Daily News | BTC Supporter Milei Won the Argentine Presidential Election; The Approval of Bitcoin ETFs Was Postponed Again; AVAX, ID and LOOKS Will Embrace Large Unlocks This Week

2023-11-20, 03:55

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## Crypto Daily Digest: Bitcoin supporter Milei won the Argentine presidential election; Bitcoin ETF Delayed Again

According to Bloomberg, Argentine "Free Progressive Party" candidate Javier Gerardo Milei defeated current Economy Minister Sergio Massa to win Sunday's presidential election. Before the results were announced, Massa admitted his defeat in Buenos Aires and stated that he had called Milei to congratulate him on his victory.

Milei will take office on December 10th, and the official election agency stated that 87% of the votes have been counted, with Milei receiving 56% of the votes and Massa receiving 44% of the votes. It is reported that Milei's political proposals include implementing dollarization, ending currency controls, closing the central bank, significantly reducing national spending, and strongly supporting <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>.

Meanwhile, US presidential candidate Vivek Ramaswamy also discussed many topics, including Bitcoin, in this week's interview. He stated that the government is "threatened by the existence of Bitcoin" and emphasized that if cryptocurrency becomes more popular, it will "pose a threat to the current position of the Federal Reserve itself.” He promised that if he is elected president, he will ensure that the government "does not intervene in the affairs of those innovators.”

In terms of Bitcoin ETFs, according to new regulatory documents, the US SEC has postponed decisions on Global X and Franklin Templeton's Bitcoin spot ETFs, with new resolutions due on December 22 and early next year, respectively. As of now, the SEC has postponed making a decision on all Bitcoin spot ETFs.

The data of the giant whale has changed. According to the data website monitoring, a certain giant whale address has transferred a total of 52,435 ETHs to Binance and OKX in the past 10 days, and then retrieved 102.58 million USDTs from Binance and OKX. He transferred 39,458 ETHs to Binance and withdrew 75.06 million USDTs; 12,976 ETHs was transferred to OKX and 27.52 million USDTs was withdrawn.

According to The Block data, the active supply of Bitcoin and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> in the past year has reached historic lows. From March 2017 to 2018, over 59% of Bitcoin supply was active. However, in the past year, only 30.12% of Bitcoin supply has changed hands. Between July 2016 and 2017, over 86% of Ethereum's supply changed, while last year its supply only changed hands at 39.15%, setting a historic low.

For Bitcoin, the historical low in active supply is usually before the halving of block issuance rewards, and it is currently expected that the next halving of block issuance rewards will occur in April next year.

On November 20th, according to Token Unlocks data, AVAX, ID, and LOOKS will experience a one-time large unlock of tokens this week, with a total release value exceeding $225 million. Among them:

At 8:00 (UTC) on November 22nd, SPACEID will unlock 18.49 million IDs (approximately $4.81 million), accounting for 6.46% of the circulation supply;

At 8:00 (UTC) on November 24th, <a href="/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> will unlock 9.55 million AVAX (approximately $217 million), accounting for 2.68% of the circulating supply;

At 7:01 (UTC) on November 27th, LooksRare will unlock 37.5 million LOOKS (approximately $2.92 million), accounting for 6.88% of the circulation supply.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1700458739BTC.png)
After rising from the recent high to the upper resistance level of $37,980, BTC has been oscillating at high levels for a month, with short-term support at $36,000 and weekly support at $34,800. Conservative bulls suggest waiting for a break above $38,000 and targeting $40,500 and $42,015.

### ETH
![](https://gimg2.gateimg.com/image/article/1700458769ETH.png)
The four-hour chart has successfully broken the major downtrend, with a key support at $1,857 holding firm. Short-term consolidation is expected, and mid-term upward momentum may continue upon breaking the $2,135 resistance, targeting a new high in 18 months at $2,381.

### WLD
![](https://gimg2.gateimg.com/image/article/1700458790WLD.png)
The overall market has formed a large bottom pattern, with short-term funds concentrated between $2.785, $2.584, and resistance at $2.419. After three attempts to break the $2.419 resistance, positioning is expected to target $2.785, $3.35, $4.30, and $5.22.

## Macro: Is the interest rate hike really over? Focus on this Wednesday's Fed monetary policy meeting

In the past week, economic data such as the US CPI and PPI have slowed down beyond expectations, strengthening expectations that the Federal Reserve's interest rate hike has ended. At the same time, the market is optimistic that the US economy can avoid a recession. The 10-year US Treasury yield briefly broke below 4.40%, reaching a new low since late September, and has fallen by about 21 basis points this week; The two-year US Treasury yield has dropped to its lowest point since early September, with a cumulative decline of about 17 basis points this week. US stocks have risen for three consecutive weeks, while expectations of the Federal Reserve cutting interest rates next year have hit the US dollar, with the US dollar index hitting its highest weekly decline in four months (1.9%).

Crude oil rebounded significantly by more than 4% on Friday, but it still recorded four consecutive weeks of decline. The cumulative decline of US oil was 1.66%, while the decline of oil distribution was 1%. After experiencing a sharp decline, the upcoming OPEC+meeting this month has become the focus of attention for oil traders.

The expectation of the end of the Federal Reserve's interest rate hike has driven gold prices higher, with futures up 2.43%. The price of gold will be more driven and dominated by inflation expectations and the performance of the US dollar index.

In the coming week, as the Thanksgiving holiday kicks off, there will be relatively few market hotspots.

However, at 03:00 on Wednesday morning, the Federal Reserve's release of the minutes of its November monetary policy meeting is still worth paying attention to, as the minutes may reveal differences among committee members and the voting positions of some committee members in the future. Investors are currently pricing an expectation of nearly 100 basis points for the Fed's rate cut next year.

The US dollar index is currently moving towards its largest monthly decline in a year, with previously weaker than expected economic data strengthening market expectations for the end of the Federal Reserve's interest rate hike cycle and the US dollar reaching its peak. If the minutes of the Federal Reserve meeting strengthen this expectation, the US dollar index may face a greater decline.

The recent Fed spokesperson has had almost no impact on the expectations of the Fed's policy cycle, but rather the data is speaking. In the coming week, the United States will release the latest jobless claims, consumer confidence index, inflation expectations, and PMI for manufacturing and service industries.

As the tightening of interest rates in the United States ultimately affects the US economy, there have been signs of a slowdown in US data that exceeds expectations, thereby enhancing the expectation that the Federal Reserve will end interest rate hikes and initiate rate cuts. Investors can pay attention to whether the following data will continue this trend. If this is indeed the case, US bond yields will be further suppressed, the US dollar will weaken, and gold may further rise.

<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>