← The Wolf Of All Streets
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- [00:01]
Scott
Is the United States government going to blow their chance at getting crypto regulation right? It seemed like a slam dunk that it's all going to very easily pass through the House and head to Trump's desk. But yesterday we had three procedural votes or one procedural vote with three bills that didn't make it past the House. There's been a lot to update you on since then, but of course, this is the United States government and any government that we're talking about, which means that nothing can happen easily. I've got one of the best possible guests to discuss this, Eleanor Tourette, who's on top of all of the news all of the time and is the queen of breaking all of the news that we all follow. Going to unpack that and everything else happening in the market right now. Let's go.
- [00:48]
Chris
Let's do.
- [01:03]
Scott
Happy Crypto Week in the United States to all who celebrate. I think it's also Anti Crypto Corruption Week or something like that, depending on which party you follow. But we're going to stick with the Crypto Week narrative. Supposed to be the best week ever for crypto. A whole bunch of bills gonna pass, gonna get clear legislation leading to clear regulation. But of course, this is the United States government and it can't be that easy. Gonna bring on Ellie right now. Good morning, how are you?
- [01:28]
Eleanor Tourette
Good morning, Scott. Good, how are you?
- [01:30]
Scott
First of all, congrats on being Unchained from Fox and being able to come back on shows again and also on your citizenship. I had no idea until I saw your post that you're now a United States citizen. I frankly had no idea that you were not a United States citizen. Of course.
- [01:45]
Eleanor Tourette
Thank you. Thank you. Yes, I know I sound very American, so not a lot of people know that. I was actually born in the UK, but I've been here for over 20 years, so I am now officially, officially an American.
- [01:57]
Scott
Well, welcome. For better or for worse. And speaking of being an American, here we have Crypto Week, of course, which we've been talking about endlessly here. We know that there were three basically main priorities listed for Crypto Week, correct. We got the Genius Bill, which has already passed the Senate, so looking for that to pass the House and get signed. Then we have sort of the beginnings of the Clarity act, which is more market structure and clarity, which starting in the House, nothing to the Senate yet. And then of course some anti seat CBDC language, but it seems like everybody's not quite on board. We thought this was going to be a layup and of course Crypto bill stall in House as procedural vote fails. Maybe you could tell us what that means first, whether that's particularly important or whether we're blowing it out of proportion.
- [02:44]
Eleanor Tourette
Right. So procedural votes fail a lot of the time. Right. We saw the same thing happen in the Senate a couple months ago in May, in fact, when the Genius bill was being brought to the floor. It was the motion to proceed on the motion to start voting or to start debate on the Genius bill in the Senate. And if you remember, that was a long time ago. It feels like a long time ago. It was May only. But that was pretty dramatic because we saw a lot of Democrats and also two Republicans, if you remember, it was Josh Hawley and Rand Paul come out and say, you know, voting against it, saying, no, we're not going to, we're not going to side with you guys on this legislation. But it caused, it caused a lot of drama. And, but you've got to remember that this is procedural. Right. That was set in procedure. This is House procedure. And this is not an actual vote on the, on the bills or the substance of the bills. It was, it was more of a stand by these 13 Republicans. It was, it was 12 Republicans that we saw yesterday side with Democrats to not want to, you know, bring these bills to the floor for a vote, if you count Steve Scalise, who's obviously the majority leader. And he had to vote, he had to change his vote in order to bring it back up for a vote today, which we'll see that vote take place after midday. But, but basically it was sort of a stand by these, these House Republicans who had to push through the one big beautiful bill, you know, a couple weeks ago, that they weren't exactly happy with a lot of the provisions. This was a bit of, you know, grandstanding, you know, kind of saying we weren't happy with, you know, what the Senate gave us on obbb OBBBBBB O Triple bb. Right, exactly. And, and the way they went about this, as we saw, as you saw, was the, the sort of so called backdoor route to this CBDC legislation that could potentially happen if Genius passes as a standalone bill. And that's sort of the issue as well. Right. We're seeing some members who are concerned that if Genius passes without, you know, clarity attached, without this anti CBD surveillance State act, which is the bill from Tom Emmer, the majority whip, then there may be some backdoor way to get a CBDC legislation in the future. Now there's actually language in the Genius act, which I pointed to yesterday that that would prevent this, or at least prevent the Federal Reserve from creating a retail cbdc. So a CBDC that's available to the general public. So, you know, there are backstops here, but I think a lot of yesterday was basically just kind of trying to make a point. And then you obviously saw President Trump. President Trump held a very short meeting with 11 of those 12 members at the White House yesterday in the Oval Office and came to the conclusion, at least according to his true social post, that those Republicans who voted no yesterday will in fact flip their votes today. So it'll be an interesting time to see 12:20. I think we're expected to see the first votes start to trickle in. So we'll see if President Trump managed to make the art of the deal, as he is so famous for doing.
- [05:42]
Scott
He got them in there and said, get your together, let's be real. Right? And French Hill says that he has enough votes to get this passed there. Strong bipartisan support. So I guess, kind of unpacking what you said, you made it very clear that there is anti CBDC language in the Genius Act, Right? So is this a misunderstanding by those members that for some reason somebody told them that the Genius act could open the doors through cbdc? Because in my mind, if we start plating or trying to combine these three bills, this literally never passes, especially market structure, clarity, because that's really complicated. Stablecoin's a lot simpler than market structure, right?
- [06:25]
Eleanor Tourette
Well, in theory, it was supposed to be right. I think the, the substance, you're right is definitely. But, but Cynthia Lummis has been saying, you know, it was famously, she said in that fireside chat with Bo Hinds and Tim Scott a couple weeks ago, you know, it was, it was as difficult as giving dry birth to a, to a porcupine. So clearly a little bit more difficult than, than some senators expected.
- [06:47]
Scott
I didn't hear that.
- [06:48]
Eleanor Tourette
Oh, yeah, yeah. Dry birth to a porcupine.
- [06:52]
Scott
Sounds awful.
- [06:52]
Eleanor Tourette
So, yeah, sounds, sounds really excruciating, but basically, yeah, so. So in substance, genius was supposed to be a little bit easier, easier of a lift than, than clarity. But if you look at my tweet, I did, you know, know, I did screenshot the, the part in the bill where it, you know, that, that language, the thing that I'm learning covering, you know, the Senate, the House, all the, you know, bill language, legalese, everything that this job has, you know, kind of put me in. And I've, I've never expected that I would like, cover it at this level, but I Have this language here is, is the little stipulation, and it's kind of no wonder, right, that like, members who probably did not read the entire bill and they have staffers who can say, you know, here's what's in it and here's what's not that this was missed. I mean, it only says nothing in this act shall be construed as expanding the authority of the board with respect to the services the board can make directly available to the public. So it's not explicitly saying in there, this bill shall ban all efforts and all attempts by the central bank to create a central bank digital currency. It's not that explicit, but I'm learning with bill language, like, they kind of have to make it a little bit like, nebulous, you know, you know, to, to prevent events like we saw yesterday, where huge swaths of, you know, the House or the Senate will, will take offense to it and the bill will not pass because of this one thing. But it's interesting that this was like the one thing that the members were concerned about that was actually in it that they missed. But it's all because of this sort of, you know, nebulous language that they use.
- [08:19]
Scott
Yeah. The thing is, we don't really want legislation that's extremely explicit on every single detail, especially for something like market clarity, because there would be so many unintended consequences to doing that with a bunch of people who don't really understand the industry is certainly with nobody understanding what the potential future of the industry is. So I think everybody really just wants kind of vague guardrails and to let the regulators and the industry find their way within those sort of clear restrictions. So I can see how this is challenging if you're a congressperson or a senator.
- [08:56]
Eleanor Tourette
Yeah. And I think the shock value yesterday was that it was, you know, 12, 13 Republicans like you expected a lot of the Democrats, in fact, mostly or all of the Democrats voted against this bill. You mentioned Anti Crypto Corruption Week. Maxine Waters and Stephen lynch dubbed it this week, you know, as sort of the counter narrative to crypto week. Trying to make the point that, you know, President Trump is profiting from his crypto ventures and we should put. Know we should make this illegal and put things in bills that should prevent this from happening. But I think the, the fact that it was the, you know, 13 GOP going against sort of party lines was, was sort of the. Well, that was the headline yesterday. But as we saw, you know, maybe it was just a point they were trying to make at the moment. You know, a. The White House is telling them that they want the Genius act passed as a clean bill. Right? No. No amendments to Genius. And I think a couple of the members, Marjorie Taylor Greene was one of them. You know, she said that she was, you know, not encouraged by the fact that Speaker Johnson would not let them make amendments to genius. Just send it right to the President's desk. So I think it was more of a, you know, trying to make a point, trying to make a little bit of a stand. But like I said, you know, a couple hours, three hours, we'll see if that meeting last night in the Oval Office came to anything.
- [10:08]
Scott
I'm sure it will. I'm sure this will pass. But it's just interesting that this was the Republicans big thing, crypto week, and then.
- [10:14]
Eleanor Tourette
Right, right.
- [10:15]
Scott
And they have all the power in every single, you know, on the. In the Senate, in the House, certainly with the presidency, and still had to make a stand or kind of muck it up on the goal line. But if it gets across the line, I guess it'll be forgotten.
- [10:30]
Eleanor Tourette
Right. And it's always good for, you know, it's good for drama. Right. It's good for podcasts, good for newsletters, which is the business you and I are in. We have a lot to write about and a lot to talk about.
- [10:41]
Scott
If we had an efficient government, we wouldn't need Bitcoin at all. So we would have literally nothing to.
- [10:46]
Chris
To.
- [10:46]
Scott
To talk about in the first place. So, listen, obviously, I think since Genius passed the Senate in general, we've seen sort of this Cambrian explosion in interest in stable coins. We had the circle IPO, which everybody knows obviously pulled effectively a 10x from the value the day before the IPO. And now we have these kind of announcements left and right. Citigroup ways issuing stablecoin to expand digital payment capabilities. We know bank of America is doing the same. We've seen similar announcements from JP Morgan. It feels like everybody expects stablecoin clarity or we wouldn't be seeing these kind of announcements.
- [11:23]
Eleanor Tourette
Yeah, yeah, absolutely. And the pace we're seeing them. I know. I feel kind of like maybe a few months ago this would have been major breaking news and everybody would have been freaking out about it. But I feel like it is kind of the norm now. Right. You've seen all these massive names come in. It's kind of like, yeah, well, I'm surprised they're not launching a stablecoin. You know, the companies that haven't announced yet, it's like, well, why haven't you announced yet. It's kind of weird that you haven't so is becoming sort of the norm at this point, I feel.
- [11:50]
Scott
What do you think the stablecoin market looks like once genius has passed and we have endless stable coins from effectively every bank, potentially companies. Right. I know there is language in Genius that prevents the Metas and the Googles from necessarily starting their own stable coins because of the amount of data they have, which I think is pretty wise, or at least they have to jump through some extra hoops. But like, do we need thousands of stablecoins? I mean, we already have a few that seem to look great.
- [12:18]
Eleanor Tourette
Yeah, no, I mean the market will definitely be flooded. I think the, the market valuation of stable coins will also go up. I think it's like close to, it's up there in the, in the hundreds of billions, I believe, you know, already. But, but that's obviously going to explode. We'll probably see, you know, some more consolidation in the space as well. Maybe some more IPOs, but, but yeah, to your point, I mean I feel like there's, there's a lot of stable coins already and there's probably two that most people right. In the industry use. And then you're also thinking about, you know, potentially, you know, state issued ones as well. It's July and I believe the Wyoming Stable Token Commission was targeting July to launch its, its state backed stablecoin token. Wyoming is very obviously crypto forward, as we know. You know, they were kind of first, they were pioneers when it came to, you know, the, the banking legislation, the speedy banks. You know, a lot of companies crack and just move their headquarters there because of the crypto friendly laws. Ripple has a, has a location there. So kind of unsurprising that they would do this. But then that kind of also goes back into the, you know, question of like, how similar is that really to like a cbdc, right. When a state is issuing a stablecoin as opposed to the federal government, like how is that different? So yeah, you know, stable coins all over really. And then obviously the Trump family too has their.
- [13:38]
Scott
Yeah, and they had, my God, the amount of like FUD around that stable coin. I don't think we've even unpacked it. But there was this wild story in Bloomberg that binance had helped USD1. Did you see that story?
- [13:48]
Eleanor Tourette
I did.
- [13:49]
Scott
Zero. Literally zero evidence of anything.
- [13:52]
Eleanor Tourette
Right, Right.
- [13:53]
Scott
Craziest story. It was one of the craziest stories I've ever read. Obviously CZ called it fud, but clearly stable coins. I think we don't need to talk about that. Clearly stable coins are the thing right now. I just have my doubt that everybody's going to need to have one. So maybe the free market is going to determine which are successful and which are not. And certainly this legislation will determine who can and can't launch them.
- [14:16]
Eleanor Tourette
Absolutely. And then of course, we have market structure coming up too. So the Senate is also getting in on crypto week this week. They are set to launch their or release their discussion draft of their own market structure text. It was supposed to be today, it's actually going to be tomorrow now because of everything that went on with the House yesterday. So expect to see a discussion draft from Senate Banking. That's Tim Scott and Cynthia Lummis. Senate AG yesterday had their first. Yeah, well, well, it's interesting, right. Elizabeth Warren put out principles for market structure and it was kind of in a le Elizabeth Warren way, you know, saying, you know, we need to nip the Trump corruption and blah, blah, blah. But it was, it wasn't the anti crypto army. Right. That, that she was talking about only, you know, maybe a year or so ago. So the fact that, you know, she's coming on board, I think Senator Cortez masto too. She's, she's a Democrat. She congratulated A16Z for moving their headquarters into I believe it's Nevada. And I think. Let me see, I just want to make sure I got this right before I say it live on air. Yeah. So she's from Las Vegas and A16Z moved either their headquarters or opened a location in Nevada and she congratulated them on that. A16Z is a big proponent of, you know, crypto legislation, market structure legislation. You know, having her on board will be, you know, really big for the Senate Banking Committee, I think as well. You know, if they can get some more Dems on the market structure side of things than they did on stablecoin and Senate banking, that'll be a big win for them.
- [15:51]
Scott
Yeah, I mean, you think that this would just be a layup for Democrats to support this after seeing how much money the industry gave in the previous elections and how unpalatable the anti crypto army is. But never, I never leave it to unpalatable to see the, to see the obvious. Maybe quickly. So just for clarity, the Genius act could go into law this week. Right. I mean it passes the House, it goes to Trump's desk, he signs it. The other two that we're talking about, this is sort of the first step. Like they're going through the House, but now we'll have to see them go through the Senate and then eventually hopefully to the desk. So they're sort of at different levels in the process, correct?
- [16:27]
Eleanor Tourette
Yes, yes. And I think that was part of the issue yesterday was the fact that Genius will likely pass as a standalone bill. If there's not that protection, I guess added protection of the anti CBDC State Surveillance act on top of it because they're not being packaged together, then maybe there's that way for that backdoor cbdc. Even though, you know, the language that I mentioned earlier is also in the Genius Act. But yes, you're right. So the White House, I heard, I haven't, it is not on the schedule yet, but I heard from, from multiple people that the White House has already scheduled time on Friday for a signing ceremony for the Genius act because they are that sure that this thing is going to pass and it is going to be on the desk. Yeah, yeah.
- [17:06]
Scott
So you know, must have been so pissed yesterday then if he got all those people in there like what are you doing man? We've already like called the caterer.
- [17:14]
Eleanor Tourette
Exactly. Right, right. We can't cancel the, we can't cancel the party now. So you know, assume that comes into law, passes on, on Friday. Right. And then you've got Clarity and the CBDC bill will go to the Senate for consideration. It'll be interesting to see how they either package that reconcile it with their own market structure text. Senate AG is an entire entirely different, you know, beast in this, in this whole setup. Right. Because they have jurisdiction over the cftc. Senate Banking has jurisdiction over the sec. So they've got to work together. They're actually doing separate versions of market structure tech. So the House and the Senate work in very different ways. The House is a little bit more like flexible with how they can collaborate on things. You saw with the Clarity markup. Those happened on the same day. The bills were kind of reconciled in different committees but then they were put together as one after the fact. The Senate's a little bit more complicated. So it's just a lot of, I'd like to say a lot of cooks in the kitchen on this one. You know, there's that September deadline we saw David Sachs and Bohemian say we're going to have market structure done by September. Not sure how realistic that is just in terms of, you know, how the Senate works. What we saw with Genius, the right, the, the, you know, the Democrats opposition to this whole thing, what we saw yesterday in the House, it's, you know, it's One big unknown. It's like I feel like everybody likes to think that they know what's going to happen and there's good feeling and good momentum and even among Crypto week. Right. All these events and things you're seeing in the industry this week, everybody's just like, spirits are high. But then, you know, all of a sudden, that snafu yesterday and it just comes crashing down.
- [18:45]
Scott
I mean, listen, I'm old enough to remember when we had an executive order that said we were going to get a strategic bitcoin reserve. That legislation seems to have been tabled behind these three. But also many made me remember. Yeah, really quick that we also had all these deadlines from we were supposed to find out how much bitcoin the United States government even owned. I haven't heard about that. Again, there are all these things that we're supposed to be getting clarity on that kind of just disappeared into the ether as they tend to.
- [19:11]
Eleanor Tourette
Yeah, update there. Just because Beau did mention it at the fireside with lobbies and Scott a couple of weeks ago. So that report about how much bitcoin and other digital assets the government holds, they have that the treasury has that report. The executive order did not mandate that it had to be made public. Bo made that point. He said that they might make it public. However, the report, the White House report. So if you remember back in January, President Trump's executive order said, you know, I'm asking the presidential working group to give me a 180 day report. That report is actually due on, on the 22nd. That's the deadline. So we could hear more surrounding the bitcoin reserve, how they're going to fund it, how much the government owns in bitcoin potentially in that report. But I heard the report is like extensive. Like it's like over a hundred pages and the treasury is kind of working through that right now.
- [20:02]
Scott
So we have a couple other stories outside of what's specifically happening, I think on Capitol Hill that have been interesting or worth noting. Obviously spot Bitcoin ETFs, log 403 million in net inflows. We had $2 billion days back to back last week. So I think just very, very clear that we're seeing insane flows into all these ETFs. But eth actually has been relatively keeping up to some degree, or not the same, but doing its proportion. And that's because we have stories like Peter Thiel's founders fund holds 9.1% stake at ether. Treasury company ETH raises 6% against bitcoin as Genius act put spotlight and yield bearing stablecoins, blah blah, blah. I love these narratives but very clear that the market is liking what's going on. And for once Ethereum seems to not be like the ugly redheaded stepchild in the corner.
- [20:54]
Eleanor Tourette
Right, Right. I am also interested to see what we're going to see out of the CFTC in terms of what's the next approval going to be. Which, which Altcoin is going to be approved for an ETF next? I think, you know, looking at James and Eric's analysis, it seems xrp, Solana have, have a good shot at passing this year. It'll just be interesting to see how they, how they set up and, and maybe do sort of more of a general, general outline for how companies apply for tokens. They're flooded. Right. I mean just completely flooded with applications from everything from pudgy Penguins to doge Trump ETFs. Right. And then. Right. And then there's that whole other thing, right. Where the Truth Social is applying for bitcoin etfs and it's a wild ride.
- [21:46]
Scott
So I would love your opinion on treasury companies. We got this one breaking yesterday. Just, just. I'm struggling mentally to unpack this one. Maybe you can help. I don't know if you looked at it. Cantor Fitzgerald's back to close 4 billion bitcoin deal with Adam back. Literally Adam back selling them 3 to 4 billion dollars worth of his bitcoin. We know obviously Cantor Fitzgerald launched 21 with tether and Jack Mahlers.
- [22:13]
Eleanor Tourette
Right.
- [22:14]
Scott
This treasure. So first I have so many questions I want to ask Adam but I don't want to be rude. Like why would he want to sell three to four billion dollars of his bitcoin to a Treasury company as a self custody believing hardcore maxi. And this has been the case with a lot of them. I mean I know the answer. It's because you send it into one of these and you get stock in return and it's worth.
- [22:34]
Eleanor Tourette
I was going to say he gets a little equity. Yeah.
- [22:38]
Scott
But like man, this is like our heroes are going into the treasury space.
- [22:44]
Eleanor Tourette
For the extra dough going to the dark side. I mean what do you think of.
- [22:49]
Scott
The treasury company trend in general and of this news? I mean first of all, it's just, I love that Adam back casually has 3 to 4 billion to just sell these guys.
- [22:56]
Eleanor Tourette
Right, right. I, I think it's probably going to end up as maybe a little bit of a bubble. I don't obviously know how that, I don't know how that ends. Honestly. Like I, you know, not making any predictions here, but like we actually had Jake Chervinsky and Jesse on from, from Variant and we asked them this very thing because when we have them on people on the podcast, news of the day topics come up and we're like, we've wanted to ask our guests about, you know, bitcoin treasury companies. And you know, is it just a fad? Is it a bubble? Like, is it, you know, what's, what's the future here? And, and they, they pretty much said, you know what, what I just said, which was, you know, it seems to be a bit of a fad. Not really sure where this is going to end up, but I guess we'll see. I think say obviously something with this first thing. Right? Right. And it's not just bitcoin anymore. Right. I'm hearing XRP treasury companies are being, are being considered. You've obviously got the eth one that you just mentioned. So it's an issue. And I think that the argument for the hedge against the dollar is also an interesting component to it.
- [24:02]
Scott
Well, I keep saying this. There's bitcoin treasury companies, which is financially engineering a balance sheet to buy more bitcoin, taking on debt, and then there's just bitcoin balance sheet companies, which is like what you just said. I got 15 million sitting here in cash. I might as well put a million or two of it into bitcoin to hedge. Like, that's literally what MicroStrategy originally did. Right. And that's what Tesla did and that's what Square did, you know. And, and so I think we know that there's that approach. I think that's. There's no way that blows up. But these treasury companies, I've also heard privately, outside, I guess of this deal which everyone was saying this might be the last big one. I was hearing this before it was even announced over the past few days is that the demand for these huge players is diminished. Like, it's that people are trying to raise a billion bucks even two weeks after Pomp was able to do it in three weeks. And there's just not the money that was going to be deployed in these. Has been deployed into the.
- [24:56]
Eleanor Tourette
And is it, is there like a hesitant, is there a hesitancy now because of the. They feel like it might be a saturated space at this point.
- [25:03]
Scott
I think that's a, I think B, they're looking for like sort of less untamed pastures, so to speak. Like, if, you know, you see what Meta Planet did in Japan, Meta Planet is so successful because in Japan, there's really no way for institutions to buy Bitcoin, so Meta Planet is the only option. Kind of like microstrategy was before ETFs. So I think now everybody wants to go find other countries to do Bitcoin treasury companies in where there's no institutional access. But also there's just only so many Bitcoin whales who are willing to send in 100, 200, $300 million of their bitcoins into these before that just runs out. But to me, it just feels like the ICO craze. It's just like early people who are rich and able to fund these make their instant 9, 10 or more X, they're already out by the time the stock is even trading. Yeah, yeah, we know how to live for retail. If you buy something at a 20x multiple to nav like it's going to come down.
- [26:01]
Eleanor Tourette
You mentioned the ICO craze. Something else that, that Jake and Jesse mentioned on the podcast came out this morning was that, you know, we could see a resurgence of the ICO craze. Maybe not the craze, but. But of ICOs under the new regulatory regime with, you know, maybe the SEC providing for safe harbors for token fundraising and founders being able to hold onto their coins for a certain amount of time. And it'll be an interesting thing to keep in mind with clarity, obviously, going through the House, the Senate. How long is that going to take? Will the SEC come out with rules ahead of that so the market can kind of stay on track? So just something else to think about. Potential resurgence of ICOs as well.
- [26:42]
Scott
I know we have one more minute, but anything else on your radar that I might have missed?
- [26:46]
Eleanor Tourette
Oh, goodness. So, Roman Storm trial. I was there yesterday. It's an important case for DeFi because it's kind of could set a precedent for how software developers are viewed under the law in the US if he's found guilty, it could open up software developers, not even in crypto elsewhere as well, to be liable for things that happen on their protocols on their platforms. An interesting sort of dichotomy that came up yesterday. The first government's first. First witness was a woman who was talked out of spending $190,000 of her life savings putting it into a trading scheme through a guy who contacted her on WhatsApp. And sort of the, you know, the. The parallel there is that, you know, WhatsApp is a technically, like a neutral platform, a neutral, you know, software that a bad actor used to scam. This Woman out of her life savings, you know, are they going after the WhatsApp developers?
- [27:44]
Scott
Drug dealers use iPhones. We need to ban iPhones.
- [27:46]
Eleanor Tourette
Exactly. You know. Right, right. So there's this whole big argument, you know, you know, how far are we going to go with this? So it will be very interesting to see how it plays out. Opening statements for yesterday. It's going to run for about three weeks, so I will. I'll keep you all updated and in my newsletter and on Twitter on that.
- [28:02]
Scott
Awesome. I think my favorite comment here is I would love to know what Ellie's top three crypto holdings are. I can answer that. She doesn't have any.
- [28:10]
Eleanor Tourette
Yep, you got it in one. I don't own any crypto.
- [28:13]
Scott
So, see, there are people who are actual journalists out there who go against necessarily even their own self interest to objectively cover an industry. And if you own it, it's very hard, I will even say not to be obviously somewhat biased, which I know we've talked about, is the reason you don't do it. Right?
- [28:29]
Eleanor Tourette
Yeah. Yep, exactly.
- [28:31]
Scott
Great answer. Okay, so listen, the quick elevator pitch, where can everybody find all the things that you're doing now that you're not at Fox because you have an amazing podcast of your own, a newsletter, as you mentioned.
- [28:41]
Eleanor Tourette
Thank you. Yes. So Crypto in America podcast, you can find it on everywhere you get podcasts. And my newsletter comes out three times a week on Substack, but I also post to my Twitter page, so just keep an eye on, on my ex account at Eleanor Terrett and you shouldn't miss anything.
- [28:57]
Scott
Yeah, guys, keep your eye on her ex account, especially this week because we're going to have the storm trial, the votes, all of the updates. There's going to be a lot to keep up with and you're always first. So thank you, Elliot, for everything you do and for coming on today.
- [29:09]
Eleanor Tourette
Thank you, Scott. Thanks as always. See you soon.
- [29:12]
Scott
All right, guys, obviously it's Wednesday, which means we talk very briefly about aptos here. They've set yet another record here. More stables, more milestones. Milestones, more proof. Aptos is the chain of choice for stables. 1.35 billion in stables now on chain. The fastest growing chain right now for stable coins. And also, incidentally, the fastest, cheapest and most secure chain in general. If you are building, you should be building on aptos. Now on to see what the hell is happening in this market. Bitcoin's under $119,000, so I think it's dead. Again, I have to start our segments the same every time. So 123, we were 115 yesterday. It's over, you know.
- [29:58]
Chris
Yeah, yeah. And we'll be back up there 123 and then 127 and then 136 and then 142. I mean it's going to keep going up. We're not, we're not done yet. I mean, you know, when I'm looking at this, Let me see. I'm pulling the chart a little bit here, kind of bring it in here a bit. But just, you know, again what all we did was we pulled back to this, this monthly R2 pivot right here. It's all we did. We have a great week. This was a 50, almost exactly a 50 bounce back off from the low yesterday. So we had a good bit of volume come in. But ultimately what we have here and people need to pay attention is we have this. We had this trend with this large upper wick at the top here, small body followed by a smallish body, you know, mid body here, but a long lower wick. So what it's showing you is you've got this clear area here where you've got demand and you've got supply and it's coming right at the, this support. And so, you know, when I'm seeing stuff like that, I'm feeling pretty good about it. Usually we need it to, you know, break out a bit higher here, but. Oh man, I think we're set up to go higher. And my next target on this chart, again, this is that bitcoin all time history index chart here. But it's about 128, 000 is the next move based on the height of this current pullback here. So I mean, when we look at this, you know, I, I don't see anything really bearish about it. A lot of people get hung up on one candle, right? A lot of people believe in this old reversal candle nonsense. And there aren't reversal candles, right? There's, there's the pauses with the potential for reversal. But that potential has to be followed through. Coming up next. And right here, had we closed maybe down here at the low, I'd be thinking, okay, yeah, we could be looking, you know, 111, 112,000. But the fact that we did bite that back up there, you know, and close back up 50% right back on that support there. And now we're getting some fall through here. I mean, it's looking pretty decent to me right now.
- [32:03]
Scott
Yeah, I agree. So like, yeah, I was watching that candle pretty Closely yesterday because obviously earlier in the day there was a dip into the 16s and a little bounce. Then it was down in the 15s for a second. I was thinking if this really closes down here, we might see. Yeah. But again, the downside there is everyone's like, holy crap, we might go back to retest 112.
- [32:23]
Chris
I mean, I mean, think about the world we're in right now. You know, people are upset that it's at115,000. I mean,115,000 US dollars. Right. And then people are worried and upset about it. But you know, again, every time it makes a little bit of a topping, you know, like where it pulls back a little bit, you know, the bears are out screaming, it's the top and you know, it's the end of the cycle. And I'm here to say that's not yet. We still got further to go here.
- [32:55]
Scott
So we have this interesting situation where eth is somewhat breaking out. I mean, I can just kind of look at my chart. I've got a couple versions, but like, obviously it was kind of ranging here, this ETH versus Bitcoin. So now you're back above the 50 and 200. For people who care, it's probably a golden cross coming, although we all know that's sort of a lagging indicator, but clearly a breakout. I mean, it hasn't been above the 200 in years, like sustainably.
- [33:20]
Chris
Real quick, let's address that. You said probably going to be, you know, whatever with the golden cross. But here's the thing. The golden and the, the death crosses, they have a lot more oomph if it happens right where, you know, right around where price action hits. Yeah. So we're, you know, if it's coming out there pretty quick and we're kind of, you know, not really taking off just yet. I mean, we're pretty close to where price is. So I would say, yeah, you could expect a bump out of it.
- [33:43]
Scott
Yeah. If you do one of these and it crosses here, you know, and this crosses here and this crosses here. You've got support price being up or something like that. Yeah. And then you look at the. Obviously the ETH USD chart at the same time had also kind of been struggling at the 50mA above clears that kind of 2,800 level. It looks like it's going to 4,000 to me. So I mean, I think ETH outperforming on this move up by bitcoin is pretty worth watching.
- [34:09]
Chris
Oh, for sure, for sure. I think you and I have been talking about the non death of Ethereum. We've been fighting the doom and gloomers out there for you know, quite a while here. But you know, at the end of the day Ethereum is moving a little bit differently than Bitcoin. But remember bitcoin hit its bear market low in, in November of 2022, or was it 2022? Yeah, and Ethereum hit it in June of 2022. So Ethereum bottomed out first. Right. And it started heading up before bitcoin ever did and, and then it did a little sideways and everybody oh it's dead, it's dead. And you know, I was on here saying, no, it's not dead yet. We're, you know, we're getting a bit of a pullback but you know, it's still going so new all time highs coming for Ethereum too I believe. I don't see any reason why it won't hit at least 6,000 and you know, we could be looking upwards of 10,000 or more potentially depending how this continues to get going. So yeah, hopefully people didn't sell.
- [35:05]
Scott
Yeah, I thought it was gonna go 10,000 last cycles. It's not an aggressive target for me. So what else are you watching here as bitcoin kind of consolidates?
- [35:12]
Chris
Yeah. So you know, again I've been talking a lot about alts and how they look. They're, you know, they were looking really good and we've had a lot of, a lot of good movement with it. So I've got three. I don't usually look at these but I wanted to bring up Melania here because those that were in the, the academy, in the TWC trading academy yesterday. Andrew, one of our head traders, man, he was talking about this all, you know, yesterday, multiple times before the breakout happened. So if anybody, you know, those who had actually listened to them and bought that breakout, I mean this morning you were up almost 50% so far and I believe we've got higher. I believe, you know, we've got at least a 30 cent target, potentially 34 cents or more coming out of it. So I think we've still got some upside. Overall we may see a bit of a pullback here first maybe down to 25 cents or something like that and then you know, get that further move up. But this, you know, again I teach a lot of things that, that most people don't actually even, I guess they don't know. But like when you've got these pivots here and you get this really aggressive movement up through the, the you know, the R1 into the R2, and even, especially in the R3. I mean, that's a recipe for it to take it all the way through the R5. And since these are the weekly pivots, that would suggest a potential, you know, breakout through, you know, 34 and a half, maybe 35 cents before the end of the week, before, you know, Sunday.
- [36:39]
Scott
The end of your bitcoin chart. I think I didn't realize.
- [36:43]
Chris
Oh, I'm sorry. Jesus. Yeah. Let me see here. Can you see that now?
- [36:47]
Scott
Yep, I see it.
- [36:49]
Chris
Dang it. Yeah, this, when I'm on live stream with this particular computer, this browser, it makes me have to hit that button that says change it to the other one. Sorry about that. But yeah, so this is what we're looking at here. So again, he mentioned it, you know, coming up here before we got the breakout, and that's basically up almost 50 right there since. Since yesterday. So, you know, these guys are great that, that work with me there. Put out a lot, a lot of trades throughout the day and analysis. But again, you know, this aggressive movement here where you're running up through the R1 and the R2 pivot like this, that almost exclusively will see Price, you know, end up rallying through the R5. So that's. That's really set up great there. I love it. And. And this is just the beginning here. You know, this would be the low down here. And so you've got a one and a two, you know, and a three, four, five. So basically looking for like a one up here. You'll get a two on that pullback and then you're definitely going to want to be long for that next move up as well. So that's Melania there. Got this M I R A I usdt here, making this great. This is the kind of breakout that I like to see when we're coming through. You get a spike of volume, you know, locally, and you're getting a large candle spread through it. And so I. It looks like that low is probably in here. Let me see, you're pushing up here. We hit the amazing. We got this one in this two. So three, we hit that. Looks like we might get a pullback down here to around 00644. So basically a retest of this descending resistance as support. And if we can see a rally up off that, we should be looking up here around 0.0085 at least as the next move up. So a lot of these, I think, were in these third waves and pulling back into the fourth wave. So we'll have, like one more push up, and then we'll have a decent pullback. And then you want to be in on those decent pullbacks for a lot of these alts, because then that next one will be, you know, that next much bigger move up that wave three. So, yeah, again, right here. Mira, I usdt. I like the breakout. Looks like we've got further upside here as well. Again, aggressively moving through the pivots here. So, you know, initial target would be that, you know, 875 area. But we could potentially, because of this aggressive movement here, a good chance we could see it run all the way up here through, I guess it's about 0.01045 there on that. And then we've got echo usdt here. Echo, echo. This one. This one appears to be, I think, five waves done here. And so then we've got, you know, three waves, and then looks like A, B, C, three waves here. So we want to get a breakout here above 0.024, and that'll set up then a move here minimally up here to 0.05444. Now, again, using pivots. What I love to see is if we're in a third wave and it targets that R1 pivot, that fourth wave is going to be a pullback to that pivot. And then you're going to get your 5th wave move up. And then when you, you know, that gives you five waves up, so that's one, and then on your two back, you're going to pull back, usually to the pivot again before heading up. So, you know, I'm liking the setup here. It's got a lot of potential run on this. Not ones that I usually look at. You know, these are not coins that I usually, you know, would look at or whatever. But I figured, hey, they've got some good movement here with these. With these, so why not show them and talk about them? But there's a lot. There's a lot of. A lot of opportunity out there with trading guys. And, you know, there's been, as you can see, we've had good moves up already. You know, you got to get over whatever PTSD you might have from alts being down and really start looking at the structure, what's going on here, because it seems like they're. They're likely bottomed, and we've got a lot of further movement up here. So we just want to see that. That progression and. And, you know, you're going to make a lot of money with them if you're paying attention.
- [40:58]
Scott
Yeah, I think alts are looking pretty good. I mean, I'm gonna regret saying that, I'm sure. Yeah, I said pretty good. I wasn't like, all season. And here we go, the moon or any of those fun things. But, yeah, you know, what are you gonna do? So, yeah, I mean, I'm assuming generally, you think we have bullish sentiment across the board.
- [41:24]
Chris
Yeah, Yeah. I mean, I think, you know, the markets are looking really good. You know, generally speaking there, you know, tech is. Is still even in stocks. Tech is still out there kind of doing its thing there just. There's not a whole lot not to, like, really with what's going on with the markets right now. So I. I do think we, you know, we continue up higher overall. I don't think the tops, whether it be in stocks or crypto or anything, are even in yet. Yeah, so.
- [41:55]
Scott
Yeah, awesome, man. Well, everybody check out. Chris, check out, obviously, Texas West Capital, everything they got. He just showed you some of those amazing trades. You can go in there and get access to all of that. Otherwise, that's all I got for you today, Chris. I'll see you next week.
- [42:10]
Chris
All right, man. Take care.
- [42:12]
Scott
All right, man. Have a good one. Bye.
- [42:14]
Chris
Let's do. That's dope.