Daily News | A Global Crypto Regulatory Framework Will be Announced, MetaMask Launches A “Sell” Function

2023-09-06, 03:34

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## Crypto Daily Digest: The International Monetary Fund is about to announce its global crypto regulatory framework, MetaMask is launching a “sell” function
The Chairman of the Financial Stability Board, Klaas Knot, wrote in a letter on Tuesday that the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will jointly submit a document on global cryptocurrency policy at this weekend's G20 summit, which includes a roadmap for implementing the cryptocurrency policy framework, such as global coordination, cooperation, and information sharing measures.

This document was submitted at the request of India, which held the G20 presidency until December. The letter states that events such as the bankruptcy of the cryptocurrency exchange FTX and the collapse of the TerraUSD stablecoin highlight the "fragility" faced by cryptocurrencies, and given the increasingly close connection between cryptocurrencies and the broader financial system, close monitoring is needed.

Earlier today, it was reported that India, the rotating chairman of the G20, is currently negotiating a global framework for cryptocurrency rules.

MetaMask has announced the launch of its latest feature, "Sell," which allows users to convert cryptocurrency into fiat currency through the MetaMask Portfolio and send funds to bank accounts. This feature is currently available in the United States, the United Kingdom, and some parts of Europe, initially supporting ETH on the <a href="/ru/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> mainnet, and plans to soon expand to native gas tokens on the Layer2 network.

Arthur Hayes stated at the Korean Blockchain Week in 2023 that <a href="/ru/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has been in a bull market for the past six months or so, but the market has yet to respond, and it is estimated that it will respond within six to twelve months.

Hayes believes that the bull market in Bitcoin began on March 10th, the day Silicon Valley Bank (SVB) was taken over by the Federal Deposit Insurance Corporation of the United States. To prevent further collapse of the banking industry, the Federal Reserve has established the Bank Term Financing Plan (BTFP), which provides up to one year of bank loans in exchange for submitting "qualified assets" as collateral. Hayes stated that since then, the price of Bitcoin has been rising, with a current increase of approximately 26%, which is why he claimed that the bull market started from that day.

On the other hand, Ethereum co-founder Vitalik Buterin stated in the media that node centralization is one of the main challenges faced by Ethereum and should be solved by reducing and simplifying the operating costs of nodes. However, a perfect solution may take another 10 or even 20 years. Vitalik concludes that the most urgent issue for Ethereum as a whole is to achieve a higher level of scalability.

Luckin Coffee's market cap has skyrocketed recently, and Justin Sun has come to gain popularity again.

Yesterday, Justin Sun posted a screenshot of his purchase on WeChat Moments two years ago: he purchased 2% of the total Luckin Coffee stock at that time, and the screenshot showed a market cap of his holdings ranging from $60 million to $70 million.

Due to the lack of more trading details and specific holdings, assuming there has been no increase or decrease in holdings in the past two years, the total market cap of Luckin Coffee as of the time of publication was $8.566 billion, accounting for 2% of the total. The present price of Luckin Coffee's stock is $1713.2 million. Excluding the cost of up to $70 million at that time, Justin Sun's holdings of Luckin Coffee's stock have now shown a floating profit of at least $1013.2 million.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1693978847BTC.png)
The daily chart shows a bearish trend and continues to move lower, with the potential for a medium-term M-shaped trend formation. In the short term, it attempts to hold the $25,606 support level and remains in a range-bound oscillation near the lower levels. Traders can utilize a high sell-low buy strategy to accumulate positions gradually and profit from short-term fluctuations, but the medium-term trend still favors a bearish structure.

### STARL
![](https://gimg2.gateimg.com/image/article/1693978866STARL.png)
Once touted as a prominent GameFi project, STARL has now plummeted by -99.30% from its all-time high. In the short term, it remains relatively low, and if the positioning is considered at this level, it should carefully guard the support at $0.005231 (six decimal places). If a significant breakout occurs, the potential for price appreciation could be substantial.

### WLD
![](https://gimg2.gateimg.com/image/article/1693978887WLD.png)
In yesterday's live broadcast, it was mentioned that WLD has been on a continuous six-week decline on the weekly chart. The next week (the seventh week) may bring a potential "sixth-turning point," with key support possibly testing $0.907. Subsequently (in the eighth week), a substantial rebound wave is expected, and positioning within the $0.857 to $0.907 range may be considered.
## Macro: The probability of raising interest rates in September is basically zero, wait for rate cut news
Federal Reserve officials have hinted that they will continue to raise interest rates this year, and the market suggests that the probability of the Federal Reserve raising interest rates again by 25 basis points by November is slightly higher than 50%.

In an interview with the German newspaper Brsen-Zeitung, Cleveland Federal Reserve Chairman Loretta J. Mester stated that in the context of stronger-than-expected economic data and upward inflation risks, the Federal Reserve may need to raise interest rates "a little more."

The latest indicators indicate that demand is stronger than expected and the economic momentum is stronger than expected. We need to maintain a sufficiently restrictive stance for a considerable period of time to ensure that inflation will fall back to 2%.

But she did not disclose what to do at the next meeting, and it is expected that the Federal Reserve will keep interest rates unchanged in September and raise them again in November.

Federal Reserve Governor Christopher J. Waller told CNBC that the Fed can "act cautiously" to raise interest rates further.

According to Goldman Sachs Group, the likelihood of the United States falling into a recession in the next 12 months has decreased to 15%. Goldman Sachs Chief Economist Jan Hatzius also stated in a new report that his baseline forecast for GDP growth in the United States before the end of 2024 is 2%. The likelihood of an economic recession has dropped from 20% in July to the above level, and it was as high as 35% in March.

The bank's economic team has long held a relatively optimistic view of US economic growth. Bloomberg's average expectation in peer surveys is that after some recent data falls short of expectations, the likelihood of US economic contraction is 60%.

Last night, the US dollar index rose 0.67% to a five-month high. The yield of the benchmark 10-year treasury bond rose 7.9 basis points to 4.2578%. The yield of the two-year treasury bond, which measures traders' short-term inflation expectations, climbed to 4.966%; The Dow Jones index fell 0.6%, the S&P 500 index fell 0.4%, the Nasdaq index, which is concentrated in technology stocks, fell 0.1%, and gold prices fell 0.6%. This decline is in line with the decline in US stocks and Bitcoin.

According to current market expectations, the probability of a rate hike in September is basically zero, and then in November, there may be a 25 basis point rate hike, and then the rate hike in 2023 will be completed.

As for next year, the market will be more concerned about when to cut interest rates. The day of interest rate cuts is a market frenzy, especially in the crypto market, so we must leave bullets in advance.

<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>