligence technologies in the fight against cryptocurrency crimes. Chief Legal Officer Paul Grewal stated that money laundering schemes are becoming increasingly complex and that law enforcement agencies “need modern technical tools.”
Dogecoin Foundation Acquires Italian Football Club Triestina
The commercial arm of the Dogecoin Foundation, House of $Doge, has acquired a controlling stake in U.S. Triestina Calcio 1918, which competes in Italy’s third division, Serie C. The club recently had 13 points deducted due to administrative penalties. The new owners have appointed Toronto Blue Jays Vice President Roger Rai to the advisory board to help restructure the club.
USDe Issuer Ethena Plans to Expand Its Team by 50%
Stablecoin issuer Ethena aims to grow its team by 50% ahead of two new product launches, according to co-founder Guy Young. The company will hire for approximately 10 new positions and increase product diversity in the stablecoin space.
Bank of America: Fed’s Risk of Balance Sheet Reduction Increases in October
Bank of America reported that the likelihood of the Fed stopping or slowing its balance sheet reduction has increased. Wrightson ICAP economists stated that the funding pressure seen in the repo market could push the Fed to be more cautious. The firm predicted that the Fed could start buying US Treasuries to balance the maturity of mortgage-backed securities, which could reduce the supply of short-term bonds in the market by $20 billion per month.
CZ: Bitcoin’s Market Value Will Surpass Gold
Binance founder Changpeng Zhao (CZ) predicted that Bitcoin’s market value will “eventually surpass gold.” CZ emphasized that he does not know when this will happen, but that it is an “inevitable process.”
New INJ ETF Application from 21Shares
According to Injective’s announcement, 21Shares filed an application for a new $INJ ETF on October 20. This move is seen as part of the company’s strategy to expand its thematic crypto ETP portfolio.
