- Crypto Nutshell
- Posts
- 🥜 18 months
🥜 18 months
PLUS: Gary Gensler Grilled
Today’s edition is brought to you by Crypto.com
Start earning up to 5% back on all your spending! No annual fees. Sign up for the Crypto.com Visa Card today to receive your instant $25 bonus!
GM to all you crypto nuts. Crypto Nutshell #444 waddlin’ by… 🦆🥜
We're the crypto newsletter that's more intense than racing against the clock to defuse a ticking bomb... 💣⏳
What we’ve cooked up for you today…
🔥 Gensler grilled
📅 You have 18 months…
📰 Crypto ETF roundup
💰 And more…
MARKET WATCH ⚖️
Only the top 20 coins measured by market cap feature in this section
GENSLER GRILLED 🔥
BREAKING: SEC Chair Gary Gensler grilled over crypto regulation
Gary Gensler just got roasted by both sides of the aisle. 🔥
This comes as Gensler appeared in front of a congressional hearing which focused on his handling of the crypto industry.
Republican Majority Whip Tom Emmer grilled Gensler over the SEC’s case against crypto startup, DEBT Box.
Back in March of this year, a federal judge criticised the SEC’s handling of this case stating that the agency acted in bad faith. (they essentially lied)
The SEC was ordered to pay $2 million (of tax payers dollars) in sanctions to cover legal fees.
Tom Emmer grilled Gensler for this botched case:
"Does the fact that we're talking about this today even slightly embarrass you? The Debt Box case should absolutely be embarrassing to you."
Throughout the grilling, Gensler tried his best to avoid answering questions.
Genslers responses basically came down to: The SEC is just following the court of law
Click to watch the clip
But when it comes to crypto, those rules and regulations have never been made clear.
Democrat Ritchie Torres took a different approaching when questioning Gensler.
Torres focused on the SEC’s recent case against Stoner Cat NFTs - which they alleged were unregistered securities.
Torres compared the NFTs to a Yankees ticket:
"From the standpoint of federal securities laws, is there a legal difference between buying a Yankee ticket that offers you the experience of a Yankee game and buying an NFT that offers you the experience of an animated web series?"
Gensler once again gave a non-answer to this question…
Basically stating that if people are “looking to a common enterprise anticipating profits” then it’s a security.
Torres than clapped back with the following:
"The expectation or promise that an object could appreciate in value or that an object could be sold at a profit in the secondary market, that expectation or profit could be retrospectively attributed to just about any collectible or any consumer good or any piece of art or any piece of music."
Click to watch the clip
Not long now until Gary Gensler is out…
Maybe then the crypto industry can have some clear guidelines put in place.
And not have to worry about getting sued by the SEC for no reason…
START MAKING EVERY TRANSACTION COUNT 💳
If you haven’t got a crypto card yet, you’re living in the past.
With a Crypto.com Visa Card you can spend your crypto anywhere you want.
The benefits are insane.
Not only is there NO monthly or annual fee, you also get up to 5% back on every transaction.
With your Crypto.com Visa Card you can:
Enjoy 100% cashback on Spotify, Netflix, and Amazon as a new customer. 🍿
Get complimentary access to airport lounges and elevate your travel experience. ✈️
Flaunt your style with the sleek and stylish metal card 🌟
Here’s how to get your $25 bonus and start earning up to 5% back:
Click here to Download the Crypto.com App
Sign Up: Use our referral code - Nutty - for your instant $25 bonus.
Get Your Crypto.com Visa Card: Start making transactions, earning rewards, and enjoying the perks!
Start making every transaction count - the future is here.*
YOU HAVE 18 MONTHS… 📅
You have 18-months of phenomenally good returns ahead.
Even a blind-folded monkey could make money. 🙈
That’s the latest out from Raoul Pal.
Last week, Raoul gave a key-note at Cayman Enterprise City.
Within his talk, he broke down why the next 18-months are going to be gangbusters for investors:
“What we've got is probably 18 months of phenomenally good returns. You could throw at a dartboard blindfolded and make money.”
Why?
As always, it all comes down to liquidity:
“It's one of those great times where the business cycle's going up, interest rates are coming down, liquidity is coming into the market.”
As more money gets put into the system, all asset prices go up.
It’s not necessarily that assets are getting more valuable, but the denominator (money) is becoming less valuable.
But what do you do in an environment like this to perform best?
Bet on the fastest horse. 🐎
“I call it the ‘super massive blackhole’… If it’s all correlated, I want the best risk-adjusted asset class there is.”
What’s the fastest horse?
You already know.
“Once you actually do the work on it, bizarrely enough, it's crypto.”
The FED cutting interest rates by 0.5% was the firing gun. 🔫
The next 18-months do look incredibly bright…☀️
CRYPTO ETF ROUNDUP 📰
The Bitcoin ETFs are off to a solid start this week.
Yesterday, the ETFs experienced net inflows of $136 million.
And there were no outflows from Grayscale! 🥳
Here’s the breakdown:
BlackRock IBIT: $98.9 million 🥇
Bitwise BITB: $17.4 million 🥈
Fidelity FBTC: $16.8 million 🥉
And Ethereum also had a HUGE day yesterday (for Ethereum standards…)
Yesterday, the Ethereum ETFs saw net inflows of $62.5 million.
Here’s the breakdown:
BlackRock ETHA: $59.3 million 🥇
VanEck ETHV: $1.9 million 🥈
Invesco QETH: $1.3 million 🥉
However, these inflows aren’t quite enough to offset the $79.3 million in outflows they experienced on Monday. 😢
In other ETF news…
Yesterday we broke down the recent Bitcoin ETF controversy surrounding Coinbase as a custodian. (check that out here in case you missed it)
BlackRock essentially updated their agreement with Coinbase to include a 12 hour withdrawal notice.
And many (us included) took that as BlackRock addressing the rumours.
But according to BlackRock’s head of digital assets, this amendment is standard procedure:
"Nothing of significance has changed here, what we do with all of our custodians is an operational fine-tuning."
ETF analyst Eric Balchunas also commented on the situation:
We still think that the ETF wallet addresses should be made public…
CRACKING CRYPTO 🥜
Kraken expands European foothold with Dutch crypto broker acquisition. Kraken has accelerated its expansion across Europe over the past two years as MiCA approaches.
BNY nears crypto custody for ETFs after SEC softens SAB 121 stance. BNY Mellon moves closer to offering Bitcoin and Ether custody for ETF clients as the SEC relaxes controversial crypto accounting rules.
Ex-Alameda Research CEO Caroline Ellison Sentenced to Two Years in Prison for Her Role in FTX Fraud. Ellison will also have to forfeit about $11 billion dollars, a federal judge ruled Tuesday.
Bitcoin ETFs set to attract liquidity and speculation as IBIT options trading gains approval. The volatility of bitcoin may drop reduced as more interest comes into trading the options on the spot bitcoin ETF.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
|
|
|
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is the smallest unit of Bitcoin called? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Satoshi 🥳
The satoshi is the smallest unit of Bitcoin. It is a one hundred millionth of a single bitcoin (0.00000001 BTC).
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
NUTCASE REVIEW OF THE DAY 🔍
DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
Reply