Speaker 1: Hey, folks, welcome into the Thinking Crypto podcast. You're home
for cryptocurrency news and interviews. I'm your host, Tony Edward.
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five star rating. Okay, folks, let's quickly start with the price,
because today we had an FOMC hearing and the FED
decided to leave rates as is, not to cut or
increase rates. And bitcoin is still chopping in that low
sixty thousand dollars range, so just going up and down
kind of sideways within that range. So we really have
to wait to see what the next move is. The
good signals that we've been monitoring is that the RSI
in the daily chart is in a neutral zone, still
has room to run, so we could see a move
up to the seventy thousand, seventy two thousand dollars range.
The question is are we going to get rejected at
that two hundred day moving average then roll over to
lower lows or are we setting up higher lows? And
we continue to go higher and could the passing of
the clariac be a catalyst to help Bitcoin to find
that bottom and keep moving higher. So these are the
scenarios I'm looking at and being patient to see which
one plays out. Obviously, the very bullish charts, which I've
been highlighting in my newsletter as well as on the podcast,
is on the weekly chart for Bitcoin. There is a
bullish divergence that's forming and it's looking really good. The
mac D on the weekly has also flipped the bullish
and if you look at the USDT stable coin dominance,
that has a bearish divergence in place. So the inverse
which makes sense because when this is collapsing, it means
the stable coin liquidity it's making its way into the market,
And obviously with Bitcoin, that bullish divergence means the price
is starting to form a bottom and start to work
its way up. Now, timing is really hard to figure
out on these things because we only have the day
as of today right, so we have to see how
it's going to go. Is there one more flush downwards
before we move, or you know, the bottom is forming
around this region. I don't have a crystal ball, so
I can't guarantee you or say this is definitively the bottom.
Is just a matter of seeing how these signals play
out over time. But with the USDT dominance as mentioned,
a beers divergence forming and the mac D and this
is on the weekly timeframe, has flipped bears. So this
is great. You know, this is what you want to
see for the USDT stable coin dominance, and this is
what you want to see on the Bitcoin weekly chart.
So very good signs here, guys. Again, patients is the
key and could the Claritiac passing have an impact now
I mentioned earlier, any week there's an FMC hearing, there's
a lot of volatility, so anticipate that tomorrow and Friday,
even into early next week there could be some volatility
with the price, a lot of chops, a lot of
folks getting shaken out. But this is where when not
going to hyper focus on the hourly, daily and much more.
We just got to sit back and let this bullish
divergence complete here. But overall we're in a good spot.
I think the majority of the downside move has been
completed and we're nearing that bottom. Now, speaking of the Claritiac,
we got Jack Dorsey's block has officially endorsed the passing
of the CLARIAC. It says here, I'm writing to express
our strong support for the Digital Asset Clarity Act and
to respectfully urge the Senate floor consideration of this bill.
So a lot of folks are sending in their approvals,
and of course the law enforcement agencies that have been
endorsing the bill carry a lot of weight, so they
should have a lot of impact on what the Senators
are able to do. And of course we've been monitoring
what the Democrats are seeing and doing. Yesterday I reported
that one of the major Democrats is looking to get
a compromise done with the ethics item. You know, their
main gripe is that ethics and Trump and his crypto
earnings and much more. So hopefully they're able to come
to and compromise this week and they can get the
bill out next week for a vote. But here we
got another Democrat who's out of Nevada. Her name is
Senator Catherine Cortes Masta back to the new CLARIAC proposals
sent to the White House, saying, we feel good about
the chance to resolve the issue once and for all.
So this is great, This is what you want to hear. Again,
this is the sausage making process. A lot of people
get triggered because you know, they're very partisan, if they're Republican,
if the Democrats do anything, they get fired up and
knee jerk reactions and vice versa. Right, we want to
see the dialogue, we want to see the counter offers,
we want to see negotiations. This is how it happens,
not just for Crypto bills, but for every bill out there.
So I like what I'm seeing and hopefully they're able
to get it done. But as I've said, you know
numerous times, those who block this bill and they come
out anti Crypto, get ready to get your ad is
handed to you in the midterm elections. Alla what happened
in twenty twenty four, So there will be consequences, and
Crypto is ready to spend the money to go after
these people who put up roadblocks in this whole process.
So that's how it's going to play out. As we've
seen before, we are also seeing a lot more Republican
senators come out and give their support. So it's important
that they not just stay quiet, but they come out
and endorse the bill. So Senator Tommy Tubberville voices his
support for the CLARITIAC. He says, I'm proud to stand
with Senator Lumis on the CLARITIAC to create clear rules
of the road for the digital assets industry that allow
the sector to thrive. So this is really great. However,
the banks continue to try to put up a roadblock
on the stable coin Yiale situation. So the American Bankers
Association CEO was on CNBC this morning talking about the
CLARITIAC and he had some interesting statements. He said, there's
a lot of good in the CLARITIAC. I do think
that the crypto and banking sectors can coexist. I think
we can be the crypto capital of the world. We're
working with the senators on this bill. So again glad
to hear there's less aggressive and fighting dialogue and more
of hey, we like the bill. We just need to
sort this out. We're working on it. So their tune
is changing, because if they continue to come out aggressive
as they have had in the past months, they're gonna
look like fools, especially when you have black Rock, Goldman, Sachs, Fidelity,
Franklin Templeton coming out and endorsing the bill. So it's
really great that those banking institutions on Wall Street came
out and you know, kind of put balance on the
scale here because you saw Jamie Diamond cursing out Brian Armstrong,
you saw the ABA and all the stuff they were saying.
Very aggressive, you know, very angry. But now you're getting
a softer tone. So this is very good. Again, it's
the ugly sausage making process. This is how politics is
right again, not exclusive to Crypto, this is how it
is for other bills and much more so. Let's see
what compromise they are able to come up with. I
don't think they should get anything else because there was
already a compromise in the Senate banking confirmation of that bill,
where Democrats Senator Angelo, also Brooks and other Republicans they
work to figure out the compromise. Not the banks are saying,
give me more, and it's like we gave you a cookie,
now you want a glass of milk. Right, But let's see,
let's see what they come up with, and hopefully it's
good and it's not us losing out in any way. Now.
White House cryptoadvisor Patrick Witt retweeted this news about the Aba,
and he says, banks, giving a mock scenario, we must
ban the payment of interest on stable coins to protect
community banking lending. Claritiac bans payments of interest on stable
cood banks. The Clariac must be stopped or it will
destroy community bank lending. Make it make sense. So again,
the banks already got their compromise, now trying to come
up with more stuff. So it was really great that
the other banks on Wall Street it came out in
opposition to this nonsense. But I digress. Let's see what
they're able to do by Friday, if not early next week,
and they can get this bill voted on. The big
thing to keep in mind as well, is that this bill,
after it gets voted in the Senate, and let's say
it passes the Center floor, it has to go back
to the House. And if everybody's going on in August recess,
then does that mean the vote on the House happens
later this year in the fall or can they do
a quick push. There have been some updates to the bill.
You guys may have seen my interview with Congressman Brian's
style where he's not anticipating any issues. And remember they
were the first to pass this bill in the House.
It was called a fit twenty one bill, it's not
called clarity. So hopefully they can fast track it through
because you know, the majority of the things they had
in there are still there, and there were some additions obviously,
and they can get it through pretty quickly. So fingers
crossed that's the case. Next week is going to be huge, folks.
Next week is going to be a very big week
because the market co rally off of good news, but
it could also dump on bad news. So just be
mentally prepared that if this thing doesn't go through and
Bitcoin dumps down to fifty k, some all coins bleed
out even further. It's all part of the process, right,
and will bottom out. Doesn't mean the bull market will
never come back, you guys know. Markets are cyclical, but
it will be nice, you know, if they get this
done and Bitcoin has a strong rally, all coins follow.
And I'm not saying we're going to new all time highs,
So please understand what I'm saying. Right there is probably
gonna be people telling you, oh, it's going to go
to one hundred x everything. No, no, all right, we
are coming out of a bear market, so you got
to keep your expectations in the right place. It could
simply be a very strong relief rally that sets up
higher highs and higher lows. But don't forget. This could
be sideways chop right, and then come maybe q l
Q three into Q four, you start to see a
stronger rally. I don't think new all time highs as yet,
but maybe bitcoin climbs back up to one hundred k
and then later into twenty twenty seven, then you start
knocking in the door at all time highs. Right, But
we we'll have to wait and see. But nevertheless, folks,
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Link will be in the description. All right, moving ahead,
the traditional nine to five banking day is officially dying,
says Morgan's Stanley executives. So we've been talking about this
for years, guys. Right, we're headed to the token economy,
twenty four to seven markets, truly global markets with the
tokenization of assets, and it's not just you know, stocks
and ETPs is the actual currencies. Banks right now are
working on stable coins as well as tokenized deposits. So
Morgan Stanley, they are confirming what we've been talking about
for many years. So the financial industry is moving toward
a world where markets never close, payments settle in real time,
and investors expect access to their money around the clock.
According to Morgan Stanley executives who say tokenization is accelerating
a shift away from traditional banking hours. This is why
Jamie Diamond is so upset. This is why the ABA,
the American Banking Associations, they're up in arms because disruptive
technology is here. So, speaking during a panel discussion on
digital assets, Betsy Graycek, Morgan Stanley's Global head of Banks
and Diversified Finance Research, argued that the move to tokenize
assets is about far more than cryptocurrencies. Instead, she said,
the focus is on rebuilding financial infrastructure for and always
on economy. So guys, I've been calling it a token
economy because it's you know, a lot of these assets
and currencies are going to be in a token format,
as we know per the blockchain using cryptography. So again,
these folks are kind of having their aha moment. But
we've who've been here for years, knew it was coming,
and we've been following what the governments have been doing
the larger associations around the world like the IMF, the
BIS and much more. So great to see these guys
coming out. And you know, Morgan Stanley was certainly late
to the game, but better late than never. And here's
another example. BNY Mellon targets eight point six trillion dollar
transfer ag andy market on blockchain rails, not traditional rails,
blockchain rails. So I often have stated that the future
capital markets, economies, and governments will run on blockchain rails.
So remember B and Y Melon is the world's largest
custodian and America's oldest bank. So B and Y, which
has more than fifty nine trillion dollars in assets under
custody and administration, is moving one of its core record
keeping businesses onto blockchain as Wall Street builds the infrastructure
for tokenized funds. The Financial Times reported here's a quote.
We think of B and Y as modernizing a function
that sits behind every single fund transaction by bringing the
books and records on chain. Caroline Weinberg, chief Product and
Innovation officer at the two hundred and forty two year
old financial services giant. That's incredible. So they're going to
move the whole process on chain. Guys, again, blockchain rails
will power all this. So bn Y, which serves about
eight point six trillion dollars in assets across seven point
six million accounts, said moving its transfer agency onto blockchain
would create a single record of ownership, cutting out the
need for multiple intermediaries. So incredible, incredible. This is validation
of all the things we've been thinking about and speculating
a bit, and I think we see the roadmap. And folks,
I've stated quite often, if you know any crypto skeptics,
blockchain skeptics, whether it be friends or families, coworkers, send
this to these news to them, right. The companies they
probably use are already using the technology and building with it.
But of course many of them don't see this because
this is not on CNN Fox right, it's not the
big headlines that that's been pushed in your face. You've
got to actually search for this news. So this is
where you send it to them. Let them read through it,
get educated about what's happening here and the opportunity now
stay coin firm Brail says new protocol can remove a
major hurdle to scaling custom tokens. So a lot of
new companies are popping up building infrastructure for stable coins, tokenization,
and more so it's pretty fascinating to see what these
the ideas that these guys are coming up with. So
stable coin infrastructure firm Brail is rolling out an interoperability
protocol designed to end what it says is a bottleneck
in the industry's growth, moving rapidly expanding number of custom
stable coins across blockchains. So if you have a basket
of stable coins from different issuers, Circle, Ripple, PayPal, Tether,
the list goes on and then you have them on
different blockchains. Because it's going to be a multi chain whorld,
it's going to take some infrastructure to handle that right
and to settle atomically and process all these things fast.
And I think AI you know, will certainly be used.
But let me give it to details here. Dubbed Ion Protocol,
it allows participating stable coins to move between blockchains by
burning tokens on one network and minting an equivalent amount
on another. Unlike most blockchain bridges, the model does not
require liquidity pools to be pre funded on every supported chain.
While the three hundred billion dollars stable coin market is
dominated by Tether's USDT and circles USDC. New participants are
piling in banks, FinTechs, crypto firms, and asset managers are
increasingly issuing their own branded tokens for payments, settlements and
tokenized assets. So again, look at the infrastructure depiction shovels
that are being built here to allow for all of
this to move seamlessly. And it's great to see this.
This is what you want to see for a growing
acid class in technology. You need to have the infrastructure
built to allow for less friction and more efficiency. All right,
moving ahead here final news. Robinhood's prediction markets top crypto
and equities revenue in Q two. So robin Hood's Robinhood
chain their arbitrum layer two from that mistake and has
been doing really well. There's been a lot of meme
coin activity there. They also launched prediction markets, so you
can see these traditional investment firms. And while Robinhood's not traditional,
maybe I actually restate that and say it was a
modern investment platform, but it was non crypto, right, it
was not crypto based, but now it's integrating crypto in
many ways, and a lot of their revenues coming from that.
So at sign of the times, how things have changed, folks.
So the trading platforms said it generated one hundred and
fifty six million dollars from event contracts compared with one
hundred million dollars from cryptocurrency trading, which fell at thirty
eight percent from the same period a year ago. Now
that makes sense. We're in a bear market, right, so
of course it fell. The company posted a profitable quarter
with its net income of five hundred and seventy three
million dollars constitute a forty eight percent increase when compared
to Q two twenty twenty five. Now, obviously everybody's revenue
is going to go back up in a bull market
when you have more people interested in investing and doing more, right,
So you got to make sure that you judge this
by the current market environment. So Robinhood continues to build
with crypto again. They have their own blockchain to just
launch and it's been doing really well. In fact, I
interviewed robin Hood's head of Crypto recently. That interview should
be published if not this week early next week, and
we talked about their AI trading agent bots and all
these things. So they're doing some very very interesting things.
And you know this next bullmarket could be led by
folks like Robin Hood and the other Wall Street firms
like your Morgan Stanley's, because they are now all in. Right,
it's no longer should we have a crypto shreat and
you must have a crypto strategy. And remember there, they
already have millions of customers. So with the push of
a button they can send out the launch their products
to these millions of users and get quick adoption. Right,
And it's going to be easier to sell because they
already have to trusted set up these trusted brand infrastructure
and more. Right, if you've been using Morgan Standing just
as an example, or Fidelity for years for your traditional investments,
and you see crypto has been doing well, but you're
kind of scared to go on a crypto exchange. You
don't want to deal with private keys and security. Well,
these firms now offer unique products like ETFs and different
investment vehicles. It's an easy sell, man, And it's what
I've been saying for years. If the native crypto firms
didn't up their game, Wall Street's gonna come over and
take over the market. And I'm not saying I want that,
but I just see down the road what's coming. And
I'm not saying all native crypto exchanges are going to
go away, but I think a lot of them are,
and we're starting to see that. A reported yesterday about bitmax,
Bitmart and some of these guys who are starting to
close shop. So but this is the nature of markets,
and this is where you got to keep up and
offer a great service, be competitive. But the Wall Street
firms they see an opportunity and they're pouncing on it. Folks,
that's the news. Let me know what you think. Leave
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so much for tuning in. I appreciate you all, and
I'll talk to you all later two,