October was a turbulent month for cryptography. The Bitcoin spot ETF market was constantly agitated. First, Cointelegraph’s “fake news” stirred up the market, causing the contract to be bloodbathed for US$189 million. Later, Grayscale and DCTT released positive news one after another, and market sentiment quickly intensified. Liquidity has increased significantly, with the total market value of USDT exceeding US$85 billion, a record high, while BTC quickly exceeded US$34,000 from around US$28,000, with a single-day increase of more than 24%, and is still fluctuating at US$35,000. Despite the frequent positive news and Eurasian funds are gradually entering the market, the SEC has not given the green light to Bitcoin spot ETFs. The chairman still made negative remarks about cryptocurrencies in public, and BlackRock only made procedural advancements. On the other hand, As the Palestinian-Israeli war intensifies, encryption, as one of Hamas’s funding sources, is also coming under anti-terrorism scrutiny. Judging from the current market, the emotional response is still relatively intense. Although mainstream media predicts that the probability of ETF passing in January is increasing, it is still necessary to remain cautious before then.
Returning to my country, the blockchain industry policy has been active this month. The State Council and the Ministry of Industry and Information Technology have issued policies, and Hong Kong has also heard good news. Brokerages are actively entering the market to seek Web3 New growth points. On the other hand, Chenghai, Hainan, a previously popular gathering place for digital collections, issued new regulations, and many platforms fled under regulatory pressure.
Policy direction, blockchain industry policies have been active this month. A total of 12 blockchain policies have been released, including 2 at the ministry level and 10 at the provincial and municipal levels. Shanghai, Guangdong, Jiangsu, Anhui, Chongqing, Qingdao is covered. In terms of issuing policies, local policies have gradually transitioned from the original special policies to quickly cultivate the ecology to comprehensive policies that are more consistent with the service end and production end. Infrastructure has been gradually improved. Integrated applications will enter the fast lane.
Investment and financing direction,Investment and financing picked up slightly this month, with 76 completed investment and financing events, 3 more than last month, and the total investment and financing amount was 3.758 billion yuan, up from the previous month. The monthly growth rate was 33.78%, and the average financing amount also showed an improvement trend, rising from 38 million yuan in September to 49 million yuan, and capital activity increased. Application projects still occupy the main advantage. In October, there were 64 application incidents in the blockchain industry, accounting for 84.21%. Digital currencies performed stably, achieving continuous growth within 3 months. Four incidents this month earned a total of 846 million. yuan, a month-on-month increase of 28.76%. Overall, the popularity of application and digital currency projects is high, showing the positive sentiment of the market. However, infrastructure and derivative services continue to stagnate, and the bottom of the market is still relatively obvious.
In the direction of digital renminbi, the list of banks supporting digital renminbi has been updated again, with 14 new banks, covering city commercial banks, rural commercial banks, rural credit cooperatives and foreign banks. So far, there are 49 banks support binding in the digital RMB App. Due to the limited number of designated operating institutions, small, medium and micro banks and service companies as 2.5 institutions play an important role. However, in actual operations, there are still difficulties between 2.5 tier institutions and 2 tier designated operating institutions. First, there is an unequal right to speak. The strength of the designated operating institutions is significantly higher than that of small and medium-sized banks, which will squeeze out their living space in the long run. Second, the positioning is ambiguous. The 2.5-tier institutions join the operation for the purpose of business trial, lacking actual investment and strategy. planning; third, the incentive mechanism is lacking, and profit sharing and business models between institutions are difficult to define and negotiate. In the long run, only clear hierarchies and improvement of business mechanisms can promote the development of digital renminbi into large-scale and in-depth comprehensive applications.
The following is an excerpt from the monthly report:
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