Bitcoin SURVIVES $800B Stock Selloff - What Happens Next?

**Scott Melker** (0:00)
Bitcoin is holding steady, still surviving, even in an unprecedented $800 billion stock sell-off that was triggered by Alphabet and Tesla earnings. Bitcoin's still hanging right around 65,000, even as the Magnificent Seven had their worst day since April 2025 Of course, we've got that, and some updates on the Clarity Act, and more struggling through some rough internet in a weird bedroom, but we're gonna get it done.

**SPEAKER_2** (0:25)
Let's go.

**Scott Melker** (0:41)
Good morning, everybody. Happy Friday, and welcome to the show. Here I am, messed up hair, don't care, sitting in a weird Airbnb, but still committed to showing up every single day to do these shows with you. Obviously, it's been an interesting week. We're at the Out East Summit in the North Fork of Long Island. Did some great interviews there. You probably saw some of those on The Daily Wolf as well. John D'Agostino from Coinbase, Johan Cabrat from Robinhood, Sandy Call from Franklin Templeton. Today's Daily Wolf will be Amy Oldenburg from Morgan Stanley. Also did some other incredible content. So that'll be coming out, rolling out over the coming weeks and a really good interview with Mooch that'll come out on Sunday. Guys, hilarious. So listen, we're going to dive into what is happening to the market at the moment. Here we go. Coin market cap shows Bitcoin 64,694. So dropping a bit, but still up on the week, Ethereum up on the week. Most of the market though, continuing to be flat. But maybe the story isn't the flatiness of the market right now, but the fact that we're seeing some major wobbles in other markets which have not really affected Bitcoin, which is still kind of hanging out in the mid-60s. You can see right here Bitcoin holds near 65,000, is 800 billion AOLF leaves crypto largely untouched. Magnificent seven, worst day since April, 2025 The story there obviously being major expenditures in CapEx that Google basically saying they're gonna spend hundreds of billions of dollars building out AI, which means not actually making money, which means stock goes down even though earnings were good blah, blah, blah, blah, blah. Oil pushing towards 100 bucks. Right now, these are the kind of factors that in the past maybe would have caused a major sell off for Bitcoin, which has not been happening this time. So maybe nothing happening is potentially good news here for the market for once. So you would have expected Bitcoin to be trading under 60 ish and that is not the case. So listen, no bad news being kind of good news. We will take it at this point.
No, not a rough night. Can you guys hear me? Can people hear me? People are saying no sound, but I feel like there's sound.
Check if you can hear me. It's just one person because some of you are saying, yeah, yeah, I see comments here.
That's why you don't read the comments because then you get spooked and you think things are happening. Okay, the next story in the news right now, aside from the prices right now is Strategy BlackRock form Bitcoin Security Consortium to prepare for quantum computing threat. Here you go, Justin. BlackRock, Fidelity, Digital Assets, Coinbase, Strategy, and five others have launched the Bitcoin Security Consortium, pledging 15 million over three years to fund Bitcoin open source developers. I continue to say as the story of quantum comes back around, that this is something that will likely be figured out and I wouldn't worry about it too much. I think that this was one of those negative Nancy narratives. That was very alliterative. Negative Nancy narratives that people are pushing because price was down, and they need a reason to explain why their beloved assets are down. And so I think that this will get solved. Almost every single protocol has a plan. Now you're getting consortiums on the Bitcoin side to deal with this. And yeah, they're going to probably figure that all out.
Big story today though. I mean, what's the story, right? We got, let me flip that up.
Democratic Senator calls GOP's clarity ethics proposal a piece of shit. Where'd it go? On Wednesday, Senator Republicans released the proposed text of the Clarity Act, which has been met with pushback from Democrats regarding ethics provisions. So literally, what do we know so far? So earlier this week, the Clarity Act ethics clause was proposed by the White House to a select number of Republican senators. So we didn't know at first what that language would be. And then a day later, two days later, we saw the language which immediately got pushback from Democrats. Now, there are seven Democrats, roughly, as the math would be required on the Senate side to vote for this, for the Clarity Act to pass. And not so coincidentally, seven of them signed a letter saying it doesn't go too far, but they're at the negotiating, doesn't go far enough. And they're at the negotiating table willing to discuss further. So there is some negotiation going on, but basically some of the sticking points are the fact that the White House proposal said that the Department of Justice would be the ones to come after anyone who violated this ethics clause. And of course, we know the Department of Justice, the floated Attorney General is Trump's personal former lawyer. And the DOJ is far less likely to go after a president than state's attorneys. That said, leaving it to the state's attorneys leaves the same mumbo-jumbo nonsense of Letitia James in New York, going after everyone for political reasons and confusion as to what's legal at the state level or not. So I can see the argument on both sides. Also, there's a Sunset Clause in 2029, so this only lasts for three years anyways, which is problematic and there's still a lot of language in there, apparently, that Democrats don't necessarily agree with. So here's the problem, right? You got a story right here. A Clarity Act expected to miss its window before Congress' summer break leadership says. Now, if you listen to Thun here, this majority leader, pretty important voice, he's saying this isn't going to get done in time. What we know is that if it doesn't get done in time, it probably just doesn't get done because we go into midterm season here in mid-August, everybody's going to be campaigning, nobody's going to be worried about policy because our government doesn't work for us, they work for themselves. They're going to be out there making the calls, raising the money, doing the things while all of us sit here and wait and go, are we ever going to get clarity or anything even remotely similar?