November 16, 2023

Markets Insights

Economic Calendar

Next FOMC meeting: Dec 13th 2023

  • Probability of a 0bps hike → 100%
  • Probability of a 25bps hike → 0%

The News Room

Hong Kong Gaming Company Boyaa Interactive Seeks Approval to Buy $100M in Crypto to Boost Web3 Strategy

Boyaa Interactive, a gaming company listed on the Hong Kong Stock Exchange, has announced a strategic plan to invest up to $100 million in cryptocurrencies, primarily Bitcoin and Ethereum, signaling its entry into the Web3 space and aligning its online gaming business with emerging Web3 technologies. The company intends to distribute the investment over 12 months, subject to shareholder approval and market conditions, with a focus on BTC, ETH, and major stablecoins USDT and USDC. This move underscores Hong Kong's commitment to becoming a global crypto hub following the establishment of a new regulatory regime for digital assets. Boyaa's investment will represent a significant portion of its total assets, indicating a strong shift towards digital asset integration.

Kazakhstan Central Bank Marks Digital Tenge Pilot With First Retail Payment

Kazakhstan has initiated a central bank digital currency (CBDC) pilot with the launch of the digital Tenge platform, marking a significant step in the country's digital finance journey. The pilot, which began with the first issue of the digital Tenge and includes real users such as banks and their clients, employs blockchain technology for efficient settlements. The CBDC platform allows for the use of digital vouchers and cards for transactions, showcasing the practical application of the national digital currency. This development aligns with global financial institutions' push for countries to research and potentially issue digital currencies, with the International Monetary Fund (IMF) emphasizing the potential benefits of CBDCs in replacing cash and enhancing financial stability. Kazakhstan, which has been exploring the digital Tenge since 2021, aims to fully implement it by the end of 2025, broadening its services and usage scenarios.

SEC Delays Decision on HashDex Bitcoin Spot ETF Application, Grayscale Ether Futures Filing

The U.S. Securities and Exchange Commission (SEC) has extended its review period for two key crypto ETF proposals, delaying rulings on Hashdex's bid to convert its Bitcoin Futures ETF to a Spot Bitcoin ETF and Grayscale's application for an Ether Futures ETF. This hesitation from the SEC, despite industry optimism following the approval of Bitcoin Futures ETFs and supportive court rulings earlier in the year, showcases the regulator's ongoing concerns about market manipulation and surveillance in the crypto market. Despite the delay, the SEC's eventual decision will be highly influential in shaping the future of cryptocurrency ETFs and broader market access.

Trading Desk Insights

Stock futures exhibited minimal changes on Thursday as investors sought to prolong November's impressive performance. As we approach the midway point of the month, the S&P 500 has surged by over 7%, with Nasdaq following suit with a remarkable 9.8% gain during this period. The recent favorable inflation data suggests that the Federal Reserve may have concluded its interest rate hikes, bolstering market sentiment. Furthermore, the historical strength of the market during this season adds an optimistic note to the prospects of this trend continuing.

Bitcoin briefly touched the $38,000 resistance level before experiencing a retracement. Currently, price action appears to be targeting the intraday support level of $35,250. Over the past 24 hours, the crypto market witnessed a 4.6% increase in overall market capitalization, reaching $1.44 trillion—a level not observed since May 2022. Notably, most altcoins are exhibiting negative performance across the board, with the exception of RNDR, which is trading at an impressive +15% today. Among the top 10 tokens, ADA and DOGE stand out as they have surged by approximately 8%. Additionally, AVAX is currently up by 12%, fueled by the announcement that developer Ava Labs is collaborating with banking giant JPMorgan on an upcoming portfolio management product.

In a significant development, BlackRock, the world's largest asset manager, has officially filed for an Ethereum ETF with the SEC. ETHUSDT reached a high of $2,090 in the past 24 hours. Notably, the SEC recently postponed its decision on whether to permit futures ETFs to transition to spot ETFs, pushing the ultimate SEC ruling from this Friday to January 1st, 2024.

In other news, the New York State Department of Financial Services (NYDFS) has recently fortified its guidelines pertaining to the listing and de-listing of cryptocurrencies, a move aimed at enhancing protections for crypto investors across the state.

Technical Charts


This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

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