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GM to all 58,219 of you. Crypto Nutshell #278 sprintin’ by. 🏃 🥜
We’re the crypto newsletter that's as exhilarating as a group of elite climbers attempting to conquer the world's tallest peak... ⛰️🧗
What we’ve cooked up for you today…
👩⚖️ SEC minor victory over Coinbase
🏦 They don’t lose
🔥 Is the market overheated?
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:10am ET
Only the top 20 coins measured by market cap feature in this section
SEC MINOR VICTORY OVER COINBASE 👩⚖️
BREAKING: SEC can proceed with Coinbase lawsuit - court ruling
Coinbase’s motion to drop the SEC’s case has just been denied.
As a quick recap:
Back in June 2023, the SEC sued Coinbase.
The SEC alleged that Coinbase was operating as an unregistered securities exchange. The SEC also believes Coinbase violated federal securities laws by listing 13 tokens they “classify” as securities.
Coinbase disagree with these claims. They therefore filed with the courts to dismiss this case.
That brings us to today.
Coinbase’s Chief Legal Officer, Paul Grewal had this to say:
Grewal also explained that this outcome was expected:
“Early motions like ours against a government agency are almost always denied. But clarity is the ultimate goal and today’s decision continues us on that path.”
Regardless of today’s outcome, Coinbase is confident that they have a strong case against the SEC:
“Looking ahead, we remain confident in our legal arguments, we look forward to proving we’re right, we are eager for the opportunity to take discovery from the SEC for the first time.”
Fox Business journalist Eleanor Terrett explained that this case still has a LONG way to go.
At the end of the day, Coinbase just wants legal clarity on digital assets in the US.
How is that such a big ask?
Crypto prices across the board dipped slightly on the news, however, have since rebounded.
Markets showing huge resilience in shrugging off bad news. 💪
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THEY DON’T LOSE 🏦
In a recent interview, Larry Fink explained how he has been “pleasantly surprised” by retail demand for the Bitcoin ETFs.
Larry Fink is the CEO of BlackRock, the world's largest asset manager. They currently have $10+ trillion in assets under management.
Fink is also arguably the most powerful man on Wall Street.
When he speaks, everyone listens.
Kicking the interview off, Fink had this to say:
“I’m very bullish on the long-term viability of Bitcoin. It’s surprised me how much it’s gone up.”
Continuing on, Fink explained just how successful IBIT (BlackRock’s Bitcoin ETF) has been:
“I’m pleasantly surprised, and I would never have predicted before we filed it, that we were going to see this type of retail demand.”
The demand for IBIT has been nuts to say the least.
(yesterday BlackRock saw net inflows of $324 million)
“IBIT is the fasted growing ETF in the history of ETFs, nothing has ever gained assets as fast as IBIT.”
Fink was also asked his thoughts on the Ethereum ETF situation.
And although he couldn’t give much, he did have something very interesting to say…
“I really can’t talk about it, but I don’t think that designation [classifying ETH as a security] is going to be that detrimental.”
So Fink believes even if ETH is classified as a security we could still see an Ethereum ETF.
We think the market largely missed this comment from Fink and it flew under the radar…
Remember, BlackRock’s SEC ETF approval record is 576-1…
They don’t lose. 😎
IS THE MARKET OVERHEATED? 🔥
Time for a check in on the MVRV Z-Score.
This metric 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)
Like yesterdays chart, this metric provides a nice visual 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 2.80 (Two weeks ago it was at 3.10)
But what exactly does this mean?
Well MVRV is in-between the green and red zones, and trending upwards.
Which indicates that this rally still has a long-way to go before the market is overheated. (we’re almost at the mid point)
CRACKING CRYPTO 🥜
US Senate candidate John Deaton demands SEC Gary Gensler's resignation over political bias. Pro-crypto lawyer John Deaton accused SEC Chairman Gensler of abandoning investor protection for political agenda.
Fidelity takes another step toward spot ether ETF, but hurdles likely remain. The Fidelity Ethereum Fund, like other proposed ETH ETFs, seeks to stake a portion of its assets, according to a registration statement.
Nilam Resources flagged ‘buyer beware’ as shares pump over Bitcoin plans. Shares in Nilam Resources have been flagged “buyer beware” by OTC Markets, the firm that facilitates its OTC stock trading.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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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 data in a blockchain gets stored in ________ . |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Blocks 🥳
Each block stores transactions, and when a block is full, a new block is created and linked to the previous one, forming a chain.
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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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