Daily News | The SEC Will Review Bitcoin Spot ETFs, BTC May Rise to $80,000, BONK Reached A New High, Rising Over 75% in 24 Hours

2023-12-15, 04:06

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## Crypto Daily Digest: SEC to Review Bitcoin Spot ETF Applications, BTC to Rise to $80,000
On Thursday, Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), stated in an interview with CNBC that the agency's "new perspective" on <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF applications has taken into account recent court rulings. Gensler said, "We have rejected some of these applications in the past, but the District of Columbia court has weighed them. Therefore, we are re-examining this issue based on court rulings."

In August of this year, three judges of the Washington D.C. Circuit Court of Appeals ruled that the SEC must re-examine Grayscale's Bitcoin spot ETF conversion application. Last year, Grayscale sued the SEC after its flagship fund GBTC's conversion plan was rejected. The court specifically pointed out the differential treatment of the SEC compared to Bitcoin spot ETFs and futures ETFs.

US Securities and Exchange Commission Chairman Gensler refused to disclose whether he would approve Bitcoin spot ETFs. He stated that the SEC is evaluating 8-12 spot Bitcoin ETFs and reiterated concerns about insufficient regulation of cryptocurrencies.

On December 14th, Matrixport analyst Markus Thielen predicted that even if spot Bitcoin ETFs do not receive approval from the US Securities and Exchange Commission, the crypto market will continue to rise in 2024. The increase in liquidity, the Bitcoin halving, and the possibility of Trump being reelected all provide catalysts for further growth in the crypto market.

Thielen stated that since the pandemic, the size of money market funds in the United States has increased from $3 trillion to $6.1 trillion. This growth means that the annual interest payments are now about $370 billion, equivalent to about $1 billion per day - which can be easily invested in higher-risk investments such as stocks and cryptocurrencies.

In addition, DASH posted on the X platform that 29% of adults in Spain believe that cryptocurrency is the future of finance. Cryptocurrency has now become the second most popular payment method in Spain, surpassing bank transfers.

Bitnovo's research shows that 60.7% of Spanish citizens have the motivation to purchase cryptocurrency for long-term investment, and 35.7% of Spanish citizens have the motivation to purchase cryptocurrency for payment. There are 178 blockchain financial services startups in Spain.

According to Cointelgraph, Bitwise's senior research analyst Ryan Rasmussen predicts that Bitcoin prices will soar to a new high of $80,000 in 2024.

In the same year, the amount of funds used for settlement in stablecoin exceeded that of payment giant Visa. As of the third quarter of 2023, Visa has processed payments exceeding $9 trillion, while stablecoin transactions have exceeded $5 trillion. The market value of stablecoins has grown from almost zero nearly four years ago to $137 billion now, and it is expected to see more trading volume and usage scenarios in 2024.

Bitwise also predicts that with the expected launch of Bitcoin spot ETFs in early 2024 and the halving of Bitcoin supply in April, Bitcoin will be an important catalyst for price growth. The Bitcoin spot ETF will manage assets worth $72 billion over the next five years. <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> is also expected to significantly improve in 2024, with revenue expected to grow by 100% to reach $5 billion. Meanwhile, the EIP-4484 upgrade may reduce the gas cost on the mainnet to below $0.01.

In the traditional finance (TradFi) field, Coinbase is considered the top competitor to benefit the most in 2024, and Bitwise predicts that its revenue will grow by 100% next year, exceeding Wall Street's expectations by ten times.

Next, let's focus on the soaring popularity of BONK tokens on major market platforms.

Recently, according to media reports, <a href="/vi/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>'s Web3 smartphone Saga has seen a surge in the value of its BONK token, and the value of the token it gifted has exceeded the official selling price of the phone.

Every owner of a Saga phone can claim 30 million BONK tokens on Bonk DApp, which are currently worth nearly $700, while the official selling price of the Solana Saga phone is $599.

Solana co-founder Raj Gokal tweeted, "Saga's sales have increased more than 10 times in the past 48 hours and are expected to be sold out before the new year."

It is understood that Bonk (BONK) is a memecoin based on the theme of dogs in Solana. The memecoin was launched in December 2022 with the aim of supporting and revitalizing the struggling Solana community. As a dog-themed token similar to DOGE and SHIB, BONK positions itself as a social token focused on community engagement through BonkDAO.

On December 15th, according to the latest data from Gate.io, the Solana Ecosystem Meme Token BONK has increased by 75.54% in the past 24 hours, and is now quoted at $0.00002441. It once rose above $0.000028, continuing to reach a new historical high. BONK is now ranked 55th on the crypto market value ranking, with a total market value of $1.457 billion.

Yesterday, according to the Ethereum staking data dashboard created by 21.co in Dune, the amount of Ethereum staking has been on the rise from January to December 2023. 21.co suggests that this may indicate sustained trust in the ecosystem among people. Despite the price increase, users continue to stake Ethereum instead of selling it.

According to Deribit data, BTC option contracts with a nominal value exceeding $1.517 billion and ETH option contracts with a nominal value exceeding $600 million will expire and be delivered on Friday, December 15th. The maximum pain point price for BTC is $42,000; The maximum pain point price for ETH is $2,200, please pay attention to market fluctuations.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1702620764BTC.png)
The four-hour chart today continues in a converging pattern. The upper targets are still expected at $45,345 and $47,990. In the short term, it seems relatively high, with signs of potential fund transfer. Short-term support is at $40,280 and $38,220. Keep monitoring the overall upward trend.

### ETH
![](https://gimg2.gateimg.com/image/article/1702620788ETH.png)
This week, there's continued oscillation between $2,135 and $2,382. Fibonacci sequence targets can be used for structural support. If the trend continues upward, pay attention to breaking the $2,381 resistance. If it fails, expect continued oscillation with support around $2,135 in the mid-term.

### 1INCH
![](https://gimg2.gateimg.com/image/article/17026209431INCH.png)
Leading in the aggregation protocol sector, 1INCH has dropped from a long-term high of $7.7426 to $0.3768. The daily chart might complete a head and shoulders bottom pattern with resistance at $0.4042 and $0.5833. Long-term prospects include targets at $2.6430, $2.9654, $5.54, and $7.74.

## Macro: "Terrorist data" higher than expected, Barclays predicts a 100 basis point interest rate cut next year
The data released on Thursday showed that retail sales in November were higher than expected, once again indicating that despite signs of economic cooling, the condition of American consumers is still better than many people's concerns.

Retail sales increased by 0.3% in November, higher than economists predicted a decrease of 0.1%. In the data released on Thursday, the initial decrease of 0.1% in October was also corrected to an increase of 0.2%. Excluding cars and gasoline, sales increased by 0.6%, both higher than the market's expected decrease of 0.2%.

Another report released on Thursday showed that the number of initial jobless claims in the United States decreased by 19000 last week to 202000, the lowest level since October and close to the lowest level in history.

The November report released by the US Department of Commerce provides an overview of consumer spending, and economic data has begun to show some signs of slowing labor market growth while inflation continues to decline. The Atlanta Federal Reserve's GDP Now has raised the fourth quarter GDP growth rate in the United States from 1.2% to 2.6%.

Impacted by the news, the market continued to digest the dovish stance of the Federal Reserve, and US bond yields continued to decline. The 10-year US bond yield fell below the 4% mark and ultimately closed at 3.923%, breaking the lowest level since July; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.386%. The three major US stock indexes gradually recovered their losses in late trading, with the Dow Jones Industrial Average up 0.43%, the Nasdaq up 0.19%, and the S&P 500 index up 0.27%.

As the European and British central banks counterattack market expectations of interest rate cuts, in stark contrast to the attitude of the Federal Reserve, both the euro against the US dollar and the pound against the US dollar have risen by over 1%. The US dollar index fell as low as 101.77, reaching a new low since August 10th, and ultimately closed down 1% at 101.95.

Regarding Federal Reserve policy, Barclays stated that it is expected that the Federal Reserve will implement three 25 basis point rate cuts starting in June 2024, compared to the previous expectation of only one rate cut in December 2024.

Previously, on December 5th, Barclays stated in a report that the US economy will remain resilient next year, which will make the Federal Reserve cautious in lowering interest rates. At present, the market generally predicts that the US economic growth will significantly slow down next year, with an annualized real GDP growth rate of only 0.4% in the first quarter and 0.3% in the second quarter, far below the average estimated 2.5% in 2023.

Barclays believes that it is expected that the Federal Reserve will begin its easing cycle in the second quarter of 2024, with a 100 basis point rate cut in 2024, an additional 100 basis points rate cut in 2025, and a further rate cut to the 2.75 - 3% level in 2026. In other words, Barclays expects the Federal Reserve to cut interest rates four times next year, each time by 25 basis points.

<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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