The U.S. House approved the Crypto FIT21 bill ❗️

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish 📈 

• BTC has broken above it’s key resistance of $67,500 with strength & volume, and given multiple daily closes above the same, which is bullish.

• It is now aiming to re-test All-Time-Highs (ATH) and reach price discovery

• $67,500 has now flipped into a key area of support in case of a re-test

• Since ETF demand has picked up drastically, chances for a new ATH increase

• Areas to long BTC from a technical perspective include a re-test of ~$67500, or on a strong breakout of the all-time-high.

• The market is in anticipation of the ETH ETF decision. An approval could send ETH easily beyond $4,000 & trigger an alt-mania. However, a rejection would lead to a massive crash on ETH, resulting in Bitcoin Dominance breaking out. Trade safe & hedge any leveraged trades as long as possible!

Biden administration eases up on crypto regulations ❗️ 

The tables have turned & how! The US house approved FIT21 (279 - 136). House Democrats voting in favor of this bill: 71.

It's crazy to think that a "pro-crypto" bill like this would even have made it to the house floor, let alone passing. The FIT21 is an Important bill that aims to regulate crypto in the US - making major altcoins digital commodities regulated under CFTC.

Just a day after Donald Trump announced he will accept crypto for his presidential campaign, President Biden's administration also declared they won't veto The Financial Innovation and Technology for the 21st Century Act (FIT21).

Just a few months ago the administration was extremely anti-crypto and striving to shut it down.

Fast forward to today, the Biden administration says it's eager to work with Congress to create "balanced regulatory framework for digital assets."

Coinbase expands to TradFi 🛢️ 

Coinbase, is set to launch retail-sized futures contracts for oil and gold on June 3rd. The contracts will be sized at 10 barrels of oil and 1 troy ounce of gold, providing new trading opportunities in traditional markets.

Coinbase Derivatives, regulated by the Commodity Futures Trading Commission (CFTC), already offers futures on certain select cryptos like Bitcoin, Dogecoin, Ethereum, etc.

This move follows a similar attempt by FTX, which launched commodity futures for crude oil and lumber before its bankruptcy in November 2022. 📔 

📕 Educational

Over the past few months, Telegram trading bots have surged in popularity. Their key value? Automated sniping and trading, offering a seamless experience for traders. Let’s dive into how they’re changing the game!

These bots bring powerful features to the table, making trading faster than ever before 👇️ 

• Automated trading strategies

• MEV-resistant swaps

• Built-in anti-rug measures

• First-block trading techniques

• Cost-efficiency (transaction tip system)

Check out these impressive stats 👇️ 

• Lifetime Trading Volume: $22.48B

• Lifetime Users: 1.66M

• Lifetime Trades: 118M

• 7D Average Daily Volume: $110.6M

• 7D Average Daily Active Users: 63.9K

Memecoins are taking the spotlight, making up ~14.3% of all trading volume on Binance. Retail investors are diving into meme-mania, often overlooking red flags like lack of utility and security.

There’s a noticeable volume shift from large/mid-cap altcoins to memecoins. This trend isn’t new - But now, with lower transaction fees on chains like #Solana and #Base, smaller investors are jumping in, without having to pay the unreasonable gas fees on Ethereum.

Leading bots like Bonk Bot & Banana Gun are seeing daily trading volumes comparable to major DEXes like SushiSwap & GMX. For instance, Bonk Bot’s weekly trading volume is ~$185M, surpassing SushiSwap’s $161M.

These bots also offer revenue-sharing opportunities, providing a solid reason for users to hold onto their tokens. Example: $BANANA has distributed over $23M in revenue share to its token holders.

Different chains experience their meme-seasons at various times. Bots supporting multiple chains present a stronger investment rationale, catering to these diverse opportunities.

With alt-season on the horizon, the meme craze is set to ignite once more. As more users turn to bots for sniping new memecoins, the value proposition and fundamentals for these bots will only strengthen.

In summary, Telegram trading bots are revolutionizing crypto trading with advanced features, impressive performance, and revenue-sharing models. As the market evolves, these bots are becoming an essential tool for savvy traders

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• 1H horizontal support.

• 1H bullish OB

• 1Hr bullish RSI divergence

• 1Hr bullish OBI

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Donal