Latest / Panic Drop Podcast / We 7/10 | Daily Crypto & Macro News

Transcript

We 7/10 | Daily Crypto & Macro News · Panic Drop Podcast

• 0:05
  SPEAKER_00: Happy Wednesday all and let's get into what happened over the past 24 hours
• 0:10
  SPEAKER_00: because we saw some serious volatility hit the crypto market.
• 0:15
  SPEAKER_00: Bitcoin fell under $84,000 as about $479 million in long positions were liquidated
• 0:22
  SPEAKER_00: with over 104,000 traders getting wiped out.
• 0:26
  SPEAKER_00: So if you felt that pain, you were definitely not alone.
• 0:31
  SPEAKER_00: Ethereum also dropped under $2,600 during the same liquidation wave.
• 0:37
  SPEAKER_00: Despite the pullback,
• 0:38
  SPEAKER_00: the institutional bids keep coming
• 0:40
  SPEAKER_00: because BlackRock ETF clients bought $122 million worth of Bitcoin
• 0:46
  SPEAKER_00: Proving once again that the big money views these dips
• 0:50
  SPEAKER_00: as buying opportunities rather than reasons to panic.
• 0:54
  SPEAKER_00: On the regulatory front,
• 0:55
  SPEAKER_00: the CFTC said it will provide a federally regulated path for crypto,
• 1:00
  SPEAKER_00: with Chairman Mike Selig telling CNBC he is disappointed in Congress but
• 1:06
  SPEAKER_00: the agency has statutory authority and intends to use it so we may get clarity
• 1:12
  SPEAKER_00: through the regulatory route even if the legislative path remains stalled.
• 1:17
  SPEAKER_00: In a major development,
• 1:18
  SPEAKER_00: Calci launched the first stock index perpetual future in America tied to the US 500
• 1:25
  SPEAKER_00: with single stock perps on Nvidia,
• 1:28
  SPEAKER_00: Meta and Amazon planned later this year,
• 1:30
  SPEAKER_00: which is a significant step toward bringing crypto native trading products
• 1:35
  SPEAKER_00: to traditional markets.
• 1:37
  SPEAKER_00: South Africa's first national bank opened crypto trading
• 1:40
  SPEAKER_00: to nearly 9 million clients covering Bitcoin,
• 1:43
  SPEAKER_00: Ethereum, Solana, XRP and USDT, which is massive for adoption on the continent.
• 1:51
  SPEAKER_00: Traditional markets kept pushing higher with the S&P 500 closing above 7800,
• 1:57
  SPEAKER_00: for the first time marking its 28th record of the year,
• 2:01
  SPEAKER_00: though Ray Dalio warned that the AI bubble may burst soon,
• 2:05
  SPEAKER_00: so not everyone is bullish.
• 2:08
  SPEAKER_00: Elon Musk's net worth officially passed $1.1 trillion,
• 2:13
  SPEAKER_00: cementing his position as the world's wealthiest person by a wide margin.
• 2:18
  SPEAKER_00: Some concerning macro data came through because
• 2:21
  SPEAKER_00: the US goods trade deficit jumped 13.7% to $105.6 billion, which is a 17-month high.
• 2:31
  SPEAKER_00: And over the last 20 months,
• 2:32
  SPEAKER_00: the goods deficit totaled $2.06 trillion,
• 2:37
  SPEAKER_00: which is about 8% wider than the prior 20 months despite all the tariffs.
• 2:43
  SPEAKER_00: Looking at global equity,
• 2:44
  SPEAKER_00: South Korea stocks are up 97% in 2026 and Taiwan is up 86%
• 2:47
  SPEAKER_00: while China stocks are down 12%.
• 2:48
  SPEAKER_00: So the divergence in Asia is remarkable.
• 2:59
  SPEAKER_00: Micron continues to benefit from the AI boom with net income surging 42 times
• 3:04
  SPEAKER_00: in two years to 38 billion,
• 3:07
  SPEAKER_00: which is about 8 billion more than Apple earned last quarter.
• 3:12
  SPEAKER_00: Marvel rose about 5 After targeting 20 billion in fiscal 2028 revenue driven
• 3:19
  SPEAKER_00: by custom AI chips,
• 3:21
  SPEAKER_00: Bitwise CIO,
• 3:24
  SPEAKER_00: Matt Hoogan published an opinion piece in the Wall Street Journal titled,
• 3:29
  SPEAKER_00: Bitcoin is right on schedule.
• 3:31
  SPEAKER_00: And data shows Bitcoin is in its most shallow cycle since the prior halving.
• 3:37
  SPEAKER_00: A former UBS Asia investment banking head said China will eventually reopen access
• 3:42
  SPEAKER_00: to crypto and could trigger a new super cycle which would certainly change the game.
• 3:48
  SPEAKER_00: Here is a sobering wealth inequality stat because the top 0.1%
• 3:53
  SPEAKER_00: of US households now own 15% of all household wealth,
• 3:58
  SPEAKER_00: which is a record, while the bottom 50% own just 2%.
• 4:04
  SPEAKER_00: In altcoin news, Bitwise ETF clients bought 10.55 million of XRP.
• 4:11
  SPEAKER_00: Ripple's RLUSD stablecoin passed a 2.5 billion market cap.
• 4:16
  SPEAKER_00: Circle's USDC bridge now That's your Wednesday update.
• 4:19
  SPEAKER_00: I'll see you all tomorrow.
• 4:21
  SPEAKER_00: Panic Drop is where we find the truth.
• 4:22
  SPEAKER_00: Listen to the Panic Drop.
• 4:30
  [music]