Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.

What's going on, guys? It is Wednesday, June 25th, and today we are talking about the bank for

international settlements, latest stablecoin arguments. Before we get into that, however, if you

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All right, friends, as is going to be our custom for a little while, we will start with an Iran update.

After President Trump dropped the F bomb yesterday morning, a shaky ceasefire is settling in.

Israeli bombers returned to their hangers throughout the day, doing the so-called friendly plane wave as requested by the president. Later on Tuesday, Israeli Prime Minister Benjamin Netanyahu released a statement saying

that, quote, Israel has removed a dual immediate existential threat, both in the nuclear and ballistic

missile fields. In light of the achievement of the operation's objectives and in full coordination

with President Trump, Israel has agreed to the president's proposal for a bilateral ceasefire. Most commentators are reading this as Netanyahu bending the need to Trump's

demands, given his prior position that regime change was the ultimate goal. Now that said,

the peace is extremely tentative. Iran's top security body confirmed that they have agreed to the

truce, but added that they have their, quote, hands on the trigger, ready to deliver a decisive strike in response to any violating act. But for now, the ceasefire is

holding and Trump is in the Netherlands to attend the NATO summit. Tentative would also accurately

describe the market response as well. Bitcoin traded in a tight range above 105,000, one of its

least volatile days and weeks. The S&P 500 was up a little over 1% on the day in a slow grind upwards.

The Dixie inched higher while gold gained 1.5% after losing 2% overnight on Monday.

Essentially, markets are on hold while they wait to see if the ceasefire is sustainable.

Indeed, some traders are already on to the next geopolitical shop, with Jonah Von Borg tweeting,

...