Daily News | Spot BTC ETFs Confirmed by SEC, BTC Network Addresses Set a New High for the Year, Traders Price a 25bp Interest Rate Hike Next Week

2023-07-19, 03:47

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![](https://gimg2.gateimg.com/image/article/16897468500719.jpg)
## Crypto Daily Digest: Spot Bitcoin ETF has been confirmed by the SEC; FSB releases a global regulatory framework for crypto; Bitcoin network address hit a new high for the year
The spot Bitcoin ETF application has been confirmed by the SEC. According to Eric Balchunas, senior analyst of Bloomberg Exchange Trading Fund, disclosed on social media, the spot <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF submitted by Valkyrie has been confirmed by the SEC, and Valkyrie has also become a spot bitcoin ETF applicant finally confirmed by the SEC in this batch of filing.

In addition, according to the disclosed application information, the NASDAQ trading code chosen by Valkyrie Bitcoin ETF is "BRRR."

Recently, the Financial Stability Board (FSB), the global regulator, released the final global regulatory framework for crypto asset activities, which is based on the principle of "same activities, same risks, and same supervision," and provides a solid foundation for ensuring that crypto asset activities and the so-called stablecoin are subject to consistent and comprehensive supervision (commensurate with the risks they pose).

On July 26, the Financial Services Committee of the United States House of Representatives will also vote on cryptocurrency and stablecoin legislation. It is understood that this legislation aims to create a clearer way for digital assets to shift from securities to commodities, as well as a comprehensive framework for stablecoin.

In terms of data, according to the latest report of the cryptocurrency industry in the second quarter of 2023 released by CoinGecko, the spot trading volume of the top ten centralized cryptocurrency exchange (CEX) totaled $1.42 trillion, down -43.2% from the first quarter. Despite signs of recovery in the first quarter, trading volume in the second quarter failed to continue the upward trend.

In the second quarter of 2023, the total spot trading volume of the top ten decentralized exchanges (DEX) was $155 billion, a decrease of -30.8% compared to the first quarter. <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> maintains its position as the largest DEX, with a dominant position of up to 70% in May.

According to The Block's data dashboard, new Bitcoin network addresses have reached a new high for the year, with a 7-day moving average of over 500,000 new addresses for the first time this year, surpassing the 499,000 high set on April 8. Data shows that on July 12, the number reached 501,440, the highest level since May 2021.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1689746888BTC.png)
Yesterday, there was a retest of the major support level at $29,500 for Bitcoin (BTC), with continued choppy trading and volatility. This morning, there was an attempt to push back above the $30,000 level, while still holding the major support at $29,495. Without breakdown, the next target levels to watch are $32,235 and $33,085. The top targets are $36,500 and $41,550.

### ETH
![](https://gimg2.gateimg.com/image/article/1689746919TH.png)
<a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> (ETH) is still in an overall upward trend on the 4-hour chart, holding steady above the key support level at $1,857. If the price falls below this level, a larger pullback may occur. Conservative traders wait for a breakout above the key resistance at $2,036 before entering new positions. The mid-term target is $2,358, and a breakout above $2,036 would signal a bullish shift.

### XRP
![](https://gimg2.gateimg.com/image/article/1689746944XRP.png)
<a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> is forming a converging pattern in the short term and is currently facing resistance at $0.7900, which is the neckline. A continued breakout above the previous high at $0.9380 would open up three target levels: $1.0105, $1.3705, and $1.9755. However, if the price rises with decreasing volume, it may indicate a bearish signal.

### GT
![](https://gimg2.gateimg.com/image/article/1689746962GT.png)
On the daily chart, GT tests the support level at $4.1882, forming a bearish head and shoulders pattern in the short term. The medium-term support is at $3.6040, while the major support still holds around the quarterly trendline. The long-term bullish targets for GT are $28.56, $39.15, and $45.05.

## Macro: Fed will raise interest rates by 25 basis points, Goldman Sachs predicts that this round of interest rate hikes will end once inflation stabilizes
The monthly retail sales rate in the United States recorded 0.2% in June, the third consecutive month of growth, lower than the expected 0.5%, and the previous value was revised up from 0.3% to 0.5%.

After the data was released, traders fully priced that the Federal Reserve will raise interest rates by 25 basis points next week.

The monthly rate of industrial output in the United States recorded -0.5% in June, the largest decline since December 2022. US Treasury Secretary Yellen stated that the "heat" of US recruitment demand has weakened, and there are ample reasons to believe that US housing inflation will decline, so don't place too much emphasis on the June CPI report.

The US stock market seems to have depegged from global liquidity, with the Dow up 366.58 points, or 1.06%, at 34951.93 points, achieving seven consecutive gains and setting the longest consecutive rise record since March 2021; The Nasdaq rose 108.69 points, or 0.76%, at 14353.64 points; The S&P 500 index rose 32.19 points, or 0.71%, at 4554.98.

Goldman Sachs released a report predicting that the Federal Reserve may complete the last rate hike of this tightening cycle in July.

Goldman Sachs Chief Economist Jan Hatzius also lowered the probability of the US economy falling into recession in the next 12 months, from 25% to 20%. The report states that the possibility of a downward recession is mainly due to recent data that has given Goldman Sachs more confidence in predicting that the Federal Reserve can bring inflation rates to an acceptable level without causing a recession.

Presently, the market value is consistent or the vast majority believe that July 27th will be the last interest rate hike of this round. Currently, various data indicate that inflation is decreasing, so there is no reason for the Federal Reserve to continue raising interest rates. If it is as expected by the market, then the Federal Reserve will start cutting interest rates again next year, and a new round will begin again.

So we have great confidence in next year's macro and crypto markets. After enduring this year, the prospect of next year will truly be as vast as the constellations and beyond. With events such as Bitcoin halving and Bitcoin spot ETFs, the crypto market will usher in an unprecedented bull run.

<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>