Bitcoin Price Volatility as TradFi Adopts Crypto at a Rapid Pace! Morgan Stanley Digital Asset Lab & Tokenization!

Amanda (0:00)

I see this as just part of the larger transition where Wall Street's adopting blockchain technology but selectively. And we've had those conversations with previous guests.

It's providing a clear commercial advantage here. I mean, the digital asset lab that Morgan Stanley launched, which Jamie Dimon, where are you? How are you feeling, Jamie?

Tony Edward (0:23)

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Link will be in the description. Hey folks, welcome into the Thinking Crypto Podcast, Crypto Water Cooler series where Amanda and I dive into the latest crypto news that you need to know about. Amanda, great to see you. Happy Friday.

Amanda (2:56)

Great to see you too, Tony. Lots to discuss.

Tony Edward (2:59)

Yeah, over the past few weeks, there's been an incredible amount of crypto news adoption from TradFi institutions. Just a lot happening. More so on the positive side. There are some negative things, but more so on the positive side.

Amanda (3:13)

Yeah, exactly.

Tony Edward (3:16)

Well, this morning, Bitcoin not doing too well. In fact, the entire week, Bitcoin has just been chopping, and there's been a big sell-off.

Bitcoin is back below $81,000. I'm personally not worried because Bitcoin has reclaimed some of the bullish metrics and moving averages. But obviously, the market being down really sucks.

Amanda (3:37)

Exactly. I think the geopolitical climate we're in right now, obviously inflation is happening. We know with inflation comes interest rates that are hiking up. So you have other markets in South Korea, Japan that are falling, and obviously crypto is going to get caught up in that broader risk-off move. I think Ethereum took an even bigger hit than Bitcoin with this particular selloff. So the important thing is here that investors get nervous when the economy does this and they pull back from any asset that's considered risky.

It's so cyclical.

Tony Edward (4:08)

Yeah, it's all cyclical.

Soon enough, I believe that once we're past, some of these things will be back in a rally. But the market is never a rally in a straight line up. It's always pump, pull back, build support levels, then pump higher. So this is just another cooling off phase. And yes, like you mentioned, the macro factor is adding additional weight and pressure.