Daily News | SEC Delays Application for Spot BTC ETFs, Celestia Initiates Airdrop, Founder of Ordinals Proposes BRC20 Alternative Solution

2023-09-27, 03:55

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## Crypto Daily Digest: SEC Delayed Application for Spot Bitcoin ETF; Celestia initiates airdrop
Bloomberg ETF analyst James Seyfart posted on social media that the US Securities and Exchange Commission (SEC) has just extended the review time for the Ark 21Shares spot <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF application, which was originally approved on November 11th. The SEC has also postponed an application submitted by index fund giant Global X to list spot Bitcoin ETF products, which was originally approved on October 7th.

On September 21st, Gary Gensler, the chairman of the SEC, stated that due to the possibility of the US federal government shutting down at the end of this month, the SEC's regulatory activities will be severely restricted and may not be able to perform some basic functions.

Recently, the Federal Reserve released a report on its official website titled "Tokenization: Overview and Financial Stability Impact," discussing the potential benefits of tokenization and financial stability risks. The report concludes that the scale of tokenization is currently very small, but many projects involving different types of reference assets are under development, indicating that tokenization may become a larger component of the digital asset ecosystem.

One of the benefits of tokenization is that it reduces barriers to entry into other high threshold markets and increases the liquidity of that market. The financial stability risks of tokenization are mainly related to the connection established between the digital asset ecosystem and the traditional financial system. Tokenized assets may transmit shocks or fluctuations from one market to another.

Presently, the RWA track is undoubtedly the largest leading track, and MKR continues to rise. MakerDAO once again increased its RWA assets by $50 million through BlockTower Andromeda, mainly investing in short-term U.S. treasury bond bonds, with an annual interest rate of 4.5%. The total assets of the current agreement RWA reach $3.008 billion.

Founder Casey Rodarmor of Ordinals proposed a new protocol, Runes, based on Bitcoin networks, as a potential alternative to BRC20. Casey Rodarmor stated that alternative token protocols like Runes will not leave a large amount of "garbage UTXO" on the Bitcoin network like BRC20 tokens.

Yesterday, the modular blockchain Celestia announced that the airdrop has been launched.

7,579 developers and 576,653 on-chain addresses will have the opportunity to join Celestia from the first block. Eligible participants can receive up to 60 million TIAs (Celestia's native assets) before 12:00 (UTC) on October 17, 2023.

One-third of the total airdrop volume is allocated to 7,579 developers, including public product and critical protocol infrastructure, Eth Research, and modular DA layer public contributors (such as Avail, EigenLayer, and <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>).

Two-thirds of the total amount of airdrops are allocated to 576,653 on-chain addresses, including 20 million TIAs allocated to the most active users of <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Rollups; 20 million TIAs were allocated to the stakers and IBC relays of <a href="/th/price/cosmos-hub-atom" target="_blank" class="blog_inner_link">Cosmos Hub</a> and <a href="/th/price/osmosis-osmo" target="_blank" class="blog_inner_link">Osmosis</a>. Celestia's native asset TIA is an important component of developers building their first modular blockchain network.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1695793044BTC.png)
Last week saw the completion of a demand rebound from the top. After a slight rebound following the breach of the upper boundary of the range yesterday, it is expected that the short-term will continue to oscillate within the range until the end of this week. A conservative short strategy suggests going short after breaking $25,210 and targeting $24,225, using a risk-reward ratio strategy for entry on rallies.

### TRB
![](https://gimg2.gateimg.com/image/article/1695793063TRB.png)
Over the past month, TRB has surged from a low of $9.47 to a high of $46.93, a 497% increase. After consolidating at its peak, this morning it reached a new high of $46.93. Going long with targets at $59.01, $65.23, $70.37, and $77.39 is advised.

### MKR
![](https://gimg2.gateimg.com/image/article/1695793082MKR.png)
A large bullish head and shoulders pattern has emerged in the long-term structure. After breaking the overall downtrend earlier this month, short-term positioning has already yielded a 7.92% profit. It is recommended to hold the long position and look for targets in the order of $1,453, $1,479, $1,505, and $1,588.
## Macro: US stocks are weak, the Federal Reserve continues to be hawkish, and next year's interest rate cut is expected
The US dollar index remained strong, further rising above 106, reaching a new 10 month high, and ultimately closing up 0.217% at 106.19. The 10-year US Treasury yield fluctuated at a high level and ultimately closed at 4.544%.

Spot gold continued to come under pressure, falling below the 1900 mark for the first time since August 23rd, and ultimately closed down 0.78% at $1900.74 per ounce. Spot silver missed the 23 mark and ultimately closed down 1.12% at $22.85 per ounce.

The three major US stock indices opened low and moved lower, with the Dow closing down 1.14%, the Nasdaq down 1.5%, and the S&P 500 index down 1.47%. The Nasdaq China Golden Dragon Index fell 0.8%, while JD.com and PDD Holdings Inc. fell more than 2%. Apple closed down more than 2%, while Amazon, which has been sued for antitrust, fell nearly 4%. Faraday is expected to fall another 17% in the future, with a cumulative drop of 37% this week.

While the US stock market is weak, the Federal Reserve has no intention of pulling the market, and officials continue to speak without considering the consequences. Minneapolis Federal Reserve Chairman Neel Kashkari expects to raise interest rates again this year and then remain unchanged. In addition, he believes there is a 40% chance that the Federal Reserve will have to significantly raise interest rates to curb inflation. The probability of a soft landing in the United States is 60%.

Due to the shortage of housing resources, buyers are competing for it, and US housing prices have risen for the sixth consecutive month. In July, the US housing price index rose 0.6% month on month. However, due to concerns about rising prices and the political environment, the US Chamber of Commerce's consumer confidence index recorded 103 in September, the second consecutive month of decline, lower than the expected 105.5.

Regarding the US government shutdown incident, rating agencies have gradually expressed their opinions. Moody's has stated that a partial shutdown of the US government will have a negative impact on its credit situation, and there is not much time for Congress to pass the equity expenditure bill before the deadline for the government shutdown on Saturday. Currently, Moody's rating of the US government is AAA.

The rating agency stated that in the context of the widening fiscal deficit and deteriorating debt burden capacity, which are dragging down fiscal strength, the government shutdown "will demonstrate that political polarization is exacerbating significant constraints on fiscal decision-making."

As early as August this year, Fitch Ratings downgraded the US credit rating from its highest AAA to AA+, pointing out that US governance has been "eroded" and anticipating a deterioration in the US fiscal situation over the next three years.

We have already said in the past few days that no matter how hawkish the Federal Reserve or major chairmen are, we should not believe it. We should only believe in real data and things. If the 9% borrowing cost is maintained for a long time, it will definitely bring economic pressure.

So it is imperative to start cutting interest rates next year, and it is not just a matter of two rate cuts. If the Federal Reserve persists, the result will be no economic recession. Therefore, for users in crypto space, we should be optimistic that whether it is a recession or a rate cut, it will be a long-term positive for the crypto industry.

<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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