Daily News | SEC Encountered Obstacles In Recruiting Crypto Experts; NFT Trading Volume Rebounded In Past 5 Weeks; BNB Chain Remains A Heavily Impacted Area for Hacker Crime

2023-11-07, 05:03

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## Crypto Daily Digest: the SEC encountered obstacles in recruiting crypto experts, NFT trading volume has rebounded in the past 5 weeks

On November 7th, according to The Block, the US Securities and Exchange Commission (SEC) was facing difficulties in recruiting crypto experts because these candidates were unwilling to sell their digital assets for work.

According to the latest report from the Office of the Inspector General of regulatory agencies, many qualified candidates hold crypto assets, and the SEC's Ethics Advisory Office has determined that this will prohibit them from participating in specific affairs that affect or involve crypto assets. SEC officials pointed out that this ban has had a negative impact on recruitment work, as candidates are usually unwilling to divest their crypto assets in order to join the SEC.

In terms of data, the Nansen report on November 6th stated that as of the week ended November 6th, NFT sales reached 68,342 ETH, approximately $129 million. Over the past five weeks, NFT trading volume has been steadily increasing, with a bottom of 29,704 ETH, approximately $56 million for the week ending October 9th.

The latest report from Immunefi shows that there were 292 incidents from January to October 2023, resulting in losses of over $1.41 billion due to hacking and fraudulent activities. In October 2023 alone, the losses amounted to approximately $22.2 million, mainly attributed to hacker attacks and fraud. The most frequently attacked blockchain networks during this period were <a href="/vi/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain and <a href="/vi/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, accounting for 83.3% of the total loss of the target chain.

Immunefi revealed that BNB Chain has suffered the highest number of single attack events, reaching 11, accounting for 45.8% of the overall loss of the target chain.

On the other hand, there were 9 events on the Ethereum chain, accounting for 37.5% of the total losses. In the Layer1 blockchain, <a href="/vi/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> experienced two events in October, accounting for 8.3%. <a href="/vi/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> and <a href="/vi/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a> each experienced one incident, accounting for 4.2% respectively. The hacker incident remains the main cause of financial losses.

In addition, in October, the DeFi platform continued to be the main attack target, accounting for 100% of the total losses. In contrast, no significant vulnerabilities have been reported in the CeFi platform.

Among them, Blur has the highest share of NFT trading volume in the past 30 days, and according to NFTGo data, Blur's trading volume is 161,433 ETH (approximately $305 million). Meanwhile, the second-place competitor is OpenSea, with a trading volume of 52307 ETH (approximately $100 million).

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1699336121BTC.png)
In the short term, <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has reached a peak near $36,000, and it is expected to continue oscillating and possibly retrace towards $32.8K this week. It is advisable to monitor the four-hour moving average for support. For the medium to long term, it's still feasible to maintain a low-position strategy and use the daily trend as a defensive line, which has been in place for five years.

### ETH
![](https://gimg2.gateimg.com/image/article/1699336141ETH.png)
Last weekend, Ethereum stabilized above $1,857 and broke the overall downtrend, ending a seven-month decline. In the short term, it's maintaining its position around the trendline and the $1,857 support, and it might face a breakout of the upper trendline, creating a short squeeze situation, but overall, it remains slightly bullish.

### BNB
![](https://gimg2.gateimg.com/image/article/1699336162BNB.png)
<a href="/vi/how-to-buy/polymath-poly" target="_blank" class="blog_inner_link">buy Polymath</a>g news developments have boosted Binance Coin (BNB), and the four-hour chart has broken through the key neckline at $246.2. In the short term, a pullback is expected, while the medium-term perspective maintains the view of a head and shoulders bottom structure. In the long term, the spot market continues to target three levels: $1,000, $1,505, and $2,316.

## Macro: US bond yields have sharply risen, Guggenheim predicts a 150 basis point interest rate cut next year

On Monday, as market focus shifted towards speeches by Federal Reserve officials such as Powell, the US dollar index rebounded and fell to a new low since September 20th during the session, ultimately closing up 0.209% at 105.3.

The yield on US Treasury bonds rebounded collectively, with the 10-year yield finally closing at 4.647%, off a low of over a month; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.941%, off a two-month low.

Spot gold fluctuated and fell, falling below the $1,980 mark in the late trading session, ultimately closing 0.53% lower at 1978.04 US dollars per ounce; Spot silver closed down 0.46% at $23.03 per ounce.

International oil prices have been consolidated horizontally, with Saudi Arabia and Russia confirming the implementation of supply restrictions until the end of the year, providing support for oil prices. WTI crude oil hovered near its lowest level in over two months, ultimately closing up 0.05% at $80.86 per barrel; Brent crude oil closed 0.04% higher at $85.18 per barrel.

The three major US stock indexes opened high and closed low, with the Dow Jones Industrial Average up 0.1%, the S&P 500 Index up 0.18%, the Nasdaq up 0.3%, Tesla (TSLA. O) closing 0.3% lower, and rising more than 2.5% for the first time in the session. Apple (AAPL. O) and NVDA (NVDA. O) both rose more than 1.5%.

The New York Fed's indicators suggest that global supply chain pressure has dropped to a historic low; The Federal Reserve survey shows that US credit conditions continue to tighten but the pace slows down in Q3, and loan demand generally decreases.

Minneapolis Fed Chairman Kashkari does not believe that the interest rate hike cycle is over. Federal Reserve Governor Lisa Cook: The recent increase in long-term bond yields in the United States may not be driven by investors' expectations for further interest rate hikes. As the Federal Reserve tightens its policy on the financial environment, she closely monitors the vulnerability of non bank financial institutions.

Federal Reserve Chairman Jerome Powell stated last week that the recent sharp rise in US bond yields may help combat inflation, indicating that the US bond market may be doing some work for the Federal Reserve.

The problem is that Powell's remarks seem to have subsequently triggered a <a href="/vi/how-to-buy/polymath-poly" target="_blank" class="blog_inner_link">buy Polymath</a>g rebound in the stock market, as well as a significant decline in long-term US Treasury yields, which are the benchmark for corporate borrowing costs.

In other words, the bond market has just demonstrated how quickly financial conditions can ease.

Powell's remarks to some extent confirm that the Federal Reserve may not raise interest rates again and prompt long-term Treasury yields to fall from the recent sharp rise. Two days after his speech, the yield of the 30-year treasury bond hit the biggest weekly decline since March 2020 last Friday. At the same time, the yield of a 10-year treasury bond and the yield of a two-year treasury bond sensitive to policy interest rates recorded the largest weekly decline since March and August September.

These developments indicate that excessive reliance on financial markets to complete some of the Fed's work, especially as a way to avoid future interest rate hikes, has its drawbacks.

Guggenheim Investments believes that investors should ignore the painful lessons of the bond market and be prepared for the Federal Reserve to shift towards interest rate cuts.

The company expects the Federal Reserve to maintain policy interest rates at a 22-year high of 5.25% to 5.5% in future meetings, and believes that an economic recession may arrive in the first half of 2024.

In a podcast released on Monday, American economist Matt Bush of Guggenheim stated that this prospect may "force the Federal Reserve to quickly shift towards interest rate cuts, ultimately reducing rates by about 150 basis points next year and even more in 2025."

Economist Bush said, “We believe that in the context of an economic recession (albeit a mild one), the Federal Reserve will lower the federal funds rate below 3% and suspend the reduction of its balance sheet.”

<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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