Daily News | Global Equities Rise Ahead of US CPI, Crypto Mixed But Mining Stocks Continued Gains, BitDAO Launches Testnet for Mantle Project

2023-01-11, 03:25

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## TL; DR

🥂 Good morning, today is **Wednesday, Jan. 11, 2023.** It’s going to be another great day. Let’s get after it relentlessly.

**Macro:** US and Asian equities were on the rise as investors await the upcoming US CPI data. Fed Chair Powell remains tight-lipped about monetary policy while JPMorgan expects Thursday's inflation figures to come in cooler than forecast. Meanwhile, China's cash-strapped firms are showing signs of improved access to financing as its leading developer, Country Garden Holdings Co., is preparing to repay its dollar debt, a sign of authorities' pivot towards reviving growth in the nation.

**Crypto:** [Bitcoin](https://www.gate.io/trade/BTC_USDT) (BTC) saw a modest increase of 1.76% while Ether (ETH) also increased by 0.72%. The total crypto market cap rose 1.37% to $818.28B, per tradingview data. Among the top 20 coins, AVAX, SHIB excelled although TONCOIN, SOL, LTC plummeted. Mining stocks continued to boost the Nasdaq with Riot Blockchain continuing a 4-day streak of 42% gains.

****Topic of the Day:**** BitDAO Launches Testnet for Modular Ethereum Layer 2 Network Project Mantle

**Notable Headlines:** ConsenSys is allowing whitelisted users to test its scaling technology, the zkEVM, but is also reportedly planning layoffs; UK parliament is calling for stronger crypto regulation while a Treasury minister said a digital pound platform will give authorities visibility into banks but not users; Gemini and DCG are turning up the heat as both firms have released their respective open letter accusing each other of wrongdoings…

## Macro at a Glance: Asia Looks Up as Inflation Data, Monetary Policy and China's Private Sector Show Signs of Improvement

Asian markets were on the rise on Wednesday, with traders eager to see if the upcoming US consumer price index will show further signs of cooling. With equities opening higher in Japan, South Korea, and Australia, and futures contracts for Hong Kong on the rise, investors were optimistic.

As Federal Reserve Chair Jerome Powell remained tight-lipped about the outlook for monetary policy, investors eagerly awaited Thursday's inflation data for any clues of cooling. This could pave the way for the Fed to slow down its pace of interest rate hikes, even as some officials believe it's too early to say inflation is under control.

JPMorgan's sales and trading desk expects Thursday's inflation figures to come in cooler than forecast, helping to extend the bear-market rally. Even the bank's chief, Jamie Dimon, believes that rate hikes might need to go beyond what's currently expected.

Treasury yields trimmed the advance they made on Tuesday, with the rate on 10-year debt easing to around 3.6%. Meanwhile, Australia's government bond yields gained momentum with figures showing accelerating inflation and higher retail sales, pushing the Australian dollar to rise.

A gauge of dollar strength was fractionally lower, but still near a seven-month low, with the yen holding steady in the middle of its range since December and the offshore yuan remaining unchanged around the strongest level versus the greenback since August.

Looking to the East, China's cash-strapped firms are showing signs of improved access to financing, as Beijing pledges to support the private sector and alleviate a housing crisis. Leading developer, Country Garden Holdings Co., is preparing to repay its dollar debt, while a major conglomerate is working towards securing a credit line.

These developments are a sign of authorities' pivot towards reviving growth, which relies heavily on a healthier private sector to generate jobs in China. However, economists warn that more measures may be needed to improve liquidity in the sector.

💡 **Today's Markets at Jan. 11 00:31 UTC**

**BTC** +1.35% at $17,430; **Ether** +0.74% at $1,335.

**Asia: Australia** +0.86%**; Japan** +0.83%; **Hong Kong** -0.27%; **China** -0.21%; **India** -1.03%.

**Europe:** **London** +0.36%; **Paris** -0.55%; **Frankfurt** -0.12%.

**US Spot Indices:** **Dow** +0.56%; **S&P** +0.70%; **Nasdaq** +1.01%.

**US Index Futures: Dow** +0.08%; **S&P** +0.10%; **Nasdaq** +0.10%.

**US Two-year Treasury** up 4bps at 4.243%.

**US Ten-year Treasury** up 8bps at 3.611%.

**UK Ten-year Gilt Bond** up 2bp at 3.558%.

**[US Dollar](https://www.gate.io/trade/USD_USDT) Index** +0.07% at 102.88.

**FX in 24hrs:** GBP: -0.18%; EUR: +0.11%; JPY: -0.27%; CNY: -0.10%.

**Gold** +0.50% at 1,876; **Light** **Crude -**0.18% at 74.63.

🧠 **Catalysts this week**

**Monday:** France Balance of Trade, EU Unemployment Rate

**Tuesday:** Turkey Unemployment Rate, US Fed Chair Powell Speech

**Wednesday:** Australia CPI, Italy Retail Sales, US MBA 30-Year Mortgage Rate

**Thursday** ⭐️: ****Australia Balance of Trade, China Inflation Rate, US Inflation Rate

**Friday** ⭐️: China Balance of Trade, UK GDP, Germany GDP, US Michigan Consumer Sentiment

## Crypto Daily Digest: Crypto Market Scaled Back On Gains While Interests In Mining Stocks Like Riot Kept Coming In

Among the top 20 coins, [Bitcoin](https://www.gate.io/trade/BTC_USDT) (BTC) saw a modest increase of 1.76% to reach $17,443, while Ether (ETH) also increased by 0.72% to $1,335. The total crypto market cap rose 1.37% to $818.28B, per tradingview data.

The top three winners were Shiba Inu (SHIB), which saw an increase of 4.66% to 0.00000918 following a 3% rise in the previous two days, Avalanche (AVAX), which saw a modest increase of 2.90% to 12.71 after rising nearly 4% in the previous two days, and [Bitcoin](https://www.gate.io/trade/BTC_USDT) (BTC), which increased by 1.76% after seeing a 3.9% ascent since Jan. 01.

The top three losers among the top 20 coins are The Open Network (TONCOIN) which fell by 2.32% to 2.12, erasing most gains from the previous two days, Solana (SOL), which fell by 2.32% to 16.13 after seeing a height of +75% gains since Jan. 01 before settling at around +60.6%, and [Litecoin](https://www.gate.io/trade/LTC_USDT) (LTC), which fell by 1.65% to 80.95 after rising for four consecutive sessions to 10.2% gains before the correction.

The Nasdaq index rose for three consecutive sessions to 4.1% gains. MicroStrategy (NASDAQ:MSTR) rose 8.57% while Coinbase (NASDAQ:COIN) rose another 13% after seeing 8.8% gains the day before. Galaxy Digital (OTC:BRPHF) shares rose 9%.

In related news, Options trading firm Group One took a position that includes the option to buy 1.26 million shares of MicroStrategy which may have boosted the latter’s outlook. Meanwhile, Coinbase has implemented another round of layoffs, affecting 950 employees and reducing its operating expenses by 25%.

Meanwhile, Silvergate (NYSE:SI) rose 7.3% after falling over 47% since Jan. 04 when its preliminary Q4 financials showed $8.1 billion in withdrawals and announced 40% layoffs.

Most mining stocks’ performance contributed to the growth of Nasdaq, with Iren Energy (NASDAQ:IREN) seeing an impressive 23.5% gain, followed by Marathon Digital (NASDAQ:MARA) at +17.3% gains, and Riot Blockchain (NASDAQ:MARA) at 15.3% gains after skyrocketing over 42% in the past four consecutive sessions.

🌐 **Top 20 Coins Performance**

**BTC** +1.76% at 17,443; **ETH** +0.72% at 1,335.

**BNB** +0.49% at 276; **XRP** -0.01% at 0.351; **DOGE** +0.47% at 0.0772.

**ADA** +0.26% at 0.321; **MATIC** +0.73% at 0.856; **DOT** +0.28% at 4.91.

**TRX** +0.13% at 0.0550; **SHIB** +4.66% at 0.00000918 **LTC** -1.65% at 80.95.

**SOL** -2.32% at 16.13; **UNI** -1.04% at 5.79; **AVAX** +2.90% at 12.71.

**TONCOIN** -3.80% at 2.12; **GT** -1.33% at 3.31.

## Topic of the Day: BitDAO Launches Testnet for Modular Ethereum Layer 2 Network Project Mantle

BitDAO has launched the testnet for its modular Ethereum Layer 2 network project called Mantle, which has already attracted 37,000 developers.

The testnet, called "Wadsley," will enable Mantle to test and implement new features before the mainnet launch later in the year. Mantle is designed to be a modular network with separate layers for handling network functions such as consensus, transaction execution, and settlement. This is different from older, monolithic chains where all network functions occurred on the same base layer.

The launch is also expected to boost the utility of BitDAO's governance token, bit, which will function as the native token of the Layer 2 network.

### 🌐 BitDAO(BIT) $0.4659 (+3.63%) - Bullish Outlook 🐂

**BIT Overview:**

- ***Closest daily support zone: 0.468 - 0.457***
- ***Closest daily resistance zone: 0.484 - 0.490***
- ***Key Level: 0.403 (Monthly Close of Jun. 2022)***
<br>
![](https://gimg2.gateimg.com/image/article/1673407450Untitled.png)

BIT has risen a little more than 36% since the beginning of 2023 but is still down by 75% YTD. On Dec. 29, BIT made a whopping 20% gain that helped it to form a bullish breakout pattern. On Jan. 02, BIT made another attempt to break the extended trendline measured by the close of Nov. 11, 2021, and the close of Apr. 25, 2022, to establish a new breakout pattern.: [Chart Link](https://www.tradingview.com/chart/BITUSDT/EPLdaQlI-BIT-Daily-Outlook/)

**BIT Daily Resistance zones**

1. 0.484 - 0.490
2. 0.495 - 0.515
3. 0.549 - 0.564

**BIT Daily Support zones**

1. 0.468 - 0.457
2. 0.428 - 0.403
3. 0.399 - 0.373
<br>
If you’d like us to cover any specific token or macro data, feel free to reach out to us by dropping a message in [our Reddit community](https://www.reddit.com/r/GateioExchange/).

## Further Reading

**[Daily DeFi Alpha](https://www.gate.io/blog_detail/2017/)** | Daily Newsletter About Volatility, Market Movements, Farming Yield, Crypto Twitter

**[Market Trend](https://www.gate.io/blog_detail/2003/)**｜US Authorities Seize $460 Million In Robinhood Shares, The Indonesian Government Prepares To Launch Exchange

**[Top 5 Price Prediction Weekly Forecast](https://www.gate.io/blog_detail/2011/)** | TA on BTC, ETH, XRP, ADA, and BNB

**[5 Things You Need To Know About The Crypto Market This Week](https://www.gate.io/blog_detail/2008/)** | News about Polkadot, Ripple, FTX, Solana, Ethereum

**[Gate Charity And Coinmap Donates To Children In Vietnam With Funds Raised From Crypto Education](https://www.gate.io/blog_detail/2021/)** | From 4 to 5 January 2023, the Gate Charity team and Coinmap team visited and made donations to children in mountainous areas and ethnic minorities in Vietnam across four locations.

## Notable headlines

**🔹 Whitelisted users are now able to use the ConsenSys zkEVM private testnet**. The goal of the testnet is to test if this new technology improves the crypto developer experience. **However, ConsenSys is also reportedly planning layoffs**, with over 100 employees potentially being let go.

**🔹 UK parliament members are discussing the Financial Markets and Services Bill and calling for stronger regulation of cryptocurrencies**. The bill will be amended by lawmakers and the government will release a report on broader crypto regulation in the coming weeks.

**🔹 A digital pound platform would provide visibility for authorities into banks, but not for users, said a Treasury minister in a Parliament meeting**. The government will be publishing a consultation paper for a UK central bank digital currency in cooperation with the Bank of England in the coming weeks.

**🔹 Four bipartisan lawmakers have requested that an impartial examiner be appointed to oversee FTX's bankruptcy proceedings in a letter to a judge**. The lawmakers have raised concerns about the role of Sullivan & Cromwell, the current firm overseeing the proceedings, and have suggested they are not equipped to properly investigate.

**🔹 The President of Gemini, Cameron Winklevoss, has publicly called for the removal of Digital Currency Group CEO Barry Silbert in an open letter**. The letter accuses Genesis of misleading the company, Earn users, and the public about the company's financial health. **Silbert responded with a detailed response denying the accusations and explaining DCG's stance**. As a result, **Gemini has also terminated its Earn Program** after ending a loan agreement with Genesis

**🔹 Mark Cuban will be giving a deposition in February as part of a proposed class-action lawsuit regarding his alleged promotion of Voyager Digital**. His request to separate the deposition into two sessions was denied.

**🔹 The Cosmos-based project e-Money is in the process of closing its euro-backed stablecoin EEUR**. The company cites the current crypto bear market as the reason for its decision.

**🔹 Defi investment firm Ondo Finance has tokenized U.S. Treasury bonds and investments**. These funds allow investors to earn tokenized interest that is transferable on the blockchain and governed by smart contracts.

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<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.

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