Daily News | SEC Postponed the Application Decision for BTC Spot ETFs; CYBER Skyrocketed by 158% Within 48H; Friend.tech's Daily Trading Volume Decreased by Over 95%

Crypto Daily Digest: The SEC has postponed the application decision for Bitcoin spot ETFs; CYBER skyrocketed 158% within 48 hours

A screenshot of the document released by Bloomberg analyst James Seyfart shows that the SEC has postponed its decision on the Bitcoin spot ETF applications of WisdomTree, Invesco Galaxy, Valkyrie, Fidelity, VanEck, Bitwise, and BlackRock. The document shows that the new deadline for SEC decisions on WisdomTree, Invesco Galaxy, Fidelity, VanEck, and BlackRock applications is October 17th, Valkyrie October 19th, and Bitwise October 16th.

Robinhood’s Web3 wallet already supports Bitcoin and Dogecoin networks; Users of Robinhood’s self-custodial Web3 wallet can now use Bitcoin and Dogecoin networks to host, send, and receive cryptocurrency. Before launching support for Bitcoin and Dogecoin networks on Wednesday, it also added support for Arbitrum and Optimism.

In addition, Robinhood is also enabling in-app transactions on the Ethereum network. Starting from Wednesday, selected users can use over 200 tokens. The platform stated that it will provide these services to everyone in the coming weeks. Previously, Robinhood Wallet users could only trade cryptocurrencies on the Polygon network through the decentralized trading aggregator 0x API.

The company stated that Robinhood wallet users do not need to hold Ether (ETH) to exchange, as network fees are automatically deducted from the tokens they already hold.

Recently, the most impressive token in the crypto market has been Cyberconnect (CYBER), which has skyrocketed from around $3.6 in less than two days, rising by over 150%, reaching a peak close to $9.3.

The reason for this is understood to be due to South Korean investors driving the recent price increase of CYBER.

Since the launch of CYBER on the South Korean cryptocurrency exchange Upbit on August 22nd, Upbit wallet addresses have held approximately 3.6 million CYBERs worth approximately $32.43 million; Due to the attention of the Korean coin speculation community shifting towards CYBER, its largest exchange, Upbit, has now surpassed Binance as the largest holder of CYBER, accounting for 33% of the token circulation supply.

In addition, Woori Bank of Korea announced the signing of business agreements with Samsung Securities and SK Securities. The three companies agree to jointly explore the security-based token (ST) business model, achieve compliance, build infrastructure, jointly verify distributed ledgers, and form a collaborative consulting firm, Finance 3.0 Partners.

In terms of data, Bitcoin briefly fell below $26,000 within 24 hours, and is now quoted at $26,154. The 24-hour decline is 3.89%, erasing all the gains since the Grayscale victory.

Arkham data shows that the recently popular friend.tech has also begun to rapidly cool down, with its daily trading volume sharply decreasing from $16 million on August 21 to $700,000 today, a decrease of over 95%.

According to The Block, since 2023, the Web3 platform has suffered losses of up to $1.25 billion in 211 hacking incidents, with losses caused by hacking exceeding $23 million in August. Since the opening of the Base mainnet to the public on August 9th, four projects have suffered significant losses due to hacker attacks, with Ethereum and BNB Chain becoming one of the most attacked chains.

Today’s Main Token Trends

BTC

The overall market closed at $25,987 USD in August, noticeably below the $27,000 USD mark from May’s closing. The moving averages have once again shown a death cross, indicating an upcoming corrective phase in the medium term.

Yesterday, after briefly stabilizing at $26,510 USD, there was a retracement to $25,606 USD. In the short term, it’s expected to continue fluctuating within the range of $26,510 USD to $25,606 USD. A conservative strategy might involve positioning short trades around $25,606 USD with a target towards the support at $24.2K USD.

ETH

The monthly closing for this month settled at the $1,650 USD mark. The overall trend remains bearish, and a retracement to $1,631 USD was met without bias. In the short term, attention remains on the $1,631 USD level as a defense line and the upper boundary of the descending channel. Maintaining stability above the trendline is crucial for a potential rebound.

CYBER

The 15-minute short-term chart has shown signs of an upward momentum, followed by a break above $8.886 USD and a retracement to $8.185 USD. Notably, there have been instances of clear hidden bullish divergence, but there’s been significant volatility, including a sharp movement to $9.7 USD, followed by a swift reversal.

In the short term, it’s evident that there’s a game of supply and demand with no substantial inflow of funds. Monitoring the contract market funding rate remains essential as a basis for entering long positions or maintaining a wait-and-see approach. Upside targets include $10.479 USD, $12.27 USD, $14.50 USD, and $17.79 USD, while maintaining support at $8.145 USD is crucial.

Macro: Inflation cooling down, Federal Reserve may continue to maintain tightening policies

Last night, the latest data from the US Department of Commerce showed that the personal consumption expenditure (PCE) price index in July rebounded to 3.3% year-on-year from 3% in June, in line with market expectations and achieving the largest year-on-year growth since June 2022; The month on month growth was 0.2%, consistent with expectations and previous values.

The Federal Reserve’s favorite inflation indicator, the core PCE price index excluding food and energy, has slightly increased year-on-year growth rate from 4.1% in June to 4.2%, in line with market expectations; The month on month growth of 0.2% is also consistent with expectations and previous values. This is the second consecutive month on month growth of 0.2% in the core PCE price index, which is in line with the trend of gradually cooling inflation. The reason is that to achieve the 2% inflation target, inflation should be 0.2% month on month (some months may be 0.1%).

The latest released data has mixed news for the market: on the one hand, inflation indicators have slightly increased month on month for two months, stimulating consumer spending growth and making the US economy more likely to avoid a recession; On the other hand, the resilience of the economy is causing concern, and the Federal Reserve has more reason to keep tightening in order to continue reducing inflation.

After the data was released last night, the yield of benchmark 10-year US treasury bond bonds, known as the “anchor of global asset pricing,” continued to decline, and the yield of two-year US bonds, which are more sensitive to interest rates, took the lead in recovering, and US stocks fell in the morning; The US dollar index has expanded its gains, breaking away from the two week low set on Wednesday and is set to end the week with its first rise; The US stock market continued to rise, but the intraday rally subsided, with major stock indices falling at one point.

The three major stock indexes in the US have fluctuated, with the Dow down 0.48%, the Nasdaq up 0.11%, the S&P 500 down 0.16%, popular technology stocks up and down, Amazon up over 2%, and Intel up nearly 2%. Vinfast fell more than 16%, with its market value dropping to $80 billion. Spot gold stopped rising for three consecutive days and closed below the $1,940 mark, closing 0.13% lower at $1,939.85 per ounce. Spot silver fell for two consecutive days, closing 0.72% lower at $24.43 per ounce.

The market focus has shifted to the heavyweight employment report to be released on Friday, which is also the last non farm employment data before the next Federal Reserve meeting. Please pay close attention.