The Crypto Market is About To Flip?! (Inflation Data Today, German Selling Bitcoin, Solana News)

Today I want to give you an update about Crypto in Congress the inflation numbers That just came in and Bitcoin major SEC News of course we'll talk about altcoins But as the Bitcoin price ranges in a Very fragile state Germany is almost out Of Bitcoin to sell from 50,000 Originally to now under 5,000 BTC Germany's Bitcoin selloff is coming to An end over the last several days we've Seen the German government's Bitcoin Balance sold into Euros as of today That's selling continued Germany sells Another $500 million worth of bitcoin Today and while they started out Originally with billions they now have Just under $285 Million worth of bitcoin left to Sell meaning this is coming to an end at This rate they'll be done by the end of Today and to put this into perspective Imagine if a country were to sell their Entire gold Reserve in one week for Fiat They can print well that's what Germany Is doing and they're going to regret it So this is one of the reasons the Bitcoin price has been faltering but Good news from a regulatory standpoint In the US the SEC will not pursue Enforcement action against paos just as A reminder back in February of 2023 Paxos received an SE Wells notice Claiming that binance USD stable coin B USD was an un registered security and

That the platform violated Federal Securities laws now paos is a us-based Company and they were issuing B USD for Some reason the SEC claimed a stable Coin was an unregistered security and in This flashback clip from 2023 paxos will No longer mint binance's USD stablecoin At the instruction of the New York Department of Financial Services in a Statement nydfs cited oversight issues Between paxos and buy and said it was Working with the company to ensure that It handled redemptions in an orderly Fashion for its part paxos assured Customers that bud tokens issued by Paxos will always be backed one to one With US dollar reserves but the news Comes as the Wall Street Journal Reported on Sunday that the SEC is Probing paxos Over The Bu USD token 2 And the news today is this paxos Prevails in SEC investigation of B USD State coin this was the direct letter From the SEC dear paos Trust Company we Have concluded the investigation and Based on the information we have as of This date we do not intend to recommend An enforcement action by the commission Against Pao Trust Company from the SEC Of course as pointed out on Twitter how Is this okay the SEC literally destroyed A business that had $20 billion in total Value locked and was was making over a Billion dollarss by forcing the issuer

To shut it down to only then drop the Case after it was dead this should be Punished meaning B USD is essentially Dead it's the SEC picking a winner B USD Is a shell of itself it's nothing of Itself today and in some slightly Bearish news in an update from our video Yesterday crypto win in Congress which Was of course referring to ethereum as a Commodity the news today is the house Fails to override Biden's veto on Nullifying the SEC crypto rule on a bill That would allow highly regulated Financial firms to custody Bitcoin and Crypto they got a majority vote but they Did not receive 2/3 majority vote and Again this was the sec's anti- crypto Rule sab1 121 and I actually loved this Breakdown on the Paul Baron Network I'll Link the full episode Down Below but Here's just 60 seconds on the Significance of what this bill would Have meant if passed look there's been a Lot of focus on this sab1 121 for the Last couple of months and in general Sab 121 shouldn't exist we all know that it Shouldn't exist for for your viewers That that aren't familiar with it the SEC came along uh earlier this year and Said hey if you're a public company and You are holding crypto assets on behalf Of your clients you need to put it on Your balance sheet and this is a weird Thing to do you don't usually put your

Client money on your balance sheet right Um this has a bunch of side effects uh The most notable one is that it makes it Very difficult for the major custodians Of the United States and I'm talking About Bank of New York melon I'm talking About JP Morgan I'm talking about State Street you know none of these guys are Going to put crypto assets on their Balance sheet because it creates a a Problem with them in terms of how they Do other Accounting in terms of safety And soundness all right so the the word On the street is roughly that sab1 121 Prevents the major custodians from Entering into crypto and of course we Want the major custodians entering into Crypto if you want to drisk crypto What's the best way to do it take the Guys and know how to manage risk and Bring them into the industry now let's Talk about the inflation numbers that Just came out but just FYI for those of You that were asking me about this it Has arrived thank you coin vigilante for These awesome Bitcoin watches I loved the craftsmanship the packaging The sound money messaging and this is my Hand and these are the Bitcoin watches That you probably will start seeing us Wear around Los Angeles to conferences Awesome gifts if you guys need something For Christmas or for Father's Day or Just next week they are limited edition

So I will link coin vigilant's website Down below but if there's one thing the Bitcoin Market needs the crypto Market Needs to turn us around it's fed cuts And fed Cuts happen only if SL when Inflation continues to come down hot Numbers coming out June CPI down one tenth of a percent on Headline down one tenth of a percent That would equal where we were on May of 2020 to find a lower number you have to Go to April of 2020 when it was added Its extreme of minus 810 so that is the First time we've had a minus sign there That's actually def Not necessarily disinflation so breaking News US inflation was just 3% in June Below expectations and core inflation Came in at 3.3% below expectations get ready for Federal Reserve rate Cuts based on the Data we see today I think September Looks like an appropriate time for them To start cutting uh you know we're Starting to see data as as youve saw and I've said many times as chair this data Are single points you've got to see the Trend you know two months ago we were on Here talking about the unbelievable Employment numbers then they revised Them all back down a month later um the CPI data is not nearly as Vol as Volatile the GDP that is you know gets Revised a bunch so we've got to

Understand what the trend is right now The trend because a lot of the DAT is Starting to pile up in the same Direction looks like the FED should Start cutting in September but at this Point they're not late if they if we Continue to see this data in this Direction I think it all all lights are Green for September now obviously if you Buy things in the world you know Inflation is still massive if you're Trying to buy food if you're trying to Buy gas compared to just four years ago Inflation is not going away but its Inflation rate the rate of inflation is Now down to about 3% in June you think They get away with this whole cycle Without saying a recession and has the Federal Reserve avoided a recession have They avoided breaking the economy or Waiting until the economy breaks to Pivot I i' I've been in that camp I'll Continue to be I'll continue to be in That camp and I think you know in spite Of having been late to the party on Raising rates I think the strength of The underlying economy the strength of The investment that's being made we will Get away getting through this and cycle Cycle without seeing a recession so what Is the cycle like what is the business Cycle then is there a downturn again We're going back from to this Normalizing cycle we went from a very

Normal economy preo we went through all The covid stimulation we went through a Fundamental tax change in the United States we went through all the after Effects of of Co and now we're Normalizing back to what we would have Looked like had we not gone through Co And looking at altcoin news Solana flips Ethereum in Dex volume meaning more Trading is going on the Solana dexes Then ethereum's dexes so this is According to data from defi Lama which Is one one of the leading def data Aggregators and we see for the first Time ever Solana is number one then Ethereum then binance smart chain then Arbitrum base optimism Thor chain blast Etc and sweet and it just goes to show Where the most trading is happening now Maybe you could say well ethereum Offloaded some of its trading from the Base chain to all these l2s if you take Away these l2s they have to just clog up Ethereum again but that's not the case We have the L But just something to note and that is The video and for those of you looking To hang out at the Bitcoin conference This year as well as potentially hang Out with Donald Trump both of us will be Speaking and for 10% off your tickets Use code altcoin daily and one day Remaining before ticket prices increase So link down below check it out like

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