trade Bitcoin is lower and falling below the 65,000 level, while it is close to 2% lower and back below 1800, while the first half of June was disappointing for the crypto major sparked by the first Bitcoin sale since 2022 from Michael Sailor's strategy.
The strategy has resumed that coin buying for two straight weeks and crypto gained back some.
As the US and Iran announced an agreement to end the war and reopen the Strait of Hormuz while attention is shifting to hyper liquid, which rallied 9% yesterday.
Meanwhile, Coinbase announcing it's launching a new slew of products including futures contracts tied to equity indexes, and of course on the regulatory front, the industry is still holding out hope that the clarity. can get done by America's 250th birthday and for movement on strategic crypto reserves.
So joining me this morning to weigh in is Brian, founder and CEO of Brian, good morning.
Thank you so much for joining us.
Well today is that day and we are keeping a close eye on many factors here, but what do you make of the price action we're seeing in.
Yeah, the price action in crypto, I think we're seeing a little bit of pullback here, getting ready to welcome in and hear Kevin Warsh speak for the first time.
He's gonna have one big spotlight on him.
I don't think we're gonna hear much from him, but something that's really unique is that the past 5 FOMC meetings, the crypto market Bitcoin has actually sold off nearly double digits each time.
So, we had that all-time high in October and then shortly after that, uh, Bitcoin sold off, and here we are in this bear market.
Now, do we think there will be a 6th time in a row where Bitcoin will sell off?
Well, statistics will tell you that.
Uh, that may be unlikely and we may be surprised here and see a positive move.
But why do we really care here about what Kevin Warsh is gonna say and, and what's gonna happen?
It comes down to personal wealth.
And what does that really mean?
Well, it's interest rates.
If we can get lower rates, then the cost to borrow, just costs people less, people who want to buy homes, they can do that and they can achieve a bigger home, and they can feel more wealthy.
And when it comes back to Bitcoin and where that is in a portfolio and building wealth, something really unique to know is that If we look at 2022, that bear market, right around this time, uh, Bitcoin was trading 20,000 to 22,000.
All right, so we're still up 3x in a four-year period.
So bear market to, let's say bear market again, that's still a 32.5% annualized return.
That's really good, especially here being pulled back.
So, despite what Kevin may say and, and what goes on today, um, we still got truck through this.
Inflation is running hot, but this is something that people need to still have in their portfolio.
And so, you just gotta hang on here, and this is a great time to accumulate.
Yes, and Brian, of course as we head into today's session we will be getting the Fed rate decision at 2 p.m. and that presser with Kevin Warsh at 2:30 p.m.
Eastern time.
So we will be anticipating that statement later on today.
But when we're taking a look at the US economy.
As well as price action in crypto, we are also taking a close look at all.
So given the fact that hyper liquid rose about 9% yesterday, how focused are you on what's happening in other areas of the digital asset market?
Well, to use that name, we are hyper focused on it.
We know Hyperliquid really well.
Uh, we do have a position on it for our clients.
And really what Hyperliquid's doing, it's, it's that outside of the US play.
They are the quickest to list stuff to trade.
So the SpaceX PP got listed.
There was like 1.4% in trading volumes on the perps that happened on Hyperliquid in the first day.
That's a massive number.
And so what we see is that the team involved in Hyperliquid, it's an.
11 person team.
These guys are super sharp, and they are innovating.
They don't have the regulatory resistance that a lot of, uh, the businesses here, Coinbase, uh, Kraken, and, and those in Cowhiet that are in the United States.
So they can be really quick to launch new products.
This is the future of finance, FinTech, as you know, the channel is called.
This is, this is it to a T, exactly what the industry has going on, and they are leading, uh, the charge in that endeavor.
Well Brian, we are fast approaching the market open here on Wall Street, so we will have to leave it there.
But thank you so much for joining us and thank you so much for sharing your perspective.
Talk next time.
