Join Matt and Nick as they break down why Bitcoin and the broader cryptocurrency market have sold off heavily, exploring potential reasons such as growing recessionary fears, changing election odds, and the strengthening Japanese yen.
Key Takeaways
- Crypto prices have tumbled amid broader selling of risk-off assets caused by several reasons.
- These reasons include growing fears of a U.S. recession, a tightening of the election race, and heightened uncertainty surrounding Japan’s economy.
- Among the altcoin updates covered: Avalanche used by the Californian DMV and Lido’s institutional offering.
Important upcoming macro dates:
- August 8: Richmond Fed President Tom Barkin speaks
Next FOMC meeting and rate probability as per CME FedWatch Tool:
- In 42 days, there is a 28.0% confidence rate that interest rates will NOT change from 5.25–5.50%
Truflation snapshot:
- Today’s U.S. Truflation: 1.44%
- Latest annual CPI data: 3%
00:00 Intro
00:18 Market Correction
01:53 Japan bonds and stocks crash
04:19 Recessionary Fears in the US
08:05 Impact of the US Election
10:00 Jump Crypto’s Controversial Selling
13:13 Growing Conflict in the Middle East
15:30 Tether’s Record Profits
17:16 SEC’s Lawsuit Against Binance
18:53 MicroStrategy’s Bitcoin Buying Spree
20:33 Avalanche’s Partnership with California DMV
21:33 Lido’s Institutional Offering
27:39 Stablecoin Supply Reaches All-Time High