CFTC TAKEOVER? Trump Speaks Out After Massive Binance Crypto Hack!

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All right, folks, let's quickly take a look at the price of Bitcoin because we were tracking it since yesterday after the hack that Binance experienced. And we're seeing the pullback in the market. So Bitcoin continues to hold up pretty well, despite how big that hack was. And there's a lot of fear in the market right now.

Now, we do have to give the market time to see where we do find the bottom, so to speak, and our support levels that where we could potentially bounce. Something that is interesting, Bitcoin's RSI in the daily chart is approaching the oversold zone. So naturally, there's going to be a bounce and a reversal there. Once we're in that zone.

So we're very near at this point. And that could be the bounce that takes us to the 90K region, which we've been tracking, obviously, on the higher time frame. Bitcoin is still bullish. The bulls are in control per the MACD.

The bullish divergence has been playing out. So we got to be patient here. Something that analyst blockchain backer highlighted. He says it's one of those moments where events happen right on time.

The market pulls back for weeks and then, surprise, the biggest hack in history to finally backtest the 50-week moving average breakout. So let's say there wasn't the news of a hack. The point is this is a natural movement on the charts, right? Let's say you didn't have any context, but you just go by the technicals.

It's a natural healthy backtest. Now, you could say the catalyst could have been the weakening of the market, the stock market, as well as seeing a heavy pullback. And then you had the Binance hack was the gasoline on the fire to just send it down to that moving average, and then we bounce. So regardless of what the catalyst or the news is, point is the technicals are playing out according to the textbook.

So let's see, nothing's guaranteed, right? We're talking probabilities here, but I do believe there is a higher probability of the market bouncing and going to higher highs. And we'll watch the stock market as well, because I believe if the stock market continues to show weakness and it continues to pull back, that's not going to bode well for crypto. But I believe the stock market is going to find support and bounce possibly in a couple of weeks.

And then we should see crypto follow. And that plays out with the seasonality we've often seen. And we could get a big rally into year end, you know, as they would call it, the Santa rally. And then a natural deep pullback for the transition from the holidays into January.

These are things we've seen historically. Again, not guaranteed, but possible. It's what I'm personally looking at. So let's see what happens.

We have to be patient here. Now, some updates around the Binance hack. So Binance uncovers wider breach in $ 6. 3 billion exploit.

They're targeting Sunday for the withdrawals restarting. So they pause all withdrawals on the website, obviously. And they're looking to start that on Sunday. And they said they're going to publish their proof of reserves on Monday.

Now, guys... Obviously, this is not a good situation, but I've been in crypto since late 2016 and things are much better now. The industry has matured. You see these exchanges are able to cover hacks.

They have insurance and they now have proof of reserves and there's just a lot more transparency. So again, the customers who lost money, they're going to be made whole. So it's not like people lost their money and that was it. This is not FTX or Celsius.

This is very different. So it's really, really good to see this. Now, there are reports coming out that North Korea's Lazarus Group is likely behind this hack. So security researchers suggested that the Hermits Kingdom's Lazarus Group was behind Thursday's nearly $ 6 billion hack of the world's largest crypto exchange.

So North Korea, my goodness, they are behind a lot of hacks. And we'll see what happens geopolitically because here President Trump says they're looking into the Binance hack as calls grow for crypto rules. So on Friday, the digital chamber CEO, Cody Carbone, sent a letter to the House and Senate leadership demanding that Congress immediately pass a bill that will give the CFTC authority over crypto exchanges. So this could spark some new regulations coming from the Trump administration, specifically around the CFTC.

And I don't know what's going to happen geopolitically, you know, how they're going to handle if it's indeed North Korea. How are they going to handle it? You know, Chris Giancarlo, as well as Christopher Perkins, they both had a joint idea. And I believe this was part of the Clarity Act where the government can hire privateers to go after those funds.

And, you know, they would get rewards if they were able to recover the funds, kind of like bounty hunters. And that may be a way, but, you know, that's not law. That's not something that's in place. But maybe it rises up to the surface.

given this situation. So there could certainly be a big political move around this. So during a press conference on Friday afternoon, President Donald Trump said he was looking into the hack, adding that Binance has said they are ensuring customers get their funds back. Here's a quote, but it's a hack, he said.

That's the problem. You know the old-fashioned way when you used to sign a check. These are different people, never see the money anymore. So I've always felt it was a bit, little bit dangerous.

So we'll see. We'll see what the Trump administration comes up with here and what the CFTC is going to do. And maybe crypto exchanges get more oversight from the CFTC, but we shall see. But we also have a lot of law enforcement agencies working with crypto companies like Circle and others to to try to figure this out.

So the U.S. Secret Service is working with Circle, the issuer of USDC, to identify, freeze, and recover funds stolen from Binance. So great to see the crypto industry coming together.

Great to see law enforcement agencies are coming together and the Trump administration, the U.S. government, pretty much looking into all of this. Now, folks, quick word from our sponsor.

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fi slash x slash thinking crypto. Link will be in the description. All right, moving ahead. The XRP Ledger developers propose closing loopholes that allow restricted tokens to reach unapproved accounts with four code changes bundled into a single upgrade that still needs validator approval before activating on mainnet.

So really great to see that there are continued developments and patches that and upgrades on the XRP ledger. This is what you want to see on every blockchain because blockchains are living ecosystems and you have to continue to update them and improve efficiency, but also increase the security. So great to see that they're patching up some of these loopholes. Moving ahead, Russia's central bank officially registers its first regulatory organization for crypto exchanges.

So Russia has passed crypto legislation, folks. The world is moving ahead, and despite the U.S. not being able to pass the Clarity Act, it's not stopping other countries.

And we do have the regulatory agencies like the SEC and CFTC providing rules. And obviously, we need the overarching law, which is the Clarity Act, to be put into place, passed into law, so that it's set in stone and it can't be easily reversed. But things are moving ahead globally. Final news item here, London Metal Exchange to tokenize metals stored in Hong Kong into digital assets used for financing.

So I actually interviewed someone just last week, or I should say yesterday, and she works for one of the largest market makers. And she mentioned that commodities are actually being tokenized at a faster rate than equities and securities. So that includes gold and oil and these different things because it's less complicated to actually tokenize those assets and gold being one of the largest asset classes out there. And obviously the news here mentions tokenized metals.

So it includes copper, it includes, silver and platinum and so forth. But you're going to see all assets go in chain, folks. Securities, commodities, and more real estate eventually And this is the blockchain standard, right? We've been talking about for a long time.

The future capital markets, economies, and governments will all run on blockchain rails. Folks, that's the news. Let me know what you think, especially around what President Trump said regarding looking into the Binance hack and the CFTC maybe taking more control over crypto exchanges. Love to hear what you guys have to say.

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