Google searches for Bitcoin have returned to 2020 levels. The U.S. import price index in September was 0.1%, 0.5% lower than the previous value and 0.5% lower than expected. Potential inflation remains mild. Entering the third quarter earnings season, JPMorgan Chase's Q3 revenue increased by 22% year-on-year, and its full-year performance guidance was raised; Citigroup's Q3 revenue increased by 9% year-on-year, and investment banking revenue increased by 34% year-on-year; BlackRock's Q3 net profit increased by 13% year-on-year; Wells Fargo's Q3 revenue increased by 6.6% year-on-year. OPEC raised its forecast for global economic growth in 2023 to 2.8%. The discount rate of the Grayscale BTC Trust Fund GBTC has narrowed significantly from 43% in June this year to 16.5%, and confidence in the approval of spot ETFs has gradually increased.
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In a new report, the Culture, Media and Sport Committee of the House of Commons of the United Kingdom issued a stern warning against the use of so-called fan tokens by football clubs, saying that "any way of measuring fan participation in sports, including the upcoming football regulations, should explicitly exclude the use of fan tokens." Ruan Guoheng, deputy director of the Hong Kong Monetary Authority, said that the relevant design work on the stablecoin regulatory system is still in progress, and after completion, the market will be consulted before formal legislation. When developing the crypto asset business in Hong Kong, it should focus on the possibilities brought by the technology platform, emphasizing that distributed ledger technology (DLT) and tokenization technology are beneficial to the operation of the entire financial market, and new technologies bring risks as well as opportunities. Buffett's Berkshire, which previously invested in Nu Holdings, the parent company of Brazilian digital bank Nubank, has seen its stock price soar 93% this year. Data provider CCData analyzed that Coinbase's spot trading volume was about US$76 billion, a year-on-year decrease of 52%, the lowest level since Coinbase went public on Nasdaq in 2021. Payment giant Mastercard announced that it has launched a new functional solution that can support CBDC (Australia) to be tokenized on different blockchains, providing consumers with more payment options and supporting CBDC holders to purchase NFTs listed on the ETH public blockchain.
21co reports that by 2030, the market value of tokenized assets will reach $10 trillion in a bull market and $3.5 trillion in a bear market, based on the penetration of the total potential market of various asset classes, including non-financial corporate debt, real estate funds, private equity, securities collateral, trade finance and public debt securities. A survey by the Investor and Financial Education Committee under the Securities and Futures Commission (SFC), the securities regulator in Hong Kong, showed that 8% of retail investors in Hong Kong invested in some kind of crypto assets in 2023, a significant increase from 1% in 2019. 6% of people are involved in NFTs and 2% in stablecoins. 11% of investors surveyed expressed their intention to invest in virtual assets or related products in the next 12 months. The FEC report highlights the growing trend. The monthly rate of the US import price index in September was 0.1%, lower than the previous value of 0.5% and lower than the expected value of 0.5%. The import price index was lower than expected, and potential inflation remained mild. The overall CPI of 3.6% released yesterday was slightly higher than expected, and the core CPI of 4.1% remained down. Fed's Harker said: The Fed prefers to observe core inflation indicators rather than overall inflation indicators, and expects inflation to steadily decline and fall below 3% this year (2% is the final target). Price pressures continue to weaken, and interest rate hikes may have been completed. After Fed Harker again called for maintaining interest rates unchanged, swap contracts reduced the possibility of the Fed raising interest rates this year. A survey by the New York Fed showed that large banks expect the Fed to stop shrinking its balance sheet in the third quarter of next year.
Danske Bank: Potential inflation and wage growth in the United States have begun to slow down. In 2023, inflation rates in the United States and the eurozone may fall. We believe that most Western central banks have now ended their respective interest rate hike cycles. The nine members of the Federal Reserve who spoke publicly this week had almost the same view: the surge in U.S. Treasury yields is helping the Federal Reserve tighten the market and has played a role in raising interest rates without actually raising interest rates, although this was not done by the Federal Reserve "personally". A similar situation occurred in March this year, when Powell pointed out that bank failures and related crises were actually equivalent to a rate hike. There is not much to worry about at the November interest rate meeting, and the probability of a rate hike in December has dropped from nearly 50% yesterday to 36%. Grayscale's BTC Trust Fund GBTC discount rate has narrowed sharply from 43% in June this year to 16.5%. The fluctuation of this indicator is seen as a change in the market's confidence in the approval of BTC spot ETFs. The U.S. Securities and Exchange Commission (SEC) may gradually approve spot BTC ETFs. In early October, Martin Bednall, a former executive of BlackRock, said that "the SEC may approve all spot ETs at the same time. The approval of potential spot ETFs will have a huge positive impact on the crypto market." The SEC's review of spot ETFs will be concentrated in March next year. Bitcoin production will be halved in April, and the Chinese New Year will be in February.
The Google search volume of Bitcoin has returned to the 2020 level. Although there is still a little "painful" time left, as an old investor, I also know the pain of 2014/2015, 2018/2019, and I know more clearly the huge leaps of 2016/2017, 2020/2021. So for the old man, 2022/2023 does not seem to be very important, but it is just some so-called "price" to be paid for the trough/peak. For Bitcoin, success or failure has never been in the first two years, but in the last two years. Many "successful people" achieved by Bitcoin were also born in the last two years. As long as you understand this truth and stand in the fourth year, it is very meaningful to cross the bull and bear markets. #公链生态 #一起来跟单 #DeFiChallenge #注意资金安全
