Daily News | Brazil's Largest Bank Launches Crypto Services, Both Bitcoin's On-chain Trading and CEX Spot Trading Volume Reached Historic Highs in November

2023-12-05, 04:07

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## Crypto Daily Digest: Brazil's largest bank launches crypto services, El Salvador's Bitcoin has a floating profit of $3.6 million
According to Reuters, Itau Unibanco, Brazil's largest banking institution, launched crypto trading services for its investment platform clients on December 4th. Itau also acts as a custodian to protect the assets of users. This move enables Itau to compete with global giants such as MB, the crypto exchange, Mynt, the digital asset division of investment bank BTG Pactual (BPAC3.SA), and Binance in Brazil.

Guto Antunes, the head of digital assets at the bank, stated in an interview that Itau's new service will initially allow trading of <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (the most popular cryptocurrency) and <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, but the bank's goal is to expand to other cryptocurrencies in the future.

Recently, Salvadoran President Nayib Bukele also took advantage of the sharp rise and tweeted about the long-term <a href="/fr/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> of Bitcoin: El Salvador's Bitcoin investment has achieved profitability.

Despite thousands of reports and critical articles mocking El Salvador's so-called losses, which were calculated based on the market price of Bitcoin at the time, based on the current Bitcoin market price, Nayib Bukele also stated that if El Salvador sells its Bitcoin, it can not only recover 100% of the investment but also generate a profit of $3.62 million. El Salvador has no intention of selling Bitcoin, which has never been its goal. We are well aware that prices will continue to fluctuate in the future, but this does not affect our long-term strategy.

According to The Block, Robinhood stated in an 8-K filing with the Securities and Exchange Commission (SEC) on Monday that the platform's nominal crypto trading volume increased by approximately 75% month on month in November. This may mark a reversal in the company's trading performance.

The transaction volume of Robinhood cryptocurrency in the third quarter of this year decreased by 55% year-on-year to $23 million. In the second quarter, its crypto trading revenue also decreased by 18% month on month. Robinhood previously stated that it plans to start offering crypto trading in the European Union in the coming weeks.

On December 5th, CoinDesk released the 2023 Most Influential Annual List, aimed at "recognizing those who have defined the year in the digital asset and Web3 fields, regardless of good or bad." It includes 50 award-winning individuals and entities, with the top 10 having a significant impact.

They are Casey Rodarmor, founder of the Bitcoin protocol Ordinals;  Messari founder Ryan Selkis; Jenny Johnson, CEO of Franklin Templeton; <a href="/fr/price/lido-dao-ldo" target="_blank" class="blog_inner_link">Lido DAO</a>; Paolo Ardoino, Chief Technology Officer of <a href="/fr/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>; Jose Fernandez da Ponte, Senior Vice President of PayPal; Gary Gensler, Chairman of the US SEC; Coinbase co-founded Brian Armstrong; OpenAI CEO Sam Altman; and Ripple CEO Brad Garlinghouse.

In terms of data, according to DefiLlama, the total lock-up value (TVL) of DeFi protocols across the entire network exceeded $50 billion on December 4th, an increase of 2.3% in the past 24 hours. Among them, Lido's TVL is the highest, at $21.1 billion, up 4.19% in the past 24 hours; Maker ranked second at $8.7 billion, up 2.59% in the past 24 hours; AAVE ranks third at $6.3 billion, up 3.52% in the past 24 hours.

On December 4th, according to The Block data, the number of Bitcoin on-chain transactions reached a historic high of 16.42 million in November. The previous historical high was 16.3 million transactions in May this year. The spot trading volume of CEX in November reached $826.4 billion, a new high since March this year, with a month-on-month increase of over 60% compared to $516.43 billion in October.

In addition, Binance's spot trading market share has dropped to 37.52%. The previous October Binance spot market share was 40.47%.

Based on recent market trends, due to market bets that the Federal Reserve has completed rate hikes and will begin rate cuts in early 2023, Bitcoin has surpassed $40,000 for the first time this year, reaching its highest level since April 2022.

In addition, the price of Bitcoin will more than double in 2024, and the market seems to have overcome the "crypto winter" brought about by scandals such as the FTX exchange's collapse last year. Let's welcome the arrival of a halved bull market together.

## Today’s Main Token Trends
### BTC
<a href="/fr/how-to-buy/rocket-pool-rpl" target="_blank" class="blog_inner_link">where to buy Rocket Pool</a>
Bitcoin (BTC) has experienced three consecutive monthly gains, showing signs of a potential short-term peak. The long-term outlook remains optimistic, with a strategy to wait for a breakthrough at $37,980, targeting $40,495 and $42,015. Note that the short-term is relatively high, with a short position at $40,500. The long-term bullish target is set at $120,400 and $128,350, with an expected pullback in Q1 next year.

### ETH
![](https://gimg2.gateimg.com/image/article/1701758794ETH.png)
Ethereum (ETH) successfully broke through the $2,135 resistance this week, but the upward momentum is relatively weak. Short-term, it suggests waiting for a pullback, focusing on the support at $2,180, and targeting $2,381. The review recommends keeping an eye on the altcoin sector for leadership in the short term.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1701758816BIGTIME.png)
BIGTIME, which has been in position since mid to late October, has remained quiet for over a month with spot positions at $0.07450 and $0.09350. It has now experienced a significant surge, reaching $1 in the morning with an overall gain of over ten times.

The short-term has reached a high point, with medium-term targets at $1.1474 and $1.3210. Drawing parallels with GMT and MANA (both led by the Bigtime CEO), GMT reached its first peak of $0.8420 within two weeks and later retreated to $0.598. GMT eventually peaked at $3.1311, representing a 311-fold increase from its opening price of $0.01.

MANA exhibited a steady rise from $0.0582 to its first target of $1.5792, achieving a 2,717% increase. With a peak market cap of $9 billion, MANA provided ample room for the Metaverse market to flourish. Considering the peak values of GMT and MANA, BIGTIME still has substantial market potential.

This is why we recommended long-term holding before BIGTIME went live, anticipating a potential breach of the $1 mark in the medium term. The long-term outlook suggests leading the overall Metaverse market and pushing market cap to new heights, creating a win-win situation for spot and contract holders.

## Macro: The price of gold is like a roller coaster ride, Goldman Sachs predicts interest rate cuts in the fourth quarter of next year
On Monday, US Treasury yields rebounded slightly, with 10-year Treasury yields falling more than 10 basis points to close at 4.257%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, rebounded even more, closing at 4.635%.

After three consecutive weeks of decline, the US dollar index recovered some of its losses and rebounded to a one week high, ultimately closing down 0.436% at 103.65. The three major US stock indexes collectively closed lower. The Dow closed down 0.12% or 40 points, the Nasdaq rose 0.84%, and the S&P 500 index fell 0.54%.

Spot gold opened with a surge of over $70, reaching a peak of 2144.61, breaking a new historical high. Subsequently, it continued to recoup its gains, falling more than $120 from its daily high and ultimately closing down 2.07% at $2,029 per ounce; Spot silver also rose and fell, ultimately closing down 3.83% at $24.5 per ounce.

Although Saudi Arabia has stated that reducing production can be extended beyond the first quarter of next year, the international crude oil trend remains sluggish. WTI crude oil fell 1.5% to $73.23 per barrel; Brent crude oil continued to fall below the $79 mark, ultimately closing down 1.21% at $78.14 per barrel.

According to the Chicago Mercantile Exchange's FedWatch tool, as of Monday, traders believe the most likely scenario is that the Federal Reserve will cut interest rates five times before the end of 2024. At the opening of Monday, gold suddenly surged to a historic high of $2,144 per ounce. Market analysis generally believes that it is closely related to the Federal Reserve's expectation of interest rate cuts.

Goldman Sachs economists predict that the Federal Reserve will only cut interest rates once in 2024, likely in the fourth quarter. At present, there is a significant difference in the expectations of major investment banks on Wall Street for interest rate cuts, with UBS expecting the Federal Reserve to cut rates multiple times. The Goldman Sachs team pointed out that after Federal Reserve Governor Waller made a moderate statement last week, the market interpreted it as a green light for future interest rate cuts - if inflation continues to weaken, rate cuts may start as early as next spring.

Federal Reserve Chairman Powell attempted to refute these expectations in his speech last Friday, but investors did not respond to further interest rate hikes and instead focused their attention on the subtle changes in his wording when describing the tightening of financing conditions.

Even if the Fed's rate cuts exceed or exceed the expectations of Goldman Sachs economists, Korpaty and his team believe that the Fed is unlikely to achieve the five rate cuts currently expected by the market. Kolapati said, “We believe that the current scale of loose pricing policies and pre-expectations may have been excessive.” If their assessment is correct, this may mean that many asset fluctuations that have occurred in the past month may at least be partially calmed.

In addition to analysts at Goldman Sachs, other investment banks on Wall Street are also providing clients with advice on how to profit from mispriced interest rate cuts. For example, Charlie McElligott, a market expert in Nomura derivatives, also mentioned similar trades in his report on Monday.

In the report, he pointed out that economic activity and inflation may accelerate again, which could undermine investors' hopes of interest rate cuts. He proposed that hedging against this risk could involve selling interest rate call options, similar to the trading suggested by Goldman Sachs. McLegort also suggests bullish sentiment toward the US dollar and betting on cyclical value notes (such as energy) rather than growth stocks such as large tech stocks.

It should be clarified that this Nomura strategist does not advocate investors to make it a core part of their strategy, at least not yet. On the contrary, he only saw opportunities for hedging, and "very few people holding it."

<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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