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Blockchain has become one of the most groundbreaking technological innovations of the digital age. This in-depth guide will provide you with a comprehensive understanding of the core principles, operational mechanisms, practical applications, and development directions of blockchain technology, helping you build a solid knowledge foundation.
Key Highlights
- Definition: Blockchain is a decentralized digital ledger that records transactions across multiple computers without the need for intermediaries.
- Origin: Bitcoin was first implemented in 2009, but its technological potential extends far beyond the cryptocurrency field.
- Major Platforms: Bitcoin, Ethereum, Solana, Polygon, and others each have their unique features.
- Core Advantages: High security, transparency, operational efficiency, and the establishment of trust mechanisms without third parties.
- Smart Contracts: Self-executing agreements that automatically run when conditions are met, eliminating intermediaries.
- Practical Applications: Finance, supply chain, healthcare, real estate, voting, identity management, and more.
- Challenges to Address: Transaction speed, energy consumption.

The Turkish Lira is the official currency of the Republic of Turkey and one of the emerging market currencies with the largest fluctuations globally. Over the past decade, the Lira has experienced a long-term depreciation due to multiple factors such as inflation, central bank policy adjustments, and geopolitical risks, forming a typical characteristic of "high interest rates, high volatility, high risk."
Overview of the Turkish Lira fundamentals
The Turkish Lira (Turkish: Türk Lirası) has an ISO 4217 code of TRY, with the subunit called "Kuruş." One Lira equals 100 Kuruş. The currently circulating banknotes include denominations of 5, 10, 20, 50, 100, and 200 Lira, while coins are divided into 1, 5, 10, 25, 50 Kuruş, and 1 Lira.
The history of Lira depreciation is noteworthy. At the end of 2001, the Lira faced a severe crisis due to high inflation, with the exchange rate reaching an extreme level of 1 USD to 1,650,000 Lira. To stabilize

I. Understanding the Basic Principles of Short Selling Stocks
Short selling stocks (also known as shorting, shorting the market, or going short) is based on a simple logic—profiting from a decline in stock prices. When investors anticipate that a particular stock will perform poorly in the future and its price will fall, they can sell it first. If the price drops, they can buy it back at the lower price, and the difference is their profit.
This process is completely opposite to the traditional long position (buy first, sell later). The key to short selling is that investors initially do not own the stock, so they need to "borrow" the stock from a broker, a process called margin borrowing. The specific steps are: borrow a certain amount of stock from the broker → sell it to obtain cash → wait for the stock price to decline → buy it back to close the position → return the stock to the broker.
In practice, many short-term traders, day traders, or hedging investors often target hot stocks that are prone to skyrocketing / surge, short them, and quickly close the position after the price drops to earn the spread. This is the most common profit model for short selling in the market.

Have you ever paid attention to a certain stock and found that its price fluctuates abnormally and dramatically in the short term, doubling in a month, yet suddenly unable to be traded smoothly like other stocks? This may indicate that the stock has been placed on the disposal list and is also unable to conduct margin trading operations. What does this mechanism imply? How does it affect investors?
How Regulatory Authorities Respond to Abnormal Trading Phenomena
When a stock exhibits abnormal trading behavior, the Taiwan Stock Exchange adopts a tiered regulatory approach. First, the exchange will flag stocks with unusual trading conditions. These abnormal situations include excessive price fluctuations within a short period, abnormally high turnover rates, sudden increases in trading volume, and other phenomena.
To understand the disposal stock system, we need to first understand its preliminary stage—"Attention Stocks," which is an initial warning from the exchange about potential risks. When a stock reaches certain abnormal trading standards, such as a price increase of over 100% within 30 trading days, or the trading volume on a given day...

What is ROI (Return on Investment)
ROI (Return on Investment) is a key financial metric used to evaluate investment effectiveness, expressed as a percentage. Simply put, ROI is the ratio of how much profit you make relative to your invested amount. It is widely used in personal investment decisions, corporate profitability assessments, and comparing the efficiency of different investment options.
How to calculate ROI? Basic formula explained
ROI = ((Investment Return - Investment Cost)) / Investment Cost × 100%
Or: ROI = Net Profit / Total Investment × 100%
For example, if you buy a stock for 1 million and later sell it for 1.3 million, then ROI = ((130 - 100)) / 100 = 30%.
However, in real-world operations, income and costs are far more complex. Transaction fees need to be considered.

The article summarizes the timing and trading sessions for Chinese investors in U.S. stock trading. It emphasizes the differences in trading hours between U.S. daylight saving time and standard time, and provides a detailed explanation of the characteristics and risks of pre-market, regular, and after-hours trading. Additionally, it highlights the importance of market holidays in the U.S. and the differences among the three major exchanges. Finally, it advises investors to plan their trading schedules carefully and make full use of trading opportunities across different markets.

The era of easing by the Reserve Bank of Australia may be coming to an end. As domestic demand remains strong and inflation stays high, market expectations for a policy shift by the RBA are heating up, with the probability of rate hikes significantly increased.
Robust household spending drives the Australian dollar higher
On December 4, the Australian Bureau of Statistics released the latest data, drawing market attention. October household expenditure rose by 1.3% month-on-month, far exceeding the market forecast of 0.6%; the annual growth rate reached 5.6%, also higher than the expected 4.6%. This data directly reflects the resilience of Australian consumer demand.
Stimulated by strong spending data, the AUD/USD exchange rate rose accordingly, reaching 0.6615 at the time of writing, hitting a new high in over a month. Meanwhile, the yield on 3-year Australian government bonds broke through 4%, reaching a new high since January of this year.
Inflation remains high, market expectations change
Previously, the Australian Bureau of Statistics announced the October Consumer Price Index (CPI

Investment is most challenging when it comes to selecting the right target, as the actual operational status of most companies is not transparent enough to external investors. To enable investors to clearly understand the price trends of specific industries, countries, or asset classes, major financial institutions compile various indices to provide intuitive market references. These indices can track a wide range of assets, including baskets of stocks, bond portfolios, or even currency collections. However, since indices themselves are not physical commodities and cannot be traded directly, global futures contracts have emerged as a financial derivative that allows investors to participate in index trends.
The core characteristic of index futures is that their prices are entirely dependent on the performance of the corresponding index. There are various index futures contracts in the futures market, each with clear trading rules and specific technical specifications. Investors generally use index futures for speculative trading or risk hedging operations.
What are index futures?
Index futures (

What is the fundamental driving force behind the continued strength of gold? The answer to this question may lie in the strategic shifts of global central banks.
According to the latest "Think Future 2026" outlook released by HSBC, strategist Rodolphe Bohn discovered an intriguing phenomenon through data comparison: since 2022, the proportion of gold in global central bank foreign exchange reserves has increased from about 13% to 22% in the second quarter of 2025. During the same period, gold prices have risen from approximately $2,000 per ounce to over $4,000, a cumulative increase of 125%. This synchronized upward trend is no coincidence.
Central Bank Purchases Form a "Structural Bottom"
Although recent gold price fluctuations have intensified, the overall trend remains a strong upward trajectory. Bohn pointed out that the continuous accumulation by central banks is a key long-term pillar supporting the strength of gold prices. Even as gold prices keep climbing, central banks around the world continue to purchase gold.

The Mathematical Secret of the Golden Ratio
One of the most powerful technical analysis tools for forex traders originates from a seemingly simple mathematical sequence that embodies universal laws. The Fibonacci sequence was discovered by 13th-century Italian mathematician Leonardo Pisano, who introduced this ratio system, originally developed by Indian mathematicians, to the Western world. The unique aspect of this sequence is that each number is the sum of the two preceding ones.
Observe this magical sequence of numbers: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 233, 377, 610, 987, 1597, 2584, 4181, 6765…
When we divide any number in the sequence by the previous number, the ratio approaches 1.618 infinitely, which is the legendary Golden Ratio. For example, 1

Wage growth meets expectations, but the Australian dollar struggles to rebound
Recently, the Australian dollar has weakened against the US dollar, and this trend has become more pronounced after the release of the Q3 Wage Price Index. Data shows that the seasonally adjusted Australian Wage Price Index increased by 0.8% quarter-on-quarter, unchanged from the previous quarter, aligning with earlier market expectations. On an annual basis, wage growth reached 3.4%, maintaining the pace from the previous quarter, further confirming market forecasts.
However, seemingly moderate economic data has failed to support the Australian dollar. The AUD/USD currency pair hovered around 0.6490 after the release of the data, with the earlier gain of over 0.25% from the previous trading day already erased. This phenomenon of "data in line with expectations but exchange rate declining" reflects a more complex market outlook—investors' focus has shifted from wage growth to central bank policy directions.
RBA signals caution, laying the groundwork for steady interest rates

The US Dollar Index has recently fallen to a low point, mainly due to market expectations of Federal Reserve rate cuts and policy divergence. Historical cycles indicate that the dollar may enter a weakening phase, with major currency pairs moving in opposite directions. Investors should pay attention to geopolitical risks and US economic data, while also shifting towards diversified asset allocation to prepare for potential dollar weakness in the future.

The article introduces the concepts of "gold spot" and "spot gold," emphasizing that they actually refer to the same trading method, primarily using XAUUSD as the price benchmark. The characteristics of spot gold include leverage mechanisms, two-way trading, and trading flexibility, making it suitable for active trading investors. When choosing a trading platform, factors such as compliance, costs, leverage, tools, and user experience should be considered. Beginners are advised to use simple, low-threshold platforms, while professional traders focus on costs and tool support.

U.S. November employment data just released, and the market reaction is complex—unemployment rate surged to 4.6%, reaching a new high since September 2021. Although non-farm payrolls increased by 64,000, surpassing expectations, the underlying truth revealed by this data has investors re-evaluating the Federal Reserve's room to cut interest rates.
Labor market signals red flags: low layoffs do not necessarily mean good news
According to data released by the U.S. Bureau of Labor Statistics on Tuesday, seasonally adjusted non-farm employment increased by 64,000 in November, seemingly better than the market expectation of 45,000. However, this is actually a "false prosperity." The key lies in the trend of the unemployment rate—rising from 4.44% in September to 4.564% in November, an increase of 12.4 basis points in just one month.
What is more concerning is that October data was significantly revised downward, with non-farm jobs decreasing by 105,000, the largest decline since the end of 2020. Among these, government sector jobs were cut by 162,000 (mainly due to the U.S. government

Foreign Exchange Market New Landscape: Divergent Policy Stances
Entering late December, the global foreign exchange market shows clear signs of central bank policy divergence. The US dollar index rose by 0.33% over the week, but the performance of non-US currencies varies significantly— the euro fell by 0.23%, the yen declined by 1.28%, the Australian dollar dropped by 0.65%, and the British pound slightly increased by 0.03%. These fluctuations reflect the markedly different attitudes of the three major central banks toward monetary policy.
European Central Bank Holds Steady, Euro Appreciation Expectations Emerge
The ECB maintained its interest rate policy as expected, and President Lagarde's remarks were less hawkish than market expectations. Meanwhile, US economic data presents mixed signals—November non-farm payrolls showed some bright spots, but the Consumer Price Index (CPI) was below expectations. Large investment banks like Morgan Stanley and Barclays pointed out that these data contain significant technical biases, making it difficult to accurately reflect economic trends.
The market currently anticipates the Federal Reserve

Last Week Market Overview
Last week, the foreign exchange market was not calm. The US dollar index rose slightly by 0.33%, while the performance of non-US currencies was mixed: the euro weakened by 0.23%, the Australian dollar declined by 0.65%, the British pound was almost unchanged with a 0.03% increase, and the Japanese yen became the "biggest loser," depreciating by 1.28% over the week. Especially for USD/JPY, the most traded non-US currency pair, it has approached the 158 level.
The reasons behind this are not simple—although the Bank of Japan raised interest rates by 25 basis points as scheduled, Governor Ueda's dovish comments disappointed the market. Meanwhile, Japan's new cabinet approved a massive fiscal stimulus plan of up to ¥18.3 trillion, which directly diluted the effect of the rate hike. In other words, the tightening policy was softened by accommodative measures.
Yen Continues to Depreciate, 158 Becomes a Life-and-Death Line?
From a technical perspective, USD/JPY has broken through the 21-day moving average, and the MACD indicates a clear buy signal.

Exchange rate hits nearly one-year low, appreciation trend accelerates
Recently, the performance of the RMB against the US dollar has been remarkable. As of November 26, the onshore USD/RMB exchange rate fell to 7.0824, and the offshore USD/RMB fell to 7.0779, marking a new low not seen in over a year. Furthermore, the CFETS RMB Exchange Rate Index reached 98.22 on November 21, the highest level since April of this year.
This upward momentum is no coincidence. The People's Bank of China has been guiding the exchange rate to strengthen by setting the daily midpoint. Within the 2% fluctuation band around the midpoint, the exchange rate has steadily risen. Meanwhile, state-owned banks frequently buying US dollars have further stabilized the appreciation trend, ensuring its continuity.
Dual Drivers Behind the Appreciation Trend
The RMB's appreciation is driven by two factors. On one hand, the Federal Reserve's gradual rate cuts have created room for the RMB to appreciate; on the other hand, the government

Japan's Q3 economic data remains weak, leading to increased expectations of yen depreciation. Although the government plans to implement fiscal stimulus, market confidence in the central bank's rate hikes has diminished. The US dollar benefits from Federal Reserve policy changes, and the USD/JPY exchange rate remains relatively stable, with technicals pointing toward the 155.00 level. Investors are focused on upcoming economic data and policy developments.