Speaker 1: Bitcoin explodes as it hits seventy three thousand dollars. What's
Speaker 1: going to happen next and what does this mean for
Speaker 1: all coins? And Solana has launched a stable coin and coinbasis.
Speaker 1: CEO Brian Armstrong says the next SEC chair should drop
Speaker 1: all the nonsense lawsuits against the crypto industry. I'll share
Speaker 1: all the details. Let's get into it. Hey, everybody, welcome
Speaker 1: into the Thinking Crypto podcast. You're home for cryptocurrency news
Speaker 1: and interviews. I'm your host, Tony Edward. On your way in,
Speaker 1: Please hit that subscribe button as well as the thumbs
Speaker 1: up button and leave a comment below. If you're listening
Speaker 1: on a podcast platform such as Spotify or Apple, please
Speaker 1: leave a five star rating and review. Folks, we got
Speaker 1: to start by talking about bitcoin. Look at this beautiful chart,
Speaker 1: Bitcoin hitting seventy three thousand dollars today, Folks, Look at
Speaker 1: these green candles on the daily chart looking very bullish.
Speaker 1: And the setup we've been talking about for weeks now,
Speaker 1: where we've been seeing higher highs and higher lows, has
Speaker 1: played out beautifully and Bitcoin is on the move upwards. Guys,
Speaker 1: looks very good. If you zoom out on the chart,
Speaker 1: it just looks really good here. And of course we're
Speaker 1: watching bitcoin closely to see if it breaks through the
Speaker 1: all time high it hit earlier this year of around
Speaker 1: seventy three five hundred dollars and once it breaks through that, guys,
Speaker 1: it's going to enter into price discovery. It's going to
Speaker 1: be an amazing time. Now. A couple of things we
Speaker 1: do want to watch is that the election is around
Speaker 1: the corner. They could be a buyer rumor sell the
Speaker 1: news event. Bitcoin may pump this week to maybe eighty
Speaker 1: k and then correct next week, but that wouldn't be
Speaker 1: a big deal. I'm just letting you guys know that
Speaker 1: there's different things happening in the market where people are
Speaker 1: hyping up. Okay, Trump may win, and that's good for crypto.
Speaker 1: I think the markets are pumping regardless of who the
Speaker 1: president is. But that's a narrative that's out there, and
Speaker 1: I'm following the data, the metrics, and so forth. I'm
Speaker 1: not trying to follow narratives because narratives can be put
Speaker 1: out by anybody. That's what mainstream media does, right. And
Speaker 1: don't get me wrong, I believe Trump would be great
Speaker 1: for crypto businesses in the United States and getting legislation passed,
Speaker 1: but the price action, as I stated in yesterday's podcast,
Speaker 1: this is due to global liquidity continued, the basement a
Speaker 1: currency and so on and so forth. So, guys, very
Speaker 1: very bullish. I like what I'm seeing here. I think
Speaker 1: we're seeing confirmation of the escape from this boring as
Speaker 1: hell zone that we've been dealing with for the past
Speaker 1: six months. So really really good. And when you zoom
Speaker 1: out on the log chart, it just looks even more beautiful.
Speaker 1: You just see the escape happening here. Now it's going
Speaker 1: to be a process, right. This thing doesn't go up
Speaker 1: in a straight line. We all know how the market
Speaker 1: cycles play out. It breaks through resistance, pulls back, build
Speaker 1: support levels, continues to move up and break resistance and
Speaker 1: so forth. So it's going to stare step its way out,
Speaker 1: as I've been telling you, guys. But man, I am bullish, guys,
Speaker 1: I am bullish. And of course the seasonality aligns with this.
Speaker 1: The election is about a week away, where the uncertainty
Speaker 1: will be removed and marks can keep moving, people can
Speaker 1: focus on other things like the market versus the politics
Speaker 1: and the election and all these things. So things are
Speaker 1: setting up very beautifully here and one of the things
Speaker 1: I want to highlight, guys, is that the stable coin
Speaker 1: supply continues to increase. Just today, over one billion in
Speaker 1: stable coins was minted. Tether minted one billion USDT for USDC,
Speaker 1: you had over one hundred and fifty million minted. So
Speaker 1: where's that liquidity going to go into the crypto market.
Speaker 1: These are the things I've shared with you over the
Speaker 1: past year, trying to paint the picture of where we're
Speaker 1: at in the market cycle, and that whales are accumulating
Speaker 1: and big institutional investers are here and don't be dismayed
Speaker 1: by market volatilities. So we are seeing further proof of
Speaker 1: continuation of the bullmarket. Guys. Here's what legendary trader Peter Brandt,
Speaker 1: who I've had on the podcast, had to say about
Speaker 1: bitcoins move. He said, there are numerous ways to determine targets.
Speaker 1: One variable is whether semi log or linear scale is used.
Speaker 1: Target of ninety four thousand dollars is measured move of
Speaker 1: triangle projected from the breakout level on the semi log.
Speaker 1: A swing target can also be determined by projecting the
Speaker 1: November twenty twenty two low to March twenty twenty four
Speaker 1: high upwards from August twenty twenty four low, as shown
Speaker 1: also on a log scale. For now, I think this
Speaker 1: is a stretch. My rule is one target at a time.
Speaker 1: So I think many different traders and analysts are recognizing
Speaker 1: what is happening here and this is what we've been
Speaker 1: waiting for. And once again, it's not going to happen overnight.
Speaker 1: Now Bitcoin could surprise us and say, you know what,
Speaker 1: eighty K by Thursday or Friday, right, who knows, But
Speaker 1: we'll have to wait and see. But I like to
Speaker 1: play it conservatively and not get too crazy with price
Speaker 1: predictions and so forth. One thing's for sure, I know
Speaker 1: which direction we're heading. That is up, and the Bears
Speaker 1: are in trouble, folks. Here's what Dan from three to
Speaker 1: sixty Trader had to say. I had him on the
Speaker 1: podcast a couple months back. He said, Bitcoin all time
Speaker 1: high test coming and the last of higher external liquidity.
Speaker 1: Bear is wanting another sweep of the lows. Forgot they
Speaker 1: already had three over the past two hundred and twenty days.
Speaker 1: Bulls had none. Expecting another sweep of the lows is
Speaker 1: just greedy. So bears are trying to call for forty thousand, right,
Speaker 1: but Bitcoin is saying no, not at this point. Now.
Speaker 1: As always, we're talking probabilities here, and the bullish scenario
Speaker 1: I believe has the higher probability of playing out. But
Speaker 1: we can't say nothing bearish will not happen because you
Speaker 1: could have black swan events, right. Those are things we
Speaker 1: can't plan for or they're unforeseen. So if everything goes
Speaker 1: according to the normal cycle movements and there's all black
Speaker 1: swan events, I think this is a very bullish setup.
Speaker 1: One thing I want to highlight is that we are
Speaker 1: seeing some movement on the total market cap excluding bitcoin
Speaker 1: an e theorem, and you see here there's a breakout
Speaker 1: happening as well. So my hope is that this continues
Speaker 1: following Bitcoin's move and guys, that liquidity starts to flow
Speaker 1: to the all coins. I tweeted about it today, the
Speaker 1: money flowing crypto Fiat to Bitcoin, Bitcoin makes it its move,
Speaker 1: it gets overbought, the liquidity starts cycling down to the
Speaker 1: different all coins, large cap, mid caps and small caps
Speaker 1: and so forth, rinse and repeat. So just keep that
Speaker 1: in mind. Some of you may be like, why is
Speaker 1: my coin not pumping? Well, you have to understand what
Speaker 1: phase we're at in the cycle, and this happens on
Speaker 1: a micro and a macro level, and it happens in
Speaker 1: phases as we head towards the blow off top. It
Speaker 1: took me, Don't get me wrong, it took me years
Speaker 1: to understand this. And by understanding this, I'm able to
Speaker 1: make money. It really puts my emotions to the side.
Speaker 1: I don't have to fear a panic and I can
Speaker 1: just look at what's happening in the market and look
Speaker 1: at bitcoin dominance and these type of things. So, guys,
Speaker 1: this setup is beautiful here. I love what I am
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Speaker 1: we've got some very big news around Solana. They have
Speaker 1: launch a stable coin. It seems everybody is launching a
Speaker 1: stable coin these days, so they said, welcome SUSD, a
Speaker 1: US Treasury build backed stable coin on Solana, built by
Speaker 1: Solayer Labs. So this is really big for Slana and
Speaker 1: it's a smart move. And we know Ripple is also
Speaker 1: working on THEIRS and there should be launched soon as well.
Speaker 1: So they said, s USD joins a growing ecosystem of
Speaker 1: products issuing tokenized US treasuries on Slana, including Ondo Finance,
Speaker 1: USDY and Maple Finance. So, guys, really big move here
Speaker 1: for Solana, and we'll see what type of adoption to
Speaker 1: stable coin gets. I'll try to get some money from
Speaker 1: Solana or Maple on the podcast to talk about this.
Speaker 1: But the competition's heating up, and look, competition is good
Speaker 1: for consumers. And if you recall, just last week, I
Speaker 1: wrote a newsletter and be sure to sign up for
Speaker 1: my newsletter. It's one hundred percent free. It's on substack.
Speaker 1: I wrote a newsletter titled the one trillion dollars. Stable
Speaker 1: coin market is coming, and I talked about you know,
Speaker 1: the launches stable cooin legislation, Stripe acquiring Bridge for one
Speaker 1: point one billion dollars and much more. And this news, well,
Speaker 1: I think will help fast track this stable cooin market
Speaker 1: to get to one billion dollars. So things are heating out, folks,
Speaker 1: and let's see if legislation comes in by the end
Speaker 1: of the year or early twenty twenty five. Now some
Speaker 1: more Solana news. They have partnered with chain Links that
Speaker 1: they said chain Link data streams are now available on Solana,
Speaker 1: bringing low latency pull based data oracles to help power
Speaker 1: to DeFi ecosystem. Now, I am a holder of chain Link.
Speaker 1: I'm very bold on this project. It did well for
Speaker 1: me in twenty twenty and I'm taking a bed on
Speaker 1: it again and I bought the bear market bottom and
Speaker 1: I'm hoping it can crack one hundred dollars this cycle.
Speaker 1: You know, there's no guarantee, but this is why I diversify,
Speaker 1: and I'm expecting big things because of the adoption and
Speaker 1: how many people are plugged into chain Link and using
Speaker 1: their oracles. And of course I have some Soul token
Speaker 1: to my portfolio not a lot, but I noticed that
Speaker 1: a lot of liquidity and VC liquidity was coming into Slona.
Speaker 1: So I took a position in Solana around like eighteen
Speaker 1: to twenty bucks and some more at a later time
Speaker 1: around one hundred. And of course my portfolio is up
Speaker 1: because Solona is up significantly. Now, guys, we've got some
Speaker 1: very bold statements coming from coinbased CEO Brian Armstrong. He
Speaker 1: tweeted out, the next SEC chair should withdraw all frivolous
Speaker 1: cases and issue an apology to the American people. It
Speaker 1: would not undo the damage done to the country, but
Speaker 1: it would start the process of restoring trust in the
Speaker 1: SEC as an institute. Big statements coming from the CEO
Speaker 1: of a publicly traded crypto exchange, the largest in the
Speaker 1: United States and a big campaign donator to the super
Speaker 1: pack around crypto, right, So he's spot on, guys. The
Speaker 1: next SEC chair has a lot of cleanup to do,
Speaker 1: and we know for sure Donald Trump is going to
Speaker 1: fire against her. However, we're not too sure about Khamala Harris.
Speaker 1: Her campus said they want to do a reset and
Speaker 1: they don't like what Ginster has been doing, but they
Speaker 1: haven't put out clear policy and Brian highlighted here all
Speaker 1: of the hipocrisy and lies and conflicting statements from the SEC.
Speaker 1: They put it here in a table. You know what's
Speaker 1: a digital acid security and much more. And we know
Speaker 1: there's this ambiguity because we're dealing with a scumbag regulator
Speaker 1: that is Gary Ginser. So I love that Brian is
Speaker 1: doing this. Paul Griwall, chief legal officer at Coinbase, wadon
Speaker 1: as well. He says, what does arbitrary mean? Look at
Speaker 1: the chart? What does capricius mean? Look at the chart?
Speaker 1: What is unfair? Notice? Look at the chart. I want
Speaker 1: to see why a once proud driver of economic growth
Speaker 1: and investor protection is now anything but you know what
Speaker 1: to do. So I love that the crypto industry is
Speaker 1: taking the gloves off and punching back against the bully.
Speaker 1: Elizabeth Warren and Gary Genser are going to be left
Speaker 1: on an island by themselves because their anti crypto army
Speaker 1: buddies are dropping like flies in the elections. They're backing
Speaker 1: out of anti crypto bills and much more so, we
Speaker 1: are winning, folks and cryptos here to stay. And speaking
Speaker 1: of the election, Eleanor Turt of Fox Business did some
Speaker 1: great reporting here, she said, with just one week out
Speaker 1: from the election, we're getting some new crypto election spending numbers.
Speaker 1: According to recent FEC filings, the crypto industry has now
Speaker 1: donated well over two hundred million dollars to various packs,
Speaker 1: candidates and political organizations. More to come on this. Some
Speaker 1: things she highlighted here is for Donald Trump, Howard Lutnick,
Speaker 1: who's the CEO of Canter Fitzgerald. He donated around six
Speaker 1: point four million dollars. The Gemini Exchange founders Tyler and
Speaker 1: Cameron donated two point zero four million, Jesse Palo Kraken
Speaker 1: eight hundred and forty four nine and forty three dollars,
Speaker 1: and on and on. But what's interesting is that there
Speaker 1: are some donations to Kamala Harris, like Chris Larson, a
Speaker 1: ripple eleven point seven million dollars tech blockchain investor. It
Speaker 1: looks like his name is a Venude Koolsha. I don't
Speaker 1: know who that is, but he gave a million dollars.
Speaker 1: Reid Hoffman, early coinbase investor, donated two hundred and fifty
Speaker 1: thousand dollars. So clearly Trump got the majority the lion's
Speaker 1: share of the money. Here and we know why, right,
Speaker 1: But look, I think the fact that many Democrats in
Speaker 1: Congress are pro crypto now is supporting the industry. And
Speaker 1: it doesn't matter if Kamala Harris wins and we don't
Speaker 1: know her policy because her her party is already pro crypto.
Speaker 1: There are many members of the House and Senate who
Speaker 1: are now looking to get legislation through and Paxo's CEO
Speaker 1: urges Harris and Trump to create pro crypto regulations ahead
Speaker 1: of US legislation. Pacsos CEO sent a letter to presidential
Speaker 1: candidates Kama Harris and Donald Trump on Tuesday. The CEO
Speaker 1: also criticized the current regulatory environment for crypto, calling it
Speaker 1: an inhospitable place for financial innovation. So I love that
Speaker 1: the industry is coming out speaking, putting the pressure, putting
Speaker 1: their money where their mouth is, right, That's very important.
Speaker 1: And I'll be interviewing the CEO of PASOS again pretty soon.
Speaker 1: That's Charles Cascarilla, and they're doing some big things with
Speaker 1: stave different stable coin issuers. So guys, like I said,
Speaker 1: we're winning ru on the winning side of history. The
Speaker 1: markets are looking bullish. I hope you are as bullish
Speaker 1: as I am. Have a plan, know what your cash
Speaker 1: out points and price points are, and know what you're
Speaker 1: doing guys. Write it down and a great way you
Speaker 1: can support me in the podcast is to subscribe to
Speaker 1: my free email newsletter. Also, grab a copy of my book,
Speaker 1: Rethinking Crypto. It's available on Amazon and paperback in digital.
Speaker 1: If you bought a copy ready, please leave a rating
Speaker 1: and review. It will really help me out. Thank you
Speaker 1: so much. I appreciate you all and I'll talk to
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