Daily News | Alert to WinRAR Vulnerability, Bank for International Settlements Considering Regulatory Regulation of the Crypto Industry, Future ETF Spot Pass Rate May Increase Significantly

Crypto Daily Digest: The Bank for International Settlements is considering regulating the development of the crypto industry, and the spot pass rate of ETFs may increase significantly in the future

If you can’t beat them, join them.

Yesterday, the Basel-based Bank for International Settlements (BIS) published a study stating that so far, crypto assets have not decreased but have magnified the financial risks of underdeveloped economies. This technology can still be applied in various constructive ways, and regulation needs to guide innovation in these useful directions for society.

Research has shown that considering the difficulties of implementation and the risks of suppressing innovation, it is more advisable to regulate the crypto industry than to ban it completely.

The possibility of obtaining approval for future ETF spot trading in the United States has significantly increased.

According to YCharts.com, GBTC’s trading price on Friday was 26% off its net asset value (NAV). On August 14th, this proportion dropped to below 24%, a decrease of about 20 percentage points from about 44% on June 13th.

Fineqia research analyst Matteo Greco said, “The significant narrowing indicates a significant increase in the likelihood of future ETF spot approvals in the United States, prompting investors to purchase GBTC at significant discounts, and we believe that ETFs will be listed in the future.”

Chase White, a senior research and policy analyst at Compass Point Research & Trading, predicts that after winning in grayscale, the discount of GBTC may “significantly narrow,” possibly to 10%.

According to Coinglas data, the current negative premium rate of the Grayscale Bitcoin Trust Fund (GBTC) at the time of publication is 25.83%.

On the other hand, always be vigilant about crypto security issues.

The Chief Information Security Officer of SlowMist, 23pds, stated on the X platform that WinRAR has exposed a remote code ution vulnerability (CVS-2023-40477), which allows attackers to lure targets to access malicious pages or simply open malicious files to ute code. Once a user utes, it may allow hackers to control the computer, and cryptocurrency users need to pay attention to upgrading. At the same time, please note that the so-called “WinRAR vulnerability detection tool” is also a malicious phishing program, and pay attention to financial risks.

Today’s Main Token Trends

BTC

The 4-hour chart may be forming a potential bullish head and shoulders pattern. Consider whether there is a third test of the $25,606 support. If this support holds, a gradual upward movement in the short term could follow. However, be cautious as the medium-term trend remains bearish.

SEI

The short-term structure still remains bearish. It’s recommended to enter short positions at $0.1668, with a target at the lower level of $0.1535. If the short-term downtrend continues, the sequential targets are $0.1433, $0.1362, $0.1202, and $0.1060.

UNIBOT

The 4-hour chart almost tested the $107 USD level, precisely touching the mid-term downtrend resistance. There’s a possibility of a significant short-term rebound. For quick short-term rebound strategies, it’s advised to enter and exit swiftly. The target for an upward rebound is $137.23. However, be aware that the medium-term trend is still bearish.

Macro: US borrowing costs remain high, and high-interest rates remain the main issue

The minutes of the Federal Reserve discount rate meeting show that the boards of directors of the New York and Atlanta Fed supported maintaining the discount rate unchanged in July. The former is the most important entity in implementing monetary policy by the Federal Reserve, and the chairman of the bank has permanent voting rights in the FOMC.

The total annual sales of completed homes in the United States in July reached 4.07 million households, which was lower than the expected 4.15 million households and a new low since January 2023; The month-on-month decrease was 2.2%, far exceeding the expected 0.2%.

Since the beginning of this year, the borrowing costs in the United States have been high, but the real estate market is still hot. Now we finally see a decrease in data, because real estate is relatively lagging behind.

So in the future, against the backdrop of high-interest rates, it will continue to be sluggish for a period of time, and when interest rates are lowered next year, it will continue to be hot.

Richmond Fed Chairman Barkin stated that there is a need to remain open to “another economic acceleration,” which could potentially affect inflation. Regarding the issue of raising inflation targets, he stated that this would put the credibility of the Federal Reserve at risk.

Fitch placed Savings Bank of America (ASB) under negative observation, following similar downgrades by Moody’s and S&P on other US banks. At this point, the three major international rating agencies have adopted the same approach towards the US banking industry.