WEN Altcoin Season? 🤯
In today’s edition: 🏛️ Peirce criticizes SEC ambiguity, 💰 BofA, Wells Fargo embrace ETFs, and more!
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After a week in which bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of exchange-traded funds (ETF) inflows in bitcoin’s recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market’s future trajectory.
Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing bitcoin’s valuation. He also delves into the implications of major financial institutions such as Merrill Lynch and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an “altcoin season” and shares his price predictions for bitcoin by the end of the year.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Brandy Betz and Sage Young
SEC Commissioner Peirce Expresses Regret Over ‘Regulatory Ambiguity’ at ETHDenver
SEC commissioner Hester Peirce participated in a fireside chat at ETHDenver on Thursday, talking about how “strange” the SEC’s approach to regulation through enforcement has been.
BofA’s Merrill, Wells Fargo Offering Clients Access to Bitcoin ETFs: Report
The banking giants are giving wealth management clients access to the spot bitcoin exchange-traded funds (ETFs) that received US regulatory approval and started trading in January.
Daily Bits…✍️✍️✍️
🚫 A collective of state attorneys general are challenging the SEC's action against crypto exchange Kraken, suggesting the federal agency may be stepping beyond its jurisdictional bounds and potentially impacting state-level consumer protection and crypto regulations.
🔍 JPMorgan analysts predict that publicly traded bitcoin miners may benefit and dominate after the upcoming bitcoin halving due to their efficiency and lower electricity costs.
🔄 LedgerPrime, a crypto hedge fund affected by FTX's bankruptcy, rebranded as MNNC Group and is launching anew with some of its original team members, including former chief investment officer Shiliang Tang.
🚨 Nigerian authorities detained two Binance executives upon their arrival in Nigeria, seizing their passports due to allegations of operating without permission.
🛑 The U.S. House Financial Services Committee voted to oppose SEC's SAB 121, which requires financial institutions to include customers' crypto assets on their balance sheets.
💨 StarkWare announced a breakthrough with its new cryptographic prover, "Stwo," set to make transactions on its network faster and more cost-effective, building on its commitment to improving blockchain scalability.
🌉 Blast, an Ethereum layer 2, officially launched mainnet, with a total value locked surpassing $2.3 billion.
✂️ The Optimism ecosystem introduced the Delta hardfork, leading to a decrease in transaction fees across its networks, enhancing efficiency for users and chain operators.
Today in Crypto Adoption...
🤝 Robinhood announced a partnership with layer 2 blockchain Arbitrum to introduce swaps functionality in its self-custody wallet, leading to a surge in Arbitrum's ARB token value.
The $$$ Corner…
🔄 Crossmint, an enterprise blockchain platform, acquired Winter, a Y Combinator backed startup, launching a new cross-chain payments product following the deal.
🔗 Solana-based wallet Ottr was bought by Tools for Humanity, the developer of Worldcoin, aiming to bolster Worldcoin's mission of creating a global human network.
What Do You Meme?
Recommended Reads
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DL News: Binance’s Richard Teng wrestles with regulatory crises and CZ’s legacy in first 100 days as CEO
Unchained: What Is Ethena’s USDe Synethic Dollar? A Beginner’s Guide
📈 Your Market Update 📉
BTC is down 1.6%, trading at $61,995
ETH is down 2.4%, trading at $3,405
BTC dominance: 50.42%
Crypto market cap: $2.41T
*All data as of today, 06:30 am ET. Source: CoinGecko
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