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Transcript

We 16/9 | Daily Crypto & Macro News · Panic Drop Podcast

• 0:02
  SPEAKER_02: It's where we find the truth.
• 0:05
  SPEAKER_00: Listen.
• 0:06
  SPEAKER_00: Happy Wednesday, everybody.
• 0:07
  SPEAKER_00: Let's get into what's been happening over the past 24 hours because it was
• 0:10
  SPEAKER_00: a tough day for crypto as the US Senate failed to advance the Clarity Act after
• 0:15
  SPEAKER_00: a cloture vote of 49 to 50, well short of the 60 votes needed.
• 0:20
  SPEAKER_00: No Democrats voted yes and four Republicans,
• 0:23
  SPEAKER_00: including Susan Collins,
• 0:24
  SPEAKER_00: Josh Hawley,
• 0:25
  SPEAKER_00: Jerry Moran and Tom Tillis also voted no,
• 0:28
  SPEAKER_00: while Mitch McConnell voted to advance the bill.
• 0:32
  SPEAKER_00: The market reaction was swift with roughly $300 million in crypto longs liquidated
• 0:37
  SPEAKER_00: in the minutes after the vote failed.
• 0:39
  SPEAKER_00: Bitcoin sold off on the news and traded around $75,500 after printing
• 0:44
  SPEAKER_00: a session low near $74,900.
• 0:48
  SPEAKER_00: Crypto linked stocks amplified the move with Coinbase and strategy dropping about 6%.
• 0:54
  SPEAKER_00: The S&P 500 closed down 0.45%,
• 0:58
  SPEAKER_00: marking the second straight down day and the lowest close since late July.
• 1:03
  SPEAKER_00: The reactions from industry leaders came quickly,
• 1:06
  SPEAKER_00: with Coinbase CEO Brian Armstrong saying,
• 1:09
  SPEAKER_00: Clarity is coming to crypto regardless and that the industry cannot wait
• 1:14
  SPEAKER_00: on Congress anymore.
• 1:16
  SPEAKER_00: Ripple CEO Brad Garlinghouse said he remains optimistic about the future of crypto
• 1:21
  SPEAKER_00: in the US senators.
• 1:23
  SPEAKER_00: Cynthia Lummis and Bill Haggerty said Senate Democrats were never serious
• 1:27
  SPEAKER_00: about protecting consumers or keeping American leadership in crypto,
• 1:32
  SPEAKER_00: while Senator Elizabeth Warren argued that passing the Clarity Act would put the US
• 1:37
  SPEAKER_00: at risk of an economic crash.
• 1:39
  SPEAKER_00: So clearly there's a big divide on this issue.
• 1:42
  SPEAKER_00: Despite the regulatory setback,
• 1:44
  SPEAKER_00: Strive CEO Matt Cole said Bitcoin looks set for a large run,
• 1:49
  SPEAKER_00: put the odds that the bottom is in at about 95%
• 1:53
  SPEAKER_00: and said Bitcoin could average around 50% a year.
• 1:57
  SPEAKER_00: The 10-year Treasury yield remains above 5%,
• 1:59
  SPEAKER_00: the highest since 2007,
• 2:00
  SPEAKER_00: even after 175 basis points of Fed cuts since September 2024,
• 2:03
  SPEAKER_00: which really shows how challenging the macro environment has become.
• 2:19
  SPEAKER_00: Bloomberg reported that President Trump has made more trades than all
• 2:22
  SPEAKER_00: of Congress combined since returning to office,
• 2:25
  SPEAKER_00: which is certainly raising some eyebrows.
• 2:28
  SPEAKER_00: NVIDIA CEO Jensen Huang is set to attend a dinner with President Trump
• 2:33
  SPEAKER_00: and Chinese President So that should be an interesting conversation given all
• 2:38
  SPEAKER_00: the chip export tensions.
• 2:41
  SPEAKER_00: In some concerning news,
• 2:42
  SPEAKER_00: two Robinhood engineers were charged with commodities fraud and wire fraud
• 2:47
  SPEAKER_00: for allegedly taking confidential company information and using it
• 2:51
  SPEAKER_00: to trade perpetual futures on Hyperliquid.
• 2:54
  SPEAKER_00: On a more positive note,
• 2:56
  SPEAKER_00: X launched its US Cash Tag Partner Program,
• 2:59
  SPEAKER_00: linking financial conversations on the platform to trading through Coinbase,
• 3:03
  SPEAKER_00: Kraken and Gemini.
• 3:05
  SPEAKER_00: SB Energy filed to go public with a $439 billion backlog tied mostly
• 3:12
  SPEAKER_00: to data centers,
• 3:13
  SPEAKER_00: despite having no operating data centers yet,
• 3:16
  SPEAKER_00: which tells you something about how hot the AI infrastructure space remains.
• 3:21
  SPEAKER_00: On the altcoin side, Ethereum followed Bitcoin lower and traded around $2400.
• 3:27
  SPEAKER_00: JP Morgan said it does not see a lot of institutional demand for stablecoins,
• 3:32
  SPEAKER_00: which is an interesting take given all the stablecoin activity we've been seeing.
• 3:36
  SPEAKER_00: OKEx said it will list pawns for spot trading.
• 3:40
  SPEAKER_00: And Robinhood CEO Vlad Tenev followed the official Golden Arrow account,
• 3:45
  SPEAKER_00: which has people speculating as usual.
• 3:47
  SPEAKER_00: That's your crypto and finance wrap for today.
• 3:50
  SPEAKER_00: Make sure to follow along and I'll catch you tomorrow with another update.
• 4:10
  SPEAKER_02: It's where we find the truth.
• 4:13
  SPEAKER_02: Listen to the Panic Drop.