Welcome to the Thinking Crypto podcast. You're home for cryptocurrency news and interviews.
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It supports the podcast and it doesn't cost you anything. Well, folks,
let's start by taking a look at the price of bitcoin. We are
still waiting on confirmation that bitcoin is heading upwards in the micro In the short
term, From a macro standpoint, we are any uptrend. We are in
a bull market. We are anticipating higher highs. But in the short term,
we're waiting for a bitcoin to validate that this is a reversal move to
continue to hire highs. And if it is, I'm expecting a price point
between eighty five to ninety thousand as the next target. So we'll have to
be patient and let things play out. But right now, Bitcoin as of
the time of recording is at seventy five and forty nine dollars. If we
look at the d wine the daily chart, it has some green candles,
but they look very weak, so I'm hoping the DXY, the Dollar Currency
index keeps breaking downwards, and that will be incredibly bullish for risk assets like
bitcoin and crypto. So that's what we're waiting to see, folks. We
need confirmation and let this play out. As I said in yesterday's podcast,
my hope is that we enter April with very bullish momentum as we head to
the having and bitcoin heads to eighty five to ninety eighth k between that range,
maybe higher before it does another pullback. So exciting times ahead. We
just got to be patient. Now let's look at the top trending coins on
social media. This data is brought to you by Santiment, which is a
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If you want to sign up for a pro account, you can and
get a discount with my referral link in the description as well as the code
thinking crypto. The first trending coin here is Nexso, so Nexto is the
platform where you can do crypto lending and so forth. I think they're doing
a marketing camp heres that are trending as number one. Coming in at number
two is Internet Protocol ICP, with good positive sentiment. Number three is Anchor
on Ethereum, also with strong positive sentiment. You got Civic coming in at
number four, which is CBC with strong positive sentiment as well. Cody comes
in at number five with decent positive sentiment. Vello comes in at number six
with positive sentiment as well. Like Coin comes in here at number seven with
decent positive sentiment. Its negative sentiment is pretty high at thirty six percent,
but a positive is at forty four. But it's trending due to the coup
coin case, which I'll share the news with you guys a little bit later.
Number eight is pack protocol PAC coming in with positive sentiment, then tether
USDT on Avalanche with a very high positive sentiment, and finally number ten Stellar
luhmans XLM coming in with positive sentiment as well. So those are your top
trending tokens on social media once again, this is brought to you by Sam.
All Right, folks, let's jump into the news, and first up
is the cou coin news, which I'm sure many of you heard. Prominent
global cryptocurrency exchange cu cooin and two of its founders criminally charged with Bank Secrecy
Act and unlicensed money transmission offenses. So guys, what's the TLDR here?
What happened here? This is the continued cleanup of the legacy crypto exchanges.
We saw Binance got hit with similar charges, right, and this is because
back in the day, in the wild west of the crypto days, in
the early days, these exchanges were not doing kycaml So KYCS is know your
customer, AML is anti money laundering. You could go sign up for the
exchanges. You didn't have to share your idea and verify and you can trade,
right. I remember using the platforms like that. It was how things
were set up. Now, as the market matured and things progressed, we
saw many of these exchanges started integrating KYC and AML. However, the regulators,
they will go after you for the years that you weren't doing it.
We saw that with Binance and Finance had to pay billions. So here you
know coup coin and two of its founders getting charged and so on and so
forth. So is this bearers for the market. Absolutely not, it's actually
bullish. It is once again the cleanup because we're on the rocket ship getting
ready to go to higher prices, and we saw if Binance that news didn't
affect this market. Right, even in a bull market, it didn't affect
the market at all. It was actually positive because it's the removal of risk
to anything that could be detrimental to the price. So this is good clean
up, getting the exchanges in order. They're not shutting them down. They
can still operate. Just pay your fine. You did some sort of crime.
You're going to pay the time, right. But the market keeps moving
forward, so we are eliminating risk and many of these exchanges are coming in
line with the regulations. And once again it's preparing us for the next move
and for this acid class to keep growing. And we're seeing Wall Street banks,
stock exchanges and much more a getting in. So that's the TLDR here,
guys, I don't even need to read through the details. It's just
a cleanup. They're going after any platform that didn't use kyc AML, so
uh really, it's good news. Now. Something very interesting came out of
the complaint from the CFDC about what cou coin was doing, and Jake Trafirsky
highlighted it here. He said, hidden gem in the CFTC's coucoin complaint.
Usually the SEC and CFDC pretend they aren't in a turf war over crypto.
Today, the CFDC is openly attacking the SEC's supposed investigation of Ethereum. This
may seem minor, but is actually pretty savage interagency drama by DC's standards.
So they highlighted specifically. CFDC highlighted specifically commodities Ethereum and like coin. Folks,
It's what we've been talking about on the podcast and why we could see
a lot of problems here with these ETHEREMYTF and I've been referencing that the chair
of the cftc Rosslyn Benham, went before Congress and said he doesn't know what
the SEC is doing. Why is Prometheum custodying etherrem as a security Both agencies
helped to approve the futures etf right. Etheroreum was given a non security clearance
by Bill Hinman in a previous administration of the SEC. So what's happening here,
folks, and we're seeing some butting of heads. This is this might
force Congress to act now. Eleanor Terrat of Fox Business added to what Jake
said. The timing is more significant here given what is going on at the
SEC, but worth noting the CFDC also called ether and light coin commodities in
its lawsuit against Binance last year. So the SEC is looking pretty dumb here
because given all the history and all these things that have been taking place.
But we know the game here, folks. They want to roadblock the etherorem
ETF. Gary's trying to classify etheroreum as a security. He's taking his orders
from Elizabeth Warren, who's of course controlled by the banking incumbents who are getting
disrupted. We saw two senators send a letter to the SEC saying no more
ETFs, right, And I told you guys, they didn't just wake up
and dream that up all of a sudden. That's a plant, that's a
strategy, and most likely Elizabeth Warren is behind it because these two senators were
Democrats. So we got a battle here, folks. And is this gonna
get messy now? Eleanor Turrett is also reporting that she's hearing rumblings on the
institutional level about possible interest in a like COINYTF like COINYTF go figure, guys,
I mean like coin right now on the market cap is at number twenty
two. There hasn't been any major developments. They're not doing much right this
project almost seems dead. I'm not saying it's dead, but it almost seems
that way from an optic standpoint. Charlie Lee is nowhere to be found.
He's the founder, right. They forked Bitcoin's code and a little bit faster
of a proof of work token here, So I don't know, but it
may be the reason why it's popping up is because like coin is proof of
work and they're figuring maybe they can get that through because Bitcoin is proof of
work and that you know, pretty much like coins a copy of it.
So we'll see. But I don't think there's gonna be much demand for like
coin, right. Not a lot of people are interested in it. Don't
get me wrong, my like coin holders and community. I'm not hating,
but let's be honest, right, you got tokens like Salona, Cardono and
even meme coins are getting all the mentions and the spotlight versus like coin.
So this is interesting. So Eleanor says here, the logic is that because
of like coin's functional similarities to Bitcoin, the SEC may be more inclined to
approve it, possibly even more so than eth. Last week, Coin based
Derivatives announced plans to launch CFTC approved futures for dochecoin, like coin and bitcoin
cash on April first, next Monday. I wonder if that's an April fool's
joke right on April first, But look, I think this like Eleanor is
reporting here. It could be they're just trying to get as many coins through
even if there's not much demand. But I think Ethereum is what the market
wants as number two, right and from the Institution's black Rock clettery Fink and
all these guys, they want the ethereum's bodytf But maybe this is a way
to force the SEC's hand. It's just a chess move. It's not so
much that they're gonna make a ton of money off of the like coin etf
It's a chess move to force the SEC's hand and to hand Gary against her
another loss. And if he wants to go to court, he's easily gonna
lose that because light coin very similar to bitcoin. So things are getting very
interesting here, folks. Now let's move ahead regarding the ethereum as a security
or not a security situation, and the CFTC and the SECU battling right the
house. Financial services members of KUNG are waking up to this, and I
think this etherorem situation, if Gary continues it, it may force the hand
of Congress to get regulations through. So the Financial Services GOP folks tweeted out
the following. Republicans on the House Financial Services Committee and House Agriculture GOP sent
a letter to SEC Chair Gary Gainster urging his agency to clarify its position with
respect to the special broker Dealer license Prometheum's custody of Etheroreum. So they put
out an infographic here Republicans are holding SEC chair against their accountable But this is
all just talk. Man. They got to send a subpoena. Patrick McHenry,
if you're listening, subpoena this man and start cutting his budget as it
relates to crypto items. Don't get me wrong, the SEC has to protect
investors. There are scams out there, but he's clearly not going after scams.
He's going after the good actors. And there's a clear agenda to kill
as many of these crypto startups as possible. Now. Congressman Tom I'mber,
who I've had in the podcast multiple times, retweeted this news and said the
SEC and the CFDC have an extensive record asserting that Etherorem is not a security
So why this Prometheum and SEC registered broker dealer planned to custody eth and he
said, I led the letter with the Financial House Financial Services Committee and my
colleagues to Garyginster to get some answers. Let's see what they come up with.
But I think they got to take the gloves off, just like the
crypto industries taking the gloves off and suing the hell out of scumbag regulator Garygainster
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got some bitcoin spot ETF news. So hash decks apparently now got its bitcoin
ETF live. It took a while and they put out a press release here
saying title end hashdacks announced trading of US spot bitcoin ETF. Eric Balchunis a
Bloomberg said the ticker symbol is DeFi. He says, they finally and officially
make it to the starting gate Spot Bitcoin ETF number eleven. The getting is
so good right now. I could see this one getting some bites if the
fee is competitive despite being so late. So, folks, no one wants
to miss the train. Here. Game theory playing out and the demand for
bitcoin and crypto acids will continue to grow. We are still in the early
innings as RIA and wealth managers get educated about these ETFs, the fees,
who's the custodian and so forth. I recently had Rick Edelman, the RIA
guru and you know the Wall Street legend, and we talked about this and
he walked through the process of how arias will be looking at bitcoin atfs and
offering into their clients, and he expects billions to flow through from rias to
the et aps. Now let's move ahead. Solana welcome Circle cross chain protocol,
so Solana developers can natively swap USDC tokens with Ethereum and other ecosystems.
So we're seeing interoperability being built for different blockchains. It's pretty incredible. Guys.
Look, I'm not the biggest Salona fan. I do have some soul
tokens, but Solana has had a lot of downtime, and I hope they
fix it right. I'm not wishing them bat or anything like that, but
when I see you have these many downtimes over the years, it's not a
good sign. But they are very fast and they continue to get a lot
of development activity and folks building on them. So I have to keep it
honest, right and fair. So Solana has been ripping, They're getting a
lot of liquidity, a lot of people building mean coins, and much more
on them. So Circle, the issuer of popular stable coin USDC, has
partnered with Solana to bring its cross chain Transfer Protocol CCTP to its blockchain system.
CCTP is designed by Circle to enable the secure transfer of USDC between different
blockchain ecosystems using the native mint and burn process. This means that Solana developers
can can now natively swamp USDC tokens from Etherreum, and other EVM compatible ecosystems,
including Arbitrum, Avalanche based Optimism, and Polygon. It will also be
compatible with non EVM blockchains. CCTP first integrated with a non EVM chain in
October last year when it partnered with nobyl It's a Cosmos based token protocol to
bring us DC natively into the Cosmos ecosystem. As Noble itself is integrated with
Cosmo's inter Blockchain Communication Protocol, CCTP is also functionally compatible with all COSMOS chains
that are connected with IBC. So, folks, this is great to see.
I am very bullish on Circle and USDC and what they're doing. Circle
issues. Of course the second largest stable coin that is USDC, Tether being
the number one with USDT. But you know the competitions heading up between these
stable coin issuers, and you've got PayPal has their own stable coin. And
could USDC be used by the government as the digital dollar. I think it's
possible. That's certainly certainly a possible scenario, but we'll have to wait and
see what the government decides to do. Now, speaking of stable coins,
we've got news area de Tether looks to build the next generation of open AI
models with new data division. The AI job postings come after a six hundred
million dollar AI infrastructure investment Tether made in the fall. Now, many of
you may have seen my recent interview with the CEO OH with Tether, and
that is Paulo r. Do Emo. If you haven't seen that, it
was published eight days ago, be sure to check it out. We touch
on AI. We talked on everything related to stable coins, can usdt DPEG,
what's going to a feature of it look like? And is AI a
threat? And much more so, he talked about Tether going beyond stable coins
and looking at other business models. So we're starting to see some of these
things come to fruition here. So the new division named Tether Data is looking
to hire an AI engineer and ahead of AI research and development. According to
Tether's job recruiting website, here's a quote. Our goal is to build a
next generation of open AI models, leading innovation in AI through an accessible,
transparent, and privacy preserving approach. To job post, things read so very
interesting. Feather's got a lot on their play They're making a lot of money.
They're the world's largest stable coin issuer, so we'll see what else they
do next. It's pretty fascinating to watch this play out. And in my
interview which Paolo we talked about, Canter Fitzgerald's CEO, Howard Lutnik add Davis
twenty twenty four giving a massive endorsement a Tether, saying they have the money,
they are fully reserved, and if you go to Tether's website, they
have audits and they have been doing quarterly attestations. So Tether I think has
righted the ship after maybe in the early days, the wild west of the
crypto days, things were not in order, but I think things are in
order now, so pretty incredible. What's happening, well, folks, that's
the news. Let me know what you think. Leave your thoughts and comments
below, hit the thumbs up button, hit the five star rating on the
podcast platforms. Folks, don't forget. I'll be at DC Blockchain Summit twenty
twenty four. This is happening in May May fifteenth and May sixteenth. If
you want to attend, you can check out the links in the description to
go get tickets. You can get a discount using my code thinking Crypto,
and I would love to see you guys there either on the summit day or
the blockchain education that you don't have to attend both in ten one. The
Blockchain Education Day is a very fascinating because we're going to go to Capitol Hill
and speak to different folks there. So doing some grass roots movements here to
get crypto legislation guys, and like I said, I'll be there, I'll
be vlogging, I'll be podcasting, and much more so. I would love
to meet you guys there and chat about crypto and much more so. Once
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