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PLUS: Crypto Crack Down
Today’s edition is brought to you by RAREMINTS - discover your next 10x crypto opportunity today!
GM to all 26,375 of you. Crypto Nutshell #172 hoppin’ in. 🐇 🥜
We’re the crypto newsletter that's more magical than a young girl's adventure in a fantastical land filled with witches and talking lions... 🧙♀️🦁
What we’ve cooked up for you today…
👩⚖️ US Senators cracking down on crypto
🕺 The party hasn’t even started
💧 The inflows keep on coming
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am
Only the top 20 coins measured by market cap feature in this section
US SENATORS CRACKING DOWN ON CRYPTO 👩⚖️
BREAKING: US senators back Elizabeth Warren’s Anti-Money Laundering bill targeting crypto
US Senator Elizabeth Warren has announced expanded support for her Digital Asset Anit-Money Laundering Act.
Five more senators have agreed to cosponsor the bill aimed at cracking down on crypto.
“I’m glad that five new senators are joining the fight to take action, including three members of the Banking Committee – our bipartisan bill is the toughest proposal on the table cracking down on crypto’s illicit use and giving regulators more tools in their toolbox.”
One of the bills newest supporters, Senator Chris Van Hollen, had this to say:
“The lack of basic legal safeguards around crypto opens up Americans to countless risks. What’s more, crypto has become the payment method of choice for terrorist organizations, drug cartels, and authoritarian regimes in order to fund their illicit activities.”
This bill has been proposed under the guise of protecting Americans. Warren has been vocal about the dangers of crypto.
In particular, she believes crypto is the currency of choice for online crime, cyber terrorists and global criminals.
If passed, this bill would substantially impact the crypto industry.
Reduced privacy and decentralisation goes completely against what Bitcoin stands for.
For the full breakdown on what this bill could mean for the crypto industry, checkout this article.
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THE PARTY HASN’T EVEN STARTED🕺
Mark Yusko is the founder, CEO, & Chief Investment Officer of Morgan Creek Capital.
In his latest update to investors, he had one message:
“We haven’t even started. We haven’t even started!”
In the last 8 weeks, we’ve seen Bitcoin rocket back into the $40,000’s.
It feels like a lot of hype & attention has returned to the crypto space.
However, Yusko says we haven’t seen anything yet.
“2024 is still three weeks away. That's the beginning. That's the beginning of the middle part of the S-curve. That's where we go from 10% adoption to 90%. It's going to be an unbelievable decade.”
An adoption S-curve
He’s not wrong, either.
Looking at google trends for Bitcoin & crypto, we are not even at 30% of the levels of interest we saw in 2021.
Interest in ‘Crypto’ over the past 5-years
Interest in ‘Bitcoin’ over the past 5-years
Instead, Yusko predicts that we are going to start to see real movement in June of 2024.
“June - that's when the parabolic stuff starts. And next Thanksgiving? Oh my God - it's going to be crazy.”
With the Bitcoin ETF coming within 27 days & the Bitcoin halving in 126 days, we agree with Yusko.
If you’re feeling like you’re late to the party - you shouldn’t.
The party hasn’t even started.🕺🪩
THE INFLOWS KEEP ON COMING💧
For the 11th week in a row, digital asset investment products saw net inflows.
The total weekly inflows were $43 million, considerably down compared to the week prior ($176 million).
CoinShares note that there was a significant inflow into short positions as investors were anticipating a correction (smart play).
If you’re new around here, or not quite sure what we mean by digital asset investment products, checkout this short article.
As usual, Bitcoin was everyones favourite.
Bitcoin once again dominated the weekly flows at $19.8 million. This brings the total YTD Bitcoin inflows to $1.702 billion.
Ethereum also saw its 6th consecutive week of inflows with $9.7 million. This brings the total YTD Ethereum inflows to $19 million (it’s been negative most of the year).
As mentioned earlier, going short Bitcoin (betting against Bitcoin) was quite popular with $8.6 million in weekly inflows. Some people 100% anticipated the correction we just experienced…
Regionally, Europe comes out on top with $43.6 in inflows.
The US only saw inflows of $14.2 million, with half of that going into short positions.
Institutional money and interest is continuing to flow into the space.
But we can expect these numbers to be MUCH higher once the ETFs launch. 😎
Click here for the full CoinShares report.
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page.
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 currently the 4th largest cryptocurrency with a market cap of ~$38 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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