저자: TonyEdward · 외국인
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SEC 위원장 Paul Atkins의 'Project Crypto'로 대부분의 암호자산이 증권이 아니라는 입장이 나와 강한 호재로 해석. JP Morgan CEO Jamie Dimon의 스테이블코인·블록체인 수용, Visa·Coinbase·Robinhood의 토큰화·스테이블코인 확장을 근거로 제시. 단기적으로는 비트코인 과매수 후 조정(115,000달러대)이 있을 수 있으나 8월 신고점을 예상하고 전반적 강세 관점 유지.
다듬은 글
The SEC launches Project Crypto which is very bullish for the market as chairman Paul Adkin says crypto assets are not securities. I'll give you all the details there. And Jamie Diamond, JP Morgan CEO has capitulated saying he loves stablecoins and blockchain. And Visa is integrating more blockchains and stablecoins.
This is big. I'll give you all the details. Let's get into it. Hey, everybody. Welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as a thumbs up button and leave a comment below.
If you're listening on a podcast platform such as Spotify or Apple, please leave a five-star rating and review. Folks, right now Bitcoin is correcting. It is once again in the $115,000 price range. And it's what we've been talking about. We could see the additional pullback before the pump to new highs, which I believe is going to happen in August.
And what I've been saying, you know, I should have followed my gut with the RSI because the RSI was in the overbought zone. And I kept thinking, ah, maybe we bounced in there, but the RSI is playing out perfectly to a tee. You're in the overbought. That means you got to pull back, have a correction, and then get to the near oversold zone.
It doesn't mean it has to go to the oversold zone. For example, the rally in late May into June where Bitcoin went to a new high of $112,000 and hit the overbought zone, pull back, and then we consolidate it. And then it broke out to new highs of $123,000. So the same thing is playing out on the charts, guys.
The chart is showing everything here. And as we've been highlighting, we also have all coins in the overbought zone, like XRP and Ethereum, which really rallied very strong. And they're seeing their pullback. So once again, we don't have to go to the oversold zone. I think we can have a pullback and then bounce, but let's see what happens.
But over $400 million liquidated in the crypto market over the past four hours. So it's not a big deal, but it's a big deal. business as usual right market cycles from oversold to overbought to oversold to overbought this is just how it's playing out from the higher time frame of the weekly chart Bitcoin still on track nothing bearish here the bulls are still in control from the weekly MACD it's still in the green so I expect us to keep going higher in August unless there's some black swan event right you know that can change everything in addition to stock market is oversold it is also pulling back so we're seeing overall the markets were overheated the RSI showing us that and we're pulling back here and then the inverse correlation to this is the dollar the DXY is pumping right now but one thing to note on the DXY it is approaching the overbought zone on its respective RSI so you see the inverse correlation here so just give it time folks maybe another week or so we bought them out and then we start moving maybe a week and a half right we'll just have to be patient and let the market do its thing But the macro thesis is still in play.
Global liquidity continues to rise and Bitcoin and risk assets have been following. So be patient there, folks. This may be a time not to look at the price because it's gonna keep going down till it hits the support level and then bounce. So these additional CME gaps, I think below 115, it looks like they're gonna get filled and that's fine, right?
All of those things getting filled, the market cooling down, sentiment resetting, and then we keep going. But nevertheless, we got some very bullish news. Look at this, SEC chair, Paul Atkins, most crypto assets are not securities. They released a bold new vision called Project Crypto. So this is amazing.
SEC chairman, Paul Atkins announced Project Crypto to modernize securities rules for crypto assets. The initiative aims to create clear guidelines for crypto asset distributions, custody, and trading. Atkins emphasized that most crypto assets are not securities challenging previous SEC views. You know, Gary Gantz is punching air right now, looking like a clown, right?
Eleanor Tarrant gave some more details. It looks like she was there actually. And under the new Project Crypto, the SEC will draft new rules for crypto asset distributions, ICOs, airdrops, and much more, clarify when tokens are securities versus commodities, develop tailored disclosures, and safe harbors.
So one of the things I was mentioning to you guys why I think the SEC has been delaying the ETFs and the spot ETFs for Solon and XRP is they need to have some sort of clarity out there. They haven't defined a lot of things. And I thought it was gonna be the clarity act, the market structure bill that was gonna be the issue or it was the issue, but it seems like the SEC wants to get their own set of rules out, and I'm sure that's gonna dovetail with the market structure bill.
So this is our answer. Why have we not seen approval? Why the delays in the index ETFs, which included Solon and XRP and much more? Here's the answer. So Atkins confirmed support for tokenization of stocks, bonds, and other assets, and promised relief for firms seeking to issue tokenized securities in the United States.
The speech also hit back at prior SEC actions, including Operation Chokepoint 2.0 and SAB121, which he named as barriers that drove crypto offshore. And of course, Gary Gensler was behind, and Elizabeth Warren was behind all these things. Atkins emphasized the right to self-custody while also pledging revised rules for registered custodians to handle crypto assets.
He also proposed a SuperApp regulatory framework to allow a single platform to offer crypto plus securities trading, staking, lending, and more, all done under one roof without needing dozens of overlapping licenses from multiple regulators. Wow, this is amazing. This is very bullish. Clarity is... so important for more capital to come in, for people to build and to allow this asset class to grow and the valuations and the prices and much more.
DeFi and on-chain software got special attention too. Atkins wants to distinguish code publishers from intermediaries and create regulatory space for both decentralized and centralized models. Love it. An innovation exemption is also in the works which is meant to let startups launch quickly with flexible compliance conditions as long as they prioritize investor protection.
That's really great too. Has the purse had suggested that the sandbox come in and develop and play just register with us and we're not going to bother you? Just make sure you're following the law and not doing harm to investors, right? Atkins made it clear the SEC will no longer regulate crypto through enforcement alone.
He called the moment a generational opportunity to bring crypto back onshore. I love it. This is progress. This is transparency. This is what we need for this market to continue to grow. So this is very very bullish. Now one of the things he said with regards to tokenization is that many Wall Street and Silicon Valley companies are lined up at our doors with requests to tokenize.
Tokenization is the future of markets as Blaryfink BlackRock CEO said and they're looking to put all traditional assets on the blockchain folks and the SEC is looking to accommodate from that front and it's amazing. It's amazing what's happening a complete 180 at the SEC. So it looks like we're going to have these things in place and then the SEC is going to prove all those ETFs and much more and just just an amazing time to be in this market folks.
So bullish and as I've been saying I'm not only looking to take profits in this bull market but in future bull markets because there's going to be a building phase and it usually happens in a ground running because these things are now coming into fruition so there's going to be a time for it to be digested and put into action and no one's going to be able to build what they're looking to build overnight.
It's going to take you know certainly years and things like that but having it in place is very bullish in the market. Now folks quick word from our sponsor and that is I trust capital. They allow you to safely invest in crypto not only safely invest but also custody your crypto with a bank setup. They use Coinbase's Prime Institutional Custody service and I trust capital allows you to set up a self-directed.
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Now folks, this is bullish and just so significant. Jamie Dimon, CEO of JP Morgan has fully capitulated. Just yesterday we talked about JP Morgan partnering with Coinbase to help onboard users into crypto. We know that JP Morgan recently tokenized some deposit tokens and things on base, which is the Ethereum layer two controlled by Coinbase.
And they're doing all types of things. They're exploring crypto lending and much more despite what Jamie has been saying for years, saying crypto and Bitcoin is a scam. I'll fire anyone who touches this stuff. It's a Ponzi, you'll lose your money. He said almost every negative phrase or word about crypto under the sun over the years, but he's bending the knee.
He has to bend the knee and kiss the ring because crypto is here to stay. And here's an interview he did with the folks at CNBC talking about the partnership. Let me play the clip for you. Merging, we've seen lately emerging of kind of crypto and JP Morgan and traditional finance in recent months, whether it's the Coinbase partnership that you announced yesterday.
We're chasing. customers can use credit cards to fund Coinbase accounts or Investor Day, where you said clients can buy Bitcoin, although you cautioned against it, or the stablecoin-like token, JPMD. How prevalent do you see crypto in traditional finance, and do you foresee risks as these two worlds do become more intertwined?
Well, first of all, there's never been a new financial product that didn't tell risk. That obviously is going to be risk, and they haven't written all the laws yet. Think of the rules around it, like AML and BSA and KYC and disclosures, and when they say stablecoin, which we're going to have, I'm not against stablecoins, it's like a mutual fund.
But mutual funds have rules. What are the rules going to be around stablecoins? I believe in stablecoin, I believe in blockchain, not personally a believer in Bitcoin itself, but you're the customer. I don't like to tell customers what they can and can't do with their money. That is a whole different issue for us, and so we're going to accommodate those things you mentioned that we did a deal with Coinbase, so you can now move money.
from Chase to Coinbase. We're going to make it easier for people. They've agreed how to use our APIs, which we think is a good thing. So we'll be in it and we'll see. It's a little bit of a solution looking for a problem because if I'm going to send you, we already have the JP Morgan coin. We already moved money 24-7.
We moved $10 trillion a day quite effectively, efficiently, safely with all the cyber protection and stuff like that. But if I'm going to send you a stable coin, you're going to say to me at one point, well, I don't want your mutual fund, just send me cash and I'll invest the way I want. But there are things that stable coins maybe you can do that traditional cash can't like is programmable.
I might be able to send you a stable coin, then you can send it to 10 different vendors you want to pay on a regular basis or something like that. So we'll be in it and we'll use it. And again, if the customers want to use it and how they use it and it's used properly, we'll be doing it. It's what the customer wants is not what JP Morgan personally wants.
Sounds like that's the case with both private credit and crypto. There you have it, folks. Very different tone, right? Not as aggressive. Don't talk about it. It says fraud. It's a scam. No, yeah, we'll use it. Our customers want, we're going to use it. And you can use JPM coin as well, right? But this is the game, folks.
If you've been a follower of this podcast for years, we've shown the cards that Jamie's been playing. He's been doing the smoke and mirrors move, telling you it's all a scam while his bank has been building. Going back to 2018, they launched JPM coin, but it was on a private permission chain and no one was going to use that.
It's a walled garden. But what we saw is that public blockchains is the way, public stablecoins that are out there in the open market. And now JP Morgan's capitulating and they're going to support crypto in different ways, partner with Coinbase. So, folks, this should make you happy. This should put a smile on your face.
The king of the fiat empire capitulating, bending the knee. It's amazing. And many of you front ran Jamie Dimon and these banks because they couldn't touch it. Legislation didn't allow them to do so. And as I've been saying, he and and the banking industry lobbied Elizabeth Warren and Gary Gensler to go after, unlawfully in many ways, the crypto industry.
That was what was going on. Elizabeth Warren as an old grandma and Gary Gensler, who loved crypto when he was teaching it at MIT, didn't all of a sudden, you know, a turn on crypto and was super angry and wanted to destroy it. That didn't come from them. That came from the orders, came down from the top and from Jamie and much more folks.
I've heard about this in DC. I've spoken to people off the record and much more. So it's an amazing day. I hope you see what's happening here. This is like the final boss capitulating here. And despite him still not, you know, he's not going to come on and say, this is the greatest thing ever since sliced bread.
He's going to say, yeah, we're going to use it. You know, yeah, you know, blah, blah, blah. But it's a very different tone from what we've seen over the years. So incredible, incredible stuff here. Now, folks, speaking of capitulation, Visa expands stablecoin offerings amid rising competition from institutions.
So the banks, the stock markets, the credit card companies, the payment companies, they're all bending the knee, adopting crypto, offering it from a trading standpoint, custody, they're tokenizing, they're including stablecoins, launching their own stablecoins. So payment company Visa expanded stablecoin offerings on its settlement platform by adding support for the global dollar, USDG.
That's the consortium, guys. That includes Robinhood and a bunch of other companies. They also added support for PayPal, PYUSD, and Eurocoin, EURC, and two new blockchain networks, Stellar, so Stellar Lumens, and Avalanche, which the native token is Avax. Very bullish. This is a credit card company.
Do you see what's happening? And folks, earlier today, I published my interview with MasterCard's executive vice president of crypto and blockchain. And if you want to get an idea of the thought process and the methodology and what they're thinking, watch this interview, folks. It's not for the views.
It's for the education. This is the executive vice president of blockchain and crypto at MasterCard, Visa's competitor, obviously. And they're all building. They're all building with this technology and adopting it in different ways. So check out that interview. And folks, it's what we've been talking about for years.
They will all capitulate. They will all get in. I mean, just look at what's happening. Again, if you're not bullish, I don't know what you're looking at. Maybe you're too caught up in the price and the momentary pullbacks and so forth. You don't see the broader market. You don't understand the S-curve adoption and how the infrastructure needs to be built by some of these legacy firms to onboard more users.
And that drives the valuation of the blockchain networks up as there's more utility on them. And of course, their native tokens will go up in value as well. So this is a incredible adoption news. Now look at this, Coinbase increases its Bitcoin holdings, plans tokenized stocks in US. So the tokenization wars are heating up here in addition to the stable coin wars.
So Coinbase added 2,509 Bitcoin in Q2 and it says it's buying more. So they're essentially holding this on their balance sheet. They also plan to launch tokenized US stocks and prediction markets soon. So of course on the tokenized stock side, they're gonna be competing with Kraken and Robinhood and many others.
And they're launching prediction markets, which is gonna compete with Poly Market. So it's incredible what's happening. And I think Coinbase. They know that competition's heating up, so they are ramping up, and it's beautiful to see. It's amazing to watch all these firms in this race, trying to get as much market share as possible, and that's very bullish for us, who are holding the tokens because they're building on blockchain rails.
Now, they had their earnings call, and their earnings were amazing. It was over a billion dollars in revenue, but some of the other things that Brian Armstrong, CEO of Coinbase, mentioned that they're going to do a decentralized exchange integration inside the Coinbase app. So offering that decentralized exchange aspect, which is really great.
I love that. I love that they're doing that. And one of the Coinbase folks highlighted that that means millions of tokens, no more waiting on listings, every base project, instantly tradable, fully on-chain access for everyone. So this is a great move by Coinbase. I really like what they're doing here.
And man, so bullish, guys, so bullish. Wait till the market starts pricing all of this in. Once we come out of this corrective phase, like I said, we're in a pullback from the overbought zone. You know, things are going to get really euphoric because all these news items are going to culminate to higher prices.
Final item here, guys. Today, I interviewed Robinhood CEO Vlad Tenev. We did an in-person interview at my studio in New York City, and it was a great one. We talk about all Robinhood's crypto initiatives and the future markets and what stablecoins and blockchain and crypto all, how does that all fit into what's coming?
So folks, that interview is going to be published on Monday. You don't want to miss it. So make sure you got the notification bell enabled, you're subscribed. I know most of you don't really watch interviews, but these are interviews that are packed with a lot of knowledge and help you understand the markets better.
So check them out, folks. Knowledge is power, right? So definitely, definitely be sure you watch the MasterCard interview and as well as this one that's coming up on Monday. Folks, a great way you can support me in the podcast is by subscribing to my. free email newsletter, it's 100% free. Link will be in the description.
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So go to mycryptocourse.com, all of the links will be in the description. Folks, thank you so much for watching and listening, I appreciate you all, and I'll talk to you all later.
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