A Look at Today's Crypto Market

Editor's note: Our friend and crypto expert Eric Wade is back explaining why he's so bullish today... Recent events have given blockchain and cryptocurrency investors a glimpse of the future... And some folks don't like what they're seeing. It's not all bad news. Ongoing crypto and blockchain innovation can still drive outrageous profits for patient […] Not rendering correctly? View this e-mail as a web page [here](. [Empire Financial Daily Weekend] Editor's note: Our friend and crypto expert Eric Wade is back explaining [why he's so bullish today](... --------------------------------------------------------------- A Look at Today's Crypto Market By Eric Wade --------------------------------------------------------------- [Mysterious Invisible Railroad Projects Are Popping Up Everywhere]( On the heels of successful tests in Germany, Italy and Sweden, the world’s first large-scale, commercial, public-ready invisible railroad is coming to U.S. this July. But this city is only the tip of the spear. Tech expert Michael Robinson expects dozens of more projects to soon commence – in states like Pennsylvania, Utah, and Florida – resulting in upwards of $900 million in corporate profits for one tiny pioneer trading for less than $20. [Go here to learn more](. --------------------------------------------------------------- Recent events have given blockchain and cryptocurrency investors a glimpse of the future... And some folks don't like what they're seeing. It's not all bad news. Ongoing crypto and blockchain innovation can still drive outrageous profits for patient investors. It just requires a high risk tolerance as crypto prices rise and fall dramatically. Simply put, we're seeing two opposing sides of the crypto future. Let's begin with some of the more concerning news... Earlier this month, the U.S. Securities and Exchange Commission ("SEC") sued Binance (including its founder Changpeng ("CZ") Zhao) and Coinbase. Binance is the largest global crypto exchange ("CEX"). Coinbase is the largest U.S. CEX. When news of the Binance lawsuit broke on June 5, crypto prices plunged around 20%. Interestingly, when the Coinbase lawsuit was announced the next day, crypto prices rallied. This could be due to the market recovering from the first news at the same time as the Coinbase lawsuit news dropping. But either way, the market has held strong through these announcements. One interesting item was the SEC said Binance and Coinbase were selling people more of a coin than they needed for personal use, like the small amounts needed for transaction fees on a specific network. This shows that the SEC understands the utility of these coins and tokens. Overall, the lawsuits provide us with a glimpse of a crypto future that has some investors worried... There are numerous cryptos that the SEC regards as securities, meaning it views them as tradable financial assets. And because they weren't properly registered with the agency prior to launch, any exchange that offers those specific securities will face legal trouble. Therefore, the future of CEXes and the people who use them looks restrictive. It's possible that exchanges like Coinbase and Binance will be fined, and that they'll likely reduce or completely cease to offer certain unregistered cryptos and services. In fact, the U.S.-based Binance. US exchange announced that it'll dramatically reduce what cryptos it allows. It has also completely stopped processing U.S. dollar deposits and withdrawals. --------------------------------------------------------------- Recommended Link: [Coming June 27th... Make $1,000s Per Week Without Options or Crypto]( This obscure technique beat the world's largest hedge fund at its own game... with gains of $1,600, $2,700, and $3,100 in a little as 5 days. [Get ready for the live demo on June 27th](. --------------------------------------------------------------- To see how the industry is reacting to the recent SEC lawsuits and to fully understand the overall crypto market, we need to review our main crypto indicators... These include the Bloomberg Galaxy Crypto Index ("BGCI"), the Crypto Fear & Greed Index, and the Crypto Volatility Index ("CVI"). The BGCI includes a basket of bitcoin, Ethereum, and eight other cryptos. It gives us a good overview of the current trend within the overall crypto market. The BGCI is currently up around 14% year-over-year and up 33% this year. It continues to follow the trend of bitcoin and Ethereum... Next, let's look at the Crypto Fear & Greed Index to determine crypto investor sentiment... Last month, the index sat at 50, indicating that investors were "neutral" and not sure what to make of the lull in the crypto market. That trend is continuing this month, with the index sitting at 49. That's lower than the readings we've seen these past few weeks, as the index dips below 50 and approaches the "fear" side. This trend makes sense when we consider the SEC's focus on CEXes and the market's unexpected response following the news of Binance.US and Coinbase's lawsuits. And finally, let's review the CVI – the crypto market's version of the CBOE Volatility Index... Crypto investors can use the CVI to invest in volatility or hedge positions against it. Whenever the CVI rises, investors are buying options to serve as protection against sell-offs. The CVI is continuing its downward trend from last month's reading. This trend generally signals less volatility and more stability in the crypto market. But over the past few days, we've seen an uptick in the CVI. That's a response to some recent volatility, as bitcoin fell below its $26,000 support level several times for the first time since March. Although we're going through a rough patch in the crypto space, you wouldn't know it by looking at the market itself... Normally, you would expect two of the biggest CEXes being sued by the SEC to cause more of a commotion in such a volatile market. Instead, we see bitcoin, Ethereum, and the rest of the crypto market holding on relatively well, as the uncertain sideways trend continues. And a lot of that is due to crypto's decentralized framework... It isn't localized in a single country or within a single community. Crypto is a worldwide phenomenon. And although the SEC's actions may drive wedges between investors and cryptos, that can't stop the decentralized, borderless nature of cryptos. It also won't halt the cutting-edge innovations that are taking shape in this space. Regards, Eric Wade June 24, 2023 --------------------------------------------------------------- Editor's note: Beginning July 1, the U.S. government will take the first step toward creating its own cryptocurrency by releasing a new financial system called FedNow. It will affect every American with a bank account, as well as the U.S. Treasury, Social Security, pension funds, and nearly every major bank across the country. But according to Eric, if you get positioned BEFORE the July release, you could make 3,050% on the U.S. dollar's biggest innovation in 51 years. [Click here to learn more](. --------------------------------------------------------------- If someone forwarded you this e-mail and you would like to be added to the Empire Financial Daily e-mail list to receive e-mails like this every weekday, simply [sign up here](. © 2023 Empire Financial Research. All rights reserved. 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