Daily News | Australia Strengthens Crypto Regulation, Ferrari Accepts Crypto Payments, AXS and APE Will Unlock Large Amounts This Week

2023-10-16, 04:51

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![](https://gimg2.gateimg.com/image/article/16974345861016.jpg)
## Crypto Daily Digest: Australia Increasing Exchange Regulation, Ferrari Accepting Crypto Payments

The Australian Ministry of Finance stated in a consultation document titled "Regulatory Digital Asset Platforms" released on Monday that individuals holding digital asset platforms exceeding AUD 5 million ($3.2 million) or AUD 1500 must obtain a permit from the Australian Securities and Investments Commission (ASIC). The consultation document proposes to regulate crypto trading platforms under existing financial services laws, rather than developing new cryptocurrency-specific rules.

The market is saying that the approval of spot ETFs is basically guaranteed, it depends on when it is released.

Fox Business journalist Eleanor Terrett stated on its social media platform that Grayscale has stated the US SEC's decision not to seek an appeal, stating: "the 45-day deadline for seeking a retrial under the Federal Appeals Procedure Rules has expired. The court will issue the final authorization within 7 days. The Grayscale team is ready to convert GBTC into the ETF once approved by the SEC.”

The current negative premium rate of the Gray <a href="/fr/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Trust Fund (GBTC) is 15.88%. In addition, the negative premium rate of the <a href="/fr/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Trust Fund (EETH) is 25.54%.

Anthony Scaramucci, founder of Skybridge Capital, recently stated in an interview that although the Federal Reserve currently appears to be performing well, its operating system has fundamentally collapsed.

Anthony Scaramucci proposed an alternative solution with a defined scarcity of immutable assets, and apart from Bitcoin, no asset has such characteristics. He believes Bitcoin is evolving into a more valuable means of storing value than gold. And it is predicted that in the event of the collapse of the US financial system, the market value of Bitcoin will reach $15 trillion.

Yesterday, according to Reuters, the marketing and business director of Ferrari (RACE. MI) stated that its luxury sports car business in the United States has started accepting cryptocurrency payments and will expand the plan to Europe according to customer requirements. Currently, cryptocurrency has been working to reduce its carbon footprint by introducing new software and increasing the use of renewable energy.

Paolo Ardoino, who is about to become <a href="/fr/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>'s CEO, stated on social media that "Tether's Real World Ecosystem (RWE) is about to be launched.”

Paolo Ardoino stated in an interview with The Block that although Tether's USDT stablecoin "remains a key product and the company will firmly focus on its growth, the company is also expanding into new areas. Tether will soon announce a new platform that leverages Tether's experience in building financial technology and focuses on real-world assets (RWAs).”

On October 16, Token Unlocks data showed that four projects will undergo one-time token unlocking this week, with a total release value exceeding $87.8 million. Among them, AXS and APE will experience a one-time large unlock:

At 0:00 (UTC) on October 16, <a href="/fr/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> will unlock 7.29 million FLOWs, worth approximately $3.23 million, accounting for 0.7% of the circulating supply;

At 0:00 (UTC) on October 17, <a href="/fr/price/apecoin-ape" target="_blank" class="blog_inner_link">ApeCoin</a> will unlock 15.6 million APEs, worth approximately $16.6 million, accounting for 4.23% of the circulating supply;

At 13:10 (UTC) on October 20, Axis Infinity will unlock 1513 AXS, worth approximately $64.59 million, accounting for 11.5% of the circulating supply;

At 0:00 (UTC) on October 22, SPACE ID will unlock 18.49 million IDs, worth approximately $3.41 million, accounting for 6.46% of the circulation supply.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1697434619btc.png)
Despite the third-quarter ending, Bitcoin still forms a head and shoulders pattern. It recently tested the $28,000 support level with a second retracement, rebounding precisely from last week's mentioned retracement level of $26,510. In the short term, a period of consolidation is expected before a continuous rebound. The targets for this week are $27,283 and $28,125.

### ETH
![](https://gimg2.gateimg.com/image/article/1697434640ETH.png)
Ethereum's medium-term structure is persistently bearish. Those who followed the recommended short position at the $1,631 level have been consistently profitable. In the short term, a gradual rebound is likely as the broader market shows signs of a slow recovery. The ongoing decline in gas prices indicates that chips are diluting demand for other public blockchains. The short-term target remains at $1,631.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1697434659BIGTIME.png)
Last week's entry points at $0.07140 and $0.09350 have led to a high of $0.3450, representing a substantial gain of 384%. Short-term strategies can profitably exit at these high levels, while medium to long-term strategies can continue to hold positions and use trailing stop-loss to secure gains.

In the short term, an hourly triangle consolidation is ongoing, with indications of a resolution around the early hours of October 17 (Beijing Standard Time). The mid-term support price is estimated to be $0.18350, with no anticipated further decline below this level. Chip volume is shrinking, and the possibility of a second wave of bullish movements is expected by the end of this month.

We are drawing inspiration from GMT and MANA (as GMT became a blockchain gaming industry leader in 2022, and MANA's founder is also the CEO of Bigtime). GMT reached its initial peak of $0.8420 in just two weeks and subsequently retraced to $0.598.

GMT ultimately peaked at $3.1311, marking a 311-fold increase from its opening price of $0.01, with a market capitalization of $2 billion. This astonishing 311-fold increase took only 23 days to accomplish (during a non-bull market period).

MANA, on the other hand, displayed a pattern of gradual increases and retracements. It initially rose from $0.0582 to its first target of $1.5792, marking a 2,717% increase in value and reaching a peak market capitalization of $9 billion, providing significant room for speculation in the Metaverse sector.

Comparing Bigtime's market capitalization to the peak values of GMT and MANA, Bigtime's current market capitalization is a mere $40 million. In a calm market environment with limited competition, there is significant potential for Bigtime to achieve a market capitalization bubble that is 50 times higher than GMT's peak ($12.25) or even 132 times higher than MANA's peak ($32.34).

In the blockchain gaming industry, irrespective of whether it follows a dual-coin or triple-coin model, a fully established triangular balanced token model has yet to be seen. Given the experiences of GMT and MANA, both of which experienced significant bubbles at their peaks, it is clear that the market is ripe for profit-taking. If you were a market maker today, would you choose to enter a project with a market capitalization of $40 million, $400 million, or $4 billion?

## Macro: The escalation of the Israeli-Palestinian conflict may have a greater impact, and the Federal Reserve has completed its interest rate hike target

The conflict between Palestine and Israel has resulted in over 4,100 deaths on both sides; The news said that the United States and Israel are discussing Biden's potential visit to Israel; Iran's Foreign Minister has met with Hamas leaders for the first time since the current round of the Israeli-Palestinian conflict; Iran warns that if Israel continues its actions in Gaza, it will have to intervene; Israel Defense Forces state that the military can operate anywhere in the Middle East for the security of Israel. The Rafah border between Gaza and Egypt opened at 9 am local time; The United States and Iran have communicated through <a href="/fr/price/secret-scrt" target="_blank" class="blog_inner_link">Secret</a> channels; Antony Blinken will visit Israel again on Monday.

Antony Blinken visited the Middle East countries one by one, but it is still difficult for these countries to condemn Hamas. Currently, the conflict in Lebanon is still controllable, and Hizbullah occasionally launches missiles to deter them from formally joining the war. However, from the public opinion of Arab countries, everyone supports Palestine, and we must keep an eye on whether to further escalate. Once the Middle East war escalates, it will inevitably have a huge impact on the financial circle.

Last week's sharp rise in gold is an example. The next point for gold is to return to 2000 points, and the risk aversion sentiment has exacerbated the pull up of gold. However, gold has not driven the rise of Bitcoin, and the reason is simple. Bitcoin is currently in a bear market stage, and incremental funds and users need a reasonable trigger point, so it is difficult to pull up without a large amount of capital intervention. But if the war continues, world terror and panic will spread, and more people will definitely pay attention to Bitcoin.

Federal Reserve Huck stated that the Federal Reserve may have completed raising interest rates, supporting a longer period of high interest rate stance. Economic growth will slow down next year, but a recession is not expected. After the Fed's Huck speech, swap contracts reduced the likelihood of the Fed raising interest rates this year.

In addition to Huck, we have noticed that there are also reports suggesting that there will be no interest rate hikes. Craig Torres, a journalist who tracks the Federal Reserve on Bloomberg, reported that the Federal Reserve will no longer raise interest rates in November, but will not announce the end of the rate hike cycle.

Presently, the possibility of raising interest rates in November is very low, but we do not care about whether to raise them. This has been repeatedly mentioned, but it is not important for us. What we need to care about is when to lower interest rates next year.

According to CME's "Federal Reserve Observation" data, the probability of the Federal Reserve maintaining interest rates unchanged at 5.25% -5.50% in November is 93.8%, and the probability of raising interest rates by 25 basis points to the 5.50% -5.75% range is 6.2%.

<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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