00:00 Speaker A
Bitcoin is still holding above the level of $ 100,000, but loses some ground if shares collapse in the midst of increasing tension in the middle of the east. We also look at crypto -related shares, including Coinbase, also largely lower together with the wider market. So, does this spell the end of the risk of now at the moment or could the imminent legislation be and a crypto-friendly administration turns out to be a boost? I want to bring Brady Dale, the Crypto reporter from Axios here. Brady, good that you have the program on us again. Just put us in your evaluation of what the mentality on more risky parts of the investment thesis, more risky assets such as crypto, especially within the wider games from the tensions of the middle east. How is that typical and what we should expect this time?
01:25 Brady Dale
Yes, I mean, I think it is probably what investors are looking at, will this war get much worse? And so I think that's why some people withdrew. Keep in mind that the amount that Bitcoin is currently is about 2%, and in the cryptem markets that could have just been a very matte Tuesday. You know, I mean, the markets can easily move so nothing. So really, this is a kind of smaller shift than I expected for something that could be so much bigger than it has become so far.
02:23 Speaker A
Of course. It has also been a big week, we know for cryptocurrency. You have everyone, from the president who even hates and weighs. I saw our own Brian Sozzi, executive editor, in which even during the most recent conference that took place here in New York, eh, there is still in the conversation, this willingness or need and desire to ensure that the administration positions itself as continuously crypto-friendly. How does that play?
3:17 AM Brady Dale
I mean, this was a huge week in crypto legislation. Uh, you know, more on the side of the congress. UM, Genius, UH, the brilliant bill, which is about stable coins, UH, received a closing voice for a second time in the Senate, too Peed for a very likely final passage -Voting somewhere. I think we're looking at Tuesday now. UH, and so that is a big fight 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 on the floor, and that is an action that would decide a kind of how disclosures and regulations would work for cryptocurrency. And then the last major regulator received a hearing in the Senate, UM, Brian Quten's The Cftc. So it was a huge week in crypto legislation.
04:29 AM Speaker A
If the stable coin legislation can move forward, which means that for the Poster Child of Crypto in Bitcoin?
04:58 Brady Dale
Uh, yes, that's the big interesting question. You know, historically so far, when, uh, there has been more activity of really every species in the cryptocurrency market, such as, you know, your viewers may remember the ICO -Rage of 2017, which was really all about Ethereum. That drove anyway, uh, value to Bitcoin, regardless of. So that's what we would expect, but you know, it may be that these things start to disconnect. You know, stable coins are a financial utility. People can use them for many reasons that have nothing to do with Bitcoin. So it is possible that stable coins explode and we see a modest bump for Bitcoin, but not a direct gigantic profit, or it may be that the explosion of stable coins, UH, brings much more energy for Bitcoin. We just don't know now. I mean, we enter a very new world.
6:06 AM Speaker A
Yes, I imagine that some of the prominent profiles that promote ICOs, uh, and then showed by the SEC, you certainly remember that period very well. Brady, thank you very much for taking the time.
6:37 AM Brady Dale
Thank you.
