Daily News | The Chairman of the SEC Stated that BTC is Not A Security, Telegram Collaborates with Tencent to Create A "Super Ecosystem Platform"

2023-09-28, 04:38

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## Crypto Daily Digest: The Chairman of the SEC stated that BTC is not a security, the loss of stolen funds in Q3 exceeded the sum of that in the first half of 2023
At a hearing held by the Financial Services Committee of the United States House of Representatives, Patrick McHenry, Chairman of the Financial Services Committee of the United States House of Representatives, asked Gary Gensler, Chairman of the SEC, "I asked you a question about <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> at the last meeting. Today, I would like to ask a question about <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. Why don't you think Bitcoin is a security? Do you think Bitcoin is a security?”

Gensler replied, "I don't think Bitcoin is a security because it doesn't meet the Howey test." Gensler also stated, "There are many fraudsters and thieves in the cryptocurrency industry. This harms the interests of investors.“

Gensler also stated that crypto tokens will not become currency in the short term.

According to Eric Balchunas, a senior ETF analyst at Bloomberg, “the SEC hopes to accelerate the launch of futures Ethereum ETFs (as they hope to free them from their work after the government shuts down), so they require applicants to update their documents before Friday afternoon (this is not a small task, it needs to be squeezed within 48 hours, especially for independent issuers), so they can work on Monday and trade on Tuesday.”

Blockchain security agency Beosin, in collaboration with SUSS NiFT and Footprint Analytics, released a global Web3 security report for Q3 2023, stating that the total loss in the Web3 sector in Q3 was $889.26 million due to hacker attacks, phishing scams, and Rug Pull incidents. The loss amount in Q3 exceeded the total loss amount in the first half of 2023 (approximately $330 million in Q1 and $333 million in Q2, respectively).

A total of 43 major safety incidents occurred this quarter, resulting in losses of $5401.6 million. Among them, 29 cases occurred in the DeFi field, accounting for approximately 67.4%, and the project type with the highest loss amount was public chain. These 29 DeFi attacks resulted in a total loss of $98.23 million, ranking second among all project types.

Divided by attack type: 9 private key leakage incidents caused a loss of $223 million; The Mixin Network security incident resulted in a loss of $200 million; 22 contract loopholes resulted in a loss of approximately $93.27 million.

From the perspective of capital <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a>, there are $360 million (67%) still left at hacker addresses. Only 10% of stolen funds were recovered this quarter. The Ethereum network and Mixin together accounted for 79% of the total loss.

According to TechCrunch, the messaging application Telegram and TON Foundation are collaborating with Tencent to build Telegram into a "super application ecosystem platform" similar to WeChat, allowing third-party developers and merchants to develop small programs and interact with users, from games to restaurants. Developers can use Java_script_ to create infinitely flexible interfaces that can be launched within Telegram or completely replace any website.

Impacted by this news, TON briefly broke through 2.1 USDT, ranking 12th in market value, with a current price of 2.17 USDT, and a 24-hour increase of 2.6%.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1695881612BTC.png)
As expected, a top needle pattern emerged yesterday, and short-term trading volume gradually increased toward a major downtrend line. Short-term fluctuations are likely to continue around the $26,510 mark and are expected to persist until the end of the month before a significant movement in October. Mid-term strategy shows continued weakness in trading volume.

### TRB
![](https://gimg2.gateimg.com/image/article/1695881639TRB.png)
Over the past month, TRB has risen from a low of $9.47 to test the $46.93 resistance level. This morning, it continued to rise, hitting our initial target of $65.23. In the short term, a pullback to $52.95 is possible, while the long-term outlook should maintain the upward trend and the $46.93 level.

### MKR
![](https://gimg2.gateimg.com/image/article/1695881660MKR.png)
A long-term structure is showing a large bullish head and shoulders pattern, breaking the overall downtrend earlier this month and reaching the perfect 0.786 resistance target at $1,541. It is expected to retrace to the $1,422-$1,452 range. The long-term outlook remains positive, with targets at $1,588, $1,723, $1,832, $1,941, and $2,094.
## Macro: If the Fed's policy makes a soft landing, the expectation of interest rate cuts will drive the market to recover quickly
On Wednesday, the US dollar index hit a new 10-month high as the US economy showed more momentum than other countries, ultimately closing up 0.49% at 106.71. The yield of US 10-year treasury bond bonds rose sharply in the US session, hitting a new high in 16 years and closing at 4.613%, boosting US dollar buying. Non-US currencies are under collective pressure, with the euro falling below 1.05 against the US dollar for the first time since January. The Japanese yen fell as much as 0.5% against the US dollar to 149.77, its lowest level since mid-October last year.

Spot gold fell for the third consecutive trading day, breaking below $1,880 per ounce during the session, marking the first time since March 13th. It hit a low of $1.872.59 per ounce, dropping more than $30 from its daily high, and ultimately closing down 1.33% at $1,875.12 per ounce. Spot silver fluctuated and fell, ultimately closing 1.38% lower at $22.55 per ounce.

Focus on tonight's 12:30 (UTC) announcement of the final values of the US real GDP annualized quarter rate, real personal consumption expenditure quarter rate, and core PCE price index annualized quarter rate, as well as the number of initial claims for unemployment benefits in the US for the week ending September 23.

At 13:00 (UTC), 2023 FOMC Voting Committee and Chicago Fed Chairman Gullsby delivered a speech. The next morning at 1:00 a.m., Federal Reserve Governor Lisa Cook delivered a speech. At 4:00 a.m. the next day, Federal Reserve Chairman Powell will attend a conference on the education industry and answer questions from on-site audiences and online participants.

Recently, AJ Oden, a global investment strategist at JPMorgan Wealth Management, stated that the S&P 500 index will hit a record high next year as the Federal Reserve is likely to no longer raise interest rates.

According to his statement, the bank's strategists expect the S&P 500 index to hit a new high by mid-2024. This means that an increase of at least 12% from the current level is necessary to break the historical record set in January 2022.

This is mainly because JPMorgan Chase expects the Federal Reserve to end interest rate hikes and soon shift towards rate cuts, which will constitute the main bullish factor for the stock market.

Oden pointed out that after central bank governors significantly raised interest rates over the past year to reduce inflation, Federal Reserve officials are now showing a more optimistic attitude towards the economy.

In an interview with CNBC on Tuesday, Oden stated that the Federal Reserve's latest economic forecast summary (SEP) shows that the Fed's preferred inflation indicator, personal consumption expenditure inflation (PCE), is expected to decline to 2% by 2026.

He said, “If we look back at last week's Federal Reserve policy meeting and the SEP, a soft landing seems very important for policymakers. The SEP does describe a ‘blonde girl’ scenario.”

According to the CME FedWatch tool, the market expects a 44% probability of interest rates falling below current levels by June 2024. Later, when it comes to stock market forecasts, Oden added, "At some point, the Federal Reserve will turn and the market will rebound from then on.”

Oden stated that the rebound in US stocks triggered by future interest rate cuts will also benefit from strong US consumer spending. Despite significant tightening in financial conditions over the past year, consumer spending remains resilient. He pointed out that 88% of non-essential consumer goods stocks in the S&P 500 index are "expected to perform quite well."

These views are inconsistent with more pessimistic stock market forecasters. They stated that due to the possibility of inflation rebounding and the Federal Reserve maintaining interest rates at restrictive levels, an economic recession is imminent.

Since Federal Reserve Chairman Powell warned at the Fed's September policy meeting that interest rates may remain high for an extended period of time, bond yields have skyrocketed and the stock market has experienced sustained selling.

<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>