Loading summary
Transcript39 lines
- [00:00]
A
Are you curious about the economic forces shaping your daily life? The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy. Guys, you love listening to the rundowns. I get some of that information from this NPR Planet Money podcast. Especially recently with the war going on, the straight of Hormuz, you're just kind of getting those updates as they come from these guys. They put out a ton of awesome content. It's a different perspective from crypto101, but still a great listen. So go over there and check out the Planet Money podcast. If stuff like current events and the finance world interest you, each story on Planet Money starts with a question. Recent episodes ask why Pokemon cards are growing faster than your retirement count. Questions about the war, just like we talked about recently a lot on our program. From the job market to the stock market to prices at the supermarket, Planet Money explains it all. Planet Money is a different kind of world where the complex economy somehow makes sense, where human stories supersede abstract theories so you can learn, laugh and be entertained. It's econ, but just down to earth. The hosts go to unusual lengths to explain the economy. They've published their own book to track the global supply chain. They've shot a satellite into space to understand the economics of the private space industry. They've gone inside a live book auction to show how ideas get to market. It's the kind of show where you learn something, probably laugh and walk away seeing the world a little differently. And I think if you like crypto 101, you'll enjoy planet Money. So maybe check that out. Follow NPR's Planet Money podcast and understand how money shapes the world. When we started this podcast, it seemed like we had to figure it all out on our own. Scripts, set up, filming schedules, logos. It was super overwhelming and every day seemed to introduce a new decision that needed an answer. When you're starting off with something new, it seems like your to do list keeps growing every day with new tasks. And that list can easily begin to overrun your life. Finding the right tools that not only helps you out, but simplifies everything can be a game changer for millions of businesses. That tool is Shopify. Shopify is the e commerce platform behind millions of businesses around the world and 10% of all e commerce in the US from household names like us at Crypt Nation and the Crypto 101 podcast where you can get our book and merch to brands that are just getting started. Get started with your own design studio with hundreds of ready to Use templates Shopify helps you build a beautiful online store that matches your brand style. Accelerate your efficiency Whether you're uploading new products or trying to improve existing ones, Shopify is packed with helpful AI tools that write product descriptions, page headlines, and even enhance your product photography. Get the word out like you have a marketing team behind you. Easily create email and social media campaigns wherever your customers are scrolling or strolling. And best yet, Shopify is your commerce expert with world class expertise in everything from managing inventory to to international shipping to processing returns and beyond. Start your business today with the industry's best business partner, Shopify and start hearing. Sign up for your $1 per month trial today at shopify.com crypto101 Go to shopify.com crypto101 that's shopify.com crypto101. All right everybody, welcome back to another episode of the Crypto Rundown. It is blood in the streets. Michael Saylor said selling bitcoin, Jamie Dimon's coming after the Clarity act and there is no major blue chip green shoots in sight. The market is dropping. People are crying, Brendan. They're flooding the streets saying is bitcoin dead? Is it dead? Is it over? But we've seen this story before. We've been here through the volatility over the years. So if you're interested in knowing what is going on, we've come up with some reasons. We've done the research to bring to you why we think bitcoin ethereum are dropping. But not so fast. There are green shoots in this market and if you've been listening to the Crypto101 podcast on audio or YouTube, you over the last couple weeks have gotten some of that insider information on what projects we think might be continuing to go to the upward trend, the counter trend. And we've given you some winners on this show. So we're going to circle back to the those at the end of the show to show you how they're doing compared to the rest of the market. But we have to start off with the A block news, Brendan. Bitcoin is in a slump. Ethereum is in a slump. We have coin market cap up right here. As you can see the seven day here Solana, Bitcoin, Ethereum, even just the coin market cap, 27 days and a slide of 10% and a lot of that move for bitcoin's been in the last 24, 36 hours a hefty decline. So just let's go before we break down into the specifics of why we think this is going on. What's your take? How are you doing? I know you're out in California, we appreciate you, you know, taking the time to jump on, but how are you navigating the macro environment of these markets? Because it's. There's a lot of negativity out there.
- [05:05]
B
Yeah, there's a lot of negativity. Right now you're feeling it, you're seeing it. Bitcoin kind of breaking down through a big old level of 70,000, currently floating around $65,000 per token. You have Ethereum getting back to 1800 bucks briefly kind of peeking its head around that territory. Solana getting back under the mid-70s, which is where we've spent most of the time since that last leg down back in February. And what you have here is you have a lot of large caps breaking through critical support levels. And there are a couple of catalysts that are causing this, but there are a lot of like more traditional altcoins that are performing quite well here. And we'll look at these probably I think a little bit later on in the episode. But you know, just to kind of briefly mention a few. I mean you've had zcash go on a run, you've had near, you've had Hyper Liquid, you've had Venice, you've had, I think Akash has been on a pretty good run. Earlier in the year you had Canton, you had Tao. Like we're in full on popcorn season. And it does feel like a lot of these AI based cryptos or even Hyper Liquid, which isn't as much AI, but it does feel like they're kind of sucking market share away from some of these large caps. And it's kind of going from Bitcoin, from Ethereum, from Solana, from bnb, from XRP and into things like Venice and Near and Hyperliquid and a handful of these other ones as well. So if there's anything to kind of watch right now, it is sector specific runs and also just like individual altcoins that are running, it's popcorn season. It's not a moment where the entire crypto market is moving up. It's just these select individual names or these select kind of individual sectors and that's what's running as opposed to the entire market kind of getting this rebound. So pretty big break of support here for sure. From a technical perspective, you really don't want to see much lower than this. In fact, you know, even with this move down now, it does kind of raise some red flags and Open the conversation back up of can we go to new lows? I wish I had my, my charts up for us. TiVo, and we'll probably talk about this maybe on Friday when I'm back, or maybe we can do an episode then, or maybe we can do one on Monday to kind of really get this back out to the people. But what you had here in, in recent weeks was a rejection of a bunch of key levels on bitcoin. You had a rejection of the 200 day moving average, you had a rejection of the anchored V WAP from the high. You had a rejection of the prior consolidation zone, a rejection of this big old bear flag that bitcoin's been in. It kind of hit all these critical levels, saw the swift rejection and then following that, you've seen the subsequent breakdown and a lot of the market is following. But again, I think the key thing to kind of take note of here is that even though a lot of the market is following in this move down, you have a handful of coins that are defying this move and seeing substantial runs to the upside. So we'll probably circle back to that a little bit later on, but I think it's worth noting for the general listener out there.
- [08:08]
A
Yeah, it's a great point. And yeah, we'll deep dive onto those projects that are popcorning to the upside later in the show because honestly, it's a little repetitive. Because if you've been listening and this is a good call, if you're new here, give us a like, subscribe, you're in the right place. And if you've been coming back to the shows, even though the market at a macro level has been trending downward, we've been talking about all those ones that Brendan mentioned, your Venices, your hyper liquids years, and inside the community, again, you're getting that stuff weeks before. But even just on the podcast alone, we've been talking about this for six to eight weeks now. So a lot of positive price action if you know where to look. But it's, it's again, bitcoin for a lot of us, I know, me and you included, we like to trade around the volatility sometimes. And you know that stuff, as you've been saying, when you've come on the show and shown us the charts and Brian has been saying it as well, it's like, hey, it looks kind of choppy here. It doesn't look like it's a time to step in and go super long with leverage. It didn't look great. But at the same time, we have a lot of our, you know, bitcoin and just kind of steady bags. We're not trading around it. It's something that we hold. So everybody's feeling the pain with that type of trade, but there's still winners out there. But let's go, let's jump over to the Fear and Greed Index and then at the end of the show, we'll circle back to Coin Market Cap and go over those winners again one more time for the people. So we, we've, we brought this up a couple times, I think, in the last month. We haven't talked about it much lately because we got out of that, if we scroll down, we were talking about a lot down here. When we were in extreme fear early in the year, we came out of it, crawled our way back up, got into that neutral level just a smidge. Agreed there at one point, not too much. And we've been really in this neutral level, Brendan, since, let's see, beginning of April. Yeah, basically beginning of April all the way to recently the end of May and early June. And now we're, we're in the fear and we are creeping towards extreme fear. A couple more points down for bitcoin and Ethan, we'll be there for sure, you know, in the coming days for the Fear and Greed Index. So again, I, I, I, nothing we say is financial advice. We're just a couple friends talking crypto. The volatility here when you're in the fear. Again, like bring, going back to this chart, historical times of extreme fear over the last, I mean, this is all the way back to 23, right? You got extreme fear here, you buy, you buy here, it goes up, you got extreme fear here. You know, long term, these are historically good times to step in, right? But again, you have to kind of make your own research, do your own research, make your own decisions. Anything for the Fear and Greed Index that jumps out to you, Brendan.
- [10:47]
B
Yeah, well, I think it all goes back to the original Warren Buffett quote that we've probably heard a million times, which is be greedy when others are fearful and fearful when others are greedy. And that's kind of what we're looking at right now. You know, when you see the Fear and Greed index get down into the extreme fear territory, historically, that is an area where you want to start saying, okay, well, where can I find opportunity at a zone like this? Now, when you see the Fear and Greed index get under or around the 10 or below, that's usually when you look at a bottom point or you get really really close to a bottom point in the market now we haven't hit it frequently. It's only been a handful of times throughout Bitcoin's history that you see get so oversold so much of extreme fear that you get down to a 10. I would say if we do get down or below a 10, that's where I would really start looking more closely for a market bottom. But I still think I would look anywhere in the extreme fear territory for some sort of buy the Dip Lake opportunity.
- [11:44]
A
You know what slows teams down more than anything? It's not always headcount, budget or even the tools themselves. It's when the way work gets done lives in someone's head and never actually gets documented. Then someone new joins a new platform, gets rolled out and or a teammate leaves and suddenly everyone's doing the same process in a different way. That's exactly the problem today's sponsor Scribe was built to solve. Scribe is a workflow AI platform that captures any workflow in real time and turns it into a step by step documentation. Automatically you just turn on the extension, do the process like you normally would, and Scribe builds the guide as you go, capturing every click, step and screenshot. And it's already trusted by over 80,000 enterprises, including nearly half of the Fortune 5. With our team being remote, I have definitely had moments where I've had to explain the same setup or process more than once to a colleague, and it always feels like something that should have been documented the first time. With Scribe, what could take hours of writing screenshots and cleanup can be ready to share in under a minute. Scribe also automatically redacts sensitive information like names, emails and account numbers from screenshots. Admins can enforce that across the team so nothing slow slips through the cracks. Plus, anyone following the process can get real time on screen guidance showing exactly where to click inside the actual tool. And Scribe doesn't just document workflows, it uses AI to suggest ways to improve them, helping you spot redundant steps, bottlenecks and places to simplify. To book a personalized enterprise demo, Visit scribe. How crypto101 that's s c r I b e dot how slash crypto 101. I'll be honest, once it gets hot out, I'm not trying to overthink outfits. I want something that's comfortable, breathable and still looks like I tried a little bit. That's where Quince is coming for me. And I absolutely love their 100% linen drawstring pants with the matching short sleeve button down that I just got from Quince guys. It's exactly the kind of thing I want in the summer. Super easy to throw on. Doesn't feel stiff, it doesn't feel heavy. It's breathable and it looks clean without being too dressed up. It's basically vacation energy without looking like you packed in five minutes. And you can have that vacation energy all summer long at home as well. Quinta's high quality essentials without the luxury markup. We're talking linens, organic cotton teas, lightweight sweaters, all the stuff that you actually wear. Their European linen pants and shirts are a great warm weather upgrade. And the price is right. They're starting at just $34 and pricing is a big part of it. Everything at quints is 50 to 80% less than similar brands because they work directly with ethical factories and. And cut out the middleman. So you're paying for quality, not just the logo. And they go way beyond clothing. You've heard me talk about how much I love the Quint's website. They have bedding, cookware, sofas. It's one of those sites where you go for one thing and end up staying for many more. Elevate your summer wardrobe. Go to quints.com crypto101 for free shipping on your order and 365 day returns. Now available in Canada too. That's quite nce.com crypto101 for free shipping and 365 day returns. Quints.com crypto101 Granger knows.
- [15:05]
C
When you're a procurement manager for an office park, you're not managing one building, you're managing all of them. And to stay ahead, you need to see through walls and around corners. Lights about to fail, Filters ready to clog. H Vac on its last leg. If you wait until something breaks, you're already behind. Count on Grainger for quality products, easy reordering and 24. 7 support. Call 1-800-GRAINGER click grainger.com or just stop by Grainger for the ones who get it done.
- [15:35]
A
Yeah, it's a great point. And again, I think we're gonna go. We can jump over to kind of the bitcoin specific things that are happening that really over the last 24 to 48 hours kind of caused a downswing. But again, it's a macro instrument. And so what. What feels. Well, let's jump into it and then we can broaden the discussion. So let's go over. I like this tweet. It's something that I've been Trying to follow of, you know, what caused this, because again, Michael Saylor sold bitcoin for the first time since, what, 2022. And so everybody freaked out in the morning. And, you know, again, we've kind of covered he, he, to his credit, he at least kind of projected this strategy or this newer strategy of like, hey, we're going to sell bitcoin to fund the dividend. We're buying some bonds to consistently fund the dividend. And then like, we'll buy more bitcoin. We're going to buy more bitcoin than we sell. Through his financial alchemy of the strategy and all the preferred stocks, we kind of covered that over the last couple weeks of what they're trying to do in their strategy of microstrategy. So that was one thing they officially sold. We talked about the strength at the beginning of the year. Up until this point, the BlackRock, IBIT and all the Bitcoin ETFs had a lot of relative strength. There wasn't a lot of panic selling. There seems to be a little bit of a tipping point here. We've had nine sessions of outflow. So again, the trend is downward for the ETFs. We had a bunch of liquidations. We were getting the tweets. You know, when the market flash crashes a little bit, you start to get those liquidations for people with leverage. And this one, I saw Mount Gox still flexing that it has some bitcoin wallet. You know, moving a new wallet there on June 2nd. It's the largest transfer in months ahead of an October 2026 repayment deadline. So again, it looks like this just what we need. Yeah, so when it rains, it pours. I kind of, I mean, I kind of like. The counter argument of this is like, it is starting to feel just like the AI trade, at least for me, is starting to feel frothy. The bitcoin negativity is definitely reaching a fever peak along with ETH as well. Again, you go through these cycles, these boom and bust cycles, and again, there's. There's a lot of people in the street saying, you know, hey, bitcoin's dead, especially Ethereum's dead. And meanwhile, you know, I think I have it on the sheet here. I'll pull it up. We have Sailor. Sailor and or I said this, I was like, sailor, finally selling in this cycle is like finding out your favorite superhero isn't real. Very sad.
- [18:17]
B
It's like finding out the WWE was fake.
- [18:20]
A
Exactly, exactly. So, Brendan, before I hand it off to you, There was one thing that we haven't talked about in a while, and when bitcoin was at all time highs, we were kind of tracking the sentiment. One of the sentiments I like to see of a frothy any market is when it leads the A block, A block. And bitcoin was leading the A block for a while at all time highs. Obviously it hasn't been there in a while. Last night, for the first time on CNBC and Fox, I saw a bitcoin A block segment. Obviously Sailor Selling led that and they talked about bitcoin's price action, how poor it's been recently. So again, to me, sign like you're closer. That's a sign you're closer to the bottom than, than the, than, you know, the top, obviously. So any thoughts on what you're seeing sentiment wise or breaking down any of the, the, the major catalysts that we went over?
- [19:12]
B
Well, sentiment right now is pretty sour, I think. You don't have to be an expert to see that. You go on crypto Twitter, you see it, you go and you talk to someone, you see it. Sailor selling is like a prime example of this. People are frustrated. You see a lot of frustration, I think towards, again, the large caps here. You see frustration that bitcoin hasn't acted as much as a hedge. Right? That's what Mark Cuban and some people have said before they sold. It's not behaving as much of a, as much like a hedge as they wanted to. So you see people selling bitcoin, you see people talking about Ethereum and saying, oh, it's lack of activity and it's lack of scalability. And Vitalik is getting away from its original mission. And some people are trying to say he's getting back to his original mission more, which is what Vitalik's been trying to say. But there's frustration there. There's frustration with Solana too, where it's just not performing as well as people had expected. And despite it seeing some levels of success from like on chain metrics, you see the token just plummeting down here. So you see frustrations from a lot of these different ends. Right. You go to the base ecosystem booming about a year or so ago, and then now as the market has declined, you see frustrations across the board. And I think that's what's throwing people for, for such a spin here. So sentiment is definitely low, but I don't think it's as bad as people are making it out to be. I think people's emotional reaction here is A lot worse than sentiment or the reality of the situation actually is. So are things like picture perfect and jolly? Not necessarily. But I also don't think it's this doomsday scenario. People are acting as if the space is falling apart and it's dead and there's no activity and this and that. You go back and you measure a lot of what the performance metrics that we have seen to maybe a cycle ago or to when a lot of these assets were at all time highs. We're doing fine from a couple of years ago. Like we, we really, really are. And I think people are easy to forget that kind of thing, right? They always want something to be at all time high, they always want it to be growing, they always want the best non stop forever. That's just not the way that things work. You can look at this from a million different ways, right? You look at the metals market, people said that was data, it was never going to do anything. And it did, didn't do anything for a long time. Then it boomed and everyone's like, oh, forget cryptos, it's all metals. And they Forgot the what, 15 years or the 10 years it went sideways and now all of a sudden everything had changed because it had this rally. Then you go and you can look at the software space, right? Oh, software's dead. AI is going to take it over this and that and like obviously that's not the case. You could say the same thing with cybersecurity. You saw it over on that front. You saw the same thing like a year ago with Google, right? Oh, Google's dead. And it's, you know, it's not going to be able to do anything now. Google's hot and software is bad and then you have, the chip makers are bad and it's all software and you go vice versa. You have all these different things. And the point that I'm trying to make here is that the way that this relates to crypto is that people are fickle. People will forget as soon as the going is good for one thing, it's bad for the other. They switch sides and they're very, very easy to forget about what it was like and what happened. And I think that's where we're at right now. And again, you've seen this happen so frequently, not just in crypto, right, because you've obviously seen it with market cycles and sectors doing good and bad, but you've seen it in tradfi so frequently as well. So that's what I would just look at here. Is again, people's sentiment is very, very, very just much based on like whatever's happening at the moment. And guess what? People will forget about this when the markets do move back higher. I still think that there's a lot hanging on the Clarity Act. I think there's a lot of importance there and there's a lot of fears, I would say fears and frustrations. And we're going to talk about this in just a little bit because there's some updates here and I think that's where some of this is coming from. So I will kind of come back to this point TiVo, once we start talking about the Clarity act because I think that has part of the reason. I think sale or selling is just something that so many people were ride or die for him, for him. I have so many friends that would listen to his talks, his presentations. They lived and died for the idea of he preached never sell. It was going to appreciate all these things. And then him selling was like gut wrenching for them. They had been buying up mstr. They believed in the mission and they just. Even if it makes sense and right. And I think there's some justification for why he did this, even if it does. There was a lot of much more casual supporters of him who maybe aren't deep analysts. This isn't their full time job. They are the ones who aren't going to go into the whole why behind everything. They're just going to hear the basics of he said never sell now he sold. And that's just what goes into their head. And they're hurt. I think they're hurt and they're upset and they're hurt and upset because it's down 50% almost. Bitcoin's down almost 50% and now he's selling. So to them again, they don't look into the whys behind the situation. They just see bitcoin down, Bitcoin underperforming Michael Saylor selling at discount. And to them they're just like this is the worst thing ever. Now again, I think there's some justification for why that's happening. But again that just leads to frustration.
- [24:37]
A
Yeah, it's a great point. And Michael Saylor and strategy have evolved over the years, especially last year with all these preferred stocks and the financial alchemy of it. We've tried to cover that and our takes on it. So it's like it's an ever evolving process. But the facts are the facts. Bitcoin's down 50%. You're selling at a discount here Than the, you know, the all time highs and you know, look at these P. Ls you know, Michael Saylor back in the red down 7.6 billion and Tom Lee down 8.9 billion. Tom Lee continues to buy. They bought last week. Michael Sailor bought some bonds last week, sold a smidge of bitcoin this week. So something to track just man the conviction of these guys as they march forward. It's going to be interesting to, you know, see their comments. But more than their comments, especially for Sailor now it's action. I think, you know, I think Sailors probably a borderline just in general, very smart, genius person just in his IQ and he's very well spoken and did a lot does a lot of pressure. But you know, you're changing your stance. Like if we're just gonna call a spade a spade, you know, we have plenty of clips and tweets of you saying one thing. Now you're changing your tune and you credit to him. He's projected this. It's not out of the blue. He's projected this and with the new, you know, preferred stocks and all that, but it's a different tune for sure. So the market's digesting it and we'll continue to cover it. As you said. We've got some Clarity act news. Jamie Crypto diamond and Brian Armstrong going at it. Let's listen to this clip of Jamie. We're going to play it for about a minute and then we have Brian Armstrong's response, which was quite funny if you're into TV shows, current TV shows. So let's break this down for Jamie Dimon, Brian Armstrong and the Clarity Act.
- [26:25]
D
So, you know, this is complicated and the government needs to do it thoughtfully. If they don't do it thoughtfully, it will because it'll be a huge problem. So are you happy with the way
- [26:33]
C
the Clarity act is turning out?
- [26:34]
D
Oh, no. Because it allows them to effectively pay interest on deposits, stablecoins or something like that without the protection that they should have. And it doesn't do anything for AML bsa. There's almost no legal protections. So no, it's. The banks will not accept it that way.
- [26:51]
C
They want to.
- [26:51]
D
And the aba, the small banks, the credit unions, not just the big guys. I'm not worried about stablecoin, but if it happened, I'm telling you I would have nothing to do with it and it would eventually blow up on its own. Okay, but that's my personal thing. But I do understand the concern of all the other banks, so.
- [27:07]
C
Well, the markup is coming I mean,
- [27:08]
B
what are you going to do about it?
- [27:09]
D
It is. We'll fight it. If we lose, we lose and we'll live.
- [27:12]
C
Okay.
- [27:12]
D
But it will be fought. This will not be. No, no one's going to bow down to this guy. Okay. Or that company. But he's the only one.
- [27:19]
C
Yeah.
- [27:19]
D
And he's spending hundreds of millions of dollars in Washington.
- [27:22]
C
This thing he said, he's, he's representing the whole.
- [27:25]
A
Can't repeat that.
- [27:27]
B
No, the, the, the. And this is, I think, part of the reason that people got spooked. Right. People want the Clarity Act. They thought it was going to happen sooner than it did and then now they see this and every time it feels like, hey, we're advancing a little bit, we're getting a little bit closer, we're making some progress, something like this comes out and you have seen an increasing amount of frustration towards the banking side and the way that they've been handling this. Because this clip, if it shows us anything, what it basically shows us is it sounds like this is a hill that Jamie Dimon is willing to die on. It sounds like for him, these deposits and the yields on stablecoins, like he's willing to die on this hill of not wanting it to happen. He said, hey, we'll fight it, we'll fight it. If we lose, we lose, but we're not accepting this. And that spooked people. They're like, oh man, he, we thought we were making some progress. He's willing to die on this hill. He doesn't want it. He's not even leaving the, the, the, the negotiating table open. He's saying this is just unacceptable from our end and if they'll take it to court and they'll run it all the way or whatever, but if they lose, they lose. But he's basically saying there's no room for negotiation in this. For us it is a non negotiable. Brian Armstrong taking obviously the opposite approach of this and that kind of conflict is spooking people because I think it's already past the time that a lot of people expected this to go and there's been more back and forth and more conflict and more disagreement than I think the average person expected. Now the fear is that if this gets pushed out too, too far, then you run the risk of like, is this thing really going to be signed anytime soon? Right. Because the emphasis is can we get this done before the, the midterms happen in the fall? And that seems to be the big timeline of can we get this done before midterms and if it doesn't, then maybe this really does get pushed out drastically farther than what we're currently expecting. And that freaks people out. So that's really what goes. What it kind of goes back to here is it goes back to this idea of, can we get this done soon? Can we see it actually move forward? Can we decrease the amount of disagreement and conflict that's happening in terms of the dialogue around the Clarity act, and can we get this done before midterms? Because if we don't, then the consensus is that, hey, it. It looks as if it could get pushed out. Now you see the current administration, in terms of the US Government really pushing to get this done. You've seen frustration on their end, where at first they were a little bit frustrated with Coinbase and crypto projects, now it's flipped. And you've seen a lot of frustration towards the banking side and saying they're holding this hostage. You've seen, like, a lot of key US Officials, even the President, talk about this and be frustrated and be like they're dragging their feet. They're holding it hostage. It's tough because what we've said before is that the US Banks are the people who have been around for the longest, and they have drastically more money and influence than the crypto side. And so they feel entitled, as if they should get it their way because of that. Now the crypto people here are saying, no, it's our industry, we built it, we understand it. They're coming onto our turf and trying to dictate what they think is best. And so they're saying, that doesn't make any sense. I would agree with that. I think that the banks want to have more influence than they actually have here, and they're trying to get it done their way or the highway, because they're so big, because they've been around so long, they feel as if they can kind of just bully their way around. The government's frustrated by it, obviously, the crypto side is frustrated by it, but the banks aren't willing to budge. So that's kind of creates the predicament that we're in right here.
- [31:02]
A
It's a great breakdown. And then I pulled a clip from Senator Loomis, obviously one of the leads in the Clarity act, trying to get this passed before she retired. So it means a lot to her and her response to Jamie Dimon. Then we'll jump to Brian Armstrong.
- [31:14]
C
Really distasteful remarks, especially towards Brian Armstrong of Coinbase. I would say Jamie said he thought was Full of. Yeah, exactly. So here's, here's what rhymes with it. Yeah, here's where Jamie Dimon is absolutely wrong. He either hasn't read the bill or he wants to mislead people. And let's put the best construction on this. He hasn't read the bill. Aml, anti money laundering provisions that apply to banks and the Bank Secrecy act provisions that apply to banks also apply into digital assets. It's in the bill. There's something like 16, 17 references in the bill.
- [32:04]
A
Senator Loomis saying Jamie diamond either wants to mislead or hasn't read the bill. I don't know. Not. Probably not that far off. Honestly, Jamie. Jamie just likes his talking points. Again, pro stablecoin, pro crypto, anti bitcoin, pro craze. It's hard to, you know, Jamie's kind of talked out of both sides of his mouth over the last couple years about the industry, so it's, it's a fair take. And then when it comes to Brian Armstrong, I didn't get any audio from him, but boy, if you understand the reference, quite a shot. He made this graphic that says heated rivalry, Jamie versus Brian on the ice. For hockey. And for those who do follow some current TV shows, heated Rivalry is quite the reference. For those who don't know, I, I guess it's just. It is what it is. Heated Rivalry is a show on HBO about two professional hockey players who end up in a romantic relationship. So Brian Armstrong making the poster about them. You know, I don't know, a little, little. What would you call that? Play yard humor. Yeah, if you will. We won't, we won't dive too deep to it, but just prime time crypto, Twitter typographic type of joke here. I thought it was funny. And obviously Jamie diamond probably didn't get the reference. Probably didn't see it, but pretty funny here as these guys, you know, just kind of spat online at each other. But the Clarity Act I pulled up Poly Market as of today, it was, I had it up earlier. It was 62, 63%. It just ticked up to 63. So, you know, again, it kind of just, it does feel like a toss up. Like there's, there's, you know, some bipartisan support for sure in the Senate for it. But will it get done when you have, you know, people fighting it like Jamie Dimon and JP Morgan, you know, one of the biggest banks in the world?
- [34:08]
B
Yeah, it's. I think it's funny, right? The post itself is funny. Adds a little bit of humor to the situation. But it's a serious one. So we'll continue to track it, we'll follow along what's going on here. But I think a lot of people really do care about getting this done.
- [34:23]
A
Yeah. And as we transition into the final topic, what is working, we kind of covered at the top of the show near Hype, Venice Z Cash, things that we've talked about on the show that have been working. I saw this tweet from Austin, Austin Barack, a true friend of the show, has been on many times and actually working with him to get him on with Bryce soon in the next couple weeks. So we'll hear from him. But he kind of poses the question before we pull up kind of the price action. He asked the right question. It's an interesting time, especially for people who actively manage your portfolio. So for this discussion, keep in mind, if you have long term holdings that you believe in, long term, this isn't the discussion for you. But when it comes to actively managed portfolios, you know, what's the bull case for bitcoin right now to outperform quality alts such as hype, then as zcash, etc. And I think he brings up a good point. So it'll be awesome to have him on the podcast make his case. And I know him and Bryce will have an awesome discussion. And then we'll, we'll pull up coin market cap again. If you look at this seven day as we scroll down, you'll find the winners here. Hyper Liquid 22Z Cash 10 Stellar 36. Interesting one there. Let's see anyone else we can find? Meme Core. We've talked about that. That's kind of a no name. Let's see, where's Venice?
- [35:41]
B
Venice is a little bit smaller in terms of market cap, but it has been ripping. Let me tell you what, Hyper Liquid hitting a new all time high yesterday and then Venice VVV actually coming in and hitting a new all time high as of this morning.
- [35:57]
A
Yeah, VVV up 100%, 113% in a month. That's fascinating. What a move. And then again I know every, I think most of our communities called that out newsletter. I know Momentum Moneymakers was in on that. So again, if you're. And we've talked about on the pod the last couple weeks. So even if you got in over the last, I mean I can't see. Let's go back to this. The one month, you know, you've definitely caught part of that 100 percenter wild move for Venice it is.
- [36:29]
B
So there's opportunity out there. Thibault. It's a little bit more of a pickers and choosers market, but there are a lot of them out there as well. You know, near hitting the highest point that it has seen since I think November of last year as of this morning. So big winners all around. It's a pickers and choosers market definitely in popcorn season. So I think you gotta just kind of feed into that mentality while it's going.
- [36:53]
A
Yeah, no, it definitely is. And you gotta again do your research. Yeah, it's. It depends what type of investor or trader you are. Do you do a little bit of both? Are you more longer term? If you're longer term, maybe you're doing your research on stuff that's down. You're picking and choosing what you might want to hold for a longer market. If you are a trader and you're somebody that enjoys kind of being more nimble, you know, this type of stuff is exciting because there are winners out there and it's a, you know, neck breaking speed one, you know, one month, 100%. That's pretty wild. And especially with, with hyper liquid too, obviously a bigger market cap in the top 10 now. But as we've covered on the show one month, 75, 76%. But also with the momentum of those ETFs and you know, Tradfi wanting a piece and it's not even operational in the US yet, so some more momentum possibly to come. Does that reflect in the price? We don't know. But Brendan, we'll wrap it up here. I know you got to get back to the live event out in San Diego. We appreciate you taking your time. Any final thoughts? Leave the people with a final thought. A high level overview of what the markets look like to you.
- [38:01]
B
Yeah, I think my final thought here is obviously you are having some serious fear here in the markets. Pretty gnarly moves down. I would say. Just buckle up. You know, it's possible that this isn't necessarily over. I'd still leave the idea of, you know, the larger cap seeing some more downside and dragging most of the market with it. I think that these ones that are winning, I want to play into strength here. I want to look at what's winning and you know, even if we do see new downside and even if we do see new lows here, new cycle lows for bitcoin, Eth Solana, a lot of these, I think we get a tremendous amount of buying opportunity that comes out of that. So I do want to be looking at these and saying hey, I do think we kind of get an area to really accumulate some long term value out of these. Even if we do work our way in the new lows, I'd leave that on the table. I think that right now things are sounding a lot worse than they actually are and that's kind of the way that this typically works. So that's how I'm positioned. And yeah, really kind of focusing on risk management here not wanting to be too hands on. Really would rather wait for the the bottom to be in as opposed to try to always catch the knife. But I think that there's some plays to be made in the meantime and that's where I would leave a sat. So don't let it get too under your skin but also don't try to catch the knife here and get yourself in trouble. But I think that there is a lot of opportunity around and that's what we're here for.
- [39:25]
A
Yeah. The only thing I'll add is it's starting to feel like the the same side of the boat which we talk about a lot on on both sides of positive price action and negative so starting to feel that way to me. As the fear and greed index starts to lean to the left everybody else leans to the left. Right. So something that we're going to track. We really appreciate everybody tuning in. Yeah, we'll figure out. I'm not sure if we can get people together on Friday. We'll check with Cayman everybody's schedule but you know that's all for today. Any questions? Comments? As always reach out on YouTube or X anywhere. We are open books and we really appreciate everybody tuning in. Give this video a like subscribe, tune in for more. We always appreciate everybody listening but that's all for now. We'll talk to everybody later. Bye bye.
- [40:20]
C
When you're a maintenance engineer in a beverage manufacturing plant, you keep production lines moving and quality on track because there is no room for slowdowns. With Grainger's vast selection of high quality motors, sensors, belts and hard to find parts you can get what you need fast and all in one place. So nothing gets in the way of getting the job done. Call 1-800-GRAINGER clickgranger.com or just stop by Grainger for the ones who get it done.
- [40:50]
E
Most people don't realize how much their personal information is being bought and sold every day. Data brokers are making billions pulling details about you from public records and the Internet and then packaging and selling it usually without your consent. That's how your information lands in the hands of scammers, spammers, even stalkers. It's why you get endless robocalls and why ads seem to follow you everywhere. That's where Aura comes in. Aura actively removes your data from broker sites and keeps it off. They also instantly alert you if your information shows up in a breach or on the dark Web. But Aura goes beyond data protection. With one app, you get a vpn, antivirus, password manager, spam, call protection, dark Web monitoring, and even up to $5 million in identity theft insurance. All backed by 24. 7 US based fraud support. Other companies might sell just credit monitoring or just a vpn. Aura gives you all of it together at the same price competitors charge for just one service. Start your free trial today@aura.com remove protect yourself now@aura.com remove.