Latest / Panic Drop Podcast / Sa 6/12 | Daily Crypto & Macro News

Transcript

Sa 6/12 | Daily Crypto & Macro News · Panic Drop Podcast

• 0:00
  SPEAKER_00: Good morning, everyone.
• 0:01
  SPEAKER_00: Welcome to your Saturday crypto and finance recap.
• 0:05
  SPEAKER_00: So if you missed it, the Fed's preferred inflation gauge.
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  SPEAKER_00: Core PCE came in at 2.8% for September,
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  which is keeping everyone on their toes about where rates are
• 0:15
  headed next.
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  SPEAKER_00: Speaking of rates,
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  we've got some interesting dynamics playing out because while
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  Bank of America
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  SPEAKER_00: thinks markets might start pricing in a January cut,
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  SPEAKER_00: despite the Fed's careful messaging,
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  White House advisor Kevin Hassett is openly saying it's time
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  for the Fed to
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  cautiously reduce rates and he's expecting a bigger rebound in
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  the first quarter.
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  SPEAKER_00: Meanwhile, over in Japan...
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  Traders are now putting a 93% chance on a 21 to 40 basis point
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  rate hike at the
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  SPEAKER_00: Bank of Japan's next meeting.
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  SPEAKER_00: So completely different story across the Pacific.
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  SPEAKER_00: Now let's talk Bitcoin because it's been a bumpy ride.
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  We saw it fall back under $90,000 and the odds of it crossing
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  100,000 again this
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  SPEAKER_00: year have dropped to just 35% according to traders on Kaoshi.
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  that sell-off triggered some serious pain with four hundred
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  twelve million dollars
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  worth of crypto long positions getting liquidated in the past
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  twenty-four hours
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  alone and blackrock clients sold one hundred fourteen point
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  seven three million
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  SPEAKER_00: dollars worth of bitcoin
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  SPEAKER_00: But here's the flip side.
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  There are over $4 billion in short positions that would get
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  liquidated if Bitcoin
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  SPEAKER_00: climbs back to $95,000.
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  SPEAKER_00: So the potential for a squeeze is very real.
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  SPEAKER_00: On the bullish side,
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  SPEAKER_00: JP Morgan is sticking to its Bitcoin versus gold model,
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  SPEAKER_00: which puts Bitcoin at $170,000 over the next year.
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  and the publicly traded exodus ceo is even more optimistic
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  predicting two hundred
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  thousand in twenty twenty six institutions are still stacking
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  though matrixport
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  withdrew five thousand eight hundred five bitcoin worth four
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  hundred sixty eight
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  SPEAKER_00: million from binance in the past day
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  Strategy raised $1.44 billion to prove they can secure funding
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  even in a downturn.
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  SPEAKER_00: And get this, Texas Lt.
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  SPEAKER_00: Gov.
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  Dan Patrick says Texas is now the first state in history to
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  purchase Bitcoin.
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  Plus,
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  Indiana just introduced a bill that would allow pensions to
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  invest in Bitcoin.
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  SPEAKER_00: Metaplanet pulled off something interesting too.
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  SPEAKER_00: They raised $50 million using Bitcoin as collateral to buy more Bitcoin.
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  and fidelity ceo abigail johnson came out saying she likes
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  bitcoin and owns bitcoin
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  herself there was some interesting commentary from shark tank's
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  kevin o'leary who
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  says most altcoins what he calls pooh pooh coins are done and
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  only bitcoin and
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  ethereum will survive there's also drama brewing in the layer
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  one space because
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  solana's anatoly yakovenko is demanding that bass's jesse
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  pollock migrate bass apps
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  SPEAKER_00: to solana
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  so transactions are linearized by solana staked block producers
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  which is a pretty
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  bold ask on the regulatory front the sec's crypto task force is
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  holding a round
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  SPEAKER_00: table on financial surveillance and privacy on december fifteenth
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  and there's some interesting takes on privacy in crypto because
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  zcash's co-founder
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  says michael saylor thinks bitcoin shouldn't have privacy like
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  zcash because that
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  would allow nation states to shut it down in the broader
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  markets it's worth noting
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  that bitcoin was actually trading in lockstep with the mag
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  seven stocks until the
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  SPEAKER_00: last two months
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  But now Bitcoin is down 11% over the past year versus a 26%
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  gain for the mag 7.
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  SPEAKER_00: The S&P 500 has lived in a drawdown 92% of the time,
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  SPEAKER_00: but has still returned an average of 12% per year since 1980,
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  SPEAKER_00: despite an average intra-year drawdown of minus 14%.
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  SPEAKER_00: So volatility is just part of the game.
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  In corporate news,
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  President Trump is set to unveil a new AI platform called
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  TruthAI.
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  SPEAKER_00: The EU fined Elon Musk's X $140 million.
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  SPEAKER_00: Netflix is acquiring Warner Bros for $72 billion.
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  SPEAKER_00: And SpaceX is in talks for a share sale at an $800 billion valuation.
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  SPEAKER_00: That's your wrap for today.
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  SPEAKER_00: Thanks for tuning in and I'll catch you tomorrow with another update.