Daily News | Russia May Allow Mining Companies to Export Crypto Trading; Solana Mobile Premium Rate Exceeding 500% Due to the Sharp Rise in BONK

2023-12-18, 03:56

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## Crypto Daily Digest: Russia May Allow Mining Companies to Export Crypto Trading, Solana Mobile Premium Rate Exceeding 500%
Recently, global investment bank Goldman Sachs advised investors not to expect a sudden surge in Bitcoin prices after the US SEC approved spot <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. Nevertheless, Goldman Sachs emphasizes that the ability of actual traders to be familiar with and able to provide products of scale is "very positive." Matthew McDermott, head of digital assets at Goldman Sachs, also stated that the approval of the ETF is not expected to trigger a sudden surge in liquidity and prices, but it may attract new institutional investors into the asset class. He believes that the ability to actually trade products that people are familiar with and provide scale is very positive.

McDermott stated that due to market expectations that the SEC will soon approve spot Bitcoin ETF applications, the investment bank has also observed increasing customer interest in crypto derivative trading. He pointed out that cryptocurrencies are still a very, very small market, but he said, “Of course, as the market becomes increasingly excited about the potential of Bitcoin ETFs, people's interest is definitely growing.”

As one of the important global crypto compliance markets, the Russian government may allow crypto miners to sell their cryptocurrencies like other export products such as natural gas.

Ivan Chebeskov, Deputy Minister of Finance of Russia, pointed out that this option is part of the 2022 Cryptocurrency Mining Legalization Act, which allows miners to export in the same way as commodities. Anatoly Aksakov, Chairman of the National Duma Financial Markets Committee, stated that the bill is expected to be approved next year. Ivan Chebeskov, Deputy Minister of Finance, presented the latest developments at the "Future of Cryptocurrency and Digital Finance" forum.

Regarding this issue, Ivan Chebeskov stated, "There is an option and a bill to use crypto exports as a product of mining activities. We have developed a concept and a project so that miners can export the products they mine, namely cryptocurrency, as an export product. Russia is also forming such legislative measures."

With the global geopolitical tensions, Circle CEO Jeremy Allaire recently stated in an interview with CNBC that in a complex geopolitical environment, Bitcoin is an asset that investors should have some investment in. He emphasized that "digital goods will continue to exist" and pointed out that Bitcoin is the largest digital commodity asset. Jeremy Allaire also believes that stablecoins "will experience explosive growth in the coming years."

The <a href="/pt/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem has slowly begun to recover recently, and it is understood that the Solana Saga phone's premium on eBay has skyrocketed by 500%, with a selling price of up to $3,000. And its official selling price is only $599.

The catalyst for the surge in Saga phones may be related to the Solana-based MEME token Bonk, which has increased by over 19,103% since October. Each Solana Saga phone is entitled to up to 30 million BONK tokens airdropped, which in turn drives the price of this phone in the secondary market.

According to The Block, with the increasing popularity of Bonk tokens, the floor price of the Solana Saga phone on eBay has risen to around $2,000. Yesterday, two phones were priced at $5,000, while today another phone is priced at $3,361. It is reported that every owner of Saga phones can apply for 30 million BONK tokens on Bonk DApp.

With the skyrocketing price of BONK, the value of these tokens has now exceeded the official selling price of mobile phones, driving an increase in market demand for mobile phones. Kyle Samani, co-founder of Multicoin, stated on the X platform that Solana and Solana mobile phone users will receive a large number of airdrops within the next year.

Finally, let's take a look at the token-unlocking data for this week.

According to Token Unlocks data, ID and other tokens will be unlocked at once this week, with a total release value of only about $6.68 million. Among them:

At 0:00 am (UTC) on December 20th, Nym will unlock 3.34 million NYMs (approximately $615,200), accounting for 0.53% of the circulating supply;

At 17:54 (UTC) on December 20th, Euler will unlock 123300 EULs (approximately $397,000), accounting for 0.66% of the circulating supply;

At 0:00 am (UTC) on December 22nd, SPACE IDs will unlock 18.49 million IDs (approximately $5.31 million), accounting for 4.29% of the circulating supply.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1702880192BTC.png)
Last week, the weekly trend ended a seven-week upward momentum, with a clear convergence of high-level oscillations breaking below the convergence support. This week is expected to continue in a sideways market. The short-term downside target is $40,280, with the possibility of forming a bearish M-top or head and shoulders pattern. Targets for further retracement are $38,399 and $37,970.

### ETH
![](https://gimg2.gateimg.com/image/article/1702880211ETH.png)
This week, <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> continues to oscillate above $2,135, showing signs of a short-term peak, especially with resistance at $2,381. Short-term focus is on whether it forms a top structure around the $2,135 support, with a potential retracement target of $2,037 as the midpoint and $1,975 as the support bottom to complete the pullback.

### BNB
![](https://gimg2.gateimg.com/image/article/1702880231BNB.png)
The four-hour chart failed to break the descending trend twice, and the medium-term structure remains bearish despite stabilizing around the $183.02 support. In the short term, it is expected to continue testing the $221.3 neckline and the $246.1 midpoint. Spot trading can utilize strategies of buying low and selling high around the neckline, while long-term caution is advised, keeping a close eye on the $183 support.

## Macro: Christmas market is about to start, Focus on this Friday's PCE index
Over the past week, 60% of the global economy has announced its last interest rate decision for the year, with the most closely watched Federal Reserve suggesting the end of the rate hike cycle and a greater rate cut next year, bringing a Christmas gift to Wall Street ahead of schedule. Last Friday, New York Fed Chairman Williams claimed that discussions about a March interest rate cut were too early, launching a counterattack against investors' optimistic expectations and triggering market volatility.

The three major US stock indexes have risen for the seventh consecutive week, with the Dow continuing to hit its longest consecutive rise since 2019, breaking through the 37,000 point mark for the first time last Wednesday and reaching a historic high. The S&P 500 and Nasdaq have achieved their longest consecutive weekly gains since 2017. US Treasury bonds rose sharply throughout the week, while the US dollar index rose on Friday, but still hit its largest weekly decline in a month.

Gold returned to the 2,000 mark and fell from its intraweek high on Friday. As traders attempted to weigh mixed signals about oil demand, Oil of America fell more than $1 per barrel on Friday, but then recovered most of the decline, ending its longest seven-week streak in four years.

After the last super central bank week of this year, the market focus this week will shift to the Bank of Japan, which is expected to follow the approach of the Federal Reserve, the European Central Bank, and the Bank of England, but may signal an end to negative interest rate policies. In addition, inflation data from the United States and the United Kingdom will also be monitored.

Of course, the most crucial macro-level data for this week is the US November Core PCE Price Index, which is set to be released at 21:30 Beijing time on Friday. This is the Federal Reserve's favorite inflation indicator, and economists expect it to drop from 3.50% to 3.40%. The interpretation of this data has randomness. On the one hand, inflation continues to maintain a downward trend, and on the other hand, it remains at a high level. So the impact on the market depends on the attitude of the Federal Reserve and the explanation from Wall Street. Unless there is a major surprise in the data, it is also unlikely to shake people's expectations for the future actions of the Federal Reserve.

If the data proves that inflation has cooled more significantly, it may encourage investors to continue selling the US dollar and buying stocks, as market participants seem willing to respond more to data and headline news that validate their views.

Regarding the issue of interest rate cuts next year, the expectations of the market, Wall Street, and the Federal Reserve vary greatly. According to market expectations, there will be six 25-basis-point interest rate cuts next year, with a reduction of approximately 150 basis points for the entire year, which is already significant. But UBS even believes that the Federal Reserve will cut interest rates by 275 basis points next year, at a rate faster than the previous rate hikes.

By contrast, the Federal Reserve only sees three 25 basis point rate cuts next year. The next market trend will be a gradual narrowing of market, Wall Street, and Federal Reserve expectations.

Anyway, the expected interest rate cut next year will bring great confidence to the market, and then further promote the outbreak of traditional and crypto markets. If it indicates the outbreak of a bull market this year, then the current structural bull market is just an appetizer, warming up. We need to get used to and familiarize ourselves with this trend, work hard to adapt to what FOMO is, and learn to do our own research.

<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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