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# Cryptocurrency Market Enters Consolidation Phase After Recent Surge The cryptocurrency market is slowing down after a recent spike in activity. In the derivatives market, forced liquidation volumes have plummeted, trading activity has eased, and a cautious sentiment is prevalent among traders, indicating a pause in speculative fervor. According to CoinGlass data on the 24th, total forced liquidations in the cryptocurrency derivatives market over the past 24 hours amounted to approximately $328.24 million. This reflects a 47.56% decrease compared to the previous day, signaling reduced market volatility and a shift toward unwinding positions. During the same timeframe, overall derivatives trading volume fell by 16.54% to $285.22 billion. This indicates that market participants are adopting a careful approach, evaluating the potential for further price increases. # Trading Sentiment by Exchange Analyzing position ratios across exchanges reveals varied market sentiment. On Binance, the BTC/USDT pair's top trader long/short ratio was 1.45, suggesting a strong preference for long positions. Similarly, OKX's BTC long/short ratio stood at 0.67, also indicating a bias towards long positions. This suggests that professional traders might still be eyeing short-term rebound opportunities. # Options Open Interest and CME Bitcoin Futures Open interest in options contracts rose by 4.49% from the previous day, reaching $42.68 billion. However, open interest in CME Bitcoin futures decreased by 4.28%, settling at $13 billion. These mixed signals reflect differing convictions among institutional and retail investors regarding the market's near-term direction. # Key Liquidity Zones CoinGlass’ liquidation map highlights key Bitcoin liquidity zones between $94,000 and $96,000. This suggests that significant short liquidations could occur within this range, serving as a strong resistance zone for sellers. Support areas are concentrated around $91,000 and $89,000, where long positions are more prevalent. Market analysts consider $95,000 a crucial psychological resistance level. Failure to break above this threshold could dampen upward momentum, warranting caution among bullish traders.

# South Korea's KOSPI Dips Amid Institutional and Foreign Sell-Off Before U.S.-Korea Trade Talks South Korea's KOSPI index ended slightly lower on October 24 due to institutional and foreign investors selling off ahead of imminent trade discussions between the U.S. and Korea. According to data from the Korea Exchange, the KOSPI index closed at 2,522.33, reflecting a decrease of 3.23 points or 0.13% compared to the previous day. Opening at 2,525.34, which is just 0.01% lower than its prior close, the index demonstrated weakness throughout the session, except for early trading. On the main trading board, institutional investors sold a net 198.4 billion won, while foreign investors offloaded 7.4 billion won. Contrarily, retail investors showed confidence, recording net purchases amounting to 134.8 billion won. # Sector Performances Show Mixed Results Sector-wise performance was varied. Construction stocks climbed 2.07%, while machinery equipment, transportation equipment, and chemicals increased by 1.34%, 0.85%, and 0.79%, respectively. On the downside, pharmaceutical stocks declined 1.21%, followed by general services (-0.91%), transportation & warehousing (-0.86%), and electrical & electronics (-0.78%). # Declines Dominate Among Top Market Cap Stocks Among the largest market cap stocks, declines were more prevalent. SK Hynix dropped 1.49%, and LG Energy Solution decreased by 2.15%. Other major stocks like Samsung Biologics (-1.88%) and Hyundai Motor (-0.58%) also ended lower. However, there were gains among some blue-chip stocks, including Hanwha Aerospace, which rose 1.23%, HD Hyundai Heavy Industries gaining 2.45%, and Hanwha Ocean climbing 1.25%. # KOSDAQ Ends Flat, Foreign and Retail Investors Active Concurrently, the tech-heavy KOSDAQ index remained flat, closing unchanged at 726.08. On the KOSDAQ board, institutional investors were net sellers, unloading 31.5 billion won. Meanwhile, foreign and retail investors were net buyers, with purchases amounting to 5 billion won and 29.8 billion won, respectively. Among KOSDAQ’s top-listed companies, performance was mixed. Decliners included HLB (-1.25%), EcoPro BM (-0.4%), LegoChem Biosciences (-0.26%), and Alteogen (-0.13%). On the positive side, PharmaResearch rose 4.89%, Hugel gained 2.7%, Clio advanced 2.56%, and EcoPro added 1.01%. # Korean Won Weakens Against U.S. Dollar In currency markets, the Korean won weakened against the U.S. dollar. The won-dollar exchange rate increased by 7.2 won to close at 1,434.4 won per dollar in the Seoul foreign exchange market. Investors are closely monitoring the forthcoming trade talks between South Korea and the United States, as any policy outcomes could significantly impact both markets amid prevailing economic uncertainties.

# South Korea's KOSPI Slips Slightly, KOSDAQ Remains Stable On October 24, South Korea's KOSPI index ended the day at 2,522.33, showing a minor decline of 3.23 points (0.13%) from its prior close of 2,525.56. In contrast, the KOSDAQ index finished the session unchanged at 726.08.

# KuCoin Expands Into Thailand, Strengthening Presence in Southeast Asia Global digital asset exchange KuCoin is broadening its reach in Southeast Asia by announcing its entry into the Thai market. On October 23, KuCoin revealed via its blog plans to launch a digital asset exchange platform in Thailand. The exchange has teamed up with ERX Company, a licensed digital asset trading operator approved by Thai financial regulators. Through this partnership, ERX rebranded itself as “KuCoin Thailand” effective October 22. Att Tongyai Asavanund, CEO of ERX, remarked, “We are upgrading our capabilities to provide localized solutions specifically designed for the Thai market, leveraging KuCoin’s global infrastructure and resources.” Current ERX users have been seamlessly migrated to the new KuCoin Thailand platform, which is now available for download on both Android and iOS devices. # Competitive Landscape in Thailand’s Digital Asset Sector Thailand’s digital asset market is already fiercely competitive, with eight companies licensed to operate exchanges. These include well-known names like Gulf Binance, Upbit Exchange, Bitkub Online, and Orbix Trade. According to CoinGecko, Bitkub dominates the Thai market with a daily trading volume of around $70 million. Comparatively, KuCoin’s global platform shows its prowess with an average daily trading volume of $3.8 billion. # Regulatory Landscape and Legal Challenges As KuCoin establishes its brand in Thailand, the country’s regulatory authorities have intensified efforts to combat financial crime. In early April, Thai regulators initiated crackdowns on cross-border peer-to-peer (P2P) digital asset platforms to prevent fraud and money laundering. Simultaneously, KuCoin is addressing legal challenges in the U.S. The exchange is currently negotiating to settle a lawsuit filed by the Commodity Futures Trading Commission (CFTC), which alleges violations of the Commodity Exchange Act. The resolution is anticipated by March 2024.

# Trump Eases Aggressive Economic Policies Amidst Trade War Uncertainty U.S. President Donald Trump appears to be scaling back on his assertive economic measures, raising hopes that trade tensions between the U.S. and China might ease. However, concerns about an economic slowdown persist due to the unpredictable nature of Trump’s policies. On May 23, Trump indicated that if negotiations with China stagnate, he would unilaterally impose new tariffs on Chinese imports within two to three weeks. The previous day, he suggested that the current 145% tariff could be significantly reduced if negotiations succeeded, effectively combining pressure with an invitation to bring China back to the table. Trump stated, “If we don’t reach a deal, we will just set a figure,” before specifying a timeline for tariff implementation a day later, showcasing his unpredictable approach. # Backtracking on the Fed Criticism In recent months, Trump had been critical of Federal Reserve Chair Jerome Powell for his cautious stance on interest rate cuts amid inflationary pressures from tariff policies and fears of an economic slowdown. Trump even considered firing Powell to increase pressure on the central bank. According to The Washington Post, Trump considered removing Powell on multiple occasions. Yet, on May 22, he dismissed the speculation, claiming the firing rumors were exaggerated media discourse and stated he had no intention of dismissing Powell. By May 23, Trump resumed his criticism of Powell but avoided mentioning dismissal, indicating a slight retreat from extreme positions. # Market Responds Favorably, but Experts Remain Skeptical Financial markets responded positively to Trump’s moderation. Following significant gains on May 22, U.S. stock indices experienced another strong rally on May 23. However, experts remain skeptical about whether this shift can lead to long-term market stability. Trump’s erratic policy reversals continue to create uncertainty, exacerbating fears of a broader economic downturn. Wendy Edelberg, senior fellow at the Brookings Institution, told CNN, “This is just more turbulence. The uncertainty created by the White House is far more dangerous than the tariffs themselves.” Although equity markets have surged for two consecutive days, they have not yet recovered from losses during Trump’s presidency. Since January, U.S. stocks have declined 11%. Data from FactSet shows the S&P 500 index has lost over $7 trillion in market capitalization since its peak two months ago. Experts estimate the risk of a recession this year to be between 50% and 70%, with some warning that Trump’s flip-flopping on trade tariffs increases the chances. Kent Smetters, a professor of business economics and public policy at the University of Pennsylvania’s Wharton School, warned that even if tariffs are rolled back immediately, the mere uncertainty from such erratic economic policies could reduce U.S. GDP by at least 1%. If all proposed tariffs are fully implemented, GDP could drop by up to 5%. # Corporate Sentiment and Consumer Impact Under Trump’s administration, wavering business confidence suggests a longer road to recovery. In its Beige Book released the same day, the Federal Reserve highlighted the widespread uncertainty surrounding international trade policies. The report noted, “Uncertainty over trade policy is widely disseminated,” adding that some companies have started implementing additional tariffs or shortening pricing periods in response to the ambiguity. It projected that most firms are likely to pass the added costs onto consumers. Edelberg reiterated the challenges businesses face in maintaining operational stability. “Firms are struggling to find direction. They’re all holding their breath because they don’t know what policy will become law tomorrow,” she remarked. Despite the temporary boost to the stock market, the long-term outlook remains clouded by unpredictability, leaving both companies and investors wary of what lies ahead.