$800 Billion Wiped Out, Is This A Bear Market?

This week on the NFA Podcast with Nish & Frackers, we break down a brutal crypto market drawdown, the growing geopolitical AI race between China and the US, and what disciplined investors actually do in a bear market. We start with the Clarity Act and the tension between banks and stablecoin yield providers. Are US regulators protecting financial stability or protecting bank margins? We then move into a disturbing privacy case involving Google Nest andresidual data storage. From there, the conversation shifts to AI power dynamics. Is China ahead at the application layer? What does leadership cohesion mean in a global AI race? And what happens when large language models can be manipulated through spam and misinformation? In markets, the numbers speak for themselves. The crypto market has fallen from over $3 trillion to $2.31 trillion, wiping out nearly $800 billion. The Fear & Greed Index sits at 12. Is this the start of a deeper bear market or just another cycle reset? We close with our $100 trading competition. Very different strategies. Very different risk tolerance. Real numbers. No hype. And surprisingly, Frackers is leading the competition so far this year. As always, the NFA Podcast is not financial advice. Chapters / Timecodes 00:00 – Intro00:24 – The Clarity Act and Stablecoin Yield Debate04:30 – Google Nest Privacy and Residual Data07:00 – Elizabeth Warren and Crypto Bailouts08:37 – China’s AI Push and ByteDance VFX Tool13:40 – PM Modi, Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman, and the AI Leadership Optics18:07 – Peter Thiel, Bank Charters, and Crypto Infrastructure19:34 – LLM Manipulation and the New SEO Arms Race22:55 – Markets: $3T to $2.31T and Fear Index at 1226:26 – Are We Officially in a Bear Market?29:54 – The $100 Trading Competition Breakdown37:26 – Outro