Speaker 1: Hey, everyone, welcome into the Thinking Crypto podcast. You're home
Speaker 1: for cryptocurrency news and interviews. I'm your host, Tony Edward.
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Speaker 1: let's quickly take a look at the price of bitcoin
Speaker 1: right now at seventy seven, seven hundred and twenty five dollars.
Speaker 1: So if we look at the daily RSI, it is
Speaker 1: extremely oversold. It is in the red zone. You know,
Speaker 1: when you are overbought around seventy as far as the
Speaker 1: RSI and then you go above seventy it turns green,
Speaker 1: so you're extremely overbought. Well, right now, the opposite is happening.
Speaker 1: So as we've been talking about, and as I highlighted
Speaker 1: in my newsletter today, we could see a reversal. How
Speaker 1: high this reversal takes us, I don't know. We're going
Speaker 1: to have to wait and see because there's a lot
Speaker 1: of fud, there's a lot of despair out there. But look,
Speaker 1: the market conditions are setting up for a major move
Speaker 1: because you have extreme fear, you have whales accumulating, you
Speaker 1: have the markets in the extreme oversold both on the
Speaker 1: daily and weekly. So all of these things bode well.
Speaker 1: In fact, there was some very good economic data today
Speaker 1: with the ISM manufacturing PMI at a forty month high,
Speaker 1: so it came in higher and expected and the correlation.
Speaker 1: You know, you may be saying, what the hell is this,
Speaker 1: What does this have to do a bitcoin? Well, typically
Speaker 1: that's an indication of liquidity. It's making its way through
Speaker 1: the economy. Things are starting to pick up again. And
Speaker 1: when that is happening, then you see bitcoin and the
Speaker 1: crypto acid class go and a major run This is
Speaker 1: based on data now, right, So if you align the
Speaker 1: charts with Bitcoin's peaks and when the ISM was climbing
Speaker 1: higher and higher, that you know was certainly conditions that
Speaker 1: were very good for the market. And if you think
Speaker 1: about it economically the way we would look at a
Speaker 1: parabolic run up where you have a lot of fomo
Speaker 1: from retail people are buying all coins and so forth.
Speaker 1: In a good economic environment, that's where you can have
Speaker 1: those things happening when money is easy and so forth, Right,
Speaker 1: and we're on the path of that. So It's funny
Speaker 1: the ism is increasing, right as soon as the Fed
Speaker 1: just paused QT and start a Q in December, and
Speaker 1: we know they've been buying treasury bills and all that, right,
Speaker 1: So funny how the correlation works. Again, this is just
Speaker 1: the data. So if you want to argue data, go ahead,
Speaker 1: but I'm just giving you guys the facts. So it's interesting.
Speaker 1: And in fact, over the past two years, the ism
Speaker 1: was not in a good place. It was starting to
Speaker 1: get better in twenty twenty four, but the bitcoin and
Speaker 1: a crypto market have been operating under an ism that
Speaker 1: is not being great. So it was really good to
Speaker 1: see that this is picking up. That doesn't mean Bigoin's
Speaker 1: going to pump tomorrow, right, It's a process here and
Speaker 1: we're seeing the right things and this should be very
Speaker 1: good for the crypto acid class as as risk assets here.
Speaker 1: One user named Jesse equal on XSet or explained it
Speaker 1: saying every single crypto bull RP ever twenty thirteen, twenty seventeen,
Speaker 1: and twenty twenty one happened when the ism moved up
Speaker 1: above fifty. Today we hit fifty two point six. This
Speaker 1: entire cycle since twenty twenty one, we've been below fifty
Speaker 1: with only tiny blips above the surface. This is by
Speaker 1: far the largest move up we've had this cycle run
Speaker 1: it hot, so not guaranteed, right, but at least we're
Speaker 1: using data, not feelings and emotions. So this is a
Speaker 1: very good sign. And you know, other folks like Ral Powell,
Speaker 1: macro investor, you know, he's been highlighting this global liquidity
Speaker 1: to ism and all these things and how it's risk
Speaker 1: gone when everybody has money and they feel confident in
Speaker 1: the economy and much more. Right, So one could argue
Speaker 1: we've been in a recession and maybe we're coming out
Speaker 1: of it now. I don't know. You know, we're gonna
Speaker 1: have to wait and see. Now, I do want to
Speaker 1: highlight something here. There's an Elliot wave chart analysis that
Speaker 1: was put together by one user, and you know he
Speaker 1: highlighted that by Elliott wave, a potential scenario, now a
Speaker 1: potential not guaranteed, is that we bottom out around seventy
Speaker 1: K and that would be part of an A wave
Speaker 1: to a B wave top of a one hundred and
Speaker 1: fifty five K or so, and then a C wave
Speaker 1: down to thirty seven thousand, seven hundred and fifteen dollars.
Speaker 1: So that's a possibility. So there's still the possibility of
Speaker 1: this happening. But look, there's a bearish case this. People
Speaker 1: are saying, hey, we're going to go down to fifty
Speaker 1: ak like Peter Brand and others. Right, So let's see,
Speaker 1: it's hard to sometimes, you know, understand the motivations behind
Speaker 1: certain people, because some folks are shortening the market, so
Speaker 1: they're going to say outlandish things and so forth. I'm
Speaker 1: just giving you both scenarios. I'm just highlighting that I
Speaker 1: personally don't know what's going to happen. We have the
Speaker 1: wave from confirmation from the market, but I'll at least
Speaker 1: give you the scenarios that could potentially play out so
Speaker 1: that you can be as educated and informed as possible.
Speaker 1: So we shall see. Now, Binance buys the dip with
Speaker 1: the first one hundred million dollar bitcoin purchase on the
Speaker 1: one billion dollar SAFU fund. So I reported this to
Speaker 1: you guys, you know, over the weekend, and that Binance
Speaker 1: was going to buy a billion dollars of bitcoin over
Speaker 1: the next thirty days. So they've kicked it off, and
Speaker 1: you know, some people saying, yeah, but they're dumping, you know,
Speaker 1: a whole bunch of stuff on their exchange. But look,
Speaker 1: it is what it is at this point. I think
Speaker 1: Binance is simply playing the market cycles and people are
Speaker 1: seeing that and they're getting upset. But they're operating with
Speaker 1: the market makers, right, and not a lot of people
Speaker 1: understand that. However, there are some things people call out
Speaker 1: binance war with coins, pumps and dumps and all that
Speaker 1: wash trading and so forth, and I'm not knowledgeable enough to,
Speaker 1: you know, kind of go through that. I'm going to
Speaker 1: try to bring experts on to talk about this. So
Speaker 1: but anyway, they're gonna be buying bitcoin, and they've already
Speaker 1: started that now. Michael Sailors Strategy bought more Bigcoin, so
Speaker 1: he announced today that they bought eight hundred and fifty
Speaker 1: five bitcoin at about eighty eight thousand dollars each last week.
Speaker 1: So he continues to buy. We'll see how this all
Speaker 1: works out for him. Moving ahead, one of Germany's largest
Speaker 1: retail broker IG now allows clients to buy bitcoin ETPs.
Speaker 1: So the on ramps being built across the globe. Beer
Speaker 1: ETPs different financial products and it starts a bitcoin and
Speaker 1: then it moves to all coins. So very good news here, folks.
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Speaker 1: was the Crypto and Banking meeting at the White House,
Speaker 1: and apparently David Sachs, the crypto czar as they would
Speaker 1: call them, was not in attendance, but the meeting was
Speaker 1: led by the Crypto Council Executive Director Patrick quit Many
Speaker 1: may recall interviewed Patrick in the fall of last year
Speaker 1: at the chain Link conference. So Patrick, he took over
Speaker 1: for beau Hines and he's been doing a great job.
Speaker 1: So you had a lot of crypto companies, you had
Speaker 1: the American Anchors Association, banking policy people and so forth.
Speaker 1: And let me give you a rundown. So here's what
Speaker 1: Patrick Witt said regarding the meeting. He said, sincere thanks
Speaker 1: to the representatives from the crypto and banking industries who
Speaker 1: participated in today's meeting on stable coin rewards and yield.
Speaker 1: The discussion was constructive, fact based, and most importantly, solutions oriented.
Speaker 1: Over the course of the past few months, we have
Speaker 1: achieved breakthroughs on several seemingly intractable policy issues. I am
Speaker 1: confident we will be able to resolve this one too,
Speaker 1: So it's great that they're having the dialogue. And as continues,
Speaker 1: we know the banks want to stop stable coin yield.
Speaker 1: They don't like that you can go earn yield on
Speaker 1: crypto platforms and exchanges like upholding coinbas and so forth.
Speaker 1: And obviously I'm not a fan of that. I believe
Speaker 1: consumers should have choice and if the crypto firms are
Speaker 1: offering a better deal, let consumers go there, right. But
Speaker 1: we know this is about the bonus checks, folks. These
Speaker 1: banks don't want to lose that money. They want to
Speaker 1: postucket it. Continue to give you zero point zero one percent,
Speaker 1: you know, the breadcrumbs while they pocket big bonuses. Here's
Speaker 1: what third party folks are saying about this meeting. So
Speaker 1: Sander Lutz, who is a senior writer at the crypt
Speaker 1: Media said new at the White House meeting today between
Speaker 1: crypto and bank representatives. White House gave a deadline of
Speaker 1: end of February to reach a deal on stable coin yield.
Speaker 1: Sources familiar said, hard to see how the Market Structure
Speaker 1: Bill could have a chance of passing this year. If
Speaker 1: this issue isn't resolved by then, there will be future
Speaker 1: meetings which will be smaller. Banks are pretty adamant about
Speaker 1: closing the loophole though, aka preventing companies like coinbase from
Speaker 1: offering users rewards on stable coin holdings, and Coinbase hasn't
Speaker 1: shifted on its insistence that it should be able to
Speaker 1: So this thing is still ongoing, folks, And in fact,
Speaker 1: the bankers the American Bankers Association put out a press
Speaker 1: release about this meeting today. Here's what Alex Thorn said
Speaker 1: about this press release. He's the head of firm wide
Speaker 1: research at Galaxy Digital, saying statement from the American Bankers
Speaker 1: Association following the White House meeting on stable coin rewards.
Speaker 1: It reads nice, but it doesn't really sound like they
Speaker 1: are willing to compromise here. So again they're putting out
Speaker 1: information there. They're even running ads, right. We saw the
Speaker 1: Big Wall Street Journal poster so to speak, or front
Speaker 1: page of with Brian Armstrong's you of coinbasing, he's the
Speaker 1: enemy and all these things. So the bankers are starting
Speaker 1: to go on the offensive here, putting out literature, running ads,
Speaker 1: you know, running their propaganda guys. So I don't know, honestly,
Speaker 1: how this resolves. You know, who's going to capitulate? Will
Speaker 1: it be coin based in the crypto industry? I kind
Speaker 1: of hope not. But also we want to get some
Speaker 1: sort of bill through, maybe to some compromise. You know.
Speaker 1: One of the things I had brought up to Summer Mersinger,
Speaker 1: CEO of the Blockchain Association, when I interviewed her a
Speaker 1: couple of weeks ago, was that could there be some
Speaker 1: sort of timeline, like we're gonna say, okay, the crypto
Speaker 1: industry folks can pause for six months and then started
Speaker 1: back up again again. I'm just throwing stuff out there
Speaker 1: for compromise wise, right, I'm not saying I like it.
Speaker 1: I want that to happen. In addition, could they also say, hey,
Speaker 1: we're gonna cap how much consumers can put into these accounts,
Speaker 1: right temporarily not forever. So maybe it's a six month
Speaker 1: thing or twelve month thing, right saying hey, over the
Speaker 1: next twelve months, we're gonna cap it an X amount
Speaker 1: of dollars the users can do again. I'm not supporting this,
Speaker 1: I'm not saying I want this, but if this bill
Speaker 1: is not going to make it through, we're gonna have
Speaker 1: bigger problems. And my worry is that Elizabeth Warren is
Speaker 1: ready for the mid term elections and we're seeing some
Speaker 1: Democrats winning. Guys, those are the facts. And if the
Speaker 1: Democrats get back power, which I'm not saying them against
Speaker 1: or four, but if they it does happen, you know
Speaker 1: who's going to get back the financial seat. Elizabeth Warren.
Speaker 1: And you know what, she's gonna do, same thing she
Speaker 1: did under Biden. And I'm not saying all Democrats are inticrypto.
Speaker 1: Many are pro crypto. We saw this right, But Elizabeth Warren,
Speaker 1: if she has that top seat again, you know the
Speaker 1: rest of the party is not going to be able
Speaker 1: to do much. They're going to have to kind of
Speaker 1: stay quiet. We know how politics works, and they're not
Speaker 1: gonna be able to go against her publicly. But we
Speaker 1: got to get this bill through so that even if
Speaker 1: the stable coin yield is missing, which I would hate
Speaker 1: and not be happy about, still you know we would
Speaker 1: still get at least the meat and potatoes of what
Speaker 1: will help crypto. So I don't know what the compromise
Speaker 1: is gonna be. Guys, we're gonna have to see. Maybe
Speaker 1: the bank's capitulate, all right, we shall see, Okay, moving ahead,
Speaker 1: this is an unusual piece of news. So bed Bath
Speaker 1: and Beyond. Yes, bed Bath and Beyond signs an agreement
Speaker 1: to acquire tokens dot Com, a real world asset finance
Speaker 1: and tokenized liquidity platform. So I didn't have this in
Speaker 1: my bingo cards. But there's stock jumped on the deal
Speaker 1: to tokenize real estate with tokens dot Com. So this
Speaker 1: is interesting. And guys, we know tokenizations in the future,
Speaker 1: and they're gonna put all assets in real estate and
Speaker 1: much more on the blockchain. Right, So Bedpath and Beyond
Speaker 1: that it would acquire tokens dot Com and launch a
Speaker 1: platform to let consumers tap home equity and other assets
Speaker 1: through tokenization. The initiative marks the latest step in bed
Speaker 1: Bath and Beyond post bankruptcy pivot into blockchain or financial
Speaker 1: technology under chief executive Marcus Limonis, following its acquisition by
Speaker 1: overstock dot Com. So that stock jumped seven percent today.
Speaker 1: So very very interesting. You're just seeing some of the
Speaker 1: most random companies almost getting into crypto because blockchain is
Speaker 1: the future, right so tokens dot Com will use tools
Speaker 1: from t zero to handle regulated trading and storage of assets.
Speaker 1: It will also plug into Figure, the blockchain company of
Speaker 1: former SOFI CEO Mike Cagney, to offer financial services like mortgages,
Speaker 1: renovation loans, home equity, lines of credit. Folks, I think
Speaker 1: this is a smart move what they're doing. Look, housing
Speaker 1: is not going away, real estate's not going away. Just
Speaker 1: all of these things are going to go on the blockchain.
Speaker 1: So hopefully they can do it right and that could
Speaker 1: work out really well for them. But it's great to
Speaker 1: see big brands and companies like these, you know, recognizing
Speaker 1: the technology in the future and getting ahead of the curve. Okay,
Speaker 1: final news item, Parafy Capital makes a thirty five million
Speaker 1: dollar investment in Solana based Jupiter. So capital continues to
Speaker 1: be invested in crypto guys, which is a good sign.
Speaker 1: So Jupiter said it has secured a thirty five million
Speaker 1: dollar strategic investment from Parafy Capital, marking the first time
Speaker 1: the Solana based unchained trading and liquidity aggregation protocol has
Speaker 1: taken outside capital after years of being bootstrapped with profitable growth.
Speaker 1: The transaction involved token purchases at market prices with no
Speaker 1: discount and an extended lock up period, and was settled
Speaker 1: entirely in Jupiter's jup usd stable coin. The company said.
Speaker 1: Financial terms be on the thirty five million dollar investment,
Speaker 1: we're not disclosed. So big win here for Jupiter, guys.
Speaker 1: I don't hold the token or anything like that, but
Speaker 1: it's certainly very good for the Salona ecosystem, which continues
Speaker 1: to grow. So the investment comes as Jupiter has processed
Speaker 1: more than one trillion dollars in trading volume over the
Speaker 1: past year and expanded beyond swap routing into perpetuals lending
Speaker 1: and stable coins. According to the company, The deal also
Speaker 1: included warrants allowing Parafi Capital to acquire additional tokens at
Speaker 1: higher prices, a structure the company said was intended to
Speaker 1: reflect long term alignment. So big news here, and again,
Speaker 1: you know, from a higher perspective or a higher view here,
Speaker 1: this is really good to see capital still making this
Speaker 1: way to crypto companies, tokens being bought, equity and all
Speaker 1: these things. Folks. That's the news. Let me know what
Speaker 1: you think. Leave your thoughts and comments below. Hit the
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Speaker 1: the description. Again, I did a write up today, check
Speaker 1: it out. I put a lot of chart and data
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Speaker 1: thank you so much for tuning in. I appreciate you
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