Join me today for Episode 1047 of Bitcoin And . . .
Topics for today:
- Trump Writes Words, Market Rallies
- Manufacturing Numbers Tank the Rally
- Insider Trading on Trump Pump?
- SEC Drops Kraken Case
- Swiss National Bank Says "NO!"
#Bitcoin #BitcoinAnd
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https://www.theblock.co/post/344220/td-cowen-trump-crypto-reserve-uncoordinated-lacks-funding-details
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https://bitcoinnews.com/adoption/trump-white-house-crypto-summit/
https://decrypt.co/308431/us-court-dismisses-sec-case-against-richard-heart-hex
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[00:00:02]
David Bennett:
It is 09:43AM Pacific Standard Time. It is the third day of the third month of twenty '20 '5. This is episode ten forty seven of Bitcoin, and, wow, what a weekend. It started with all manner of weirdness, and it ended up with all manner of weirdness. And we're gonna get into all of it or at least most of it this morning. We're gonna talk about Trump's cryptic crypto reserve plan announcement that he made. There are some serious problems with this, and it's not just the shit coinery. It really isn't. There is, like, a whole bunch of stuff that we're missing out of this statement, and we'll get into a bunch of that.
The, ISM manufacturing PMI numbers came in, and it basically just caused a, well, a halfway god candle to the downside for not only Bitcoin, but for most of the markets. Energy is down. The Dow dropped. Everything is basically bleeding again because everybody is twitchy in the markets, man. And that tells me nobody feels really safe. And until people start feeling really safe, you're gonna have this fear index, you know, bottoming out, not just for Bitcoin, but for, like, basic world macroeconomics. And this indicator came in, and it apparently pulled the plug on a lot of people's hopes and ideals.
TD Cowan, is reiterating my call for a little bit more information from Trump as to what he actually meant with this reserve announcement that he made. And then one trader made out like bandits on the preannouncement. He went long. How long? We'll get into it. But it's clear somebody knew something before that announcement because somebody walked home with a whole boatload of cash. The your you US Securities and Exchange Commission is gonna drop its lawsuit against Kraken, and I guess that's good. We'll have to get into that and pull it apart a little bit to see exactly why and what their their thinking is. And then we've got the governor of the Swiss Central Bank saying no to Bitcoin.
I can't imagine why. Then there is this crypto summit that Trump is gonna host at the White House. I've never seen anything like this before, so we'll get into this one from bitcoinnews.com. And then finally, well, let's just say the hexagons are jumping up and down. And it's not good it's not good for anybody but the hexagons. We'll we'll we'll get into it. But first, Zoltan Vardai, Cointelegraph, Trump's crypto reserve plan faces Congress vote, and that may limit rally. Cryptocurrency markets surged following United States President Donald Trump's announcement of the potential strategic crypto reserve, but analysts caution that that rally may be short lived.
On March, Trump said his working group on digital assets had been directed to include three altcoins. As you know, it's XRP, Solana, and Cardano in The US crypto reserve, Cointelegraph reported. Now the reserve will obviously include Bitcoin and Ether, Trump added in another note on Truth Social. That announcement triggered a market wide rebound with the global crypto market cap rising nearly 7% to $3,040,000,000,000 while Bitcoin breached the $95,000 psychological mark after a 7.7% intraday rally. Now let's look at the they've got a screenshot of these, well, these truths or what I don't know what they call them on truth social, but whatever his announcements were, his first announcement is this. Okay? This is his first truth that he posts on truth social about this. He says, a US crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA. That's Cardano and Solana and Ripple.
Not that you call it Ripple, but it's Ripple. Whatever. I will make sure The US is the crypto capital of the world. We are making America great again. Okay. So that's the first thing he drops. Then, almost as if it's an afterthought, he retruths, if that's what you wanna call it, or basically retweets his original one and adds this. And, obviously, BTC and ETH as other valuable cryptocurrencies will be at the heart of the reserve. I also love Bitcoin and Ethereum. This was a critical error. I'm sorry, but it was. We'll get into that here in a second. Let's finish this out. Still, the rally may be temporary due to the lengthy approval process required to establish a US crypto reserve according to R. L. E. Barthaer, principal research analyst at blockchain analytics firm, Nansen, quote, I I think constituting a reserve by buying new tokens is a complex process that will need congress's vote, so it will take time. I would be a bit wary of the sustainability of today's move, end quote.
Well, some analysts expect an intimate market bottom after Bitcoin's active addresses reached a near three month high on February, signaling that the market is at a crucial turning point that may signal a capitulation moment according to crypto intelligence platform into the block. ADA, Sol, and XRP have outperformed the market on Trump's announcement of their inclusion in The United States Strategic Reserve. Still, the crypto market's upside may be limited and invite significant volatility in the short term according to Nikolai Sondergaard, research analyst at Nansen. And the analyst told coin CoinTelegraph, quote, as Aurelie mentions it, likely will not be that easy, and I expect volatility in these tokens today, especially already seen in Cardano nearly touching $1.17 and now sitting back at 94 United States pennies and, quote, further quote, regardless of how long these gains will last, it is momentarily positive for the market. But the question for the future will be if any of it will come to fruition.
If not, it will likely be negative news points for crypto, he added. Still, crypto investors continue looking forward to other industry specific developments as potential catalysts, including the first White House crypto summit, which is set to be hosted by Trump on March. While there are no additional details about the agenda, stablecoin regulation and legislation related to strategic crypto reserve have been at the forefront of regulatory discussions in The United States. Okay. So, yes, we got this massive, what can only be termed as a god candle.
It was, you know, it was a lot more I think it was a lot more than seven, 7.7%. But regardless, it was at least a $10,000 candle. I regard those as god candles because they're close to a 10% to the upside candle. And then it just held. It went sideways, and then it kinda drifted down a little bit, and then it started drifting back up. And then I wake up this morning, and we've got 5,000 or 4,500 to the downside in a single candle. Now what could possibly have instigated that move to the downside? Breaking. United States ISM manufacturing PMI surprised to the downside in February.
So numbers came in. Macroeconomic numbers came in. And as always, they're not good. Data from the Institute for Supply Management, or the ISM, show that the manufacturing PMI receded to 50.3 in February, down from 50.9 in the previous month and falling behind analyst forecast for 50.5. Meanwhile, the prices paid index, which tracks inflation, advanced to 62.4 from 40 no. From 54.9. The employment index ticked lower to 47.6 from 50.3, and the new orders index deflated to 48.6 from 55.1. All of those numbers are bad numbers. Every single one. There's not a single one of those numbers that came in today that suggests that any economy is ripe for turnaround.
Inflation's ticking higher. Employment's dropping. Manufacturers are basically not making as much. And, I mean, it's just it's all it was all bad news. Now that it's that PMI, that ISM manufacturing PMI number that I think concerned the most people because it was already set to be down from the previous month from the number 50.9, but the forecast was 50.5. We couldn't even hit that. We got to 50.3. So it's no wonder that we lost half half of the gains that we got yesterday. And more numbers are on the way. On the twenty fifth, we've got numbers coming out. I don't know. I can't remember what they are offhand, but what's happening or what's been actually, what's been true for a while is that we still have some pretty strong correlation in Bitcoin with the world macroeconomic landscape, and don't let anybody tell you different or at least not right now anyway.
So let's move over to this reserve announcement thing from Trump, the one that caused the God candle yesterday. And I love how he released that news on a Sunday. He made he made the tweet or whatever it's called on a Sunday before markets were open, before he bought and before anybody could even do anything when the markets were going to open, we got the PMI and we got the PMI numbers in and they were bad. It's almost as if there was some coordinated things going on, but that's just me and my tinfoil hat. Let's let Yogita Khatri from the block tell us about this one. T. D. Cowan says Trump's crypto reserve announcement is uncoordinated and lacks funding details.
President Donald Donald Trump's announcement on Sunday that The US will establish a crypto strategic reserve holding Bitcoin, Ether, XRP, Solana, and Cardano appears uncoordinated and lacks clarity on funding according to investment bank, TD Cowan, quote. We caution against overreacting to the social media post. The original version did not even include Bitcoin and Ether as part of the reserve, and that suggests to us that was not coordinated. TD Cowan's Washington Research Group led by Jared Sayberg told or wrote in a note on Monday, quote, there was also no discussion of how the government would get the funds to buy tokens, the research group added, raising questions about the plan's feasibility.
T. D. Cohen also downplayed the significance of calling it a reserve versus a stockpile, noting that it remains unclear at all whether the United States government plans to buy tokens or to simply retain seized tokens. Trump's crypto reserve announcement fueled an immediate market rally, but it also drew skepticism. Some have questioned the selection of tokens with Coinbase CEO Brian Armstrong, for instance, suggesting that only Bitcoin could be included in the reserve. I'm pausing because I've got a comment on Brian Armstrong here. As you know, if you've listened to this show at all, I am not a fan of Brian Armstrong at all. He was on the wrong side of the New York agreement. He's been on the wrong side for Bitcoin throughout the entire existence of Coinbase.
He just doesn't seem to understand that it was always Bitcoin that put him where he is until he said that on Twitter yesterday. In this particular case, not only am I in 100% agreement with Brian Armstrong, the CEO of Coinbase, I'm actually applauding him for standing up and saying what needed to be said. I you gotta give credit where credit is due. And this is a guy who is one of the most supreme shitcoiners on the face of the planet, and even he knows that this reserve should really only be about Bitcoin. And everything else, hell, you could do it off of an ETF if you wanted to, but it doesn't matter. Because what when you've got Brian Armstrong actually having to tell the truth, you know this is messed up.
So let's continue. Trump's announcement comes ahead of the White House first ever crypto summit, set for Friday and hosted by crypto czar David Sacks. Trump is scheduled to deliver remarks, and major industry figures and investors are expected to attend, quote, we believe this summit is important as it will expose how team Trump intends to advance stablecoin and crypto market structure legislation, TD Cowan said. And our view remains that only a bipartisan solution can provide the crypto sector the legal stability that it needs. Meanwhile, TD or sorry. Meanwhile, the senate banking committee is preparing to mark up stablecoin legislation next week with the goal of passing a bill within Trump's first one hundred days, while TD Cohen acknowledges the momentum it remains skeptical about congress moving this quickly, quote, we appreciate the need for speed the need for speed, but we worry that this might be too fast to produce an effective bill. Key for us is what it means for the ability of banks to issue stablecoins and if stablecoins need to be interoperable.
Okay. So that's the article. But I I I wanna I kinda wanna pull out what was not said. If you go back and you you read those two truths from Truth Social that Trump put out on the announcement of this, it's it says absolutely nothing except it names five coins. Three of them in the original truth, and then he had to backtrack. And I do agree with TD Cowan on this. It does seem uncoordinated because he's like, oh, shit. I forgot to mention BTC in in Ether. Okay. I I there, I agree with TD Cowan. But think about it from a different perspective. What did Trump actually say?
Nothing. He said absolutely nothing. There's not a new executive order. He's just saying that they're continuing to look at this. They're that's essentially all this thing said, except that he, you know, named coins by name and the the three the four shit coins are in there. ETH was always gonna be in there because he had mentioned that before, but picking the three of the shittiest shit coins ever, you know, that that really grabbed people by surprise. But if you if you subtract those out and just say, like, I don't know, Just just instead of actually naming coins, just say we're gonna pick at least three other cryptocurrencies to put alongside BTC and ETH.
That man said nothing at all. There's no new executive order. There's not a, I don't know, a blue ribbon council or committee that he's put together. Everything is the same from the original executive order. All he did was write words in a truth and put it on true social, and we get a $10,000 God candle to the upside. This, to me, means we're really twitchy. We're really nobody actually read the tweet or whatever it is. He said nothing. He provided no more details other than actually naming three coins, but other than that, everything's the same. Nothing's changed. And yet we get a $10,000 god candle to the to the upside. Now when I was looking at the time that he released that particular truth because I woke up Sunday morning, and I'm, like, going, well, I'm all blurry eyed. I look at, I've got this little this little m five unit that basically displays the, price of Bitcoin all day every day, and I see this massive candle to the upside. And I go, what the hell happened? So I get on on Nostr, and I say, hey. I just woke up. What the hell happened? And several people threw me that that tweet or truth from Trump.
And I go back, and I look at the time stamp and determine that I determined that the time stamp was literally, like, thirty minutes before I woke up. But if I go and I look if I look back at the chart and I see the hour looking at the hourly candles, there are three candles to the upside or, well, maybe four at by the end of the day that made the the general the general push to 10 to $10,000 to the upside. There were basically four three or four candles that did that. The third candle coincided with the time that that truth was released. Yet we had two massive candles right before that, so somebody knew something.
Somebody knew something. I mean, there was enough buying pressure at that particular point two hours before this thing dropped. It makes me wonder who knew what and how did they know it. And we'll get to a little bit more of that. But first, the circle p is open for business. The circle p is where I bring plebs like you with goods and services for sale in Bitcoin to plebs just like you who want to buy goods and services in Bitcoin. Because if you're not selling it for Bitcoin, you're not in the circle p. Today, it's Maple Trade. And I got a note on Nostra from Maple Trade that says, hey, Rev HODL. How's the season starting?
Started early today on 13 degree morning. Got all collected yesterday. 768 taps this year. Second collection, averaging about 1.5 gallons of sap per tap. Some of them are only half a gallon, and some were actually overflowing. And my sugar is in the great range of 2.2 brix to 2.9 brix. None your business. Get the circle p ready, but give me a couple of weeks to get it filtered and bottled. That's right. Maple trade is gonna sell you his handmade maple syrup. He taps his own maple trees. He collects the sap himself. He brings it over to the evaporator. He evaporates it down. He filters it. He bottles it. He ships it to you, my friends, and he will take Bitcoin for that particular flavorful syrup. And I've had it before, and it's really good. He knows this is a man who knows how to make maple syrup, and he does it the old fashioned way. Does it outside over essentially over a wood fire, and it's glory in a bottle. That's all I gotta say about it. So if you go to Mapletrades Inn Pub and get a hold of him And his in pub on Noster and his Twitter handle are both URLs in the show notes, and you can click on them, and it will take you directly to Mapletrades either, you know, his his Noster profile or his Twitter profile, whichever you wanna do.
You gotta get ahold of him directly to order his maple syrup, so please do that. He runs out of maple syrup pretty quick, so get your orders in. And when you order, you make deadly sure that you tell him that you heard about it here on the Circle p at the Bitcoin and podcast, and he will cut me in on value for value advertising where if I make a sale for Maple Trade and he knows that I made that particular sale, he will cut me in on what he thinks I deserve for making him that sale. It's a value for value advertising model. It's the first of its kind. It's right here on the circle p. Now back to the news.
CoinDesk, we're gonna talk about this one trader that made out like bandits. Well, he actually made millions of dollars betting $200,000,000 on BTC right before Trump's crypto reserve news. At at one point, the trader was just $50 away from being liquidated. So, yeah, he was close to the fire on that one. A trader on decentralized derivatives platform, Hyper Liquid, used 50 x leverage. Man, that takes me back to the glory days of BitMex, man. 50 x leverage to open a $200,000,000 long position on Bitcoin on Sunday, netting a gain of around $6,800,000 after United States president Donald Trump spurred a market wide rally by announcing the nation's crypto reserve.
Caution and pausing here to reiterate, Trump said nothing new. He said nothing new at all. Okay? So just keep that in mind. Anyway, the trader used $4,000,000 worth of collateral to place a trade that at one point was $50 away from being liquidated. The entry was at $85,908 with a liquidation price of 84,752. BTC instead rose by more than 11% from 85,000 to 97,255 after a reference to the reserve was made on social media platform, Truth Social. Yeah. A reference. That's all it was. He said nothing new. There's nothing new under the sun. He just reiterated something, and all of a sudden, we get an 11% candle, which is an honest to god god candle anyway. However, the trader perhaps backed the wrong horse as, you know what?
They're gonna talk about how how, or Cardano and XRP rose more, but it's all bullshit. Trump may caught many by surprise with his announcement due to the inclusion of XRP, Sol, and Cardano. Coinbase CEO Brian Armstrong and Bitwise CEO Hunter Horsley said that they thought The United States reserve would only include Bitcoin whilst the those connected to Ripple and Cardano took victory laps on social media. Some skeptical social media users have questioned whether the trader had inside knowledge of the reserve announcement, although it's unclear whether the position was a hedge or if the trader thought BTC had bottomed following the correction from a hundred and 9,000 to as low as 78,000 in the weeks since Trump's inauguration.
The trader has now closed his long position, realizing a profit of $6,800,000. So who knows? There's there's no real way to know who it was. There's no real way to know what that person knew, and there's also no real way to know whether or not somehow that one trade was affecting the two hours before Trump made an announcement because it was very clear to me that for two hours, somebody other than this guy, at least that's my gut feeling, somebody other than this guy knew what was about to be and I was about to say, announced. But it wasn't announced. It was reiterated.
That's all it was. It was a reiteration of something that we already knew, and we get an 11% jump. I don't know, man. Shit ain't right sometimes. Let's run the numbers. Futures and commodities. Let's get into this one. But first, the treasury department made an announcement yesterday. Do you remember when the treasury department made a rule that said that if you are a partner in an LLC, a limited liability company, and I believe that also means a limited liability partnership, although I'm pretty sure reporting was was already already needed to happen on an LLP. But for LLCs, if you were a partner, you were going to have to divulge all of your personal information, your address, your Social Security number, your full name, how you are a principal, how you are related to this LLC, the whole ball of wax. Well, the treasury department last night tweeted out from their official Twitter account that that is no longer in the card. So if any of you guys were worried that you're you're part of an LLC, no matter how small, that you were gonna have to give up all your information, That's no longer the case. They are only going to do that for foreign nationals that are part of LLCs that originated in The United States. So we can breathe a nice sigh of relief, but oil can't because it's down half a point to sixty nine forty three. See, I told you, that PMI is crushing everything. Nobody is happy this morning, and neither is Britain nor sea, which is down a quarter to $72.61 a barrel.
Natural gas doing its thing is going the other direction, 6.1% to the upside to $4.06 per thousand cubic feet, and gasoline is down a third to $2.21 per gallon. And the last time I read you that number, by the way, ladies and gentlemen, it was not anywhere close to that high. $2.21 is quite high. Last number I remember was, like, a buck 98 or, like, $2.00 1 or something like that. So that's a hell of a jump for gasoline even after a third of a point decrease. Gold okay. Shiny metal rocks are all doing well today. Gold is up almost two points to $29.00 1 and 10¢.
Silver is up 2.7%. Platinum is up 3.6. Copper is up 1.3. Palladium is up five and a quarter. Ag is pretty much mixed today. The biggest winner is going to be coffee, 3.4 to the upside, but the biggest loser, and I mean this is ugly, almost 11 points down for chocolate, 10.76% red candle. That's not good for chocolate, guys. Live cattle is down a quarter of a point, and lean hogs are up a third of a point, and feeder cattle are down a half of a point. Let me, just do this one thing here, and I gotta block this collar, and there we go. Sorry.
Doing business on air. Dow is down a third of a point. The S and P is down point 4%. The Nasdaq is down point 45%, and the S and P Mini is down point 43%. Most people are having a really bad day today because of this PMI number, man. And we're back down to sub 90,000. We're at $89,450, per coin. That is a $1,770,000,000,000 market cap, and we can only get 30.9 ounces of shiny metal rocks with our one Bitcoin of which there are 19,831,557.27 of. Average fees per block remain low at 0.04 BTC, taking in fees on average on a per block basis. And there are about 52 blocks carrying 12,000 unconfirmed transactions waiting to clear at high priority rates of 4 Satoshis per vbyte.
Low priority gonna get you in at three, and the hash rate is increasing again. We are back above 800 exahashes. We are at 808.6 exahashes per second. So miners just don't seem to be really all that concerned with the volatility going on in the markets. We'll have to see what that does. Now from Bitcoin and get out episode, which was Friday's episode, I got Pies with 5,000 says, gonna lay low for a while. Thank you, sir. Be safe out there. Now I thought Pies was not like in my presentation in the get out episode because I went off on Ukraine. However, I saw that Pies is kinda laying low from a couple of different, different podcasts. So I don't think that that was it. Pies, you just come in whenever it is that you wanna come back in for, and, we'll we'll we'll see you then. I hope all is well with you and yours and and that this is just you're just taking a break from podcasts or whatever. But like I said, man, I hope all is well with you and yours. Now Augie Chu did not did not like the presentation on on Ukraine. No. He did not. But he did give me a thousand sats, So I gotta say thank you. But he says, last boost, last listen.
Thank you for your service, but I was here for Bitcoin news and not for your politics. I cannot blame or I can't really I don't really know how to pronounce it. And I'm not even angry because here's the thing. You can't make everybody happy. If you hold any beliefs at all on anything, somebody somewhere is gonna get pissed off at you if you actually say those beliefs. There's no possible way that I can go for 1,047 episodes over six years and not piss somebody off. However, I do love Auggie entitled to to his or her commentary, entitled to be able to send sats wherever the hell they wanna send sats for whatever reason they wanna send it for. So I'm not upset, and I thank Auggie for his or her service as well.
X p l b z x with a thousand says Zapboost. Justin with a thousand says, as a sovereign computing newbie, I appreciate the segments about Umbrel and other apps. Anonymous with a thousand says Zapboost again. Psyduck with five fifty eight says, Psyduck. Pies with four twenty says, value for value, hashtag 40 h p w. God's death with two thirty seven. Thank you, sir. No. Thank you. Yodle with 300 says, interesting possible insight into cash and carry trade impacting price. I kinda thought about that too over the weekend going, I don't know. The more I think about that, the more it made more and more sense. I still don't know if it's true. There's no way to know unless you're sitting right, you know, right in the nest of all those people that are doing all those things. And PIES with the last 100 says, thank you, sir. No thank you. And that's the weather report.
Welcome to part two of the news you can use. The SEC plans to drop its case against Kraken according to the firm, and this is written by Cheyenne Ligon. The United States Securities Exchange Commission has agreed to drop its ongoing enforcement action against American crypto exchange, Kraken, according to a Monday announcement from Kraken themselves. The SEC sued Kraken in November of twenty twenty three, accusing the exchange of commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency, and dealer.
Instead of settling with the SEC, Kraken chose to fight the charges. And a federal judge ruled the agency had a plausible cause and should go to trial. Now pending approval from SEC commissioners, Kraken says the charges will be dropped with prejudice, with no admission of wrongdoing, no penalties paid, and no changes to our business, end quote. K. Two things here. The charges being dropped with prejudice, I might remind you, means that the SEC can never bring these charges against Kraken ever again unless they are found to be in violation on a whole new raft, like they just they actually do more unregistered securities again.
But these particular charges can never be brought up again. So that's good news for Kraken. The second thing is is that since I put this show together, I've heard from two other sources that the SEC has already confirmed that it is indeed dropping the charges against Kraken. So it will probably be after I I finish the show that that I find out and can confirm for myself that they actually did do this thing. Continuing, Kraken's victory victory comes as the SEC continues its full scale retreat from crypto enforcement cases and investigations that began during Gary gins Gensler's tenure.
The commission's new leadership has indicated a move away from the so called regulation by enforcement practiced by Gensler, good lord, and has pledged to craft clear rules of the road for the crypto industry. Quote, the SEC's decision to dismiss its lawsuit against us and many others is more than just a legal victory. It's a turning point for the future of crypto in The United States. It ends a wasteful politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path toward a stable, forward thinking regulatory regime, Kraken said in a blog post. The SEC had previously filed in court to pause its ongoing cases against Binance and the Tron Foundation as well as their affiliated executives and companies.
Though the SEC is dropping crypto cases like hot potatoes, not all defendants are off the hook yet. Several major companies, including Ripple and Cumberland DRW, the crypto trading arm of Chicago based trading giant DRW, are still locked in legal battles with the regulator. And while many of the SEC's crypto probes have been closed and will not result in enforcement charges, including probes into OpenSea, Gemini, Robinhood Crypto, and Uniswap, others into Crypto.com, Immutable, and Unicorn do remain open. So Kraken is off the hook permanently unless they screw up later on in the future. Now that's good news for Kraken. All they gotta do is keep their nose clean, and that's gonna be hard to do considering that we don't we now have absolutely no clue if any crypto is a security or not.
It's it's amazing, but there it is. Anyway, all shitcoins are unregistered securities, and everybody knows damn well that that's the truth. The governor of the Swiss Central Bank says no to Bitcoin in its national reserves. This is from Atlas21.com. According to SWI Swissinfo, the president of the Swiss National Bank, Martin Shingle, has excluded the inclusion of Bitcoin in national reserves, calling it incompatible with the requirements of a central bank. In a statement, Siegel said, quote, high volatility and limited liquidity make it an inadequate tool for a central bank that must ensure financial stability, end quote, except for once I mean, he's right, but he's only 50% right.
Sure. There's high volatility, but there's not a limited liquidity. The the liquidity of Bitcoin is just fine. Anyway, the president's concerns go beyond purely financial aspects. Schlegel also highlighted the environmental impact of mining, the risks associated with the lack of regulation, and added that since digital assets rely on software, they are vulnerable to bugs and cybersecurity threats, making them riskier than traditional reserves. Quote, and we all know that software can have bugs and other weak points, said the SMB president. Well, in response to these remarks, Christian Decker, a developer at Blockstream, commented on Twitter and says, dear mister Schlegel, as an economist, please stick to economics while we engineers take care of software.
You'll be surprised that the rest of the S and B is also heavily reliant on software, making your comment little more than what aboutism and deflection without any factual backing. Let's pull that apart. What's what's Christian Decker saying? Because, you know, I I've listened to podcast on the road before and I I'm like going, oh, shit. I totally had my head in the clouds, and I didn't I didn't hear what that was. So the Swiss central bank guy said, we don't want Bitcoin because high volatility, limited liquidity, oh, and it's based on software, which as we all know has bugs. And Christian's pointing out, dude, your whole your whole industry relies on software.
And if it's true that all software has bugs, and it is, all software does have bugs at one point or another, then what you're saying is that you can't operate at all. Is it is the hyperbole here has got the Swiss central bank chief in a little bit of hot water, and it's about damn time somebody called these people out for saying, oh, but it's just it's just software. And when this guy said, oh, it's just software and it has bugs, well, Christian Decker took that opening and went right for the throat. Good for you, Christian. The central bank's position comes at a time when a group of citizens is pushing forward a national referendum, the Bitcoin initiative, that, if approved, would require the Swiss National Bank to include Bitcoin in its reserves.
The initiative, officially registered on December, proposes a constitutional amendment to include Bitcoin alongside gold in national monetary reserves. The group must collect 100,000 signatures to move forward with that proposal. During the same speech, Schiegal confirmed that the bank is working on the development of, you guessed it, a central bank digital currency or CBDC, a fully regulated digital franc backed by the central bank. Yeah. It's probably not going to happen. You're gonna end up using Tether like all the rest of these people. Good lord. We are now down to $88,432 on Bitcoin, so something else is broken again. Who knows what the hell is going on now? But let's get to that crypto summit at the White House because Trump's gonna host it on March, and then it's gonna be led after that by David Sachs, the crypto czar.
The White House announced that it will host its first ever cryptocurrency summit on March with president Donald Trump bringing together industry leaders, investors, and government officials to talk about the future of digital assets in The US. This marks a big change in US digital asset policy as the administration looks to provide clarity and support for innovation in the space. The summit will be led by venture capitalist David Sachs, who is the White House's AI and crypto czar. Beau Hines, the executive director of the president's working group on digital assets, will also be managing the event. Trump will be delivering remarks.
So I wouldn't expect Trump to hang around. He's probably gonna bail right after he makes a speech. Quote, president Trump will host the first White House Crypto Summit on Friday, March. Founder, CEO, and investors from the crypto industry will be attending. I look forward to seeing everyone there, David Sacks said on Twitter. The meeting follows Trump's executive order to form a working group to develop US digital asset policies. This group includes officials from the treasury and justice departments, the SEC, and CFTC. Their job is to advise the White House on regulatory issues and explore the idea of a Bitcoin national reserve.
The summit will discuss topics on stablecoin regulation, Bitcoin's role in The United States financial system, and broader policies related to digital assets. While the guest list has not been disclosed, the White House has confirmed that, quote, top founders, CEOs, and investors from the crypto industry, oh, will be there. I wonder if Michael Saylor's gonna be there. We'll have to see. In recent years, the digital asset industry has been pushing for clearer regulations. Jeremy Allaire, cofounder of Circle, the company behind the USDC stablecoin, recently said that stablecoin issuers should be required to register with US authorities.
Whether oh, sorry. Quote, whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in The US, you should need to register in The US just like we have to go register everywhere else, he told Bloomberg. Yeah. Stablecoin oversight is expected to be a great big topic at the summit as the Trump administration looks to strengthen the US dollar's position in the global financial system. Trump's approach to Bitcoin and digital assets is a big, big departure from the previous administration. While the Biden administration took a more cautious regulatory approach after the FTX and other industry collapses and scandals, Trump is positioning himself as the crypto president.
During the 2024 campaign, Trump promised to ease digital asset regulations, support a stable coin bill, and build a national Bitcoin reserve. Not all of these promises have been met yet, but this summit is seen as a step towards fulfilling them. I don't know. I just see it as a bunch more talk, but whatever. Trump has personally been showing more interest in digital assets, although Bitcoin advocates criticize his business ventures, getting involved in altcoin and meme coin dramas, and endorsing World Liberty Financial, a blockchain project tied to his sons. The entire digital asset market experienced a sharp increase on Sunday afternoon after Trump shared his plans for a United States crypto reserve on his truth social platform. But Bitcoin supporters are worried that Trump is making the same mistakes Javier Millet did, namely mixing Bitcoin with altcoins and meme coins.
A year before Millet's Libra scandal, Max Keiser, Bitcoin adviser to the government of El Salvador, said Millet was making a big mistake and would suffer the consequences. Looks like he is suffering some consequences. Bitcoiners are are hoping that by choosing wise advisors, Trump will eventually understand why there is a huge difference between Bitcoin and altcoins and including cryptocurrencies that are centralized and have no hard cap in the reserves would be a major mistake. Mhmm. Yeah. We'll we'll have to see. I don't I don't hold out any hope for anything being discussed at this particular summit other than a whole bunch of suit wearing dudes glad handing each other that they're chilling out at the White House. But let's finish up with this one from decryp.c0 and for our, you know, we're gonna, you know, get a little lighthearted here. Just to lighten the mood, The United States courts, dismisses the SEC case against Richard Heart and his shitcoin named x. Vince De Aquino is writing this one. On Friday, a federal judge dismissed the SEC Commission's lawsuit against crypto entrepreneur Richard Hart, ruling that the agency failed to establish personal jurisdiction over the Finland based US citizen.
I had no idea Richard Hart was a Finnish, citizen. This is kinda bizarre because I thought he was down there in Central America, like, somewhere around Panama, if I remember right. Anyway, district judge Carol Bagley Amon found that the SEC didn't demonstrate that Richard Hart had sufficient contacts with The US related to his crypto projects, x, PulseChain, and PulseX. The court rejected the SEC's argument that Hart's virtual appearances at US conferences established jurisdiction, noting that his presence focused on a different post offering asset and doing so was insufficient to establish personal jurisdiction.
This is interesting. The court did not rule whether Hart and his companies executed sales or offerings of securities to or rather, wait. Hold on. The of securities under the SEC's purview only that they exceeded US authority. Quote, here, unlike in Plexcor, Hart's website contacts were not active, judge Amon wrote. Quote, the complaint fails to allege that Hart facilitated transactions, collected credit card information, or entered into contracts with US based investors through his websites. The SEC alleged that Hart conducted unregistered crypto offerings raising over 1,000,000,000 through Hex, PulseChain, and PulseX, used deceptive recycling transactions to gain more tokens, falsely marketed high staking returns, and tried to evade securities laws by framing investments as, quote, sacrifices according to a 2023 complaint.
Hart, through recycling, attempted to create the false impression of significant trading volume and organic demand for hex tokens the regulator alleged. That's not recycling. What we we call that wash trading, but they're using a new term, I guess. Whatever. The SEC also claimed Hart misappropriated at least $12,100,000 of PulseChain investor funds for Hart's personal luxury purchases, including a 555 carat diamond, expensive watches, and high end automobiles. Despite those allegations, judge Amon determined Hart's online activities weren't specifically directed at United States Investors. Quote, the relevant online communications described in the complaint during the offer periods consist of untargeted, globally available information, the ruling reads.
Judge Aman has granted the SEC twenty days to file an amended complaint addressing the jurisdictional deficiencies. In December, Interpol issued a red notice for Hart as a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action, end quote. Still, it's just a request with the organization explaining at the time that, quote, a red notice is not an international arrest warrant, and it remains up to individual countries to decide whether to act on it or not. So Richard Hart is also out of the woods, which is too bad because Richard Hart is a scammer par excellence. I mean, I've never really seen anything like this guy before.
However, I gotta hand it to him. By say by changing the names of words or changing the use of which words he's going to use, instead of investment, it's sacrifice. Is you got I mean, like I said, man, you know, credit where credit is due. I don't like giving credit to anybody who's stealing the money from people, you know, from other people, especially those people that can't afford it. But, I mean, it's, I mean, it's he's not dumb. He's not dumb, and he's not dumb to the point that this judge has dismissed this case and given the SEC twenty days to come up with better reasons as to why The United States has anything at all to do with Richard Heart. And like I said, the fact that he never actually set foot on US soil to talk about HEX, and he was only doing it through virtual appearances as as conferences, is sort of the same thing as saying that they're not investments.
You're making a sacrifice. I you gotta hand it to the guy. He can't but here here's the thing. On the flip side of being that smart, the reason he is maybe that it's not that he's that smart. Maybe that he's been a criminal for so long that he just knows how to operate correctly. And that may not actually mean that you're smart. You're just a really good criminal. And Richard Hart is a criminal. Let's let's be honest with each other. Alright. So that is it for the day. Hope your Monday goes better. We had an exciting weekend, and it looks like we're back down in the doldrums to $87,999 dollars and 80¢, which is still better than where we where we were, Saturday morning. That's for damn certain.
Who knows what the hell is gonna happen anymore? I got I got a president that that all he has to do is type words in a in a tweet or whatever, send it out, and we get God candles. And if he and and I guess people were waiting for something to happen this morning like some other more, you know, more reinforcement to keep the trend going. But we're working against macroeconomic forces the likes of which we, honestly, we really haven't seen. You've got we we are going to be turning over United States debt into massively higher interest rates.
Here, like, all year long, we're gonna be doing it. And I think here in the next month, we're supposed to be doing a major tranche of this turnover from what would be relatively cheaper debt to very, very, very expensive debt. We got manufacturer indices falling. We got unemployment actually rising. We've got inflation not under control. We've got the yahoos, like, all over the, you know, Western countries still thinking that a whole bunch of crap that that we're being told is important is actually important when we're most of us are now looking at this thing going, we gotta get out of all of it. We gotta get out of these weird belief systems. We gotta get out of foreign entanglements.
And there were supposed to be no foreign entanglements when we created this country, and we've done everything in our power to make sure that we are nothing but fully entangled with every country on this planet. So I have no idea where this goes. One thing I do know is that no matter what happens, Bitcoin's the hedge against pretty much all of it because it stands by itself. It has its own rules. It has its own rules of engagement. It in and of itself, Bitcoin doesn't engage with anything on this planet except for humans. So the only bit the only engagement Bitcoin can have with macroeconomics, microeconomics, France, United States, Canada, politics, Ukraine, whatever you whatever is through us.
We are the translator. So whatever it is that we do with Bitcoin is being hammered out by our belief of what we see or think is our reality in the real world, except what we see is definitely not reality. It's just it's just like a giant joke on humanity. But Bitcoin itself remains untethered to the rest of the world, except through us. And even then, it's just gonna all it does is is verify transactions. So, therefore, I keep looking at Bitcoin as the one pillar of truth that I can point to and say I know I know pretty much exactly how this works. It's always going to do x, y, and z.
It's always going to be there as long as there's two nodes on the network and a couple of miners, and I don't really have to worry about it past that. Because the only way for Bitcoin to ever go away, and it still wouldn't under these circumstances, is for all 170 plus countries on the planet to come up with a strategic plan to make sure that they kill Bitcoin, and that's never going to happen. You can't get five countries to agree on anything. We used to have the g eight, now we're down to the g seven. We used to have the g five, now we're down to, like, to the g four. You we we cannot ever come up as countries on this planet with something that we all agree on. So half the planet could decide that they don't want Bitcoin. The other half of the planet says that they do. And even if it was three quarters of the planet said no, and one quarter said yes. Bitcoin's always gonna be here. So I just I just buy Bitcoin and I hold Bitcoin, and I'll see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
It is 09:43AM Pacific Standard Time. It is the third day of the third month of twenty '20 '5. This is episode ten forty seven of Bitcoin, and, wow, what a weekend. It started with all manner of weirdness, and it ended up with all manner of weirdness. And we're gonna get into all of it or at least most of it this morning. We're gonna talk about Trump's cryptic crypto reserve plan announcement that he made. There are some serious problems with this, and it's not just the shit coinery. It really isn't. There is, like, a whole bunch of stuff that we're missing out of this statement, and we'll get into a bunch of that.
The, ISM manufacturing PMI numbers came in, and it basically just caused a, well, a halfway god candle to the downside for not only Bitcoin, but for most of the markets. Energy is down. The Dow dropped. Everything is basically bleeding again because everybody is twitchy in the markets, man. And that tells me nobody feels really safe. And until people start feeling really safe, you're gonna have this fear index, you know, bottoming out, not just for Bitcoin, but for, like, basic world macroeconomics. And this indicator came in, and it apparently pulled the plug on a lot of people's hopes and ideals.
TD Cowan, is reiterating my call for a little bit more information from Trump as to what he actually meant with this reserve announcement that he made. And then one trader made out like bandits on the preannouncement. He went long. How long? We'll get into it. But it's clear somebody knew something before that announcement because somebody walked home with a whole boatload of cash. The your you US Securities and Exchange Commission is gonna drop its lawsuit against Kraken, and I guess that's good. We'll have to get into that and pull it apart a little bit to see exactly why and what their their thinking is. And then we've got the governor of the Swiss Central Bank saying no to Bitcoin.
I can't imagine why. Then there is this crypto summit that Trump is gonna host at the White House. I've never seen anything like this before, so we'll get into this one from bitcoinnews.com. And then finally, well, let's just say the hexagons are jumping up and down. And it's not good it's not good for anybody but the hexagons. We'll we'll we'll get into it. But first, Zoltan Vardai, Cointelegraph, Trump's crypto reserve plan faces Congress vote, and that may limit rally. Cryptocurrency markets surged following United States President Donald Trump's announcement of the potential strategic crypto reserve, but analysts caution that that rally may be short lived.
On March, Trump said his working group on digital assets had been directed to include three altcoins. As you know, it's XRP, Solana, and Cardano in The US crypto reserve, Cointelegraph reported. Now the reserve will obviously include Bitcoin and Ether, Trump added in another note on Truth Social. That announcement triggered a market wide rebound with the global crypto market cap rising nearly 7% to $3,040,000,000,000 while Bitcoin breached the $95,000 psychological mark after a 7.7% intraday rally. Now let's look at the they've got a screenshot of these, well, these truths or what I don't know what they call them on truth social, but whatever his announcements were, his first announcement is this. Okay? This is his first truth that he posts on truth social about this. He says, a US crypto reserve will elevate this critical industry after years of corrupt attacks by the Biden administration, which is why my executive order on digital assets directed the presidential working group to move forward on a crypto strategic reserve that includes XRP, SOL, and ADA. That's Cardano and Solana and Ripple.
Not that you call it Ripple, but it's Ripple. Whatever. I will make sure The US is the crypto capital of the world. We are making America great again. Okay. So that's the first thing he drops. Then, almost as if it's an afterthought, he retruths, if that's what you wanna call it, or basically retweets his original one and adds this. And, obviously, BTC and ETH as other valuable cryptocurrencies will be at the heart of the reserve. I also love Bitcoin and Ethereum. This was a critical error. I'm sorry, but it was. We'll get into that here in a second. Let's finish this out. Still, the rally may be temporary due to the lengthy approval process required to establish a US crypto reserve according to R. L. E. Barthaer, principal research analyst at blockchain analytics firm, Nansen, quote, I I think constituting a reserve by buying new tokens is a complex process that will need congress's vote, so it will take time. I would be a bit wary of the sustainability of today's move, end quote.
Well, some analysts expect an intimate market bottom after Bitcoin's active addresses reached a near three month high on February, signaling that the market is at a crucial turning point that may signal a capitulation moment according to crypto intelligence platform into the block. ADA, Sol, and XRP have outperformed the market on Trump's announcement of their inclusion in The United States Strategic Reserve. Still, the crypto market's upside may be limited and invite significant volatility in the short term according to Nikolai Sondergaard, research analyst at Nansen. And the analyst told coin CoinTelegraph, quote, as Aurelie mentions it, likely will not be that easy, and I expect volatility in these tokens today, especially already seen in Cardano nearly touching $1.17 and now sitting back at 94 United States pennies and, quote, further quote, regardless of how long these gains will last, it is momentarily positive for the market. But the question for the future will be if any of it will come to fruition.
If not, it will likely be negative news points for crypto, he added. Still, crypto investors continue looking forward to other industry specific developments as potential catalysts, including the first White House crypto summit, which is set to be hosted by Trump on March. While there are no additional details about the agenda, stablecoin regulation and legislation related to strategic crypto reserve have been at the forefront of regulatory discussions in The United States. Okay. So, yes, we got this massive, what can only be termed as a god candle.
It was, you know, it was a lot more I think it was a lot more than seven, 7.7%. But regardless, it was at least a $10,000 candle. I regard those as god candles because they're close to a 10% to the upside candle. And then it just held. It went sideways, and then it kinda drifted down a little bit, and then it started drifting back up. And then I wake up this morning, and we've got 5,000 or 4,500 to the downside in a single candle. Now what could possibly have instigated that move to the downside? Breaking. United States ISM manufacturing PMI surprised to the downside in February.
So numbers came in. Macroeconomic numbers came in. And as always, they're not good. Data from the Institute for Supply Management, or the ISM, show that the manufacturing PMI receded to 50.3 in February, down from 50.9 in the previous month and falling behind analyst forecast for 50.5. Meanwhile, the prices paid index, which tracks inflation, advanced to 62.4 from 40 no. From 54.9. The employment index ticked lower to 47.6 from 50.3, and the new orders index deflated to 48.6 from 55.1. All of those numbers are bad numbers. Every single one. There's not a single one of those numbers that came in today that suggests that any economy is ripe for turnaround.
Inflation's ticking higher. Employment's dropping. Manufacturers are basically not making as much. And, I mean, it's just it's all it was all bad news. Now that it's that PMI, that ISM manufacturing PMI number that I think concerned the most people because it was already set to be down from the previous month from the number 50.9, but the forecast was 50.5. We couldn't even hit that. We got to 50.3. So it's no wonder that we lost half half of the gains that we got yesterday. And more numbers are on the way. On the twenty fifth, we've got numbers coming out. I don't know. I can't remember what they are offhand, but what's happening or what's been actually, what's been true for a while is that we still have some pretty strong correlation in Bitcoin with the world macroeconomic landscape, and don't let anybody tell you different or at least not right now anyway.
So let's move over to this reserve announcement thing from Trump, the one that caused the God candle yesterday. And I love how he released that news on a Sunday. He made he made the tweet or whatever it's called on a Sunday before markets were open, before he bought and before anybody could even do anything when the markets were going to open, we got the PMI and we got the PMI numbers in and they were bad. It's almost as if there was some coordinated things going on, but that's just me and my tinfoil hat. Let's let Yogita Khatri from the block tell us about this one. T. D. Cowan says Trump's crypto reserve announcement is uncoordinated and lacks funding details.
President Donald Donald Trump's announcement on Sunday that The US will establish a crypto strategic reserve holding Bitcoin, Ether, XRP, Solana, and Cardano appears uncoordinated and lacks clarity on funding according to investment bank, TD Cowan, quote. We caution against overreacting to the social media post. The original version did not even include Bitcoin and Ether as part of the reserve, and that suggests to us that was not coordinated. TD Cowan's Washington Research Group led by Jared Sayberg told or wrote in a note on Monday, quote, there was also no discussion of how the government would get the funds to buy tokens, the research group added, raising questions about the plan's feasibility.
T. D. Cohen also downplayed the significance of calling it a reserve versus a stockpile, noting that it remains unclear at all whether the United States government plans to buy tokens or to simply retain seized tokens. Trump's crypto reserve announcement fueled an immediate market rally, but it also drew skepticism. Some have questioned the selection of tokens with Coinbase CEO Brian Armstrong, for instance, suggesting that only Bitcoin could be included in the reserve. I'm pausing because I've got a comment on Brian Armstrong here. As you know, if you've listened to this show at all, I am not a fan of Brian Armstrong at all. He was on the wrong side of the New York agreement. He's been on the wrong side for Bitcoin throughout the entire existence of Coinbase.
He just doesn't seem to understand that it was always Bitcoin that put him where he is until he said that on Twitter yesterday. In this particular case, not only am I in 100% agreement with Brian Armstrong, the CEO of Coinbase, I'm actually applauding him for standing up and saying what needed to be said. I you gotta give credit where credit is due. And this is a guy who is one of the most supreme shitcoiners on the face of the planet, and even he knows that this reserve should really only be about Bitcoin. And everything else, hell, you could do it off of an ETF if you wanted to, but it doesn't matter. Because what when you've got Brian Armstrong actually having to tell the truth, you know this is messed up.
So let's continue. Trump's announcement comes ahead of the White House first ever crypto summit, set for Friday and hosted by crypto czar David Sacks. Trump is scheduled to deliver remarks, and major industry figures and investors are expected to attend, quote, we believe this summit is important as it will expose how team Trump intends to advance stablecoin and crypto market structure legislation, TD Cowan said. And our view remains that only a bipartisan solution can provide the crypto sector the legal stability that it needs. Meanwhile, TD or sorry. Meanwhile, the senate banking committee is preparing to mark up stablecoin legislation next week with the goal of passing a bill within Trump's first one hundred days, while TD Cohen acknowledges the momentum it remains skeptical about congress moving this quickly, quote, we appreciate the need for speed the need for speed, but we worry that this might be too fast to produce an effective bill. Key for us is what it means for the ability of banks to issue stablecoins and if stablecoins need to be interoperable.
Okay. So that's the article. But I I I wanna I kinda wanna pull out what was not said. If you go back and you you read those two truths from Truth Social that Trump put out on the announcement of this, it's it says absolutely nothing except it names five coins. Three of them in the original truth, and then he had to backtrack. And I do agree with TD Cowan on this. It does seem uncoordinated because he's like, oh, shit. I forgot to mention BTC in in Ether. Okay. I I there, I agree with TD Cowan. But think about it from a different perspective. What did Trump actually say?
Nothing. He said absolutely nothing. There's not a new executive order. He's just saying that they're continuing to look at this. They're that's essentially all this thing said, except that he, you know, named coins by name and the the three the four shit coins are in there. ETH was always gonna be in there because he had mentioned that before, but picking the three of the shittiest shit coins ever, you know, that that really grabbed people by surprise. But if you if you subtract those out and just say, like, I don't know, Just just instead of actually naming coins, just say we're gonna pick at least three other cryptocurrencies to put alongside BTC and ETH.
That man said nothing at all. There's no new executive order. There's not a, I don't know, a blue ribbon council or committee that he's put together. Everything is the same from the original executive order. All he did was write words in a truth and put it on true social, and we get a $10,000 God candle to the upside. This, to me, means we're really twitchy. We're really nobody actually read the tweet or whatever it is. He said nothing. He provided no more details other than actually naming three coins, but other than that, everything's the same. Nothing's changed. And yet we get a $10,000 god candle to the to the upside. Now when I was looking at the time that he released that particular truth because I woke up Sunday morning, and I'm, like, going, well, I'm all blurry eyed. I look at, I've got this little this little m five unit that basically displays the, price of Bitcoin all day every day, and I see this massive candle to the upside. And I go, what the hell happened? So I get on on Nostr, and I say, hey. I just woke up. What the hell happened? And several people threw me that that tweet or truth from Trump.
And I go back, and I look at the time stamp and determine that I determined that the time stamp was literally, like, thirty minutes before I woke up. But if I go and I look if I look back at the chart and I see the hour looking at the hourly candles, there are three candles to the upside or, well, maybe four at by the end of the day that made the the general the general push to 10 to $10,000 to the upside. There were basically four three or four candles that did that. The third candle coincided with the time that that truth was released. Yet we had two massive candles right before that, so somebody knew something.
Somebody knew something. I mean, there was enough buying pressure at that particular point two hours before this thing dropped. It makes me wonder who knew what and how did they know it. And we'll get to a little bit more of that. But first, the circle p is open for business. The circle p is where I bring plebs like you with goods and services for sale in Bitcoin to plebs just like you who want to buy goods and services in Bitcoin. Because if you're not selling it for Bitcoin, you're not in the circle p. Today, it's Maple Trade. And I got a note on Nostra from Maple Trade that says, hey, Rev HODL. How's the season starting?
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You gotta get ahold of him directly to order his maple syrup, so please do that. He runs out of maple syrup pretty quick, so get your orders in. And when you order, you make deadly sure that you tell him that you heard about it here on the Circle p at the Bitcoin and podcast, and he will cut me in on value for value advertising where if I make a sale for Maple Trade and he knows that I made that particular sale, he will cut me in on what he thinks I deserve for making him that sale. It's a value for value advertising model. It's the first of its kind. It's right here on the circle p. Now back to the news.
CoinDesk, we're gonna talk about this one trader that made out like bandits. Well, he actually made millions of dollars betting $200,000,000 on BTC right before Trump's crypto reserve news. At at one point, the trader was just $50 away from being liquidated. So, yeah, he was close to the fire on that one. A trader on decentralized derivatives platform, Hyper Liquid, used 50 x leverage. Man, that takes me back to the glory days of BitMex, man. 50 x leverage to open a $200,000,000 long position on Bitcoin on Sunday, netting a gain of around $6,800,000 after United States president Donald Trump spurred a market wide rally by announcing the nation's crypto reserve.
Caution and pausing here to reiterate, Trump said nothing new. He said nothing new at all. Okay? So just keep that in mind. Anyway, the trader used $4,000,000 worth of collateral to place a trade that at one point was $50 away from being liquidated. The entry was at $85,908 with a liquidation price of 84,752. BTC instead rose by more than 11% from 85,000 to 97,255 after a reference to the reserve was made on social media platform, Truth Social. Yeah. A reference. That's all it was. He said nothing new. There's nothing new under the sun. He just reiterated something, and all of a sudden, we get an 11% candle, which is an honest to god god candle anyway. However, the trader perhaps backed the wrong horse as, you know what?
They're gonna talk about how how, or Cardano and XRP rose more, but it's all bullshit. Trump may caught many by surprise with his announcement due to the inclusion of XRP, Sol, and Cardano. Coinbase CEO Brian Armstrong and Bitwise CEO Hunter Horsley said that they thought The United States reserve would only include Bitcoin whilst the those connected to Ripple and Cardano took victory laps on social media. Some skeptical social media users have questioned whether the trader had inside knowledge of the reserve announcement, although it's unclear whether the position was a hedge or if the trader thought BTC had bottomed following the correction from a hundred and 9,000 to as low as 78,000 in the weeks since Trump's inauguration.
The trader has now closed his long position, realizing a profit of $6,800,000. So who knows? There's there's no real way to know who it was. There's no real way to know what that person knew, and there's also no real way to know whether or not somehow that one trade was affecting the two hours before Trump made an announcement because it was very clear to me that for two hours, somebody other than this guy, at least that's my gut feeling, somebody other than this guy knew what was about to be and I was about to say, announced. But it wasn't announced. It was reiterated.
That's all it was. It was a reiteration of something that we already knew, and we get an 11% jump. I don't know, man. Shit ain't right sometimes. Let's run the numbers. Futures and commodities. Let's get into this one. But first, the treasury department made an announcement yesterday. Do you remember when the treasury department made a rule that said that if you are a partner in an LLC, a limited liability company, and I believe that also means a limited liability partnership, although I'm pretty sure reporting was was already already needed to happen on an LLP. But for LLCs, if you were a partner, you were going to have to divulge all of your personal information, your address, your Social Security number, your full name, how you are a principal, how you are related to this LLC, the whole ball of wax. Well, the treasury department last night tweeted out from their official Twitter account that that is no longer in the card. So if any of you guys were worried that you're you're part of an LLC, no matter how small, that you were gonna have to give up all your information, That's no longer the case. They are only going to do that for foreign nationals that are part of LLCs that originated in The United States. So we can breathe a nice sigh of relief, but oil can't because it's down half a point to sixty nine forty three. See, I told you, that PMI is crushing everything. Nobody is happy this morning, and neither is Britain nor sea, which is down a quarter to $72.61 a barrel.
Natural gas doing its thing is going the other direction, 6.1% to the upside to $4.06 per thousand cubic feet, and gasoline is down a third to $2.21 per gallon. And the last time I read you that number, by the way, ladies and gentlemen, it was not anywhere close to that high. $2.21 is quite high. Last number I remember was, like, a buck 98 or, like, $2.00 1 or something like that. So that's a hell of a jump for gasoline even after a third of a point decrease. Gold okay. Shiny metal rocks are all doing well today. Gold is up almost two points to $29.00 1 and 10¢.
Silver is up 2.7%. Platinum is up 3.6. Copper is up 1.3. Palladium is up five and a quarter. Ag is pretty much mixed today. The biggest winner is going to be coffee, 3.4 to the upside, but the biggest loser, and I mean this is ugly, almost 11 points down for chocolate, 10.76% red candle. That's not good for chocolate, guys. Live cattle is down a quarter of a point, and lean hogs are up a third of a point, and feeder cattle are down a half of a point. Let me, just do this one thing here, and I gotta block this collar, and there we go. Sorry.
Doing business on air. Dow is down a third of a point. The S and P is down point 4%. The Nasdaq is down point 45%, and the S and P Mini is down point 43%. Most people are having a really bad day today because of this PMI number, man. And we're back down to sub 90,000. We're at $89,450, per coin. That is a $1,770,000,000,000 market cap, and we can only get 30.9 ounces of shiny metal rocks with our one Bitcoin of which there are 19,831,557.27 of. Average fees per block remain low at 0.04 BTC, taking in fees on average on a per block basis. And there are about 52 blocks carrying 12,000 unconfirmed transactions waiting to clear at high priority rates of 4 Satoshis per vbyte.
Low priority gonna get you in at three, and the hash rate is increasing again. We are back above 800 exahashes. We are at 808.6 exahashes per second. So miners just don't seem to be really all that concerned with the volatility going on in the markets. We'll have to see what that does. Now from Bitcoin and get out episode, which was Friday's episode, I got Pies with 5,000 says, gonna lay low for a while. Thank you, sir. Be safe out there. Now I thought Pies was not like in my presentation in the get out episode because I went off on Ukraine. However, I saw that Pies is kinda laying low from a couple of different, different podcasts. So I don't think that that was it. Pies, you just come in whenever it is that you wanna come back in for, and, we'll we'll we'll see you then. I hope all is well with you and yours and and that this is just you're just taking a break from podcasts or whatever. But like I said, man, I hope all is well with you and yours. Now Augie Chu did not did not like the presentation on on Ukraine. No. He did not. But he did give me a thousand sats, So I gotta say thank you. But he says, last boost, last listen.
Thank you for your service, but I was here for Bitcoin news and not for your politics. I cannot blame or I can't really I don't really know how to pronounce it. And I'm not even angry because here's the thing. You can't make everybody happy. If you hold any beliefs at all on anything, somebody somewhere is gonna get pissed off at you if you actually say those beliefs. There's no possible way that I can go for 1,047 episodes over six years and not piss somebody off. However, I do love Auggie entitled to to his or her commentary, entitled to be able to send sats wherever the hell they wanna send sats for whatever reason they wanna send it for. So I'm not upset, and I thank Auggie for his or her service as well.
X p l b z x with a thousand says Zapboost. Justin with a thousand says, as a sovereign computing newbie, I appreciate the segments about Umbrel and other apps. Anonymous with a thousand says Zapboost again. Psyduck with five fifty eight says, Psyduck. Pies with four twenty says, value for value, hashtag 40 h p w. God's death with two thirty seven. Thank you, sir. No. Thank you. Yodle with 300 says, interesting possible insight into cash and carry trade impacting price. I kinda thought about that too over the weekend going, I don't know. The more I think about that, the more it made more and more sense. I still don't know if it's true. There's no way to know unless you're sitting right, you know, right in the nest of all those people that are doing all those things. And PIES with the last 100 says, thank you, sir. No thank you. And that's the weather report.
Welcome to part two of the news you can use. The SEC plans to drop its case against Kraken according to the firm, and this is written by Cheyenne Ligon. The United States Securities Exchange Commission has agreed to drop its ongoing enforcement action against American crypto exchange, Kraken, according to a Monday announcement from Kraken themselves. The SEC sued Kraken in November of twenty twenty three, accusing the exchange of commingling customer and corporate funds while operating as an unregistered securities broker, clearing agency, and dealer.
Instead of settling with the SEC, Kraken chose to fight the charges. And a federal judge ruled the agency had a plausible cause and should go to trial. Now pending approval from SEC commissioners, Kraken says the charges will be dropped with prejudice, with no admission of wrongdoing, no penalties paid, and no changes to our business, end quote. K. Two things here. The charges being dropped with prejudice, I might remind you, means that the SEC can never bring these charges against Kraken ever again unless they are found to be in violation on a whole new raft, like they just they actually do more unregistered securities again.
But these particular charges can never be brought up again. So that's good news for Kraken. The second thing is is that since I put this show together, I've heard from two other sources that the SEC has already confirmed that it is indeed dropping the charges against Kraken. So it will probably be after I I finish the show that that I find out and can confirm for myself that they actually did do this thing. Continuing, Kraken's victory victory comes as the SEC continues its full scale retreat from crypto enforcement cases and investigations that began during Gary gins Gensler's tenure.
The commission's new leadership has indicated a move away from the so called regulation by enforcement practiced by Gensler, good lord, and has pledged to craft clear rules of the road for the crypto industry. Quote, the SEC's decision to dismiss its lawsuit against us and many others is more than just a legal victory. It's a turning point for the future of crypto in The United States. It ends a wasteful politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path toward a stable, forward thinking regulatory regime, Kraken said in a blog post. The SEC had previously filed in court to pause its ongoing cases against Binance and the Tron Foundation as well as their affiliated executives and companies.
Though the SEC is dropping crypto cases like hot potatoes, not all defendants are off the hook yet. Several major companies, including Ripple and Cumberland DRW, the crypto trading arm of Chicago based trading giant DRW, are still locked in legal battles with the regulator. And while many of the SEC's crypto probes have been closed and will not result in enforcement charges, including probes into OpenSea, Gemini, Robinhood Crypto, and Uniswap, others into Crypto.com, Immutable, and Unicorn do remain open. So Kraken is off the hook permanently unless they screw up later on in the future. Now that's good news for Kraken. All they gotta do is keep their nose clean, and that's gonna be hard to do considering that we don't we now have absolutely no clue if any crypto is a security or not.
It's it's amazing, but there it is. Anyway, all shitcoins are unregistered securities, and everybody knows damn well that that's the truth. The governor of the Swiss Central Bank says no to Bitcoin in its national reserves. This is from Atlas21.com. According to SWI Swissinfo, the president of the Swiss National Bank, Martin Shingle, has excluded the inclusion of Bitcoin in national reserves, calling it incompatible with the requirements of a central bank. In a statement, Siegel said, quote, high volatility and limited liquidity make it an inadequate tool for a central bank that must ensure financial stability, end quote, except for once I mean, he's right, but he's only 50% right.
Sure. There's high volatility, but there's not a limited liquidity. The the liquidity of Bitcoin is just fine. Anyway, the president's concerns go beyond purely financial aspects. Schlegel also highlighted the environmental impact of mining, the risks associated with the lack of regulation, and added that since digital assets rely on software, they are vulnerable to bugs and cybersecurity threats, making them riskier than traditional reserves. Quote, and we all know that software can have bugs and other weak points, said the SMB president. Well, in response to these remarks, Christian Decker, a developer at Blockstream, commented on Twitter and says, dear mister Schlegel, as an economist, please stick to economics while we engineers take care of software.
You'll be surprised that the rest of the S and B is also heavily reliant on software, making your comment little more than what aboutism and deflection without any factual backing. Let's pull that apart. What's what's Christian Decker saying? Because, you know, I I've listened to podcast on the road before and I I'm like going, oh, shit. I totally had my head in the clouds, and I didn't I didn't hear what that was. So the Swiss central bank guy said, we don't want Bitcoin because high volatility, limited liquidity, oh, and it's based on software, which as we all know has bugs. And Christian's pointing out, dude, your whole your whole industry relies on software.
And if it's true that all software has bugs, and it is, all software does have bugs at one point or another, then what you're saying is that you can't operate at all. Is it is the hyperbole here has got the Swiss central bank chief in a little bit of hot water, and it's about damn time somebody called these people out for saying, oh, but it's just it's just software. And when this guy said, oh, it's just software and it has bugs, well, Christian Decker took that opening and went right for the throat. Good for you, Christian. The central bank's position comes at a time when a group of citizens is pushing forward a national referendum, the Bitcoin initiative, that, if approved, would require the Swiss National Bank to include Bitcoin in its reserves.
The initiative, officially registered on December, proposes a constitutional amendment to include Bitcoin alongside gold in national monetary reserves. The group must collect 100,000 signatures to move forward with that proposal. During the same speech, Schiegal confirmed that the bank is working on the development of, you guessed it, a central bank digital currency or CBDC, a fully regulated digital franc backed by the central bank. Yeah. It's probably not going to happen. You're gonna end up using Tether like all the rest of these people. Good lord. We are now down to $88,432 on Bitcoin, so something else is broken again. Who knows what the hell is going on now? But let's get to that crypto summit at the White House because Trump's gonna host it on March, and then it's gonna be led after that by David Sachs, the crypto czar.
The White House announced that it will host its first ever cryptocurrency summit on March with president Donald Trump bringing together industry leaders, investors, and government officials to talk about the future of digital assets in The US. This marks a big change in US digital asset policy as the administration looks to provide clarity and support for innovation in the space. The summit will be led by venture capitalist David Sachs, who is the White House's AI and crypto czar. Beau Hines, the executive director of the president's working group on digital assets, will also be managing the event. Trump will be delivering remarks.
So I wouldn't expect Trump to hang around. He's probably gonna bail right after he makes a speech. Quote, president Trump will host the first White House Crypto Summit on Friday, March. Founder, CEO, and investors from the crypto industry will be attending. I look forward to seeing everyone there, David Sacks said on Twitter. The meeting follows Trump's executive order to form a working group to develop US digital asset policies. This group includes officials from the treasury and justice departments, the SEC, and CFTC. Their job is to advise the White House on regulatory issues and explore the idea of a Bitcoin national reserve.
The summit will discuss topics on stablecoin regulation, Bitcoin's role in The United States financial system, and broader policies related to digital assets. While the guest list has not been disclosed, the White House has confirmed that, quote, top founders, CEOs, and investors from the crypto industry, oh, will be there. I wonder if Michael Saylor's gonna be there. We'll have to see. In recent years, the digital asset industry has been pushing for clearer regulations. Jeremy Allaire, cofounder of Circle, the company behind the USDC stablecoin, recently said that stablecoin issuers should be required to register with US authorities.
Whether oh, sorry. Quote, whether you are an offshore company or based in Hong Kong, if you want to offer your US dollar stablecoin in The US, you should need to register in The US just like we have to go register everywhere else, he told Bloomberg. Yeah. Stablecoin oversight is expected to be a great big topic at the summit as the Trump administration looks to strengthen the US dollar's position in the global financial system. Trump's approach to Bitcoin and digital assets is a big, big departure from the previous administration. While the Biden administration took a more cautious regulatory approach after the FTX and other industry collapses and scandals, Trump is positioning himself as the crypto president.
During the 2024 campaign, Trump promised to ease digital asset regulations, support a stable coin bill, and build a national Bitcoin reserve. Not all of these promises have been met yet, but this summit is seen as a step towards fulfilling them. I don't know. I just see it as a bunch more talk, but whatever. Trump has personally been showing more interest in digital assets, although Bitcoin advocates criticize his business ventures, getting involved in altcoin and meme coin dramas, and endorsing World Liberty Financial, a blockchain project tied to his sons. The entire digital asset market experienced a sharp increase on Sunday afternoon after Trump shared his plans for a United States crypto reserve on his truth social platform. But Bitcoin supporters are worried that Trump is making the same mistakes Javier Millet did, namely mixing Bitcoin with altcoins and meme coins.
A year before Millet's Libra scandal, Max Keiser, Bitcoin adviser to the government of El Salvador, said Millet was making a big mistake and would suffer the consequences. Looks like he is suffering some consequences. Bitcoiners are are hoping that by choosing wise advisors, Trump will eventually understand why there is a huge difference between Bitcoin and altcoins and including cryptocurrencies that are centralized and have no hard cap in the reserves would be a major mistake. Mhmm. Yeah. We'll we'll have to see. I don't I don't hold out any hope for anything being discussed at this particular summit other than a whole bunch of suit wearing dudes glad handing each other that they're chilling out at the White House. But let's finish up with this one from decryp.c0 and for our, you know, we're gonna, you know, get a little lighthearted here. Just to lighten the mood, The United States courts, dismisses the SEC case against Richard Heart and his shitcoin named x. Vince De Aquino is writing this one. On Friday, a federal judge dismissed the SEC Commission's lawsuit against crypto entrepreneur Richard Hart, ruling that the agency failed to establish personal jurisdiction over the Finland based US citizen.
I had no idea Richard Hart was a Finnish, citizen. This is kinda bizarre because I thought he was down there in Central America, like, somewhere around Panama, if I remember right. Anyway, district judge Carol Bagley Amon found that the SEC didn't demonstrate that Richard Hart had sufficient contacts with The US related to his crypto projects, x, PulseChain, and PulseX. The court rejected the SEC's argument that Hart's virtual appearances at US conferences established jurisdiction, noting that his presence focused on a different post offering asset and doing so was insufficient to establish personal jurisdiction.
This is interesting. The court did not rule whether Hart and his companies executed sales or offerings of securities to or rather, wait. Hold on. The of securities under the SEC's purview only that they exceeded US authority. Quote, here, unlike in Plexcor, Hart's website contacts were not active, judge Amon wrote. Quote, the complaint fails to allege that Hart facilitated transactions, collected credit card information, or entered into contracts with US based investors through his websites. The SEC alleged that Hart conducted unregistered crypto offerings raising over 1,000,000,000 through Hex, PulseChain, and PulseX, used deceptive recycling transactions to gain more tokens, falsely marketed high staking returns, and tried to evade securities laws by framing investments as, quote, sacrifices according to a 2023 complaint.
Hart, through recycling, attempted to create the false impression of significant trading volume and organic demand for hex tokens the regulator alleged. That's not recycling. What we we call that wash trading, but they're using a new term, I guess. Whatever. The SEC also claimed Hart misappropriated at least $12,100,000 of PulseChain investor funds for Hart's personal luxury purchases, including a 555 carat diamond, expensive watches, and high end automobiles. Despite those allegations, judge Amon determined Hart's online activities weren't specifically directed at United States Investors. Quote, the relevant online communications described in the complaint during the offer periods consist of untargeted, globally available information, the ruling reads.
Judge Aman has granted the SEC twenty days to file an amended complaint addressing the jurisdictional deficiencies. In December, Interpol issued a red notice for Hart as a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action, end quote. Still, it's just a request with the organization explaining at the time that, quote, a red notice is not an international arrest warrant, and it remains up to individual countries to decide whether to act on it or not. So Richard Hart is also out of the woods, which is too bad because Richard Hart is a scammer par excellence. I mean, I've never really seen anything like this guy before.
However, I gotta hand it to him. By say by changing the names of words or changing the use of which words he's going to use, instead of investment, it's sacrifice. Is you got I mean, like I said, man, you know, credit where credit is due. I don't like giving credit to anybody who's stealing the money from people, you know, from other people, especially those people that can't afford it. But, I mean, it's, I mean, it's he's not dumb. He's not dumb, and he's not dumb to the point that this judge has dismissed this case and given the SEC twenty days to come up with better reasons as to why The United States has anything at all to do with Richard Heart. And like I said, the fact that he never actually set foot on US soil to talk about HEX, and he was only doing it through virtual appearances as as conferences, is sort of the same thing as saying that they're not investments.
You're making a sacrifice. I you gotta hand it to the guy. He can't but here here's the thing. On the flip side of being that smart, the reason he is maybe that it's not that he's that smart. Maybe that he's been a criminal for so long that he just knows how to operate correctly. And that may not actually mean that you're smart. You're just a really good criminal. And Richard Hart is a criminal. Let's let's be honest with each other. Alright. So that is it for the day. Hope your Monday goes better. We had an exciting weekend, and it looks like we're back down in the doldrums to $87,999 dollars and 80¢, which is still better than where we where we were, Saturday morning. That's for damn certain.
Who knows what the hell is gonna happen anymore? I got I got a president that that all he has to do is type words in a in a tweet or whatever, send it out, and we get God candles. And if he and and I guess people were waiting for something to happen this morning like some other more, you know, more reinforcement to keep the trend going. But we're working against macroeconomic forces the likes of which we, honestly, we really haven't seen. You've got we we are going to be turning over United States debt into massively higher interest rates.
Here, like, all year long, we're gonna be doing it. And I think here in the next month, we're supposed to be doing a major tranche of this turnover from what would be relatively cheaper debt to very, very, very expensive debt. We got manufacturer indices falling. We got unemployment actually rising. We've got inflation not under control. We've got the yahoos, like, all over the, you know, Western countries still thinking that a whole bunch of crap that that we're being told is important is actually important when we're most of us are now looking at this thing going, we gotta get out of all of it. We gotta get out of these weird belief systems. We gotta get out of foreign entanglements.
And there were supposed to be no foreign entanglements when we created this country, and we've done everything in our power to make sure that we are nothing but fully entangled with every country on this planet. So I have no idea where this goes. One thing I do know is that no matter what happens, Bitcoin's the hedge against pretty much all of it because it stands by itself. It has its own rules. It has its own rules of engagement. It in and of itself, Bitcoin doesn't engage with anything on this planet except for humans. So the only bit the only engagement Bitcoin can have with macroeconomics, microeconomics, France, United States, Canada, politics, Ukraine, whatever you whatever is through us.
We are the translator. So whatever it is that we do with Bitcoin is being hammered out by our belief of what we see or think is our reality in the real world, except what we see is definitely not reality. It's just it's just like a giant joke on humanity. But Bitcoin itself remains untethered to the rest of the world, except through us. And even then, it's just gonna all it does is is verify transactions. So, therefore, I keep looking at Bitcoin as the one pillar of truth that I can point to and say I know I know pretty much exactly how this works. It's always going to do x, y, and z.
It's always going to be there as long as there's two nodes on the network and a couple of miners, and I don't really have to worry about it past that. Because the only way for Bitcoin to ever go away, and it still wouldn't under these circumstances, is for all 170 plus countries on the planet to come up with a strategic plan to make sure that they kill Bitcoin, and that's never going to happen. You can't get five countries to agree on anything. We used to have the g eight, now we're down to the g seven. We used to have the g five, now we're down to, like, to the g four. You we we cannot ever come up as countries on this planet with something that we all agree on. So half the planet could decide that they don't want Bitcoin. The other half of the planet says that they do. And even if it was three quarters of the planet said no, and one quarter said yes. Bitcoin's always gonna be here. So I just I just buy Bitcoin and I hold Bitcoin, and I'll see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Trump's Cryptic Crypto Reserve Plan
SEC Drops Lawsuit Against Kraken
Market Numbers and Economic Indicators
