Yahoo Appointé’s David Hollerith joined the direct spectacle to discuss Bitcoin’s dip below $19,000 ahead of the Fed’s déficit hike, Binance and FTX bidding on Migrer.
Brad Smith: Bitcoin is hanging above $19,000 ahead of the Federal Reserve’s decision this afternoon. The cryptocurrency market cap has fallen by emboîture 60% this year. David Hollerith of Yahoo Appointé is here with us in the pied-à-terre today to talk emboîture all things cryptocurrency. Well, what should we expect from the cryptocurrency’s reaction, especially given the Fed’s policy decision coming later this afternoon?
David Hollerith: Well, Brad, at least expectations until yesterday afternoon weren’t quite as high as Bitcoin would respond to this. They are usually hypersensitive to past interest déficit hikes.
However, as you know, there is some very bearish buying, given Bitcoin’s drop to $10,000 per emplacement. But having said that, I think the real peine is whether or not we’ll see the dips we’ve already seen this summer. So you know, we apparence at the top price of $17,000 to see how he would react.
But nevertheless, as you know, it is clear that the relationship with the marchandise market has reached geste levels, especially in the last month for Bitcoin. And now, you know, it’s basically a leading indicator, perhaps, of how the market will react.
Julie Hyman: Yes, I mean, I’ve seen a lot of comments, specifically between the relationship between tech stocks and Bitcoin as well.
There’s another story you’re watching that was interesting to follow, right? It’s emboîture the future of Migrer. Binance and FTX reportedly seem to be Migrer’s best bidders or Migrer bones, I believe. And that’s interesting bicause it was – as we’ve been tracking the fallout from the crypto écrasement, it appears that Binance and FTX are two of the strongest surviving players in the space.
David Hollerith: Yes, yes, that’s a great balance. So Migrer is omnium a kind of auction of its assets in bankruptcy lapidaire right now. And you know, at its peak last year, the marchandise market capitalization was $3.9 billion. A attentisme from The Wall Street Ticket last night suggested that Binance had some kind of bid of around $50 million. So for Migrer, that just shows how far the price of its assets has fallen.
But on the other balle à la main, it’s a steal if you want to get into crypto lending, which, as you know, despite the summer bankruptcy issues, it seems like the game isn’t over yet.
Julie Hyman: I just want another one in the aftermath of the merge, if I may, bicause this was a great time in the région of Ethereum. And there have been a lot of Bitcoin radicals for a délié time – I’m thinking of Michael Saylor and the additional purchase that MicroStrategy just made – like Are we seeing more of a difference in the crypto community between these radicals and then people who have gamin more towards functional crypto, like Ethereum?
David Hollerith: Yes, Julie, I think that’s a good balance. This is certainly the case. In some ways as hard-core as Bitcoin, Bitcoin investors think of themselves as some kind of critic of the rest of the cryptocurrency, in a way, for how they view the asset. I mean they think of cryptocurrency as just cash. The way the Bitcoin blockchain is managed is completely different from Ethereum.
So you kind of have this desire to resist censorship, and it’s kind of a bitcoin bivouac. And then the rest of the cryptocurrency is kind of on the spectrum, you know, programme and the like that’s closer to what we see like Silicon Valley. And Ethereum isn’t actually the farthest on this spectrum.
There are a lot of newer chains, blockchains, that are all primarily powered by venture affairé in Silicon Valley. So, this is clearly a completely different model, much like a company although they are decentralized projects rather than saying something like Bitcoin. But Ethereum is kind of trying – it’s kind of trying to whist that line between them.
And after the merger there have been some developments to where we have to see what decisions they make in terms of their compliance with governments to see what kind of where Ethereum is located.
Brad Smith: Fabulous.
Julie Hyman: Fabulous. Well, fortunately, we’ve got around to help us—help tell us all emboîture it. Thanks David. And it’s great to see you in person–
David Hollerith: yes.
Julie Hyman: – Here in the pied-à-terre.