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Good morning everyone,

The selling pressure I discussed here and here is still weighing on the market.

1. Now defunct crypto exchange Mt. Gox is paying back victims of a 2014 hack.

2. The German state of Saxony is selling Bitcoins from a seizure.

3. The US government also holds a cryptocurrency stockpile worth more than USD 13 billion.

As a result of the selling pressure, the Crypto Fear & Greed Index has dropped to Fear, after spending 56.16% of its time in Greed over the last year.

It's important to note that none of the above are selling Bitcoin because they think it's a bad investment. Take the German state of Saxony, for example. It has no choice but to sell the Bitcoin seized from an illegal streaming service. Selling is simply the standard procedure for assets seized in criminal investigations.

Against the backdrop of all the fear in the market, I would like to share some good news that I have come across this week. Let's get started.

DISCLAIMER: This newsletter is not financial advice. It does not take into account your financial situation, is general in nature, and is for educational purposes only.

Also, this newsletter contains affiliate links. This means that I may receive a commission from them. But for Crypto Down Under, I only choose products I use myself and can recommend wholeheartedly. Don’t forget to do your own research.

1. Australia has (yet) another Bitcoin ETF

Trading under the ticker BTXX, the Bitcoin ETF from investment firm DigitalX will be listed on the Australian Securities Exchange (ASX) on Friday 12 July.

Australia now has two Bitcoin ETFs listed on the ASX and two on Cboe.

To learn more about the differences between them, watch this video.

Takeaway: The Bitcoin ETF train is on the move. To paraphrase the old cinema marketing language, Bitcoin ETFs are coming soon to an exchange near you!

2. The Republican Party has crypto on its agenda

As I mentioned in this newsletter, Donald Trump, the Republican presidential candidate, has explicitly stated that he is a pro-crypto candidate.

And now the rest of the Republican Party is going one step further. The 2024 platform was recently released. It reads:

To really move forward, Bitcoin needs to be embraced by both political parties in the US.

But it's good that the Republicans are loud and proud about crypto. Because that requires a response from the Democrats that is also productive, friendly, and forward-looking.

Takeaway: The US elections in November will be a turning point for crypto, with a pro-crypto political party taking office in the world's financial center.

Want to buy bitcoin? Go to one of Australia's most trusted crypto exchanges, CoinSpot.

Use this link and the code 83T6H2 to create an account at CoinSpot today!

3. Goldman Sachs is embracing tokenization

Remember a few months ago I wrote a newsletter called Do not listen to what they say, look at what they do, talking about how large financial institutions are saying one thing about crypto but doing another.

I have a new example of this.

The Wall Street Journal reported in April that Bitcoin is soaring this year. Goldman's Crypto Sceptic Isn't Biting.

The headline reinforces the narrative that crypto has no staying power and the big financial institutions aren't interested.

Well, it turns out that Goldman Sachs' global head of digital assets just told Fortune that his firm plans to launch three tokenization projects by the end of the year.

Three projects. Within six months.

So much for Goldman Sachs not biting on crypto.

Takeaway: The big financial institutions are all in the crypto game.

4. Will the FED lower interest rates in September?

The Consumer Price Index (CPI) report for June is due on Thursday morning Eastern Time in the US (Thursday evening Eastern Standard Time in Australia).

Recent economic data has suggested that inflation is cooling.

Thursday's report comes after Federal Reserve Chairman Jerome Powell said the central bank does not need to wait for inflation to reach 2% before cutting interest rates.

By the time you read this newsletter, the CPI data will be out. If inflation is indeed cooling, this could be a sign of an interest rate cut in September.

Takeaway: A rate cut would be a bullish catalyst. It would push the crypto market higher.

Have a great weekend, everyone!

Want to store your bitcoin yourself in a cold wallet? Use the link below to purchase a Ledger Nano S Plus wallet.

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