SEC Launches Investigation into Ethereum

DAILY MARKET OVERVIEW
SEC Goes After Ethereum

Welcome, Crypto Enthusiasts! Brace yourselves for Tuesday’s thrilling edition of our crypto market report.

The crypto world is in a frenzy as court filings reveal the SEC has been secretly investigating Ethereum's security status for over a year.

According to the documents, the SEC issued a formal order in March 2023, allowing them to subpoena individuals and entities involved in buying and selling ETH.

Interestingly, the SEC approved Ethereum futures ETFs just months later in October 2023, leaving many scratching their heads over their contradictory actions.

Meanwhile, the race to own hard assets is heating up as Jack Mallers, CEO of Strike (Bitcoin Payment Provider), doubles down on Bitcoin.

With US debt-to-GDP at a staggering 123%, Mallers argues that the government's only choice is to print more money, leading to rampant inflation. Bitcoin, being a fixed-supply asset, emerges as the hardest and most advanced money in this scenario, making it a prime investment choice.

On the fund flow front, it's been another rough week for the crypto market. Digital asset funds experienced outflows for the third consecutive week, totaling a whopping $435 million. Bitcoin bore the brunt of the outflows, with a staggering $423 million leaving its ETFs.

Ethereum wasn't far behind, seeing $38.4 million in outflows for the seventh consecutive week.

The United States dominated the negative sentiment, with outflows of $388 million, followed by Canada, Germany, and Sweden. However, Switzerland, Brazil, and Australia provided a glimmer of hope with net inflows.

As the chaos unfolds, all eyes are on the newly launched Hong Kong Bitcoin and Ethereum ETFs, which could potentially shift the tides in the crypto market.

In the midst of this turmoil, one thing is clear: the crypto world is in for a wild ride, and investors would be wise to fasten their seatbelts.

TWITTER SENTIMENT
Most Recent Crypto Market Analysis

There's a lot of confusion and uncertainty swirling around the current path of the crypto market.

CredibleCrypto suggests that we're nearing a support zone, signaling that now could be a favorable moment to go long on Bitcoin, given the promising risk/return ratio.

According to his analysis, Bitcoin might head up from current levels, or else we could find ourselves revisiting the $58,000-$60,000 support range.

Another analysis by JACKIS who recently looked into Bitcoin Dominance, is very important.

When Bitcoin Dominance drops, money starts moving from Bitcoin to altcoins, causing the famous "alt season."

JACKIS thinks we might be heading towards an alt season soon because the current chart looks a lot like what happened in 2021 when Bitcoin's price peaked, and other cryptocurrencies started skyrocketing.

JACKIS recommends being patient and keeping an eye on the Bitcoin Dominance chart.

NEWS OVERVIEW
Recent Crypto News

• Ethereum Hits Weekly Low Amid SEC Uncertainty

• Hong Kong’s Bitcoin And Ethereum ETFs Kick Off With $11 Million Trading Volume

• Microstrategy’s Massive Bitcoin Holdings Reach $13.6B, Representing 1% Of Circulating Supply

• Bitcoin Poised For Dominance Despite Potential Monthly Loss, Analysts Predict
  

YOUTUBE INFLUENCER SUMMARY
Ivan On Tech - BITCOIN MONTHLY CLOSE WILL CHANGE EVERYTHING!!!! (30.04.2024 Summary)

In his latest video, Ivan discusses the significance of Bitcoin's monthly close and shares his perspective on the crypto market.

• Ivan is optimistic about Bitcoin's monthly close, despite it being the first red candle in seven months. He views this as a healthy reset, allowing investors to feel more comfortable buying the first green month after a period of sustained gains. He highlights that Bitcoin is ending the month at a previous resistance level, now serving as support, confirming the breakout.

• Ivan believes the market needed this reset to regain momentum, as indicators like fear and greed were showing signs of overbought conditions. The monthly close provides an opportunity for a fresh start, potentially reigniting bullish sentiment.

Overall, Ivan sees positive signs for Bitcoin, stating that the monthly chart aligns nicely with the broader bullish narrative. He discusses other positive developments, such as the launch of the Hong Kong Bitcoin ETF, which could attract Asian investors to the spot market.

Despite the recent regulatory crackdown and negativity surrounding the industry, Ivan remains confident in Bitcoin's long-term prospects. He encourages viewers to maintain a big-picture perspective.

Because Bitcoin - Big week for MACRO 👀: FOMC Decisions and Market Impact (30.04.2024 Summary)

This week is a big one for MACRO, according to Max from BecauseBitcoin.

• On Wednesday, we have the FOMC (Federal Open Market Committee) meeting where the Federal Reserve will decide on interest rate policy.

  • While it's almost certain (97% chance) that rates will remain unchanged, Max says we have an "obligation to wildly speculate" on what the Fed really wants to convey through their commentary.

• Then on Thursday and Friday, we get important jobs data - initial jobless claims and the unemployment rate.

  • Max explains that historically, when the Fed starts cutting rates, it's because the labor market is weakening and more people are losing jobs. He shows charts overlaying the Fed funds rate, unemployment, and the S&P 500 - when rates get cut, stocks tend to fall as it signals a slowing economy.

The key takeaway is that we likely don't need to panic yet, as markets are pricing in rate cuts only starting in Q3 or Q4 2024. The stock market and crypto should remain strong until the Fed actually starts cutting rates, which would be a signal that economic conditions are deteriorating.

Max advises keeping a close eye on this week's FOMC statement, jobs data, and any changes to rate cut expectations. But for now, he sees further upside potential until that pivotal point when the first-rate cuts begin.

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