I think we're starting to see like more, a greater demand for transparency, for accountability.

And I do think like the stuff like the market structure bill will just accelerate that.

Hi, everyone. I'm back now with Joshua Lim, Global Co-Head of Markets at Falcon X. Welcome, Josh.

Thanks for having me. Great to be here.

So, wow, we are in a position with these crypto markets where things aren't looking super pretty.

And Bitcoin just fell below 74K. And I was wondering if you think we're at the bottom or, you know,

where you think we are right now in the crypto markets. Yeah. You know, I mean, these levels are

obviously distressing for anyone who's worked in the industry for quite some time, but also significant

because these are levels that were only previously seen prior to the Trump election.

So in many ways, like we've given up a lot of progress on price, even though in terms of innovation and adoption and just the broader growth in the ecosystem,

and think about all the developments that have happened

over the last year, especially with hyperliquid. You know, there's been very little to show from

a price perspective. Even you could argue that we've kind of moved backwards if from the perspective

of many different all coins and governance tokens that are staples of a lot of fundamental portfolios.

And so what do you think is driving this downward price action?

Yeah. And I think, you know, you're asking kind of what is the, you know, the sort of forecast

from going forward from here. I think it's entirely going to be a function of how well risk assets can hold up, right?

If you look at across the board, other asset classes, everything is still near all-time highs,

right?

And a lot of that is because of the way the dollar is behaving.

The dollar is weaker and that generally is a boon to other risk assets.

That has not translated to Bitcoin and to crypto generally.

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