Daily News | Circle Plans to Go Public Next Year; the US Crypto Law Enforcement Actions Reached A Historic High; The Inflow of Crypto Funds Has Set A New Record

2023-11-08, 06:09

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## Crypto Daily Digest: US crypto enforcement actions reached a historic high in 2023, Circle plans to go public next year

According to a report by the Wall Street Journal, US Deputy Secretary of the Treasury, Wally Adeyemo, stated on Tuesday at the annual meeting of the Securities Industry and Financial Markets Association in Washington that the Biden administration hopes Congress will grant new powers to help combat the illegal use of cryptocurrency, and mentioned that Hamas has publicly sought to raise funds through cryptocurrency, which has made "people more concerned about the illegal financial use of digital assets."

He stated that the Treasury has communicated with the Democrats and Republicans on possible actions they may take. Congress needs to take action in some places. The Ministry of Finance will continue to take action and work with lawmakers to urge the crypto industry to innovate responsibly. Adeyemo also called for self-regulation in the crypto industry.

In addition, according to the Law Enforcement Report for the 2023 fiscal year released today by the Commodity Futures Trading Commission (CFTC), the number of cases in the digital asset sector has reached a historic high. The CFTC Law Enforcement Department (DOE) implemented a total of 96 enforcement actions in 2023, resulting in fines, compensation, and confiscation exceeding $4.3 billion. Among them, 47 actions are related to digital asset commodities, accounting for over 49% of all actions. In contrast, CFTC implemented a total of 18 enforcement actions related to digital assets in fiscal year 2022.

According to Bloomberg, Robin Hood's third-quarter financial report showed a net income of $467 million, lower than the average analyst expectation of $478.9 million, but an increase of 29% compared to the same period last year. Transaction-based revenue was $185 million, a year-on-year decrease of 11%, mainly due to a 55% year-on-year decrease in nominal crypto trading volume to $23 million.

Robinhood stated in a statement that as it expands globally, it plans to launch EU crypto trading and UK brokerage businesses in the coming weeks. Robin Hood's stock price fell about 7% in late trading in the New York market, but has still risen nearly 20% so far this year.

On November 8th, according to Bloomberg citing insiders, Circle Internet Financial Ltd., the issuer of stable currency USDC, is considering listing in early 2024. The company is negotiating with consultants to prepare for a potential initial public offering. At present, the relevant review is still ongoing, and it is uncertain whether Circle will ultimately continue to go public.

Although it is unclear what valuation Circle is seeking in its IPO, the company's valuation when it attempted to merge with special purpose acquisition company Concord Acquisition Corp. in 2022 was $9 billion. A representative of Circle stated in a statement that becoming a US-listed company has long been a part of Circle's strategic vision, but we will not comment on the rumors.

CoinShares, a digital asset management company, reported on Monday that as investors continue to flood the market, crypto funds have seen their best inflows since the crypto bull market in 2021. According to CoinShares data, investment vehicles holding cryptocurrencies had a net inflow of $261 million last week, recording positive inflows for six consecutive weeks, totaling $767 million.

James Butterfill, research director at CoinShares, pointed out that “this round of inflows is now in line with the inflows in July 2023 and is the largest since the end of the bull market in December 2021.” <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) funds still dominate the asset class, bringing the majority of inflows, with approximately $229 million last week and $842 million this year.

Butterfill explained that this may be due to the increasing likelihood of spot Bitcoin ETFs being approved in the United States and some weak macroeconomic data support. The <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Fund experienced its largest inflow since August 2022, reaching $17.5 million.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1699424701BTC.png)
In the early hours yesterday, Bitcoin (BTC) returned to the ascending trendline, staying below the short-term moving average. It then surged to a high of $35,888 but still struggled to break the $36,000 psychological level. In the short term, BTC is holding steady around the moving average, indicating that a significant move might occur next week.

### ETH
![](https://gimg2.gateimg.com/image/article/1699424721ETH.png)
Last weekend, Ethereum (ETH) managed to stabilize above $1,857 and broke the overall downtrend, ending a seven-month decline. Short-term price action appears to be consolidating, with $1,840 serving as a strong support level. Waiting for a clear direction is a conservative strategy.

### ID
![](https://gimg2.gateimg.com/image/article/1699424739ID.png)
The four-hour chart for ID shows a complete head and shoulders pattern, with the neckline breakout at $0.2870. A conservative approach would be to wait for a sustained breakout above $0.2870 and target $0.3618 as the top. Exit strategies can make use of Fibonacci extension levels (0.3045, 0.3154, etc.).

## Macro: US stocks have been rising for 7 consecutive days; Inflationary pressure is increasing; Federal Reserve Bowman has stated the need for further interest rate hikes

On Tuesday, the three major US stock indices rose for seven consecutive trading days, with the Dow Jones Industrial Average up 0.17%, the Nasdaq up 0.9%, and the S&P 500 index up 0.25%. The Nasdaq China Golden Dragon Index closed 0.7% lower.

The US dollar index continued to rebound from last week's sharp sell-off and ended up 0.209% at 105.52. US bond yields resumed their decline, with long-term US bond yields leading the decline. The 10-year US Treasury yield closed at 4.571%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.915%.

Spot gold fell for the second consecutive trading day, closing 0.43% lower at $1969.26 per ounce, the lowest in nearly three weeks; Spot silver closed 1.73% lower at $22.63 per ounce.

As weak global economic data overshadowed concerns that the Israel Hamas war could erupt into a broader regional conflict, international oil prices plummeted, with both oil prices hitting new lows since July 24th. WTI crude oil fell 4.69% to $77.08 per barrel; Brent crude oil closed down 4.40% at $81.40 per barrel.

Last week, it was widely believed that the Federal Reserve had ended, and now the Fed is telling a completely opposite story. In fact, this scene could have been anticipated - the Fed needs to tighten its financial environment to combat inflation. Let's take a look at what these officials have said.

Minneapolis Federal Reserve Chairman Kashkari: If necessary, the Federal Reserve will take more measures in interest rates, and the FOMC has not discussed the content of interest rate cuts.

Chicago Fed Chairman Goolsbee: If the long-term treasury bond yield remains high, it is likely to be equivalent to tightening policy. The first task of changing the interest rate position is the progress of inflation;

Federal Reserve Governor Bowman: Further interest rate hikes are still expected.

Dallas Fed Chairman Logan: Inflation is still too high, and the data seems to be moving towards 3% instead of 2%.

Federal Reserve Governor Waller: The Q3 economy is booming, and the Federal Reserve is closely monitoring this situation. The surge in 10-year US Treasury yields is an “earthquake.”

The Atlanta Fed's GDPNow model predicts that the US GDP growth rate in the fourth quarter will be 2.1%, compared to the previous estimate of 1.2%.

Federal Reserve officials emphasized their vigilance against inflation this week, and in just a few days, they seem to have a collective tendency to overturn interest rate peaks.

According to analysts, when this shift (dove-like) occurs, it may suddenly occur, and “further increases in unemployment or another negative impact may become a catalyst for this situation.”

<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>

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