Hello everyone, this is Chain News Early News, I am Bi Xiaohuan. One minute a day, let us quickly understand the latest news in the blockchain circle.
Today is Monday, January 8, 2024
2024 is a year that everyone has high expectations for, and it is also the year that the blockchain industry recognizes as the beginning of a new round of bull market. There are many positive things to look forward to this year, such as the Federal Reserve's expected interest rate cuts, the Bitcoin ETF spot is expected to pass, the BTC halving, Ethereum's Cancun upgrade, etc.
What impact have the major events of the past 24 hours had on the market?
From BlockBeats news; Fed's Logan: The possibility of another rate hike should not be ruled out
Logan is a senior Federal Reserve official and president of the Dallas Fed. As a former senior official in the New York Fed's markets department, many of Logan's remarks are authoritative.
Therefore, his remarks were like pouring a bucket of cold water on the market which had been relatively quiet recently.
The Fed may need to resume raising short-term policy rates to prevent a recent drop in long-term bond yields from reigniting inflation, the central bank’s Logan warned.
"If we don't maintain sufficiently tight financial conditions, we risk a return of inflation and a reversal of the progress we have made," Logan said.
Logan also said, "Restrictive financial conditions have played an important role in keeping demand and supply in line and keeping inflation expectations stable. Inflation is already close to the Fed's 2% target, and the labor market, while still tight, is rebalancing. If we do not maintain sufficiently tight financial conditions, we cannot expect to maintain price stability."
Therefore, it is not easy for the Fed to cut interest rates in the short term, but it does not matter if there is any disturbance, we will report it to you as soon as possible every day.
Next, let’s take a look at the news about the Bitcoin ETF spot that has received the most attention recently.
At 8 a.m. on January 7, Fox Business reported that BlackRock expects its spot Bitcoin ETF to be approved on Wednesday.
10:52 p.m.
Golden Finance reported that Eric Balchunas, an ETF analyst at Bloomberg, said that the probability of spot Bitcoin ETF being rejected has now dropped from 10% to just 5%. He pointed out that it is necessary to leave room for 5% for reasons of uncertainty, because even if the industry is guaranteed at the time, anything can happen.
But at 23:27 in the evening, Golden Finance reported that Bloomberg ETF analyst Eric Balchunas said that asset management companies applying for spot Bitcoin ETFs are expected to make final revisions on the morning of January 8, and the next stage of the regulatory decision-making process may be a vote by the commissioners of the U.S. Securities and Exchange Commission, but there are no plans on the agency’s public agenda before January 11. However, according to Eric Balchunas, the U.S. Securities and Exchange Commission can use its authorized policy agencies to make decisions.
After reading this news, I can only laugh. The market news is confusing and the market is particularly tense. Without solid evidence, these smoke bombs are really hard to understand, because the current market is extremely sensitive. Once there is any substantive news, the approval or failure of the BTC spot ETF may cause a sharp rise or fall. Here I advise everyone not to touch leverage during this period. Safety first, saving lives is important.
Next, let’s take a look at what new actions the industry leaders have taken in the past 24 hours?
According to BlockBeats, on January 7, according to official news, OKX Ventures' total investment in 2023 will exceed 50 million US dollars, covering seven core areas including infrastructure, DeFi, GameFi, NFT/Metaverse, Web3.0, Bitcoin ecology, and AI. In-depth cooperation with Solana, Near, Polygon, Avax and other ecosystems.
According to BlockBeats, on January 7, Grayscale announced a quarterly update to the component weights of its multi-asset cryptocurrency index fund.
In this adjustment, Grayscale Digital Large Cap Fund (GDLC) added AVAX and XRP, and removed MATIC. As of January 4, 2024, the composition of the Grayscale Digital Large Cap Fund includes BTC, ETH, ADA, SOL, AVAX and XRP;
Grayscale DeFi Fund (DEFG) index removed CRV. Grayscale DeFi Fund (DEFG) consists of UNI, LDO, AAVE, MKR, SNX;
The Grayscale Non-Ethereum Smart Contract Platform Fund (GSCPxE) consists of ADA, SOL, MATIC, DOT, AVAX and ATOM.
According to Dune's latest data, the cumulative fee income of Bitcoin NFT protocol Ordinals inscription casting exceeds 5,436 BTC, equivalent to about 239,887,413 US dollars, and the current total number of inscriptions cast has reached 53,666,238. The total market value of the inscription market is less than 3 billion US dollars; the current crypto market value is 1.69 trillion US dollars, BTC accounts for 51% of 863.1 billion US dollars; the market FGI fear/greed index is 71 greed. The behavior of the cryptocurrency market is very emotional. When the market rises, people tend to become greedy, which leads to FOMO (fear of missing out). When the market falls, people often sell their cryptocurrencies with irrational reactions. If it is just the beginning of the bull market now, what will the market be like when BTC breaks through the previous high of 100,000 US dollars? I also want to know, the above is all our content today, thank you for listening, if you are also a fan of the crypto circle, please like, subscribe and collect, and learn about the new things in the chain circle with us every day; let's get rich together!
