Daily News | The SEC May Once Again Delay the Approval of Bitcoin Spot ETFs, South Korea Begins Planning Crypto Guidelines, Blue Chip NFT Flooring Prices Rebounded

Crypto Daily Digest: The SEC may postpone the approval of Bitcoin spot ETFs again, Blue chip NFT market rebounded

Bloomberg analyst James Seyfart tweeted that the deadline for the US SEC to make a decision on three Bitcoin spot ETF applications is approaching, and it is highly likely to see a delayed order from the SEC. But this will not change our view that the probability of 19b-4 being approved before January 10, 2024, is 90%. In response to Twitter users’ question about the possibility of Bitcoin spot ETFs being approved this week, Seyfart stated that the probability is less than 50% but greater than 0.

Regarding the adoption of Bitcoin ETFs, Cathie Wood, CEO of ARK Invest, stated in an interview with CNBC that given Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), who is very familiar with Bitcoin, it is difficult to come up with a reasonable reason to oppose spot ETFs.

Prior to serving as the Chairman of the SEC, he taught cryptocurrency and blockchain courses at the Massachusetts Institute of Technology (MIT). Subsequently, Cathie Wood mentioned “speculation” about Gensler’s desire to serve as the US Treasury Secretary, who was “very concerned about the US dollar,” suggesting that Gary Gensler’s ambition to become Treasury Secretary may be the real reason for the obstruction of spot Bitcoin ETFs.

Wood also predicted that spot ETFs would eventually be approved and stated that by 2030, the market value of cryptocurrencies would increase from the current $1 trillion to $25 trillion. Currently, the SEC is reviewing 12 Bitcoin spot ETF applications, including ARK Invest.

The board of directors of Boya Interactive, a listed company on the Hong Kong Stock Exchange, issued a notice to shareholders, stating that the purchase and holding of cryptocurrency is an important measure for the group’s business layout and development in the Web3 field, and an important component of the group’s asset allocation strategy.

After careful consideration, the board of directors recommends seeking prior approval from shareholders to grant a purchase authorization to grant the board the right to make potential crypto purchases during the authorization period, which is a period of 12 months from the date of formal approval of the ordinary resolution on authorization and potential crypto purchases by the shareholders’ special meeting, with a total purchase amount not exceeding $100 million.

Previously, in August, Hong Kong-listed company Boya Interactive announced that the board of directors had approved a budget of $5 million (approximately HKD 39.098 million) for the group to purchase cryptocurrencies on regulated and licensed trading platforms, mainly Bitcoin (BTC) and Ethereum (ETH), in the next year to drive the company’s future business layout in the Web3 field.

Boya Interactive also revealed that this funding source is cash reserves generated by the group’s operations in Hong Kong and overseas. The purchase of cryptocurrency will be uted according to market conditions and will strictly comply with the control policies of relevant jurisdictions regarding cryptocurrency.

On November 14th, Uniswap announced the official launch of a mobile application for Android users. In the past few months, Uniswap has been meticulously adapted to Android to match the same exchange experience that millions of people have received on Uniswap. In the future, updates will be released every other week to accelerate the exchange speed and add more tokens and chains for exchange.

The Uniswap application was first launched on iOS in April and became the top three wallet for new downloads in less than a month.

Recently, the South Korean Monetary Authority has established a Task Force on Virtual Asset Listing (TF) to discuss regulatory standards (guidelines) for listing, maintaining listing, and delisting. The task force includes financial authorities, public and private sectors, and external experts. A person from the Financial Supervisory Authority stated that “we plan to draw conclusions and report to Congress a few months before the implementation of the Maximum Asset User Protection Act in July next year,” and added that “we will study how to take measures. Improve the effectiveness of standards (under the supervision of financial authorities) and ensure that the industry can protect them through self-regulation.”

According to Blur data, the price of blue chip NFT flooring has recently rebounded. Among them, the BAYC series flooring price is currently at 30.37 ETH, with a weekly increase of 6.73%; The MAYC series flooring price is currently at 5.72 ETH, with a weekly increase of 5.43%; The Azuki series flooring price is currently at 6.06 ETH, with a weekly increase of 17.06%; The price of Doodles flooring is currently at 2.21 ETH, with a weekly increase of 14.51%. In addition, the NFT lending protocol BendDAO token BEND is currently quoted at $0.005476, a 24-hour increase of 29%.

Today’s Main Token Trends

BTC

The daily chart retraced to the $34,870 support, forming effective support as previously mentioned. Further support is at $33,085 and $32,765. This week continues with a high retracement trend. Long-term strategy suggests continued low-level positioning, with caution against high-level volatility.

ETH

The daily chart attempts a third breakout at $2,135, but momentum is lacking. Retracement to $1,951 is possible if $2,000 fails to provide support. The short-term structure may continue retracing within the descending range. Short positions are advised to hold at $1,951.

FTT

Since the overall trend from $1.3965 to $5, a short-term convergence and upward movement were observed this morning. It is recommended to hold at the $3.67 resistance. A failure to stabilize may result in a false breakthrough, pulling the market back to the $3.21 low. Short-term caution is advised.

Macro: CPI lower than expected, interest rate hike cycle may have ended

On Tuesday, weaker than expected inflation data from the United States boosted hopes that the Federal Reserve had completed raising interest rates.

The US dollar index hit 104 levels during the session, marking the first time since September 1st, and ultimately closed down 1.523% at 104.07. Non-US currencies collectively reveled, with the euro rising above 1.08 against the US dollar, a new high since September 4th. The pound hit a new two-month high of 1.25 against the US dollar. The US dollar fell as much as 1% against the Japanese yen during the day. The New Zealand dollar hit 0.60 against the US dollar for the first time since November 6th, rising by over 2% on the day. The Australian dollar stood at 0.65 against the US dollar, a new high since November 7th, with a daily increase of over 2%.

The three major US stock indices collectively closed higher, with the Dow Jones Index up 1.43%, the Nasdaq up 2.37%, and the S&P 500 Index up 1.9%. Tesla (TSLA. O) rose 6%, NVDA. O (NVDA. O) rose 2%, and Microsoft (MSFT. O) rose nearly 1%, closing at a historic high in market value.

The US bond yield plummeted throughout the entire line, with an overall decline of about 20 basis points. The 10-year US Treasury yield closed at 4.453%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve’s policy interest rates, fell even deeper, closing at 4.836%.

Spot gold continued to rise after the release of unexpectedly cooling CPI data, hitting the 1970 level and finally closing up 0.89% at $1963.18 per ounce, setting its best daily performance since October 27th; Spot silver recovered to 23 levels and ended up 3.51% higher at $23.09 per ounce.

International oil prices fell slightly and closed slightly lower in the US market due to the lack of clear signs of escalation of tensions in the Middle East and uncertainty about US oil inventories. WTI crude oil fell 0.41% to $78.16 per barrel; Brent crude oil closed 0.29% lower at $82.39 per barrel.

The overall and core CPI of the United States were both lower than expected, with an unregulated annual CPI rate of 3.2% in October and a monthly core CPI rate of 0.2%. The current cycle of interest rate futures pricing by the Federal Reserve has completely come to an end, and it is expected to cut interest rates by a total of 100 basis points by the end of next year, with the first round of interest rate cuts expected as early as May.

The NFIB Small Business Confidence Index in the United States decreased by 0.1 percentage points in October to 90.7, the lowest point in five months, mainly reflecting the deterioration of profits caused by weak sales and rising costs. Nearly one-third of small businesses’ net income has decreased in the past three months, the largest proportion in more than a year. This deterioration indicates that consumer demand may decline after steady growth in the third quarter.

Chicago Fed Chairman Goolsby: Inflation progress is ongoing, but there is still some way to go. New Federal Reserve News Agency: The interest rate hike cycle may have come to an end, with a focus on revising the statement guidelines in the future. Federal Reserve Vice Chairman Jefferson: The uncertainty of inflation persistence may require a stronger policy response than in other situations.

The Fed is in the last mile of fighting inflation, and the threshold for further interest rate hikes and cuts may be quite high. This data release will not affect the overall situation, as the Federal Reserve needs to see multiple copies of data - therefore, it is expected that the impact of this data release on the market will be limited. Wall Street’s focus is on core CPI. Originally, the market expected the decline to be basically stagnant, but both annual and monthly rates were lower than market expectations. Especially, the month-on-month decrease to 0.2% is in line with the 2% inflation target.

However, the core CPI annual rate in October remains twice the Federal Reserve’s inflation target. But the Federal Reserve is to change its hawkish bias unless monthly core CPI remains stable at 0.2% -0.3% for at least six consecutive months.