00:00 Speaker a
Bitcoin is still above the $100,000 level, but stocks are down due to rising tensions in the Middle East. We also have to look at cryptocurrency-related stocks, including Coinbase, which have also been significantly lowered in the wider market. So does this articulate the end of the current rally risk, or is it that the coming legislation and crypto-friendly government prove to be an enhancement? I want to introduce Axios' crypto journalist Brady Dale here. Brady, I’m glad to have you join us in the program. Just bring us into your assessment of riskier mindsets in your investment papers, such as risky assets like Crypto, especially in the wider game now emerging from tensions in the Middle East. This is typical, what should we expect this time?
01:25 Brady Dale
Yes, I mean, I think what investors are looking at is, will this war get worse? So, I think that's why some people quit. Now, remember that Bitcoin is now down about 2%, which can be like Tuesday is very bland in the cryptocurrency market. You know, I mean, the market can do nothing easily. So, in fact, this is much smaller than I expected, as it may end up being much bigger than what has been so far.
02:23 Speaker a
Yes of course. It's also a big week, we know about cryptocurrencies. Everyone in the president is even making and weighing. I saw our own executive editor Brian Sozzi, who posted a video that even at the latest meeting in New York in New York, well, still exists in the conversation, and is eager to make sure the government positions itself as an ongoing secret kindness. So how about it?
03:17 Brady Dale
I mean, it's a huge week for crypto legislation. Well, you know, more on Congress. Well, genius, um, genius bill, about stable coins, um, closed votes were made for the second time in the Senate, and at some point it is likely that the final pass vote could be made. I think we are now working on Tuesday. Well, it was a huge struggle in the Senate, and then in the House, uh, two different committees, uh, the AG committee and the House Financial Services Committee voted the Clarity Act Act to the floor, a bill that decided how disclosure and regulations were used for cryptocurrencies. Most importantly, the last major regulator was held at the Senate’s CFTC hearing. So it was a huge week for crypto legislation.
04:29 Speaker a
If stable coin legislation can move forward, what does it mean for Bitcoin’s Crypto poster kids?
04:58 Brady Dale
Uh, yes, that's a big interesting question. You know, historically, so far, when well, there really is more activity in the cryptocurrency market, like you know, your audience may remember the ICO boom in 2017, which is really about Ethereum. Anyway, this drives a lot of value to the value of Bitcoin. That's what we expected, but you know, these things may start to fall off into leaves. You know, stable coins are financial business. People can use them for many reasons that are not related to Bitcoin. So, stable coins may explode, we see bitcoin bumps, but there is no direct huge gain, or maybe the explosion of stable coins, well, bringing more energy to bitcoin. We just, we don't know now. I mean, we are entering a very new world.
06:06 Speaker a
Yes, I imagine some famous profiles that promote ICO, uh, and then crossed out by the SEC, which certainly makes it a good idea to remember that period. Thank you very much for taking the time, Brady.
06:37 Brady Dale
Thanks.
