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Gold and gold mining stocks have not only surged past the S&P 500 this year but have also quietly outperformed over the past three, five and even ten years—a remarkable run that has unfolded with limited investor participation. Yet despite their impressive returns, the sector remains deeply undervalued, according to those at Sprott, with analysts anticipating further gains and making a case for gold to be included in core strategic holdings, much like during the 1960s and 1970s. Risk diversification In a note published this week, Sprott’s senior portfolio manager John Hathaway wrote that a short-term correction in precious metals — which is inevitable given their recent performance — should not deter investors from making a long-term play. According to Hathaway, investing in gold nowadays is almost synonymous with risk diversification. He cited Morgan Stanley CIO Mike Wilson’s recent recommendation of replacing the traditional 60/40 risk mitigation model portfolio with a 60/20/20 portfolio consisting of 60% equities, 20% fixed income and 20% gold. Earlier this year, Goldman Sachs also suggested that replacing bond exposure with gold could enhance a portfolio’s return over a five-year horizon. Equities underappreciated To that end, Sprott’s Hathaway believes that capital allocation to the gold sector is still in its early stages. Specifically, he sees substantial growth upside in gold-related equities, as they remain underappreciated despite outperforming both the metal itself and the S&P 500 index. In the nine months to Sept. 30, gold mining stocks have risen by over 122%, versus 47% in bullion and 14% in the S&P. “In our opinion, mining stocks are transitioning from pariah status to momentum plays as leverage to a bullish outlook for gold prices. Despite strong gains this year, precious metals equities remain modestly valued,” Hathaway wrote. However, investor participation in these assets remains tepid, with the Sprott analyst pointing out that the largest gold mining ETF, VanEck Gold Miners ETF (GDX), has seen net outflows in outstanding shares over the past two years. Hathaway also noted that the gold mining stocks currently have an aggregate market capitalization of approximately $550 billion, which is only 0.43% of the global total. Mining stocks (of which gold mining equities are a small subset) are now at their smallest share of global equities since 1900, he added. Silver catching up In addition to mining stocks, Sprott is backing silver as another “catch-up play”, noting that the metal has lagged gold over the past decade. In his note, Hathaway said that years of deficits in silver have led to extreme market tightness, and silver has been outperforming strongly, with year-to-date gains surpassing that of gold. Despite this recent catch-up performance with respect to gold, the gold-to-silver ratio at 83x still sits above its historic average of 67x, he wrote, highlighting silver’s potential upside. A breakout to new highs (to compensate for the improved gold price), along with a re-rate of the silver equities to long-term averages (and a catch-up to their gold-producing peers), would be in keeping with the latter half of previous precious metal bull markets, he added. Sponsored: Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.

Renewed U.S.–China tensions: Escalating sanctions and trade restrictions spark fears of a new wave of economic confrontationChina’s economy under pressure: Weak domestic indicators and limited government stimulus highlight mounting internal challengesGlobal implications: Rising risk of supply chain disruptions, resource shortages, and deeper geopolitical fragmentation In recent weeks, trade tensions between the United States and China have visibly intensified, raising fears of a new wave of economic conflict between the world’s two largest economies. Rhetoric on both sides has become increasingly confrontational, and the growing risk of decoupling and disruptions to supply chains could have far-reaching consequences for the global economy. China Responds with Sanctions – Tensions After Madrid TalksThe immediate catalyst for the escalation was the round of talks in Madrid, after which the United States expanded sanctions against companies linked to Chinese entities on the so-called “blacklist.” In response, Beijing announced sanctions against American firms cooperating with South Korean company Hanwha — including Philly Shipyard, which fulfills contracts for the U.S. Navy. Chinese authorities justified the move as a countermeasure to the deepening defense cooperation between the U.S. and South Korea. zoom_out_map Daily chart USDCNH, source: TradingView Negotiation Climate Weakens, But Formal Frameworks RemainChina’s Minister of Commerce, Wang Wentao, accused the U.S. of “destroying the constructive atmosphere for negotiations” and called for an immediate withdrawal from what he termed “erroneous trade practices.” At the same time, China announced it would release a report within the WTO evaluating U.S. actions in 11 areas of international trade. Meanwhile, U.S. Treasury Secretary Scott Bessent warned that China’s restrictions on the export of rare earth metals could accelerate the global process of economic decoupling — the effort to reduce dependency on Chinese supply chains. Trump: 100% Tariffs Possible, But UndesirablePresident Donald Trump signaled that 100% tariffs on Chinese goods were possible if tensions continue to escalate, though he sought to calm markets by noting that “both leaders do not want a global recession.” The planned Trump–Xi meeting during the upcoming APEC summit in South Korea could prove decisive for the future of bilateral relations. Trade Dispute Deepens China’s Economic TroublesThe escalation comes at a difficult moment for China’s economy. Despite record exports (trade surplus: USD 875 billion), GDP growth in Q3 is projected at just 4.7% year-on-year — potentially the weakest result in a year. zoom_out_map Chinese quarterly GDP (annualized), source: TradingView Domestic indicators are also disappointing: Retail sales (September): +3% y/y – the weakest result in 2025Industrial production: +5%, with slowing momentumFixed-asset investment: near zero growthForeign direct investment: down 13% over the past eight monthsReal estate sector: still in recession, with deflation for the ninth consecutive quarterGovernment Support Falls ShortThe Chinese government has launched a 500-billion-yuan investment package, focused mainly on infrastructure. However, a large share of the funds has gone toward repaying previous obligations, limiting the actual stimulus effect. Ahead of the upcoming plenum of the Chinese Communist Party, new measures to boost consumption are expected. Household consumption currently accounts for only 40% of GDP — well below the global average of 56% and the roughly 60% level typical for developed economies. A New Wave of Trade War?Analysts warn that further escalation could trigger a new round of trade warfare, hitting global supply chains, access to strategic resources, and financial market stability. Although the formal negotiation framework established in London remains in place, sentiment on both sides is increasingly confrontational. While a full-scale trade war is not yet inevitable, the current escalation signals that U.S.–China relations are entering a new phase of uncertainty. High-level meetings and potential decisions on further restrictions remain at the center of global attention. For the world economy, this is a test of resilience in a new geopolitical reality — one in which trade is no longer just about economics. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

According to on-chain trackers, bitcoin miners have moved a huge amount of coins to a major exchange in recent days, signaling a clear change in behavior that the market will watch closely. Reports have disclosed miner transfers totaling 51,000 BTC — worth over $5.7 billion — to Binance since October 9. That is a very large flow of supply into a place where coins can be sold quickly. Miners Move Large Amounts To Exchanges On October 11, there was a dramatic spike when miners deposited more than 14,000 BTC to Binance, a day after the market plunged and bitcoin briefly fell to $104,000, an event that wiped out nearly $20 billion in leveraged positions. Based on data, the outflow on that day was the biggest miner transfer since last July. Market participants often read such moves as a tilt from holding toward selling, and that shift can change short-term sentiment fast. CryptoQuant and other analytics firms caution that moving coins to an exchange does not always equal an immediate sale. Some miners may be posting bitcoin as collateral for futures, funding operational needs, or shifting reserves between wallets for bookkeeping. Still, the market tends to react quickly to visible supply flows. Traders may act on that visible movement even if the coins are not sold right away, increasing price pressure through trading behavior alone. Whales And Funds Buying The Dip Reports have shown that large buyers have been active at the same time. One new wallet reportedly purchased $110 million worth of BTC from Binance, while another fresh address bought 465 BTC (about $51 million) from FalconX. In addition, US spot Bitcoin ETFs have recorded inflows. Those buyers could soak up some of the miner-supplied coins and limit how far the price falls. Market Momentum Remains Fragile After a wild week that erased large amounts of market value, bitcoin has struggled to regain clear momentum. Based on Bloomberg data, the coin was trading near $109,000 on Oct. 17 in Singapore. Bitcoin had hit an all-time high of $126,250 on October 6, so the pullback has been sharp and fast. For the week to Oct. 12, bitcoin slid as much as 6.5%, the largest weekly fall since early March. Analysts put a key support near $107,000. A firm break below that level could invite deeper losses, they warn. On the flip side, steady buying by large holders and continued ETF demand might keep the market from sliding much further. The tug of war is plain: miners adding potential supply versus big buyers taking the other side. Featured image from Unsplash, chart from TradingView

Trade Analysis and Guidance for the Japanese Yen The price test at 149.78 in the first half of the day occurred when the MACD indicator had already moved significantly below the zero line, which limited the pair's downward potential. For this reason, I did not sell the dollar and missed the downward move. During the U.S. trading session, no major economic data releases are scheduled, so the main event will be another public statement from Federal Reserve officials. Special attention will be given to FOMC member Alberto Musalem, whose rhetoric tends to favor a softening of monetary policy — something that could pressure the U.S. dollar and support the upward trend of the Japanese yen. A hawkish tone could lift the dollar; a dovish tone — and the yen will "spread its wings," allowing the USD/JPY pair to continue moving downward within its broader trend. Given current market uncertainty, the yen — traditionally viewed as a safe-haven asset during times of instability — is highly sensitive to even slight shifts in sentiment. Any weakness in the dollar will likely be taken as a signal to buy the yen. As for the intraday strategy, I'll primarily focus on Scenarios #1 and #2 below. Buy Signal Scenario #1: Today, I plan to buy USD/JPY when the price reaches the 149.97 entry point (green line on the chart), targeting a rise toward 150.63 (thicker green line on the chart). Around 150.63, I plan to exit long positions and open sell positions in the opposite direction, expecting a 30–35 point pullback from that level. A potential rise in the pair may occur as part of an upward correction.Important! Before buying, make sure that the MACD indicator is above the zero line and just beginning to rise from it. Scenario #2: I also plan to buy USD/JPY if the price tests 149.59 twice in a row while the MACD is in the oversold zone. This will limit the pair's downward potential and trigger an upward reversal. A rise toward 149.97 and 150.63 can then be expected. Sell Signal Scenario #1: I plan to sell USD/JPY after a breakout below 149.59 (red line on the chart), which should lead to a quick decline in the pair. The key target for sellers will be 149.17, where I plan to exit short positions and immediately buy in the opposite direction, expecting a 20–25 point rebound from that level. Selling pressure on the pair may return if Fed officials adopt a dovish tone.Important! Before selling, make sure that the MACD indicator is below the zero line and just beginning to decline from it. Scenario #2: I also plan to sell USD/JPY if the price tests 149.97 twice in a row while the MACD is in the overbought zone. This will limit the pair's upward potential and trigger a downward reversal. A decline toward 149.59 and 149.17 can then be expected. Chart Legend Thin green line – Entry price where the trading instrument can be boughtThick green line – Suggested price for placing Take Profit or manually fixing profit, as further growth above this level is unlikelyThin red line – Entry price where the trading instrument can be soldThick red line – Suggested price for placing Take Profit or manually fixing profit, as further decline below this level is unlikelyMACD Indicator – When entering the market, it is crucial to monitor overbought and oversold zonesImportant Notes for Beginner Traders Beginner Forex traders should be extremely cautious when deciding to enter the market. Before the release of key fundamental reports, it's best to stay out of the market to avoid getting caught in sharp price swings. If you choose to trade during news events, always set stop-loss orders to minimize potential losses. Trading without stop-losses can quickly result in the loss of your entire deposit, especially if you neglect money management and trade with large positions. And remember: successful trading requires a clear plan, such as the one presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for intraday traders. The material has been provided by InstaForex Company - www.instaforex.com

Trade Analysis and Guidance for the British Pound The price test at 1.3442 occurred when the MACD indicator had just started moving down from the zero line, confirming a valid entry point for selling the pound, which resulted in a drop of more than 30 points for the pair. The market is now waiting for new hints from Alberto Musalem regarding the future of interest rates. His previous remarks were cautiously optimistic, but investors are hoping for clearer signals this time. Of particular importance will be his assessment of inflation persistence and labor market conditions. Any mention of a potential slowdown in U.S. economic growth could trigger a sell-off of the dollar. The British pound, meanwhile, continues to walk a fine line, reacting sensitively to even minor shifts in trader sentiment. With no major U.S. statistics expected today, Musalem's speech may act as the key trigger for the next market move. A dovish tone will likely boost demand for the pound, while a hawkish one could extend the GBP/USD correction. As for the intraday strategy, I'll be focusing primarily on Scenarios #1 and #2. Buy Signal Scenario #1: Today, I plan to buy the pound when the price reaches the 1.3445 entry point (green line on the chart), targeting a rise toward 1.3475 (thicker green line on the chart). Around 1.3475, I plan to exit long positions and open sell positions in the opposite direction, expecting a 30–35 point pullback from that level. A strong rise in the pound today is unlikely.Important! Before buying, make sure that the MACD indicator is above the zero line and is just beginning to rise from it. Scenario #2: I also plan to buy the pound if there are two consecutive tests of 1.3425 while the MACD is in the oversold zone. This will limit the pair's downward potential and trigger an upward reversal. A rise toward 1.3445 and 1.3475 can then be expected. Sell Signal Scenario #1: I plan to sell the pound after a breakout below 1.3425 (red line on the chart), which should lead to a rapid decline in the pair. The key target for sellers will be 1.3394, where I plan to exit short positions and immediately buy in the opposite direction, expecting a 20–25 point rebound from that level. The pound could drop sharply in the second half of the day.Important! Before selling, make sure that the MACD indicator is below the zero line and just starting to decline from it. Scenario #2: I also plan to sell the pound if there are two consecutive tests of 1.3445 while the MACD is in the overbought zone. This will limit the pair's upward potential and trigger a downward reversal. A decline toward 1.3425 and 1.3394 can then be expected. Chart Legend Thin green line – Entry price where the trading instrument can be boughtThick green line – Suggested price for placing Take Profit or manually fixing profit, as further growth above this level is unlikelyThin red line – Entry price where the trading instrument can be soldThick red line – Suggested price for placing Take Profit or manually fixing profit, as further decline below this level is unlikelyMACD Indicator – When entering the market, it is crucial to monitor overbought and oversold zonesImportant Notes for Beginner Traders Beginner Forex traders should be very cautious when deciding to enter the market. Before the release of key fundamental reports, it's best to stay out of the market to avoid sudden price swings. If you choose to trade during news events, always set stop-loss orders to minimize potential losses. Trading without stop-losses can quickly lead to the loss of your entire deposit, especially if you neglect money management and trade with large volumes. And remember: successful trading requires a clear plan, such as the one presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for intraday traders. The material has been provided by InstaForex Company - www.instaforex.com

Trade Analysis and Guidance for the European Currency The price test at 1.1703 occurred when the MACD indicator had already moved well below the zero line, which limited the pair's downward potential. For this reason, I did not sell the euro. The second test of 1.1703 coincided with the MACD being in the oversold area, which allowed Scenario #2 (buy) to play out — but the pair failed to achieve a strong upward move. In the second half of the day, only a speech by FOMC member Alberto Musalem is expected. The market is holding its breath, awaiting Musalem's comments regarding the future trajectory of the Federal Reserve's monetary policy. Investors are eager to hear his view on inflation prospects. His remarks may shed light on how likely further aggressive rate cuts are — and when they might occur. At the same time, the geopolitical front remains tense. Any sharp statement by Donald Trump regarding China risks sparking a new wave of trade war concerns. It's also important to remember that such comments can act as a catalyst for moves in the currency market — and the dollar is unlikely to benefit from them. As for the intraday strategy, I'll be focusing primarily on Scenarios #1 and #2 below. Buy Signal Scenario #1: Today, buying the euro is possible when the price reaches around 1.1705 (green line on the chart), targeting a rise toward 1.1730. At 1.1730, I plan to exit the market and also open a sell position in the opposite direction, expecting a move of 30–35 points from the entry point. A bullish euro scenario today will be more likely only if the Fed representatives take a dovish stance.Important! Before buying, make sure the MACD indicator is above the zero line and just beginning to rise from it. Scenario #2: I also plan to buy the euro if the price tests 1.1684 twice in a row while the MACD is in the oversold zone. This will limit the pair's downward potential and trigger an upward reversal. A rise toward 1.1705 and 1.1730 can then be expected. Sell Signal Scenario #1: I plan to sell the euro once the price reaches 1.1684 (red line on the chart). The target will be 1.1658, where I plan to exit the market and immediately buy in the opposite direction, expecting a 20–25 point rebound from that level. Downward pressure on the pair may increase significantly today.Important! Before selling, make sure the MACD indicator is below the zero line and just starting to decline from it. Scenario #2: I also plan to sell the euro if the price tests 1.1705 twice in a row while the MACD is in the overbought zone. This will limit the pair's upward potential and trigger a downward reversal. A decline toward 1.1684 and 1.1658 can then be expected. Chart Legend Thin green line – Entry price for buying the trading instrumentThick green line – Suggested price to place Take Profit or manually lock in profit, since further growth above this level is unlikelyThin red line – Entry price for selling the trading instrumentThick red line – Suggested price to place Take Profit or manually lock in profit, since further decline below this level is unlikelyMACD Indicator – When entering the market, it is crucial to monitor overbought and oversold zonesImportant Notes for Beginner Traders Forex beginners should be very cautious when deciding to enter the market. Before the release of important fundamental reports, it is best to stay out of the market to avoid being caught in sharp price swings. If you choose to trade during news releases, always set stop-loss orders to minimize potential losses. Trading without stop-losses can quickly deplete your entire deposit, especially if you neglect money management and trade with large volumes. And remember: successful trading requires a clear plan, such as the one presented above. Making spontaneous trading decisions based on the current market situation is an inherently losing strategy for intraday traders. The material has been provided by InstaForex Company - www.instaforex.com

United States Antimony Corp. (NYSE-A: UAMY) says it has begun exploration and bulk sampling operations on the former Stibnite Hill mine in Montana, having secured the necessary permits from the Department of Environmental Quality (DEQ). The Stibnite Hill mine is situated next to USAC’s Thompson Falls smelter, which it uses to process third-party ore into various forms of antimony products as well as precious metals. According to the company, this facility is one of two smelters in North America — both owned by USAC — with a long-standing capacity to process the metal. On its website, it noted that the Thompson Falls smelter can produce approximately 15 million lb. of antimony oxide or 5 million lb. of antimony metal per year. An expansion is currently underway to boost that production capacity. With DEQ approvals in hand for the Stibnite Hill project, the facility could now process the company’s own mined material. Antimony ore has now been trucked in a number of loads off the mountain to a flotation mill in Montana for crushing and sampling prior to further review by a metallurgical chemist, USAC said, adding that management is “encouraged” by the high quality of this material. Shares of USAC, however, fell over 10% amid a broader market selloff, taking its stock price down to $10.95 a share and market capitalization to $1.52 billion. First antimony operation The start of mining activities at Stibnite Hill would make Montana the base of USAC’s first fully integrated antimony operation. Joe Bardswich, EVP and chief mining engineer, said the company has been acquiring mineral leases and actual real property purchases in and around Stibnite Hill, which it mined over 20 years ago. “Once the necessary permits were obtained from the DEQ this month, we began our exploration efforts. Those have resulted in our first four loads of raw antimony ore for our existing operations to begin processing this year,” Bardswich stated in a press release. “This achievement now makes United States Antimony Corporation the first company in the world to be fully integrated from mining operations to finished products of antimony,” he added. USAC previously expected its first actual product to come from its Alaska operations, where it secured roughly 120 mining claims covering over 35,000 acres. However, it had experienced a delay in state permit approvals for approximately five months. Last month, the company was awarded a $245 million contract by the US Defense Logistics Agency (DLA) for its supply of antimony metal ingots for the national defense stockpile.

For the fourth consecutive day, the USD/CHF pair has been declining — marking the fifth negative session in the past six days. Spot prices have fallen below the round level of 0.7900 and appear poised for further losses amid the prevailing bearish trend for the U.S. dollar. The U.S. Dollar Index, which tracks the greenback's performance against a basket of major currencies, has fallen to its lowest level in more than a week. This decline comes amid dovish expectations surrounding Federal Reserve policy and the prolonged U.S. government shutdown. Analysts suggest that investors have fully priced in two future Fed rate cuts — one in October and another in December. Meanwhile, on Thursday, the U.S. Senate rejected a Republican short-term funding bill for the tenth time, which was intended to end the ongoing government shutdown. These factors, along with escalating trade tensions between the U.S. and China, are putting pressure on the dollar and the USD/CHF pair. Tensions between the two largest economies intensified after President Trump threatened to raise tariffs on Chinese goods to 100%, while China tightened export restrictions on rare earth metals. In addition, both countries earlier announced reciprocal port tariffs, raising fears of a potential full-scale trade war. Another contributing factor — persistent geopolitical uncertainty — has reduced investor appetite for riskier assets, as reflected in stock market declines. As a result, demand for safe-haven assets such as the Swiss franc has increased, and the USD/CHF pair continues to retreat from last week's monthly high around 0.8075. From a technical standpoint, oscillators on the daily chart remain negative, and the USD/CHF pair has fallen below the round level of 0.7900, marking a new October low and confirming its weakness. If prices return above the 0.7900 level and hold there, the pair could have a chance to halt the decline. Otherwise, the path of least resistance for spot prices remains to the downside. The table below shows changes in the U.S. dollar exchange rate against major currencies for the current week. The strongest performance was seen against the Australian dollar. The material has been provided by InstaForex Company - www.instaforex.com

Today, Friday, the GBP/USD pair continues to draw buying interest for the third straight session, gradually moving away from the lowest level since early August — reached earlier this week in the 1.3250–1.3245 level. This comes against the backdrop of a broadly weaker US dollar. Recent disappointing UK employment data have reinforced expectations of a gradual reduction in interest rates by the Bank of England. These factors, along with doubts about the country's fiscal policy ahead of the autumn budget in November, are limiting the pound's active appreciation against the US dollar. From a technical standpoint, the breakout above the 100-period Simple Moving Average (SMA) on the 4-hour chart and the subsequent move beyond the supply zone around 1.3420–1.3425 are favorable for the bulls. Moreover, the oscillators on the 4-hour chart are positive, confirming the prospects for further GBP/USD gains. Therefore, a continued rise toward the 200-period SMA on the 4-hour chart, located near 1.3465, and the next level above it at 1.3484, appears quite likely. Beyond that, the psychological level of 1.3500 will serve as a new trigger for the bulls, enabling GBP/USD to extend its advance toward the next significant resistance levels at 1.3535 and 1.3550. On the other hand, any corrective decline should find solid support near the round level of 1.3400. Further pullback could be seen as a buying opportunity around 1.3370, where the 50-period SMA lies. A drop below this level could accelerate the pair's fall toward the 1.3300 round level. The downward trajectory might then extend toward the October low in the 1.3250–1.3245 level, reached on Tuesday. The material has been provided by InstaForex Company - www.instaforex.com

Tom Lee says Ethereum can overtake Bitcoin—“flip” it—by playing for dollar-dominance in a world of tokenized assets, even as he remains emphatically bullish on Bitcoin’s monetary role and long-term price. In a podcast exchange with Cathie Wood, Lee framed the coming competition through a 1971-style lens, arguing that the end of the gold standard catalyzed a wave of financial engineering that ultimately made dollar-based equities far larger than gold; in his telling, the broad tokenization of money and assets will rhyme with that history, positioning Ethereum’s smart-contract rails to capture the lion’s share of activity. Will Ethereum Flip Bitcoin? Wood set the premise with ARK’s top-down view of crypto’s addressable market by decade’s end. “You know, the ecosystem we expect to hit $25 trillion in 2030, the vast majority of that in Bitcoin,” she said, citing Bitcoin’s role as “a global monetary system, you know, rules based that we’ve been missing since the US went off the gold exchange standard in 1971.” She asked Lee directly: “I’d love to hear your thoughts on why ETH or the ecosystem will surpass Bitcoin.” Lee’s answer was to rewind to that same inflection point. “1971 was when Nixon formally withdrew the US from the gold standard. The immediate beneficiary was there was demand and a market to own gold,” he said. But in his telling, the more consequential development was how finance rebuilt itself around an unpegged dollar. “In 1971, the dollar became fully synthetic because it was no longer backed by anything. And so there was a risk that the world would go off the dollar standard. So Wall Street stepped in create products to propagate the future of Wall Street, including…money market funds…credit…mortgage backed securities…futures, et cetera.” He continued, “Dollar dominance by the end of that period…went from 27 percent of GDP terms…to 57 percent of central bank reserves and 80 percent of financial transaction quotes.” For Lee, the market-structure consequence was stark: “The market cap of equities today is 40 trillion compared to two trillion for gold. So in other words, gold is 5 percent of all available assets.” He then drew the crypto corollary. “In 2025, we think everything is now becoming synthetic as we tokenize…as we move not just dollars onto the blockchain, just stablecoins, but we’ll move stocks and real estate. Dollar dominance is going to be the opportunity of Ethereum. So digital gold is Bitcoin. And so in that world, we believe Ethereum could flip Bitcoin, similar to how Wall Street and equities flipped gold post ’71.” Crucially, Lee couched the flippening as a sectoral dynamic rather than a zero-sum bet. “That is just our working theory because I am still a Bitcoin bull,” he said. “I’m very bullish on Bitcoin and I believe [Ark Invest’s] targets for Bitcoin are actually reachable. So we think Bitcoin’s fair value should at least be $1.5 to $2.1 million, but we can see higher values.” In his framework, Bitcoin anchors the “digital gold” monetary premium, while Ethereum’s neutral smart-contract platform becomes the venue “where a lot of Wall Street will innovate” through real-world-asset issuance and collateral flows. “That would, of course, provide upside to a neutral smart contract platform where a lot of Wall Street will innovate real world assets,” he concluded. At press time, ETH traded at $3,750.

Gold prices fell more than 2% after scaling another record on Friday, as investors pulled away from the safe-haven metal following US President Donald Trump’s comments that eased concerns of an escalating trade war with China. Spot gold dropped as much as 2.2% to a daily low of $4,220.10 per ounce, erasing most of its gains over the past two days. Earlier, it had notched another all-time high of $4,378.69 per ounce. Click on chart for live prices. US gold futures also plunged from a high of $4,392 per ounce, now trading at about $4,236.20 an ounce for an intraday loss of 1.6%. Prior to the decline, bullion had been on pace for its biggest weekly gain since September 2008, when the collapse of Lehman Brothers fuelled the global financial crisis. Still, in what was a tumultuous week for the markets, the metal remains up 8%, outperforming most other asset classes. Graphic: Reuters Earlier in the morning, Wall Street investors had been in panic mode over credit concerns that sparked a big sell-off in regional banks in the previous session, sending gold higher. US equities opened Friday’s session deep in the red, but later pared some losses after Trump eased concerns on the trade front by confirming that talks with China remain on. “Equity indices have bounced off their lows on the back of a couple of bullish-looking comments from Donald Trump… we’ve seen gold prices come down a little bit on the back of those comments,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. Bullion has surged over 66% this year, driven by geopolitical tensions, rate cut bets, central bank buying, de-dollarization and robust exchange-traded-fund inflows. “I believe resilient and huge ETF flows are pulling prices up,” said Michael Haigh, global head of commodities research at Société Générale. The bank recently said that it expects gold to climb to as high as $5,000 by the end of next year. In addition to trade uncertainty, expectations of US interest rate cuts are also fueling gold’s rally in recent weeks. Investors currently expect a 25-basis-point reduction at the Fed’s October 29-30 meeting and another in December. Earlier, HSBC analysts raised their 2025 average gold price forecast by $100 to $3,455 per ounce, and projected gold to reach $5,000 an ounce in 2026, supported by elevated risks. (With files from Reuters) Sponsored: Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.

What to Know: Bitcoin is back down dangerously close to the $100K barrier A long-term recovery for Bitcoin looks clear Bitcoin Hyper could be part of that journey with a Layer-2 solution to Bitcoin’s scalability woes The $HYPER presale has already raised almost $24M The Bitcoin Hyper presale is approaching a major milestone with $24 million worth of $HYPER tokens sold. We’ve observed significant whale activity during the presale, including purchases of $379.9K, $274K, $196.6K, and $145K. In contrast, Bitcoin has had a rocky few weeks. Over the past two months, the price of $BTC peaked above $120K twice but then fell sharply after a flash crash on October 10. Although it appeared to be stabilizing, Bitcoin dropped today to around $103K. Many point to the ripple effects from Trump announcing 100% tariffs on China, which in turn led to over $19B of leveraged crypto positions being liquidated. Now, smart money is shifting capital from Bitcoin into smaller crypto projects with higher potential upside, anticipating that Bitcoin will eventually recover. The Bitcoin Hyper project could be the next 1000x crypto if it manages to make Bitcoin more appealing to retail and Web3 crypto users. One of the main problems with Bitcoin is that it’s slow, which drives transaction fees up and scales poorly when more users compete for resources on the blockchain. That’s where Bitcoin Hyper comes into play. It’s a Layer-2 project that utilizes a Solana Virtual Machine (SVM) to process $BTC transactions more quickly than the Bitcoin network, leveraging Solana’s parallel processing capabilities. Is the Bitcoin Network Inherently Slow? There’s a limit to how quickly each trade can be added to the blockchain. When a transaction occurs, it must be confirmed by the network and added to the blockchain, a process that typically takes approximately ten minutes. However, this is just the ideal case. Each block has a maximum file size, so any extra transactions that don’t fit are queued and added to a later block instead. It’s estimated that the current maximum speed of the Bitcoin network is around 7 to 10 transactions per second. If you’re wondering why your transaction fees are increasing, it’s because there’s a bidding war on the Bitcoin network to get priority transactions processed as more users join the network. That’s not a problem if you’re a long-term $BTC investor, but it becomes a nightmare if you want to use $BTC for Web3 applications. The problem is that, according to most blockchain devs, if you want a decentralized blockchain, you either have to choose one that’s secure or scalable. For Bitcoin Layer-1, security is the top priority – which is why long-term investors prefer $BTC for its rock-solid security guarantees. However, it’s hard to deny the advantages that high-speed programmable blockchains like Ethereum and Solana have brought to the Web3 world. If Bitcoin could offer similar features, there’s no telling how high the price of $BTC could go. That’s the idea behind Bitcoin Hyper, which uses Bitcoin’s Layer-1 as a security guarantee while transferring transactions into an SVM for faster processing. Let’s take a look at exactly how Bitcoin Hyper works. How does $HYPER solve these issues? The Bitcoin Hyper network utilizes the existing Bitcoin blockchain as a trusted ledger that the SVM reads from, serving as the foundation for Layer-2. It accomplishes this through a Canonical Bridge, which holds $BTC in custody while it is being used on the network Layer-2. Essentially, you send $BTC to the Canonical Bridge, and an equal amount is minted for you as wrapped $BTC on the Layer-2. You can then use your $wBTC in various dApps or swap it with other cryptocurrencies, just like any other crypto token, while your $BTC stays secure on the Layer-1. Caption: The Bitcoin Hyper infrastructure allows for easy onboarding and withdrawal of $BTC These transactions are recorded on a separate temporary ledger on Layer-2, which is periodically committed back to Layer-1. When you want to withdraw your $BTC, you can simply send a withdrawal request along with the $wBTC you wish to burn, and your $BTC will be sent back from the Bridge. By managing all these transactions on Layer-2, Bitcoin Hyper would enable the Bitcoin network to scale significantly with more users while placing minimal stress on the actual blockchain. For more information on how the Bitcoin Hyper network operates, you can check out our ‘What is Bitcoin Hyper’ guide. Why Will $Hyper Grow? The Bitcoin network is experiencing another challenging period. Still, typically, dips in $BTC indicate heavy buying activity as whales fill their wallets with cheap Bitcoin, suggesting a potential rise for $HYPER as more users begin testing the scalability of the Bitcoin network to its limits. As the official utility token for Bitcoin Hyper, $HYPER offers a range of features, including lower trading fees on the network, as well as access to the Bitcoin DAO and exclusive smart contract capabilities on select dApps within the Bitcoin Hyper ecosystem. Our Bitcoin Hyper price prediction considers these features, along with Bitcoin Hyper’s overall value proposition. We believe that $HYPER could reach as high as $0.02595 if the developers successfully deploy a working Layer-2 network by the end of 2025. Further away, we expect $HYPER could increase by 7.5 times to $0.08625. However, to reach this goal, the Bitcoin Hyper project would need to successfully attract a dedicated community by offering incentives for node operators and developers. In the long term, we expect $HYPER to reach $0.253 if it continues to grow in tandem with $BTC. The whales seem to see potential in $HYPER – we’ve already seen purchases of $379.9K, $274K, $196.6K, and $145K. Alongside a tidal wave of other purchases, these whale purchases have increased the value of the $HYPER presale to just under $2.4M, resulting in a presale price of $0.013125. You’ll need to act quickly if you want to lock in your tokens at this price – the presale is dynamic, so the price is constantly rising. Any $HYPER you buy now can be staked for up to 49% in annual rewards. Click here for more information on how to buy Bitcoin Hyper. Authored by Aaron Walker, NewsBTC — https://www.newsbtc.com/news/whales-buy-bitcoin-hyper-1m-presale-1000x-crypto/

Rumors are circulating that BlackRock has partnered with Ripple to tokenize real-world assets on the XRP Ledger (XRPL). There has been no confirmation from either party, suggesting that these rumors may not be accurate. Rumors Circulate About BlackRock’s Partnership With Ripple and XRP In an X post, XRP influencer JackTheRippler said that there are rumors that BlackRock is about to announce a partnership with Ripple to tokenize assets on the XRPL. Other XRP influencers, such as CryptoSensei and Bale, also shared the rumor, sparking excitement among XRP community members. However, BlackRock and Ripple have yet to issue an official announcement about the rumored partnership, suggesting these claims may not be true. However, BlackRock CEO Larry Fink confirmed that they are building their own technology to tokenize several of their funds and expand their crypto offerings. The BlackRock CEO noted that tokenization can help crypto-native investors access more traditional assets. He further remarked that if they could tokenize an ETF, they could get these investors into the more traditional long-term retirement products. Notably, the asset manager already has products, such as its tokenized money market fund, BUIDL, which runs on the Ethereum network. It is worth mentioning that Ripple already partnered with the fund’s manager, Securitize, to enable off-ramp support for BlackRock’s BUIDL using their RLUSD stablecoin. This has so far been the closest to a partnership between Ripple and BlackRock amid rumors that the asset manager plans to tokenize assets on the XRP Ledger. However, Ripple has so far helped advance upgrades to the XRP Ledger, which could compel institutions like BlackRock to tokenize their funds on the XRPL. This has included the launch of the Multi-Purpose Token (MPT) standard, which is designed to simplify the tokenization of real-world assets (RWAs). Ripple Expands Into Treasury Markets While rumors of a Ripple and BlackRock partnership do not appear to be accurate, there are other recent developments that provide a bullish outlook for XRP. This includes Ripple’s expansion into the corporate treasury markets through the $1 billion acquisition of GTreasury, a provider of treasury management systems. As part of the deal, Ripple and GTreasury will focus on enabling customers to carry out real-time cross-border payments using Ripple’s payment solution, in which XRP serves as the bridge currency. Meanwhile, according to Bloomberg, Ripple is also working to raise up to $1 billion to establish an XRP treasury company. The crypto firm plans to contribute some of its XRP holdings to set up the firm, while the proposed $1 billion is expected to be raised through a special purpose acquisition company (SPAC). At the time of writing, the XRP price is trading at around $2.35, down over 2% in the last 24 hours, according to data from CoinMarketCap.

Investors rely on private data (ADP, ISM, Conference Board), but correlations with official figures are weak.Alternative indicators suggest slower hiring, not a collapse.The Fed is likely to stay cautious with future rate cuts. The third week of the partial shutdown of the U.S. federal government is increasingly disrupting access to official economic data. The suspension of key reports makes it more difficult for the Federal Reserve to assess the economic situation as it prepares for the upcoming FOMC meeting scheduled for October 28–29. In this environment, investors and analysts are attempting to replace government statistics with private-sector indicators — though their reliability remains limited. Limited Access to Data and the Fed’s Policy Challenges Due to the ongoing stalemate in Congress, many federal agencies, including statistical offices, have been closed since October 1. This has resulted in the suspension of several crucial releases, including employment reports. The Bureau of Labor Statistics (BLS) plans to publish consumer inflation data on October 24, albeit with a one-week delay. For the Federal Reserve, this situation represents a significant obstacle to evaluating the state of the economy — especially the labor market, which currently shows signs of fragility. Private Data Sources – Limited Informational Value ADP: The ADP report, based on payroll data from 26 million private-sector employees, showed that U.S. private employers cut 32,000 jobs in September, marking the latest sign that the labor market is entering a significant slowdown. By sector, the largest losses were recorded in service-providing industries, including leisure and hospitality as well as business services, where employment fell by 28,000 positions. Moreover, the real-time correlation between ADP data and official BLS figures remains very weak at 0.12, indicating no statistically meaningful relationship. As a result, the ADP report provides limited insight into what the official employment report might have shown had the government not been shut down. ISM Indices: The Institute for Supply Management’s manufacturing and services surveys suggest a slowdown in hiring, with both employment components remaining below the neutral 50-point threshold. In September, the employment subindex for the services sector stood at 47.2 points, while the manufacturing employment subindex came in at 45.3 points — both signaling contraction in hiring activity. While the manufacturing employment index shows a moderate correlation (0.6) with employment dynamics, its volatility and discrepancies with actual data limit its predictive reliability. zoom_out_map Chart of U.S. employment change – ADP vs. NFP, source: Bloomberg zoom_out_map ISM employment subindices for the U.S., source: Bloomberg Sentiment Indicators and Predictive Models Conference Board: The gap between the share of respondents who believe that “jobs are plentiful” and those who say they are “hard to get” (known as the labor market differential) is highly correlated with the unemployment rate. This metric has recently declined, signaling a deterioration in consumer sentiment and suggesting possible softening in the labor market over the coming months. Chicago Fed: The Federal Reserve Bank of Chicago continues to publish its own unemployment rate estimates based on models incorporating both public and private data. According to the latest (not yet officially released) estimates, the unemployment rate stood at 4.34 percent in September — only slightly higher than August’s 4.32 percent. However, the historical accuracy of this model has been limited. zoom_out_map Chicago Fed Real-Time Unemployment Rate (September 2025), source: chicagofed.org The Labor Market Is Slowing, Not Collapsing While alternative indicators provide some insight into current economic conditions, they cannot fully replace official data, which remain methodologically consistent and historically comparable. The available private data suggest a moderation in hiring momentum rather than a sharp downturn. The U.S. labor market thus appears to be entering a phase of gradual cooling rather than contraction — a scenario that may encourage the Federal Reserve to proceed cautiously with further interest rate cuts in the months ahead. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

According to the analysis by ETHERNASYONAL, the current Dogecoin price chart is forming a clear pattern that could lead to a significant breakout. The price setup suggests that once the Dogecoin breaks past a key resistance level, a 600% rally could follow. If momentum continues to grow, Dogecoin might see a powerful rally that could send its value far above $1.5. Dogecoin Price Chart Shows A Classic Cup And Handle Pattern Forming ETHERNASYONAL’s analysis on X highlights that there is a clear Cup and Handle formation on the Dogecoin linear chart. Analysts see the formation as a classic pattern often linked to bullish price breakouts in technical analysis. The “cup” part of the formation shows how the Dogecoin price has rounded out from a previous low, while the “handle” represents a short pause or pullback before the next move higher. At the moment, Dogecoin is moving within this handle stage. Analysts are watching closely because this stage often comes before a significant breakout. Once Dogecoin completes the handle phase and clears resistance at $0.20, a considerable price increase could follow. The chart image shared by ETHERNASYONAL also shows how the curve of the cup and the slight dip of the handle are forming perfectly. It suggests that Dogecoin might be close to finishing this phase. Once the price breaks out of the handle, a big rally could begin, and buyers might push the price much higher. A Breakout Could Trigger Major Gains Above $1.5 ETHERNASYONAL explained that major moves will be inevitable after the price breaks through the handle stage. It means that when Dogecoin crosses the upper resistance of the handle, strong momentum could drive the price much higher. Based on this setup, the move could extend far above the $1.5 mark. The reason behind this view is that the formation often serves as a signal for a long and sustained rally once confirmed. As the pattern completes, buying pressure usually increases sharply, pushing prices upward. For the Dogecoin price, this could result in a gain of around 600% from current levels, which would be a massive return for traders and holders. ETHERNASYONAL’s observation of this clear Cup and Handle structure shows why optimism is growing around Dogecoin again. The Dogecoin linear chart indicates strong potential for a decisive upward move if the breakout occurs above the handle resistance. For now, analysts continue to watch the handle phase of the Cup and Handle pattern closely, waiting for confirmation of the move that could change Dogecoin’s price direction. If ETHERNASYONAL’s analysis plays out, the price breakout could mark the start of one of Dogecoin’s biggest rallies yet, one that could send it soaring well above $1.5 and confirm the strength of this long-term bullish pattern.

Amaroq Minerals (LON, TSX-V: AMRQ) has kicked off sales of fully traceable gold from its Nalunaq mine in Greenland through the Single Mine Origin (SMO) platform, marking a milestone in the country’s responsible mining efforts. The company said the SMO-certified gold provides buyers with complete transparency, ensuring that each bar is responsibly mined and mercury-free. In keeping with its community-focused strategy, Amaroq is making the gold available exclusively to Greenlandic residents to promote local participation in the nation’s emerging minerals and mining sector. One-gram Nalunaq gold bar. (Image courtesy of Amaroq Minerals..) “Amaroq has demonstrated a clear commitment to responsible mining practices, with a particular focus on environmental stewardship and sustainable development,” Charlie Betts, managing director of the Betts Group and Single Mine Origin said. “This collaboration allows the local community to participate in the mine’s ongoing success and in Amaroq’s contribution to the region’s economy.” The Nalunaq mine poured its first gold in late 2024. The past-producing site, which operated between 2004 and 2013, yielded more than 350,000 ounces of gold before closing. Amaroq acquired the project in 2015 and has since expanded the resource base through drilling and a revised geological model. Nalunaq gold coin. (Image courtesy of Amaroq Minerals..) Greenland’s government has identified mining as a pillar of its economic diversification strategy. A 2023 European Commission survey found that 25 of 34 minerals deemed “critical raw materials” by the EU can be found in Greenland, though many remain under-explored due to the island’s remote terrain. Officials have urged the US and EU to increase investment in the territory’s resource sector. Shares of Amaroq fell 3% to 94.40 pence on Friday afternoon in London, giving the company a market capitalization of nearly €25 million ($29 million).

We introduce you to the daily updated section of Forex analytics where you will find reviews from forex experts, up-to-date monitoring of financial information as well as online forecasts of exchange rates of the US dollar, euro, ruble, bitcoin, and other currencies for today, tomorrow and this trading week.Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses. Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader. #instaforex #analysis #sebastianseliga The material has been provided by InstaForex Company - www.instaforex.com

Africa-focused Petra Diamonds (LON: PDL) has launched an £18.8-million ($25 million) rights issue as part of a crucial refinancing strategy aimed at keeping the Africa-focused miner afloat during a severe downturn in diamond prices. The company confirmed it had reached a long-term refinancing agreement that extends its debt maturities by up to four years. As part of the new terms, Petra introduced a “payment in cash or equity” mechanism, allowing it to pay interest on its notes in shares rather than cash. Interest rates on the notes will increase to 10.5%, or 11.5% if payments are made in equity. The rights issue, which still requires shareholder approval at a special general meeting on November 6, is a key component of Petra’s internal restructuring. The company expects new shares to begin trading by November 7, pending final agreements. Interim joint CEO Vivek Gadodia called the move the “final leg” of Petra’s refinancing journey, following 18 months of major internal change. He said the plan substantially strengthens Petra’s capital structure and enables management to focus on executing its business strategy. The company warned that if shareholders reject the resolutions, the refinancing would collapse. In that case, Petra would not receive the expected net proceeds of about $22.4 million and would not have sufficient working capital for the next 12 months. Market pains Weighed down by weak demand, economic uncertainty and the rise of lab-grown gems, diamonds miners have cut costs, halted operations and restructured their business. Petra has struggled to generate cash flow despite previous asset streaming efforts. Net debt rose to $258 million in the third quarter, up from $215 million at the interim stage. The company’s shares have dropped 39% year-to-date and 47% over the past 12 months. The company, now valued at £37 million, is trading at 19.1p per share.

An obscure spread at the heart of US money markets just flashed a bright warning, and crypto traders are pouncing on the signal. The Secured Overnight Financing Rate (SOFR) printed 4.29% on Wednesday, while the Federal Reserve’s overnight reverse-repo (ON RRP) award rate sat at 4.00%, putting the SOFR–RRP spread at 29 basis points on a non-quarter-end day — an unusually wide gap that points to tightening funding conditions in the plumbing of the financial system. On the same day, the Fed’s Standing Repo Facility (SRF) was tapped for $6.5 billion — the largest non-quarter-end draw since its creation — as general collateral repo rates jumped, another sign of reserve frictions. Why Crypto Bulls Smell Blood The move has revived talk that the Fed’s quantitative tightening (QT) campaign is running into the same reserve-scarcity constraints that forced a policy pivot in 2019. “QT could be done by this October FOMC meeting at this rate,” On the Margin podcast host Felix Jauvin wrote on X, amplifying trader Sahil Mehta’s data point: “SOFR–RRP spread at 29bps on a random Wednesday.” Head of Growth at Horizon and Theya Joe Consorti framed the market backdrop more bluntly: “Regional banks down 4.5%. Gold at $4,300/oz. SOFR/RRP spiking. Feels like a policy response is imminent.” Those remarks reflect a widening belief among macro-sensitive crypto investors that a liquidity backstop — whether an earlier-than-planned QT halt or stepped-up repo operations — could arrive as soon as the Fed’s October 28–29 meeting. A parallel market message arrived from risk assets and havens. Gold ripped through $4,300 per ounce for the first time on Thursday, while US regional banks slumped anew — recording a 4.5%–7% drop in the KBW regional bank gauges amid loan-quality headlines and rising funding costs. Those moves reinforced the “tightening liquidity, rising stress” read that macro traders mapped onto the SOFR print. Commentary on X pushed the narrative further. Analyst Furkan Yildirim argued the spread is “a classic sign of funding pressure,” adding that with the reverse-repo buffer depleted and QT ongoing, “fewer and fewer excess reserves in the system” mean “real liquidity scarcity,” especially around heavy Treasury issuance and tax days. “What’s happening here is a classic sign of funding pressure, i.e., stress in the short-term money market. In other words: Banks and major financial players are struggling to find enough cheap money to refinance overnight. We last saw this in this form in 2019, shortly before the Fed was forced to pump liquidity back into the system,” Yildirim wrote via X. Another account, @The_Prophet_, tied the move to a broader decoupling between market-based rates and the Fed’s administered corridor: “SOFR spiking above the Fed Funds rate means the interbank plumbing is tightening… The Fed will call it ‘technical.’ But history will call it ‘the moment control began to slip.’” While the rhetoric is charged, the underlying constellation — SOFR above EFFR, an elevated SOFR–RRP gap, SRF usage in mid-month — is the sort of micro-divergence that often precedes policy recalibration. Policymakers themselves have been edging in that direction. After delivering a 25 bp cut on September 17 to a 4.00%–4.25% range, Fed officials have signaled openness to further easing, and market odds lean toward additional accommodation. Governor Christopher Waller on Thursday endorsed another 25 bp move at the October meeting, and Chair Jerome Powell has acknowledged tightening financial conditions and the approaching end of QT. If the Fed does halt balance-sheet runoff this month, it would mirror the 2019 experience, when repo-market stress — SOFR briefly topped 5% and EFFR breached its target — catalyzed a fast operational pivot. For crypto, the signal chain is straightforward even if the timing isn’t: persistent funding frictions beget official liquidity backstops; backstops relax financial conditions; and looser conditions have historically supported liquidity-sensitive assets. The difference — as several macro voices cautioned — is that today’s spread isn’t euphoria, it’s strain. That nuance matters. A policy response that arrives under duress can buoy “number go up,” but it also speaks to fragility in the pipes that route collateral, cash and risk. Until the SRF usage recedes, SOFR re-anchors below fed funds, and the ON RRP buffer stops scraping the floor, the plumbing is telling you what the charts can’t: liquidity is getting dear, and the clock is running toward October 28–29. At press time, the total crypto market cap stood at $3.6 trillion.

What to Know: Thumzup Media announces Dogecoin integration for creator payouts Corporate adoption of meme coins signals market maturation, but OG coins face saturation Technical analysts eye $DOGE support while new projects capture speculative capital On October 15, Thumzup Media Corporation, a legitimate Nasdaq company, announced that it is exploring and developing Dogecoin integration for its creator payout platform, aiming to utilize $DOGE to reduce cross-border friction and lower fees for micro-transactions. Sounds bullish, right? Wrong. $DOGE immediately faceplanted, dropping 3% in 24 hours and 21% over the week. Because in crypto, ‘exploring’ is executive-speak for ‘we wrote a press release but haven’t built anything yet.’ Traders who had been pumping $DOGE on speculation quickly rotated out fast. Thumzup’s choice of Dogecoin legitimizes the entire category of utility-focused meme coins. When a publicly traded company starts building payment rails on a dog-themed token, it signals that meme coins have shifted from pure speculation to real use cases. The infrastructure is maturing, and corporate interest is growing in reality. But first-generation meme coins like $DOGE are holding massive bags from 2021. They have saturated holder bases, whale-controlled price action, and not much room to grow. It’s not exactly screaming moon mission imminent. This is where smart money shifts. If corporate adoption proves meme coin utility is real, why chase a bloated market cap when you can buy at presale prices on projects that are actually building something, like Maxi Doge ($MAXI)? Maxi Doge ($MAXI): The Final Form of the Shiba Family Tree (And He’s Jacked) Established dog coins are flexing again. Thumzup’s announcement proves the sector has legs (pun absolutely intended). However, while $DOGE boasts a $27B market cap and decades of bagholders, Maxi Doge represents the final form of the Shiba family tree at presale prices. He’s been forged by leverage, trained by pain, and powered by enough caffeine to kill a small elephant. This is DOGE’s jacked cousin who actually showed up to the gym. Maxi’s branding is perfect for going viral, with a relentless drive to dominate the charts and harness nuclear meme potential. That’s a battle cry for degens who check their portfolios 47 times before breakfast. Unlike $DOGE and $SHIB, which launched with zero utility and a prayer, Maxi already allocates 25% of the total supply to the MAXI Fund for strategic partnerships and events. The roadmap explicitly teases futures platform integrations. Currently in presale, Maxi Doge has already raised $3.6M from investors who know that getting in early beats bagholding at all-time highs. With the Doge narrative gaining strength again, $MAXI is poised to follow suit, but you’re getting in at the ground level instead of chasing pumps. Thumzup validates corporate meme coin adoption. $DOGE proves the concept but lacks upside. Maxi Doge offers a ground-floor entry with better tokenomics, aggressive staking rewards, a character that embodies everything crypto stands for, and a market cap so small that even modest success could mean generational wealth for early investors and adopters. The presale is live right now, and at $0.0002635 per token, you’re getting the kind of entry point that $DOGE holders dream about in their sleep. When (not if) the next meme coin frenzy hits—and Thumzup’s announcement hints it’s coming—do you want to chase 2x on a bloated market cap, or ride 1000x on the most pumped-up dog in the space crypto? The Maxi Doge presale won’t last forever. Visit the official website, connect your wallet, and get ready for what could be the most asymmetric bet in crypto right now. Because in this market, hesitation doesn’t pay. FOMO definitely does. And Maxi? He’s already doing his post-workout cardio while you’re reading this. Check out Maxi Doge presale right now! Authored by Elena Bistreanu, NewsBTC – https://www.newsbtc.com/news/thumzup-doge-payments-maxi-doge-1000x-crypto

Stock market under pressure from credit risksUS stock indices, including the S&P 500 and Nasdaq, continue to fall amid investor concerns about the state of lending and the consequences of the collapse of auto lender Tricolor Holdings. Amid uncertainty, the demand for government bonds is growing, and gold continues to demonstrate gains, strengthening its position as a safe-haven asset. Analysts note that market participants are moving into more reliable instruments, awaiting further signals from the Fed on the prospects of monetary policy. Follow the link for details. Trading risks and financial sector weakness heighten pressureDonald Trump expressed concern about the state of trade relations with China, which added uncertainty to financial markets. The weakness of banks and the insurance sector points to an economic slowdown, casting doubt on the possibility of a swift interest rate cut by the Federal Reserve. Investors await new comments from US administration representatives to assess the prospects for negotiations and the impact of trade policy on the market. Follow the link for details. We recall that InstaForex provides the best conditions for trading stocks, indices, and derivatives, helping traders earn money on market fluctuations effectively. The material has been provided by InstaForex Company - www.instaforex.com

The US dollar index slipped by 0.7% this past week — its worst weekly performance since June. Starting from Thursday, the greenback has been weakening for four consecutive trading days, and this isn't just a short-term correction. It's a clear sign of a growing bearish trend. So, what's driving this unexpected decline—and what lies ahead for the American currency? Unexpected downturn: what's pushing the dollar lower This week turned out to be a rough one for the dollar. The dollar index fell by 0.7% — the steepest weekly decline since June. The greenback has now been falling for four sessions in a row — a rare occurrence for such a liquid and typically stable market. That alone has caught the attention of traders and analysts. Several unfavorable factors have come together to pressure the dollar. First and foremost, dovish signals from the Federal Reserve have weighed heavily on the currency. Top Fed officials, including Chair Jerome Powell, made it clear this week that they are ready to continue cutting interest rates if needed to support the softening labor market. Fed Governor Christopher Waller stated bluntly that the Fed is prepared to keep trimming rates in gradual steps of 25 basis points to stabilize employment. Adding to this sentiment, analysts at Morgan Stanley now expect the next rate cut could come as early as the Fed's October meeting. As a result, markets are pricing in an even more aggressive easing trajectory: by year-end, traders now expect the Fed to cut rates by 53 basis points—up from 46 basis points just one day earlier. The second major factor weighing on the dollar is the decline in US Treasury yields. The yield on 2-year Treasuries fell to a six-week low, making dollar-denominated assets less attractive to yield-seeking investors. The third issue is the ongoing political crisis in Washington: the US government has now entered its third week of a partial shutdown, with no resolution in sight. The lack of fresh economic data, due to the shutdown, has only heightened market uncertainty and fueled speculation about further dovish moves by the Fed. Sentiment in the FX market has turned increasingly bearish in the short term. Although the dollar still has strong fundamental backing that could lead to a rebound later this year, in the near term, most traders are betting on continued downside. And finally, troubling signs from the US banking sector have added to the pressure. Emerging issues with lending and balance sheet risks have further dampened confidence in the dollar, triggering a wave of significant sell-offs. In summary, what started as a moderate pullback has now become a broader bearish shift driven by dovish Fed talk, falling yields, political deadlock, weak data flow, and rising financial sector concerns. Whether the dollar can recover will depend on how these risks play out in the coming weeks. The banking factor: fraud and panic on Wall Street So, the Fed's dovish rhetoric has coincided with turmoil in the financial markets, sparked by revelations of fraud and losses among regional US banks. While the bond market has remained relatively calm, the banking sector is clearly not in an optimistic mood. Two regional banks have taken center stage: Zions Bancorp and Western Alliance Bancorp. Both institutions reported falling victim to fraudulent lending schemes. Zions' subsidiary, California Bank & Trust, issued $60 million in loans to borrowers now suspected of being involved in fraud—namely, investment funds managed by Andrew Stupin and Gerald Marcil. Legal representation for the individuals in question claims that the accusations are "unfounded" and promises that, once all evidence is presented, the case will end in full exoneration. But markets run on emotions—while investigations are just beginning, investor reaction has been swift. The combined market capitalization of the 74 largest US banks shrank by more than $100 billion in a single day—a dramatic correction even by banking scandal standards. Ironically, the actual losses involved in these fraud cases are relatively minor—just tens of millions of dollars—especially when compared to recent high-profile collapses, such as Tricolor Holdings' auto loan meltdown or the bankruptcy of First Brands Group, which owed Wall Street's top creditors more than $10 billion. Still, even modest losses can trigger tremors when they come from within the banking sector. Market participants are increasingly unnerved not by the size of the losses, but by the frequency. Year after year, the industry experiences what were once deemed "isolated" incidents—but now the pattern suggests something more systemic. Growing fears point to a contagion risk that could spread through the financial system. The shift in sentiment had an immediate impact on stock prices. Zions shares plummeted 13%, marking their steepest one-day drop in six months. Western Alliance saw its stock plunge by 11% after disclosing losses tied to the same borrowers. As JPMorgan Chase analysts succinctly put it: "In this industry, especially for new investors, people tend to sell first and ask questions later." Experts are scrambling for answers as to why these write-downs are emerging in unison—fueling deeper concerns about the sector's underlying stability. The spike in attention to a few fraud cases hasn't just tanked share prices of individual banks—it's also reignited debates about just how vulnerable regional lenders remain, particularly just three years after the last U.S. banking crisis. As JPMorgan CEO Jamie Dimon vividly warned: "When you see one cockroach, there may be more." Investors should stay alert—any new developments from the sector could keep rattling the dollar, especially amid growing market anxiety and ongoing turbulence. How should traders react? Strategy amid dollar decline With a growing bearish trend in the dollar and heightened volatility in the banking sector, markets are demanding clear strategy and level-headed risk management from participants. Now more than ever, it's essential not to be swayed by market noise—and to base trades on rational analysis. First and foremost, diversify your currency portfolio. Expectations of continued Fed easing and a weakening dollar present fresh opportunities elsewhere. Currencies such as the euro, yen, and traditional "safe havens" may prove more resilient in the near term. Short-term long positions against the dollar look justified from both fundamental and technical standpoints. Under current conditions, prioritize quick profit-taking and tight loss parameters. With markets this volatile and unpredictable, long-term dollar strategies carry significantly heightened risk. Investors are advised to explore short-dollar positions—with disciplined stop-loss levels. But most importantly—maintain discipline, don't overreact to short-term noise, and closely monitor Fed communications and major bank earnings reports. This phase calls for cautious, targeted tactics and a sharp eye for detail. Those who stay focused can protect their capital—and seize new growth windows in an increasingly choppy market. The material has been provided by InstaForex Company - www.instaforex.com

Key takeaways USD/JPY reversed from its recent high of 153.28, falling 2.2% as bullish U.S. dollar momentum faded.Political uncertainty in Japan weakened the “Takaichi Trade,” reducing bets on extended monetary easing.The 10-year U.S.-Japan sovereign yield spread broke below key 2.47% support, signalling further downside pressure.Technical indicators point to a short-term bearish setup, with support at 149.05–148.55 and resistance at 151.70. This is a follow-up analysis and an update of our prior publication, “USD/JPY: Current JPY weakness is driven by short-term sentiment as it disconnects from US-Japan yields”, published on 9 October 2025. Since our prior report, the USD/JPY has witnessed a minor “momentum crush” as bullish sentiment of the US dollar took a backseat, where the USD/JPY did a residual push up to print an intraday high of 153.28 on 10 October 2025, before it tumbled by 2.2% to hit an intraday low of 149.90 at the time of writing. In addition, the “Takaichi Trade” of shorting the yen in anticipation of a revival of easy monetary policy in Japan has lost traction as Sanae Takaichi, the newly elected leader of the LDP ruling party, may not receive enough parliamentary votes to become Japan’s next prime minister after the LDP’s long-term coalition partner, Komeito withdrew its 26-year partnership with the LDP. Let’s now look at several macro and technical factors that suggest further potential downside in the USD/JPY, at least in the near term. 10-year US Treasury/JGB yield spread has (finally) broken below a major support level of 2.47% zoom_out_map Fig. 1: Yield spreads of US Treasury/JGB with major trend of USD/JPY as of 17 Oct 2025 (Source: TradingView) The 10-year yield differential between the US Treasury note and JGB has broken below the 2.47% major support with a daily close below it since 8 October 2025 (see Fig. 1) A move away further down from 2.47% is likely to cement a further narrowing of the 10-year US-Japan sovereign bond yield differential, and a similar movement occurred during late December 2024 to mid-April 2025 that triggered a medium-term decline of 10% on the USD/JPY. Implied volatility from JPY options has started to tick higher zoom_out_map Fig. 2: JPY implied volatility as of 7 Oct 2025 (Source: MacroMicro) The implied volatility of JPY measured via FX options has started to increase from a relatively low level of 8.39 printed on 26 September 2025 (almost a 9-month low) to 9.01 on 7 October 2025 (see Fig. 2) Prior similar observations seen from 24 January 2025 to 7 February 2025, where the implied volatility of JPY jumped from 8.69 to 10.59, which thereafter led to a fall of 10% on the USD/JPY. Failure bullish breakout on the USD/JPY zoom_out_map Fig. 3: USD/JPY medium-term trend as of 17 October 2025 (Source: TradingView) The recent bullish breakout of the USD/JPY above its “Ascending Wedge” range resistance on 7 October 2025 is considered a “failure bullish breakout” as its latest price actions of the USD/JPY have reintegrated back below the aforementioned range resistance at 150.50. These observations suggest that the USD/JPY is likely to revert to its medium-term sideways motion, with the key range support to watch at 146.60 (see Fig. 3). We will now examine its latest short-term (1 to 3 days) trajectory and key technical levels to watch on USD/JPY Preferred trend bias (1-3 days) – Vulnerable for a bearish break below 20-day MA zoom_out_map Fig. 4: USD/JPY minor trend as of 17 October 2025 (Source: TradingView) Bearish bias in any bounces below 151.70 key short-term pivotal resistance, and a break below 149.75 exposes the next intermediate support zone at 149.05/148.55 in the first step (see Fig. 4). Key elements The hourly MACD trend indicator of the USD/JPY has broken below a key ascending trendline support that has occurred below the centreline, which suggests a potential buildup of a bearish momentum condition.These observations indicate that the 20-day moving average, which is acting as a near-term support at 149.75, is likely to be broken down.The intermediate support zone of 149.05/148.55 is defined by the gap support formed on 6 October 2025 and the 50-day moving average.Alternative trend bias (1 to 3 days) A clearance above 151.70 key short-term resistance invalidates the bearish scenario for a squeeze up towards the next intermediate resistance at 152.45. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.

Overview: The pendulum between fear and greed is swinging toward the former today. The large write-downs at a couple of US regional banks follow high-profile collapses of Tricolor and First Brands. They play on fears of mounting late-cycle stress. US bank reserves have also fallen through a key threshold ($3 trillion) and some fear a repeat of 2019. Washington and Beijing have ramped up the trade tensions, and the US federal government remains closed. US rates have fallen sharply, and the Dollar Index is having its worst week in a little more than two months. The greenback is mixed against the G10 currencies, with the Antipodeans and Scandis nursing losses, while the Swiss franc and are the leaders. Emerging market currencies are mostly lower, while the PBOC set the dollar's fix at a new low for the year. Equity markets are under pressure. Japanese, Chinese, Hong Kong, and Taiwanese indices tumbled 1%-2.7% today. South Korea's Kospi and India's main indices were notable exceptions. If sustained, the 1.65% loss being posted by the Stoxx 600 in Europe would be the largest loss since August 1. US index futures are threatening to gap lower at the opening. Benchmark 10-year yields are as much as three basis points lower in Europe. The US 10-year Treasury yield is near 3.95%. The risk-off mood looks set to challenge the US-Argentina resolve. Gold climbed to a new record near $4380. It settled last week slightly below $4018. December WTI has extended its recent losses and approached $56 today, its lowest since May 5. USD: The Dollar Index's upside momentum since the September 17 FOMC meeting appears to have ended last week near 99.55. It recorded a low yesterday around 98.40 and almost 98.00 today. The Dollar Index recovered to test the 98.30 area in the European morning, which is where the 20-day moving average is found. DXY has not settled below it since September 23. The market remains convinced that the Federal Reserve will cut rates late this month (99%+ in the futures market) and another cut in December (95%+). Net-net, including comments by various Fed officials, including Chair Powell, there has been virtually no change this week. The write-off at two regional banks saw US rates tumble yesterday, and key levels have been taken out. The two-year yield is below 3.40% to its lowest level in three years. The 10-year yield has fallen to almost 3.93%, its lowest level since "Liberation Day" in April. The US government remains closed, with both Washington and Beijing feeling aggrieved, tensions continue to run high. EURO: The euro appears to have forged a near-term base near $1.1540, its lowest level since August 1. It reached a seven-session high yesterday a little above $1.1685. The gains were extended today to almost $1.1730, the (50%) retracement of the losses since the September 17 FOMC meeting is found. The (61.8%) retracement is around $1.1775. The US two-year premium over Germany was pushed back to the lower end of the 150-162 bp range since the day before the Fed cut last month. The daily momentum indicators appear to be turning higher from over-sold territory. CNY: One of the important takeaways this week is that despite the elevated trade tensions between the US and China, Beijing has not weaponized the exchange rate. In fact, the PBOC set the dollar's reference rate at its lowest level this year. It was set at CNY7.0949 today, third consecutive decline and the third consecutive sub-CNY7.10 setting. Against the offshore yuan, the dollar has been in a range of mostly CNH7.12-CNH7.15 this month. After approaching the lower end yesterday, it fell slightly below CNH7.1170 today before recovering to around CNH7.1325 to trade on both sides of yesterday's range. Starting Monday and running through Thursday next week is the Communist Party Congress 4th Plenum, which is typically where the next five-year plan is broadly outlined, and personnel decisions are made. Over the past five-year, Xi has reportedly instructed that China should increase others dependence on it, while reducing China's dependence on others. And despite his ideological differences with Deng Xiaoping, Xi has operationalized his 1992 insight: “The Middle East has oil. China has rare earths." JPY: The dollar was sold to JPY150.25 yesterday and follow-through selling took it slightly through JPY149.40 today. The (61.8) retracement of this month's gains is near JPY149.15. Options for more than $1 bln at JPY150.46 expire today. Another technical target is the gap from the higher opening on October 6. The gap is between the October 3 high (~JPY147.80) to the October 6 low (~JPY149.00). Japanese politics are particularly fluid now. Having precipitated a break-up of a 26-year coalition with the Komeito Party, Takaichi is negotiating with the Japan Innovation Party (Ishin). This appears to have outflanked the effort by the opposition parties to see if they could put together a single candidate to take on Takaichi. They appear to have failed. GBP: Sterling has had an impressive bounce. Tuesday it reached $1.3250, its lowest level since August 1 and yesterday reached $1.3455. Today, it traded briefly above $1.3470. It settled above the 20-day moving average (~$1.3420 today) for the first time since September 18. Sustaining a push above the $1.3460 area could lift sterling with the $1.3500-$1.3525 the next interesting chart area. The odds of a cut this year have crept up this week from nearly 25% at the end of last week to a little over 45% now. News that Pensana has indicated that it will no longer build a GBP250 mln rare earths refinery in the UK, but instead build it in the US, who apparently will be providing more assistance than the UK, cannot sit well at 10 Downing Street. CAD: The greenback reached a six-month high at CAD1.4080 on Tuesday and has been consolidating above CAD1.4020 in the last couple of days. Recall that the CAD1.4020 area had previously offered resistance and was the (38.2%) retracement of this year's decline. The momentum indicators are over-extended but still rising, as are the five- and 20-day moving averages. Option for almost $540 mln at CAD1.4035 and another set for around $460 mln at CAD1.40 expires today. Canada reports August portfolio capital flows today. In the H1 25, there was a net divestment of almost C$8 bln. In July, there was a net inflow of nearly C$26.7 bln, turning the year-to-date balance positive. In the first eight months of 2024, foreign investors bought C$113 bln of Canadian bonds and stocks. AUD: This week's range was set Monday-Tuesday, almost $0.6535 and $0.6440, respectively. It was pushed back toward Tuesday's low, reaching ~$0.6445 today. It has recovered to almost $0.6470 in European turnover. Around A$800 mln in options at $0.6460 expire today. The deterioration of the labor market reported yesterday undermined the assessment of central bank's Governor Bullock and spurred the market to upgrade the odds of a rate cut next month. The futures market now discounts about a 70% chance of a cut, up from about 36% on Wednesday and about 43% at the end of last week. The Australian and Canadian dollars are the only two G10 currencies that are still lower on the week. MXN: The dollar was sold to new lows for the week yesterday against three of the most actively traded Latam currencies, the Mexican peso, the Brazilian real, and the Colombian peso. The dollar fell to around MXN18.3565 yesterday. The (61.8%) retracement of the greenback's gains since the September 17 low for the year (~MXN18.20) is about MXN18.3675. However, the as US stocks sold off after European markets closed yesterday, the risk-off stance helped fuel the dollar's recovery against the Brazilian real and Colombian peso, as well. The Argentine peso weakened for the third consecutive session, but the 3.3% loss was the largest in over a month. The risk-off mood is weighing on the emerging market currencies today, and the greenback is bid above MXN18.51. The week's high is almost MXN18.63 and last week's high was closer to MXN18.64. Disclaimer

The Solana price rebounded quite nicely from the October 10 crash, quickly reclaiming $200 after hitting as low as $150 on some crypto exchanges. Despite this, though, the altcoin is still not out of the woods, with bearish indicators that seem to be piling up around it. Unless something changes soon, the Solana price could be gearing up for another major hit that could send it down even lower than the legendary flash crash. Friday’s Crash Was Only Confirmation Of Bearish Pattern For Solana Price While the broader market thinks that the October 10 crash has come and gone, leaving the market in a more bullish state, one analyst deviates from this and believes that this has actually set the Solana price on a more bearish path to more declines. According to an analysis shared on the TradingView website, crypto analyst Klejdi Cuni shows that the Solana price actually confirmed a larger bearish pattern after the crash triggered by Donald Trump’s 100% tariff comments on China. As a result, the entire bearish trend is yet to actually play out. Not only is the Solana price already on track for more corrections, but it is also further at risk as the Bitcoin price struggles to hold up. After initially recovering, the Bitcoin price has since been on a slow decline, and altcoins such as Solana have been affected as well. With the Bitcoin price already struggling, the analyst believes that the Solana price is already looking at a decline to at least $170. However, in the event that the entire bearish narrative does play out, then the Solana price is at risk of crashing 50% to $104. SOL ETFs Could Change The Narrative Amid the expected bear pressure, there is still the topic of pending Solana ETF applications that could change the entire narrative. Data from The Block website shows a total of 11 Solana ETFs that are pending a decision from the Securities and Exchange Commission (SEC). If these Solana ETFs are approved for trading, it could trigger a large influx of institutional liquidity into the altcoin. Just like the trend seen with the Bitcoin and Ethereum ETFs, this could lead to a surge in the Solana price, effectively eliminating the bears from the table. At the time of writing, the Solana price was still trending above $200. However, with the Bitcoin price skirting around $111,000, it is possible that the altcoin could suffer a crash below $200 before finding its footing once again.