TGIF. We made it though another gruelling week, and finally can enjoy the weekend. And by enjoy, I mean stare at BTC charts praying my 100x lev trade hits TP. (it wont)

Let’s get started so we can finish and get ready for the weekend:

In Todays Digest:

• The Latest Breaking News 🚨

• What to Watch This Weekend 👀👀

• Crypto Market Analysis 📈

• TradFi Market Outlook 🧐

• 7 Mistakes to Avoid in Crypto 🛑

The Latest Breaking News 🚨

• UK passes bill establishing crypto and stablecoins as regulated financial activities

• Fidelity officially filed an application for a spot Bitcoin ETF with the SEC

• Central Bank of Korea to test CBDC payments for private sector In 2024

• Canadian ETF issuer 3iQ to work with Coinbase to offer ETH staking in its funds

• Paxos gives USDP stablecoin access to Mexico with Mercado Libre partnership

Weekly News Recap 👁️

Coinbase's swift response expedites SEC vs. Coinbase case

The US SEC will present its response to Coinbase's initial legal defence on July 13. Instead of waiting until August 7, Coinbase filed its response 40 days ahead of schedule, effectively advancing the entire case timeline. Coinbase's legal response includes a scathing critique of the SEC, asserting that the SEC lacks jurisdiction over cryptocurrencies on the Coinbase platform and labelling the SEC's lawsuit as an "extraordinary abuse of process."

'Everyone' now wants a spot BTC ETF

Several entities in the US are now hopeful of launching their own spot Bitcoin ETFs following Blackrock's recent application. This week, Fidelity has resubmitted its application for a spot Bitcoin ETF, while ARK has amended its filing to include surveillance sharing, similar to Blackrock's proposal.

EU progresses with digital Euro plans

The European Commission unveiled a new proposal for a digital Euro on Wednesday, with a focus on ensuring privacy comparable to physical cash. While the development of the new digital Euro is still in its early stages, crucial decisions will be made in the coming months.

What to Watch This Weekend 👀👀

Will history repeat itself for BTC Dominance?

BTC dominance shows the % of the crypto market which is made up of BTC, as opposed to all other cryptos.

Last time we were at these levels, we sky rocketed to the mid 70%’s.

What does this mean for the rest of the market?

Well, it means that the money flow will go predominantly into $BTC And altcoins wil struggle to keep up for the most part. So any gains in the market go straight to BTC, and alts usually tend to hold their stead.

Along with this, we also made a note in yesterdays Digest that the BTC and US stock correlation has now lost its strength. This means that we can say that BTC is showing REAL signs of strength in the short and medium term!

The tweet below from K33 also backs us up on this.

Crypto Market Analysis 📈

BTC Crashed hard today, after the news that the SEC has says that the recent Spot ETF BTC filings were “inadequate”.

After this news came out, the market reacted VERY bearish. Buttttt I dont think this will last, because ultimately the news isnt that bad.

The same people that are now super bearish probably didn't even read the rest of the 1.5 pg PDF that states, for now, they just need to refile with Coinbase as the exchange that they have the SSA with.

Also no one is talking about the speed of feedback that they've given too, to me thats a good sign.

So basically they said, change exchange… and thats it… doesnt sound so bearish to me.

Also worth noting that the SEC is clearly not motivated to protect investors.

Dont believe me? Well so far the SEC has approved:

• 7 BTC futures ETFs. (Funds that do not hold BTC and they will not keep up with BTC price when supply shocks hit)

• 1 leveraged BTC futures ETF. (Leverage turns a good investment into gambling. With BTC volatility this is sure way for noob retail investors to lose money.)

• 1 short BTC futures ETF. (Investors can bet AGAINST the most scarce asset in the world, used worldwide to escape hyperinflation and dictatorships).

The SEC has also rejected over 10 spot BTC ETFs that would have been backed by real bitcoin Is this protecting investors?

Something doesnt add up?

TradFi Market Outlook 📰

June 2023 will forever be known as the Great TradFi Takeover.

Established finance giants are now hella in the crypto game:

• BlackRock & Fidelity filed to open Bitcoin ETFs

• Citadel, Charles Schwab, & Fidelity launched a new crypto exchange

• And a bunch of others are wading in too

Turns out investors liked all those recognizable brands - Bitcoin shot up past $30K on the news.

So what? 

Expect to see major finance corporations going after a bite of crypto market share this year.

PLUS: In Q3, we may have a better idea of if/when Bitcoin ETFs are approved. ARK Invest’s next SEC date regarding its application is on August 13.

T-minus ~43 days…

6 Crypto Mistakes to Avoid 🛑

Looking to get rich quick.

• There is no such thing as a “get rich quick play”

Relying on Influencers

• You can’t trust that influencers can hold your hand and make money for you.

Trying to Time the Market

• Don’t try and time the market. Think about the long term and maintain conviction in your investments.

Think You Know it All

• The crypto space is constantly evolving, your brain should be too. Education is never below you.

Over-Invest

• I know everyone tells you to invest as much as you can, but there is a limit. I know too many people that over-invest and end up selling at a loss to cover finances.

Revenge Trade/Invest

• Everyone loses a trade or makes a bad investment. The key is to keep your cool and not “try and make it all back”.

Useful Links 💸