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🚨 Yield App Killing It! Every Launch A Success So Far!
📰 US House Passes FIT21 - What Next?
💎 Front Running The Next Crypto ETF!
💥 Real World Assets (RWAs), Larry Fink, and Ondo
🚀 Get $200 Worth Of GUMMY For Free. Here’s How!
📢 Supply Shock LOADING…
💭 Banter’s Take
Good Morning Degens,
We just got one of the best outcomes for crypto in recent history!
Politicians are changing their stance on crypto, and the big players are getting even more interested in it.
So, what will happen next? Which are the next narratives? And just what did happen yesterday with FIT21?
Let’s dive in!
🌍 Market Catch-Up
Top 100 coins Daily Performance - Banter Bubbles
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📰 News of the Day
US House Passes FIT21 - What Next?
The US House of Representatives has passed the FIT21 bill we talked about yesterday. The next step is approval by the Senate, after which it could become law.
The majority of supporting votes came from Republicans, with 71 pro-crypto Democrats voting in favor, far exceeding expectations. Even Nancy Pelosi voted in favor of the bill. This pivot from anti-crypto to pro-crypto happens easily as power is threatened. With approximately 50 million people in the United States owning crypto (20% of the U.S. adult population), the votes are many.
This is the most bullish crypto legislation in US history that brings clarity to the industry - something that Coinbase and its CEO Brian Armstrong have been fighting for for years.
An interesting aspect of the bill is how it defines regulatory authority:
If the SEC deems an entity centralized, it falls under SEC jurisdiction.
If deemed decentralized, it falls under the CFTC.
Though the SEC retains the power to determine if a cryptocurrency is a security, if no one holds more than 20% of the tokens, it is considered decentralized. This detail is crucial. But at the end of the day the SEC still has the final word.
Overall, much progress has been made in the last few days. When power is threatened, policies can change rapidly. President Joe Biden has 10 days to consider the bill. His administration expressed opposition on May 22 but did not indicate a definite veto. And it looks like he might not go through with the veto.
He will want those 50 million votes.
Meanwhile, with the increased regulations, exchanges will now be able to list more tokens without the fear they are listing something they should not be.
BULLISH for the entire industry!
💎 Degens’ Den
Front Running The Next Crypto ETF!
With all the talk about the Ethereum spot ETF, let’s look at the situation here.
Ethereum (ETH) has undergone many scaling upgrades and Layer-2 (L2) chains now offer sub-cent transactions, helping decongest the mainnet. As activity increases, the burn mechanism will grow, making ETH deflationary again. Deflationary is a word that the rich and elite love - maybe one of the reasons they wanted the ETF? Just saying. This is also probably why the CME ETH open interest (OI) is rapidly increasing.
ETH could have a long way to go still. The pump was not priced in most likely as no one was expecting the ETF to get approved.
But the ETF is not bullish just for the main chain. It will be ultra bullish for the ecosystem. So, while everyone was looking for the next narrative, could the next big play actually be the Ethereum ecosystem?
We could be about to see Ethereum DeFi summer 2.0?
ETH looks great on the charts, retesting key levels after breaking out of a falling wedge.
Weirdly enough, people are already talking about the next ETF. There is now speculation about a potential Solana (SOL) ETF - at least according to CNBC below.
My thoughts
No one can know what the next ETF will be. Even our researchers are torn on this. Opinions vary. a popular opinion is that the current SEC will not approve any more ETFs, and that we will need to wait until after the US Presidential elections for the next round of approvals.
I wouldn’t expect any kind of meme coin ETF, neither any low market cap coin ETF. If you ask me, the most likely next ETF is a category ETF, like for example:
Ethereum L2 ETF
Layer-1 chains ETF
Decentralized Finance (DeFi) ETF
AI Tokens ETF
But that’s just what I think. This is not financial advice and you should do your own research!
💥 Best Alpha Posts of the Day
Real World Assets (RWAs), Larry Fink, and Ondo
With the approval of the ETH ETF, BlackRock's Larry Fink might highlight Real World Assets (RWAs) in upcoming media appearances. This could pump the most hyped RWA projects, like for example Ondo (ONDO).
Ondo (ONDO) has already risen by 6.6% today.
NVIDIA's Strong Performance and AI Coins
NVIDIA (NVDA) has exceeded expectations by 5.3%, positively impacting AI-related cryptocurrencies.
The AI play is currently strong. According to our researchers, some AI plays showing high potential are:
Near (NEAR)
Arweave (AR)
Render (RNDR)
🚀 Trade of the Day
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🐸 MEMEoirs of a Degen!
Crypto X right now!
📢 Biggest Announcements
ETFs have purchased an amount of Bitcoin equivalent to nearly two months of newly mined supply in just the last week; the prelude to a potential supply shock.
Bitcoin spot ETFs saw positive inflows yesterday, totaling $154 million. BlackRock led with $92 million, followed by Fidelity with $74.6 million.
💭 Banter’s Take
With FIT21, we just had one of the most bullish outcomes for crypto in recent history, but nothing pumped much. And retail doesn’t even know what happened.
We talk about these things every day, so our expectations are more strict. But if you zoom out and look at things through the eyes of retail, we are probably still early in this whole run.
The 2024 bull run could be bigger than we initially expected!
See you all tomorrow!