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What exactly is a Token? Understanding the Core Concepts of Digital Assets in One Article
In the development of cryptocurrencies, a Token is a digital asset built on an existing blockchain, representing specific rights, certificates, or value claims. In Chinese, we call them tokens or passes, but this concept is much more complex than early Coins (such as Bitcoin or Litecoin).
The reason Tokens have become an essential part of the crypto ecosystem stems from Ethereum's introduction of the ERC-20 standard in 2015. This standard allows any development team to quickly issue their own tokens on Ethereum without creating a separate blockchain infrastructure. As a result, Ethereum has become the public chain platform with the largest token issuance volume worldwide.
It is worth mentioning that bank Tokens are called "bank tokens" or "bank passes" in Chinese, and are used by financial institutions to verify transaction identity and security.

The USD/JPY exchange rate has recently come under pressure, with Morgan Stanley predicting that the yen will appreciate by nearly 10% in the future. Fund managers are generally optimistic about the yen, considering it undervalued and potentially supported by policies. The divergence in monetary policies between the US and Japan is intensifying, and it is expected that by 2026, the USD/JPY will fluctuate and eventually fall to around 140.

Why do futures exist? First, understand the essence of this financial instrument.
Futures are not complicated; they are essentially contracts where both parties agree to buy or sell an asset at a predetermined price at a future date. This concept originated in agricultural societies—farmers worried about prices crashing during bumper harvests, while merchants worried about not being able to buy grain during poor harvests. So, both parties signed contracts to lock in future trading prices and quantities. This risk hedging idea evolved into the modern futures market and system.
The reason futures attract investors lies in their three key features:
- Trading with only a margin (usually 5-10% of the underlying asset's value), known as leverage trading
- Ability to operate in both directions, betting on price increases (long positions) or decreases (short positions)
- Low transaction costs and high liquidity, especially in international futures markets with many participants and minimal bid-ask spreads
But it is precisely because of leverage that both returns and risks are...

Japan's proposed large-scale supplementary budget has sparked market concerns over government debt, putting additional pressure on the yen. The USD/JPY technical outlook is bullish, but the market remains cautious and watchful, expecting Japan may intervene in the currency market. U.S. economic data will dominate the short-term trend.

On December 19th, the Bank of Japan announced a 25 basis point rate hike as scheduled, raising the benchmark interest rate to 0.75%, the highest level since 1995. It sounds like a "hawkish" signal, but the market's reaction was unexpected—the yen not only failed to strengthen but continued to remain under pressure.
Why didn't the rate hike support the yen?
After the announcement, the USD/JPY exchange rate actually rose, a paradoxical phenomenon that reflects the market's true sentiment: a single 25 basis point rate increase is not enough to change the yen's relative weakness.
Félix Ryan, a strategist at ANZ Bank, pointed out that although the Bank of Japan has begun its rate hike cycle, it has not provided the market with a clear roadmap for future increases. BOJ Governor Haruhiko Kuroda deliberately avoided specifying the timing of the next rate hike during the press conference, only stating vaguely that "if the economic and price outlooks materialize as currently expected, we will continue to raise rates." This ambiguous language leaves the market

In the last trading week of December, the RMB to USD exchange rate hit a new high. The offshore USD to RMB exchange rate fell to 6.9965, the first time since September last year to break below the 7.00 mark. The onshore market also dropped to 7.0051. In other words, the RMB has appreciated against the USD, and quite significantly.
Who is driving this appreciation behind the scenes? Market analysis generally points to three forces:
1. The USD itself is weakening
Since the beginning of the year, the USD index has fallen by over 10%, and in the past month, it has dropped by more than 2%. Against the backdrop of the Federal Reserve's rate cut cycle and the global de-dollarization trend, a weak USD is the general trend. When the USD is weak, the RMB naturally strengthens relative to it, which is a simple pendulum effect.
2. The central bank is guiding the appreciation in an orderly manner
This year, China's central bank has continuously raised the midpoint of the RMB exchange rate (market reference rate), signaling a clear message: allowing the RMB to appreciate gradually. The central bank has not followed suit by cutting interest rates further, and also hints that

In 2025, Federal Reserve rate cuts and Bank of Japan rate hikes have made the yen exchange rate a focal point. Major investment banks have significant differences in their forecasts for USD/JPY in 2026, with JPMorgan and Barclays bearish on the yen, expecting depreciation to 157-164; Nomura and Citibank are bullish on the yen, predicting a rebound to 140-142. The market outlook remains uncertain, and investors should monitor key variables and adjust strategies flexibly.

Recently, the RMB to USD exchange rate has been making headlines—on December 25th, offshore RMB reached its strongest performance since September 2024, with USD/CNH falling to 6.9965. Meanwhile, onshore RMB (USD/CNY) also dropped to 7.0051, the lowest point since May 2023.
In simple terms, you need fewer US dollars to exchange for RMB. But what exactly is behind this?
Why has the RMB been so strong recently?
This wave of appreciation is mainly driven by three forces:
The US dollar itself is faltering. Influenced by the Federal Reserve's rate cuts and the global de-dollarization trend, the US dollar index has fallen over 10% this year, and has dropped more than 2% in the past month. When the dollar is weak, the RMB naturally appreciates.
The central bank is "allowing" the RMB to appreciate. Since the beginning of the year, the central bank has continuously increased the midpoint of the RMB exchange rate (reference rate), signaling policy intentions to the market—

Why Must Investors Pay Attention to the World GDP Rankings?
As an investor, you must understand a fundamental fact: the world GDP rankings directly reflect the global economic landscape, which in turn determines capital flows. When you observe the fluctuations in countries' GDP rankings, you are essentially reading the story of the global economy.
What is GDP (Gross Domestic Product)? Simply put, it measures the final output of production activities within a country during a specific period, representing the size of its economic strength. A country's position in the world GDP ranking indicates:
- Greater influence and market share in the global economy
- Significant impact of policy changes on global trade and investment flows
- The speed of its economic growth directly affects the global economic cycle
By analyzing changes in the world GDP rankings, investors can predict the direction of the economic cycle—whether it is recovery, growth, or recession. This is the foundation for making correct investment decisions.

Fill-in is the process where a listed company's stock price automatically adjusts and gradually recovers after dividend distribution. The number of days to fill-in can reflect the market's attitude towards the company; a shorter duration usually indicates optimism. Investors should consider a comprehensive analysis of dividend history, market sentiment, and industry trends rather than relying solely on the fill-in days to avoid high-position risks.

A game around exchange rates is unfolding. After the Bank of Japan's decision to raise interest rates by 25 basis points, the market did not stabilize as expected; instead, the yen continued to weaken. The USD/JPY surged by 1.39%, approaching the 158 level, which has triggered global investors' anxiety over how many RMB are equivalent to 10,000 yen—yen depreciation is rewriting the economic ledger of carry trades.
Japanese Finance Minister Shunichi Suzuki immediately issued a warning, stating that appropriate measures will be taken to address excessive exchange rate fluctuations. After participating in the G7(G7) finance ministers' online meeting, she emphasized: "There have been obvious unilateral and sharp fluctuations in the past few hours. We will respond appropriately to fluctuations driven by speculators, based on the US-Japan joint statement signed in September." Behind this statement is concerns from highly leveraged hedge funds about rising yen financing costs—although nominal interest rate differentials still exist, the attractiveness of the yen as a funding currency has significantly declined.
Market risks

Starting from 2025, the USD/CNY exchange rate will exhibit two-way fluctuations, and the RMB is expected to enter a medium- to long-term appreciation trend. Key factors include the US dollar trend, China-US relations, and China's economic data. Investors should pay attention to policy developments and market signals to seize RMB investment opportunities.

At the beginning of 2025, meme coins once again become the focus of the cryptocurrency market. Data shows that the total market capitalization of the entire meme coin sector has surpassed $48 billion, surpassing well-known projects like SOL and ADA, ranking in the top ten of crypto assets. This market driven by internet culture, why can it attract so many investors' attention?
What exactly are meme coins? Why are they so popular?
Simply put, meme coins are a type of cryptocurrency born from internet culture. The concept of "meme" was first introduced by biologist Richard Dawkins in the 1970s to explain how ideas and culture spread. Later, it was adopted by internet culture to refer to cultural phenomena that spread rapidly online through humor, imitation, satire, and other means.
Meme coins are cryptocurrencies created based on this cultural phenomenon. Unlike other cryptocurrencies, meme coins

Why 2025 is a Good Time to Invest in High-Yield US Stocks
The US stock market has surged aggressively over the past year, but what is the downside of this rise? Dividend yields have been driven down to near-zero levels. The current S&P 500 dividend yield is only 1.2%, hitting a 20-year low.
But this presents an opportunity. Many investors are beginning to reconsider — chasing rapid gains from growth stocks is less reliable than steadily earning dividends. Especially in 2025, when macroeconomic uncertainties still exist, companies with stable dividend payouts are being reevaluated.
Wall Street is optimistic about the dividend outlook for 2025. Goldman Sachs predicts that earnings per share (EPS) of S&P 500 constituents will grow by 11% (above 2024's 8%), driving a 7% increase in dividends. Bank of America Securities is even more aggressive — with profit acceleration, dividends could grow by 12% in 2025. S&P Dow Jones Indices analyst Howard Silverblatt estimates that total dividend payouts in 2025 will set a record.

2025年挖矿现状：机遇还是陷阱？
Fifteen years later, Bitcoin mining remains the most direct way to acquire BTC, but this path is no longer the "zero-cost shortcut" of the past.
The fourth halving of 2024 has just been completed, with block rewards dropping from 12.5 to 6.25 coins, which means miners' basic income has been directly halved. Meanwhile, global hash rate competition has intensified—large mining companies and institutional capital dominate the majority of the profits, and individual miners' survival space is continuously shrinking.
So the question is: in 2025, can ordinary people still make money through mining?
The answer is yes, but only if you understand that this industry has been fully industrialized. This is no longer the "geek era" of "making money by powering computers," but a legitimate business requiring professional equipment, capital investment, and compliant reporting.
Bitcoin mining core principle: incredibly simple
First of all, don't be fooled by "blockchain"

Why Do We Need to Distinguish Between Token and Coin
In the early days of cryptocurrency development, Bitcoin, Litecoin, Dogecoin, and others used the term Coin, with the two concepts clearly distinguished. However, after the emergence of Ethereum, the situation became more complicated—Coin and Token began to be used interchangeably, and both were translated into Chinese as 代幣 or 加密貨幣, leading many investors to have a blurred understanding of the definitions of these two terms. Understanding what a Token is and its fundamental difference from a Coin is crucial for crypto asset investment.
What Does Token Mean? A Deep Dive into this Core Concept
Token, translated into Chinese as 通行證, 令牌, or 代幣, is a type of digital asset that represents specific rights, certificates, or other forms of digital assets. It can be traded, transferred, or exchanged on its corresponding blockchain.
The emergence of Tokens is closely related to Ethereum. In 2015

What is a Token? An In-Depth Understanding of This Important Concept
In the Chinese context, tokens are often translated as "tokens," "certificates," or "access tokens." Essentially, they are digital assets that carry specific rights, represent value, or grant functionalities. These assets operate on blockchain networks and can be traded, transferred, or exchanged.
Unlike early cryptocurrency ecosystems, tokens do not operate independently; they are issued based on existing public blockchain platforms. After Ethereum introduced the ERC-20 standard in 2015, the issuance of tokens became democratized—any development team can create their own tokens based on this standard. Today, Ethereum has become the largest public blockchain ecosystem for token issuance.
In simple terms, a token is a collective concept, referring to all non-public chain tokens. This includes tokens within the DeFi ecosystem and tokens on Layer-2 solutions.

Why are traders all using Fibonacci?
In the financial markets, there is a magical ratio that is widely applied — it is the golden ratio derived from the Fibonacci sequence. Many professional traders have found that asset prices often reverse at specific proportional levels, and this is no coincidence but a perfect combination of market psychology and mathematical law.
The concept of the Fibonacci sequence was originally invented by an Indian mathematician, but it was only after the Italian mathematician Leonardo Pisano (nicknamed Fibonacci) introduced it to the West in the 13th century that it truly transformed technical analysis. Today, this method has become one of the most practical tools for identifying support and resistance levels in forex trading.
Mathematical Principles of the Fibonacci Sequence
To understand why the Fibonacci sequence is so effective in trading, one must first understand its logical structure.
The Fibonacci sequence is a fascinating series of numbers, where each number is equal to the sum of the two preceding ones.

Amid the wave of energy transition, Taiwan's new energy stocks are becoming a hot topic among investors. As global climate issues intensify and countries accelerate energy structure adjustments, the new energy industry centered around solar, wind, and energy storage is experiencing unprecedented development opportunities. Taiwan, as a leading technology manufacturing country, is gradually demonstrating investment value through innovation and application in the new energy sector.
For investors, understanding the development trajectory and specific targets of Taiwan's new energy industry is key to seizing this round of investment opportunities. This article will analyze the current state of Taiwan's new energy market, future trends, and high-quality companies worth paying attention to.
Taiwan's New Energy Status: Huge Growth Potential
Taiwan's Position from a Global Perspective
According to the latest data from the International Energy Agency, in 2022, renewable energy accounted for nearly 30% of the global power system, an increase of 1.5% compared to the previous year. Among them, European countries performed remarkably well, with the UK reaching 43% and Germany 44%.