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Hey, everybody, welcome into the
Thinking Crypto podcast. You're home for your

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cryptocurrency news and interviews. I'm your
host, Tony Edward. On your way

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in. Please sit that subscribe button
as well as a thumbs up button and

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leave a comment below. If you're
listening on a podcast platform such as Spotify

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or Apple, please leave a five
star rating and review. Folks, I

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want to talk about the price of
bitcoin. I see a lot of people

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are panicking. Many are worried.
Is the bullmarket over look at bitcoin?

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It continues to dump. It went
below sixty k today. But guys,

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let's leave our emotions at the door. Let's look at some metrics, facts,

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charts, and so on and so
forth. So today Bitcoin printed a

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big red candle on the daily chart
once again. It went below sixty k.

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At the time of recording, it
is over sixty k. But let's

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look at the RSI, the Relative
strength Index. We saw a bounce on

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that after Bitcoin hit a super oversold
zone, right, and we've seen this

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historically. Bitcoin can hit overbought as
well as oversold. This applies to different

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all coins as well. So it
bounced and it started moving upwards. Now

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it's not going to go up in
a straight line, guys. And if

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you look back at what happened in
last year August twenty twenty three, a

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massive dump that put bitcoin in a
very oversold area, and then the RSI

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started bouncing. But the RSI in
itself was very volatile, right, It

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doesn't go up in a straight line. There's many dumps along the way as

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it works its way up. But
then eventually a massive green candle was printed

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and the bullmarket continued. And remember
we were in a bullmarket in twenty twenty

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three. The market bottom in December
twenty twenty two after the FTX collapse.

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So all of last year people calling
for recession and this is no bullmarket,

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it's a bear market, and the
price kept running up. Same thing is

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happening now. People are saying,
we're not in a bullmarket, dude,

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are you? And once again,
many of them don't show any facts or

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data. They're just emotional about it. So let's once again not be emotional,

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but just look at the data.
The RSI is in a uptrend here,

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so it's going to keep moving upwards
unless there's a black swan event,

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which you know, all bets are
off if that happens, but we are

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in a uptrend and bitcoin is bottoming
out here. As long as it doesn't

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break through below fifty six k,
it should be okay. The other factor

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I want to show you is the
DXY, the Duller Currency Index, which

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is inversely correlated with bitcoin and risk
assets. It is breaking down on the

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daily chart guys, in its price
as well as the RSI. This is

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a great sign for a week's n
I've been telling you guys about this that

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it was almost near its peak and
it would start breaking down now. We

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need still need full confirmation and we
could see the employment numbers that are coming

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on Friday have an impact on this
and hopefully it sends it downwards. And

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many analysts are highlighting that this is
very bearish for the DXY. The chart

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set up is very bearish here.
One analyst highlighted that another triangle on the

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DXY and showing that a breakdown is
going to be coming soon. The analyst

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stated that July and August will be
great and talking about risk assets of course

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because of the inverse correlation. Another
analyst highlighted that this is a potential bearish

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flag here for the DXY and we
should see a breakdown now, guys,

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this is not guaranteed. Right.
We are forming a thesis based on the

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facts that we have today, but
things could change tomorrow and Friday and so

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forth. So we have to be
open minded and realized that there are no

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certainties here and that we have to
update our facts as things progress. But

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based on what the data and what
we're seeing right now, this looks bearish.

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Let's hope fingers crossed right that it
breaks downwards, because that will be

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very good for bitcoin and rekassets.
Now, the other factor I want to

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highlight here and once get no emotions, just data. The supply of bitcoin

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on exchanges is at a very low
point right now compared to where it was

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in March. And if you're wondering
why the hell does that matter, well,

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let me give you a summary here
from Santiment, which is providing the

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data. They're a partner of the
podcast, so if you want to sign

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up with them, you could check
out the link in the description. The

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Bitcoin balance on exchanges chart depicts the
cumulative bitcoin holdings across different trading platforms.

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When the balance is high, it
suggests more people may be preparing to sell

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bitcoin, leading to an increased supply
and potential price drops ideal for short positions.

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Conversely, a low balance suggests fewer
sellers and thus a potential price hump

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great for long positions. So we're
looking at the charts, We're looking at

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the macro with the DXY and what
may come on Friday with the employment numbers

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and the FED and so forth,
looking at the bitcoin balance on the exchanges,

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and we're seeing signals of continuation of
the price of bitcoin and all coins

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and the bullmarket continuing. So,
guys, I hope that is helpful.

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That is what I'm looking at and
what my thesis is for the continuation here.

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And guys, I've been here from
multiple bullmarket cycles. I've seen this

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before, and I see people getting
scared and you have to look at data.

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You can't just go by your emotions. Oh no, the price is

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down. Oh no, bitcoin printed
a red candle today. What are we

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going to do? Well? What
does the data tell us? What story

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is it telling us? So I
am bullish, guys, I expect to

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bounce coming this month. It doesn't
mean we're rallying to new all time highs

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immediately. It means we are slow
and steadily moving out of this pullback zone.

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So I hope you guys understand that. Let's move ahead. We've got

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big news from Flair. Layer zero
version two integration connects Flair to fifty thousand

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decentralized apps across seventy five blockchains.
So Flair has done a big integration here

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with Layer zero version two, and
you know this is going to connect Flair

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to many different chains including Etherorem,
Etherorem L two's and Solana. Huge news.

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I am very bullish on Flair.
I hold the FLR token, I

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am delegating and earning my rewards here. Hugo Fillyon, co founder Flair said

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this is huge for Flair. When
crypto Trader tweeted out, Flair will be

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a high flyer this cycle. So
things are looking very bullish for Flair.

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And a great place that you can
invest in Flair is on Uphold, which

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is a crypto platform. I've been
using since twenty eighteen. I can vouch

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with this platform. They have two
hundred and sixty plus cryptocurrencies, all the

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top all coins, they have audits
and transparency reports. They don't commingle or

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lend out your funds. I've interviewed
the CEO, CFO and many representatives.

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And you can also trade precious metals
on this platform, such as goalsilver,

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palladium, and platinum. So if
you'd like to learn more about Uphold,

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check out the link in the description. Now, guys, we get a

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very interesting article coming out from Forbes. The title of that article is Trump

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sparks talks of bigcoin as a strategic
reserve asset. Guys, the narrative is

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being built here. Bitcoin is digital
goal, is store of value I hold

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in my portfolio, and we're seeing
many companies are adding it to their balance

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sheet. The Wall Tree crowd is
here, They've got their spotty t aps,

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they're seeing record breaking inflows. You
got some countries who are making it

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legal tender. And I believe central
banks, I honestly believe central banks will

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hold bitcoin in the future as one
of the reserve assets, including gold and

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other things. So Bitcoin, with
its scarcity value and the strong narrative as

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a reserve asset, and obviously its
performance being the best performing asset over the

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past ten to eleven years, it's
going to see significant adoption. Nick Garaci

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of the ETF Store weighed in on
this. He said, highly interesting read

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Trump admin potentiallyuing bitcoin as a strategic
reserve asset. A quote here is simple

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game theory dictates adoption by one nation
necessitates other nations considered the same, whether

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friend or foe. So, guys, the narrative is being laid here.

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I'm so bullish. I've told you
guys, I'm bullish about this cycle,

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but also future cycles. Just imagine
what we're going to see in the next

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bull market, you know, in
twenty twenty eight and so forth. Given

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that bitcoin has crossed these major hurdles
and has gone pretty much mainstream with the

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et apps and companies adding it to
their balance sheet, we're going to see

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significant adoption. And this is how
you get to look at it over the

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years, not the hourly, the
weekly and the price volatility, but if

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you look at it over the years, you'll see clearly what is happening and

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the exponential growth we've been seeing.
Now. Consensus highlighted that they have acquired

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wallet Guard, which is a Web
three security firm. They help her event

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crypto theft with open source extension and
security dashboards. They Consensus says, the

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new addition to our family strengthens Meta
mass commitment to our user protection, building

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on recent security feature integrations to safeguard
against hacks and scams. So I love

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this. This is great. Continue
to expand continue to build, continue to

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make your products more secure because this
acid class and technology is still new to

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a lot of the masses out there, so we need products that are highly

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secure so that people don't lose their
funds. We have to prevent as many

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hacks and issues if we want to
get global adoption of this technology. Now,

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guys, we are seeing across the
United States. Different states are embracing

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crypto in various ways. We know
Wyoming and Texas have been leaders in embracing

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crypto, but here's an article that
highlights what some other states are doing.

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From Louisiana to New Hampshire. Crypto
advocates are winning. As many states settle

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in for there is summer recess.
The momentum behind digital asset legislation shows no

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signs of slowing down, and it
could shift voters focused to many congressional and

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down ballot races this fall. So
far in twenty twenty four, we've seen

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over thirty bills impacting digital assets enacted
at the state level. That's a lot.

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We're at the middle point of the
year, so that's more than double

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the number that passed out of the
state houses last year. We also see

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progress in both Republican and democratic states, reflecting a broad bipartisan appetite for clear

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and consistent crypto regulation. States are
seeing the importance of showing the work ahead

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of November. June has been a
particularly active month for state crypto policy.

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New England the home of a few
important races and a variety of bills addressing

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key areas such as custody requirements,
self hosted wallets, unclaimed property, crypto

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mining, and central bank digital currencies. For example, a swing state of

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New Hampshire, which has alternated between
Democratic and Republican majorities in its state legislature

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since two thousand and six, is
making moves to expand its regulatory framework to

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include a certain digital asset activity.
The state legislators spent Dune negotiating differences between

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the House and Senate pass versions of
HB one two for one, which extends

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its money transmitter laws to capture virtual
currency transmission. Folks. This is really

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great because the states are moving faster
than the federal government, and as they

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move and get things done, it
will put pressure on the federal government.

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To get things through. Obviously,
we're seeing some progress on the federal level

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with the FIT twenty one bill making
it out of the House. Still has

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to go through the Senate and still
has to be signed into law and by

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a president, which president I don't
know. The elections are coming up,

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but guys, we're seeing a move
in the right direction. We got capital

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coming in. You got big players
stock exchanges, Wall Street firms, banks

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getting involved. We're seeing governments embracing
crypto, both on the state level and

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federal level and globally. Guys,
I'm so bullish, and I hope I'm

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painting the picture here of how incredible
this stuff is. And I say that

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because I got into the market in
twenty sixteen and we didn't have anything like

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this. So in a way,
I'm jealous of the people coming in now,

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but I'm not jealous about the price
entry points. So I got in

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at the lows, of course,
and I've been accumulating and buying the dips

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over the years. But the things
that are happening here, you can come

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in and have confidence. There's no
longer the skepticism or the stigma of is

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this real? Is this a fad? You know? Is this magic Internet

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money and so forth. Now,
speaking of global adoption of crypto, the

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Basle Committee finalizes crypto exposure rules for
banks. The on and off rams being

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built for everybody, institutional investors and
as well as retail. So the Basle

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Committee met on July second and third
and made policy decisions on issues that included

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disclosure of banks crypto exposure. Its
decisions are part of the BOSL three reforms

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that were begun in twenty nineteen to
enhance the resilience of Europeinian Union banks through

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regulations, supervision and risk management.
A disclosure framework for banks crypto assets was

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proposed in December twenty twenty two and
opened for comments in May twenty twenty three.

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The framework includes a set of targeted
amendments to the original proposal and revisions

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to the prudential standard for stable coin
regulations. So, guys, you see

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that they started this process of years
ago and it's now coming to fruition.

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So this is why I've been saying
you got to be patient when it comes

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to investing, especially in a relatively
new acid class like this. And you

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see that they're not banning it,
they're not saying banks you can't touch crypto.

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They're saying, no, if you
can do it, we just need

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you to report it accordingly. Stock
exchanges hold crypto. You can do what

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you want, just report it to
us. That's foolish. They're not banning

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it, they're not outlawing it.
They're embracing it, and they're regulating and

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they're going to tax it. You
know, the governments want a cut of

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that, right, they want that
tax revenue and all that. So,

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guys, amazing things are happening globally
for crypto. When in doubt, zoom

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out, be patient and leave your
emotions at the door and look at the

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facts like this right, Look at
the charts, Look at what the data

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is telling us, Look at what
the news is telling us, as far

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as adoption and real things happening like
regulations and the embracing of crypto and so

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forth. Let me know what you
guys think about this. Leave your thoughts

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00:14:41.960 --> 00:14:43.919
and comments below. Don't forget to
grab a copy of my book, Rethinking

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00:14:45.000 --> 00:14:48.759
Crypto. Grab a copy to support
the podcast. Grab a couple of copies

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00:14:48.799 --> 00:14:52.039
for your friends and family who want
to learn about crypto. If you bought

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00:14:52.039 --> 00:14:54.840
a copy already, please leave a
rating and review on Amazon, it would

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00:14:54.879 --> 00:14:58.080
really help. Link will be in
a description. Thank you guys for watching

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00:14:58.080 --> 00:15:01.279
and listening, and I'll t talk
to you all later