Jun 27, 2024

The latest price movements, insights, and Jenn Sanasie's 'Call of the Day.'

Video transcript

If the industry can steal more headlines than usual ahead of the elections, more people might start to care, bringing more soldiers to the fight. The question of the hour will digital assets be a topic in tonight's debate? I'm going to be a Debbie Downer here. I don't think it will be, but if I'm wrong, I'm willing to bet that the Poly Fi sector is going to see some action tomorrow. It's Thursday, June 27th and this is Markets Daily. A show where we make sense of the crypto markets this morning, Bitcoin is at around $61,100 as of recording time. This is after falling back towards $60,000 on Wednesday when a wallet tagged to the US. Government moved about $240 million worth of seized Bitcoin to a coin based prime address. Now this of course ignited concerns that the assets are going to be sold. The more than 3900 Bitcoins were originally seized from a silk road vendor and forfeited in January. That's according to Arkham Intelligence Van Eck filed for a Solana ETF making it the first ETF of its kind to be filed in the United States. This comes six days after a similar product was launched in Canada Seoul jumped more than 6% on the news. And Galaxy says that spot Ether ETF S could see $5 billion of net inflows in the five months. These products could start trading as early as next week. We'll just have to wait and see. But Galaxy says they expect the net inflows to be 20 to 50% of what the Bitcoin ETF saw over the first five months. The firm also said that Ether will be more price sensitive to ETF inflows than Bitcoin because of the amount of total supply of e that's locked in staking bridges and smart contracts and the lower amount held on centralized exchanges. It also cautioned that spot, Ether ETF demand may be limited due to the lack of staking rewards. Ether was at around $3400 at record time, up almost 1.5% on the day. Now, as you know, on this show, we dig deep into topics that have relevance to the crypto markets. The hottest one today is the Biden Trump debate set to take place in Atlanta tonight. Now yesterday we spoke about meme coins and today we're talking about a different kind of meme coin, the qualify sector. Now we just took a look at the markets and much like Bitcoin, the qualify sector is under pressure ahead of the debate. Tokens Trump and baden suffered losses while Trump made a recovery in anticipation of the debate. This morning, Trump was trading at around 11.5% higher at $9.08 while Trump was trading down almost 6% and bought in down 3% according to coin market cap. Now, I wouldn't be surprised if either presidential candidate mentions anything about digital assets that we see these tokens pump. But what does that mean in terms of anything tangible for me? What this tells us is that Washington is starting to pay attention at consensus 2024. I spoke to Sec Commissioner Hester Purse when I asked her how policymakers and regulators felt about crypto companies leaving the United States. She said that she didn't think that Washington really cared and the reason for this was that they didn't fully understand the value yet, if crypto makes it into the debate today, maybe that's an indicator that things are changing. Some of the industry has been pushing for debate host CNN to ensure that digital assets come up tonight. A spokesperson for advocacy group stand with crypto even said that 2300 people signed and sent notes calling for a crypto question. Now, while I acknowledge that this is a step in the right direction for this industry. 2300 is not a huge number when compared to the number of voters in the United States that aside big names in the industry have been speaking out. Ave Ceo Kathy Wood said that she would vote for Trump over Biden solely basing her decision on who she believes would be the best for the country's economy. And Gemini founders, the Winklevoss Twins donated a million dollars each to the Trump campaign. Only to have to be refunded because their donations exceeded the maximum amount allowed under federal law. Now, my question here is how could they donate without knowing the maximum amount? And was this done to gain some headlines? I have to wonder if influential people in the industry are using the upcoming election as an opportunity to spotlight the industry because, well, they're all out of options. It seems like everyone except Sec Chairman G Gensler and a handful of others can agree that clear regulatory frameworks are needed for crypto in the United States. But yet it's still slow moving. So if the industry can steal more headlines than usual ahead of the elections, more people might start to care, bringing more soldiers to the fight. The question of the hour will digital assets be a topic in tonight's debate? I'm going to be a Debbie Downer here. I don't think it will be. But if I'm wrong, I'm willing to bet that the poly fi sector is going to see some action tomorrow. And I hope I'm wrong because a question about crypto in a 2024 presidential candidate debate would be a big step for this growing and mighty industry. That's a wrap for Markets Daily. Today. I'm Jen Sani. We'll see you on Monday.

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