SEC'S HUGE CRYPTO RULEMAKING! BITCOIN BULLISH WEEKLY CLOSE, QUANT QNT PUMP, X MONEY PAID MEMECOIN!

Tony Edward (0:05)

Hey everyone, welcome into the Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as a thumbs up button and leave a comment below. We are approaching 200,000 subscribers, so please be sure to subscribe. And if you're listening on a podcast platform such as Spotify or Apple, join 80,000 plus listeners and follow and leave a five star rating. All right, folks, let's start with the price of Bitcoin because Bitcoin closed very bullish. So we closed above $84,000 and the actual key level was at $83,000, but it closed above the May high. So we are seeing further confirmation that we have turned a corner from a bear market into a bull market. We're seeing higher highs and higher lows. Now, that doesn't mean Bitcoin is going to pump straight up to $100,000 this week. It could happen, but we want to be realistic, right? Right now, in the daily chart, the MACD is about to flip bearish. Now, it hasn't completely done that. We've seen the market fake us out before. So we have to be patient. But having these closes on the weekly is very bullish because we've been tracking, of course, that bullish divergence on the weekly chart. And on the weekly perspective, the bulls are in full control. The RSI is not in the overbought zone. So we got room to pump here. But, again, we got to be patient and let the market do its thing. So a lot of analysts are highlighting this close, saying we have officially closed a new high, marking the end of the bear market downtrend and break out into a new uptrend. So this was the highest weekly close in eight months. And Bitcoin is now up 45% from its June low, which is around $58,000.

So again, we've been talking about this. We've been tracking this for months upon months. Obviously, you do have to give time for the market to play out and have these things take place, right? So it's really great that we're seeing this. And of course, the inverse of all this is the USDT stablecoin dominance. From a weekly perspective, we still got ways to go. That's in a bearish divergence. So there's still more liquidity that is gonna make its way into the market. And then we pump. And then of course, we'll see a natural healthy correction. And again, Bitcoin could drop down to $72,000, $70,000 from here. So just be mentally prepared for that. But the point is, we're forming higher highs and higher lows. And the higher lows are the most important in the bull market structure, right? That's what maintains everything. And of course, we've crossed the 200-day moving average.

We've crossed the 50-week moving average. We've had the cross of those things. So lots of bullish confirmation. And of course, the scale is tipping in the favor of the bulls here. So very, very nice to see what's happening in the market. And we're seeing altcoins are getting hit with liquidity from Bitcoin, right? So most recently, we were talking about certain altcoins like Zcash and others that have been popping off. Well, look at this. Quant is going bananas.

Congrats to you guys who hold Quant. I personally don't. It's not possible to hold everything. But I'm happy if you're making money, guys, because that's why we're here, right? Certainly, we can look at the technology and the application and all that. But many of us are here to take a bet on it so that we can better our financial lives. Those of you holding Quant, congrats, because it is over $260. Actually, it's over $270 at the time of recording. Just an incredible pump. Now, it is in the extreme overbought zone, so expect a pullback. But if we're in the early innings of this bull market, which I believe we are, and Quant just made this huge jump, you can imagine it's going to break the old all-time highs as we head deeper into the bull market. So again, congrats if you're holding Quant.

The chart looks incredible. It's like a straight line up pump. And I hope to see this for some of the major all coins that many of us hold, like H-Bar, like Solana, like XRP and more. But this looks really good, guys. So very, very bullish. So these type of things don't happen in a bear market. So clearly, we are in a bull market. But remember, it works in phases. We will have pullbacks. We will have deep corrections. It will get volatile. So you have to be mentally prepared for that because this market is still very young and it's going to be very volatile. Now, I've often said it's like a pendulum where it may swing low, but it swings high, right? So this is why there's so much upside here, especially for us as early adopters. So this looks amazing. So bullish, close proof, Bitcoin, and many of these individual alts are starting to pop off. Now, guys, we have some very bullish updates on the SEC. So just on Friday, the SEC staff issued new FAQs clarifying how the Commission's March Interpretive Release on Digital Assets applies to token functionality, staking receipt tokens and investment contracts. Among the guidance, once a network is functional, services to maintain, improve or grow, it generally would not count as essential managerial efforts under the Howey Test. The FAQs reflect staff views and have no legal force or effect. So very bullish, a lot of folks are weighing in on this. So one of the other things they highlighted was that token buybacks on functional protocol do not constitute managerial efforts. Liquid staking tokens are digital commodities or tools, not securities. Maintenance, enhancements, system grants, not considered essential managerial efforts. And promoting crypto utility without profit claims generally not an investment contract. So the Clarity Act failed, obviously, but we are seeing incredible guidance and rulemaking coming out from the SEC and CFTC and this is huge for the institutions and the folks that are building. It gives a lot of clarity. Folks don't have to worry about getting a Wells notice or a lawsuit. And of course, you know, I think the biggest guidance the SEC has put out recently was Reg Crypto, Regulation Crypto, which covers token issuance. It will essentially regulate ICOs, right? And right now, that's in the comment period. And you know, hopefully we have a final version by the end of the year. Maybe it doesn't take that long, but maybe in a couple of months, right?