MARKETS DAILY: Crypto Update | Bitcoin's Role in the Upcoming Election

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4.7 • 698 Ratings

🗓️ 24 June 2024

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

The latest price moves and insights with Jenn Sanasie and Swan Bitcoin Senior Analyst, Sam Callahan. To get the show every day, follow the podcast here. Today on "Markets Daily," Jenn Sanasie interviews Sam Callahan, Senior Analyst at Swan Bitcoin. They discuss the short-term price correction in Bitcoin and Ether, likely driven by long-term holders taking profits, miners liquidating assets, and ETF outflows. Despite this correction, the overall narrative for Bitcoin remains strong, highlighting its role as a hedge against currency debasement and a store of value. Takeaways | Bitcoin and Ether are experiencing a short-term price correction, potentially driven by long-term holders taking profit, miners selling off holdings, and ETF outflows. The overall narrative for Bitcoin remains strong, with its value proposition as a hedge against currency debasement and a store of value. Institutional investors are expected to increase their exposure to Bitcoin through spot Bitcoin ETFs. Bitcoin's role in the upcoming election is significant, as millions of voters are passionate about the asset and may be swayed by politicians' stance on Bitcoin. Single-issue voters who care about Bitcoin could potentially impact the election outcome. Chapters | 00:00 The Short-Term Price Correction in Bitcoin and Ether 03:01 Bitcoin's Value Proposition as a Hedge Against Currency Debasement 06:16 Institutional Investors and the Rise of Spot Bitcoin ETFs 09:52 Bitcoin's Role in the Upcoming Election 13:28 The Potential Impact of Single-Issue Voters on the Election Outcome LINKS | CoinDesk 20 Swan Bitcoin - This episode was hosted by Jenn Sanasie. “Markets Daily” is produced and edited by senior producer Michele Musso, and executive producer Jared Schwartz alongside Senior Booker, Melissa Montañez. Show notes may have been generated with the assistance of AI technology —all original music by Doc Blust and Colin Mealey. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This short-term price correction definitely is driving my interest. I mean, what's causing it?
0:04.7	When I look at Bitcoin, everything was looking great. There's a lot of momentum.
0:08.1	But I think this is just a healthy consolidation. We had an amazing 20-23. This year, we're still up
0:13.5	over 40%. It's really healthy to have a price correction and some consolidation that's occurred.
0:23.3	It's Monday, June 24th, and you're listening to Markets Daily.
0:27.4	This is a show where we get into the minds of some of the smartest and most experienced
0:32.0	CEOs, analysts, researchers, professors, anyone with a hot or smart take.
0:39.2	Now, before we get into today's discussion,
0:44.5	we're going to take a look at what's going on in the crypto markets. Bitcoin is down over 4% as of recording time this morning. Now, Bitcoin has carved out a double top price pattern. If we look
0:50.7	at a technical analysis, this signals a potential bearish trend.
0:54.9	Marcus Tielin, who, as we all know, is the founder of 10x research.
0:58.2	He's been on this show.
0:59.5	A bunch said that the double top formation could easily see a drop to $50,000, if not $40,000.
1:07.3	Ether is also down over 4% as of recording time.
1:11.0	Some ether traders, however, are buying $4,000 calls in anticipation of record highs.
1:17.6	According to Amber Data, some traders are buying these large numbers of ether September
1:22.1	expiry call options at the strike level of $4,000 on Deribet.
1:26.9	Now, joining us now to discuss what's going on
1:29.2	in the markets and help us make sense of all of this news I've just told you about is Swam Bitcoin
1:34.2	senior analyst Sam Callahan. Sam, happy Monday and welcome to the show. Hey, thanks for having me on,
1:40.5	Jen. Appreciate it. Of course. Now, on the show, we do this fun thing called
1:46.0	The Call of the Day. And I don't want to put you on the spot. It can be absolutely anything you
	...

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