🚨HONG KONG'S BIG CRYPTO PLANS & SEC MANGO MARKETS SETTLEMENT!

a thumbs up button and leave a common below. If you're listening on a podcast platform such as Spotify or Apple, please leave a five star rating and review. Folks. Today Bitcoin crossed over sixty six thousand dollars, so continuing to show the bullish momentum. However, I'm still waiting for further confirmation that this is indeed the move to new all time highs, and it's not going to happen in one week or a few days. We have to give it time.

But what we're looking for is that bitcoin has found its bottom and this is the move to new highs. Going past seventy k once again, then breaking through seventy three k and higher, and we know we're headed into October and Q four is very bullish for the markets. So things are looking good. But like I said, I'm cautiously optimistic here. I want to see more confirmation. However, some analysts are showing us that we may have already

found the bottom. Here. Wrecked Capital, who's a great analyst, provided a chart that he's been updating for over a year now where he's highlighting bitcoin's timeline. How has it performed in previous bull markets and where is it now? Are we on track? Are we ahead of schedule? Are we early? So he said, here history has repeated itself. Bitcoin has returned to its reaccumulation range and ended the

downside deviation. The bargain buying period is over. So he's been highlighting for months that this boring zone, this sideways chop is another reaccumulation opportunity. We saw it in twenty nineteen into twenty twenty and previous bull markets before, so it was another opportunity to grab bitcoin. And we haven't hit the fifth wave, the final leg, which can last you know, for three to four months or even longer.

It just depends on how the market cycle plays out. Now, many of us thought bitcoin was possibly going to do a blow off top by the end of this year, because it was ahead of schedule at the beginning of the year, where the ETF buying drove bitcoin to a new high before the having that never happened in its history. But then Bitcoin in this accumulation boring zone, which has been pretty extended, its slowed down to where it's on pace to how the previous bull market cycles played out.

So we are near the end of that, and that's very bullish even if you don't hold Bitcoin and you just hold all coins, because we see the liquidity flows into bitcoin, then it goes down to the all coins. I don't make the rules. That is just how it is how the markets are played out, and it's playing out like that again. So guys, as we head into October, it looks like we're gonna start to see some upside. I'm not saying Bitcoin's gonna hit one hundred thousand in October.

That is not what I'm saying, so please don't get me wrong. But we got to stare step our way out of this reaccumulation zone, and we want to get a general idea where we're at right. That's important if you're looking to take profits once again, even on all coins, because when Bitcoin hits its overbought zones, as it makes its way to the top and it's blob top, all coins are going to pump. So depending on your entry prices, you know you may want to start taking profits, so

make sure you have a plan. So guys who're on track, just be continue to be patient. A big part of investing is being having patients, and I say that from experience as someone who started investing in twenty sixteen and was in patient lost some money, but then I learned my lesson throughout the different cycles and I started making money. And of course I'm here to make money this cycle. So being fully transparent with you guys, I'm a believer

in the technology. I believe it's here to stay. I will be using it in different ways, but first and foremost, my number one goal make money to get financial free, eliminate debt, and build my nest egg for my retirement and so forth. So I'm sure many of you have similar goals. And obviously I'm going to be reinvesting some of my profits into bitcoin and crypto in the bear market when we hit the lows again, as well as

other assets. I am diversified. I have an investment property, I have investments in the stock market as well, so I'm trying to once again get as much financial freedom as possible, eliminate debt and so forth. All Right, guys, some big news coming out of Hong Kong. Hong Kong looks to become the global OTC crypto center with the new EU style reporting. Remember, Hong Kong has bitcoin and etherorem ETFs. They have opened up business to crypto and

they are financing crypto companies and so forth. This is

a stark contrast to how things were years ago. But under the control of China, Hong Kong has opened up significantly, and earlier this year they opened up crypto trading to retail once again, I think, and that could be wrong about this prediction, but guys, I think, come early twenty twenty five, we're going to see China open up crypto trading to all their citizens, especially that these ETFs are in place and there are many big crypto businesses in

Hong Kong now, so things are moving ahead globally. Let me give it to details. Hong Kong's financial regulators have announced plans to harmonize the cities over the counter OTC derivatives reporting regime, including cryptodervatives with international standards. The Hong Kong Monetary Authority and the Securities and Futures Commission released a joint consultation conclusion outlining changes that will bring the

cities regulations in line with European and global practices. The new rules, set to take effect on September twenty ninth, twenty twenty five, will mandate the use of unique transaction identifiers, unique product identifiers, and critical data elements for OTC derivatives reporting. These changes aim to facilitate international standardization and harmonization of data elements reported across global OTC derivatives reporting regimes. So guys,

we're seeing game theory play out here. One country moves, then the others followed, Right, Just look at when the United States approved the Bitcoin an e theorym ETFs. Well, first bitcoin ETFs, then you had Hong Kong and the UK start to do the same thing, and then you had Thailand as well. So the entire world is moving towards embracing crypto. They're not banning it anymore. Years ago,

there was all this flip flopping and really bipolar behavior. Right, they were going back and forth, especially China banning, unbanning and doing all kinds of craziness. Now we're seeing more clarity. We're seeing regulations are being put into plays guardrails and they're embracing this, and they're talking about how this is

going to be a big part of the economy. And it is, folks, because if they're going to take the traditional assets stocks, bonds, commodities and so forths and put it on the blockchain in tokenization format, what do you think all this is going to fall under the crypto umbrella? Right, It's happening right before for our eyes globally and alviousoe the United States is the biggest capital market, so everyone's going to follow and get in line here. So incredible stuff.

And the other factor, like I was saying earlier China, I'm waiting for them to open it up to all their citizens. Now. I know many of you know that people have been bypassing the laws in China, right, many of them use VPNs and so forth, so and proxies and so forth, and you can't stop it. But what we're looking for is the non technical people, the mom and pops who will go to the et apps right. So if the Hong Kong et apps open up to mainline China, what do you think is going to happen?

Especially as currency debasement continues and China is now trying to bail out their economy. This has been big macro news covered by mainstream media. Right. They're going to do liquidity injection aka stimulus, and that means it's going to have to print money, folks. So all of this is going to drive up global liquidity, which is already on the rise, and it's going to help asset price is

to increase. We've seen that correlation. In fact, we got news that China is weighing one and forty two billion dollars in capital injection into its top banks. Where have we seen that before here in the United States? Obviously after two thousand and eight. Right, So that one hundred and forty two billion US dollars equates to one trillion

yu want So, guys, same story, different cycle. I've been telling you guys, they will go back all go back to money printing, because this is the Fiat system, and once your eyes are open to it and you understand it, then you can use it to your advantage to make money. Not just in crypto, but in the stock market, in real estate. There's a cycle to this thing. So now I know not to pay attention to Jim Kramer Financial TV, but to watch what the Fed is doing. Are they

cutting rates, are they injecting liquidity? Look at the Treasury Janney Yellen, and so forth, because that will tell me where assets are going. Now, obviously the market doesn't go in a streight line. There's ebbs and flows, there's volatility, there's many crashes and so forth. But if you have the macro view to long term, you're gonna make money versus keeping your money under the mattress or in a silly checking and savings accounts with JP Morgan or something

earning nothing right. So you have to obviously have a emergency fund, a rainy day fund, and you have to have cash. Obviously, I'm not saying you eliminate all your cash, but a good amount of your your capital has to go into assets to grow folks, because they're gonna keep doing this. This is the system, and unfortunately not a lot of people understand that. So if you do understand that, folks, count yourself lucky, because this is a big part of

financial education. And crypto is what gave me this enlightenment moment to understand these things and to finally start to make money. And I try my best to share that knowledge of people so that they can work towards having financial freedom as well. Now moving ahead, c Z also known as pan Zau, former CEO, he has been released from custody. CZ did three to four months in jail. I don't think he should have went to jail, but I guess, you know, to get these world governments off

his back, he had to do this. Remember, no fraud was done here, folks. He didn't steal people's money like FTX and sam Beck and Free. Rather, they were paying a penalty for not doing proper kyc AML in their early days. And that's this was the wild while West of the crypto market, right. So at the end of the day, Cez still filthy rich. They told him he can't really do anything with finance. He must stay away

from crypto a bit. So I'm sure he'll stay away from maybe a year, and then maybe come back in some other form. But it'd be great to have him back on Twitter. I interviewed CZ a couple times years ago, and he's a great guy I thought he was. He seemed pretty genuine. But you know, it is what it is because we saw Tradify coming in, So this is kind of the penalty to pay. Obviously, four point three billion dollars was the other half of that penalty in addition to the four months of jail. But it is

what it is. Now. A great place that you can buy crypto, folks is on Uphold, which is a great crypto platform that I've been using for years, going back to twenty eighteen. They have three hundred plus cryptocurrencies. You can buy Bitcoin and all the top all coins folks. They are fully reserved, they don't co mingle or lend out your funds. They have transparency reports that you can go review, so I trust them. They're reliable. I've interviewed

the CEO many times, the CFO, and other representatives. They recently launched a great product called USD Interest Accounts where you can put your dry powder or your crypto profits, where you can earn up to five percent APY and it has to be a balance of one thousand dollars

or higher to earn your five percent. If it's below one thousand, it's going to be two percent and Some of the great perks and benefits of this is that there's no lockups, so you don't have to lock up your funds for like twelve months or whatever it is. You can pull your money in and out point. There are no fees. There are no subscription fees, so they don't charge you anything for it, and it's FDIC insurance. So I'm using this product some of my crypto profits

that I take in this bull market. I'll be parking here to earn that interest, and when I'm ready to deploy that capital back into the market, I'll just pull it out of the interest account and then buy the asset. So that's my strategy. So my cash is not just sitting there idly, it's actually earning some interest. So that's my plan. And if you'd like to learn more about Uphold, check out the link in the description. Now, we got

some news here from the SEC. They said today we filed settle charges against Mango Doo and BlockWorks Foundation for engaging in the unregistered offer and sale of crypto assets called MgO tokens or mango tokens. I'm not sure how many of you are familiar with mango markets, but I

know of this project, and it sucks that. Look, they settled, and the SEC is shaking down some of these smaller projects who don't have the capital fight back, you know, like Ripples fighting back, Coinbase, crack In, Robin Hood, Unit, Swamp and so forth. But it's pretty tough. So Mango Labs Mango down BlockWorks Foundation agreed to settle the charges and pay a total of seven hundred thousand dollars in penalties.

The agency said it settled charges against BlockWorks Foundation and crypto platform Mango Labs LLC for acting as a broker without being registered. So this is nonsense, of course, right, Don't get me wrong. If a company did illegal activities, they defrauded people, the SEC should go after them and do the job. The problem is there's not clarity in the market, and the SEC is just going around shaking

down companies. And we know Gary will tell people come in, come in, talk to us, and then stab them in the back. Right, But this is the nonsense we're dealing with until Congress accent puts out the clear guidelines. But I'm glad a majority of the industry are fighting back and taking Gary to the courts and handing him losses. But Unfortunately, he's going to shake down these smaller projects

because they don't have the money to fight back. You can imagine and right, trying to fight the government to the SEC. It takes years, it takes millions of dollars. Look at how much money Ripple had to pay over one hundred million dollars. That that's crazy. So some of these smaller projects don't have that capital. You just look at the Stonercats, the NFT project, right, they went to the SEC, went and shook them down. They don't have capital to fight back. There's just an NFT project. So

this is what's happening. Why you see somebody's companies settle and they'll just say, hey, we don't admit or deny any wrongdoing and we'll pay our penalty. The SEC just did this the E Toro, but I wish E Toro had fought back. They do have the capital, but I get it. You know, they probably don't want to get tied up. And their bigger markets I believe are in Europe. So it is what it is now. Speaking of crypto regulations, Republican control of Senate would benefit digital assets, says Senator

Cynthia Lummis. And remember there is a bill that is scheduled to go through the Senate. We're hoping it happens this year. Chuck Schumer, top Democrat, said he's willing to work with Republicans to get it through, but most likely it will happen in twenty twenty five. Obviously, that bills the fit twenty one bill, but Senator Lummis and Jillibrand have their own version. So here's some details of what

she had to say. A US Senate flipped from Democrat to Republican controlled in the upcoming elections would bode well for digital assets, said Senator Cynthia Lummis in an interview with CNBC on Friday morning. Lummis pointed to crypto friendly Republican Senator Tim Scott taking the helm of the Senate Banking Committee, which Democrats Senator Sharrod Brown currently chairs. Brown is less friendly to the industry. Sharrod Brown is one of the biggest enemies of crypto. He is a Warren Knight.

He's like Elizabeth Warren's left hand man. Gary Againster is the right hand man right Sharad Brown. He's no good And look, we got news that there's been a lot of spending. Crypto packs dominate Ohio Senate race, spending forty million dollars on Sharrod Brown's foe, So they're propping up his foe and obviously looking to take Shard Brown down or kick him out of office. So crypto fan candidate Bernie Moreno has caught up in the Ohio polls as the industry's cash outpaces other packs in one of the

key US Senate races that may decide the majority. So this is Elizabeth Warren's fault. She created the anti crypto army, put Sharrod Brown as one of the generals. Gary Ginster is another. But they're going to learn their lesson. The crypto industry put together over two hundred million dollars and they're spending. They're the biggest spender in this election, which

is amazing. And to add fuel on top of the fire, here you got these presidential candidates like Donald Trump and before he dropped out RFK Junior who are pro crypto and they're campaigning on it. And it looks like Kamala Harris is waking up a bit and she's starting to talk about crypto, but it might be too late for her, and she hasn't put out a clear policy, but we'll see. But these anti crypto people, it's over for them. We saw many of them started losing already in the primaries

and on Super Tuesday earlier this year. So this is what happens when you take a neutral technology and you make it political and you attack it. But we know the reason why they did this. The call was made from Wall Street, from the Tradify incumbents who were getting disrupted. They called up Elizabeth Warren and Gary Genser, and that's

why they started doing all this nonsense. And that's why, while the attack was happening to the crypto industry, Wall Street came right in, give me my ETF, here's my tokenized funds. Let me custody your funds for you. Right. I've shared the example so many times now, so I often stated, how can these two things be happening in parallel. That's because the incumbents are getting disrupted and they're trying

to catch up. Right. JP Morgan built its own blockchain, launched its own stable coin jpm coin, and there's so much more exams, but you guys know about it. If you've been subscribe, you've been listening to this podcast. So I've shared all those examples, but these people are going down the ones who are anti crypto folks. That's the news. Let me know what you think, Lee, your thoughts and comments below hit the thumbs up button. Don't forget to

subscribe to my free email newsletter. It's one hundred percent free. It's on Substack. It's filled with crypto insights and knowledge. Be sure to grab a copy of my book, Rethinking Crypto. It's available on Amazon and paperback and digital. And if you bought a copy already, please leave a rating and review. It will really help me out. Thank you, guys. I appreciate you all, and I'll talk to you all later