Why is the Wall Street's king of crypto is bracing for another bitcoin breakout

Perfec to currency could be dare we say back in bitcoin purgatory bitcoin fell thousand after breaking through that level one week. First one yeah that's just now wondering if the place doomed to be stuck in six seven thousand range that had been in place starting mid may our next guest though says the drop is actually bad for the cryptocurrency part Smith the head of Digital asset at Susquehanna. we call them wall street's crypto king welcome back thank you up why is it not such bad news that the ETF was Squash is a couple things when we are I was on about three weeks ago and they were kind of two things we talked about not going to talk about how a lot of the traders. we spoke with saw that sixty eight hundred level as kind of being something that you to break through every time. we got sixty eight hundred kind of petered out and and and rolled over Dan brought up the point they didn't care about any rally because it was a bear market rally. we continue to have lower highs and lower lows we need to break out of that so you look for to the announcement of a new big pointy teeth coming out. so you look to this this past month and you know there's a lot of enthusiasm around it gets six eight hundred two hundred right to seventy three hundred coming gathers there and goes all the way up to eighty four hundred the week about CTF is denied any kind of Brian's back down to seventy five hundred years.

Ten point still remains right you will need that Chart higher highs and and lower and lower are higher lows. so they could use a break through in hold seventy five hundred pounds higher. I think it probably is very bullish the technicians. I talk to are concerned about sixty eight hundred that's the level. where I think the breaks through it would be negative now as far as the the big twenty tickets. yet tonight out there therefore commissioners one was at the center writes a commissioner has to be said this is it you know everything was put out there that need to be put out there the ETF should be approved. There were three commissioners were concerned about liquidity and and manipulation of market. so you have to address those concerns move forward but it didn't go right down to six one hundred right it held at sixty five hundred words. Today and it probably rise higher from here if there's more good news on the horizon one of dole's hoping for hoping for more regulation or less regulation for adoption. How do I get because when I talk to guys I speak to global funds every day. I want to know how old people can get a little more liquidity in these things get it out quicker. How they can have the right to trade on their desktop. I don't even know what I'm hoping for from a poll right now. so in the things we talked about right across like a study would be a big deal more banks. were clearing the teachers would straight for million dollars a day under fifty million dollars a day in the exchanges underlie them. so there's no there's six hundred fifty million dollars a day in US liquidity there are what would be a big ball it a bit brand name tension in Downing foundation insurance company came out and said in a filing over the course of the last three months. I took a one percent allocation of my equity responded because it coin bases is zero correlation with stocks and by going one percent according and ninety nine percent equities my wrist profile is lower right like square is half as volatile as pickle right. so if if I own a hundred dollars a square in fifty dollars at that point. I basically got the same response so soon as institutions start thinking about big point like that and not as a scary thing that needs to be regulated I mean it's about smart regulations it's about more I don't think. We want more regulation I just think we weren't smart regulation what regulatory real quick question about that point is one of the things that some people do not want to go was a lack of quality as it was it was plummeting volume completely dried up. yes has the ball return to give you the confidence that maybe it has sort of found that sixty eight hundred bottom and that maybe it's going to start rising again.

Ok always points out the majority of this stuff happened returned to bind happens outside the US following. what I care about because that's what's going to get a bit corny to happen in U. S. institutions in tobacco and that that has been pretty consistently it at four hundred million dollars a day it dipped down to two hundred were kind of bottomed out and now it's right back up to four million dollars a day CFTC me futures combined six last seven days over four hundred million dollars a day. so it's you know it for my daughter's not nothing it's enough that a big insurance company or CalPERS or a state you no pension could put a little bit of money in there. And I think that would be the sign that you know. what I got to get in now because right now I think every institution is looking on the dance floor nobody's Dancing and I want to be the first person out there as nobody done. That I mean I think he's going for a long time nobody did a one percent position I don't I'm not saying I'm talking about someone who's a big brain somewhere.

Instead of filing or someone has said you know what a big brand named as one percent filing in the futures and the absence of a pop art historian they can't hold spot. so I think that that's going to be a catalyst I mean you know there's other things to the IRS had to minimize tax exemption for transaction under six dollars. we don't have to report capital gains that would be a big thing because then people might want to buy you know. That they're McDonald's with a big point right now by McDonald's with a big point. I have to keep track of what games I have on that put that to the government like that's an obstruction. so things like that that are going to take a long time to work out everyone wants it fast and now society. we live in but this is a long game and I think that a lot of things are happening out there were people see the opportunity. we're gonna continue to see institutional adoption in the plumbing get built.

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