Daily News | Spot ETF Fake News Boosts XRP to Rise by Over 10%, 9% of French Investors Have Invested in Crypto Assets, Nansen Predicts 11 Catalysts for a New Bull Market

2023-11-14, 03:50

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## Crypto Daily Digest: APEC to discuss digital assets, spot ETF fake news boosting XRP to rise by over 10%

The week-long Asia Pacific Economic Cooperation (APEC) summit opened in San Francisco on November 11th.

US Treasury Secretary Janet Yellen stated in her opening speech at the November 13th meeting that she would discuss "long-term priority development areas" with a focus on sustainability. They will also hold two meetings to discuss supply side economics and digital assets.

Yellen specifically mentioned unsecured crypto assets, stablecoin, and central bank digital currency. Sharing insights and collaborating with the private sector allows us to gain a deeper understanding of the tools that policymakers can use to responsibly develop and use digital assets, "Yellen said.

According to Spot On Chain monitoring, FTX has further deposited three assets worth $24 million into Kraken and OKX within the past 5 hours, including 250,000 SOLs ($13.5 million), 8.27 million MATICs ($7.41 million), and 1500 ETHs ($3.1 million).

Overall, as of November 14th, FTX and Alameda have transferred 42 assets worth $438 million to the exchange. Currently, FTX only has 3408 SOLs ($179,000) of liquidity left. However, according to CoinGecko's data, they still hold 42.2 million SOLs ($2.19 billion) in a locked state. These SOLs will only be unlocked from next year and will remain mostly frozen until 2027 or 2028.

According to CoinDesk, in response to previous news about BlackRock's application to register for iShares <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Trust in Delaware, a spokesperson for BlackRock stated that the regulatory documents circulating online were fake and BlackRock had no plans to launch XRP spot ETFs. The price of the Swiss currency rose by over 10% after the false news, but has now fallen back to around $0.65 before.

BlackRock has previously submitted <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF applications to the US Securities and Exchange Commission (SEC). Before submitting its application to the SEC, BlackRock first registered the relevant ETF in Delaware.

After false news emerged that BlackRock had registered Ripple (XRP) Trust on the Delaware company registration website, a $6 million XRP futures position was forced to close.

A study conducted by the French Monetary Authority (AMF) with the support of EU technical support tools shows that as of 2023, 9% of French adults own crypto assets. AMF's survey covered over 1000 new retail investors in France, and the results showed that 24% of French adults invest in various financial instruments. A large portion of it is invested in cryptocurrencies.

Although traditional investments continue to dominate investment portfolios, the preference for crypto assets, especially among young people, highlights the generational shift in investment preferences and the gradual adoption of digital finance solutions in the country.

The AMF survey provides a detailed explanation: “new investors invest less frequently in the stock market than traditional investors.” “Many people are interested in crypto assets: 54% of them own crypto assets (63% of new investors aged 25-34 own these assets), while the proportion of traditional investors is 25%.”

Recently, due to the excellent performance of the crypto market, Alex Svanevik, founder of the blockchain data analysis platform Nansen, released a Twitter analysis of 11 catalysts driving a new bull market, mainly including:

1. The worst time has passed, the seller forced to sell has disappeared, and the fraudster is imprisoned;

2. BTC spot ETFs may be approved within a few months and institutions may enter the market;

3. Financial technology companies are entering the blockchain, and PayPal's issuance of stablecoins is a "canary" in coal mines (a particularly sensitive indicator to economic fluctuations, representing a signal). Other financial technology companies will also take similar measures, and some banks will launch stablecoins in 2024;

4. We have seen new products that are truly worth participating in socializing and gambling;

5. NFT trading volume bottomed out a month ago and has since shown an upward trend;

6. The Web3 games developed in the past two years have started to be launched. I have played several of them, but we only need one stunning game;

7. Technological advancements have made it easier for ordinary people to join, with lower gas fees on L2 and other chains. Account abstraction means that users can enter the crypto world without the need for mnemonics;

8. The DeFi field is now powered by liquid staking tokens (LSTs) and real world assets (RWAs), and yields do not need to rely on Ponzi schemes;

9. The unrealized profit of MicroStrategy's Bitcoin exceeds $1 billion, which will enable the enterprise to achieve FOMO;

10. The Federal Reserve's monetary policy has not even shifted (there may be future interest rate cuts);

11. Bitcoin will experience a halving next year.

In addition, Alex Svanevik believes that DeFi 1.0 benefits from liquidity mining and Ponzi schemes, which is not sustainable. DeFi 2.0 benefits from LST and RWA, which is sustainable. In his view, DeFi 2.0 has now begun.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1699940472btc.png)
Last week closed around $37,000, and this week opened with a high but relatively flat performance. There are no significant trends, and it is expected to continue steadily, retracing to the $36,000 level. The weekly trend may drop to a minimum of $32,850, indicating a bullish retracement.

### ETH
![](https://gimg2.gateimg.com/image/article/1699940495eth.png)
The daily chart attempts to break the $2,135 resistance, reaching a relative high not seen in a year and a half. Short-term support at $2,037 is holding, and if it successfully breaks $2,135, it may reach $2,381. This could lead to a rally in altcoins, and it is recommended to watch for support at $2,030.

### LINK
![](https://gimg2.gateimg.com/image/article/1699940525link.png)
Short-term strategy suggests holding and considering the $14.40 support. Long-term targets include historical highs at $54.31 and milestones at $79.80, $107.5, and $125.89. Conservative advice is to hold long positions.

## Macro: Inflation expectations have slowed down, Goldman Sachs predicts another 1-2 rate hikes next year

On Monday, the US dollar index fell after reaching 106 levels, and ultimately closed down 0.132% at 105.68. The yield on US Treasury bonds has declined, with the 10-year yield closing at 4.64%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 5.033%. The three major US stock indices have fluctuated. The Dow rose 0.1%, the Nasdaq fell 0.22%, and the S&P 500 fell 0.08%.

Spot gold fell first and then rose, with the US market continuing to pull higher, once approaching the $1950 level, and finally closing up 0.3% at $1946.26 per ounce; Spot silver rebounded after falling below the 22 mark in the intraday trading, almost erasing all the intraday losses, and ultimately closed at $22.31 per ounce.

International oil prices have risen to a new high since November 7th, as OPEC's monthly report alleviates market concerns about demand, while the US investigation into suspected violations of Russian oil sanctions by shipping companies has raised concerns about potential supply disruptions. WTI crude oil closed up 1.51% at $78.47 per barrel; Brent crude oil closed 1.25% higher at $82.63 per barrel.

According to a survey by the New York Federal Reserve, the inflation expectation in one year will decrease from 3.7% in September to 3.6%. The inflation expectation in three years will be 3%, which is the same as in September. The inflation expectation in five years will decrease from 2.8% in September to 2.7%.

Federal Reserve Chairman Powell stated at a press conference after the Federal Open Market Committee (FOMC) meeting that inflation expectations are still "well anchored" and added that "it is clear that inflation expectations are in a good state" and "there are no real cracks in the armor.”

In his comments last Friday, Powell acknowledged that "inflation has brought us some illusions" and reiterated that if necessary, the Federal Reserve will raise interest rates again to control inflation.

Jeffrey Roach, Chief Economist at LPL Finance, stated that "investors should pay attention to the more encouraging surveys released by the New York Fed." He pointed out that the New York Fed's survey sample base is larger and more comprehensive in reflecting consumer behavior than the University of Michigan survey.

Overall, economists still expect inflation to decline at a slow pace. The Philadelphia Federal Reserve stated on Monday in its latest quarterly professional forecast survey that economists expect the inflation rate, measured by the Personal Consumer Expenditure Price Index (PCE), the Fed's preferred inflation indicator, to still exceed 2% by 2024. By the last quarter of 2024, the annualized inflation rate will reach 2.3%.

Another important inflation data test will be released on Tuesday. The core CPI excluding food and energy is expected to rise by 4.1% in October, which is consistent with September's data, while overall inflation is expected to ease.

The Goldman Sachs research report points out that the difficult stage of fighting inflation in the United States now seems to have passed. Once the core PCE in the United States drops below 2.5%, it is expected that the Federal Reserve will cut interest rates by 25 basis points per quarter from the fourth quarter of 2024 until the second quarter of 2026.

Two key risks still exist: soaring oil prices and the possibility of something breaking in the new interest rate environment. The risk is real but controllable, partly because the Federal Reserve is free to lower interest rates next year and has enough room.

Goldman Sachs CEO Solomon pointed out that the risk of an economic recession in the United States has significantly decreased compared to 12 months ago, and there is a high chance of a soft landing in the economy. However, the rapid growth of the Asian economy will attract more international funds to invest in the regional capital markets in the long run.

Looking ahead, Solomon believes that although inflation in the United States has eased somewhat, it is still far from the Federal Reserve's 2% policy target. He personally predicts that inflation issues will affect the local economy for a period of time, and does not rule out that the Federal Reserve will raise interest rates again when inflation rebounds. However, there is little chance of raising interest rates again this year, and there may be one to two rate hikes next year. The US economy is facing many uncertain factors, and overall, the opportunity for a soft landing is relatively high.

<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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