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- 🥜 Nobody paid attention to this
🥜 Nobody paid attention to this
PLUS: Huge crypto legislation passes
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What we’ve cooked up for you today…
🧑⚖️ Crypto bill passes
🧐 Nobody was paying attention…
🤔 Where are we at?
💰 And more…
MARKET WATCH ⚖️
Prices as at 11:35am ET
Only the top 20 coins measured by market cap feature in this section
CRYPTO BILL PASSES 🧑⚖️
BREAKING: House passes FIT21 crypto bill with majority bipartisan support
The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22.
The vote came down to 279 representatives voting yes and 136 voting no.
Overall, 71 Democrats and 208 Republicans voted in favour of the bill, versus 3 Republicans and 133 Democrats who voted against.
Coinbase CLO Paul Grewal called the 71 democratic votes “real progress”:
“71 House Democrats. Let that sink in— 71 House Democrats just joined Republicans to defeat the scape goating, fear mongering and ignorance of fellow legislators who refused to legislate. Thank you Congress— FIT21 is real progress.”
However, the bill is not yet law. It still has to go through the Senate.
FIT21 aims to:
Establish a regime to regulate US crypto markets
Set consumer protections
Install the Commodity Futures Trading Commission (CFTC) as lead regulator of digital assets
Clearly define what makes a crypto token a security or a commodity
But do you know who is strongly against FIT21? 🤔
That’s right…
Gary Gensler…
Here’s what he had to say regarding the bill:
"The Financial Innovation and Technology for the 21st Century Act would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk,"
This may not seem like much, but it’s a HUGE step in the right direction.
And in other news…
A bipartisan group of House lawmakers have sent Gary Gensler a letter urging the SEC to approve the Ethereum ETFs.
Quick reminder that the Ethereum ETF decision will be announced roughly 4 hours after this newsletter has been sent out.
(don’t worry, we’ll be covering the decision in tomorrow’s newsletter)
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NOBODY WAS PAYING ATTENTION… 🧐
Whilst everyone was freaking out that prices weren’t going up over the past 2 months, Bitcoin was quietly being scooped up.
And nobody was paying attention.
That’s the latest out from Willy Woo - the O.G on-chain Bitcoin analyst.
Willy Woo was the pioneer of many of the on-chain analytics we use today.
Because of the accuracy of his calls, he’s amassed a following of 1+ million Bitcoin investors.
Today, Willy pointed something out.
Despite the choppy price action over the last two months, one thing is for certain:
Bitcoin is being bought up & taken off of exchanges.
The best part?
This trend has actually been accelerating.
Notice how despite price action, pace is accelerating
Don’t be fooled by the price action of the last 2 months - demand for Bitcoin is as strong as ever.
Willy argues the data points to an inevitable conclusion:
"Last time I'll say it... It's only a matter of time before BTC squeezes past all-time-highs.”
Our take?
We agree with Willy.
It’s only a matter of time. ⏰
WHERE ARE WE AT? 🤔
Today we’ll be taking a look at the MVRV Z-Score.
This metric simply compares the market value to the realized value.
Market Value (Market cap): current price of Bitcoin multiplied by the circulating supply
Realized Value: the value of all coins at the price they were last moved
A market top (red zone) is categorised by market value being significantly higher than the realized value.
A market bottom (green zone) is categorised by market value being significantly lower than the realized value. (also the best time to scoop up cheap Bitcoin)
The easiest way to use this metric is to think about it as a gauge of where we currently are in the cycle.
Since the cycle bottom in November 2022, MVRV has been rallying. With some dips along the way of course.
Currently it’s at 2.53 (Two weeks ago it was at 2.07)
This puts MVRV in-between the green and red zones.
Meaning we’re roughly in the middle of the cycle.
We’ve still got a long way to go before Bitcoin’s deemed “overvalued” by this metric.
Quick reminder that we’re also only just entering the “banana zone”…
Expect this metric to drastically rise over the next few months. 🍌
CRACKING CRYPTO 🥜
House passes FIT21 crypto bill with majority bipartisan support. The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) on May 22.
Physically backed bitcoin, ether ETPs set to launch in the UK. WisdomTree has gotten FCA approval to list bitcoin and ether ETPs on the London Stock Exchange, the company said Wednesday.
BlackRock, Grayscale, Bitwise File Updated 19B Forms in Rush for Ethereum ETF. All the updated forms removed the provisions for staking ether, which some say was causing a regulatory roadblock.
‘Asia’s MicroStrategy’ Metaplanet smashes all other Japanese stocks. Metaplanet, Japan’s version of MicroStrategy, is up 158% on the Tokyo Stock Exchange as it continues to double down on its Bitcoin investment thesis.
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”)
When did Binance's BNB token first launch? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) July 2017 🥳
Binance Coin was launched with an initial coin offering (ICO) in July 2017.
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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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