People still think (or feel) because Bitcoin is down crypto is down.
Derivatives/perps, stablecoins, prediction markets, etc are all up in crypto.
Crypto touches every area of finance, and is much broader than Bitcoin now. It will take some time for this to sink in.
(And yes - Bitcoin is going to do great and is as important as ever - one of many cycles we've all been through.)
Applebaum: Trump is using a specific language from the 1930s: “enemies within,” “enemies of the people,” migrants and political opponents as “vermin,” migrants “poisoning the blood” of Americans.
That language comes from Hitler, Stalin and the Stasi. 1/
This is our Churchill vs. Chamberlain moment. Stand with good or stand with evil.
Ukraine is a democracy invaded by a dictator who wants to erase its independence, culture and people.
Ronald Reagan would stand with Ukraine and vote yes tonight. He would choose Churchill.
@inqtelx@Polymarket "This is not a bill to help Ukraine, this is money to wage war against Russia's energy sector." Actually BOTH. By helping Ukraine defend itself against BALLISTIC missiles, it helps Ukraine further cripple Russia's energy sector/ECONOMY to FORCE Putin to end his war.
Major ABC in Bitcoin.
Only a Bounce awaits. Strong!
The Bear Market has begun.
BUT... it is when BTC only bounces... that ETH and ALTS move the farthest.
Now we must get peak fear - before the reversal - and massive rally - while sentiments build into Euphoria
This is the interesting part of the cycle.
In general, if #Bitcoin drops 10% in less than a week, you'd expect #Altcoins to fall of a cliff and drop 20-40%.
This didn't happen.
Some altcoins continue to print new highs, showcasing that there's a lot of appetite to be trading those assets.
I don't think we'll see Bitcoin cascade down a lot more from here, it's less than 10% away from the 200-Week MA and it's on a strong monthly support level with a daily RSI at <25.
If indeed Bitcoin decides to stall here, I assume we'll start to see way more altcoins break out upwards and start to show strength, as long as Bitcoin consolidates.
An altcoin summer, that's great.
THE CLARITY ACT JUST CLEARED ITS BIGGEST HURDLE YET.
🇺🇸 As of June 1, the crypto market structure bill is officially on the Senate Legislative Calendar. Calendar No. 423.
That means it's out of committee, past the negotiations, and now eligible for a full Senate floor vote.
Five of nine steps to becoming law are done.
The bill the banks lobbied against. The one Coinbase called "very close." The one Dimon said he'd fight.
It just moved one step closer to Trump's desk.
🔥 Tom Lee made a point about Ethereum that most people are not paying enough attention to.
The Ethereum Foundation used to hold 17% of the ETH supply.
Today, it holds only 100,000 ETH, or about 0.1% of supply.
That is a huge shift.
And according to Lee, it means the old funding model is no longer enough.
Under a traditional foundation model, he estimates the Ethereum Foundation could support only around $10 million in grants.
For a network trying to become the future of finance, that is tiny.
But this is where the story gets interesting.
BitMine, SharpLink, and other public Ethereum treasuries now own around 7% of the ETH supply.
And because that $ETH can generate staking yield, Lee says these treasuries are producing about $500 million a year in rewards.
That completely changes the game.
Ethereum no longer has to depend on one foundation to fund everything.
A wider network of public companies, treasury vehicles, staking rewards, ecosystem grants, L2 builders, and private-sector teams can now help support Ethereum’s growth.
This is why Lee believes Ethereum is entering a new phase.
Not a single foundation carrying the whole ecosystem.
But an entire capital network forming around ETH.
When I called out Trump years ago for being a danger to democracy, a free press, and truth itself, I was accused of making myself the story and showboating. How did things turn out? Trump is all of those things. Tonight, the free press is very much in danger in America. Wake up!