Japanese and South Korean stock markets close with collective plunge of 6%

Odaily reports that CryptoQuant posted on X that Bitcoin failed to sustain its rebound after reclaiming the $80,000 level and subsequently fell back to the $75,000-$76,000 range, primarily pressured by the sharp sell-off in U.S. tech stocks and AI-related equities. The key issue remains weak spot demand: futures market positioning improved briefly, but spot buying has yet to recover, making it difficult to support a sustained rally. On-chain data shows that approximately 11,003 BTC flowed out of exchanges on November 5, and the 60-day cumulative accumulation metric for wallets holding more than 10,000 BTC also turned positive; however, the volume of retail BTC inflows to Binance increased notably, suggesting short-term holders may still face selling pressure. Additionally, Bitcoin ETF fund flows remained weak on a weekly basis, and stablecoin liquidity has yet to recover.CryptoQuant believes that current selling pressure may be easing, but a sustained Bitcoin rebound still requires new buying interest to enter the market. Going forward, focus should be on whether the $73,000-$76,000 support range holds, and whether spot demand, ETF fund flows, and stablecoin liquidity improve in tandem.

Odaily reports: In line with the global trend of strengthening tax oversight of digital assets and combating cross-border tax evasion, crypto-asset reporting will be implemented in Hong Kong SAR, China starting in 2027. Under general understanding, commonly traded assets in the global market such as Bitcoin, Ether, and Solana will all be included. Joseph Chan Ho-lim, Under Secretary for Financial Services and the Treasury of Hong Kong, revealed that to ensure the effective implementation of the Crypto-Asset Reporting Framework, a series of arrangements will be introduced, including mandating reporting crypto-asset service providers with a reporting nexus to Hong Kong to register with the tax authorities, and requiring relevant service providers to maintain due diligence records. A dedicated task force has already been established to provide technical support and answer inquiries for the industry.It is understood that the crypto industry is focused on at least two key aspects: first, the areas that the tax authorities' guidelines will cover, particularly whether the scope of "covered service providers" will extend to custody, brokerage, and over-the-counter trading; second, the list of the first batch of exchange partners, which is believed to directly determine which countries' tax authorities will be able to see transaction data on Hong Kong platforms after 2028. (Caijing Magazine)

Odaily reports: The Singapore Police Force announced that during its fifth joint cryptocurrency anti-scam operation held from September 1 to October 31, it collaborated with 8 digital payment token service providers—including Coinbase, Coinhako, DTCPay, Gemini, Independent Reserve, OKX, StraitsX, and Upbit—to identify more than 383 potential scam victims and successfully prevent potential losses exceeding S$17.4 million (approximately US$13.6 million). Using blockchain analytics tools from Chainalysis and TRM Labs, combined with customer information provided by the trading platforms, the police conducted phone calls and on-site interventions to stop scams involving impersonation of government officials, investment fraud, and job scams.In addition, the police shared on-chain intelligence with the U.S. Federal Bureau of Investigation (FBI), the New South Wales Police Force in Australia, and the Canadian Anti-Fraud Centre, identifying 32 potential overseas victims. The previous fourth round of the operation identified more than 355 potential victims and prevented potential losses exceeding S$8.94 million.

Odaily Report: South Korean Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon stated on the 6th that amid growing concerns over a global contraction in AI investment, South Korea should not delay investment in AI data centers. Bae emphasized: "South Korea must not be swayed by the current atmosphere to stop or postpone investment." The remarks were aimed at recent concerns over a potential contraction in AI infrastructure investment, triggered by the aftermath of the U.S. midterm elections that could lead to tighter regulation of AI data centers and a decline in related corporate stock prices.Bae pointed out: "Even if the United States hesitates, other countries such as France and Canada may instead see it as an opportunity," and predicted that global competition in AI investment will not easily cool down. He assessed: "Because market expectations for AI are very high, even minor unsettling factors can cause severe market volatility, but from a personal standpoint, the long-term trend will be upward." (Yonhap)

Odaily reports that according to Lookonchain monitoring, a whale sold 1 million UNI tokens over the past two days, worth approximately $7.32 million. This whale had previously received 20.32 million UNI tokens from the Uniswap UNI Timelock wallet a year ago, valued at approximately $139.4 million at that time.

Odaily report: Musk replied on X to a crypto user's tweet about checking market prices, using a blurred CZ-related meme to imply a broad decline in the crypto market.Binance founder CZ then responded to Musk with the classic "took an arrow to the knee" meme from The Elder Scrolls V. OKX CEO Star also joined the interaction, joking: "The richest man is jealous of the richest man, so he 'bashes' the richest man again!"Amid rising attention from the related interaction, according to GMGN data, the market cap of the related Meme coin GM (GREEN MORNING) rose past $3 million, with an intraday gain of over 259%.Odaily reminds users that Meme coin prices are highly volatile, and investors should participate with caution.