Bitcoin fell below 65K, the market turned conservative, and almost all Asian stocks fell except for the Chinese stock market

After the strong rally in global risk assets last week, the market turned more conservative today, with Asian stocks, except the Chinese stock market, falling across the board, BTC breaking below $65K, and Ether hovering around $2,600. Investors are currently focused on the upcoming speech by Federal Reserve Chairman Powell and the non-farm payroll data to be released on Friday, both of which could drive market movements. (China's liquidity injection boosts the market, BTC surges to $66K, risk assets enjoy a bountiful week) Table of Contents - Asian stocks, except the Chinese stock market, fell across the board - BTC breaks below $65K, Ether hovers around $2.6K - The market will focus on Powell's speech and non-farm data Asian stocks, except the Chinese stock market, fell across the board With China launching a series of monetary and fiscal stimulus measures last week, the NASDAQ Golden Dragon China Index (HXC), representing Chinese concept stocks, surged 23.94% in a week. China's September Purchasing Managers' Index (PMI) recorded 49.8, indicating that although manufacturing activity has contracted for five consecutive months, the extent was not as severe as expected. The Chinese stock market remained strong today, with the Hang Seng Index (HSI) rising 3.33% and the Shanghai Composite Index soaring over 8%. (China's stock market surged as the contraction in manufacturing was less than expected, crypto enthusiasts turn to A-shares) The Nikkei Index (NIKKEI), however, plunged 4.8% after Shigeru Ishiba's victory. As Ishiba supports the Bank of Japan's efforts to tighten monetary policy, higher interest rates typically strengthen the yen and put pressure on the Japanese stock market, which is heavily weighted towards exporters. The yen's appreciation will lead to a decline in its export competitiveness. Last Friday, the USD/JPY exchange rate plummeted from 146.5 to 142.15, a nearly 3% appreciation of the yen. This has also sparked market fears of a repeat of the massive short-covering selloff seen in early August. (Shigeru Ishiba to become Japan's new Prime Minister, will the yen carry trade unwind repeat?) Taiwan's TAIEX index fell 2.62%, with Taiwan Semiconductor Manufacturing Company (TSMC) once again failing to hold the NT$1,000 mark. Last week, reports emerged that the Beijing government is discouraging Chinese companies from purchasing Nvidia's AI chips, causing Nvidia (NVDA) to decline 2.13% and dragging down TSMC and the overall market. BTC breaks below $65K, Ether hovers around $2.6K Over the past 24 hours, the price of BTC has fallen 1.5%, closing at $64,528 before the deadline. After the release of weaker-than-expected Personal Consumption Expenditures (PCE) data last week, BTC briefly surged to $66,498, the highest level since August. However, there are still significant hurdles overhead, and it remains to be seen whether it can challenge the all-time high of $73,798 set in March this year, which would require more positive catalysts. Ether also declined slightly, down 0.4% in the past 24 hours, closing at $2,626 before the deadline. The market will focus on Powell's speech and non-farm data Investors are closely watching two key macroeconomic events this week: Federal Reserve Chairman Powell's speech at the National Association for Business Economics tonight and the U.S. non-farm payroll report on Friday.