Daily News | BBitVM Releases A WhitePaper that May Change the BTC Ecosystem, The SBF Case Made New Progress, The Accounts Related to the Terrorist Organization Hamas Frozen

2023-10-11, 04:42

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## Crypto Daily Digest: BitVM Releases White Paper, SBF Cases Make New Progress

Yesterday, the <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ecosystem was boiling due to the release of the BitVM white paper. ZeroSync developer Robin Linus announced the BitVM proposal, which can implement almost any computation and use this computation to execute what happens on the Bitcoin chain. BitVM has opened a very interesting door for Bitcoin application development.

It can implement almost all arbitrary calculations and use these calculations to execute what happens to Bitcoin on the chain. This does not require changing the consensus of Bitcoin at all. The trick is to move all logic out of the chain, and if the other party claims that the result is dishonest, they can challenge several steps of the calculation on the chain. In short, BitVM will bring any Turing complete computing to Bitcoin itself in an executable manner.

Justice has long arms! The crimes you committed today will definitely receive the punishment you deserve in the future. The FTX case has undergone new information disclosure and progress. Bloomberg reported that former Alameda Research CEO Caroline Ellison testified in the Sam Bankman-Fried case. Ellison told the jurors that she, Bankman Fried, and others deceived FTX's clients and investors, as well as Alameda Research's lenders.

Ellison stated that “Alameda took billions of dollars from FTX clients and used them for its own investment" and repaid the lenders. “We ultimately took about $14 billion, some of which we were able to repay," she testified. Ellison pointed to Bankman Fried on the defense bench and said, “He was originally the CEO and owner of Alameda, and he instructed me to commit these crimes.” Ellison stated that these crimes were committed together with Sam.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1697005651BTC.png)
Today's trading volume has decreased sharply, and the short-term breakthrough at $27,282 has been followed by a continuous decline. It is expected that this week may see a pullback to the $26,920 level, indicating a need for significant consolidation. The strong support level to maintain is at $25,280. Keep an eye on the possibility of Bitcoin having an independent trend in the medium term.

### ETH
![](https://gimg2.gateimg.com/image/article/1697005671ETH.png)
There is a medium-term trend of breaking the bottom, and those who entered short positions at the $1,631 level have continued to profit. The maximum target for a downward move is expected to be $1,465, and the short-term trading volume continues to weaken. A conservative strategy may involve taking profits, and for those looking to enter at higher prices, it is advisable to closely watch the $1,590 support level.

### MKR
![](https://gimg2.gateimg.com/image/article/1697005689MKR.png)
As a leading coin in the RWA sector, in the short term, MKR has dropped below the critical $1,370 support level and may need to retrace to the strong $1,305 neck support. If you have a positive outlook on this project, it is recommended to adopt a long-term strategy. The long-term targets remain the same: $2,294, $6,319, $9,367, and $14,308.

## Macro: The Federal Reserve tends to be dovish, the Israeli-Palestinian conflict may have a broader impact

Recently, there have been frequent dovish comments from Federal Reserve officials, which is a good thing for the market. If interest rate hikes can be stopped early, interest rate cuts will likely be made early next year.

Bostek said, “I don't think we need to raise interest rates anymore, but if the outlook changes, further rate hikes may be needed.”

Kashkari said, “If the economy becomes more resilient, it may have to raise interest rates further. The potential increase in yields may mean that the Federal Reserve has to reduce its actions, but if this is the market's expectation of the Fed's actions, then we will persist in fulfilling them.”

Waller said, “It is very useful to draw on the Taylor rule when considering the appropriate monetary policy response required to bring inflation back to 2%.”

From the yield data, further interest rate hikes are not supported. The yield of US treasury bond bonds fell sharply on Tuesday, and the yield of two-year treasury bond bonds sensitive to interest rate policy closed at the lowest level in more than a month, because traders of federal fund interest rate futures believed that the Federal Reserve would probably not raise interest rates again. The yield of two-year US treasury bond bonds fell 9.5 basis points to 4.982% from 5.077% on Friday.

According to Dow Jones market data at 3 pm Eastern Time, the yield hit its lowest closing level since September 8th. The yield of the 10-year treasury bond fell 12.9 basis points to 4.654% from 4.783% on Friday, hitting the lowest closing price since September 29. The 30-year treasury bond yield fell 11.3 basis points to 4.828% from 4.941% on Friday.

The World Gold Council releases a monthly report, which states that as the US economy remains active and bond yields continue to rise, gold may face continued volatility in the coming weeks. However, due to the fragile stock market, rising recession risks, inflation fluctuations, and the continued interest of the central bank in gold, we believe there will be no substantial downward trend in gold prices. If the market becomes overly short, this may be a buying opportunity for some investors.

Last night, spot gold failed to achieve further gains and closed down 0.05% at $1,860.46 per ounce. Some analysts believe the rebound in European and American stock markets has affected gold prices. Spot silver closed 0.24% lower at $21.83 per ounce. The three major US stock indices collectively closed higher, with the Dow Jones Index up 0.4%, the Nasdaq up 0.58%, and the S&P 500 Index up 0.51%.

Regarding the recent Palestinian-Israeli conflict, the Chief Economist of the IMF International Monetary Fund said it is too early to determine whether the war between Israel and Hamas will have widespread economic consequences.

Pierre Olivier Gourinchas stated that the conflicts may cause energy supply shocks, thereby driving up oil prices, exacerbating inflation, and reducing economic growth. IMF research shows that for every 10% increase in oil prices, global economic growth decreases by 0.15 percentage points. Although oil prices have risen since the beginning of the war, Gourinchas said that the increase in oil prices may not continue. He said at the IMF annual meeting in Marrakech, Morocco, "I think we must be cautious. I think it is too early to truly assess the potential impact.”

<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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