00:00 Speaker A
So we have stories that we covered this week. Some of them have slight updates, but all of them have been relatively impactful. And first, we have to start with
00:09 Speaker A
I won’t even call it a story, but the biggest, the biggest item that’s happening right now. Bitcoin falls back under $60,000 hitting its lowest level since October 2024.
00:17 Speaker A
Over uh yesterday when we saw the hot PC print and Apple’s announcement that they’re raising prices 25%, that rocked markets across the board and Bitcoin obviously was not immune, dropped below $58,000.
00:28 Speaker A
We are trading back to prices from 2024, slightly above or slightly below and that’s something that you have to pay attention to.
00:34 Speaker A
We all know that the 200 MA for Bitcoin is in the low 60s and Bulls are going to want to see Bitcoin trading back above that to end the week on Sunday. That is something that I will be watching, but for now,
00:46 Speaker A
price action seems to be the main story. There’s very little uh news that’s being absorbed as good in the market even if there is good news and the bad news seems to be having an impact.
00:53 Speaker A
There’s a slight update to a story I told you earlier this week. Now remember when I told you that the rude to Housing Act or whatever it’s called, that had the CBDC ban built into it, had passed with flying colors, by Partisan was going to Trump’s decks to be signed.
01:04 Speaker A
Trump says he won’t sign major housing bill until Congress passes Save Act. The Save Act of course is voter registration and voter ID. So he is holding hostage a bill that was necessary and extremely
01:15 Speaker A
important for housing, bipartisan support uh on a level we’ve rarely seen in Congress or the Senate House with the Senate.
01:21 Speaker A
And the CBDC ban until 2030 was included in that. As an update right now, that is not being signed into law. We’ll see what happens there.
01:27 Speaker A
The other biggest story here obviously was Binance withdrawing their Mika license application in Greece. As I told you, this was effectively, uh the joke I made yesterday was breaking up with your girlfriend when you know she’s break up with you just so you can say that you did it first.
01:36 Speaker A
It’s exactly what happened here. They knew that they were not going to get uh the approval from the Greek regulator in time. We know that Christine Lagarde was likely behind that personally.
01:42 Speaker A
Well, now they’re scrambling scrambling to find another regulator and things could get messy for Binance users in Europe over the next few weeks and months. It’s really unfortunate, they should obviously be getting approval alongside OKX and Kraken and Coinbase and all the others who will be operating.
01:55 Speaker A
But if you’re in the EU and you have assets on Binance, you definitely uh need to be paying attention to this.
02:02 Speaker A
The other huge story this week that actually went uh slightly underreported obviously was the crypto exchange became a major hub for illicit Iranian cash.
02:09 Speaker A
We told you about how the bybit hack last year from North Korea and Iran looking for ways around sanctions using crypto. They all found the same launderer right in the middle, which is allegedly an exchange called CoinX that is based in China.
02:21 Speaker A
Basically the North Koreans used that uh exchange to launder the money out and the Iranians looking for liquidity used it to take money out from the other side. These are the kind of stories that can continue to have a lasting negative impact on the market.
02:32 Speaker A
And I do have one more story on that. We have Tom Lee’s Bitmine to join Russell 1000’s Ethereum staking reaches 4.88 million Eve.
02:37 Speaker A
So we told you it looked likely, but we did not have conver uh confirmation today.
02:42 Speaker A
On this very day, after the close of the market, Bitmine will officially join the Russell 1,000, which means that all you haters out there who said you would never ever buy crypto, especially Ethereum.
02:55 Speaker A
Welcome to the party.
02:56 Speaker A
You own the Russell 1000 inside your retirement account. I’m almost sure uh almost uh every index includes these things. These are the kind of uh these are the kind of indexes that are included in almost everyone’s portfolio and it will now have major representation of Ethereum.
03:07 Speaker A
I think that this is great for the market. It means that we’re going to get some passive flows into bit mine and therefore, uh maybe some secondary effects and positive price action happening there
03:15 Speaker A
for Ethereum. So that’s some good news, but obviously we had a whole lot of uh rough and bumpy situations happening this week.
