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- 🥜 Why this Ethereum Bull Changed His Mind...
🥜 Why this Ethereum Bull Changed His Mind...
PLUS: Coinbase continues the attack
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Today, we’ll be going over:
🥊 Coinbase continues their fight against the SEC
🧠 Ethereum bull changes mind
🔑 Another day, another pricing signal reached
🤑 And more…
MARKET WATCH ⚖️
Prices as at 5:50am ET
Only the top 20 coins measured by market cap feature in this section
COINBASE VS SEC 🥊
BREAKING: Coinbase says SEC is attempting to ‘redefine definition of an investment contract‘
Coinbase has accused the SEC of attempting to control all investment activity.
The exchange believes that the SEC has overstepped its boundaries.
The SEC sued Coinbase for operating as an unregulated securities exchange. They claim that the sale of tokens such as SOL and ADA constitute the sale of securities.
Coinbase believes that these tokens do not classify as securities under current law. They argue the SEC has set out to redefine the criteria for what constitutes a security.
Paul Grewal, chief legal officer at Coinbase had this to say:
“By arguing that any purchase in which the buyer hopes for an increase in value constitutes an investment contract-and therefore a security-the SEC is attempting a radical expansion of its own authority. Only Congress can do that as the major questions doctrine makes clear.”
Coinbase’s argument is pretty clear:
An investment contract entitles the purchaser to a claim related to further income or profits of a business
Coinbase offers no such contracts for the digital assets it trades
The SEC’s authority is limited to securities transactions
Therefore the SEC is overstepping it’s boundaries in prosecuting Coinbase
Coinbase also raised pretty funny point: is a painting also a security? 😂
“A painting, a baseball card, Bitcoin, and Ether can all be investments, but that doesn’t make them securities. And because trades of assets on Coinbase’s platform neither purport to nor do confer a claim upon any enterprise, they are also not investment contracts.“
Bonus clip: Gary Gensler on if Pokémon cards count as securities 🤣
Now we await the SEC’s response.
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ETHEREUM BULL CHANGES MIND 🧠
If you’ve been in the crypto space for any decent amount of time, you’ve most likely heard of Raoul Pal.
Raoul is a macroeconomic expert and was one of the first analysts to ever cover Bitcoin.
But the main thing he’s known for?
He’s been notoriously bullish on Ethereum. 🐂
But now he has a new favourite.
Revealed on twitter, Raoul’s new largest holding is now… Solana.
Solana
+
Firedancer
+
Compressed NFT's - 1 million for $100.
=
All I need to say.
(It's a daily DeMark 9 so be careful right here - CAVEAT I am not short-term and suck at short-term... 2 years+ and I can well be wrong and yes, I hold a bag and it's now bigger than my ETH)
— Raoul Pal (@RaoulGMI)
11:37 PM • Oct 23, 2023
What is Firedancer? 🔥💃
Firedancer is a Solana upgrade that will allow it to process ~600,000 to 1,200,000 transactions per second. This will make Solana extremely fast & inexpensive to use.
Raoul broke it down in a recent interview:
“This is a different order of magnitude. This is 10x the fastest thing we've ever seen and it's not a layer 2. It’s just Solana. So this is a game changer.”
With these current standings YTD…
Ethereum: Up 51.73%
Solana: Up 233.81%
Do you think he’s made the right call? 🤔
Did Raoul make the right call? |
ANOTHER ONE 🔑
Another day another pricing signal reached….
Today we’ll be taking a look at Glassnode’s Investor tool.
The investor tool is used by long-term investors to help identify cycle tops and bottoms.
Here’s how it works:
🟢 2-year Moving Average: price trading below this indicates a cycle bottom 😢
🔴 5× 2-year Moving Average: price trading above or close to this indicates a cycle top 😁
Now we know what you’re thinking…
“The 2-year MA and a 5x multiple of the 2-year MA are completely random numbers to base a model off!”
And we would agree with you 🤣
BUT just take a look at the model below…
It’s been super accurate in calling cycle tops and bottoms.
When price dips below 🟢 it bottoms out and starts to rise. Once it reaches 🔴 it peaks and begins to dip.
Today the current values are:
🟢 2-year MA: $30,087
🔴 5× 2-year MA: $150,435
Bitcoin spot price: $34,470
Bitcoin has once again just broken above the 2-year MA. The last time Bitcoin was above the 2-year MA was back in May 2022.
Bottom Line: The last few days we have gone over quite a lot of pricing models. And they all have one thing in common…
They all signal that the bull run is here. 😎
One last thing. Remember how 🔴 indicates cycle tops?
Well, that’s currently sitting at $150,435…
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
What is the maximum amount of Bitcoin?
A) Unlimited
B) 19.52 million
C) 21 million
D) 19.48 million
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) 21 million 🥳
There is a limited supply of bitcoins that can ever exist, with a total cap of 21 million.
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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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