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Gate.io Blog Daily News | Argentina Approves Bitcoin Settlement Contracts; BlackRock Has the Highest Probability of Obtaining Approval for Spot ETFs First; SOL Ecosystem TVL Significantly Increased

Daily News | Argentina Approves Bitcoin Settlement Contracts; BlackRock Has the Highest Probability of Obtaining Approval for Spot ETFs First; SOL Ecosystem TVL Significantly Increased

22 December 11:53

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![](https://gimg2.gateimg.com/image/article/17032280291_16.png)
## Crypto Daily Digest: Argentina approves Bitcoin settlement contracts, SOL ecosystem TVL continues to rise significantly
Let's first focus on the positive regulatory aspects of some countries.

According to media reports, Argentina has currently approved the use of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> to settle contracts, along with other cryptocurrencies and/or commodities approved, such as beef measured in kilograms or milk measured in liters.

On December 22nd, Argentine Foreign Minister Diana Mondino confirmed her official position on accepting Bitcoin as a contractual agreement in a groundbreaking statement, indicating the Argentine government's willingness to accept and formally establish a Bitcoin-denominated agreement, indicating legal recognition of Bitcoin within Argentina.

Although details regarding implementation and legal nuances still need to be outlined, Mondino's statement marks a crucial step toward the legalization of Bitcoin in Argentina. This move may also serve as a market catalyst and encourage other countries to consider similar measures to include Bitcoin within their legal framework.

According to Cryptonews, Russian President Putin has signed a law incorporating the digital ruble into national tax laws. The new law has added terms such as "digital ruble" and "digital ruble wallet," and also allows law enforcement officers and other court-designated individuals to "recover" CBDC funds from the wallet "when there is not enough fiat currency in the taxpayer's bank account."

In addition, the law allows tax authorities to suspend transactions of digital ruble wallets. Tax officials can also request platform operators to provide documents proving that funds have been written off from the taxpayer's account, and allow tax officials to transfer confiscated tokens to the Russian Ministry of Finance.

There has been the latest progress in Bitcoin spot ETFs.

Recently, Fox Business journalist Eleanor Terrett tweeted that sources have revealed to him that the US SEC is holding a joint conference call with potential ETF issuers to ensure that every Bitcoin spot ETF product is created in cash, and the SEC is also requesting applicants to remove all hints about physical redemption from their application documents.

According to betting odds on American gambling websites, there is a high probability that Bitcoin spot ETFs will be approved before January 10th next year. BlackRock, the world's largest fund management company, has made obtaining SEC approval for its spot Bitcoin ETF a key priority for the company, and at the same time, BlackRock has the highest probability of being the first to apply for approval.

BlackRock founder and CEO Larry Fink once referred to Bitcoin as "an international asset" and "a means of storing value," comparable to the long-term status of gold. It is reported that BlackRock has over 400 traditional ETFs in the market and has met with the SEC five times regarding its spot Bitcoin ETF application, the most recent of which occurred this Tuesday.

Although the recent market heat has been snatched away by the Bitcoin ecosystem, the most important Denchun Upgrade that <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> is about to usher in is still worth everyone's attention.

According to CoinDesk, Ethereum developers are intensifying testing for next year's Denchun upgrade, which is a significant milestone aimed at increasing data storage capacity through a new process called "proto-dank sharding." Developers discussed their goals during a bi-weekly meeting and plan to run Dencun on the Goerli test network on January 17th. This upgrade is expected to reduce the cost of the second layer Rollup and expand the blockchain by increasing the "blobs" of data.

The developers are developing a testing schedule for the Denchun upgrade, with plans to run it on the Sepolia testnet on January 31st and on the Holesky testing network on February 7th. It is expected that the changes will be deployed to the mainnet by the end of February. These dates may change due to the results of the test network fork.

In addition, the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem is beginning to flourish. According to media reports, the Solana Ecological Meme project Bonk announced on the X platform that pre-sale tickets for the Solana Annual Summit Breakpoint 2024 will be available for purchase using BONK, and the pre-sale will end on January 5th. According to the latest market data from Gate.io, BONK rose 3.09% in 24 hours and is currently reporting $0.00002013. SOL tokens are even more against the trend, with a 24-hour increase of 17.10% and a current report of $96.86.

On December 21st, the Solana network TVL rose to $1.22 billion, and there was a significant increase in TVL for multiple protocols in the Solana ecosystem. Among them, the liquidity staking protocol Jito TVL reached $578 million, with a weekly increase of 23.32%; The lending platform marginfi TVL reached $330 million, with a weekly increase of 36.27%; The liquidity solution Kamino TVL reached $190 million, with a weekly increase of 49.64%.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1703228233BTC.png)
This week continued to fluctuate at high levels and converged, and the short-term trend still formed a W-bottom structure. Pay attention to the short-term divergence phenomenon. Breakthroughs will continue to see two highs: $45,345 and $47,990; Xiaguan recommends keeping two supports: $40,280 and 38,399. Dollar.

### ETH
![](https://gimg2.gateimg.com/image/article/1703228249ETH.png)
This week’s high has continued to fluctuate above US$2,135. It has broken through the short-term downward trend. Compared with the mainstream sectors, it is still a low pressure signal. The medium-term target is optimistic about hitting the US$2,489 level and the US$2,838 level. You can use the profit-loss ratio strategic layout , holding short-term support at $2,135.

### BAND
![](https://gimg2.gateimg.com/image/article/1703228275BAND.png)
The daily line broke through the large downward trend, and the short-term ushered in the end of convergence. At the same time, it stepped on two support levels: $1.316 and $1.179. It is recommended to keep the base price steady, and the long-term target will continue to be $3.36, $6.09, and $7.30. , 11.235 US dollars and the  previous high of 23.28 US dollars, there is considerable room for long-term stance.

## Macro: US GDP index falls short of expectations, with a probability of approximately 80% interest rate cuts in March
At 9:30 pm Beijing time on Thursday, the final annualized quarterly real GDP rate for the third quarter of the United States recorded 4.9%, which was lower than the expected 5.20%. The actual quarterly personal consumption expenditure rate in the third quarter of the United States recorded a final value of 3.1%, lower than the expected 3.6%. The annualized quarterly rate of the core PCE price index in the third quarter of the United States recorded a final value of 2%, lower than the expected 2.30%. The number of initial claims for unemployment benefits in the United States for the week ending December 16th recorded 205000, lower than the expected 215000.

On Thursday, the US dollar index fell sharply before the US market, falling below the 102 mark and dropping to a one-week low of 101.73, ultimately closing down 0.59% at 101.79. US bond yields fell first and then rose, with the 10-year US bond yield dropping to a nearly 5-month low of 3.829% before rebounding and ultimately closing at 3.892%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.352%. The three major US stock indexes opened high and closed high, with the Dow Jones up 0.87%, the S&P 500 index up 1.03%, and the Nasdaq Composite Index up 1.26%.

Spot gold once again recovered from the $2,030 and $2,040 levels and briefly rose to an intraday high of $2046.04, ultimately closing 0.73% higher at $2,043.02 per ounce; Spot silver rose 1.06% to close at $24.4 per ounce.

Due to Angola's announcement of its withdrawal from OPEC, this further sparked concerns that OPEC+'s production cuts could not boost the oil market, with international crude oil falling first and then rising. WTI crude oil fell to an intraday low of $72.41 at one point, then rebounded and ultimately closed up 0.22% at $73.90 per barrel; Brent crude oil fell to an intraday low of $77.79 in trading, then recovered all lost ground and turned higher, ultimately closing 0.3% higher at $79.35 per barrel.

The downward revision of a series of economic data consolidated the prospect of the Federal Reserve's interest rate cut. The yield of the 10-year treasury bond fell to 3.84%, the lowest level since July 27. The US dollar index fell below the 102 mark, hitting a low of 101.82. Spot gold rose by over $10 in the short term after the data was released, standing at $2040 per ounce, while spot silver rose by $0.1 in the short term. Non-US currencies generally rose, with the euro standing at 1.10 against the US dollar and the US dollar falling by 1% against the Japanese yen within the day. The S&P 500 index futures and Nasdaq futures continued their upward trend, reaching pre-market highs.

A series of economic data revisions have consolidated the prospect of interest rate cuts. According to CME's "Federal Reserve Observation," the probability of the Federal Reserve maintaining interest rates in the 5.25% -5.50% range in February next year is 85.5%, and the probability of a 25 basis point interest rate cut is 14.5%. The probability of maintaining interest rates unchanged by March next year is 17.1%, the probability of a cumulative 25 basis point rate cut is 71.3%, and the probability of a cumulative 50 basis point rate cut is 11.6%. Some analysts also suggest that the probability of the Federal Reserve cutting interest rates in March next year may rebound to above 80%.

The PCE data released today and Friday is expected to confirm that the inflation rate for the past six months may return to the Fed's annualized inflation target of 2%. Therefore, the data for the next six months may also be similarly sluggish, which will help consolidate the rationale for the Fed's interest rate cuts in the coming quarters.

<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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