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- 🥜 Pay attention to this Crypto trend...
🥜 Pay attention to this Crypto trend...
PLUS: Still early days
GM to all 20,289 of you. Crypto Nutshell #149 galloping in. 🦄 🥜
We’re the crypto newsletter less stressful than managing a paper supply company with a diverse group of personalities... 📄🤪
🧠 Ramaswamy’s crypto plan
🤔 Pay attention to this…
🐦 We’re still early
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:45am ET
Only the top 20 coins measured by market cap feature in this section
RAMASWAMY’S CRYPTO PLAN 🧠
Breaking: US presidential candidate Vivek Ramaswamy unveils crypto framework
2024 US presidential candidate, Vivek Ramaswamy, has just announced his crypto plan that would take action if he’s elected:
Shield software developers from criminal or enforcement vulnerabilities - chase down those using it illicitly
The right to maintain self-hosted digital wallets
Clearer regulations surrounding crypto - commodity or security?
According to Ramaswamy, most cryptocurrencies are commodities. By this logic, the SEC has overstepped its boundaries when it comes to crypto regulation.
"A big part of what we're missing today is clarity from our regulators… What we're going to have is rescinding any of those regulations that are allowing the regulatory state to go after perfectly legal behavior, but by claiming that somehow it shouldn't exist because they don't like it. All of that can end on my watch."
When it comes to the war between the SEC and crypto, we think this quote from Ramaswamy sums it up perfectly:
"If the head of the SEC or the commissioners of the SEC cannot instantly answer whether or not some widely used cryptocurrency or coin counts as a security or a commodity, that means the rules that we have right now are a failure."
Isn't it insane that we have now had multiple presidential candidates endorse crypto as part of their campaign?
Just think about that for a second… 🤔
We’ve come a long way. 🛤️
To read the full article click here.
TOGETHER WITH WE STUDY MARKETS 🏫
In other news, let’s be real for a second…
Investing is damn hard.
It’s difficult to keep up with everything going on in markets and what’s happening in the macro.
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PAY ATTENTION TO THIS… 🧐
This week, we saw various headlines announcing crypto ETFs have been delayed or postponed.
In the past, bad news like this would have sent prices lower.
What did we see instead?
The market shrugging off the news and grinding upwards.
It’s small signs like this, that you need to be paying attention to. 👀
That’s the message out from technical & macro analyst - Pentoshi.
Pentoshi is an anonymous technical analyst and trader. He regularly posts his charts, trades and macro predictions on twitter. He's built a following of 700,000+ investors for 3 reasons:
His brilliant technical analysis 📈
His calls have been disgustingly accurate ✅
He posts behind the pseudonym of a penguin 🐧
In his latest slew of tweets, he pointed something out. The markets resilience is very telling about the overall current trend:
He also predicted that if we see a dip, it will at most be to $32,000 - $33,000.
At the same time, crypto investors are on borrowed time. 💣
There’s only 53 days left until the Bitcoin ETF approval deadline. A date in which Bloomberg analysts have odds at 90% chance of approval.
His main point? At this stage, with the ETF and halving looming, any dips in price should be viewed as opportunities.
“Pull backs be a gift”
Words to live by in crypto. 🫡
WE’RE STILL EARLY 🐦
Today we’ll be taking a look at one of the most powerful on-chain metrics.
The Realized Cap HODL Waves (RHODL) breaks down the balance of wealth between new and older Bitcoin investors.
RHODL builds upon the idea of the classic HODL waves by weighting each age band by the price at which each coin last moved. This removes Satoshi’s coins (~1 million BTC) from the data as they have never moved.
Warmer colours indicate younger investors. (we’re talking coins held for less than 6 months)
Cooler colours indicate older investors. (coins held for longer than 6 months)
Here’s how to understand this metric:
Peaks in warmer colours: The market is prepared to pay higher values for Bitcoin today versus historical norms. A sign the market is peaking. 🐂
Peaks in cooler colours: The market is not prepared to pay higher values for Bitcoin. Occurs at major cycle lows where the average investor is no longer interested in Bitcoin. 🐻
The simplest way to think about this metric is by using it as a FOMO indicator. Large spikes in reds and oranges indicate market FOMO. (This is the ideal time to sell) 🤑
Take a look at the chart above and compare previous market cycles to where we are now.
Notice anything?
Warmer colours are only just starting to increase…
We have a long way to go before we’re in peak market mania mode.
It’s still only the beginning. 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
Which luxury car manufacturer recently began accepting crypto payments?
A) Lamborghini
B) Porsche
C) Ferrari
D) Bentley
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Ferrari 🥳
Ferrari began accepting crypto payments in October 2023 for US clients.
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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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