Daily News | BTC Surged and Then Fell, Will CAT Become the Leading Meme Leading the Current Market Trend?

2024-10-22, 04:35

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## Crypto Daily Digest: BTC ETFs continue to receive large inflows of nearly $300 million; Harris is unlikely to approve the SOL ETFs if elected
According to Farside Investor data, the US <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs had a net inflow of $297 million yesterday. BlackRock IBIT had a net inflow of $332 million. Yesterday, the US <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs had a net outflow of $20.82 million, and the Grayscale ETFs had a net outflow of $29.59 million.

**Viewpoint: If Harris is elected, it is unlikely to approve other crypto ETFs such as <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> and SOL**

Two ETF experts have stated that if Democratic presidential candidate Harris wins the November election, the <a  rel="nofollow noopener noreferrer"  href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> and SOL ETF applications may not yield results.

Bloomberg senior ETF analyst Eric Balchunas said, "If Harris wins, no matter who the issuer is, this will not be approved." Some industry experts believe that when asset management giant BlackRock joins the competition to launch <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs, it greatly increases the chances of the SEC approving them - although it is currently unclear how much role BlackRock played.

Balchunas stated that if former President Trump wins the election, there will be a "considerable opportunity" for more crypto ETFs to emerge, regardless of whether BlackRock joins Bitwise, VanEck, and other companies hoping to expand their crypto ETFs beyond BTC and ETH.

Nate Geraci, President of The ETF Store, agrees with this view, stating that "the Harris administration seems unlikely to approve additional spot crypto ETFs, at least not shortly after the election.”

**Federal Reserve's Schmid: Cryptocurrency is a risky asset, not a currency**

Federal Reserve Kansas City Fed President Schmid stated that his personal opinion is that cryptocurrency is a risky asset, an amusement park, rather than a currency.

Given the uncertainty of how low the Federal Reserve should ultimately lower interest rates, he tends to slow down the pace of rate cuts. In his first public speech since August, Schmid stated that he hopes the policy cycle will be "more normalized" and the Federal Reserve will make "moderate" adjustments to maintain economic growth, price stability, and full employment.

He stated that slowing the pace of interest rate cuts would also help the Federal Reserve find a so-called neutral level, where policies neither drag down nor stimulate the economy. “I am optimistic that we can achieve such a cycle without significant shocks, but I believe that policies will be formulated in a cautious and gradual manner.”

**If <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> falls below $65,000, the cumulative liquidation strength of mainstream CEX orders will reach 316 million**

According to Coinglass data, if Bitcoin falls below $65,000, the cumulative liquidation strength of mainstream CEX orders will reach 316 million. On the contrary, if Bitcoin breaks through $69,000, the mainstream CEX's accumulated short clearing strength will reach 329 million.

The liquidation chart shows to what extent the target price will be affected when it reaches a certain position. A higher 'liquidation column' indicates that the price will have a stronger reaction due to the wave of liquidity once it arrives.

## Market Trends: CAT surged 60% within the day, Scroll announced token airdrop
### Market Hotspots
CAT surged over 60% within the day, with a market cap exceeding $250 million. CAT is a sub-coin of the trending dog meme coin FLOKI, and it completed its airdrop for FLOKI holders in August. FLOKI has a large market value and is not easy to sell, while CAT's small market cap meme is more prone to speculation;

Layer 2's Scroll announced a token airdrop, but the first round of community airdrops only accounted for 5.5%. Currently, the community believes that there is a high possibility of being rejected, and they are interested in the platform’s price performance;

The cat meme coin MEW surged by over 25% within the day and quickly fell back to its historic high. Yesterday, MEW announced its listing on a Korean trading platform, becoming the third meme coin to be listed on a Korean exchange after DOGE and SHIB. MEW currently has a market cap of $810 million and ranks 83rd in terms of market cap.

### Mainstream Coins
BTC fell after hitting $69,500 and is currently trading at $67,500. Yesterday, BTC ETF funds flowed in a large amount of $297 million, and the outlook for the future remains optimistic;

After hitting $2,750, ETH fell back and is currently trading at $2,650. The community considers ETH as the doomsday chariot of recent market trends, and whenever ETH rises, the market enters an adjustment range;

Altcoins are generally declining, and the market lacks leading tokens to lead. The leading tokens in this round may still be small-cap meme coins.

## Macroeconomics: The performance of the three major US stock indices varies, and the probability of the Fed cutting interest rates by 25 basis points rose to 86.8%

The three major indexes of the US stock market have fluctuated, with the S&P 500 index falling 0.18% to 5,853.98 points; The Dow Jones Industrial Average fell 0.80% to 42,931.60 points; The Nasdaq index rose 0.27% to 18,540.01 points. The benchmark 10-year Treasury yield is 4.19%, while the 2-year Treasury yield, most sensitive to the Federal Reserve policy rate, is 4.02%.

On Monday, San Francisco Fed President Mary Daley stated that she expects the Fed to continue cutting interest rates as inflation cools to prevent further weakness in the US labor market. In contrast, other Federal Reserve officials, in their speeches on Monday, generally expressed their support for slowing down the pace of the Fed's interest rate cuts, rather than continuing the abnormal pace of up to 50 basis points as in September, and stated that it should not be mechanically announced at every interest rate meeting, and that a "pause in interest rate cuts" may be necessary.

Since October, several Federal Reserve officials have expressed support for a "gradual rate cut process" rather than an unconventional 50 basis point pace, and have advocated making rate cut judgments based on data rather than mechanically announcing rate cuts at each FOMC rate meeting. The latest views of these officials in recent times have been described as "hawkish interest rate cuts", which means maintaining the general direction of gradual interest rate cuts. However, the specific pace and pace of interest rate cuts are not fixed, and they may even choose to press the "pause button" to observe the trend of economic data on the path of interest rate cuts. It is worth noting that this week is the last opportunity for Federal Reserve officials to publicly express their views before the silence period of the November interest rate decision.

<div class="blog-details-info">
<div>Author:**Icing**, 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.All investments carry inherent risks; prudent decision-making is essential.
<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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