OVERVIEW

CFTC Chair: 80% Of Tokens Not Securities 😱 

The total market cap for crypto is making some attempts to return to $2.1 trillion, but the altcoin market cap is the the one to pay attention to: bulls are really trying to reclaim the $1 trillion level. 😭 

In today’s Litepaper, we’re starting off with a look at charts for Bitcoin, Ethereum, Solana, and Cardano.

Also on deck: crypto news in three sentences - let me know what you think about the format with the charts first then the summarized news! 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

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TECHNICAL ANALYSIS
Technically Speaking 🎉

Bitcoin

$BTC looked pretty damn good yesterday, opening just below the 200-day EMA and then pushing above it. Then after midnight EST, Bitcoin tanked and returned to a position below the 200-day EMA.

This is a touchy zone for bulls and bears. Both sides of the market have been unwilling or unable to capitalize on many great opportunities to take control. When one side does eventually take control, it will likely be an epic, epic move. 🎽 

Ethereum

Unlike Bitcoin’s chart above, $ETH’s is above its 200-day EMA - at least at the time of writing it is. Additionally, while the RSI is below 50, it appears to be flattening out and returning to neutral conditions. 👍️ 

Solana

A good number of traders on Stocktwits have been calling for a future breakout on $SOL’s chart. Not hard to see why.

Solana is above its 200-day EMA and it closed above the 20-day EMA yesterday - something bulls are battling to maintain today. And the RSI is as neutral as neutral can get. 🛑 

Cardano

Cardano’s daily chart looks like most of the more ‘healthy’ looking altcoin charts. $ADA is making another test against the 20-day EMA at $0.385, with an RSI that is at 50 and free from any divergences.

If bulls are looking for an opportunity to recovery some losses, this is about as good as it’s going to get. 🐂 

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NEWS
Crypto News In Three Sentences 📰

📊 CFTC Chairman: Most Cryptos Are Commodities, Not Securities 

In a Senate Committee hearing, CFTC Chairman Rostin Behnam declared that 70%-80% of cryptocurrencies are non-securities, labeling BTC and ETH as commodities. He referenced a recent Illinois District Court ruling affirming their status under the Commodities Exchange Act. From Watcher.Guru.

💳 Tezos and Baanx Launch Non-Custodial Crypto Card 

Tezos ($XTZ) partners with Baanx to release a non-custodial crypto card that lets users keep their crypto until they want to spend it. Running on the $ETH-compatible Etherlink, this card offers lightning-fast transactions. It's set to replace traditional banking for the unbanked and serve the creator economy. More from CoinDesk.

🔗 Cardano’s Chang Hard Fork to Overhaul Governance 

Cardano’s ($ADA) Chang Hard Fork, set for July 16, will introduce on-chain voting and community-led governance. This shift moves control from central entities to the Cardano community. Charles Hoskinson will step back from governance but remain part of the development team. AMB Crypto has more.

🌍 Polkadot and SNI Unveil DOTphin for Environmental Good 

The Sovereign Nature Initiative teams up with Unique Network and WalletConnect to launch DOTphin on Polkadot ($DOT), promoting biodiversity. DOTphin uses dynamic NFTs to drive ecological efforts, aligning with Polkadot’s eco-friendly credentials. Attendees of Polkadot Decoded 2024 will kick off this initiative by receiving eco-badges. From Coinspeaker.

💶 Circle Rolls Out Euro Stablecoin on Base 

Circle debuts $EURC, a euro-pegged stablecoin, on the Base network, joining the well-established $USDC. Both EURC and USDC are compliant with new MiCA regulations, enhancing their legitimacy. Circle's stablecoins enable near-instant cross-border payments, providing a stable store of value. Full story at Cryptopolitan.

🇺🇸 Biden Can Still Win on Crypto Against Trump 

The Chamber of Progress suggests President Biden support comprehensive crypto regulation to counter Trump's pro-crypto stance. This move could appeal to voters who see Biden as an obstacle to tech progress. With the 2024 election nearing, Biden has a shot to clarify his position on digital assets. From Cointelegraph.

💵 Argentinians Hoard USDT to Escape Hyperinflation 

Facing 276% inflation, Argentinians are turning to $USDT to protect their savings. Unlike other regions, they hold USDT without trading it, using it as a stable escape from economic chaos. This trend highlights the unique role of stablecoins in hyperinflationary environments - and much easier it is to attain than through a bank. More from CryptoNews.

📈 Crypto Boosts Portfolio Risk-Return Ratios 

21Shares Research shows that adding crypto to traditional portfolios improves risk-adjusted returns. Bitcoin and Ethereum's low correlation with other assets makes them excellent for diversification. Regular rebalancing further enhances returns, proving crypto's value in modern portfolios. Crypto Valley Journal has more.

⚽ Ronaldinho Promotes Solana-Based Meme Coin 

Football legend Ronaldinho plugged the $SOL-based Water Coin on Instagram, causing its price to jump 38.8%. This coin, also endorsed by Messi, supports water sustainability projects. Despite the hype, concerns linger about its potential as a pump-and-dump scheme. Full story at CryptoBriefing.

⚖️ Bitwise Faces $2M Lawsuit Over Financial Misconduct 

Vandelay Industries is suing Bitwise Asset Management for $2 million, alleging financial misconduct. The lawsuit claims forced conversions and fee hikes during a market downturn trapped investors. This case could set precedents for transparency and investor protection in the crypto fund world. From Beincrypto.

🔨 Uniswap Labs Challenges SEC's DeFi Overreach 

Uniswap Labs ($UNI) is pushing the SEC to rethink its proposed DeFi rules, citing a recent Supreme Court decision (deference). The ruling curtails the SEC's power, potentially nullifying the amendments. Uniswap warns these changes could stifle innovation and create legal confusion. CoinPedia has more.

📜 Pro-XRP Lawyer Deaton Proposes Regulatory Reforms 

John E Deaton revealed his initial Senate bills focused on curbing regulatory capture within the SEC. Echoing Elon Musk, Deaton wants to stop regulators from quickly moving to industry roles. His proposals include term limits and a mandatory cooling-off period for regulators. More from CoinGape.

🇩🇪 Saxony's Bitcoin Sell-Off Causes Market Distress 

Germany's state of Saxony, not the entire country, has been selling over half of its nearly $3 billion Bitcoin holdings seized in January. This standard procedure for confiscated assets has led to major sell-offs and market distress. Saxony's massive Bitcoin dump has sparked harsh reactions online, but the state had no other option. Full story at yahoo!finance.

Links That Don’t Suck 🔗

🤖 Elon Musk raises alarm on US economy’s future

🤣 Own crypto? You’re a psychopath, scientists say

🐕‍🦺 New robot guide dogs for the blind use AI to obey commands

👮‍♂️ South Korean police arrest 70 in raid on ‘crypto-powered drug dealers’

🏦 Standard Chartered’s crypto arm eyes buying billionaire’s crypto OTC firm: Report

🧠 Goldman Sachs: $1tn to be spent on AI data centers, chips, and utility upgrades, with "little to show for it so far"

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