Daily News | SATS Surpassed ORDI in Market Cap; SEC Approves Bitcoin Spot ETF As Early As January Next Year; S&P Released Stablecoin Evaluation Report

2023-12-13, 03:52

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## Crypto Daily Digest: SATS surpasses ORDI in market cap, the SEC approves Bitcoin spot ETFs as early as January next year
Firstly, let's take a look at the latest developments in in_script_ions that have received much market attention recently.

Yesterday, a vulnerability CVE-2023-50428 existed in <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Core software before version 26.0 and Bitcoin Knots before version 25.1. knots20231115 has been officially adopted by NVD (National Vulnerability Database of the United States). This vulnerability allows for bypassing data carrier size restrictions by disguising data as code (e.g. using OP-FALSE OP-IF), which was exploited by "In_script_ion" in 2022 and 2023. The basic score of CVSS (Common Vulnerability Scoring System), which has been officially assessed by NVD for this vulnerability, is 5.3, belonging to the medium risk level.

Contrary to this negative news, people's FOMO sentiment towards the in_script_ions continues to heat up.

On December 12th, according to market data, the total market value of SATS has now surpassed ORDI (total market value of $1.135 billion), with a temporary report of $1.137 billion, ranking 62nd on the crypto market value ranking. As of the time of publication, SATS has temporarily reported $0.00000053, with a 24-hour increase of 140.49%.

The latest news on ETFs, which have been overshadowed by the popularity of the in_script_ions on the track and have cooled down, is that on December 13th, US ETF expert Nate Geraci stated on her social media platform that she has communicated with Valkyrie Funds co founder Steven McClurg, who stated that she has had a very detailed conversation with the SEC regarding the structure of Bitcoin spot ETFs and is "very close" to reaching a consensus. It is expected that Bitcoin spot ETFs will create new fund shares in cash.

In addition, Nate Geraci stated that the product preparation work and backend infrastructure for the ETF launch are in place, and the SEC may approve Bitcoin spot ETFs at any time after January 2nd.

The highly anticipated Bitcoin bond in El Salvador, the "Volcano Bond," has received regulatory approval.

On December 11th, El Salvador's Digital Assets Committee approved the issuance of volcanic bonds, which are expected to be launched in the first quarter of 2024. El Salvador passed important legislation on January 11th to provide a legal framework for Bitcoin supported bonds for the first time. Volcano bonds aim to repay sovereign debt and fund the construction of the proposed Bitcoin City in the country. The National Bitcoin Office (ONBTC) has announced that the bonds will be issued on Bitcoin Securities, a blockchain stock and bond trading website registered in El Salvador.

In addition, El Salvador has recently launched a $1 billion Bitcoin mining project that will utilize the country's volcanic resources through cooperation with Luxor Technology.

Yesterday December 12th was the 13th anniversary of Bitcoin creator Satoshi Nakamoto's last public announcement on the Bitcoin forum. In this message, Satoshi Nakamoto mentioned that "there is still more work to be done in terms of [denial of service] DoS attacks." This statement reflects his concern about the security of Bitcoin networks, especially in resisting potential denial of service attacks. Since then, Satoshi Nakamoto has not spoken publicly, and his identity and whereabouts remain one of the biggest mysteries in the digital currency industry.

On Tuesday, the renowned rating agency Standard&Poor's Global Ratings released an assessment of the stability of eight stablecoins, including Dai (Dai), First Digital USD (FDUSD), <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> (USDT), <a href="/price/frax-frax" target="_blank" class="blog_inner_link">Frax</a> (Frax), <a href="/price/trueusd-tusd" target="_blank" class="blog_inner_link">TrueUSD</a> (TUSD), <a href="/price/usd-coin-usdc" target="_blank" class="blog_inner_link">USD Coin</a> (USDC), USDP, and GUSD.

Analysts mainly focus on the quality of stablecoin assets that support stability. The overall quality is measured by custody risk, credit, and market value. The evaluation results show that USDC, USDP, and GUSD have received a "strong" rating. USDT, DAI, and FDUSD received a "constrained" rating, while FRAX and TUSD received a "weak" rating. Analysts stated that in the first evaluation, no stablecoin received the highest rating of "very strong.”

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1702447781BTC.png)
CME trading volume has sharply decreased this week, and the market continues to open lower this morning. It is expected that the market will continue to retrace towards the support level of $40,400 this week, with additional support at $37,980. A second significant retracement is anticipated later. For long positions, it is recommended to hold steady at the $35,333 support level.

### ETH
![](https://gimg2.gateimg.com/image/article/1702447802ETH.png)
Last week, the target price of $2,381 for ETH was achieved with a high of $2,386. This week, a retracement is expected, with support levels at $2,135 and $2,037. The short-term high has been reached, indicating a short-term bearish and long-term bullish correction period. Consider re-entering at the $1,951 support level.

### BIGTIME
![](https://gimg2.gateimg.com/image/article/1702447824BIGTIME.png)
BIGTIME, positioned since mid to late October, has remained quiet for over a month. It has recently shown a significant rise, reaching close to $1 in the past week with an overall increase of over ten times. Short-term consolidation at high levels is possible. Short-term support is at $0.5712 and $0.4494, with a potential pullback to $0.2316 before continuing the upward trend.

In the long term, there is an opportunity for BIGTIME to lead the overall chain game market, pushing market value to new heights and creating a triple-win situation with spot and contract gains.

## Macro: With the unexpected increase in CPI, interest rate cuts may soon arrive
On Tuesday, the year-on-year growth rate of the US November unadjusted CPI slowed down to 3.1% as scheduled, and the month-on-month growth rate unexpectedly accelerated to 0.1%; The year-on-year growth rate of core CPI was 4%, which remained unchanged from October and accelerated to 0.3% month-on-month, both in line with expectations. Traders now expect the first rate cut by the Federal Reserve to take place in May 2024.

Due to the unexpected acceleration of the month on month CPI growth rate in the United States in November, which hit the market's expectation of interest rate cuts, the US Treasury yield rose in the short term during the day. The medium to long-term US Treasury yield fell again after the release of the 30-year US Treasury auction results, and the 10-year US Treasury yield closed at 4.202%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.735%. The US dollar index hit a new high after the release of CPI data, but then gave up its gains and ultimately closed down 0.259% at 103.82.

Spot gold rose first and then fell, briefly falling below the $1,980 level, and ultimately closing slightly lower by 0.02% at $1,980.96 per ounce, still hovering at a three week low; Spot silver closed down 0.1% at $22.77 per ounce.

The setback in expectations of early interest rate cuts by the Federal Reserve to some extent means that there is a greater risk of an economic hard landing, causing early attempts to rebound international crude oil to lose momentum and hit a new 5-month low. WTI crude oil experienced a slight increase in intraday decline to 4%, ultimately closing down 3.74% at $68.8 per barrel; Brent crude oil closed down 3.53% at $73.58 per barrel.

The three major US stock indexes slowly rose, with the Dow Jones Industrial Average up 0.48%, the Nasdaq up 0.7%, and the S&P 500 index up 0.46%, marking four consecutive trading days of gains and setting a new closing high since January 2022.

After the release of CPI data, US Treasury Secretary Yellen commented on the CPI data, stating that the rising real interest rates may affect the Federal Reserve's decision on the interest rate path.

At the macro level, the expected interest rate cut was in the second half of next year, but now the market has predicted that it will advance to May. After next year, this expectation may continue to advance. So the expectation of interest rate cuts will only advance and not retreat, and the number of interest rate cuts will only increase and not decrease. This is the premise for the macro level support of a bull market starting next year.

With this premise, the entire financial market will boil again, and the crypto market will boil even more, so next year is an opportunity year.

According to data from the analysis platform Glassnode, the realized net profit locked in by Bitcoin investors in US dollars has reached $324 million per day, which is still one order of magnitude lower than the peak experienced in the later bull market of 2021, when the peak exceeded $3 billion per day.

This indicates that Bitcoin's current performance is largely within the scope of an early bull market, rather than a later bull market. So, everyone must cherish the gaps in the early bull market, be well prepared, and welcome the outbreak of the bull market together.

<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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