Daily News | The SEC May Approve Bitcoin Spot ETFs As Early As This Tuesday; ZKBase Is About to Implement a 1:1 Token Swap; TRB, SILLY and ORDI Skyrocketing

2024-01-01, 02:09

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## Crypto Daily Digest: The SEC may approve Bitcoin spot ETFs as early as this Tuesday; TRB, SILLY, and ORDI skyrocketing
It’s the first day of 2024, Happy New Year to everyone!

Firstly, the highly anticipated ETF is coming soon. According to Reuters citing sources familiar with the matter, if they choose to approve <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs, they may notify the issuer as early as Tuesday or Wednesday of this week.

Yesterday, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> founder Vitalik Buterin tweeted an updated roadmap for Ethereum's development in 2023. The roadmap mainly includes six parts: The Merge, The Surge, The Scourge, The Verge, The Purge and The Spluge. "The Merge" completed in September 2022 marks the shift of Ethereum from PoW to PoS consensus mechanism, significantly reducing the energy consumption of the network. Meanwhile, "The Surge" has made significant progress. The cross-rollup standard and interoperability are also considered areas that require long-term improvement.

In addition, Buterin emphasized that the role of Single Slot Final Determinism (SSF) in improving PoS after the merger is being consolidated, and it is the simplest way to address many current weaknesses in Ethereum PoS design.

In terms of the ZK track, according to official reports, the Layer 2 full-featured protocol ZKBase (formerly ZKSpace) based on ZK Rollups has completed the destruction of 400 million tokens (accounting for 40% of the total ZKS), reducing the unissued amount of ZKS from 440 million to 40 million, with a deflation rate of over 90%. Combined with the ongoing platform renewal repurchase and destruction, the total amount of ZKS has decreased from 1 billion to less than 600 million, and the remaining tokens will be used for future operational activities and community incentives.

In 2024, the team plans to launch ZKSwap (Bitcoin) for BRC20 and Bitcoin tokens, and upgrade ZKS to ETH and BTC dual chain Layer2 governance tokens. Previously, the ZKBase team announced the brand upgrade to ZKBase, including exchanging ZKS1:1 for ZKB, which will become the new governance token of the ZKBase team. Token holders can enjoy various benefits such as ERC20-BRC20 cross chain advantages and 100% transaction fees.

The future team will further develop the Layer2 ecosystem of ETH and BTC, and migrate a portion of ZKS tokens to the BTC network. The benefits obtained from the migration will also be fully used for continuous repurchase and destruction of tokens, and to accelerate token deflation plans.

According to Dune data, the cumulative cost revenue from the Ordinals In_script_ion of the Bitcoin NFT protocol reached 5238.0058 BTCs, equivalent to approximately $218,359,158. The current total number of cast in_script_ions reaches 52,651,648.

In terms of market fluctuations, Teller Tributees (TRB) is currently trading at $282.81, with a 24-hour increase of 16.66%; <a href="/price/kadena-kda" target="_blank" class="blog_inner_link">Kadena</a> (KDA) is currently reporting $1.37, with a 24-hour increase of 19.6%; Silly Dragon (SILLY) is currently trading at $0.139, up 11% in 24 hours; ORDI (ORDI) is currently trading at $82.36, with a 24-hour increase of 9.4%.

However, the pullback also came quickly. Coinglass data shows that TRB contracts have sold out $59.9364 million in the past 24 hours, with multiple orders selling out $19.1616 million and short orders selling out $40.7748 million.

The market shows that TRB has rapidly risen before, breaking through $600 in the short term, and then experiencing a significant pullback. Currently, it is at $208.31, down 20.2% in 24 hours; SILLY is currently reporting at $0.132, while ORDI (ORDI) is currently reporting at $81.10.

According to The Block, the cross-chain bridging protocol Orbit Chain is suspected to have been hacked, resulting in an abnormal outflow of cryptocurrency worth $81.5 million. In five separate transactions, Orbit Bridge sent $50 million stablecoins (30 million USDTs, 10 million DAIs, and 10 million USDCs), 231 wBTCs (approximately $10 million), and 9500 ETHs (approximately $21.5 million).

X user Kgjr was the first to notice the hacking behavior, and the exact nature of the hacking attack is still unclear. According to PeckShield monitoring, the attacker initially raised 10 ETHs from Tornado Cash and transferred them through an intermediate address starting with 0x704.

According to CertiK's statistics, security incidents in the crypto field in December have caused a total of $33.5 million in losses, including approximately $3.2 million in losses from exiting scams, approximately $2.4 million in losses from flash loan attacks, and approximately $27.8 million in losses from exploit incidents.

## Macro: In the first week of 2024, non-farm payroll and Federal Reserve meetings are about to kick off the New Year's Eve

The transaction for 2023 came to an end like this. The price of New York gold futures rose by over 13% throughout the year, marking the largest annual increase since 2020. The market's expectation of the Federal Reserve cutting interest rates as early as March next year has boosted gold prices.

In 2023, New York gold futures had a low of nearly $1,800 and a high of a record high of $2,135.40. Investors expect gold prices to reach a historic high in 2024, as the market generally expects a dovish shift in the Federal Reserve's policies, ongoing geopolitical risks, and central bank purchases of gold to support the gold market.

The US dollar index fell more than 2% in 2023, the largest annual decline since 2020. Due to more and more people betting that the Federal Reserve will cut interest rates in 2024, the US dollar experienced a significant decline in the fourth quarter, which weakened its attractiveness as other central banks may maintain higher interest rates for a longer period of time. Swap traders currently expect the Federal Reserve to cut interest rates by at least 150 basis points, with interest rate cuts starting as early as March. However, the recent decline of the US dollar indicates that there is still room for a temporary rebound.

The annual decline of crude oil is about 10%, breaking the upward trend of two consecutive years. This shift can be attributed to a tumultuous year, with geopolitical tensions, production cuts, and a decline in global inflation highlighting the headwinds facing crude oil, which is expected to further weaken in the near future. Investors still need to closely monitor the situation. US natural gas futures fell nearly 44% in 2023, marking the largest annual decline since 2006.

In the first week of the new year, the market will welcome heavyweight data such as non-farm payroll, Federal Reserve meeting minutes, and PMI for manufacturing and service industries in Europe and America.

The minutes of the Federal Open Market Committee (FOMC) meeting may reveal the Federal Reserve's willingness to cut interest rates in the first quarter. At that meeting, officials hinted at ending the radical interest rate hike. The Federal Reserve has maintained its benchmark interest rate at its highest level since 2001 and is not expected to further raise it. Quarterly forecasts show that Federal Reserve officials expect to cut interest rates by 75 basis points next year. The upcoming minutes will provide further details on the above decision.

If the expectation of the Federal Reserve cutting interest rates in the first quarter is consolidated, it may further suppress the US dollar and boost gold. It is worth noting that gold often performs well in the first month of each year. Since 1971, the average return on gold in January has been 1.79%. During the same period, gold achieved positive returns for almost 60% of the time in January.

Back in 2000, gold achieved returns in 70% of January. In addition to the influence of the Federal Reserve, gold demand will increase after entering the Chinese New Year. If the historical trend remains unchanged, gold is likely to continue to rebound until the first month of 2024. This means that this may be a good buying opportunity.

<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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