Daily News | SEC Chairman Made A Statement Towards Bitcoin Spot ETFs: Brazil Plans to Levy A 15% Crypto Tax; A Whale Transferred over 3,600 BTCs after 4 Years of Dormancy

2023-11-30, 04:04

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## Crypto Daily Digest: SEC Chairman made a statement towards Bitcoin spot ETFs, Brazil Plans to Levy 15% Crypto Tax
Recently, SEC Chairman Gary Gensler remained silent when asked about the prospects of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs and stated that he would not "anticipate" this matter. Gensler stated in his speech at the Healthy Markets Association meeting that he will not make any predictions about the Bitcoin spot ETF applications under review. He once referred to the review process of the institution as a "time tested process.”

The crypto industry has been eagerly awaiting SEC approval for the first Bitcoin spot ETF, with asset management companies such as Black Rock and Fidelity submitting multiple applications in recent months, but all have been postponed so far. Gensler reiterated his belief that Bitcoin is a commodity and expressed concern for the entire crypto industry. The SEC has taken enforcement actions against crypto companies, including Coinbase and Binance, the world's largest crypto exchange, over the past year.

Gensler also expressed his support for Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), to increase the power of derivatives regulatory agencies to regulate cryptocurrencies.

In addition, on the other hand, US Deputy Secretary of the Treasury, Wally Adeyemo, stated that the Biden administration is requesting Congress to consider the strictest reform of the Treasury's sanctions power since the 2001 terrorist attacks to help combat the use of digital assets in illegal finance.

Adeyemo said, “We call on Congress to establish a secondary sanctions system, which will not only exclude a company from the US financial system, but also expose that any company that continues to have business dealings with sanctioned entities will also be cut off. On Tuesday, the Treasury Department provided Congress with a series of common sense recommendations to expand our power, tools, and resources to pursue illegal actors in the field of digital assets.”

According to Cointelgraph, the Brazilian Senate passed new income tax rules on November 29th, which stipulate that Brazilian citizens may soon be required to pay up to 15% tax on crypto income held on foreign exchanges. The bill has been passed through the House of Representatives and is expected to receive approval from President Luiz Inácio Lula da Silva, as his government initiated a change in income tax rules.

According to the bill, any Brazilian citizen who earns more than $1,200 (6000 Brazilian reals) on foreign exchanges will be subject to this tax from January 1, 2024. But the income obtained before December 31st this year will continue to be taxed at the current 8% tax rate.

Arthur Hayes stated in his latest blog post that the Chinese authorities may be preparing to inject a large amount of credit into the economy to boost the Bitcoin and broader crypto markets.

Hayes stated that the United States has recently "weakened the US dollar by issuing more Treasury bills” and with the US dollar index falling throughout November, this impact is now very evident. He believes that this has created more favorable conditions for the Chinese authorities to issue a "large amount" of new credit to the struggling real estate industry.

This global currency dynamics may benefit the Bitcoin and crypto markets. He said that if China increases printing money, these funds will enter the global market and support the price increase of all types of risk assets.

Firstly, there may be funds flowing into risky assets from mainland China via Hong Kong. Hayes said that if there is a way to legally transfer cash from mainland China to Hong Kong, Bitcoin will become one of the many risky assets being purchased. Secondly, due to the abundance of RMB credit, the global demand for USD credit and liquidity will decrease.

Given that the US dollar is the world's largest financing currency, if credit prices fall, the prices of all fixed supply assets such as Bitcoin and gold will rise. Hayes concluded that because this prediction is beneficial to risk assets, he plans to focus on crypto investment rather than investing in US treasury bond bonds. He stated that he will continue to transfer funds from US Treasury bills to cryptocurrencies.

According to the latest on-chain browser data, a Bitcoin whale address that has been dormant for nearly 4 years transferred all 3623 BTCs on November 30 at 09:01:48, resulting in a floating profit of approximately $100 million based on current market prices. Among them, 2000 BTCs were transferred to the 1AW1h4us8j5gnJRbhBndgjdx2vkfSe1iV8 address; 1623.12 BTCs were transferred to the 1Jo518BnukxJtha4eCJE3kJHp8dxorzVTo address.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1701324157BTC.png)
Both BTC attempted to rise above the $38,250 level this week without success. Currently, it is trading just below the neckline at $37,980. In the short term, the market is still in a state of indecision between bulls and bears. It is advisable to wait for a clear direction before establishing positions. Signs of a potential top in the medium term are emerging, and caution is advised against potential volatile market conditions.

### ETH
![](https://gimg2.gateimg.com/image/article/1701324177ETH.png)
The four-hour chart shows a breakthrough, stabilizing the significant downtrend. The closing prices have held above the $2,000 resistance level for two days. Watch for a breakthrough above $2,135, with a target resistance at $2,317. Fibonacci sequences can be used to gauge upward movements. A break below the $1,957 support level may signal a shift to a bearish trend.

### OGN
![](https://gimg2.gateimg.com/image/article/1701324197OGN.png)
OGN, a veteran project, has maintained a strong support at $0.0745, and despite a lack of significant price movements this year, it has seen abnormal trading volume. In the short term, a cup and handle pattern is forming, and a breakout above $0.1345 could lead to targets at $0.2247 and $0.2986, with an all-time high at $2.86.

## Macro: GDP exceeded expectations in the third quarter, Three FOMC vote committee officials have differing opinions
On Wednesday, due to the US third quarter economic growth exceeding expectations, the US dollar index rebounded from a more than three-month low and continuously tested the 103 level in the US market, but failed to stabilize above this level, ultimately closing up 0.10% at 102.84. The US Treasury yield has been continuously falling, with the 10-year US Treasury yield falling below the 4.3% mark and ultimately closing at 4.259%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, has fallen to 4.646%.

Spot gold remained stable above the 2,040 level and briefly rose above the 2,050 level in the Asian session, ultimately closing up 0.16% at $2,044.17 per ounce; Spot silver fluctuated around the $25 mark and ultimately closed down 0.02% at $25.02 per ounce.

Crude oil showed a roller coaster trend, with WTI crude oil falling to an intraday low of $75.65 before recovering all lost ground and turning higher, ultimately closing up 1.52% at $77.67 per barrel; Brent crude oil fell nearly 1% at one point and hit the $80 mark, then rose strongly to around $83, ultimately closing up 1.5% at $82.61 per barrel.

The three major US stock indexes opened high and closed low, with the Dow Jones up 0.04%, the S&P 500 down 0.09%, and the Nasdaq down 0.19%.

Last night's data was released, and the GDP for the third quarter was revised up to 5.2%, not only exceeding the initial value of 4.9%, but also exceeding market expectations of 5.0%. This is the fastest expansion rate since the fourth quarter of 2021. It can be said that the data look really bullish, far higher than the level of "1.8%" that the Federal Reserve believes will not trigger inflation - it should significantly reduce market expectations for interest rate cuts next year. However, the situation is not as simple as we imagine.

The report confirms a downward trend in inflation, with the year-on-year growth rate of the Federal Reserve's favored inflation indicator, the PCE price index, revised down to 2.8% in the third quarter, and the core PCE price index (excluding food and energy) revised down to 2.3% in the third quarter.

However, Wall Street believes that this report has become a "thing of the past,” reflecting the situation in the third quarter, while the situation in the fourth quarter was very bad, especially in October when retail sales experienced their first decline in seven months. Goldman Sachs lowered its fourth quarter GDP forecast for the United States to 1.4% last night.

In addition, two Federal Reserve officials provided reasons on Wednesday to keep interest rates unchanged, while another warned that the risk of high inflation should lead to retaining the option of further interest rate hikes.

Cleveland Fed Chairman Mester, who has been calling for interest rate hikes this year, has stated that monetary policy is in a good position, hinting that she supports staying put again at next month's meeting.

Atlanta Fed Chairman Bostic stated that he is increasingly convinced that the downward trajectory of inflation may continue, while Richmond Fed Chairman Barkin stated that the interest rate hike option should be retained to prevent inflation from becoming stubborn.

Bostic and Balgin have different views on the inflation outlook. Balgin pointed out that the persistent price pressure in the housing and service industries is a reason for caution.

Last night, these three Federal Reserve officials delivered speeches, still maintaining their hawkish stance. One supports keeping interest rates unchanged, one warns to keep the interest rate hike option, while the other does not discuss the interest rate path, but this person's statement is more important.

Bostic had previously stated that he did not believe there was a need for further interest rate hikes. He also preceded his colleagues in calling for a halt to interest rate hikes. The Atlanta Federal Reserve predicts that the inflation rate will drop to 2.5% by the end of 2024 and approach 2% by the end of 2025.

<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.
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