Hey, everybody, welcome into the Thinking Crypto podcast. You're home for your
cryptocurrency news and interviews. I'm your host, Tony Edward. On your way
in. Please sit that subscribe button as well as a thumbs up button and
leave a comment below. If you're listening on a podcast platform such as Spotify
or Apple, please leave a five star rating and review. Folks, I
want to talk about the price of bitcoin. I see a lot of people
are panicking. Many are worried. Is the bullmarket over look at bitcoin?
It continues to dump. It went below sixty k today. But guys,
let's leave our emotions at the door. Let's look at some metrics, facts,
charts, and so on and so forth. So today Bitcoin printed a
big red candle on the daily chart once again. It went below sixty k.
At the time of recording, it is over sixty k. But let's
look at the RSI, the Relative strength Index. We saw a bounce on
that after Bitcoin hit a super oversold zone, right, and we've seen this
historically. Bitcoin can hit overbought as well as oversold. This applies to different
all coins as well. So it bounced and it started moving upwards. Now
it's not going to go up in a straight line, guys. And if
you look back at what happened in last year August twenty twenty three, a
massive dump that put bitcoin in a very oversold area, and then the RSI
started bouncing. But the RSI in itself was very volatile, right, It
doesn't go up in a straight line. There's many dumps along the way as
it works its way up. But then eventually a massive green candle was printed
and the bullmarket continued. And remember we were in a bullmarket in twenty twenty
three. The market bottom in December twenty twenty two after the FTX collapse.
So all of last year people calling for recession and this is no bullmarket,
it's a bear market, and the price kept running up. Same thing is
happening now. People are saying, we're not in a bullmarket, dude,
are you? And once again, many of them don't show any facts or
data. They're just emotional about it. So let's once again not be emotional,
but just look at the data. The RSI is in a uptrend here,
so it's going to keep moving upwards unless there's a black swan event,
which you know, all bets are off if that happens, but we are
in a uptrend and bitcoin is bottoming out here. As long as it doesn't
break through below fifty six k, it should be okay. The other factor
I want to show you is the DXY, the Duller Currency Index, which
is inversely correlated with bitcoin and risk assets. It is breaking down on the
daily chart guys, in its price as well as the RSI. This is
a great sign for a week's n I've been telling you guys about this that
it was almost near its peak and it would start breaking down now. We
need still need full confirmation and we could see the employment numbers that are coming
on Friday have an impact on this and hopefully it sends it downwards. And
many analysts are highlighting that this is very bearish for the DXY. The chart
set up is very bearish here. One analyst highlighted that another triangle on the
DXY and showing that a breakdown is going to be coming soon. The analyst
stated that July and August will be great and talking about risk assets of course
because of the inverse correlation. Another analyst highlighted that this is a potential bearish
flag here for the DXY and we should see a breakdown now, guys,
this is not guaranteed. Right. We are forming a thesis based on the
facts that we have today, but things could change tomorrow and Friday and so
forth. So we have to be open minded and realized that there are no
certainties here and that we have to update our facts as things progress. But
based on what the data and what we're seeing right now, this looks bearish.
Let's hope fingers crossed right that it breaks downwards, because that will be
very good for bitcoin and rekassets. Now, the other factor I want to
highlight here and once get no emotions, just data. The supply of bitcoin
on exchanges is at a very low point right now compared to where it was
in March. And if you're wondering why the hell does that matter, well,
let me give you a summary here from Santiment, which is providing the
data. They're a partner of the podcast, so if you want to sign
up with them, you could check out the link in the description. The
Bitcoin balance on exchanges chart depicts the cumulative bitcoin holdings across different trading platforms.
When the balance is high, it suggests more people may be preparing to sell
bitcoin, leading to an increased supply and potential price drops ideal for short positions.
Conversely, a low balance suggests fewer sellers and thus a potential price hump
great for long positions. So we're looking at the charts, We're looking at
the macro with the DXY and what may come on Friday with the employment numbers
and the FED and so forth, looking at the bitcoin balance on the exchanges,
and we're seeing signals of continuation of the price of bitcoin and all coins
and the bullmarket continuing. So, guys, I hope that is helpful.
That is what I'm looking at and what my thesis is for the continuation here.
And guys, I've been here from multiple bullmarket cycles. I've seen this
before, and I see people getting scared and you have to look at data.
You can't just go by your emotions. Oh no, the price is
down. Oh no, bitcoin printed a red candle today. What are we
going to do? Well? What does the data tell us? What story
is it telling us? So I am bullish, guys, I expect to
bounce coming this month. It doesn't mean we're rallying to new all time highs
immediately. It means we are slow and steadily moving out of this pullback zone.
So I hope you guys understand that. Let's move ahead. We've got
big news from Flair. Layer zero version two integration connects Flair to fifty thousand
decentralized apps across seventy five blockchains. So Flair has done a big integration here
with Layer zero version two, and you know this is going to connect Flair
to many different chains including Etherorem, Etherorem L two's and Solana. Huge news.
I am very bullish on Flair. I hold the FLR token, I
am delegating and earning my rewards here. Hugo Fillyon, co founder Flair said
this is huge for Flair. When crypto Trader tweeted out, Flair will be
a high flyer this cycle. So things are looking very bullish for Flair.
And a great place that you can invest in Flair is on Uphold, which
is a crypto platform. I've been using since twenty eighteen. I can vouch
with this platform. They have two hundred and sixty plus cryptocurrencies, all the
top all coins, they have audits and transparency reports. They don't commingle or
lend out your funds. I've interviewed the CEO, CFO and many representatives.
And you can also trade precious metals on this platform, such as goalsilver,
palladium, and platinum. So if you'd like to learn more about Uphold,
check out the link in the description. Now, guys, we get a
very interesting article coming out from Forbes. The title of that article is Trump
sparks talks of bigcoin as a strategic reserve asset. Guys, the narrative is
being built here. Bitcoin is digital goal, is store of value I hold
in my portfolio, and we're seeing many companies are adding it to their balance
sheet. The Wall Tree crowd is here, They've got their spotty t aps,
they're seeing record breaking inflows. You got some countries who are making it
legal tender. And I believe central banks, I honestly believe central banks will
hold bitcoin in the future as one of the reserve assets, including gold and
other things. So Bitcoin, with its scarcity value and the strong narrative as
a reserve asset, and obviously its performance being the best performing asset over the
past ten to eleven years, it's going to see significant adoption. Nick Garaci
of the ETF Store weighed in on this. He said, highly interesting read
Trump admin potentiallyuing bitcoin as a strategic reserve asset. A quote here is simple
game theory dictates adoption by one nation necessitates other nations considered the same, whether
friend or foe. So, guys, the narrative is being laid here.
I'm so bullish. I've told you guys, I'm bullish about this cycle,
but also future cycles. Just imagine what we're going to see in the next
bull market, you know, in twenty twenty eight and so forth. Given
that bitcoin has crossed these major hurdles and has gone pretty much mainstream with the
et apps and companies adding it to their balance sheet, we're going to see
significant adoption. And this is how you get to look at it over the
years, not the hourly, the weekly and the price volatility, but if
you look at it over the years, you'll see clearly what is happening and
the exponential growth we've been seeing. Now. Consensus highlighted that they have acquired
wallet Guard, which is a Web three security firm. They help her event
crypto theft with open source extension and security dashboards. They Consensus says, the
new addition to our family strengthens Meta mass commitment to our user protection, building
on recent security feature integrations to safeguard against hacks and scams. So I love
this. This is great. Continue to expand continue to build, continue to
make your products more secure because this acid class and technology is still new to
a lot of the masses out there, so we need products that are highly
secure so that people don't lose their funds. We have to prevent as many
hacks and issues if we want to get global adoption of this technology. Now,
guys, we are seeing across the United States. Different states are embracing
crypto in various ways. We know Wyoming and Texas have been leaders in embracing
crypto, but here's an article that highlights what some other states are doing.
From Louisiana to New Hampshire. Crypto advocates are winning. As many states settle
in for there is summer recess. The momentum behind digital asset legislation shows no
signs of slowing down, and it could shift voters focused to many congressional and
down ballot races this fall. So far in twenty twenty four, we've seen
over thirty bills impacting digital assets enacted at the state level. That's a lot.
We're at the middle point of the year, so that's more than double
the number that passed out of the state houses last year. We also see
progress in both Republican and democratic states, reflecting a broad bipartisan appetite for clear
and consistent crypto regulation. States are seeing the importance of showing the work ahead
of November. June has been a particularly active month for state crypto policy.
New England the home of a few important races and a variety of bills addressing
key areas such as custody requirements, self hosted wallets, unclaimed property, crypto
mining, and central bank digital currencies. For example, a swing state of
New Hampshire, which has alternated between Democratic and Republican majorities in its state legislature
since two thousand and six, is making moves to expand its regulatory framework to
include a certain digital asset activity. The state legislators spent Dune negotiating differences between
the House and Senate pass versions of HB one two for one, which extends
its money transmitter laws to capture virtual currency transmission. Folks. This is really
great because the states are moving faster than the federal government, and as they
move and get things done, it will put pressure on the federal government.
To get things through. Obviously, we're seeing some progress on the federal level
with the FIT twenty one bill making it out of the House. Still has
to go through the Senate and still has to be signed into law and by
a president, which president I don't know. The elections are coming up,
but guys, we're seeing a move in the right direction. We got capital
coming in. You got big players stock exchanges, Wall Street firms, banks
getting involved. We're seeing governments embracing crypto, both on the state level and
federal level and globally. Guys, I'm so bullish, and I hope I'm
painting the picture here of how incredible this stuff is. And I say that
because I got into the market in twenty sixteen and we didn't have anything like
this. So in a way, I'm jealous of the people coming in now,
but I'm not jealous about the price entry points. So I got in
at the lows, of course, and I've been accumulating and buying the dips
over the years. But the things that are happening here, you can come
in and have confidence. There's no longer the skepticism or the stigma of is
this real? Is this a fad? You know? Is this magic Internet
money and so forth. Now, speaking of global adoption of crypto, the
Basle Committee finalizes crypto exposure rules for banks. The on and off rams being
built for everybody, institutional investors and as well as retail. So the Basle
Committee met on July second and third and made policy decisions on issues that included
disclosure of banks crypto exposure. Its decisions are part of the BOSL three reforms
that were begun in twenty nineteen to enhance the resilience of Europeinian Union banks through
regulations, supervision and risk management. A disclosure framework for banks crypto assets was
proposed in December twenty twenty two and opened for comments in May twenty twenty three.
The framework includes a set of targeted amendments to the original proposal and revisions
to the prudential standard for stable coin regulations. So, guys, you see
that they started this process of years ago and it's now coming to fruition.
So this is why I've been saying you got to be patient when it comes
to investing, especially in a relatively new acid class like this. And you
see that they're not banning it, they're not saying banks you can't touch crypto.
They're saying, no, if you can do it, we just need
you to report it accordingly. Stock exchanges hold crypto. You can do what
you want, just report it to us. That's foolish. They're not banning
it, they're not outlawing it. They're embracing it, and they're regulating and
they're going to tax it. You know, the governments want a cut of
that, right, they want that tax revenue and all that. So,
guys, amazing things are happening globally for crypto. When in doubt, zoom
out, be patient and leave your emotions at the door and look at the
facts like this right, Look at the charts, Look at what the data
is telling us, Look at what the news is telling us, as far
as adoption and real things happening like regulations and the embracing of crypto and so
forth. Let me know what you guys think about this. Leave your thoughts
and comments below. Don't forget to grab a copy of my book, Rethinking
Crypto. Grab a copy to support the podcast. Grab a couple of copies
for your friends and family who want to learn about crypto. If you bought
a copy already, please leave a rating and review on Amazon, it would
really help. Link will be in a description. Thank you guys for watching
and listening, and I'll t talk to you all later