You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
SEC Delays Decisions on Proposed Ethereum ETFs from Ark and VanEck
The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the proposed ARK 21Shares Ethereum ETF to December 26, as per a recent filing. This delay comes less than a month after Ark Invest and 21Shares submitted their application to the SEC amidst an industry-wide anticipation for the inaugural crypto fund. The SEC has also deferred its decision on the VanEck Ethereum ETF to at least December 25, and the ARK 21Shares Bitcoin ETF to January 10 next year. The regulatory body stated the extensions will allow adequate time to evaluate the proposals and the implications entailed. This move reflects the SEC's cautious stance as the government faces a potential shutdown, further drawing out the crypto industry's wait for a regulatory green light on crypto ETFs.
Thailand's SCBX Partners with Korean Firm Hashed to Drive Web3 Adoption
SCBX, the digital assets arm of one of Thailand's largest financial institutions, has entered into a partnership with Hashed, a prominent Web3 investor from Korea. The collaboration aims to promote the adoption of decentralized technology both regionally and globally through joint R&D efforts and events. Hashed's CEO, Simon Seojoon Kim, expressed optimism that the alliance will bolster the growth of the Web3 ecosystem beyond Southeast Asia.
While many Asian financial giants remain wary of crypto, SCB has made significant investments in the space, including the launch of a $50 million blockchain fund by its venture arm, SCBX. Furthermore, as part of this collaboration, Hashed's research hub, ShardLab, will conduct tests on Web3 technologies tailored to address specific challenges in Southeast Asia's business environment. Details on specific joint projects are anticipated in the coming days.
Bank for International Settlements (BIS) Urges Nations to Establish Legal Frameworks for CBDCs
In a recent speech at the BISIH-FSI conference in Switzerland, BIS General Manager Agustín Carstens urged nations to establish legal frameworks conducive to the development of central bank digital currencies (CBDCs), warning that outdated laws could impede their progress. Carstens highlighted the need for legal clarity as 80% of central banks, according to a 2021 IMF paper, face uncertain or restrictive legal environments, despite a BIS survey showing 93% of them actively engaging in CBDC endeavors.
Emphasizing interoperability between jurisdictions to prevent a fragmented system, Carstens advocated for a balanced legal framework to uphold financial integrity while ensuring user protection and choice between cash, CBDCs, and commercial bank money. He remarked on the decline in cash use, fueled by the rise of cryptocurrencies and stablecoins, noting, however, that these new forms of private money lack the stability and backing provided by central banks, underscoring the pressing need for robust legal frameworks to guide CBDC development and deployment.
Trading Desk Insights
Equity futures showed a modest decline on Thursday amid the ongoing concerns of escalating rates that have shadowed this particularly challenging month and quarter for equities.
The 10-year treasury yield recorded a new 15-year peak during Thursday's early trading. Recent data highlighted a robust labor market as jobless claims reported figures better than anticipated. Any sharp increase in rates stirs recession fears, leading equities to new depths. Just this week, the S&P 500 dropped to its lowest point since June, corresponding with the 10-year yield reaching its highest since 2007.
From an economic standpoint, the final GDP data for 2Q2023 came in at 2.1%, slightly below the projected 2.2%. In other noteworthy events, Fed Chairman Powell is slated to address a town hall gathering of educators in Washington DC. All eyes are now set on the forthcoming PCE price index data scheduled for release on Friday, considered the Fed's favored inflation gauge. Additionally, Wall Street remains vigilant about the ongoing discussions in Washington pertaining to the U.S. spending bill, with the October 1st deadline looming.
On the energy front, oil prices soared to a year's high, driven by a decline in crude reserves at a pivotal storage facility to levels unseen since July of the previous year. Specifically, crude stockpiles in Cushing, Oklahoma dwindled to 22 million barrels by the last week of September, bordering the operational base line.
BTCUSDT is rebounding off the intraday support of 26,000 as well as the declining trend line, serving as a great entry for a long position. As long as this level holds, we expect to reach the upside targets of 27,500 and potentially 28,100. As long as there are no new catalysts within the crypto industry, then we believe Bitcoin should continue to follow macroeconomic events as well as the stock market.
As Ethereum staking surged to 7.4M ETH, ETHBTC rebounded by 4% in a week. ETHUSDT broke out of a declining trend line and is looking to break above the previous highs of 1670 and 1730. In the last two weeks, LINK has jumped by almost 40% while AAVE also squeezed by almost 30% in the same time frame. Altcoins are starting to look more interesting as BTC continues to grind higher.
Technical Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
