Gate Daily (October 9): North Dakota in the U.S. launches stablecoin; meme coins rise dramatically in the Chinese community; HBAR ETF ready to be listed.

Bitcoin (BTC) briefly corrected after surging, reporting around $122,963 on October 9. North Dakota and Fiserv announced plans to launch a government-backed "Roughrider" stablecoin. Meme coins in Chinese exchange circles surged during China's National Day holiday, creating multiple new millionaires in a week of frenzied trading. After the U.S. government shutdown, Canary's Litecoin and HBAR ETF are ready to "launch."

Today's Outlook

1. China's foreign exchange reserves at the end of September (in billion USD) were 3322.15, compared to the previous value.

2. Germany's seasonally adjusted trade balance for August (billion euros) was 14.7, previous value.

3. The number of initial jobless claims in the United States last week (in thousands) (up to 1004) was 229, previously.

4. U.S. August Trade Balance (in billion USD), previous value was -78.3

5. Change in U.S. seasonally adjusted non-farm payroll employment (thousands) for September, previous value was 22.

6, The unemployment rate in the United States for September, with a previous value of 4.3%.

7. The European Central Bank published the minutes of the monetary policy meeting in September.

8. Federal Reserve Chairman Powell delivered opening remarks at a community banking conference hosted by the Federal Reserve Board.

9. Federal Reserve Board member Bowman delivered a speech.

10. Korean Hangul holiday market closure

Macroeconomic Events & Coin Circle Hotspots

1. The Bank of North Dakota is entering the stablecoin market through Roughrider Coin, which is a USD-backed cryptocurrency developed in collaboration with payment company Fiserv. According to an announcement on October 8, the token will be launched in 2026 for banks and credit unions in North Dakota, aimed at supporting interbank transactions, merchant payments, and cross-border fund flows. Reports indicate that Fiserv processed approximately 35 billion merchant transactions in 2022. Its digital asset platform was launched in June alongside a bank-oriented "white-label" stablecoin. Roughrider Coin will operate on that system, and Fiserv expects it to interoperate with other stablecoins.

2. In the past week, cryptocurrency traders have earned millions of dollars through small meme coins on Chinese CEX exchanges, indicating that a new wave of speculative capital is driving the current market cycle. The blockchain intelligence platform Lookonchain states that one of the most profitable investors is the trader "0xd0a2," who turned an initial investment of $3,500 into $7.9 million, achieving a 2,260-fold return in three days. Trader "hexiecs" turned an investment of $360,000 into over $5.5 million by investing in the recently launched "4" meme coin.

3. Canary Capital's Litecoin (LTC) and HBAR exchange-traded fund (ETF) received approval after submitting crucial final details on October 8, but they are unlikely to launch during the U.S. government shutdown. Canary's revision added a 0.95% fee and changed its Canary Litecoin ETF ticker to "LTCC" and its Canary HBAR ETF ticker to "HBR." Bloomberg ETF analyst Eric Balchunas stated that these are typically "the last updates before listing." He added that due to the U.S. government shutdown, the U.S. Securities and Exchange Commission is essentially in the dark, so it is unclear when approval will be granted, but these applications are "essentially a done deal in my view."

Market Trends

1. Latest news on Bitcoin: $BTC surged and then briefly retraced, currently reported at around 122,963 USD, with a liquidation of 74.52 million USD in the past 24 hours, mainly from short positions;

2. The S&P 500 Index and the Nasdaq Composite Index set new closing highs on October 8, with the S&P 500 Index rising by 39.13 points, or 0.6%, to close at 6,753.72 points; the Nasdaq Composite Index increased by 255.02 points, or 1.1%, closing at 23,043.38 points; the Dow Jones Industrial Average fell slightly by 1.20 points, or 0.00%, to close at 46,601.78 points. The S&P 500 Index and the Nasdaq Composite Index have respectively refreshed their closing records for the 33rd and 32nd times this year.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, with the current price set at 123,321.50 USDT, if it drops to around 121,154 USD, the total liquidation amount of long positions exceeds 779 million USD; if it rises to around 124,194 USD, the total liquidation amount of short positions exceeds 125 million USD. The liquidation amount for shorts is significantly lower than that for longs, so it is advisable to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was 2.59 billion USD, outflow was 2.50 billion USD, net inflow was 0.09 billion USD.

(Source: Coinglass)

5. In the past 24 hours, contracts such as $ETH, $SOL, $COAI, $LINK, and $ZEC have seen net outflows, indicating trading opportunities.

News Updates

1. The UK plans to establish a "Digital Market Supervisor" to promote the on-chain transformation of the wholesale market.

2. DTCC included in the Canary Trump Coin ETF, code TRPC

3. Grayscale adjusts the components and weights of its DEFG, GSC, and AI funds, adding AERO and IP.

4. Monad's post suggests that a token airdrop may take place.

5. IMF President: The Federal Reserve may need to lower interest rates further.

6. BlackRock IBIT has purchased Bitcoin for 7 consecutive weeks, totaling approximately 54,423 coins.

The economic forecast for September indicates that 10 Federal Reserve officials support two more interest rate cuts this year.

8. IMF President: Current gold holdings in currency have exceeded one-fifth of the global official reserves.

9. Ethena collaborates with Jupiter to launch the Solana ecosystem native stablecoin JupUSD.

10. Square launches Bitcoin wallet solution Square Bitcoin

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "It feels like today's tasks are much easier to tackle. Although I overslept, I woke up to find the market starting to warm up. The US stock market not only recovered from yesterday's decline but also broke through its historical high again during trading. If the US stock market is doing well, cryptocurrency shouldn't be too bad either. BTC has rebounded back above $123,000, and even my FOMO long positions are starting to be profitable."

"I believe many friends want to know the reason for the rise. I looked into the minute-level data; the blue line represents the NASDAQ futures, and the orange line represents Bitcoin. It is clear that the overlap between the two is quite high. The NASDAQ started seeing an increase in trading volume right from the opening, and it continued to rise, corresponding to BTC, which is also similar. During this period, there hasn't been any significant positive news or data. So from my personal perspective, it should be that American investors have already reacted to the data from the New York Federal Reserve yesterday, and indeed it is American investors because the NASDAQ futures have been trading since the daytime. You can see that the sentiment among investors in the Asian and European markets is still not high; only after the U.S. stock market opened did we see a significant improvement."

"Today, the Republican bill failed to secure enough votes in the Senate to end the U.S. government shutdown, so the shutdown will continue. According to data from Kalshi, U.S. investors believe the shutdown will extend for 24 days, which would perfectly miss the CPI and PPI data, leading the Federal Reserve to enter a phase of blind guessing at the end of the month."

Looking back at Bitcoin's data, today's turnover isn't very high, possibly related to data adjustments. We'll take a closer look tomorrow, but it is indeed clear that BTC has reached a point where low prices no longer make investors capitulate. Instead, low prices often present the best time to buy the dip. The chips released during panic are basically from short-term investors, while long-term investors have been in a watch-and-see mode. The restructured chip structure remains very stable; even with yesterday's drop of over 2%, we did not see a massive exit of investors who were at a loss. Instead, investors above $120,000 are very indifferent. Now, to trigger a massive drop in $BTC , it would likely require systematic negative news.