The SEC Sends a Parting Shot at the NFT Space

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 18 December 2024

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

Bitcoin smashes through another all time high. The SEC meanwhile has sent a Wells Notice of their intent to sue Cyberkongz. The question is whether it's just the Enforcement Division clearing out their desks, or the start of an 11th hour assault. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big-picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Tuesday, December 17th, and today we are talking about the last
0:22.9	gasp of a dying SEC, but before that, of course, we got to get into some price action.
0:28.1	Before we get into any of that, though, if you are enjoying the breakdown, please go subscribe
0:32.3	to it, give it a rating, give it a review, or if you want to dive deeper into the conversation,
0:36.0	come join us on the breakers discord. You can find a link in the show notes or go to bit.ly slash breakdown pod.
0:41.5	Well, friends, another day, another new all-time high. Bitcoin stopped just shy of $108,000 yesterday
0:46.2	after a strong morning rally that began as soon as markets opened in New York. Evening price
0:51.1	action was choppy, but extremely well supported, with price remaining above 105,000. An overnight rally took Bitcoin back up to the highs, trading above 107,000, and as of this
1:00.1	recording, it is just under 107,000. Analysts remained bullish as the Santa Claus rally seems to be in
1:05.9	full swing. Jeff May, the COO of Crypto Exchange BTSE said, we think Bitcoin still has tremendous upside potential and could easily hit the 125K mark by the end of 2025.
1:15.6	While some say the upside has already been priced in over the last month or so, we think the rally is just getting started.
1:20.6	Augustine Fan, head of insights at Sofa said,
1:22.6	TradFi inflows now dominate all sentiment and price action in Bitcoin unlike any other prioro
1:27.8	crypto cycle before. This influence will only grow as more and more traditional firms finally need
1:32.3	to have a digital asset policy given the immense revenue opportunities and see change in the
1:36.2	political environment. Some suspect the Santa Claus effect is driven by TradFi firms rebalancing
1:40.9	their books heading into the new year. If that's the case, we could be watching a whole lot of portfolio managers figuring out how they want to treat Bitcoin ahead of
1:47.4	2025. Aside from Bitcoin-specific factors, macro conditions are currently in a state of flux.
1:53.2	This Wednesday's Fed meeting has a rate cut fully priced in. However, many expect this could be
1:57.8	the end of rate cuts, at least for now. Mark Chandler,
	...

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