[Qin Peng Observation]Bitcoin ETF was approved for the first time in the new year | Xi Jinping | Ma Ying-jeou

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US Securities Regulatory Commission approved the Bitcoin ETF, mistakes and mishaps ensue

On January 11th, the US Securities Regulatory Commission approved the listing and trading of spot Bitcoin ETFs for the first time in its history. However, the approval was marred by confusion and contradicting statements from SEC Chairman Gary Gensler, leading to a rollercoaster ride for Bitcoin prices in the market. Despite the regulatory approval, the SEC Chairman cautioned investors about the risks associated with cryptocurrency-related products, urging caution.

The decision has raised several questions and implications for the cryptocurrency market. The approval of a spot Bitcoin ETF by the SEC, after years of resistance, is seen as a significant milestone and a compromise, indicating a long-term positive for Bitcoin and mainstream investors.

The news of the approval led to a surge in trading volume of the new financial products, with trading exceeding US$5 billion within 20 minutes. However, the price of Bitcoin showed volatility, hitting a peak of $48,700 before dropping to over $46,000.

The approval of the ETF has raised hopes for the official launch of spot ETFs for other major cryptocurrencies such as Ether and XRP. While the decision is seen as a positive development for Bitcoin, concerns remain about the high volatility and possible manipulation of the cryptocurrency.

Former President Ma Ying-jeou of Taiwan faced a significant setback at the 20th National Congress of the Communist Party of China when he was removed from the rostrum after expressing his opinion about trusting Xi Jinping. The incident sparked controversy and division within the Kuomintang party, with conflicting views emerging about cross-strait relations and reunification.

Meanwhile, the US government’s announcement of sending a high-level delegation to visit Taiwan after the election has drawn the ire of the Chinese Communist Party, leading to statements condemning the US for interference in Taiwan’s internal affairs.

A visit by Xi Jinping to Guangxi turned into a mockery as a sugar cane field that he visited caught fire, leading to public ridicule and gloating. The incident is seen as a representation of the crisis within the CCP, as reports emerge of dissatisfaction and resistance within the party.

Xi Jinping responded by announcing two major measures, including a focus on promoting the party’s self-revolution and the compression of party and government institutions to reduce expenditures.

As the new year begins, the world watches closely as these developments unfold, shaping the narrative of global politics and the cryptocurrency market. The impact of these decisions and events will have far-reaching consequences in the financial, political, and geopolitical arenas.