The main force lacks confidence in the future market

[MELANIA Token Issuer Executives Accused of Price Manipulation] Executives of Meteora, the issuer of the meme token MELANIA, have been accused by investors of organizing the token issuance despite knowing the price would plummet. MELANIA was launched the day before President Trump's inauguration, with its price surging from a few cents to $13.73 before sharply declining, now worth less than one percent of its peak value. Investors claim that Meteora executives profited by selling off tokens, causing the price to crash, and used prominent figures like Melania as promotional fronts. Meteora has yet to respond to the allegations.

[Warren Urges Implementation of the 'GENIUS Act' to Strengthen Stablecoin Regulation] On October 22, Senate Banking Committee's lead Democrat Warren sent a letter to Treasury Secretary Besent, urging the swift execution of the 'GENIUS Act' to address regulatory gaps in stablecoins. The 'GENIUS Act,' signed by President Trump in July, mandates that stablecoins must be fully backed by U.S. dollars or liquid assets and requires annual audits for issuers with a market capitalization exceeding $50 billion. Warren emphasized that recent technical issues with Paxos led to the accidental minting of $3 trillion PYUSD stablecoins, highlighting operational risks. She called on the Treasury Department to clarify response measures or specify the support needed from Congress.

[Goldman Sachs Expects Bank of Japan to Raise Interest Rates in January 2026, December Rate Hike Risk Remains] The Goldman Sachs Economic Research team maintained its baseline forecast in the latest report, suggesting that the Bank of Japan may initiate an interest rate hike in January 2026, while warning that the risk of a rate hike in December 2025 still exists. The report noted that uncertainty regarding policy direction has increased following the establishment of a new government led by Sanae Takaichi, a supporter of Abenomics. However, Goldman Sachs remains cautiously optimistic about the Bank of Japan's ability to raise interest rates and its independence, based on four key reasons, including significant improvements in Japan's economy and price conditions compared to when Abenomics was launched in 2012. At present, it appears that Japan has almost no need to implement large-scale monetary easing policies similar to Abenomics.

[Kadena Announces Immediate Cessation of Operations] Kadena has announced the immediate cessation of operations due to market conditions. Following the announcement, the price of its token KDA plummeted 60% within 90 minutes. (Cointelegraph)

[U.S. Senate Cryptocurrency Regulation Negotiations Stalled] Negotiations in the U.S. Senate regarding cryptocurrency regulatory legislation have come to a standstill. In early October, a draft of the Democrats' 'Preliminary Proposal for Decentralized Finance Regulation' was leaked, sparking strong opposition from the industry and derailing bipartisan talks. Currently, Congress is prioritizing addressing the government shutdown issue, making it unlikely for the bill to pass before the end of the year.