Is Bitcoin getting political?

Have you noticed American politics have been talking more positive about crypto recently?

Well so has Matt Hougan, the Chief Investment Officer at crypto fund manager at Bitwise.

According to a recent post by Hougan, three significant events highlight this political change:

  1. On May 8, 21 Democrats joined Republicans to repeal SAB 121, an SEC rule preventing large banks from holding crypto.
  2. On May 20, 71 Democrats and 208 Republicans voted for FIT21, giving the CFTC regulatory oversight of crypto.
  3. On May 23, the SEC, led by Democrat-appointed chair Gary Gensler, unexpectedly approved spot Ethereum ETFs.

Despite these advancements, challenges remain. President Biden vetoed the SAB 121 repeal on Friday, against a growing bipartisan majority in Congress. However, Hougan sees this as a minor setback in a long struggle, with the political climate starting to shift favourably for crypto.


Hougan acknowledges that political discussions can be dull, but he emphasises their critical importance for crypto’s future. Yet, he finds it challenging to get this message across. He shares his frustration from recent conferences, where he struggled to engage audiences with the story of these political shifts, Warren Buffett’s anti-crypto stance, and the progress with Ethereum ETFs.

“f you think BlackRock’s move into the crypto space positively impacted the market, imagine if all of Wall Street accepted crypto as a normal part of the market. Talk about mainstream.

The market will wake up to the fact that we are in a new era for crypto, and when it does, I suspect it will move the industry towards all-time highs. But until it does, there may just be some alpha laying around.”

Once the market recognises this new era for crypto, Hougan believes it could drive the industry to new heights. Until then, he suggests there might be untapped opportunities in the current environment.

Unpacking BNB’s Surge: What’s Fueling the Uprise Success?

Binance Coin (BNB) has reached an all-time high of $1,082 AUD, fueled by BNB Chain’s improving metrics and a broader market upswing. As of now, BNB is trading at $707.89, showing a slight dip after its peak but still reflecting a 1.2% gain from the previous day, according to Crypto News Australia.

The bullish sentiment is further supported by a substantial increase in open interest in BNB perpetual contracts, which surged to $1.1 billion from $614 million in the past week, according to Coinalyze. This indicates strong confidence among derivatives traders in BNB’s future price action. 


BNB Chain’s total value locked (TVL) has risen by $460 million in the past 30 days, now standing at $5.83 billion, a 10% increase according to DeFi Llama. The Layer-1 blockchain has also seen a 68% rise in TVL since the beginning of the year, with transaction activity jumping by 22% over the past two weeks as per BscScan.

Related: BNB Hits New All-Time High Following Recent Rally

The recent BNB Auto-Burn event, which saw over 1.94 million BNB tokens permanently removed from circulation, has also contributed to the bullish momentum. This burn reduced the circulating supply by a significant margin, bolstering the token’s value. Additionally, the upswing in Bitcoin’s price is positively impacting BNB, as overall market sentiment remains optimistic. 

Despite facing regulatory challenges and an ongoing $12.8 billion lawsuit, Binance’s recent achievements and the robust performance of BNB suggest that investors are moving beyond past hurdles and focusing on the promising future of the token. If we know this space now, there will probably be a lot of activity in BNB memcoins over the next week.

On The Verge of a Major Breakout

Last week, we discussed Bitcoin’s promising setup for a breakout in the coming weeks. Now, we’re on the brink of seeing it break through its neckline. Whether it’s a cup and handle or an inverse head and shoulders pattern, we’re staying very bullish on what the second half of the year has in store. Historically, this setup could lead to some explosive moves!

Lets just say that a cup & handles probability of playing its hand is around 90% which makes it an extremely reliable pattern when charting.

Source: Tradingview

Setting alerts at $72,500 would be a wise thing to do as a trader. Opening a new daily candle above $72,500 is essential for confirming the breakout’s validity, establishing momentum, overcoming psychological barriers, providing technical validation, and reducing volatility risk. This level of confirmation gives traders and investors the confidence that the breakout is genuine and sustainable.

Bitcoin’s Potential Breakout Against M1 Money Supply

‘$BTC had no business setting new highs in 2021. M1 soared to record heights, but #bitcoin couldn’t set one against it. Now that it’s broken above its 2M supertrend, we’re likely in for that blowoff move it’s always signaled.’

Source: X/TechDev_52

An analyst recently noted on X, “Bitcoin is breaking out against M1 money supply, similar to March 2017 when it historically went parabolic for 9 months.” This comment came alongside a chart showing Bitcoin’s breakout and a retest, echoing its 2017 performance.

The recent breakout against M1 money supply, alongside the retest of the Bollinger band, mirrors patterns that historically led to substantial Bitcoin rallies. For traders, this presents a bullish scenario with the potential for significant gains, underscoring the importance of watching key technical levels and trends.

The stage is set for Bitcoin to make significant gains as we head into the second half of the year. Keep an eye out; this could be the start of something big!

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