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Gate.io Blog Daily News | G20 Countries Plan to Exchange Crypto Information Starting From 2027, PayPal US Dollar Stablecoin Market Faces A Downturn, Shibarium Trading Volume Doubles within One Week

Daily News | G20 Countries Plan to Exchange Crypto Information Starting From 2027, PayPal US Dollar Stablecoin Market Faces A Downturn, Shibarium Trading Volume Doubles within One Week

12 September 12:08

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![](https://gimg2.gateimg.com/image/article/16944968770912.jpg)
## Crypto Daily Digest: G20 countries plan to exchange crypto information starting from 2027, PayPal US dollar stablecoin market is facing a downturn
Leaders of G20 member countries recently held a summit in the Indian capital New Delhi to reach consensus on the rapid implementation of a cross-border framework for crypto assets. The framework will promote global exchange of crypto asset information starting from 2027, with countries automatically exchanging crypto trading information between different jurisdictions every year, including transactions conducted on unregulated cryptocurrency exchanges and wallet providers.

According to the consensus statement reached at the summit, the Global Forum for Transparency and Tax Information Exchange will determine an appropriate and coordinated timetable. Relevant jurisdictions will determine the exchange timetable, which will affect Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye Britain and the United States, as well as countries such as the European Union.

According to the latest August crypto market report released by Dapprader, the PayPal US dollar stablecoin PYUSD encountered a cold reception in the market in its first month of launch, with an average daily trading volume of less than $100,000. In addition, the adoption rate of PYUSD is also shallow, with only one non-trading wallet holding tokens exceeding $10,000 so far.

The report also revealed that another US dollar stablecoin, USDC, landed on the Base chain in early September, but its market value has decreased by 50% in the past 14 months. However, Circle plans to deploy USDC to <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> and four other blockchains by November.

On the other hand, data from Shibarium scan shows that since last Thursday, the number of Shibarium transactions has more than doubled, soaring from a high of 88,630 to 177,050 in the past 24 hours alone. This surge has brought the total number of transactions through blockchain during this period to 420,000.

According to ultrasound.money data, the issuance of ETH last week was 15,559 ETHs, greater than the destruction volume (11,374 ETHs). ETH is currently in an inflationary state, with an annual inflation level of 0.18% based on the inflation level of the past 7 days.

In response, Matrixport analysts believe in the latest market report that due to lower-than-expected revenue growth, especially when <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> approaches the psychologically important $1,600 level, a breakthrough may lead to a price drop.

According to Ali Charts monitoring, on September 9th, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> added 717,331 new addresses, reaching the highest level in five years. The last peak of new Bitcoin addresses detected on a single day was December 14, 2017, when 800,180 Bitcoin addresses were added.
## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1694496910BTC.png)
As anticipated, the price structure of Bitcoin has broken below the critical support level of $25,281. Moreover, it has yet to swiftly recover above the $25,281 neckline. A conservative strategy suggests taking profits at this point, while a more aggressive approach may consider a sustained bearish outlook toward the initial target of $24,225. Employing a trailing stop-loss can serve as a defensive exit strategy.

### OAX
![](https://gimg2.gateimg.com/image/article/1694496928OAX.png)
OAX has achieved its all-time high at $0.5405. A mid-term structure indicates the completion of a rounded bottom pattern, and in the short term, it is likely to retest the resistance level at $0.1989. Keep a close eye on whether it can breach $0.1960, which could present an opportunity for breakout trading with targets at $0.2043 and $0.2268.

### TORN
![](https://gimg2.gateimg.com/image/article/1694496946TORN.png)
As a leading project in the mixed-coin protocol space, TORN has experienced a significant drop from its all-time high of $948.8 to its current level of $2.83, representing a substantial decline of 99.69%. Following a false breakout, a rapid retracement and convergence at the end have occurred. We will continue to monitor the end-of-pattern market behavior. The suggested lower support level to hold is $2.65, with potential targets indicated by the yellow lines.
## Macro: Inflation is not optimistic, and the Federal Reserve's monetary policy is facing difficulties
This week, everyone will be focused on the August Consumer Price Index (CPI) released on Wednesday, especially after the inflation rate dropped significantly from 9.1% in June 2022 to just over 3% in July. The market is looking forward to CPI data in the coming months to consolidate inflation and return to a level close to the Fed's 2% target, thereby clearing the way for the Fed to stop raising interest rates and start lowering them as early as next year.

But Mohamed El-Erian, the chief economic advisor of Allianz Group, wrote on Monday that unfortunately, the reality of the "last mile" in the current fight against inflation may be even more complex.

In short, the strong anti-inflation trend in 2023 was driven by the commodity industry, with some commodities such as energy experiencing a sharp decline in prices, which continued on the premise of a decline in more stubborn items such as rent. From a broader perspective, as services are added to the anti-inflation of goods, core inflation needs to remain low, thereby re-anchoring a low and stable inflation environment.

In the best-case scenario, as inflation decreases and the Federal Reserve continues to shrink its balance sheet, the existing interest rate levels will become more restrictive.

The Federal Reserve will cut interest rates, and in the event of an unexpectedly strong economy, defeating inflation will not cause any losses to economic growth or financial stability.

In addition, the New York Fed reported on Monday that the overall view of inflation among Americans changed slightly in August. Still, there are signs of a resurgence in long-term inflation expectations. Meanwhile, households' perceptions of current financial conditions and expectations for the future have sharply deteriorated. They predict that prices such as rent, housing prices, and food will rise.

In its August consumer sentiment survey, the New York Federal Reserve stated that inflation expectations were relatively stable last month, with respondents expecting an inflation rate of 3.6% in one year, higher than July's 3.5%, reversing the previous four consecutive months of decline. This series of data is usually a proxy indicator for oil prices.

They expect the inflation rate to reach 2.8% in three years, lower than the 2.9% in July; The respondents expect an inflation rate of 3% in five years, higher than July's 2.9% and the highest level since March 2022, which is the most worrying observation in this survey.

In recent weeks, Federal Reserve officials have signaled a new stage of monetary policy as increasing evidence suggests that high inflation, which has led to significant interest rate hikes, has finally begun to return to the target of 2%. Nevertheless, officials still maintain the prospect of raising interest rates again.

Federal Reserve officials are pleased with the recent performance of expected inflation, as they believe that public expectations of price pressure will have a strong impact on the current level of inflation. Therefore, stable inflation expectations support their view that inflation returns to its target.

<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>

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