MARKETS DAILY: Crypto Update | Markets Haywire Amid SEC’s ETF Application Response and the ‘Natural’ End to a Long World Cycle
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 30 June 2023
⏱️ 12 minutes
🧾️ Download transcript
Summary
Adam B. Levine zooms in on the important factors to keep in mind as the next few years unfold.
Today's Stories:
Bitcoin Tumbles on Report of SEC Saying Spot BTC ETF Filings Inadequate
SEC vs Coinbase Case Set for July 13 After Exchange's 'Creative' Opening Response
Markets Links:
BRN00 | Brent Crude Oil Continuous Contract Overview | MarketWatch
First Mover Americas: Fidelity Joins the Rush for Spot Bitcoin ETF
SEC Says Spot Bitcoin ETF Filings Are Inadequate - WSJ
https://twitter.com/EricBalchunas/status/1674777296438165505/photo/1
Bitcoin Tumbles on Report of SEC Saying Spot BTC ETF Filings Inadequate
SEC vs Coinbase Case Set for July 13 After Exchange's 'Creative' Opening Response
This episode was hosted by Adam B. Levine and George Kaloudis. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl. All original music by Doc Blust and Colin Mealey.
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Transcript
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| 0:00.0 | It's Friday, June 30th, 2023, and this is Markets Daily from CoinDisk. |
| 0:09.6 | I'm Adam B. Levine, here again with George Calutus for your Daily News Roundup. |
| 0:12.7 | On today, show, we're talking Bitcoin, the big picture, top headlines, and more. |
| 0:16.6 | And just a reminder, CoinDesk is a new source and does not provide investment advice. |
| 0:32.8 | Bitcoin was up, but now it's back down sharply, and so too is ether. |
| 0:35.0 | It's a choppy day out there. |
| 0:40.3 | Bitcoin's price move up came on the back of asset management giant Fidelity refiling paperwork for its Spot Bitcoin Exchange Traded Fund, or ETF. |
| 0:44.1 | That news came in Thursday afternoon, and Bitcoin's price didn't move much, but an overnight |
| 0:48.0 | rally took the price briefly above $31,000. |
| 0:51.7 | This morning, however, a headline from the Wall Street Journal reads, SEC says spot Bitcoin ETF filings are inadequate. |
| 0:58.0 | Q the red. Back down we go. |
| 1:01.0 | Of course, if you read past a headline, which the market certainly doesn't, and let's |
| 1:05.0 | face it, neither do most people, you'll read that, quote, |
| 1:09.0 | the SEC told the exchanges that it returned the filings |
| 1:12.1 | because they didn't name the Spot Bitcoin Exchange with which they are expected to have |
| 1:16.3 | a surveillance sharing agreement or provide enough information about the details of those |
| 1:20.9 | surveillance arrangements. Asset managers can update the language and refile, end quote. So the |
| 1:26.3 | filings aren't inadequate because of the whole soul of the |
| 1:29.0 | idea of the spot Bitcoin ETF, but rather because, well, the filing is inadequate. As we record |
| 1:35.6 | the show, the price of Bitcoin is going haywire. I'd expect the filers to amend the language |
| 1:39.5 | and refile. It's not doomsday yet. Take a breather, touch some grass, and we'll see y'all next week. |
| 1:46.2 | On the topic of next week, a listener sent in a question about stable coins, which I will |
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