Interest rates don’t rise, but the market falls with hawkish updates.

16.06.2023

The Fed announced that they will raise interest rates more this year, and the hawkish news
pushed prices down. What comes next is the loading of the nuke.

Jake
TOP Trader

BTC dropped with the market and is now trading at 25k, with the next big support at 24k. It is still in a bearish downtrend, with the next targets being 24k and 23k. If BTC bounces up to catch liquidity, it could reach $27,200 at the top.

ETH dropped like a bomb to the $1630 support, and the longer-term big support is at $1400, which could be the next short target. ETH is holding up better than all other altcoins, which are dropping hard and still showing no support.

XRP dropped strongly to the $0.46 support and is now hitting resistance at $0.48. It needs to hold above for a bigger push-up.

LINK is still holding above $5 after a big drop, and if it continues to drop below the green line, we could see a fast wick fill and hit the $4.7 support. This presents a favorable opportunity for dollar-cost averaging (DCA) in anticipation of a larger upward movement.

SOL is showing weakness and dropping slowly to $12.6, which is the wick-fill target. It is still in a bearish downtrend, and lower targets are possible.

EOS dropped hard and filled most of the wick, which was the short target. It is now aiming for a possible small bounce up if the market turns green.

LTC, as predicted, hit $70 as the short target and is now making a small bounce up before the next leg down. However, in 40 days, there will be a halving event in LTC, which suggests a substantial price increase due to the reduction in the mining supply. This presents an excellent investment opportunity for the long term!

DXY is losing strength and has now dropped below 103, with a support target of 102.5. It is still in a bearish downtrend.

Crypto/stock daily news:

THE STATE OF CRYPTO: REGULATION EDITION

Wow, yesterday was a doozy.
Congress had a hearing about the future of crypto.
Legal documents in a major crypto case (SEC vs. XRP) were made public.
A U.S. judge made a big decision about Binance.US
Lucky for you, we sent the JAKE man to Washington, D.C. to get in on all the action. He sent us a bunch of notes back on everything that happened.
(P.S. – He says he hasn’t had this much action in law & politics since he ran for “Class President” in 8th grade. He finished second. Still thinks it was rigged)
Anyways, here’s his State of Crypto: Regulation Edition.

1. The Hinman documents were released
Legal battles remind me a lot of piñatas. Every time they crack open, a whole bunch of juicy candy comes out.
This time, it’s the Ripple v SEC piñata that’s been cracked wide open.
The candy that came out? The Hinman documents.
William Hinman is the former director of SEC. Back in 2018, he made a famous speech where he suggested that cryptocurrencies like BTC and ETH were not securities.
Now, internal documents for that 2018 speech have been released.
Here’s the 1 big takeaway: Even though the SEC has denied its involvement in the speech and argued that Hinman was expressing his thoughts and his thoughts alone…
The Hinman documents tell a different story. They show that many SEC officials weighed in on the speech and believed the goal was to provide market guidance.
It discredits the SEC and shows they have no idea what they’re doing when it comes to regulating crypto. One day, certain cryptocurrencies are securities. Other days, they’re not.
Overall, this is a small win for the crypto industry in its fight against the SEC.
2. A U.S. judge denied a motion to freeze Binance.US’ assets
Last week, the SEC filed a temporary restraining order that would freeze Binance.US’ assets.
Why? The SEC believes that CZ (CEO of Binance) and/or other Binance employees are commingling customer funds and wanted to prevent any assets from moving.
Yesterday, Judge Amy Berman Jackson temporarily denied the restraining order.
Now what?
• The judge has ordered the SEC and Binance.US lawyers to negotiate limits on the company
• Binance.US also needs to provide a list of its business expenses to the court. (Hope no one
ordered too much takeout food.)
• A status update is due by Thursday
Even though it’s a temporary win for Binance.US, the future is still cloudy. It recently turned into a crypto-only exchange after losing its banking partners.
3. The U.S. Financial Services Committee had a hearing about crypto
It was called “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.”
*gulp*
The agenda covered everything from the new stablecoin bill to talking about how the digital market should be structured and regulated. Special guests included:
• Jeremy Allaire – CEO of Circle
• Emin Gün Sirer – CEO of Ava Labs (and has the coolest name in crypto)
The hearing was ~5 hours long and there was a ton of debate (booooring), but here’s the one big takeaway….
There are many members of Congress that want to keep crypto innovation in the U.S.
Yes, they want to create laws and regulations around crypto in order to keep investors safe. But they don’t want to kill crypto either.
The most surprising part was how members from both parties are working together to make it happen. Nothing like good bipartisanship.

Overall, it was a good day for crypto. Congress showed optimism about the future of crypto, and the SEC got a motion denied and is now under fire after the Hinman documents.
Fina-f*cking-lly, a breath of fresh air.

Final words:

Market drop with hawkish news and FED future increase of rates. This could bring crypto ALTs to new lows and BTC need to hold above 25k or a big nuke is loading.

Copy trade GROW 0.1->10k$ since 18.03 we got +60% PROFIT!