Asset management firm believes January launch of tokenization engine via BTC ETF Swic

Headlines

▌Fox: Large asset management firms believe the U.S. SEC will approve the first spot Bitcoin ETF in early January

Big money managers are increasingly confident that the U.S. Securities and Exchange Commission will make cryptocurrency history by approving the first spot Bitcoin ETF in early January, Fox Business has learned. Sources close to the companies said recent guidance from SEC officials is that a green light is likely to come before January 10, 2024. This is the deadline for the SEC to approve or reject the first company’s filing seeking SEC approval for a spot Bitcoin ETF: Cathie Wood’s Ark Investment Management partners with 21Shares.

▌Swic launches tokenization engine for developing countries

SWIC Digital Gateway AG launches SWIC, a A tokenization engine designed to promote financial inclusion and resilience in developing countries. SWIC was founded by Swiss asset management firm Stefan Bucher to break through traditional financial barriers and provide opportunities to the 1.4 billion individuals around the world who remain economically excluded.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was 42,960.3 US dollars, with fluctuations during the day. Frame-1.60%;

ETH Recent The transaction price was US$2264.6, and the intraday increase or decrease-0.27%;

BNB The recent transaction price was US$264.3, with intraday changes -1.93%;

The recent transaction price of XRP was US$0.612, with an intraday increase and decrease of -1.54% ;

The recent transaction price of DOGE was US$0.0917, with an intraday increase or decrease of -2.18% ;

ADA’s recent transaction price was US$0.5914, with an intraday increase or decrease of -3.84 %;

SOL’s recent transaction price was US$112.96, with intraday gains and losses-0.60%.

Policy

▌Former SEC Official: SEC Chairman’s Legacy May Be Approval of Spot Bitcoin ETF

Former SEC official John Reed Stark said that SEC Chairman Gary Gensler’s legacy may be to approve a spot Bitcoin ETF.

▌Nineteen companies applied to join the UK Digital Securities Sandbox

The British government stated , has received 19 expressions of interest from existing financial market infrastructures, banks and new entrants looking to participate in the first test of its digital securities sandbox. DSS will enable companies to use distributed ledger technology to simulate the operations of a central securities depository and trading venue to accommodate digital assets. The sandbox is seen as a way to test technology through temporary changes to existing legislation, with the power to change the legislative framework as testing progresses.  

After analyzing the responses, the Government intends to retain to a large extent the approach initially outlined in the consultation, the Treasury said. This will involve establishing a broad framework for DSS in legislation and giving regulators appropriate flexibility to manage the requirements of participating entities. The government intends to include all relevant assets (except derivatives) currently within the scope of regulation into the DSS.

Blockchain Applications

▌Delegate founder: Ethereum seems to have Lost some roots

Delegate founder foobar discussed Ethereum on the X platform. foobar said that Ethereum seems to have lost some roots in terms of security. More relays succumb to OFAC, LST models defeat individual stakers, etc., so fixing the execution layer may be necessary for EVM to win. Sure, and confident enough that ETH will have some fixes by 2026, but this isn't 2013 and the world can't be expected to stand still for three years while we dig into PBS executing tickets and L1 being unavailable for EOA Upgrading EVM for the central concurrent execution layer is necessary to stay ahead of the curve. Another failed narrative: L2 is supposed to be a testing ground for new EIPs. But that didn’t happen, instead L2 lagged behind L1 in EIP adoption, so Ethereum needed to play a bigger role in driving these improvements, and a successful L2 upstream would drive the entire ecosystem forward.  

The difficulty/cost of aggregation is not the main bottleneck though, it is the swamp of surrounding EVM infrastructure that must be coordinated in parallel to achieve EIP-3074 support. The main bottleneck is the wallet. So if m*tam*sk wants to board the ship, L1 needs to lead the way.

▌Paradigm CTO: We take on a lot of complexity in Ethereum

Paradigm chief technology officer and research partner Georgios Konstantopoulos said on social media that we take on a lot of complexity in Ethereum. As the crypto world evolves, we will learn if this is necessary or if we are just making things complicated and want to invent fancy solutions. I'm still in the "necessary evil" camp, but willing to change my mind in 2024. The premier theme for pbs/pos design. No other chain has seen mev like Ethereum. Let’s see who passed the stress test and which/if any mitigation measures were important.

▌Lido Strategic Consultant: The biggest strategic mistake Ethereum can make One of the mistakes is to try to compete as an executive layer

Lido strategic advisor Hasu tweeted that Rollups now accounts for 20% of Ethereum’s revenue and is growing rapidly. This demonstrates the need for “opaque modifications” that Ethereum itself cannot easily provide. One of the biggest strategic mistakes Ethereum could make is trying to compete as an execution layer instead of focusing on what it uniquely can offer: security. With all of these issues agreed upon, the Ethereum Roadmap 2024-26 does a lot to address them. To me, it just goes to show that doing a good job of security is extremely difficult. Apart from introducing centralization, no other chain does these things better

▌Moody's: Public blockchains such as Ethereum will become more connected to traditional infrastructure over time

Moody's It is believed that over time, public blockchain networks such as Ethereum and traditional infrastructure will become more interconnected, which will enhance blockchain use cases and promote industry growth. Asset tokenization converts assets such as funds, real estate or art into digital tokens, allowing them to be stored and transferred using DLT. Progress has been made over the past year. The total value of real-world assets tokenized on public blockchains has increased from $1 billion to $2 billion in the past 12 months, with Ethereum currently hosting the vast majority of them. One factor hindering tokenization adoption is the lack of reliable forms of digital cash, which leads market participants to settle transactions off-chain or use stablecoins.

Cryptocurrency

▌VanEck Analyst: After spot Bitcoin ETF is approved, There will be an inflow of US$2.4 billion in the short term

It is widely believed that spot Bitcoin ETF applications are the main driving force for Bitcoin to return to levels above US$40,000. The argument is simple: as the legitimacy of the system increases, the pool of capital flowing into Bitcoin will deepen. From hedge funds and commodity trading advisors (CTAs) to mutual funds and retirement funds, institutional investors can easily diversify their portfolios. They will do this because Bitcoin is a depreciation-resistant asset. Not just against forever devalued fiat currency, but against unrestricted gold. By comparison, Bitcoin is not limited to just 21 million, and its digital nature is protected by the most powerful computing network in the world.  

VanEck analysts estimate that there will be $2.4 billion in short-term inflows after the spot Bitcoin ETF is approved. VanEck expects the capital pool to grow by $40.4 billion in the first two years. Galaxy researcher Alex Thorn expects capital accumulation to exceed $14 billion in the first year, which could push BTC prices to $47,000.

▌UNI breaks through 7 US dollars

The market shows that UNI breaks through 7 US dollars and is now quoted 7.01 US dollars, with an intraday increase of 13.06%. The market fluctuates greatly, so please control risks.

▌Bitcoin accounted for 57.25% of all NFT transactions this week with $265.61 million in sales

Cryptoslam.io data shows that since early November, as Bitcoin surged, NFT sales began to climb again, with sales falling by 12.26% this week. On the contrary, the number of NFT buyers surged by 72.05%, and the number of sellers increased by 56.61%. Of the top ten major NFT collections over the past week, nine came from the Bitcoin blockchain, with only Solana’s “OpenSolmap” collection ranking fifth, with sales of $10.24 million.  

Previously, “blue-chip” NFT series based on Ethereum, such as Cryptopunks and BAYC, dominated the sales rankings. However, this week, BAYC fell to 27th place, Cryptopunks fell to 45th place, and Bitcoin once again led the way with sales of $265.61 million, accounting for 57.25% of all NFT transactions this week. Solana’s sales were $88.42 million, while Ethereum’s sales were $75.91 million.

▌Dave Weisberger: Redeeming Bitcoin with Cash Essentially The burden of currency trading has been shifted from professional trading companies to authorized APs such as Morgan Stanley

Dave Weisberger, co-CEO of CoinRoutes, said that the US Securities Commission’s regulations on cash redemptions essentially replace Bitcoin The burden of coin trading has shifted from professional trading firms to authorized participants (APs) such as Morgan Stanley and Goldman Sachs, which means there will be less competition among issuers and performance will be based on which issuer has better resources and trading Strategy. The SEC insists on physical cash redemptions because the agency currently does not allow broker-dealers such as Robinhood and Fidelity to trade spot Bitcoin directly. It’s unclear why the agency continues to block brokers from trading spot Bitcoin, but Weisberger believes it has a lot to do with political tensions surrounding digital assets among members of Congress. One explanation given by people who met with the SEC is that the commission is concerned that Bitcoin is being used for money laundering, market manipulation and other illegal purposes.

▌Bitcoin Short Time Falling below US$43,000

Market data shows that Bitcoin fell below US$43,000 in a short period of time and is now quoted at US$43,152, with a 24-hour drop of 1.26%. The market fluctuates greatly, so please control your risks.

Important economic developments

▌JP Morgan Economist: The United States may Interest rates will begin to be cut from left to right, and the total will be reduced by 125 basis points

Zhu Haibin, chief economist of JPMorgan Chase China, predicted on the 24th when he attended the 2023 China Wealth Management 50 Forum Annual Meeting (10th) in Shenzhen , under the dual pressure of tightening monetary and fiscal policies, the U.S. economy will most likely decline next year and may enter a recession. He further pointed out that the current market’s basic judgment on the Federal Reserve’s interest rate policy next year is that it will not raise interest rates again. The market is now mainly discussing when to cut interest rates and how much it will cut next year. According to the predictions of our U.S. team, the U.S. may start cutting interest rates around June next year, with a cumulative reduction of 125 basis points. Talking about the trend of the U.S. fiscal deficit rate next year, he said that JPMorgan Chase's current forecast shows that the United States will face dual pressures from tightening monetary and fiscal policies next year.

Golden Encyclopedia

▌What is cryptocurrency attribution?

The process of locking a cryptocurrency token or tokens for a predetermined period of time before allowing token holders full access or transfer is called crypto vesting. It is commonly used for initial coin offerings, token sales, and other cryptocurrency-related fundraising events. Cryptocurrency vesting is designed to incentivize long-term dedication and discourage early investors or team members from rushing to sell their tokens for a profit and then leave the business. The person or entity who acquires the tokens gradually gains access to the tokens over time.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.