Bitcoin breaks six-week losing streak, climbs to $67,000: CNBC Crypto World

Bitcoin breaks six-week losing streak, climbs to $67,000: CNBC Crypto World

today Bitcoin notches its first positive week in over a month Congress passes a bill to roll back a contentious SEC rule focused on crypto Holdings an exodus CEO JP Richardson updates us on the SEC review that delayed the crypto wallet company’s debut on the nysse American Exchange welcome to cnbc’s crypto world I’m TAA mckel cryptocurrencies are on the rise this morning adding to a of big gains by noon Eastern Bitcoin Rose to $67,000 a 2% increase in the past 24 hours at the same time ether climbed more than 5% to $3,100 and salana also got a boost rising to just under $170 crypto investors latched onto the latest inflation data out this week which showed that price increases are slowing that of course bolstered hopes that the FED might be more inclined to cut rates which investors including crypto investors have been waiting for I mentioned that it’s been a pretty good week for crypto with Bitcoin jumping nearly 11% in the past 7 Days the cryptocurrency is having its best week since the start of March and is on Pace to break a six week losing streak ether Rose a slightly more modest 7% but that still makes it its first winning week in three and its best week since early March as well compare that to the SCP 500 which looks set to close out the week about 1 and 1 12% higher okay let’s talk about the top stories Congress has passed a bill to roll back an SEC guideline for businesses holding crypto the rule sa21 took effect in 2022 and requires companies holding crypto assets to report them both as a liability and as an asset some have argued SCB 121 creates confusing or restrictive accounting standards for companies wanting to deal in crypto the SEC meanwhile argues those rules help fend off technological legal and Regulatory risks that the agency says aren’t present in safeguarding non-crypto assets Republican senator Cynthia lemis who’s famously Pro crypto said it was the first time Congress had passed Standalone crypto legislation she also called the passage of the bill a win for financial Innovation and a rebuke of the way the Biden Administration and Gary gendler have persecuted crypto speaking of the president it now heads to his desk either to sign or veto next Hong Kong is launching a pilot to let residents use the digital Yuan this morning the Region’s monetary Authority announced a partnership with the people Bank of China to expand a pilot program for the ecny letting Hong Kong residents set up digital wallets from China’s Central Bank residents can use those wallets for cross-boundary payments with mainland China but can’t be used for personto person payments China launched its Central Bank digital currency as a pilot program in 2020 since then usage of ecny has steadily expanded access to new regions across the country the Atlantic Council estimates about 260 million users across China now use the CB DC all right let’s talk about Exodus for our main story the company behind Exodus wallet was supposed to list on the New York Stock Exchange American Exchange last week but an SEC review put that debut on hold JP Richardson the company’s CEO spoke to crypto worlds Jordan Smith about that delay he also weighs in on the rate of adoption for self- custody wallets JP thank you so much for joining me I want to start uh with exodus’s public debut you were supposed to list on the ncy American Exchange last week that was put on pause pending an SEC review can you talk to me about where things stand right now in that process and sort of what your expectations are going forward absolutely so thank you for having me so yeah as you mentioned ncy they called us the day before and they said they had to pull the listing until the SEC completes our review so naturally since we are a a public company already we are going to continue to work with the SEC on on the to complete our our review but the the exciting part for us is that in q1 we just came off that the biggest quarter yet and and that moment allowed uh the team to to fly out to New York and and celebrate the moment regardless of having a really record setting quarter of 29 million in Revenue yeah yeah I want to talk about the company itself and and sort of what it feels like in the crypto industry right now in just a second but just to to put a final point on what’s going on with that review did the SEC give you any any sort of information on what they’re looking into or or what the process would be like how long it would take and and I guess also separate from that once you do go to final answer from there I’m assuming that you intend to move forward as normal you know as long as everything uh comes up clean yeah the communication on this particular listing came from New York Stock Exchange directly and so we’re just continued to work with the SEC on the review and so the review is just standard uh for this actual listing and filing so so no we haven’t had anything from the SEC specific to the listing it’s just power for the course of Contin empowering the SEC to finish their review understood let’s talk about the company especially in this this time we’re in right now where we’ve had a really huge comeback for crypto so far in 2024 seeing a rally uh right now this week but um for your business specifically what has 2024 looked like for you um given this sort of Return of interest for crypto yeah as mentioned record setting quarter of of of 20 29 million in Revenue just 118% year-over-year and so what we’re seeing right now is is consumers again are really excited about digital assets Bitcoin in particular you know we all saw that the Bitcoin ETFs were approved in in early of 20124 and so this has driven a lot of excitement and interest in the industry in Exodus uh entirely so it’s it’s really fun to watch and and see the growth of the industry and our company in particular yeah I want to talk about sort of adoption in the industry overall because you know one of the things that we saw after the collapse of FTX and the bankruptcies and the uncertainty around banking in general in March of 2023 was this this Mantra of you know not your keys not your crypto everybody look into Cold Storage wallets talk about talk about for you um what adoption looked like after all of those events if really people took that to heart and started looking into Cold Storage wallets did people sort of listen to that advice absolutely so back in in November of 2022 when FTX collapsed you know people were using FTX people were excited about FTX but when that moment that smacked the industry in the face to wake people up that when you use products like exchanges like FTX you are putting your money at the risk of another institution another custodian so when you use a product like Exodus it’s 100% self custodial so you have control of your assets so back in November of 2022 we had record setting adoption of people coming in and and downloading Exodus and and using Exodus um up until this this last quarter of of q1 of 2024 so yeah we’ve seen a lot of adoption since that moment you know Reuters had a story out I believe it was yesterday that talked about how um these services that help people get back into their wallets um are sort of having a a boom right now because so many people are paying attention to the rally in crypto they’re they’re trying to get their funds back but that made me think about this question around what can consumer or retail investor education looks like and if they’re more knowledgeable in this cycle than they were last time um for your business are are the types of customers or the investors that you’re seeing um showing a little more savviness when it comes to crypto um in this cycle absolutely so crypto and and and Bitcoin in particular it’s it’s a these assets have been around for quite some time so that education has made its way to the mainstream but there’s still a lot of work to be done and so that’s why exus as a company we have a YouTube channel where we educate people on how to use cryptocurrency how to use self- custodial products and more importantly how to secure your self custodial assets so we are seeing a little more savviness but there’s still I think more opportunity to do more education in this space I want to ask about regul separate from what we talked about earlier more just you know the regulatory environment in the US right now um obviously there’s a lot of enforcement action going on right now but there’s also hope around potential crypto Bills moving forward in the house you know Patrick McKenry just this week said that we could see a floor vote on his crypto bill um are you optimistic about where regulation is in the US this year if we’ll make good Headway before the election which will pretty much put everything on pause once we get closer to November absolutely I I think what what people are seeing is that there are 50 million Americans that own cryptocurrency and so it doesn’t matter if a person’s a Republican or Democrat it’s cryptocurrency is becoming a popular thing amongst Americans so I’m confident that politicians as we get closer to election are going to start to realize this more and more and more and it will become a hot issue for the election and again I think more and more politicians will be Embrace cryptocurrency since Americans have embraced cryptocurrency okay that’s all for crypto world this week we’ll be back on Monday and we’ll see you then

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, JP Richardson, CEO of Exodus, discusses the SEC review that put the company’s listing on the NYSE American exchange on hold. Plus, he weighs in on crypto investor adoption of self-custody wallets.

Chapters:
00:00 – CNBC Crypto World, May 17, 2024
0:26 – Bitcoin breaks losing streak
1:27 – The headlines
3:23 – JP Richardson of Exodus

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Bitcoin breaks six-week losing streak, climbs to $67,000: CNBC Crypto World