DAILY MARKET OVERVIEW
Global Money Supply Is Growing 💵 

🚀 Hey, Crypto Enthusiasts! Welcome back to another week of crypto madness! Hope you're all refreshed from the weekend and ready to tackle the markets like pros.

It's undeniable that the market has endured a rough patch in recent weeks. Altcoins are gradually losing value, while Bitcoin maintains its consolidation.

The decline in altcoins can be attributed in part to the SEC's aggressive stance towards Ethereum, seeking to classify it as a security. These regulatory actions have instilled fear in the cryptocurrency market, prompting many to sell their assets.

Ethereum's co-founder has put forward an intriguing theory suggesting that the SEC, with its ties to major banks, is targeting Ethereum due to its potential to disrupt traditional banking systems through its decentralized platforms for borrowing, lending, and saving, which operate without the need of a bank.

This situation leaves investors and traders pondering whether an ETH ETF will receive approval this year, while many are concerned about the aggressive regulatory stance on cryptocurrencies.

On the bright side, there's a recovery and expansion in the global money supply, which is typically seen as a positive development for the crypto market as it means more funds are accessible for investment in Bitcoin, ETH, and altcoins.

TWITTER SENTIMENT
Social Expectations 🐦️ 

Expect Volatility ⚡️ 

Twitter traders are eagerly awaiting the announcement of the US Producer Price Index and Consumer Price Index numbers this week.

These results will measure inflation and offer insights into the economy's overall health and consumers' purchasing power. Expect volatility during these events, so brace yourself to ride the wave.

Bitcoin's Next Big Push 🪙 

According to social sentiment across traders today, Bitcoin is expected to move higher over the next couple of weeks.

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

SEC Refutes Claims of Overreach in Coinbase Regulations
The U.S. Securities and Exchange Commission has responded to allegations that it is unfairly targeting Coinbase by asserting its regulatory measures are justified. This comes amid intensifying scrutiny over digital asset exchanges.

Hong Kong's Approval of Crypto ETFs Sparks Interest in Mainland Opportunities
Following Hong Kong's recent approval of cryptocurrency ETFs, industry professionals gathered at the Bitcoin Asia conference are now keenly watching potential crypto market expansions into mainland China.

Japan's Metaplanet Designates Bitcoin as a Reserve Asset
Metaplanet Inc., a prominent Japanese firm, has officially added Bitcoin to its strategic reserve assets, signaling a strong endorsement of cryptocurrency's long-term value.

Chinese Authorities Dismantle $296M Crypto-Based Illegal Operation 
In a major crackdown, Chinese police have successfully shut down an illegal cryptocurrency operation worth nearly $300 million, marking one of the largest actions against unauthorized crypto activities in recent times.

YOUTUBE INFLUENCER SUMMARY 📷️ 

DataDash - The 'Bitcoin Storm' ⛈️ | Things Are About To Get Crazy. (13.05.2024 Summary)

The Crypto Storm is Coming: Brace Yourself with DataDash! 🌩️ 

According to popular crypto analyst DataDash, the cryptocurrency market is heading for a major storm. In his latest video, he warns that Bitcoin and altcoin prices are showing significant weakness, signaling an inevitable and much-needed correction.

• DataDash believes this downturn is being driven by an imbalance between the influx of new capital entering the market and the oversupply of new tokens from a wave of projects launching at unrealistic valuations. Too much market value was created out of thin air during the recent bullish period.
  

• With sell pressure mounting and prices sliding, DataDash expects Bitcoin to revisit the $57,000 level and potentially even test the 200-day moving average. Altcoins, which tend to get hit even harder in bearish conditions, could see even deeper losses.
  

• DataDash urges caution, criticizing projects with "ridiculous fully diluted valuations" as essentially "distribution games" where insiders can unload tokens on unsuspecting buyers. He advocates waiting for clear trend confirmations before taking positions.

For Bitcoin, DataDash says we could see "more blood in the streets" before finding a market bottom. Patience and investing in discounted projects with strong fundamentals is key to weathering the coming crypto storm, in his view.

Ivan On Tech - BITCOIN: THIS WEEK WILL BE CRAZY... 🚨(13.05.2024 Summary)

According to Ivan, this week will be crazy for crypto because of a few key reasons:

• Announcement Frenzy: Ivan mentions that this week will have "all kinds of announcements, all kinds of events from the Fed, from all of the inflation data." He believes the crypto market is waiting for these major macro announcements, which could significantly impact sentiment.
  

• Political Spotlight: Ivan is very bullish on how the upcoming 2024 U.S. presidential election will bring crypto into the mainstream political discourse. He references Trump's pro-crypto stance and believes both parties will have to embrace crypto to win over voters, especially younger generations. "Bitcoin will elect the next president," he proclaims.
  

• Potential Ethereum ETF Approval: Ivan presents evidence suggesting the SEC may approve a spot Ethereum ETF within the next 10 days (as of when this was recorded). He sees multiple signals from issuers amending filings and withdrawing futures ETF applications that point to an imminent ETF green light.

Overall, Ivan thinks the convergence of major economic announcements, the rising political focus on crypto ahead of the 2024 election, and the potential for an Ethereum ETF approval could create the perfect storm to drive crazy volatility and upside for crypto this week.

As Ivan Declares, "This week with all of the announcements...is going to be massive, going to be massive, massive, massive!"

MEME COIN OF THE DAY

Selfie Dog 🐶📸 

Introducing Selfie Dog, the most recent and freshest meme coin to hit Solana's scene!

Since its debut on May 12th, this coin has been wagging its way into the hearts of crypto enthusiasts everywhere, boasting an impressive surge in community growth.

The meme coin revolves around a lovable doge snapping selfies in the most paw-some places around the globe. 🤗 

⚠️ While meme coins have been among the top performers this year, they are highly speculative and volatile. These assets carry extreme risk, with the potential to lose their entire value overnight. This section is intended for entertainment purposes only.

CRYPTO MEMES

“Training to save money for the BTC dip”