Bitcoin continues its massive bullish momentum, breaking sixty five, sixty six, sixty
seven, and now sixty eight thousand dollars all in one day. Some are
saying seventy two thousand is the next price point, and scumeback regulator Gary Genser
delays the black rock etherorem etf What does this mean? And Gary is also
getting a favorable ruling from a judge in the sec coinbased insider trading lawsuit.
This is significant as it relates to the XRP lawsuit and secondary sales of tokens
on exchanges. We're gonna break this down and much more. Let's get into
it. Welcome to the Thinking Crypto podcast. You're home for cryptocurrency news and
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review. It supports the podcast and it doesn't cost you anything. Well,
folks, we got to start with Bitcoin. It is going crazy, folks.
It broke sixty five, sixty six, sixty seven and now sixty eight
thousand dollars at the time of recording, it's at sixty eight, five hundred
and thirty two dollars going insane, folks. I think all your charts,
all your analysis, all your thesis have been thrown out the window, because
if this thing was moving like previous cycles, it would have already pulled back
significantly, not to say the bull market would be over just pulling back and
building support levels. But it continues to go parabolic. I mean, look
at the daily chart, look at these green candles, my goodness, man,
and it's broken all the Fibonacci models where you know, usually you see
a replacement, but it's just going and going and going. Here's what one
analyst crypto Wizard is saying. Breaking five days later, Bitcoin smashes the sixty
six thousand dollars record as or price point as I called it, seventy two
thousand, five hundred dollars is next new all time high soon. He looks
like he might be right here, folks. This thing has so much momentum,
there's so much buying, and that could be the price point that maybe
it hits its rejection point once again in the short term, a local top
before pulling back, building support levels and then working its way up. Now
I was thinking the local top would have been fifty k, and then we
pulled back to thirty five k. Obviously bitcoin is over extended right now.
It's going higher than anticipated. I don't think anyone saw this coming, especially
ahead of the having. So if it were to hit seventy two thousand,
five hundred and then pull back, it could find supported around fifty k or
sixty k, and that would be healthy. That would be normal. So
just please understand. But look, bigcoin could surprise everybody and just go do
whatever the hell it wants and go to one hundred thousand dollars. So have
your plan. If you're planning to take profits, you know, at ninety
k one hundred k, like I am, make sure you have that plan
written down and stick to it. Obviously not financial advice. I'm just saying
avoid the emotional rollercoaster, right like, oh my god, what if it
goes higher? What if I miss out on higher gains? As long as
you're making money, you know, certainly that is the goal, and you
can never call a top folks, you no one has a crystal ball.
So you have to stick to your plan and take your profits. So incredible
what is taking place. And if we look at Google trends, we start
to see that retail interest is starting to pick up again. Here you can
see Bitcoin searches in Google are starting to pick up, and that's an indication
retail is coming back in. So that could be an indication of a local
top coming in. But the ETFs continue to vacuum and suck all the bitcoin
out of the market. Here, Eric Balcunis, who I recently had on
the podcast of Bloomberg, said the ten bitcoin ETFs a virtual lock to clock
their second biggest volume day today, So it looks like the big bump up
in trading activity last week was more than new normal, then an anomaly.
So I've been saying this thing is not going to slow down. It's only
going to get bigger because the rias and wealth managers are being educated right now,
and that's a process right The marketing is taking place, so Blackrock,
Fidelity Wisdom, everybody is going to be marketing this to rias, Hey,
come buy our ets, put your client's funds in our ETFs. So we
are really in the early innings here. Here Eric continues, he says confirmed
today was the second biggest volume day for the ten at about five point five
billion dollars. I bit alone did two point four billion dollars of it and
has crossed eleven billion dollars in AUM. Each of them is up over thirty
percent in six days, which will probably help keep flow ball rolling. Getting
a bit of archmania. Deja vus, folks, This is incredible and I've
been here for multiple bull market cycles. I have not seen anything like this,
especially this early before the bitcoin having something is different this cycle. I
know the cliche thing is this time is different, and I'm not ready to
say this time is different, you know, I'm gonna wait a little bit,
but I would say we are seeing from a micro standpoint, not the
full macro because I need to see the entire ballmarkt but from a micro in
this period of time, something is different. Incredible, incredible stuff. Here's
some thoughts from some folks on Twitter x which I agree with. James Lavish
said, and the verdict is the bitcoin ets were in fact not priced in.
Some people were trying to say, oh, they're priced in, but
clearly not priced in. Haley Lennon, who will actually have on the podcast
this week, said bitcoin almost back at all time highs, Gemini earned users
getting back bitcoin in kind sbf sam Beck mcfreed sentencing later this month, having
next month. Nature is healing, so all good news around. You know,
we of course talked about the Gemini news last week and Bitcoin so close
to breaking you all time highs. It could do it tonight, folks.
It could absolutely do it tonight with the momentum it has. It's so close,
man, I might not get any sleep tonight. It's just exciting to
watch this stuff. Incredible, incredible. Now, let's take a look at
the top social media trending coins here and let me refresh the chart so I
give you guys the most relevant data. This was updated thirty five minutes ago.
With no surprise, Bitcoin is leading with a high positive sentiment. The
meme coins are still showing up here. Sheba Knew at number two with strong
positive sentiment, Phantom at number three dog with hat This thing cracks me up.
These meme coins are out here number four, Floky another mean coin at
five, Solana at six, like coins still showing up at seven, Bitcoin
cash boo I hate that at eight, Polka Dot at nine, and Veracity
at ten. So those are your top trending tokens. Overall, they have
positive sentiment, good neutral sentiment. And look there's some negative as well,
but the positive vastly outweigh and negative. Here now some other interesting ETF news,
folks, and this is a filing from Blackrock filed with the SEC.
So Macroscope reported Wall Street firms continue to file for bitcoin ETF exposure in their
in house investment funds. You are going to see a lot of this in
the coming months. After the close of the trading today, Blackrock filed with
the SEC for its Strategic Income Opportunities portfolio. Here's a quote from the filing.
The fund may require shares in exchange traded products ETPs that seek to reflect
generally the performance of the price of bitcoin by directly holding bitcoin Bitcoin ETPs,
including shares of a Bitcoin ETP sponsored by an affiliate of Blackrock. Folks,
there's more to come. I keep telling you all. We are in the
early innings. They're going to market the hell out of this, says,
Educate the ri i as and wealth managers and build additional supplemental products around the
et aps, and just and just remember this is only bitcoin. Wait till
the etherorem ETF and the all coins come around. Now some of you are
gonna say, hey, today the SEC delayed the etherem METF. It's an
it's not a matter of if, it's just a matter of when Gary's gonna
delay. We know that we're gonna talk about it. But uh, eventually
you're gonna have all coin baskets and different all coin et apps and different products.
Tons of capital is gonna flow in. It's incredible. What's happening now.
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be in the description. All right, The SEC and scumbag regulator Gary Genser
have delayed the Blackrock erem ETF proposal again. The report says the delay was
expected putting a made decision on potential ETFs and focus. So this could be
a delay to push it to May where the SEC approves multiple etherem ETFs.
But we're dealing with a scumbag regulator, so we can and trust them.
We have to watch this closely and see what he comes out and says.
Remember this is the guy before Congress who can't say if he theorem is his
security or not. Remember that hearing with Patrick McHenry, folks. So we'll
have to wait and see what they decide to do. And if at that
May twenty third day they approve all the thee metfs, that would be incredibly
bullish, obviously, But I am not betting on Gary Ginster to do that.
I'm fifty to fifty. I think he may. He may delay this
thing and take it to court. Or look, maybe he surprises us.
Because Elizabeth Warren is on the losing side. She's got John Deeton coming after
her. She's losing the narrative. And it's an election year and Biden may
need some votes because gainst her and Elizabeth Warren are Democrats. So we have
to understand that dynamic, the backro dynamic from a political standpoint. So interesting
times ahead. Now some not so good news. New ruling in the SEC's
Coinbase insider trading lawsuit comes as a blow to the crypto industry as judge finds
secondary token sales were securities. Now, remember in the Ripple lawsuit, Judge
Taurus ruled that secondary sales of XRP, and obviously this is case law for
the entire industry, are not securities. Because you can go buy tokens on
in exchange. But you don't know who the founder or who's building the project.
You don't know any of that. You can buy a bunch of them,
right, You can buy a basket. You can say I want to
buy the top ten or the top five. So I absolutely agree with that,
and the majority of the industry believe in that logic and it makes common
sense. However, you know this judge ruled differently, and here Prosperity Fund
gave the summary of what took place here, saying breaking Another district court judge
rules secondary sales of crypto on exchanges art securities similar to the Library ruling and
not like Ripple XRP ruling conclusion sec will not settle XRP case with Ripple at
least until the second Court or second Circuit possibly rules in Ripple's favor, and
unlike other judges cited above, prepare for the long road ahead with uncertainty and
possible overruling of either the SEC or Ripple. So, folks, XRP does
have the clarity, and I agree with that, but I will always keep
it real with you. I'm not here to lie and to get clicks and
views. I'm not here to tell you conspiracies, theories and nice stories.
Let's look at the facts. XORP has the clarity. It has been relisted
on exchanges, and it has the clear pathway, the runway to have the
liquidity flow from bitcoin down to XRP and another all coins so that it takes
off. I put my money where my mouth is. I tweeted, and
I told you guys, I bought XRP at fifty five cents to swing trade
it to a dollars thirty five. That may not happen. That's not a
guarantee, right, but that's my investment strategy. I'm swing trading it.
I also have an XRP long term hold bag, so I believe you know,
XRP will see some momentum. However, this case is not over,
and that could bring some hesitation from certain institutional investors to hold off because they're
gonna see stuff like this and say, m what if some cold water gets
poured on this when we are trying to make a big bet. Right,
So this is why you diversify. Don't be an XRP maximist. Don't be
a bitcoin maximist, don't be an etherore maximist. Diversify this way. If
one of your horses that you're betting on doesn't do well, you have the
others that can make you money, folks. That's the cold, hard truth
that is investing, not conspiracy theories, not things that make you feel nice
and nice fairy tales and this and that and whatever. Whether are the charts
telling you? And what is happening in the world? Reality of things?
Right? You got to look at these things from a realistic standpoint and not
some sort of motivational speech. I'm saying these things because I don't want people
to get wrecked. Right. They put all their eggs in one basket.
And I see a lot of XRP holders have been complaining like, hey,
XRP is not moving, and I'm like, guys, but bitcoins and ether
is moving, and other coins are moving. So are you not diversified?
Are you putting all your money in one token? That's not smart. So
you've got to diversify. And the goal here is to make some money.
It's not fairy tales and nice stories and make you feel well. That's not
going to help you get financial freedom. So please, I hope those of
you listening understand where I'm coming from. I am bullish an XRP, make
no mistake about it, But I have to be realistic. I always tell
you, guys, look at it holistically, not from one tunnel vision view.
Holistically, what is the bullish, what is the bear scenario. What
are the facts? What is the charts telling us? So please please understand
that. But TLDR I think XRP is fine unless there's some bad ruling coming
in the months ahead. But I'm putting my money where my mouth is and
taking that bet, folks. So we'll see how things play out. Now,
this week is going to be big for crypto. In Congress, Ron
Hammond and the Block Chain Association gave a summary. He said, busy week
in DC with the FED Chair Jerome Powell in front of the House and Senate
CFDC chair benham in front of the House super Tuesday tomorrow, and President Biden
delivering his State of the Union. Lots of angles for cryptos. So here's
what to watch, he said. One Powell in front of the Financial Committee
the House Financial Services Committee on Wednesday and Senate Banking on Thursday. While the
broad economy will be focused will be the focus, stable coins will likely come
up. There hasn't been much public progress on the bipartisan House stable coin bill,
and reports indicate the FED is a hold up. It has been three
years since the Presidential Working Group on stable Coin's call for legislation, and while
the House moved on a bipartisan proposal in July twenty twenty three. The Senate
hasn't gotten as far. Sec Yelling doubled down last month that Congress needs to
act here. So many of you saw. Janet Yellen said Congress needs to
pass regulations for the crypto market as well as stable coins. Number four CFDC
Chairman Benham will be in front of the House Agricultural GOP on Wednesday. This
gives seven months after the Committee unanimously voted to advance the Market Structure Bill.
Like stables, that bill has also stalled, and regulators like Yellen and Benham
are asking for Congress to act soon. Five. President Biden will deliver the
State of Union on Thursday, and some initial reports indicate AI and tech policy
will be mentioned. Unclear if that means cryptos well, especially with the bull
run grabbing major headlines, but emerging tech issues will be something to watch folks.
If Biden mentions AI and crypto in that speech, that's going to be
really bullish, right, because it means it can't be ignored anymore. They
have to work towards some sort of legislation and get things going here. Lastly,
super Tuesdays upon US I have to admit that the amount crypto has come
up in both congressional and presidential races have been shocking. A lot of that
can be attributed to organizations like Standard Crypto That's Coinbasis Initiative. We also have
the Sedar Innovation Fund, the Blockchain Coalition, and others. The surge in
pro crypto candidates vying for office is unprecedented, far surpassing previous years. Just
a short while ago, only Andrew Yang and Mike Bloomberg included crypto and their
policy priorities. Whoever, this cycle, the regulation of crypto became a debate
topic. Some claim there is an anti crypto army, but at least for
this election cycle, there is a large cohort of incumbents and candidates from all
over the political spectrum, including pro crypto messaging throughout their campaign. Really haven't
seen the same for anti crypto aka Elizabeth Warren is by herself. It's her
and Gary Gainster is the anti crypto army, right, There's nobody supporting her
there. The only thing she has known for her is that she has control
in the Senate because you know, the Democrats are in power, and she's
got a lot of money right, and she's got scumbag regulator Gary Ginster in
her back pocket. That's all she's got going for. But from the voters
and from the political candidates and the industry and what people think generally in the
market, they're not in alignment with her. So incredible stuff here. Eleanor
Turrett will be interviewing this week a reporter at Fox Business. She also covered
this talking about the first real test for crypto in the twenty twenty four election
cycle, and she highlighted all the money that's being raised by the crypto industry,
that super pac that is what Elizabeth Warren is afraid. Some of that
money is going to go to John Deaton. They have raised so far ninety
million dollars in the first quarter of twenty twenty four to support various pro crypto
candidates. Incredible, folks, Incredible what's happening. We are on the winning
side of history. And while we are facing different hurdles and challenges from the
likes of corrupt Elizabeth Warren and scumbag regulator Gary Ginser, we've seen historically disruptive
technology will win. It's as we've talked about in the past. First,
they ignore you then they laugh at you, then they fight you, and
then you win. So folks, exciting times. Let's look at the bitcoin
chart here, just to refresh. Has bitcoin gone higher? It's still holding
strong over sixty eight thousand, might break sixty nine tonight and then you know,
touching that all all time high and just create a new all time high.
It's incredible. What's happening all right, folks? Thank you for watching
and listening. Don't forget to check out our other sponsor, and that is
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