Daily News | MasterCard May Support Purchasing NFTs on Ethereum, Polkadot Denies Layoffs, CPI Data Exceeds Expectations

2023-10-13, 04:45

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## Crypto Daily Digest: MasterCard may support purchasing NFTs on Ethereum; Polkadot denies layoffs

Payment giant MasterCard has announced that it has successfully demonstrated new functional solutions that can support tokenization (or wrapped beacon) of Central Bank Digital Currency (CBDC) on different chains, providing consumers with more payment options. This solution was developed in collaboration with Cuscal and Mintable as part of the RBA and DFCRC research project, aiming to explore potential use cases for CBDC in Australia.

In an on-site verification environment, MasterCard demonstrated how the solution enables holders of pilot CBDCs to purchase NFTs on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> chain, "lock" the required number of pilot central bank digital currencies on the Bank of Australia's pilot CBDC platform, and mint an equal amount of pilot CBDC wrapped beacon tokens on Ethereum before completing the transaction.

Yesterday, according to The Block, Parity Technologies, a <a href="/price/polkadot-dot" target="_blank" class="blog_inner_link">Polkadot</a> ecosystem development organization, denied rumors of layoffs of over 300 employees this week. However, it is seeking to transfer some of its existing functions to multiple teams within the Polkadot decentralized ecosystem, which will indeed affect the company's staffing. Still, any personnel changes related to the transition from decentralization to various ecosystem funding entities will occur within a few months.

Bigtime has its short-term level of crazy FOMO after yesterday's FOMO. Everyone must be careful, whether in the Game field or other fields, as long as there are games or applications with Fi, accurately speaking, they have X2E mode. This type can only be used as a means of diversion and not a purpose. If used as a purpose, it will eventually return to zero.

Undoubtedly, because it is unsustainable, it goes against the basic economic order and laws. So I saw that after reaching 0.3 yesterday, according to FDV calculation, Bigtime's market value has reached $1.5 billion, which is too risky overall, so I made a prompt.

The X2E model has proven infeasible, at least not as the ultimate goal of the product. No matter what we do, we still need to return to the product itself. For example, in games, we still need to do a good job in the game. Based on the playability of the game itself, we need to feed back some E to users, which is feasible. Except for the first time, it is just a floating cloud.

According to Scopescan monitoring, Curve founder Michael Egorov received 11.85 million CRVs (approximately $5.08 million) from the token unlock contract. According to the unlocking schedule, Michael Egorov can receive 548600 CRVs per day (approximately $235,000) and 16.7 million CRVs per month (approximately $7.16 million).

Investment institution Arca initiated a proposal to discuss the Blur transaction fee switch, which will increase the basic transaction fee by 1% for the Blur market protocol. It is recommended to use these fees for daily systematic repurchase and destruction of BLUR. In addition, Arca has proposed a tiered fee structure to provide fee discounts for users holding BLUR.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1697178519BTC.png)
This week's target of $26,510 for the decline has been met. In the short term, a minor rebound may occur towards the weekend, with a rebound target of $26,975. The medium-term support still holds at $26,510 and the downtrend line. As long as it remains unbroken, the bullish outlook continues, with continued pressure on the resistance level of $28,000.

### ETH
![](https://gimg2.gateimg.com/image/article/1697178540ETH.png)
The medium-term structure continues to show a downtrend. The recommended short position entry point at $1,631 has been consistently profitable, and the maximum target for the decline will be $1,465. Short-term trading may see a gradual uptrend, and short-term profits can be realized, while long-term strategies can be held.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1697178557BIGTIME.png)
This week, positions were set at two price levels: $0.07140 and $0.09350. The highest close in the last three days was $0.3450, with a maximum increase of 384%. In the short term, a larger correction period may be expected. A 15-minute chart can be used as a defensive line along the uptrend. The daily chart may quickly drop to a strong support level at $0.146. If the uptrend continues, there is a possibility of reaching the final target levels: $0.4409, $0.5712, $0.7049, and the top target of $1.0875 and $1.17.

## Macro: CPI data exceeds expectations, timing of interest rate cuts is key

Last night, the United States released CPI data, which exceeded market expectations in terms of numbers. The quarterly CPI annual rate recorded in September was 3.7%, the previous value was 3.7%, and the forecast was 3.6%.

However, from the perspective of core CPI annual rate, there has been a slight decrease. The announced rate is 4.1%, the previous value is 4.3%, and the forecast is 4.1%. This data still meets market expectations. This data cannot be said to be bad or good, and an unexpected rebound may also strengthen the Federal Reserve's continued interest rate hikes within the year.

In addition to the unexpected rise in US Treasury bond yields due to CPI, the particularly dismal auction results of the 30-year US Treasury bond yield announced by the US Treasury Department in US trading also led to its rapid rise. The 10-year US bond yield rose by over 20 basis points at one point, closing near 4.7%; The two-year US Treasury yield rose by nearly 10 basis points, returning to above the 5% mark and closing at 5.07%.

Spot gold was suppressed by higher US dollar and US bond yields, ending a four-day streak of gains and closing 0.28% lower at $1868.83 per ounce. Spot silver closed down 0.93% at $21.82 per ounce.

The US stock market is under pressure, with poor 30-year US bond auctions combined with concerns of interest rate hikes returning to the market. The three major stock indices were put under pressure and closed down, with the Dow down 0.51%, the Nasdaq down 0.63%, and the S&P 500 index down 0.63%.

Regarding whether to continue raising interest rates in November, we have already said that it is not important now. What is important is that we should focus on next year's interest rate cut and when it will be cut. This is what we need to focus on and consider.

Usually, it is necessary to collect more data in order to make a comprehensive prediction. Of course, this prediction can only be used as a reference, especially when it comes to transactions, as no one can predict 100% accurately. Therefore, what we do is a reference and definitely not a standard for measuring accuracy.

<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>