DCG and Genesis owe Gemini exchange $900 million! No wonder the projects invested by DCG have been weak these days. Brothers, please pay attention to avoid the risk of DCG thunderstorms!

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Yesterday, "New Fed News Service" Nick wrote again that rapid wage growth may lead Federal Reserve officials to consider raising policy interest rates above 5% next year and maintaining higher interest rates for a longer period. This means that due to rising wage pressure, the Federal Reserve may raise the terminal interest rate of this round of interest rate hikes to a level higher than current market expectations. Since we are currently in a period of silence, NIck’s statement almost represents the only official statement on the entire network. Therefore, the US stock market fell across the board last night, with the Dow Jones Index falling 1.4%, the S&P 500 Index falling 1.8%, and the Nasdaq Index falling. It even reached 1.9%.

In addition, Nick still believes that interest rates will be raised by 50 basis points in December, and that the interest rate hike in February next year will be between 25 and 50 basis points. However, in the end, non-agricultural data and CPI data in January will need to be referred to. Assuming that if interest rates are raised by 50 basis points in December this year, US interest rates will reach 4.5% by the end of this year. If interest rates are raised by 50 basis points in February next year and by 25 basis points in March, US interest rates will eventually reach 5.25%. It is in line with what Nick said that the policy interest rate will exceed 5% next year, but if inflation drops significantly, then there may be only a 25 basis point interest rate increase in February, and an additional 25 basis points in March, and the final interest rate will be set at 5%. If this happens Even if this situation is favorable, no matter how much the interest rate increases in February next year, it has already entered the final stage of raising interest rates. The U.S. stock and currency markets have almost fallen, and there is not much room to go down further.

The EU's ban on Russian oil officially comes into effect. Oil prices experienced a major reversal, with U.S. crude oil futures falling 3.8% and once rising 3.4% (you can imagine the intensity of this incident on the market). As the year draws to a close, open interest in crude oil futures continues to fall, reaching its lowest level since 2015, indicating traders have reduced their positions in the face of a range of risks, including the outlook for Russian supply. In addition, all countries have responded to the EU price limit order. Japan: I also limit prices. India, Türkiye: none of my business. UK: The media loudly warned that price restrictions would bring consequences to Europe. China: All parties should make efforts to ensure the security of global energy supply. Previously, OPEC+ kept output unchanged but said it "can take action at any time." Now it seems that before OPEC+ takes a stance, oil prices are likely to continue to fall.

The U.S. dollar index recovered all of last Friday's losses and once again approached the key 200-day moving average; gold plunged below $1,800 and is well below that level; U.S. Treasury bonds fell across the board, with the 10-year yield rising nearly 12 points at one time base point. Trading activity tends to be thin during the last month of the year, making the market more susceptible to capital flows.

The November ISM non-manufacturing PMI data released by the United States last night unexpectedly rose, and the business activity index also rose from 55.7 to 64.7. This hardly indicates that the economic slowdown is as severe as the Fed wants. Further above the 50 expansion and contraction mark, it shows that consumers continue to spend despite high inflation and rapidly rising interest rates.

Talking about encryption, Fidelity previously said that the FTX thunderstorm caused the currency price to fall. Although it is not friendly to the currency circle, it is the best opportunity for institutions outside the circle to enter the market and acquire it. Today Goldman Sachs also expressed a similar meaning. Goldman Sachs

Mathew McDermott, head of digital assets, said the collapse of FTX has heightened the need for more trustworthy, regulated cryptocurrency players, with big banks seeing an opportunity to take over the business. He added that Goldman Sachs is conducting due diligence on a number of different crypto companies, without disclosing details. It seems that the regular army is about to enter the market and compete with Binance. At present, Binance is definitely forcing itself to be ahead of other exchanges. The number of visits per week can basically reach 15-20 times that of Coinbase. Although Binance is still safe, but one Being dominant is definitely not a good thing. Once Binance is hit by a thunderstorm, the currency circle will definitely face a catastrophic collapse. Therefore, it is beneficial for the market for outside institutions to enter the market and recast the currency circle pattern.

The UK Treasury is finalizing plans for a series of comprehensive rules to regulate the cryptocurrency industry, including restrictions on foreign companies selling products to the UK, how to respond to company failures and restrictions on product advertising, the Financial Times reported, citing people familiar with the matter.

According to Coinglasee data, the current total holdings of Grayscale have reached 14.999 billion U.S. dollars, and the mainstream currency trust premium rates are as follows: BTC, -43.06%; ETH, -46.47%; ETC, -68.82%; LTC, -55.57%; BCH, -37.76%.

According to the Financial Times, Genesis owes Gemini customers $900 million. Another person familiar with the matter said that Gemini has established a creditors committee to recover funds from Genesis and its parent company DCG. It was previously said that the dispute between Genesis and DCG has been lifted, but it seems that we are overthinking it. Even gemini, a compliance trading platform, has had bad debts, so other small firms may have more bad debts, and DCG owes so much. The money must be repaid, so be careful with the projects DCG invests in. Selling coins to repay the money will definitely result in a loss of money.

In addition, the insurance agreement NexusMutual went to the fake decentralized lending agreement MapleFinance for financial management and lost 2,461 ETH (about 3 million U.S. dollars). I believe this is not uncommon. The DEFI protocol went to the centralized financial management institution for financial management, and ended up being exposed. Wow, it’s so ironic.

1inch will unlock 222,187,500 1INCH Tokens on December 30, accounting for 14.813% of the total 1INCH Tokens, with a current value of over US$100 million. Among the tokens unlocked in this round, there are 56.25 million tokens for team and community incentives, 46.25 million tokens for seed round investors, 30.5 million tokens for Series A investors, 27.1875 million tokens for protocol development funds, and 5.75 million tokens for consultants.

Quotes

BTC: Bitcoin continues to adjust weakly, but the trend of weak recovery has not changed. The current market may be waiting for an opportunity, which may be the decision to raise interest rates around the 15th. At the 4-hour level, the upper resistance is around 18,300 and the lower support is around 16,700.

ETH: Ethereum failed to reach 1300. There was no heavy volume this time. In the short term, affected by the macro environment, it may have to grind again. However, after the interest rate hike meeting on December 15, there may be a rebound market. There is still hope in the short term. It is possible to stand above 1300. The reason was explained in my article yesterday. However, the market volatility will be very high before and after interest rate hikes. It is not recommended to increase leverage. It is good to hold it in spot. In the medium and long term, Ethereum has expectations of Shanghai upgrade and long-term deflation after the upgrade, so it can still be expected. In terms of operation, it is still necessary to formulate a fixed investment strategy for more than half a year as mentioned before.

[Disclaimer] The above content does not constitute any investment advice. According to the relevant documents "Risk Warning on Preventing Illegal Fund Raising in the Name of [Virtual Currency] [Blockchain]" issued by the China Banking and Insurance Regulatory Commission and other five departments in August 2018, please Treat the blockchain rationally and do not blindly trust others. The digital asset market is extremely volatile and the risks are extremely high. You need to be highly cautious when entering the market.

[Risk Warning] Digital assets fluctuate greatly and the risks are extremely high. Please participate with caution, avoid full positions, and refuse loan leverage.