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- 🥜 this Bitcoin indicator just hit an ATH
🥜 this Bitcoin indicator just hit an ATH
PLUS: SEC Strikes Again
Today’s edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry.
GM to all 64,642 of you. Crypto Nutshell #318 diving’ in... 🤾🏼♂️ 🥜
We’re the crypto newsletter that’s more entertaining than Jim convincing Dwight that he's in "The Matrix"… 🕶️ 💻
What we’ve cooked up for you today…
👨⚖️ The SEC strikes again
💸 Bitcoin is the answer
📈 Bitcoin as strong as ever
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:25am ET
Only the top 20 coins measured by market cap feature in this section
THE SEC STRIKES AGAIN 👨⚖️
BREAKING: Robinhood crypto business slapped with SEC Wells notice
Popular trading platform, Robinhood, has been issued a Wells notice by the SEC.
A Wells notice is basically the SEC letting the recipient know that they intend to follow up with some kind of enforcement action.
Dan Gallagher, Chief Legal Officer at Robinhood, had this to say:
(funnily enough Dan also served as SEC commissioner from 2011 - 2015)
“After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business.”
Dan also explained that Robinhood doesn’t believe any of its listed tokens are securities:
“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law.”
This notice against Robinhood is the latest in the SEC’s crusade against the crypto industry.
CEO and Co-Founder of Robinhood
Last month, the SEC issued a Wells notice to Uniswap.
Not long after that, they also issued a Wells notice to Consensys.
(Not to mention the active lawsuits against Coinbase and Binance)
Considering that Robinhood also attempted to “register” with the SEC, this enforcement approach by the SEC really doesn’t make any sense…
All anyone is asking for is regulatory clarity in the crypto industry.
These firms want to comply…
INVEST ALONGSIDE SHARKS AND DRAGONS 🦈 🐉
VCs know how difficult it is to spot promising early investment opportunities. Even the all-knowing Sharks from Shark Tank declined the offer to buy 10% of Ring for $700K.
It’s a decision they would regret when Amazon acquired Ring, turning the $700K into $10M. But what made Ring blow up and change doorbells forever? Retail distribution.
RYSE has launched in +100 Best Buys, but did you know that they pitched on Canada’s Shark Tank, Dragons Den and received two offers?
Exits in the smart home industry have yielded massive returns for early investors (look at Ring and Nest's billion dollar acquisitions) and the Dragons think they’ve spotted a winner in RYSE.
BITCOIN IS THE ANSWER 💸
Government debt is spiralling out of control.
The only option?
Bitcoin.
That’s the latest message out from Larry Lepard.
For those of you who don’t know Larry, he’s:
Founder & Managing Partner of Equity Management Associates
Graduated from Harvard, with 40 years of finance experience.
Huge sound money advocate (money that cannot be printed) - previously focused on gold but now his attention has shifted to Bitcoin
In hist latest interview, Larry explained that the need for sound money is more important than ever.
More and more people are realising just how bad the current situation really is.
“The world wide awareness of the problem, the problem being too much debt and too much money printing to cover the debt, is spreading. As it spreads, people naturally say to themselves that they need to invest in things that the government cannot print. Gold and Bitcoin fit that model.”
And the problem is only getting worse.
Checkout this chart first posted by Larry back in 2019.
The blue line generates income to pay for debt interest on the red line…
The gap shouldn’t be widening like that…
Larry first posted this to Twitter on October 15, 2019
U.S. Government debt is getting out of control.
“The US federal debt is growing at ~10% per year and US GDP is growing at ~2.6% per year. That’s a problem because that GDP is what’s used to pay that debt and at some point there’s going to be a day of reckoning.”
As more and more people come to understand this issue, Larry believe’s they’ll turn to Bitcoin as it’s the only option.
According to Larry, the next 10 years will see Bitcoin’s adoption level explode.
“The next 10 years is going to be the Bitcoin gold rush. From 2024 to 2034 the entire world is going to come to embrace this thing.”
Continuing on, Larry explains:
“What we’ve got here is a form of money that’s superior to government money. And if you look at history, the best technology always wins.”
To many, Bitcoin is hope.
BITCOIN AS STRONG AS EVER 📈
Bitcoin’s long term trend indicators are at their highest ever levels.
Today we’ll be taking a look at:
🟢 200 Day Moving Average (200DMA): sums the last 200 days of Bitcoin’s closing price and divides it by 200 to smooth out fluctuations
🔴 200 Week Moving Average (200WMA): same as 200DMA but uses weekly closing price instead
The 200DMA just hit an all-time high of $50,087.
And the 200WMA also just hit an all-time high of $34,142.
Both of these metrics suggest a long-term bullish outlook.
What’s more is that Bitcoin’s price has been trading above both of these indicators since October 2023.
Once again suggesting a bullish outlook.
(The opposite is also true - Bitcoin trading below these indicators is bearish)
Speaking with CNBC, Anthony Pompliano mentioned this breakthrough:
"Bitcoin’s 200 day moving average just hit a new all-time high. Don’t get lulled to sleep by Bitcoin going sideways. The long-term thesis is as strong as ever.”
Sometimes you have to look past the short-term volatility.
Over the long run, Bitcoin continues to trend upwards.
It may not feel like it right now but Bitcoin is as strong as ever.
CRACKING CRYPTO 🥜
German central bank president calls for swift adoption of CBDCs to stay competitive. Deutsche Bundesbank President Joachim Nagel urged central banks to consider swift adoption of CBDCs to stay competitive.
SEC punts Galaxy spot Ethereum ETF decision to July. In line with analyst expectations, the SEC pushed its decision on Invesco Galaxy’s spot Ether ETF application until July 5.
Bitcoin Slips to $63K as Crypto Market Faces More U.S. Regulatory Pressure. Despite the recent bounce, the correction isn't over, said one technical analyst.
What Hong Kong crypto ETFs may tell us about US ETH fund appetite. Access to staking rewards is expected to be key for wider adoption of ether ETFs in the future, analysts say.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
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”)
Which crypto is currently the 4th largest measured by market cap? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) BNB 🥳
BNB is the 4th largest crypto with a market cap of ~$88.3 billion.
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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.
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