Strategy is forming a bullish setup similar to Bitcoin’s recent breakout. With price testing resistance, a potential pullback to strong support could trigger a move into all-time high territory. Strategy’s stock (MSTR) is currently trading in a bullish market structure,…

Bitcoin breaks records, but Strategy stock stalls: here’s why

Australia&#8217;s financial regulator will seek the High Court&#8217;s permission to 
appeal a lower court&#8217;s ruling favoring fintech firm Block Earner, which found 
the company&#8217;s crypto-linked fixed-yield earning service is not a financial 
product.
The Australian Securities and Investment Commission (ASIC) said on May 21 that 
it wants to ask the High Court of Australia to clarify what the definition of 
a financial product is and clarify the circumstances when an interest-earning 
product and conversion of assets from one form to another are regulated.
&#8220;The definition of financial product was drafted in a broad and technology- 
neutral way, and ASIC believes it is in the public interest to clarify this,&#8221; 
the watchdog said.
&gt; &#8220;This clarification is important as it applies to all financial products and 
&gt; services whether they involve crypto-assets or not.&#8221;
On April 22, Federal Court Justices David O&#8217;Callaghan, Wendy Abraham and 
Catherine Button found that Block Earner&#8217;s crypto-linked fixed-yield earning 
product is not a financial product, a managed investment scheme or a 
derivative under the Corporations Act.
ASIC said the court will consider its application. Special leave is required 
in an appeal to the High Court, and it&#8217;s only granted in cases where it would 
answer significant legal questions or matters of public interest.
A Block Earner spokesperson told Cointelegraph the matter has now escalated to 
a &#8220;broader legal question&#8221; around the definition of a financial product, which 
extends &#8220;well beyond Block Earner, and the crypto sector.&#8221;
&#8220;We believe the Full Federal Court&#8217;s April ruling was a strong and well- 
reasoned decision that upheld the integrity of our operations,&#8221; the 
spokesperson said. &#8220;We remain confident in the soundness of that judgment and 
will respond to ASIC&#8217;s application through the appropriate legal channels.&#8221;
## Legal saga ongoing since 2022
ASIC first launched legal proceedings against Block Earner in November 2022, 
arguing the company needed a financial services license to offer its yield 
product which was available from March 17, 2022, until the company shut it 
down on Nov. 16, 2022.
_**Related:**__**Australia outlines crypto regulation plan, promises action on 
debanking**_
 _ASIC was arguing Block Earner needed a financial services license to offer 
its crypto-linked fixed-yield earning product. Source:__ASIC_
In February 2024, an Australian court initially ruled the fintech firm would 
need a financial services license to operate its crypto yield-bearing 
products.
Another June 2024 ruling in Australia&#8217;s Federal Court released Block Earner 
from any financial penalties because it had &#8220;acted honestly&#8221; and pursued its 
legal opinions before launching the products, which ASIC appealed.
Block Earner appealed the Federal Court&#8217;s decision that it needed a financial 
services license on July 9, 2024.
_**Magazine:**__**SEC &#8216;s U-turn on crypto leaves key questions unanswered**_

Australian regulator asks High Court to allow appeal in Block Earner case

Bitcoin is charging toward a potential $150K by August as explosive chart 
formations signal unstoppable momentum and historic upside. Peter Brandt Says 
Bitcoin May Hit $150K by August—Chart Signals Align Veteran trader Peter 
Brandt offered a technical perspective on bitcoin’s recent price surge on May 
21, following the cryptocurrency’s breakout to a new all-time high […]

Peter Brandt Eyes $150K Bitcoin by August as Bullish Patterns Explode

U.S. lawmakers are charging forward with a game-changing bill to shield non- 
custodial crypto developers from overreach, unlocking innovation and 
safeguarding America’s blockchain future. Emmer’s Crypto Shield Returns: Will 
Non-Custodial Devs Finally Breathe Free? U.S. Representative Tom Emmer (R-MN) 
announced on May 21 the reintroduction of the Blockchain Regulatory Certainty 
Act (BRCA), a bipartisan proposal intended […]

US Lawmakers Reload Blockchain Regulatory Certainty Act to Shield Crypto Builders

Having surged about 22.5% over the past 30 days, Bitcoin (BTC) has sparked 
concerns in the crypto market that its rally may be nearing exhaustion, with a 
potential price correction on the horizon. However, the latest on-chain data 
reveals that despite elevated unrealized profits, there are still no signs of 
increased selling pressure for the leading cryptocurrency. Bitcoin Unrealized 
Profits Remain High But No Panic Selling Yet According to a recent CryptoQuant 
Quicktake post by Bitcoin analyst Crazzyblockk, the cohort of new investors &#8211; 
those who have held BTC for less than one month &#8211; is currently sitting on 
unrealized profits of 6.9%. Related Reading: Bitcoin Near ATH, But Long-Term 
Holders Aren’t Selling – More Upside Ahead? In the same vein, short-term 
investors &#8211; holders who have held Bitcoin for less than six months &#8211; are 
sitting on unrealized profits of 10.7%. These figures highlight that the 
unrealized profit/loss ratio remains elevated, with unrealized profits far 
outweighing unrealized losses. Crazzyblockk noted that while historically, a 
high percentage of unrealized profits across the network tends to precede 
sharp price corrections, the current setup appears different. They added: Past 
cycles have shown that extreme profit concentration tends to precede 
volatility; however, current market structure shows no outsized concentration 
of risk in one participant group. The relatively narrow spread in unrealized 
profits between new and short-term holders indicates that profit distribution 
is balanced. Furthermore, although profit levels are high, loss levels remain 
compressed, suggesting limited pressure from distressed sellers. The 
contributor remarked: While macro conditions and volatility risk remain 
elevated, and a price correction cannot be ruled out, there is no strong 
behavioral signal suggesting a high willingness to trigger major distribution 
or selling. Further Upside For BTC? Meanwhile, seasoned crypto analyst Ali 
Martinez recently predicted further upside for Bitcoin. In a post on X, 
Martinez noted that BTC has undergone another bullish breakout, with the 
potential to reach a new all-time high (ATH) around $111,500. The current 
momentum has also drawn in retail investors. According to CryptoQuant 
contributor Carmelo Aleman, wallets holding less than $10,000 worth of BTC are 
steadily returning to the market &#8211; a sign of growing retail participation. 
Related Reading: Bitcoin Market Cycle Indicator Hints At Bullish Breakout 
Ahead, Analyst Says That said, some warning signs may still dampen BTC’s 
current bullish trajectory. For instance, despite the recent encouraging price 
action, Bitcoin&#8217;s Demand Momentum remains subdued. Similarly, Bitcoin&#8217;s 
“supply scarcity” narrative still lacks meaningful strength, as Aleman 
recently stressed that despite depleting exchange reserves, BTC is not likely 
to face genuine supply scarcity in the near term. At press time, BTC trades at 
$106,528, up 1.8% in the past 24 hours. Featured image from Unsplash, charts 
from CryptoQuant, X, and TradingView.com

Bitcoin Shows Elevated Unrealized Profits Without Signs Of Panic Selling – New ATH Soon?

Orange Surf, in charge of research and strategy at Mempool Research, has 
determined that over half of all bitcoin transactions made during the last 12 
months included some data-related component. 51% of all the transactions 
involved Runes and BRC20 tokens, which are considered &#8220;spam&#8221; by some. Spam- 
Filled Bitcoin: Over Half of All Transactions Included Runes […]