GM Brew Crew, we are like the stormchasers, but for charts - tough news in the forecast? Crypto taking a hit? We’re going full throttle into it. Ponchos on everyone. Let’s Dive In ⬇️

On the menu today:

• 💸 SOUTH KOREA SAYS STRAIGHT (BTC) CASH HOMIE

• 🇬🇧 KING CHARLES GIVES GREEN LIGHT FOR CRYPTO

• 🙅‍♂️ SEC DECLARES BTC ETF APPLICATIONS UNSATISFACTORY

Today’s Charts:

💸 SOUTH KOREA SAYS STRAIGHT CASH HOMIE

South Korean trading volumes surge as Bitcoin Cash flirts with $300. 

In the past 24 hours, the bitcoin-cash-Korean won ($BCH/$KRW) pair listed on Upbit recorded a trading volume of $557.63 million, which is almost 3.5 times higher than the Bitcoin (no $) Korean won pair.

Director of Content for The Tie (crypto data company) said, “the $BCH rally can be seen as a combination of hope and a touch of greed, two of the ingredients that often fuel market movements in the crypto space, regardless of underlying fundamentals.

Some experts are saying it’s due to confidence that Bitcoin Cash, being a derivative of Bitcoin, would not be classified as a security.

Bitcoin Cash is up just over 100% on the 7 day chart.

🇬🇧 KING CHARLES GIVES GREEN LIGHT FOR CRYPTO

The Financial Services and Markets Act 2023 officially classifies crypto as a regulated financial activity, bringing it under the scope of regulation in the U.K.

The Act received royal assent as King Charles approved, officially making it a law in the U.K. Well done my king 🤝 

Charles being 5’10 has the garden gnomes still looking for their short king - Lord Farquaad remains relaxed at #1 in the power rankings 🐜

Through this Act, regulators have the power to supervise and enforce rules on crypto and stablecoins. The regulators include the Treasury, Financial Conduct Authority, Bank of England, and payment system regulators.

The UK government has been consulting on proposed rules for the sector since February, with the aim of establishing the country as a crypto hub.

🙅‍♂️ SEC DECLARES BTC ETF APPLICATIONS UNSATIFACTORY

According to The Wall Street Journal: The Securities and Exchange Commission has deemed the recent surge of applications by asset managers to launch spot bitcoin exchange-traded funds as 'inadequate'.

Among the many things that make a Friday exciting, receiving news that the SEC will not accept the current BTC ETFs is not among them. 😞

Which makes us ask: Chips with that (chart) dip, anyone? 😅

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.