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## Crypto Daily Digest: Bitcoin spot ETFs are expected to be approved by the end of 2023, Reddit closes community point services, and related tokens plummet

Although yesterday's fake news about <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs caused a stir, Ark Invest CEO Cathie Wood stated in an interview with CNBC that she believes the probability of the US SEC approving Bitcoin spot ETFs may be increasing.

The fact that the SEC chose to raise questions rather than reject the relevant application documents submitted by people indicates its willingness to continue advancing this matter. Wood emphasized the growing <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> of the crypto community compared to the Bitcoin ETF.

Wood predicts that multiple Bitcoin ETFs may be approved by the end of 2023 or early 2024, and adds that the SEC needs to decide on ARK's application before January 10, 2024. Wood predicts that Ark Invest will be approved in the first batch, and "multiple (company) Bitcoin ETFs may be approved simultaneously.”

Previously, Eric Balchunas, an analyst at Bloomberg ETF, tweeted on the X platform stating that Cathie Wood believed that SEC staff "understood Bitcoin and its advantages", but that Gary Gensler, the chairman of the US SEC, was constantly interfering in the middle (which is also what we felt).

According to TechCrunch, Reddit has decided to terminate its blockchain-based community points service, which has been around for nearly three years. Tim Rathschmidt, Director of Consumer and Product Communications at Reddit, said, "Although we see some future opportunities for community points, the required resource investment is too high to sustain. In addition, the regulatory environment has also increased the difficulty in this regard.” Reddit will cancel community points on November 8.

After the news was released, the price of the native token Moons (MOON) in the Reddit r/CryptoCurrency community decreased by 85%, the Bricks (BRICK) token in the r/Fortnite sub-section decreased by 67%, and the Donut (DONUT) token representing the r/ethtrader sub section community points decreased by 66%.

According to Cointelgraph, the Pennsylvania House Environmental Resources and Energy Committee narrowly passed the Cryptocurrency Energy Conservation Act (13 in favor, 12 against). The Pennsylvania House of Representatives removed a two-year ban on cryptocurrency mining from their bill to regulate energy consumption in the industry, claiming that unions have pressured this change.

According to sources quoted by the Financial Times, Israel has ordered the freezing of cryptocurrency accounts to prevent the <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of funds to Hamas. Since the Hamas attack on October 7, over 100 accounts on Binance, the world's largest cryptocurrency exchange, have been frozen. The authorities also requested information on up to 200 additional cryptocurrency accounts, with people familiar with the matter stating that most were conducted on Binance.

People familiar with Israeli law enforcement actions say that since October 7th, approximately 150 fundraising activities related to Hamas and other organizations have been discovered. Last week, the Israeli police posted on social media that they had frozen accounts used by Hamas for fundraising, but the exact number is unknown.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1697607442BTC.png)
Over the past two days, the price has surged to $30,000 and attempted to hold above the crucial support level of $28,125. In the short term, there is potential for further gains to $29,500. The mid-term key breakout target is at $33,085. If it doesn't surpass this level, the year's rebound trend may come to an end. It's recommended to keep an eye on resistance levels.

### ETH
![](https://gimg2.gateimg.com/image/article/1697607474ETH.png)
This week, along with the broader market, there has been a significant rebound. However, in the short term, the overall rebound trend remains weak. Although the target of $1,631 has been reached, it continues to oscillate below $1,570. The downside target remains at $1,465. It's advisable to hold for the long term.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1697607508BIGTIME.png)
Last night, apart from Amber Group and FBG, there was a significant transfer of BIGTIME tokens on the blockchain, with a total of 23.5 million BIGTIME tokens of unknown origin yet to be determined. These tokens seem to have flowed into the secondary market exchanges.

Following their entry into the secondary market, the overall market quickly dropped to the $0.1835 to $0.15 range, with a substantial 32.33% decline. It's difficult to determine whether this is due to market makers or unknown sources. In terms of technical analysis, it's challenging for short-term independent trends. It's advisable to focus on observing after setting stop-loss orders.

## Macro: Terrorist data exceeds expectations, awaiting November Fed rate decision

The US stock market was mixed, with the S&P 500 Index falling less than 0.1%, the Dow Jones Index rising less than 0.1%, and the Nasdaq Composite Index falling 0.3%. The gold price closed above $1920, close to the high set last Friday, with a daily fluctuation of less than $20. US crude oil remained flat after fluctuating in the nearly $2 range throughout the day. In the current environment, many investors are unwilling to directly bet on crude oil. The US dollar index fell for the second consecutive trading day, breaking below the 106 level.

The monthly retail sales rate in the United States recorded 0.7% in September, which exceeded the expected 0.3%. The previous value was revised up from 0.6% to 0.8%. The other economic data released last night was mixed. However, the most important 'horror data' far exceeded expectations, indicating that US consumption is still hot, and the probability of market bets on a rate hike in December has increased. The unexpected inflation and consumption data may further exacerbate the problems faced by the Federal Reserve.

Minutes of the Federal Reserve Discount Rate Meeting: the Board of Governors of the Cleveland Fed sought a 25 basis point increase in the discount rate in September; Federal Reserve Barkin stated that the Federal Reserve has time to observe data before making its next interest rate adjustment decision. Tends to maintain interest rates unchanged, saying there is time to wait and see if further rate hikes are needed.

The member of FOMC and Chairman of the Minneapolis Federal Reserve, Kashkari, stated that inflation is still too high.

Presently, there are still disagreements within the Federal Reserve, but these disagreements are not as significant as before, including whether the Federal Reserve will raise interest rates in November.

So, when data and all public opinion in the market come together, the Federal Reserve naturally knows whether to raise interest rates or how much, which is the system's charm. Therefore, we should actively participate in discussions every day, and while discussing, we will also increase our knowledge system.



<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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Bitcoin spot ETFs are expected to be approved by the end of 2023, Reddit closes community point services, related tokens plummet, and Pennsylvania_s new law removes a two-year ban on crypto mining.

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Daily News | BTC spot ETFs Are Expected to Be Approved by the End of 2023, Reddit Closes Community Point Services, Related Tokens Plummet