1. Review of hot topics this week:
1.1 China’s Ministry of Industry and Information Technology: Will formulate a Web 3.0 development strategy document that is in line with national conditions
On December 19, China’s Ministry of Industry and Information Technology stated that it would strengthen collaborative interaction with relevant departments to promote Web3.0 technological innovation and high-quality industrial development.
Strengthen Web3.0 investigation and research, formulate Web3.0 development strategy documents that are in line with national conditions, clarify Web3.0 development paths, technical priorities, and application models, and properly handle the relationships between inheritance and innovation, development and security, government and market, and supply and demand.
Focus on key areas such as government affairs and industry, and encourage the development of NFT, New business models such as distributed applications (DApp) accelerate the innovative applications and digital ecosystem construction of Web3.0.
1.2 BlackRock met with the SEC again. The total number of meetings between ETF applicants and the SEC has reached 24 times.
On December 19, local time, the Office of Market Regulation and the Department of Trading and Markets of the U.S. Securities and Exchange Commission (SEC) once again met with BlackRock executives to discuss the details of the spot Bitcoin ETF.
This brings the total number of official meetings held by current applicants with the SEC to 24, according to statistics from Bloomberg analyst James Seyffart.
1.3 Fed Bostic: There is no urgency to cut interest rates at present, and interest rates will be cut twice in the second half of next year.
On December 19, Atlanta Fed President Bostic said, Given the strength of the U.S. economy, and the need to ensure that inflation necessity returns to the 2% target level, There is currently no urgency for the Fed to cut interest rates. He also said he expects the Fed to cut interest rates twice in the second half of next year as inflation continues to decline. But he also stressed that policymakers have not yet had active discussions on this issue.
1.4 Behind the inscription gold rush has caused congestion in six major blockchains
At least six blockchain networks have collapsed or gone offline under pressure in the past week.
In recent days, several blockchain projects including Arbirtrum, Avalanche, Cronos, zkSync, and TON have experienced partial or complete outages due to on-chain issues. Modular data availability network Celestia is the latest project to be affected, according to screenshots of the Celestia block explorer posted by industry researchers on December 18.
Arbitrum confirmed on December 16 of the 78-minute outage: "The team is actively investigating, but we can confirm that the continued surge in inscriptions triggered the sequencer to stop forwarding transactions normally."
The number of inscriptions on EVM (Ethereum Virtual Machine) compatible chains has exploded. Inscriptions cost more than $6 million on Dec. 18 and a record $8.3 million on Dec. 16, according to Dune Analytics.
1.5 The U.S. Court of Appeals finally ruled to confiscate Bitcoins related to Silk Road
On December 20, the U.S. Court of Appeals finalized an authorization that 69,370 Bitcoins and other cryptocurrencies linked to the now-defunct Silk Road darknet market have been officially seized. The verdict was first handed down in August, But according to a document from the U.S. Court of Appeals for the Ninth Circuit, The judgment will now take effect
1.6 The final value of U.S. third-quarter GDP was revised down to 4.9%, and the PCE price index cooled down.
On December 21, the U.S. Department of Commerce announced the final annualized quarter-on-quarter GDP value of the U.S. in the third quarter. The final annualized quarter-on-quarter real GDP value of the U.S. in the third quarter was revised lower than expected to 4.9% (expected 5.2%). The previously released revised value is 5.2%.
The PCE price index released at the same time as GDP was also revised downwards. The final annualized quarterly value of the core personal consumption expenditures (PCE) price index was revised down to 2%, which was also lower than the previous value and the expected 2.3%; personal consumption expenditures (PCE) ) annualized quarter-on-quarter final value was revised down to 3.1%, lower than expectations and the previous value of 3.6%.
2. Projects to be unlocked next week
3. Recent key events
December 25 (Monday)
Hong Kong, the United Kingdom, France, Germany, and the United States are closed for one day;
December 26 (Tuesday)
Hong Kong, the United Kingdom, France, and Germany are closed for one day;
December 28 (Thursday)
Number of people applying for unemployment benefits for the first time in the United States in the week of December 23 (10,000 people)
U.S. existing home contracted sales index in November month-on-month
December 29 (Friday)
U.S. Chicago PMI in December