Crypto Win in Congress! Ethereum ETF (Trump v Biden) BIG NEWS

Crypto Win in Congress! Ethereum ETF (Trump v Biden) BIG NEWS

Bitcoin continues to consolidate at Channel lows although there was a pop today as Federal Reserve chair Jerome Paul told Congress that rate cuts are coming it doesn’t seem likely that the next policy move would be a rate increase we don’t take things like that off the table but that does not seem the likely Direction the likely direction does seem to be in as we make more progress in inflation and as the labor market remains strong we begin to loosen policy at the right moment and then excitement grew further as the chairman of the CFT CC proudly proclaimed that per Court rulings Bitcoin and ethereum are Commodities just last week a district court in the northern district of Illinois entered summary judgment in favor of the cftc in a case involving fraud by an unregistered entity that promis steady returns in digital asset Commodities such as Bitcoin and ether in its decision the court reaffirmed that both Bitcoin and ether are Commodities under the commodity exchange act cftc chairman roson Benham announced that an Illinois court has confirmed Bitcoin and ethereum as digital Commodities he also went on to say that 70 to 80% of the cryptocurrency market are not Securities indicating a significant portion of the crypto Market Falls outside the secur regulatory framework and yet crypto policy in the US still needs to change so crypto holders got even more excited when us Congressman Patrick McHenry stood up giving a speech to support repealing Biden’s veto which prevents regulated Financial firms from custody Bitcoin and crypto he says America will remain the best place in the world to deploy capital I love this speech he gives here listen to what he says at the end the substance here is about digital assets and what we’ve shown in this chamber with a two-thirds vote 71 Democrats joining with just about every Republican saying we want a market structure so we can develop the Next Generation of internet technology here in the United States have consumer protection safety and soundness ensured that we can have the best Capital markets on the globe and capital attracted from around the globe here in the United States so it can be deployed safely and then cuttingedge Technologies and digital assets just as we have this debate on AI we voted with a two-thirds vote to have a regulatory regime that looks like our Capital markets for crypto and my colleagues after 21 voted to repeal this stupid accounting I’m sorry this ill-fitting ill-designed poorly thought out accounting standard that says crypto is not a real asset and we’re going to treat as this other thing so it can’t be in regulated Finance we had 21 Democrats vote with us to repeal this rule then we had 71 Democrats vote for a full Market structure for crypto so I would say those 50 Democrats who voted on the large regulation the larger regulatory package on crypto look at this a new and if you want to send the message that you’re Pro crypto you want to send the message to your voters that you’re Pro crypto and you want to protect their assets those 50 that voted for the market structure but didn’t vote for this should vote with us we should have a 2third vote of this house to repeal this designed accounting standard this is not a marker of presidential leadership what we’ve heard from this Administration is all over the map on what they want to do with crypto and now they’re contorting themselves as the election gets closer and so let’s just do the right thing let’s support sound policy let’s override this veto send a message that America will remain the best place in the world to deploy capital and the best Cutting Edge Tech technology with consumer protection and law abiding rights connected with those digital assets and yet the market is still down bitcoin’s price is still being suppressed why to understand where bitcoin’s going you need to understand why this happened Pompano explains why the price is down here also why are people calling Bitcoin illiquid prices go down because there’s more sellers than buyers obviously um and so the question is who’s selling and there’s really two main culprits at the moment uh the the German government has about 50,000 Bitcoin that they seize from a pirating website and they’ve been trying to offload it what’s interesting about it if you look at the onchain data is they’re basically going to as many exchanges as they can and trying to sell um and so they’re about halfway through that right now it’s about $2 and5 billion dollars uh they’ve sold about a billion and a half or so and then there’s also the mount gox Bitcoin that’s been distributed and so I think people more so are scared hey if there’s billions of dollars being distributed back are these people who have been IL liquid for years just going to sell it what’s really interesting about this is is Bitcoin is still very illiquid and so there’s most of the Bitcoin that is out there being held by people that have a long-term View and so when a seller shows up with just a couple billion of dollars the price will go down now if I told you someone was going to come sell billions of dollars and the price was only going to go down to $55,000 or so that’s actually pretty bullish right I I think that people are looking at this and saying hey look Bitcoin is still pretty healthy how illiquid do you think the market is I mean we always talk about the the whales who have the wallets that have been sitting there forever since the Inception of Bitcoin but how do you how big do you think it is at this point at the start of this year uh the amount of Bitcoin that had not moved in over a year was over 70% um% so very high now as the price has risen some of that has started to get distributed which what you would expect in a bull market and so really the question right now is basically you know how strong are those hands and will they Outlast the German government will they Outlast these you know Mount Cox distributions and so my expectation is as we get further into the bull market that number will come back down towards 50 55% but still at least half of the Bitcoin probably is being held by people who have a 10 plus year time Horizon but the next Catalyst on everybody’s mind is the spot ethereum ETF the launch of the spot ethereum ETF is anticipated for July 18th it could be as early as July 15th Bloomberg analyst Eric balchunis says the most likely date is July 18th this development is expected to bring significant changes to the cryptocurrency market with potential inflows estimated at 15 billion into the ethereum ETF in 1.5 years so this is actually the Stellar inflows Bitcoin has had right now in 5 months they’re anticipating ethereum ETF gets this in 1.5 years the thing is ethereum is about onethird the size of Bitcoin by market cap so ethereum really only needs to get onethird the inflows I think to be considered a raging success like Bitcoin is and then as time passes I believe the ethereum ETF could be possibly even more valued than the Bitcoin one I’m bullish on bitcoin is digital gold but you know what gets investors excited tokenization stable coin Market defi l2s nfts gaming rwas deepin if you want all those things ethereum is like the pick and shovels plate to do it so over time as more institutional investors get on boarded I think the ethereum ETF could be a raging success over time he it’s hard not to be bullish right 40% of ethereum Supply is basically locked up 28% staked 12% in smart contracts and bridges we showed you the other day that ethereum Supply on exchanges is rapidly shrinking with the imminent trading start of the eth ETF institutional interest is set to rise and eth’s price is primed for a rally crypto is a political issue now of course with the 2024 Republican party adding crypto rights to their official party platform they’re promising to defend your right to mine Bitcoin in the US defend the right to self- custody defend your right to transact freely without surveillance so no cbdcs an overall and unlawful on American crypto Crackdown it’s your move Biden or should I say your move Democrats either way Joe Biden and the Democratic Administration is attending a Bitcoin and crypto Roundtable in DC this month it could be happening this week we don’t know interesting take from crypto OG Travis cing the likelihood of a trump presidency is the single most mispriced aspect of crypto right now if we get a trump win in November Gensler is gone immediately and replaced with someone much more Pro crypto and the entire regulatory landscape for alt will drastically improve so we’ll see if Trump wins or whoever the Democratic candidate is one thing is for sure big entities are moving in and they’re moving in quickly Goldman Sachs a 1.64 trillion asset manager plans to launch three tokenization projects by the end of 2024 why are they planning to expand their crypto offerings one reason client interest has increased guys use code altcoin daily for 10% off the Bitcoin conference ticket prices are just about to increase use code altcoin daily to get your Bitcoin conference tickets for Nashville right now we be on stage we’ll be speaking hopefully we get a chance to hang out also still interested in you engaging with us on Roundtable a botf free way to engage I’ll leave a link to this post in the comment section below you can see 22 comments already nine likes I want to know from you are we done or is the retrace going to be deeper I’ll leave a link to this guys subscribe to the channel join our team my name is Aaron at altcoin Daily see you tomorrow

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Timestamp:
0:00 – Bitcoin pops – Fed Chair says, “Rate cut are coming”
0:26 – CFTC says ETH (+ 80% of crypto) are commodities
1:17 – Repealing Biden’s Crypto Veto (Patrick McHenry)
4:07 – Bitcoin’s price is being suppressed (here is why)
5:59 – Ethereum ETF Predictions
7:18 – Why I’m bullish
7:38 – Trump vs Biden (Crypto Update)
8:39 – Goldman Sachs to launch 3 tokenization projects
8:58 – Final Thoughts

**Note: My overall opinion is that the name of the game is to accumulate as much Bitcoin as possible. Alts are interesting but a lot more speculative. I use them to accumulate more Bitcoin & Ethereum.

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