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We’re the crypto newsletter that’s more charming than an unlikely duo taking on the world of competitive ice skating... ⛸️😂
What we’ve cooked up for you today…
🥊 Coinbase vs the SEC
🤨 Can Bitcoin go this high?
⚖️ Ethereum exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:00pm ET
Only the top 20 coins measured by market cap feature in this section
COINBASE VS THE SEC 🥊
BREAKING: US SEC is ‘bent on choking’ the crypto industry — Coinbase
The battle between Coinbase and the SEC continues.
In a recent filing the US Court of Appeals, Coinbase stated “The SEC is serious about the destruction of digital assets”.
Coinbase argues that the SEC is unwilling to sit down and discuss regulation for the crypto industry.
They’ve already made their mind up - and it doesn’t seem like anyone can change it.
Coinbase’s chief legal officer, Paul Grewal, had this to say:
“The SEC’s says – over and over again – that it doesn’t matter if the industry can comply with the rules. The SEC is bent on choking the digital asset industry, and is refusing to provide the necessary rules the industry has requested in order to tighten the squeeze.”
The SEC also claims that it’s current rules are “workable enough” as it has sued many for violating them.
But those violations aren’t clear enough. (SEC claims many tokens are security’s)
Coinbase’s request is a simple one:
Make the rules and regulations clear for the digital asset industry.
Why’s that so hard? 🤔
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CAN BITCOIN GO THIS HIGH? 🤨
Bitcoin could hit as high as $1 million this cycle.
That’s the latest prediction out from Jack Mallers.
Jack Mallers is the CEO of Strike, a Bitcoin investment and payments company.
In his latest interview, Jack explain’s why Bitcoin is simply the best.
In today’s world people can buy stocks, bonds, real estate, gold, the list goes on...
So why should they buy Bitcoin? 🤷♀️
Here’s how Jack answers that question.
“It’s the best expression of fiat debasement. It is the antithesis of fiat currency. It has no central bank. It has no government. Its monetary policy is fixed. Its supply is capped. It’s everything that fiat isn’t. So if your problem is fiat debasement, then it’s best expressed through Bitcoin.”
Bitcoin is everything that fiat isn’t.
Bitcoin is a bet against the existing system.
Jack then explains that if your problem is fiat debasement, then Bitcoin is your only option:
“Traditionally you’d try and find that through something, gold is kind of close… Bitcoin is the only instrument in your portfolio that we humans created to solve this exact problem. Everyone has their own interpretation of the white paper… Satoshi said ‘central bankers, I can’t trust them’. And so this is the best expression of the problem at hand”
Basically it all comes down to:
Number go up
Bitcoin outperforms everything. And this makes it extremely appealing to Wall Street. (as we’ve seen with the ETF demand)
“What that means is that it goes up the most… Why does Wall Street want it? I have been more performant than Ken Griffin for 10 years. That’s why they want it. You either have to work 10 times as hard to outperform a Bitcoin holder or you just own Bitcoin.”
Ken Griffin is the CEO and founder of Citadel - the most successful hedge fund of all time with annualised returns of 19.6% since 1990.
Bitcoin has 110% annualised returns since 2012.
That’s a big difference…
But some have speculated that the age of HUGE returns is over for Bitcoin.
It’s simply gotten too big.
But Jack doesn’t subscribe to that way of thinking:
“I think we’re still so early in the Bitcoin story… I think Bitcoin hits $250,000 to $1 million in this cycle. So now I'm speaking in the next 10 to 18 months. That’s a lot of percent.”
Now, we’re not as confident as Jack is with Bitcoin hitting $1 million this cycle.
But $250,000?
That sounds reasonable. 😎
ETHEREUM EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.
This metric is super simple but extremely useful.
As always, here’s how to interpret the chart:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 12,658,362 ETH available for sale on exchanges.
That’s ~10.57% of the entire circulating supply. And it effectively puts this metric at an all time low.
(it’s been hitting new all-time lows every week forever)
In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.
That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.
And like Bitcoin, there just isn’t that much ETH available for sale.
It just goes to show how good Ethereum’s supply dynamics are right now.🐂
CRACKING CRYPTO 🥜
Lawmakers urge Biden administration to reconsider veto for SAB 121 repeal. The lawmakers called on President Biden to either sign the resolution into law or collaborate with the SEC to revoke the guidance.
El Salvador's pro-Bitcoin President Nayib Bukele sworn in for second term. On June 1, El Salvador's pro-Bitcoin President Nayib Bukele was sworn in for another five-year term at the National Palace in San Salvador.
Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip. Bitcoin bulls fail to flip key $69,000 resistance to support into the monthly close amid predatory BTC price moves.
US SEC is ‘bent on choking’ the crypto industry. Cryptocurrency exchange Coinbase believes that giving the SEC another opportunity to explain itself is “both pointless and exquisitely undeserved.”
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. (answer explanation can be found after “Meme Corner”)
The Bitcoin ______ is the set of rules that define how the Bitcoin system operates.
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Protocol 🥳
The Bitcoin protocol is the set of rules that govern the functioning of Bitcoin
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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.