- Crypto Nutshell
- Posts
- 🥜 It Keeps Getting Better...
🥜 It Keeps Getting Better...
PLUS: Ethereum's time to shine
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 #485 ready to blow… 💣🥜
We're the crypto newsletter that's more heroic than defending a city from darkness in a high-tech suit... 🦇🌆
What we’ve cooked up for you today…
🏦 Here we go again
🧠 Don’t count out Ethereum
📉 It keeps going down
💰 And more…
Prices as at 4:15am ET
HERE WE GO AGAIN 🏦
BREAKING: US Federal Reserve cuts interest rates by 25 basis points
Another day, another all-time high…
This time, Bitcoin rocketed higher as the US Federal Reserve cut interest rates by an additional 0.25%. (Which was completely expected)
As soon as this news broke, Bitcoin shot up to a high of $76,943.
Here’s what the Fed had to say in a statement:
"In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4.50% to 4.75%."
Continuing on, the Fed explains:
"Recent indicators suggest that economic activity has continued to expand at a solid pace. Inflation has made progress toward the Committee's 2% objective but remains somewhat elevated."
The Fed was also asked about the possibility of future rate cuts, but only gave the stock standard response of:
“We’ll monitor the data and get back to you later.”
However…
According to CME FedWatch, the market is currently expecting another 0.25% rate cut on December 18. (73.5% chance)
Whilst there is a 26.5% chance of no rate cut in December.
Here’s a little bonus for you:
Trump has been a persistent critic of the Fed and its independence. (The Fed is supposedly apolitical - meaning it only considers what is best for the economy)
And now that Trump will become President…
Fed Chair Jerome Powell was asked whether he would resign if Trump asked him to leave his role.
Powell simply responded with a blunt “no”. 😂
Click to watch
Today’s interest rate cuts are just another piece of the puzzle for an explosive 2025.
But wait, there’s more…
BlackRock just had it’s largest inflow day EVER, with $1.1 billion in net inflows.
That is INSANE.
The Bitcoin ETFs (combined) also saw their largest ever inflow day with $1.4 billion coming in.
These last few days have been nothing but crazy…
Win Crypto Worth An Xbox Game Pass Ultimate 🎮
Alright, gamers and crypto fans, it’s time to level up.
Crypto.com is once again bringing back their popular Xbox Game Pass Campaign, just in time for the holidays!
Here’s the deal: be one of 110 lucky winners to snag crypto rewards worth up to one year of Xbox Game Pass Ultimate. Just trade your favorite coins or stack up your CRO balance to join the action.
Here’s The Rundown:
🗓 Campaign Dates: October 29, 2024 - November 12, 2024
Part 1: Trading Competition:
The top 100 participants with the highest trading volume will win US$50.97 worth of CRO in their Crypto Wallet — enough for 3 months of Xbox Game Pass Ultimate!
How to Participate:
Sign up or sign in to the Crypto.com App (Guide)
Tap on Xbox Game Pass Campaign > Join Now
Trade at least US$50 worth of any cryptocurrency (excluding stablecoins) during the Campaign Period
Part 2: CRO Net Buy Competition:
Ready to go big?
The top 10 participants with the highest CRO Net Buys* will score US$203.88 worth of CRO in their Crypto Wallet, covering a full year of Xbox Game Pass Ultimate!
Note: Each participant can only win in either Part 1 or Part 2.
*‘Net Buys’ = CRO Buys + CRO Deposits - CRO Sells - CRO Withdrawals
If you haven’t yet got started with crypto.com - you’re missing out.
Click here to get started and don’t miss out on your chance to gear up for an epic gaming season!
For all details & rules - see here.
DON’T COUNT OUT ETHEREUM 🧠
Ethereum is about to start outperforming Bitcoin.
Altcoins are about to start outperforming Ethereum.
That’s the latest out from Raoul Pal.
Raoul is a macroeconomic expert & veteran in both crypto & financial markets, having first bought Bitcoin 10+ years ago.
In his latest update to investors, Raoul broke down why he believes we are now in the part of the cycle where we can expect Ethereum to start outperforming:
“I've been expecting Ethereum to start gaining lost ground on Bitcoin. It's partly driven by the risk taking cycle but it's also driven by the election.”
Due to the results of the election, Raoul believes the landscape for ETH has now drastically improved.
We’re now at the point in the crypto cycle where Ethereum historically outperforms, and the regulatory uncertainty around ETH has now been lifted.
Raoul expects Ethereum to now outpace Bitcoin, however he also expects it to underperform 2 altcoins: Solana and Sui:
“My view is that Ethereum begins to outpace Bitcoin for the rest of the cycle but underperforms Solana and Solana underperforms Sui.”
Backing up Raoul’s thesis was on-chain crypto analyst Pentoshi:
“Ethereum also looking great for once. Expect this to do well in the weeks ahead.”
If past cycles are anything to go by, now is not the time to count out Ethereum. 🧠
IT KEEPS GOING DOWN 📉
Today we’ll be checking in on the amount of Bitcoin available for sale on exchanges.
As always, here’s how to interpret this metric:
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 2,975,360 Bitcoin available for sale on exchanges.
That’s ~15.04% of the entire circulating supply.
Year-to-date this metric has fallen by 13,769 BTC (~$1.05 billion at todays prices).
Interestingly, this metric has remained relatively flat ever since the FTX low of November 2022.
However…
It has been in a sustained downtrend since July 2024.
And if exchange balances continue to fall as price continues to rise…
That’s even more bullish for long-term price action. 🚀
CRACKING CRYPTO 🥜
Bitcoin ETFs record $621 million inflow amid rare BlackRock outflow following US election. Fidelity's FBTC captures $308.8 million as BlackRock's IBIT sees $69.1 million outflow.
France considers ban on crypto betting platform Polymarket. France’s gambling regulator confirmed that it’s currently examining Polymarket and its compliance with French gambling legislation.
Here's How Quickly Gary Gensler Could Lose His SEC Chair Gig Under Trump. With the crypto-friendly Donald Trump being elected president, industry leaders are now awaiting his first big move, which could be appointing a new chair of the U.S. Securities and Exchange Commission.
Coinbase's stock surge following Trump election win leads to a massive day for a leveraged ETF counterpart. Coinbase’s stock surged more than 30% in Wednesday’s session and a leveraged ETF tied to the stock doubled that performance.
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”)
Memory test! What was the approximate trading volume of the Bitcoin ETFs after 3 days of trading? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) ~$10 billion 🥳
The Bitcoin ETFs flew out of the gates with ~$10 billion in trade volume 3 days after launch.
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