Complete Gate Post tasks to upgrade your rank

Credit Ranking

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/16848914540524.jpg)

## Crypto Daily Digest: BTC Holds Steady Amidst Macro Uncertainties; Hong Kong's Push for Digital Asset Hub Status

<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s price has remained stagnant at around $27,220 while stocks have declined, indicating limited liquidity and participation in the crypto market. The overall crypto market capitalization has remained steady, with uncertainties in the global macro picture. 

Ether has also been range-bound between $1,780-$1,880, while other major cryptocurrencies have seen modest gains. The correlation between the S&P 500 and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> has been decreasing, suggesting a decoupling between traditional assets and cryptocurrencies. 

Despite volatility, <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> holders remain committed to the asset. However, the role of cryptocurrencies as safe havens is debated, as they have not consistently acted as hedges during market troubles. The uncertainty surrounding the debt ceiling has negatively affected crypto assets due to the strengthening US dollar. <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s behavior indicates that it is driven more by monetary liquidity factors than its reputation as a safe haven.

Meanwhile, Hong Kong's Securities and Futures Commission (SFC) has introduced new rules allowing retail investors to trade cryptocurrencies as part of its plan to become a digital asset hub and restore its position as a prominent financial center. The SFC's framework includes measures to protect investors, such as knowledge tests, risk profiling, and exposure limits. Licensed platforms will be required to comply with investor protection measures and follow standards set by independent providers. 

Starting from June 1, unlicensed exchanges targeting Hong Kong investors will be deemed illegal. This shift towards cryptocurrencies reflects a pragmatic approach by Hong Kong, aiming to balance financial stability and innovation. However, the recovery of the crypto industry and the level of regulatory scrutiny it will face in the region remain uncertain. While Hong Kong is embracing digital assets, other countries like Singapore are imposing restrictions on retail investor participation, and global regulators continue to grapple with regulatory frameworks for the sector.

## Bitcoin (BTC) $27,207 (-0.06%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1684891505Untitled0524 1.png)

![](https://gimg2.gateimg.com/image/article/1684891518Untitled0524 2.png)

**Overview:**

- ***Closest hourly support zone: 26690 - 26570***
- ***Closest hourly resistance zone: 27080 - 27260***
- ***Key Level: 26285 (Weekly Close between Dec. 21-28, 2020)***


<br> **Hourly Resistance zones**

1. 27080 - 27260
2. 27540 - 27660
3. 27790 - 28020

<br> **Hourly Support zones**

1. 26690 - 26570
2. 26380 - 26120
3. 25900 - 25818


## Macro: US Debt Ceiling Impasse Sparks Market Uncertainty; Traders Await Fed Meeting Minutes

Negotiations over the US debt ceiling have hit a roadblock, causing a decline in both US stocks and short-dated Treasury bills. Despite ongoing discussions, progress has been limited, with certain House Republicans questioning the urgency of Treasury Secretary Janet Yellen's deadline for debt payments. This impasse has created uncertainty, prompting investors to demand higher premiums for holding US debt, particularly those considered at a higher risk of default. As a result, stock market indices have experienced a decrease. 

One of the major concerns arising from the deadlock is the potential for a brief technical default on the debt ceiling. Experts warn of increased market turbulence in the days ahead. This uncertainty has had an impact on Asian markets, with expectations of a decline as negotiations over the US debt ceiling remain deadlocked, dampening risk sentiment. Futures for equity benchmarks in Hong Kong, Japan, and Australia have already reflected this pessimism, following the drop in US markets.

Amidst these developments, oil prices have continued to rise, providing some respite. Major currencies, on the other hand, have remained relatively stable. Attention is now turning to New Zealand's central bank, which is expected to announce its 12th consecutive interest rate hike. The decision will be closely watched, especially after heightened volatility caused the New Zealand dollar to drop 0.6% on Tuesday, and as a gauge of the strength of the US dollar reached a two-month high.

In the US, the lack of progress in debt negotiations has raised concerns among investors. Some House Republicans are questioning the urgency of the Treasury Secretary's deadline, adding to the complexity of reaching an agreement. This skepticism has led to a demand for higher premiums on US debt, which further underscores the risk of a potential default.

Conversely, positive economic news has emerged, with US new-home sales unexpectedly rising to a more than one-year high and business activity showing significant growth in May.

In terms of monetary policy, the Federal Reserve has indicated that it may maintain elevated interest rates if inflation becomes more entrenched. Traders are eagerly awaiting the release of the minutes from the last Federal Open Market Committee meeting, as it will provide insights into the future direction of interest rates. While a pause in interest rate hikes is a possibility, analysts believe that restarting the rate hikes would require substantial justification given the current economic environment.



<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<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>

简体中文

English

Tiếng Việt

Español

Русский язык

Français

ภาษาไทย

日本語

Indonesia

Deutsch

عربي

Português (Portugal]

Português (Brasil]

繁體中文

Українська

The correlation between BTC and traditional assets weakens. HK introduces new rules to become a digital asset hub. US debt ceiling impasse creates market uncertainty. Traders await Federal Reserve meeting minutes for interest rate insights.

福利中心

web3 Airdrop

launchpool

小红花-Exchange-Startup

交易-盘前交易

launchpad

candy_drop

打新

小红花-Learn & Explore-博客

小红花-Learn & Explore-快讯

币圈-币圈-未来事件

小红花-Learn & Explore-聊天室

小红花-Learn & Explore-直播

小红花-Learn & Explore-动态

币圈

Gate OTC

芝麻金融-更多-财富管理

机构-APIs

机构-大宗交易服务

机构-经纪商项目

全球做市商计划

机构-托管和资产管理

机构借贷

机构-做市商项目

小红花-Promotions-机构和VIP服务

量化基金

机构-基础架构

机构-交易

机构-金融

结构化产品

机构-主页

衍生品-统一账户

芝麻金融-更多-抵押借币

vip服务

机构

策略跟单

现货跟单

交易-合约跟单

跟单

量化策略-探索

量化策略-进阶

量化策略-基础

交易-机器人广场

创建机器人

探索机器人

杠杆网格

无限网格

期现套利

组合指标策略

智能调仓

现货马丁格尔

合约网格

现货网格

交易机器人

芝麻金融-更多-ETH2.0挖矿

芝麻金融-更多-法币理财

链上赚币

芝麻金融-理财-双币宝

芝麻金融-理财-定期理财(屯币)

芝麻金融-理财-结构性理财

芝麻金融-理财-理财宝

芝麻金融-理财-余币宝

GT挖矿

芝麻金融-更多（理财产品）

芝麻金融-理财（打新）

赚币-HODLer Airdrop

赚币

模拟交易

衍生品-期权

衍生品-交割合约

衍生品-永续合约

合约入门

合约活动

衍生品

交易-杠杆ETF

交易-杠杆交易

交易-闪兑

交易-现货交易

交易-创新交易

交易-交易工具

交易-交易类型

交易

行情

买币-gateCard

卖币

买币-快捷交易

买币

买币-paywith

法币定投

小红花-推广

新手指南

活动中心

小红花-Learn & Explore-学院

小红花-Exchange-最新公告

小红花-Exchange-帮助中心

gate商店

小红花-Promotions-邀请计划

小红花-promotions-代理商

cextg小程序

储备金

合作伙伴

小红花

web3

Daily News | # US Debt Ceiling Sparks Uncertainty, Investors Await FOMC; Crypto Resilient as BTC Stagnates, HK Targets Digital Asset Hub