Daily News | US Accounting Regulatory Authorities Encourage Platforms to Hold Cryptos, HK Cyberport Is Suspected of Being Hacked, SHIB Whales Accumulated $100M of SHIB

2023-09-08, 03:58

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## Crypto Daily Digest: US accounting regulatory agencies may encourage platforms to hold cryptocurrencies, and Hong Kong Cyberport is suspected of being hacked
According to The Block, the Financial Accounting Standards Board (FASB) has approved new rules that allow companies to report their cryptocurrency holdings at fair value.

The new rules will be announced by the end of 2023 and take effect in 2025, but the company can apply these rules in advance. Encapsulated tokens are not subject to new rules. Some professionals believe that previous accounting measurement methods were one of the biggest obstacles for institutions to hold cryptocurrencies, which need to be subject to impairment treatment. Fair value will encourage institutions to hold cryptocurrencies.

Many large Web3 companies, such as MicroStrategy and Bitfinex, hold <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> on their balance sheets. Berenberg Capital stated in a report that the new rules can "eliminate the adverse effects of impairment losses under the current FASB rules."

On the giant’s side, Google updated its advertising policy yesterday. Starting September 15th, advertisers can use Google Advertising Services to promote NFT games, as long as the advertising content does not involve gambling-related content. Recommending players to purchase in-game assets that enhance the user experience, such as character clothing, weapons, and armor, will comply with Google's latest advertising policies. But games promoting "NFT staking" or "social casinos" will be banned from using Google advertising services.

As early as July this year, Google allowed Android users to download games from the Google Play store and purchase, sell, and earn digital assets such as NFTs.

According to media reports, the Southeast Asian multi-functional online service platform Grab (taxi, food delivery, payment application) has added a Web3 tab for a crypto wallet based on the <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> network. Among them, Grab collaborated with the Monetary Authority of Singapore to launch NFT vouchers in Singapore, which can be used for daily dining and experiential consumption.

Users can redeem vouchers at selected merchants, earn unique NFTs with Singaporean characteristics, and receive more rewards. Grab is one of the largest multifunctional online platforms in Southeast Asia, headquartered in Singapore with approximately 180 million users.

Hong Kong Cyberport has been hacked, with startup company information, company documents, identity documents, and other information obtained by hackers, totaling approximately 400 GB of company data. In the post of X (formerly known as Twitter), an account that focuses on network security, it can be seen that the stolen data on the hacker's website is charged approximately $300,000 (approximately HKD 2.35 million).

According to data from the market intelligence platform IntoTheBlock, large holders of SHIB (blue whales) have made crazy purchases in the past week. A total of $100 million worth of SHIB has been accumulated, which means that these investors have at least not participated in the selling.

The term 'major holder' here refers to the total number of addresses holding between 0.1% and 1% of the circulation volume, as well as addresses holding over 1% of the circulation volume.

Data shows that <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> fell by 7% last week, and its current price is around $0.00000767.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1694152077BTC.png)
The four-hour chart shows a prominent rounded bottom pattern, and it's worth observing whether Bitcoin can break through the $26,510 level today and sustainably hold above it. There is a chance for continued upward movement towards $26,975 and $27,283 if it breaks through. If it doesn't break through, it will likely continue oscillating within a range, making it advisable to adopt a conservative strategy of buying low and selling high.

### SSV
![](https://gimg2.gateimg.com/image/article/1694152096SSV.png)
SSV has experienced a significant decline from its peak of $99 to the current price of $16.09, with the daily chart trending downward. Short-term, there may be a rebound with targets at $16.72 and $17.36. It is recommended to seize short-term rebounds with a quick entry and exit strategy.

### TORN
![](https://gimg2.gateimg.com/image/article/1694152113TORN.png)
TORN, a leading project in the mixed coin agreement space, has experienced a substantial decline from its all-time high of $948.8 to $2.91, a decrease of 99.69%. The daily chart shows signs of bottoming at $2.5060, and it recently retested the converging triangle pattern. An expected breakout is around 09/13, and a conservative strategy involves positioning at lower levels.
## Macro: Gold demand has reached a new high, and interest rate hikes may be suspended in September
After Wednesday's ISM non-manufacturing index showed that the service industry remained strong, the number of initial claims for unemployment benefits announced on Thursday hit a six-month low, indicating that the labor market still has resilience, once again strengthening market expectations for the Federal Reserve's tightening. The US dollar index stood above the 105 level, closing 0.19% higher at 105.07.

After releasing strong data, the US Treasury yield briefly rose but then fell slightly. The two-year Treasury yield fell from 5.02% to 4.95% on the day, and the 10-year Treasury yield fell from 4.29% to around 4.25%.

Spot gold briefly fell during the trading session and then returned to the $1,920 level, but failed to hold onto that level at the end of the day, closing 0.17% higher at $1,919.66 per ounce. Spot silver fell for seven consecutive trading days, closing 0.86% lower at $22.97 per ounce, setting a new low in nearly three weeks.

According to an analysis by a strategist at JPMorgan Chase, investors' capital allocation to gold has reached an 11-year high. Strategists led by Nikolaos Panigrtzoglou stated that the implicit allocation of gold by non-bank investors is guided by central bank purchasing behavior. He obtained this data by dividing the stock of gold into gold coins, bars, or physical gold exchange-traded funds (ETFs) by the stock of financial assets.

He said, "By historical standards, investors' allocation of gold currently looks quite high, and people need to assume that the structural growth of central bank demand exceeds historical normal levels (due to concerns about sanctions or widespread outward diversification of investment from the Group of Seven (G7) government bonds) in order to be bullish on gold.”

However, according to the latest Q2 data released by the World Gold Council, central banks' purchases of gold have become more normal. If the central bank's purchasing actions are normalized, gold may restore its historical relationship with inflation-adjusted bond yields. Normally, for every 100 basis points increase in the real yield of a 10-year treasury bond, the gold price will fall by €209 (about $224), and vice versa. But that was not the case last year.

A week before the meeting, Federal Reserve officials will enter a period of silence, with Logan and Williams being one of the last officials to plan to speak publicly.

On Thursday local time, they released their latest public statement, expressing a pro-dovish stance and suggesting that interest rate hikes may be suspended in September.

<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>