Join Matt and Nick as they break down the strong bounceback in crypto prices after a week that involved BlackRock CEO Larry Fink touting Bitcoin, Trump naming a pro-crypto vice presidential nominee, and more. They also preview a week that is likely to feature the launch of spot Ethereum ETFs in the U.S. and presidential candidate Donald Trump speaking at the world’s largest Bitcoin conference.
Key Takeaways
- BTC, ETH and SOL all hit their highest prices in at least five weeks. Notably, this coincided with stock markets suffering one of their worst weeks of the year.
- BlackRock CEO Larry Fink shared his bull case for BTC. Given his power and influence, it’s hard to understate how significant it is to now have Fink flying the flag for Bitcoin.
- The spot Ethereum ETFs are widely expected to launch this week in the U.S. Don’t expect ‘the Grayscale factor’ to be as relevant as when the Bitcoin ETFs launched in January.
- It is extremely difficult to predict the initial level of demand for these ETFs. However, it does feel as though the market is not pricing in a rather tempered launch. If this is true, the ETFs would have to seriously flop in order for ETH’s price to fall.
- The Mt. Gox trustees started sending BTC to exchanges, who will then distribute it to individual creditors. Within the next few months, expect the vast majority of these redistributions to have been completed.
- U.S. presidential candidate Donald Trump will speak at Bitcoin 2024, the world’s largest conference on all things Bitcoin.
- Among the altcoin updates covered: Polygon’s upcoming token migration and Grayscale’s decentralised AI fund.
Important upcoming macro dates:
- Jul. 31: U.S. interest-rate decision and Fed Chair Powell’s press conference
Next FOMC meeting and rate probability as per CME FedWatch Tool:
- In 7 days, there is a 97.4% confidence rate that interest rates will NOT change from 5.25–5.50%
Truflation snapshot:
- Today’s U.S. Truflation: 1.75%
- Latest annual CPI data: 3.0%
00:00 Intro
00:42 Market Update (Bitcoin, Ethereum, and Solana Price Increase)
01:13 Bitcoin ETF Inflows
03:20 Bitcoin Jumps Above $67,500 After Biden Drops Out
04:10 Larry Fink’s Bullish Sentiment Towards Bitcoin
06:40 Biden’s Exit Gives Democrats Chance to Sway Crypto Voters
08:50 Trump Floats JP Morgan CEO Dimon for Treasury Secretary
10:57 JD Vance, Trump’s VP Pick
11:36 Ethereum ETF Launch
19:31 Mt. Gox Bitcoin Fund Movement
21:37 Hacking of Indian Exchange
23:10 Polygon’s Migration to Pol Token
25:54 Coinbase’s Introduction of Smart Wallets
27:21 Grayscale’s Decentralized AI Fund
29:55 Trump To Speak at Bitcoin 2024 Conference in Nashville
31:42 Increase in Meme Coins
33:05 State Street’s Exploration of Stablecoin