Bearish Trends Pinning Bitcoin & Ethereum as CFTC, SEC Seek Federal Clarity

e back to the watchlist. I'm Nicole Petallides. Time to take a closer look at Bit Ethereum and more here in the crypto report. Let's welcome Adam Lynch director Equity Research, Charles Schwab. Thank you for being with us. So it was just a blink of an eye, 85,000, 86,000. In some exciting conversations about Bitcoin and it moving higher. And what happened? It pulled back here. Your thoughts on this week's action. Yeah, Nicole. Definitely a different tt time I was on was two weeks ago. And yeah, I think w up nd 86, 87. Obviously, the crypto majors have been hit pretty hard th week. Bitcoin's down around 80,000 today. Ethereumd 2400. Bitcoin was hit about 3% so far. ETH down six other cryptos like Solana. I think that was down eight and a half or 9%. So a pretty tough weeToue fourth straight day today, the fourth straight day of declines for Bitcoin, which more or less just kind of coincides with a general risk off environment. We've seen renewed selling in stocks and bon increased oil prices. I heard you mention that to the previous up another $3 today. Higher interest rates just a lot of things that have turned sentiment bearish. I wanted to hear what you thought about the recent conference there abroad inand Singapore. Some of your thoughts from the token story. What mattered there? Yeah, it's been pretty fascinating conference. It's absolutely massive. About 25,000 attendees gathered in Singapore this week. There were reps from over 7000 companies spread across 150 Countries. So it was really a who's who of the industry. Some of the keynote speakers from the more traditional finance side, we had the CEO of Franklin Templeton, the chair and CEO of Nasdaq. And then from the more crypto native side, you had Binance Hyperd Polymarket founders and CEOs. So a couple of comment that have come out of it so far. Right. Whenever there's a big gathering like this, I always do try to pay attention to what is being said by some of the major players. And Tom Lee made a pretty big comment that that moved the market, where he essentially just confirmed that his firm bit mine will cease accumulating Ethereum once they hold 5% of the outstanding supply. Now, that is always sort of been his goal. I think they're at 4.9% now. But just, you know, hearing him confirmtht potentially for that cryptocurrency. So keep an eye out for anything else that may come. It finishes up tomorrow. es certainly been positive on Bitcoin all along. Tom Lee Mike Novogratz was also part of the story there. How do you feel sey with some of the regulation didn't get the Clarity Act. We didn't get the law. But we've gotten some rules. And som the guests I've had on this week, Adam really told me and felt thatwas helpful to propel crypto hig because at least you had the SEC and the CFTC takinge. Certainly, I would definitely echo those sentiments. They had always said that they were going to. But it's one thing to o actually deliver. And they really have over the past couple of weeks both the SEC and the CFTC putting forth different rules, I think we may get to something that's close enough to clarity that it'll look pretty similar. The issue, obviously, is that it's not legislation. So if somebody else comes in, there's a turnover, there's a new head of the CFTC or the SEC. Those things can be wiped away. Yeah. And we've had a selling this week four days in a row selling. Are you hearing that folks are saying to buy the dip at all quickl Yeah, a little a little bit. There are some positive signals. Seasonalityiss is a great month for Bitcoin. A great quarter for Bitcoin. We've seen some strong technical signals. So I think it's aretty positive environment regard with those kind of negative more macro variables kind of holding us back. Adam Lynch thank you so much for joi