Speaker 1: Hey, everybody, Welcome into the Thinking Crypto podcast. You're home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward
Speaker 1: on your weight in. Please hit that subscribe button as
Speaker 1: well as the thumbs up button and leave a comment below.
Speaker 1: If you're listening on a podcast platform such as Spotify
Speaker 1: or Apple, please leave a five star rating and review. Folks,
Speaker 1: we of course have to talk about Bitcoin in the
Speaker 1: market because Bitcoin pullback to below one hundred and fourteen
Speaker 1: thousand dollars. It is currently trading at one hundred and
Speaker 1: thirteen thousand, seven hundred and fifteen dollars, so this has
Speaker 1: some people a bit worried. But folks, as we've been
Speaker 1: monitoring and highlighting Bitcoin and all coins and the total
Speaker 1: market cap, we're all in the overbod zone, even the
Speaker 1: stock market, the SMP five hundred and the Nasdaq, so
Speaker 1: this pullback is natural and healthy. Now there's narratives out there.
Speaker 1: People are gonna say tariffs and this and that and whatever,
Speaker 1: and maybe it all is time together. But the point
Speaker 1: is based on the markets and what we've seen historically.
Speaker 1: If you simply look at pattern recognition on the charts,
Speaker 1: you will see it. So using the RSI, we have
Speaker 1: been escaping that overbod zone, and I like what I'm
Speaker 1: seeing Bitcoin right now at a forty on the RSI.
Speaker 1: Many of you know, thirty and below is over sold.
Speaker 1: So I don't know if we're going to head all
Speaker 1: the way down to the oversal. Maybe we go down
Speaker 1: and touch it a bit and then we bounce out
Speaker 1: of there. But folks, I believe this is a healthy
Speaker 1: pullback and it's going to set us up for the
Speaker 1: next major rally, which is going to happen this month.
Speaker 1: Obviously we're talking about August. Today's August first, so be
Speaker 1: prepared for that, folks, and remember the macro thesis. So
Speaker 1: once again, the S and P five hundred, the NASDAC
Speaker 1: also in the overbod zone, also correcting. We're seeing red
Speaker 1: on the charts, very healthy. Total three, which excludes bitcoin,
Speaker 1: ethereum and stable coins also was in the overbod zone.
Speaker 1: Very overheated actually and now coming down everything following bitcoin,
Speaker 1: and as I shared in today's newsletter, there were some
Speaker 1: CME gap points that are being filled old one hundred
Speaker 1: and fifteen K one hundred and fourteen thousand, three hundred,
Speaker 1: So could we go a little bit lower it's possible
Speaker 1: if the RSI goes down and touches the oversoul zone,
Speaker 1: bitcoint could go to one hundred and ten k, and
Speaker 1: there are still key support levels like one hundred and
Speaker 1: nine thousand, one hundred and six thousand, which still support
Speaker 1: the bullmarket thesis. So again, no invalidation of the bullmarket here,
Speaker 1: and I believe this is simply a bullish retest. And
Speaker 1: then I think we see a bounce in August going
Speaker 1: to new all time highs and global liquidity continues to
Speaker 1: be the leading indicator here. Now, over the month of July,
Speaker 1: we saw incredible inflows into crypto ETPs. Here, Eric Balichune's
Speaker 1: Bloomberg highlighted the US crypto ETFs took in twelve point
Speaker 1: eight billion dollars in July, the best month ever. That's incredible,
Speaker 1: a six hundred million dollars per day pace, about double
Speaker 1: the average as a group. That's more than any single
Speaker 1: ETF did, even the mighty Voo. Further, every ETF in
Speaker 1: category took in cash, example the converted trusts, with bitcoin
Speaker 1: and etheroreum making equal contributions. So this is awesome. It's
Speaker 1: incredible the amount of buying that's happening, and smart money
Speaker 1: is loading up because they are anticipating higher prices. And
Speaker 1: even on chain data, I've often shared this with you
Speaker 1: guys on chain data from sentiment showing that whales with
Speaker 1: ten or more bitcoin in wallets are continuing to accumulate.
Speaker 1: So all the signals are there that further upside is coming,
Speaker 1: and we just got to be patient and go through
Speaker 1: the volatility. We got to expect volatility. That's part of
Speaker 1: the markets, right, So this is the time to be patient,
Speaker 1: exercise your patients, and understand the cycles that are playing
Speaker 1: out here now. Today, the jobs numbers came in and
Speaker 1: they were adjusted and they were actually worse than people anticipated.
Speaker 1: And some of the June numbers and so forth were
Speaker 1: updated and it showed lower job numbers. So things are
Speaker 1: not looking too good. And what we saw with the
Speaker 1: CME fed watch tool anticipating ray cuts that may come
Speaker 1: in September, they spiked up to eighty one point nine
Speaker 1: percent from thirty seven percent. So after Jerome Powell's speech,
Speaker 1: he was a bit hawkish, right, and people are like, oh,
Speaker 1: it doesn't seem like we're going to get a cut
Speaker 1: in September. But with the numbers being as bad as
Speaker 1: they are, the probability of them cutting rates in September
Speaker 1: has jumped significantly. And I think because Jerome Powell is
Speaker 1: always saying hey, based on the data, right. So the
Speaker 1: data came in and clearly not good. So I think
Speaker 1: we could expect a cut come September, and that would
Speaker 1: be in a line where where global liquidity is topping
Speaker 1: right now, as I've been telling you guys, to delay
Speaker 1: in the tariffs between US and China by three months,
Speaker 1: which puts US in October Congress passing the Clarity Act,
Speaker 1: the Market Structure bills. So you have these narratives out there,
Speaker 1: very big narratives that the mainstream media is going to
Speaker 1: run with. Plus the FED looks like they're going to
Speaker 1: cut in September. It will bring in a lot of
Speaker 1: capital euphoria the FEDS cutting, you know, all these things,
Speaker 1: crypto legislations passing, big Quin's hitting new all time highs.
Speaker 1: But that's the time we're going to watch the market
Speaker 1: to see are we in the top zone to take
Speaker 1: profits and exit the market. So again, patients, patients, folks,
Speaker 1: I know many of you want higher prices. So do
Speaker 1: I I have my portfolio, I have skin in the game.
Speaker 1: I have plans, I have financial ambitions and things like that,
Speaker 1: so I want to take profits, guys. So I'm waiting
Speaker 1: for higher prices just like you. But we got to
Speaker 1: be smart investors here, not emotional, right. We don't want
Speaker 1: to get emotional about markets. We want to look at
Speaker 1: the data, the facts and form our thesis and be patient.
Speaker 1: So that is where things stand as of today, folks.
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Speaker 1: in the description. All right, we got some interesting updates
Speaker 1: here from a news standpoint. So DeFi Education Fund urges
Speaker 1: the Senate to strengthen the crypto development protections in the
Speaker 1: draft bill. So, speaking about the CLARITIAC, the Market Structure
Speaker 1: Bill and DeFi, of course is very complex, and we've
Speaker 1: seen the US government not get things right. They try
Speaker 1: to set certain rules, whether it be the IRS and
Speaker 1: many other agencies in the government that have put out
Speaker 1: recommendations that are not copestic with how DeFi operates. So
Speaker 1: we need to make sure that is done right. So
Speaker 1: cryptolobbying group DeFi Education Fund has called on the US
Speaker 1: Senate Banking Committee to rethink how it plans to regulate
Speaker 1: the decentralized finance industry after reviewing its recently published discussion
Speaker 1: draft on a key crypto market structure bill. The response,
Speaker 1: signed on behalf of the DeFi Education Fund members, including
Speaker 1: A sixteen Z, Crypto UNISWAP Labs and Paradigm, said the
Speaker 1: Responsible Financial Act of twenty twenty five bills should be
Speaker 1: crafted in a more tech neutral manner, that crypto developers
Speaker 1: could be protected from inappropriate regulation meant for intermediaries, and
Speaker 1: that self custody rights for all Americans are essential. So
Speaker 1: this is really great. The industry is reviewing all of
Speaker 1: these things, weighing in and giving feedback to Congress. So
Speaker 1: very good stuff here. Now the SEC's Crypto Task Force
Speaker 1: is going to hit the road and they're going to
Speaker 1: have ten roundtables across the United States. So this is amazing.
Speaker 1: Can you imagine Garyginster doing this. He's not going to
Speaker 1: He wasn't gonna do this, right, So it's really great
Speaker 1: that they're doing this. And I plan to attend the
Speaker 1: one that's going to be in New York City that's
Speaker 1: going to be in September. I email the SEC to
Speaker 1: get access to attend this in New York. So US
Speaker 1: SEC Commissioner Hester Purse will hit the road this fall,
Speaker 1: leading a ten city tour as part of the secu's
Speaker 1: new crypto outreach initiative. The regulator announced a roundtable series
Speaker 1: on Friday aimed at gathering feedback from industry stakeholders, developers,
Speaker 1: and investors as the agency ways feature digital asset rules.
Speaker 1: Here is a quote the Crypto Task Force is acutely
Speaker 1: aware that any regulatory framework will have far reaching effects,
Speaker 1: and we want to ensure that our outreach is as
Speaker 1: comprehensive as possible, hester Perce said in this statement. So
Speaker 1: the roundtable discussions will take place between August and December.
Speaker 1: So folks, you can check out their statement for the
Speaker 1: full list of all the locations and the dates. And
Speaker 1: like I said, I will be attending the one in
Speaker 1: New York City in September. I think it's September twenty fifth.
Speaker 1: So if you're in New Jersey or in New York
Speaker 1: you want attend, you know, definitely email the SEC to
Speaker 1: try to attend. It is really really great. I'll get
Speaker 1: you guys all the updates. Of course. Now look at this,
Speaker 1: crypto exchange Gate launches spot trading services in the United States.
Speaker 1: So we continue to see competition heating up, guys, and
Speaker 1: that's really good for us as users and consumers. So
Speaker 1: crypto exchange Gate is launching in the US, offering spot
Speaker 1: trading services to US customers for the first time. Founded
Speaker 1: in twenty thirteen by Chinese scientists Lin Han, the company
Speaker 1: cited improved regulatory clarity in the country as a reason
Speaker 1: behind the move. According to Gate, it will initially offer
Speaker 1: crypto trading pairs for US customers, with upcoming services for
Speaker 1: Fiat on and off ramps and support for Custodia wallets.
Speaker 1: As of July twenty fourth, the exchange offered over thirty
Speaker 1: eight hundred trading pairs on its platform, one of the
Speaker 1: largest asset variet in the market, so that's pretty big.
Speaker 1: That's a lot of trading pairs, so once again very good.
Speaker 1: Competition's very good, and it's going to force some of
Speaker 1: the US exchanges to up their game, right to raise
Speaker 1: their standard because you know, everybody's trying to grab as
Speaker 1: much of the market share as possible. So this is
Speaker 1: really great. I think a lot of exchanges that we
Speaker 1: were not able to access in the past we'll be
Speaker 1: able to come into the United States. And once again,
Speaker 1: competition is very good, very healthy for the market. But
Speaker 1: you can see everybody's trying to get as much of
Speaker 1: the market share as possible to generate as much revenue
Speaker 1: and profit. Of course, now final news item, zen Rock
Speaker 1: launches zenbtc as the first decentralized yield bearing bitcoin on Salana.
Speaker 1: So this is interesting. Some of these things have been
Speaker 1: done on the theorem actually so zen Rock, the decentralized
Speaker 1: custody network incubated by Dan Tapiro's fifty T Funds formerly
Speaker 1: known as ten T Holdings and one Roundtable Partners, enables
Speaker 1: secure decentralized wrap asset self custody through its Decentralized Custody
Speaker 1: Token DTC standard so zen btc, the first DTC is
Speaker 1: the first wrap bitcoin asset on Solona that is both
Speaker 1: decentralized and natively yield bearing. The two trillion dollars bitcoin
Speaker 1: market remains underserved by traditional custodians that lack yield offerings.
Speaker 1: Zen btc solves this by enabling self custody and maintaining
Speaker 1: Bitcoin's native security model while unlocking yield opportunities across the
Speaker 1: Solana ecosystem. With the rapidly growing accessibility of tokenized equity,
Speaker 1: credit and real estate, institutions and retail participants alike are
Speaker 1: increasingly seeking to maximize the tradeability and capital efficiency of
Speaker 1: larger TAM assets like bitcoin using on chain rails. So
Speaker 1: I love the idea. I love this because rather than
Speaker 1: just have your assets sit there, you can earn yield
Speaker 1: off of it. The important things that you have to
Speaker 1: check is that this is a secure platform building on
Speaker 1: and it's not acable. They are using the appropriate custody services,
Speaker 1: maybe bank level or you know, a large institutional level
Speaker 1: like coin based prime. You know black Rock uses like
Speaker 1: coin based custody, and much more so. These are the
Speaker 1: devils and the details, right that we need to figure out,
Speaker 1: because you always want to make sure you do your
Speaker 1: research before you go lock up your funds. So I'm
Speaker 1: going to look into things like this, but I want
Speaker 1: to make sure it's safe, and I will probably put
Speaker 1: a little bit of crypto test it out and see
Speaker 1: how it works. You know, maybe if even if there's
Speaker 1: some sort of insurance or fail safe or something that's
Speaker 1: offered in case something goes wrong, you know that that
Speaker 1: will be really great. But we'll have to wait and
Speaker 1: see and who's backing it, and what's the custody infrastructure
Speaker 1: and much more so, Again, make sure you do your
Speaker 1: research with all of these things. But this is great
Speaker 1: and the folks who are able to get this right
Speaker 1: will make a lot of money because again Wall Street
Speaker 1: and all the tradifi are going to be holding these
Speaker 1: assets and they're gonna want to earn yield folks and
Speaker 1: likewise many of you as well. So this is this
Speaker 1: is something to definitely look into and I will let
Speaker 1: you guys know if I do participate. Folks, that's the news.
Speaker 1: Let me know what you think. Leave your thoughts and
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Speaker 1: watching and listening. I appreciate you all, and I'll talk
Speaker 1: to you all later