Daily News | US Presidential Candidate Claims to Hold BTC, South Korea Formulated the "Real-Name Account Operation Guide for Virtual Assets", Interest Rate Hike Cycle Has Passed

2023-07-28, 04:10

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## Crypto Daily Digest: the US presidential candidate claims to hold Bitcoin, and the Bank of Korea formulates the Real-Name Account Operation Guide for Virtual Assets
The latest news is that Democratic presidential candidate Robert Kennedy Jr. confirmed on Twitter Space that he holds <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>.

Kennedy said, "After the Bitcoin Conference, I decided to take action and purchase two Bitcoins for each of my seven children." Based on the current price of approximately $29,500, the current value of these 14 Bitcoins is close to $414,000.

As early as the Miami Bitcoin Conference was held from May 18 to May 20 this year, Kennedy expressed support for Bitcoin. Last week, he further promised that if he won the presidential election, he would exempt Bitcoin from Capital gains tax and start to support the US dollar with Bitcoin and other hard assets.

The results of the second quarter of 2023 released by Meta yesterday showed that Meta reported an increase of 11% over the same period of last year, totaling $31.9 billion, while the loss of Reality Labs focusing on Metaverse exceeded $3.74 billion in the second quarter. The revenue of Reality Labs exceeded $276 million, the lowest in two years, down nearly 40% compared with the second quarter of 2022.

The Bank of Korea has formulated the Real-Name Account Operation Guide for Virtual Assets, and the exchanges must reserve a reserve of no less than ₩3 billion (approximately $2.345 million). According to News1, the Bank of Korea Confederation, in consultation with the Korean financial authority and the Virtual Assets Exchange, has formulated the Real-Name Account Operation Guide for Virtual Assets, which aims to strengthen the protection of virtual asset users and prevent money laundering and other activities.

The bank requires the virtual asset exchange to fulfill its liability for damages to users (such as hacker attacks, computer malfunctions, etc.). The exchanges are required to reserve a reserve of no less than ₩3 billion (approximately $2.345 million).

In addition, the banking system in South Korea plans to strengthen customer confirmation procedures for real name account users holding every year, implementing measures such as requiring additional authentication for recourse transfers and restricting recourse transfers when not in use for a long time. The bank plans to distinguish user accounts into limit accounts and normal accounts, and limit their deposit and withdrawal limits; At the same time, anti-money laundering standards and procedures related to real name authentication have been established.

Yesterday, the Hong Kong Monetary Authority and the Saudi Central Bank held a bilateral meeting in Riyadh to strengthen cooperation in financial services between the two places.

During the meeting, the Saudi Central Bank and the Monetary Authority discussed several cooperation plans, mainly involving four major areas: financial infrastructure development, Open market operation, mutual market interconnection, and sustainable development.

Ayman Alsayari, President of the Saudi Central Bank, and Eddie Yue, President of the Monetary Authority signed a memorandum of understanding to promote joint discussions on Financial innovation. Promote knowledge sharing in Financial innovation and financial technology, and focus on new trends, best practices, regulatory issues, and policies and regulations. The memorandum of understanding will accelerate cooperation between the two parties in various related financial technology fields, share experiences in research and innovation, and focus on the latest developments in regulatory technology, tokenization, and payment infrastructure.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1690524822BTC 13.44.45.png)
Market volume continues to weaken, and there is a possibility of a retracement in the large uptrend. If adopting a bullish strategy, closely monitor the purple line representing the uptrend. Once this trendline is breached, it may signal the end of this year's rebound trend. The next support level is $28,535 USD.

### ETH
![](https://gimg2.gateimg.com/image/article/1690524841ETH 13.44.45.png)
In the short term, ETH remains oscillating around the pivotal $1,857 USD. Short-term traders should monitor whether the uptrend resistance is holding. For the medium to long term, if a pullback does not stabilize at $2,037 USD, the overall trend remains bearish.

### WLD
![](https://gimg2.gateimg.com/image/article/1690524864WLD 13.44.45.png)
In the short term, WLD continues its downward trend, with the next support at $1.845 USD. Consider short-term entry opportunities around $1.845 USD, as the current rebound is likely to see a decrease in volume. It is advised to take profits from rebounds quickly. Quick entries and exits are recommended.

## Macro: The interest rate hike cycle has passed, and the expectation of interest rate cuts is brewing. Will the market react in advance?
The US economy grew at an annual rate of 2.4% in the second quarter, exceeding consensus expectations and adding new suspense to the claim of a 2023 economic recession. But those who tend to be bearish still worry: perhaps the economy is too good, and the Federal Reserve will have to further raise interest rates above the current 22-year high, in fact stepping on the brakes even harder, making us destined to face an ugly 2024.

Federal Reserve Chairman Jerome Powell seems to at least consider this situation (but it may not result in such a negative outcome). After the Federal Reserve raised its target interest rate by 25 basis points, Powell stated at a press conference on Thursday that reducing inflation "may require a period of below-trend GDP growth and some softening of labor market conditions," which he has been repeating for several months.

So, the analysis suggests that there is a high probability that interest rates will not be raised again this year. Although he mentioned that core inflation is still quite high, his response is to maintain high-interest rates for a period of time, rather than simply saying that interest rates need to be raised multiple times like last time.

At the last meeting, it was clearly stated that two more rate hikes were needed, and Thursday morning was the first time. Therefore, based on Powell's speech, this round of rate hikes has ended.

After the meeting, CME's prediction for future interest rate hikes is that the probability of stopping interest rate hikes in September, November, and December is 80%, 68%, and 65% respectively, exceeding 60%. However, the probability of interest rate cuts in January next year has decreased to 27%.

This may be what Powell stated. If inflation does not come down, it is necessary to maintain high-interest rates for a longer period of time. The probability of a rate cut in March exceeds 40%, and the probability of not cutting in March also reaches 40%. This indicates a high possibility of a rate cut next March.

It is predicted that the rate cut will be as soon as March, because Powell said that the decision to cut interest rates will depend on the Fed's confidence in inflation falling back to its target. As long as inflation can decline as scheduled in the second half of this year, the rate cut may still occur this year, so everyone should have some confidence.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>