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Gate.io مدونة Daily News | BTC May Exceed $40K, HK Officially Recruited Crypto Traders, Investors Eye China-US Relations and Global Geopolitics

Daily News | BTC May Exceed $40K, HK Officially Recruited Crypto Traders, Investors Eye China-US Relations and Global Geopolitics

11 July 11:50

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![](https://gimg2.gateimg.com/image/article/16890535430711.jpg)
## Crypto Daily Digest: Institutions are bullish on the BTC halving event, Hong Kong to train licensed cryptocurrency traders
Recently, Matrixport released a report stating that the company's price model shows that the price of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> will soar to $125,000 by the end of 2024. It also stated that Bitcoin prices will reach $45,000 by the end of 2023, and will reach $63,160 during the Bitcoin halving event.

Meanwhile, Arthur Hayes' latest blog post also explains why Bitcoin will become the currency choice for artificial intelligence, and states that if the claims of artificial intelligence and Bitcoin become mainstream, the crazy growth investment will peak between 2025 and 2026. Therefore, before this period arrives, we should prepare accordingly in advance.

Therefore, some analysts believe July, August, and September this year are suitable times for bottom hunting or fixed investment, as there may be a bearish turn to bull starting from the end of 2023 or early 2024. After the Bitcoin halving event approaches next year, there will be a real market pump in the foreseeable future.

According to Coingecko data, on July 10, 2023, the market share of Bitcoin temporarily accounted for 48.14%, <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> accounted for 18.41%; The market value of three stablecoins, USDT, USDC, and BUSD, accounted for 6.85%, 2.26%, and 0.33% respectively. Presently, the total market value of cryptocurrency across the network is temporarily reported as $1,215,012,815,530, with a decline of 0.59% in 24 hours.

In terms of Hong Kong, it is reported that the Hong Kong Securities and Investment Institute (HKSII) will hold training programs and seminars on virtual assets in the coming months. HKSII will explore topics such as "How Digital Assets Coexist In the IT Architecture of Traditional Finance" and "Digital Assets for Portfolio Management." On June 1, HKSII announced in its latest update on the website that it is working closely with the Examination Commission and the Education and Development Commission.

In addition, a virtual asset working group has been established to help develop corresponding CPT plans and exams to support the new licensing system for market practitioners. Detailed information on the upcoming exams and training plans will be released soon. Many applicants for new projects in the HKSII program are interested in the profession of cryptocurrency traders.

It is reported that HKSII, the main licensing institution in Hong Kong's financial services industry, has close contact with the Securities and Futures Commission of Hong Kong (HKSFC) and is responsible for providing training and license examination for brokers and asset managers in Hong Kong. Every year, about 30,000 candidates take the examination.

In other aspects, due to SEC regulation, Coinbase CEO Brian Armstrong and three other executives recently sold approximately $6.89 million worth of Coinbase shares, totaling 88,058 shares. Among them, CEO Brian Armstrong sold 74,325 shares, approximately $5.83 million; Chief Legal Officer Grewal Paul sold 1,818 shares, approximately $140,000; Chief Accounting Officer Jones Jennifer N. sold 7,335 shares, approximately $550,000; Director Rajaram Gokul sold 4,580 shares, approximately $366,000.

Vitalik Buterin, the founder of Ethereum, said on Twitter Space, "If you want Bitcoin to be more than just a payment method, it needs a scalability solution like Plasma or ZK Rollup. Both solutions have been tested on Ethereum." He also stated that <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> and Arbitrum are two successful Rollups, which can be used as case studies of Bitcoin.

<a href="/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> founder Stani Kulechov tweeted that for the DeFi industry in the second half of 2023, the focus should be on suitable payment use cases. A transparent and decentralized stablecoin is very suitable for payment and settlement. We just need to create a better experience than the existing one.

## Today's Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1689053634BTC 11.17.21.png)
The four-hour chart is challenging the convergence below, and it has tested the $30,215 support level this morning. We are still waiting for a pullback above the convergence. The upside target remains unchanged at $32,235 and $33,085. The top target is $36,500 and $41,550.

### ETH
![](https://gimg2.gateimg.com/image/article/1689053664ETH 11.17.18.png)
The short-term trend stabilizes around the $1,857 level, and it retested the $1.9K level yesterday before falling back to $1,880 this morning. The short-term trend continues to show decreasing volume and convergence. The long-term strategy depends on a pullback to the $2,000 level before transitioning from bearish to bullish.

### LTC
![](https://gimg2.gateimg.com/image/article/1689053715LTC 11.17.18.png)
This week opened with a break of the upper boundary of a triangle convergence and a drop below the $96.38 level. Short-term attention should be on a potential pullback to the $104.02 level. If a pullback occurs, the bullish trend will continue challenging the $126.26 level, with further resistance at $128.15.

### GT
![](https://gimg2.gateimg.com/image/article/1689053734GT 11.17.18.png)
GT is one of the top three exchanges in Asia. The daily chart shows a large triangle convergence, suggesting a positive long-term outlook. The short-term volume is trending upwards, with a chance to challenge the $4.45 level again. The support level is at $4.1882.

## Macro: China and the United States do not seek depegging, but global geopolitical instability remains, investors eye tomorrow night's CPI
Recently, the United States Secretary of the Treasury Janet Yellen visited China and stressed that the global economy is large enough for the United States and China to enjoy common prosperity. Cooperation between the two countries in certain areas is crucial. This indicates that Sino-US cooperation has a positive impact on global economic stability.

The relevant officials of the Chinese Ministry of Finance also answered media inquiries about the visit of US Treasury Secretary Janet Yellen to China. Yellen stated that the US government does not seek to "depeg" with China.

The Chinese stock market has encountered difficulties in the United States due to weak economic data, which has overshadowed hopes for Beijing to relax its technology crackdown policy. This may have a certain negative impact on the crypto market because China is one of the important markets for crypto trading and mining.

Regarding geopolitics, strategist Tina Fordham stated that the world will not return to normalcy soon. This may cause investors to worry about the uncertainty of the global economy, thus affecting the sentiment and investment decisions of the crypto market.

On July 12, the United States will release Consumer Price Index (CPI), followed by Producer Price Index (PPI) data on July 13. In addition, near the end of the month, the Federal Open Market Committee (FOMC) is scheduled to hold a meeting on July 26. In addition, July 27 has dual significance as it is the date of the GDP report and an important day for the European Central Bank.

Upcoming economic events and reports may have a significant impact on cryptocurrency prices, both positively and negatively. For example, higher-than-expected CPI data may reflect inflation trends, prompting investors to seek inflation-hedging assets such as Bitcoin, thereby driving their prices. Similarly, the outcome of the Federal Open Market Committee (FOMC) meeting may change investor sentiment and affect capital flows in the crypto market.

Similarly, the ECB meeting may indirectly affect the crypto market, depending on its monetary policy decisions. Cryptocurrency investors must understand these key dates and make informed decisions.

<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>

BTC/USDT -0.19%

ETH/USDT -0.45%

GT/USDT -0.57%

Crypto Daily Digest

Today’s Main Token Trends

Macro

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