00:00 Josh Lipton
And Bitcoin sinking and following a hotter than expected inflation print at the same time. The interest in digital assets we know not subsiding. Senior markets reporter Nest Fere joining us now and Nest, catch us up on the latest.
00:19 Nest Fere
Yeah, Josh, we did see the crypto market today roll over after that hotter than expected PPI print. But I do want to know to bullish which went public yesterday. We saw that stock today up 6%. It was up as much as 10% during the session on its second day of trading. Remember that this stock had opened at $70 a share. In fact, also it the IPO, they priced their IPO at $37 a share. So quite a move that we have seen and look, this also highlights the sort of enthusiasm regarding anything to do with crypto, and especially because this is a crypto trading platform that is geared towards institutional clients. And anything really that has to do as well with institutional adoption that there’s a lot of bullishness around that because that’s where the street is seeing a lot of runway so to speak, because of more growth and adoption within that space. I do want to note what we saw today with Bitcoin, which was it’s it was down more than 3% after hitting all-time highs last night above 123,500, and right now it’s hovering just below 18 118,000 per token. We saw the same type of movement with Ether also. Ethereum was up at near highs and now it’s down more than three and a half percent. But look, making no mistake that these tokens have had quite the rally this year. They were expecting or investors were expecting looser monetary policy. So so they were really kind of in lock step with the markets as well. And you have also had regulatory tailwinds. I mean, you’ve had the Genius Act, you’ve had the a Trump initiative for 401Ks. You’ve had the SEC crypto project. So there’s so many tailwinds regulatory wise for this industry. I do want to point out where what some observers were noting today, which were some comments that Treasury Secretary Scott Beson said this morning during an interview with Fox Business, and he was talking about the Bitcoin reserve, and he was saying that the government won’t be buying tokens for their reserve. They will be building up the reserve through confiscated assets, but he also said that they won’t be selling anymore Bitcoin. He said that right now where the prices stand that the Bitcoin that they hold is anywhere between 15,000 or 20 excuse me, 15 billion or $20 billion dollars, Josh.
05:12 Josh Lipton
Thank you, Nest. Appreciate it.