The Wolf Of All Streets - Binance And CZ's Shocking Guilty Plea - What It Means For Crypto's Future!

Episode Date: November 22, 2023

CZ and Binance have both plead guilty - what will it mean for the market? James Murphy (MetaLaw Man), Joshua Frank and Christopher Inks join to discuss. ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker  ►►TAP A super-powered money app - an all-in-one investment, money, and trading platform. Coming to the U.S. soon, with tons of bonuses. 👉https://referral.withtap.com/scottmelker  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/   ►► OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $10,000!  👉 https://www.okx.com/join/SCOTTMELKER ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=453131... ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets   Follow Scott Melker: Twitter: https://twitter.com/scottmelker Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

We finally have a resolution to the Binance saga with the DOJ, SEC, CFTC, actually technically not the SEC, the Department of Treasury, United States brought out their full all-star team, all their cleanup hitters at once for a press conference where Jenny Ellen couldn't even pronounce the word Binance. It was pretty embarrassing, but it seems that now we have a resolution to the Binance saga and the market can move on. In my opinion, that means the bull market can move on, but that doesn't mean that everybody shares that opinion. I have two of my favorite guests today to discuss. James Murphy, aka Metal Lawman, soon to hopefully one day be back on X with the rest of us. And of course, Joshua Frank from the tie. And on the back end,

we're going to have Texas West Capital also talk joshua frank from the tie and on the back end we're going to have texas west capital also talk about what it means for the markets based on what we're looking at in the charts you guys do not want to miss this one let's go let's go What's up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel. Hit that like button. Binance, Binance, Binance. It's Binance. It's really not that hard to say. I'm going to show you right now. Here she goes. Look. Binance is also required to report suspicious transactions. It has failed to say. I'm going to show you right now. Here she goes. Look. Binance is also required to report suspicious transactions. It has failed to report. Okay, whatever. You heard it. She said Binance. That was really low quality. This is what happens when I don't have a producer. I've got James and Josh to join here. What do you guys think of Binance, guys? I mean, she only had like a few

years to prep for this, but this is pretty big news. James, I'll ask you first. I mean, maybe you can give us the broad strokes of what this means for Binance and CZ from a legal perspective. Sure thing, Scott. I mean, it really feels like a pretty historic moment in the history of crypto, maybe the closing of an early chapter in this long story. And so the particulars are finance agreed to a $4.3 billion penalty. It's a really, really high penalty. CZ himself agreed to a $50 million penalty. But in the end, he really pays the whole thing because it's his company. One of the loose ends out there is whether CZ is going to do some time in jail. That is yet to be determined.

A lot of people came out early saying this was the end of it, $50 million, and get out of jail not free, but for $50 million. That's not correct. There's going to be a sentencing in about six months. The government is asking for 18 months in prison. And by the way, CZ's own lawyers have agreed to a minimum sentence of six months. So we're talking about a sentence of some jail time is going to happen. Interestingly, there was a two-hour arraignment yesterday where the government asked to prevent CZ from leaving the United States. And the magistrate judge said, nope, he can go back to the UAE. So it's in Seattle. It's a fairly liberal judiciary in general up there. So he's going to do some time. And it feels like a little bit of, here we go again, these are the same charges that Charlie Shrem faced.

You know, the same I was thinking the same charges that, you know, the founders of BitMEX were confronted. And we all know we don't like to talk about it, but we all know there is money laundering that goes on, particularly in offshore crypto exchanges. And so I think there there will be ripple effects. You know, will Binance continue, you know, without their, you know, leader? Will people continue to work there or find other lucrative jobs in the industry? And then, you know, I just looked it up on CoinMarketCap this morning. There are 674 exchanges allegedly around the world. And so I think they've got to be a little nervous about, A, whether they have U.S. customers inadvertently or on purpose, and B, if their AML rules are up

to snuff. I bet CZ gets the Arthur Hayes, nice Miami vacation with a few hours a day on the beach, a whole lot of time in the gym and pretty chill. But maybe I'm wrong. I also didn't think he would turn himself in, right? I mean, that's, he feels like, there was a tweet somebody sent that said, you know, Jesus died for your sins,

CZ died for your bull market. It feels like you fell on his sword for the company of the market, Josh. I got two follow-ups for you, James. The SEC wasn't included. So what can the SEC do? Because I don't think that Gensler is going to, he probably feels left out of the party. Yeah. Yeah. Great point. And there are, I hesitate to call it conspiracy theories, but there are a lot of coincidences in Gary Gensler publicizing enforcement actions and the timing. So whenever something bad happens, he tries to come over the top with, hey, look, we're still relevant. We're still doing something.

And that was, of course, the kraken announcement of the enforcement action yesterday but i'll tell you what uh the the settlement yesterday steers entirely clear of any allegations of co-mingling customer accounts uh customer funds misappropriating customer funds or engaging in market manipulation of tokens on the platform. So there's no help to the SEC's current case against Binance. And it tells you something. I think the lawyers for Binance are telling CZ they can win this case against the SEC, where they allege that those tokens traded on the platform are actually investment contracts and therefore securities. I don't agree with that theory. I think Binance and certainly Coinbase have the better of that argument. Second question, any chance that CZ can also

end up in the Metropolitan Detention Center with Sam or no, because the sentencing in Seattle. No, he will not end up there. That's, that's kind of a holding facility pending, you know, awaiting trial. And he says they will both move.

He's in Seattle, right. They will both move. He's his case is in Seattle. And so, you know, the whole map of federal prisons is in play for him. And this will be an important argument between the lawyers and the United States. I really think part of their punishment should be that they should be in the same cell. I really think.

Yeah, but SPF is going to be in that cell for a lot longer. There's a whole lot of false equivalencies. We can just visit him for 12 months. Yes, that's right. I don't think it's even going to be 12 months. If you guys have ever talked to Arthur Hayes or listened to his experience in jail, it was literally an ankle bracelet in a millionaire's mansion in Miami Beach and a whole lot of free time during certain hours. But Josh, what do you make of this? I mean, maybe we should talk more about what this means for the market. I think that this is kind of, as James said, the final cleansing, the last big impediment. I guess people will always point at Tether and DCG as potential

roadblocks, but this feels like the big one. And this feels like, to me, a very positive resolution. Finance continues. Yeah. Look, I think it is not the last, but I think it is the biggest. It's the biggest exchange, and I think the fact that it is solvent, it didn't blow up. The fact that they weren't commingling user deposits, I think all of those are good things. I think it's scary that that's the thing we have to be excited about. At the same time, like we're ecstatic. Like CZ responded to having to pay a $4.3 billion fine by putting out a giant tweet talking about the fact that he's proud that they never commingled user funds. Like he's proud of that. And then he's going to do some small VC investing when he comes back. Yeah. Like, I don't know how we all skipped over that. The fact that that's something we should be proud of. Obviously, the standard should be that we're not committing fraud. It shouldn't be something that we need to celebrate. Yeah,

look, I think it's a good thing. The market is obviously responding positively. There were some bogus about outflows from Binance. But if you look at the numbers you're talking about over the last 24 hours, about 2% of user deposits being withdrawn. I mean, that's an inconsequential amount of money. I mean, I think if nothing else, pending the safe operations of Binance over the next three to six months and the SEC and others kind of coming to some settlement agreement or coming to a conclusion, I imagine that people are going to start trading on Binance again. I mean, people... And they're going to be monitored. Right.

I mean, the DOJ is monitoring, or I'm not sure if it's DOJ or Treasury, but somebody is literally... I mean, they're literally going to have the US government guy in the office overlooking and seeing what they're doing. So there's... Yeah, I mean, say what you want about it.

It's a great product. As a US person who now, obviously, they know U.S. people use Binance. As a U.S. person who used Binance, I gotta say, it's a great experience. Yeah, I mean, look, I think it's a good thing. I think cleaning up the industry and getting rid of all the shit is great.

You know, we've now sacrificed... Well, you know, some of these are self-sacrifices because they're pieces of shit, but Mashinsky, BlockFi, Genesis, Bittrex was sacrificed, which was an OG a couple of days ago. Binance, I guess, not totally sacrificed, FTX and others. And so I think we're rounding the corner. And I mean, obviously, my clients' base are totally institutional. And the biggest thing that matters for my clients is counterparty risk. If they want to go in and they want to go into crypto at size, they need to know who their counterparties are. They need to feel comfortable with their counterparties. And what we saw in the wake of the FTX collapse, I would estimate about

25 of the top 100 hedge funds were trading crypto with GP capital. So they weren't trading outside investor capital, but they were trading partner capital. That number went down to close to zero over the last year post FTX collapse. A lot of them were trading on Binance. They felt uncomfortable doing it. Some of them are still trading like Bitcoin on Coinbase or some basic things. But I think as all the shit gets cleared out and as we have institutional grade products that are mature, that are regulatory compliant, a large fund doesn't want to risk getting in any sort of shit with the US government because they traded a hundred million bucks

worth of crypto when they were managing $30 billion, which is not worth it for them. And so I think getting to a point where the market is cleaner is going to enable one, you know, more institutions to actually participate in trade, which is great. It's great for liquidity. It's great. You know, it's going to grow the pie, but I think too, you know, I think it's clear that we're getting to a point where, you know, you know, there's some conspiracies that BlackRock maybe is behind pushing for this, which I don't believe. I think that's stupid and I think it's garbage. But I think this just helps the case of this market is cleaning up so that we can have an ETF, we can have BlackRock and others participate in the market. So I'm not saying that they are in any way related, but I

think it lays the path for that. Yeah, I agree. I mean, CZ has laid out the case for what the early days of crypto were like many times. I remember he gave this great analogy, said it was like the automobile. You know, when people first started driving cars, nobody cared. They were a couple of them on the road. They broke down. Eventually, they got faster and they needed to add, you know, regulation and safety around it. And that was crypto.

So it was. So in those early days, they did whatever they wanted. It's always been my point that Binance, Tether, a lot of these companies probably were doing some pretty wild things in the early days, but now have been very clean because they're under the magnifying glass here from regulators. So I think that these are sort of like crimes of the past and uh we can generally move on but i will tell you who is apparently uh commingling funds according to the sec is cracking like this is a huge claim and totally totally just uh not being talked about because of binance i mean james this seems like a pretty big deal if this is actually the case

i doubt it to be honest. Well, I doubt it, too. You know, Kraken said they're going to fight this, but you never know. I mean, they settled already with the SEC about their staking as a service for $30 million and agreed to shut it down. So it takes a lot of fortitude and a lot of money to fight. And so we shall see. And I think we've learned enough to know that allegations from the SEC are not necessarily correct. So I would pump the brakes and wait and see on that commingling thing. But I think their theory that tokens of trade on exchanges between parties that don't know each other are not investment contracts and not securities.

And so they're not operating an illegal securities exchange. That's my view. We'll see. We'll see in the Coinbase case whether that theory works. I don't think it, it should. Um, but, uh, you know, Scott, you mentioned the false equivalency between, uh, Sam and CZ. It's funny. There was a two hour arraignment yesterday, uh, where CZ did show up in court and plead, uh, guilty. And they talked about the plea agreement and all of that.

The government said, look, we're not saying this is a Sam Bankman freed guy. There is a distinction between... Yeah, he didn't steal everybody's money. It's a pretty big distinction. Exactly. And by the way, you mentioned also the monitor is significant. There's going to be an independent monitor that will be appointed by the government. It will be a private citizen with a lot of experience in exchanges and crypto. breaks on any new products, you know, derivative, high leverage, whatever, being rolled out by Binance. It will impact what they do for the next three years. My old firm was the monitor for UBS when they had a deferred prosecution with the Department of Justice, when the government cracked down on Swiss banks assisting in U.S. citizens evading taxes. And

it's a big deal. It is a significant involvement in the operations of the company. So from a competitive landscape, they're not going to be out on the cutting edge of rolling out new products. We're not getting new 150x leverage altcoin products, right? Obviously. Interesting though, I think what kind of people aren't talking about this punishment, if we're trying to make Bitcoin, the crypto industry more like TradFi, this punishment was very in line with what would have happened with a big bank, right? We've seen, as you said, the UBS sort of cases in the past, JP Morgan gets like a 10 or $20 billion fine every

year. We don't even talk about it. This actually seems reasonably in line with how the Wall Street industry is treated by the United States government this time. I don't think that this was overly heavy-handed considering. I mean, Josh, what do you think? Yeah, look, well, that's a better question for James. I mean, he's obviously an expert here on that. But I mean, I don't disagree with you. I mean, CZ showed up.

He seemed happy to accept it. Yeah, I agree. So I really want to talk about where all of this volume goes if they can't offer these products. James said there's over 600 exchanges. That blows my mind. I mean, are others who are watching this going to continue pulling these sort of like FTX and Binance products? Or is this because they rolled out the all-star team and made it very clear that this is wrong

or not allowed? Do you think that everybody's going to sort of pump the brakes on some of the insanity? Well, I think the question is, it's not going to stop. It's crypto. The question is whether or not people are going to put a lot of restrictions on US people, which I think might be the case. But I think that this insanity of 150 times leverage and whatever, that's crypto. People love that. People in this space love that. Those products make a ton of money. I don't think that's stopping. There's still exchanges. There's still multiple exchanges that allow you to withdraw 30 BTC worth of crypto a day without KYC. There's still exchanges that do that. So throw a VPN on. The question is whether they clean up their act. I don't know. I would assume their lawyers would be recommending is whether they clean up their act. I don't know.

I would assume their lawyers would be recommending that they do clean up their act. But I imagine some of these Binance allegations were for things that happened in the past. If you already did this, I imagine you can still get in trouble even if you clean up your act and change. I don't think that makes any difference. So I would guess that every crypto exchange has this problem outside of maybe five. Yeah. And Josh, you pointed something else out to me, sort of breaking news right before this happened. Justin Sun confirms HTX echo chain exploited after 100 million in suspicious

transfers. I mean, it's like we can't go 12 hours without some complete and absolute insanity i mean htx obviously was right so i mean these guys seem to get hacked every 20 minutes we've still got some big problems here even if it's not the regulatory or legal crackdown i i think this i think this is funny and obviously i yeah i'm not alleging that this is real but this is funny oh you got something to share can i bring it up yes so justin tweeted this and then this is funny. Oh, you got something to share. Can I bring it up? Yeah, so Justin tweeted this, and then this is the top comment right now. I can't see it.

What does it say? It says the hacker is not recognizable. Guys, that's Justin in a mask for anybody who can't actually see that. Yeah, I mean, I don't, you know. I'm not suggesting that it's Justin. Justin is actually hacking. So I guess the question then, James, like, is this the first step in the cleanup or is we have a hell of a lot more cleaning up to do? I mean, this is insane.

I'm not saying he did it or has anything to do with it, but there's big problems still here in exchange world and crypto. Yeah, I think there's going to be more to come. The government has been very clear that they are pouring resources into this effort. And I can just give you a historical example. Again, the UBS Deferred Prosecution Agreement, where my firm was the independent monitor for that settlement, led to every single Swiss bank settling with the United States. And so there was just a progression of here's what you got to do to come in and get right with the United States. And here's how much you're going to have to pay to do that. And so look, you know, some of us are saying, well, hallelujah, we've gotten this behind us. This is good for the crypto market. You know, we, this was looming out there and now there's a resolution. That's all good. That's one way of looking at it. The other way of looking at it is this provides even more ammunition to the anti-crypto army led by General Warren, you know, that wants to really shut down crypto in the United States and internationally.

And that's why in the press conference, you heard him blurting out Hamas, ISIS, Al Qaeda, you know, to get people outraged that crypto is this vehicle for funding bad people and bad stuff, drug cartels, arms dealers, and terrorists. So this is Elizabeth Warren, you know, sent out her, I told you so tweet and, you know, she's going to be lobbying hard and she's got allies, you know, at the department of justice, Gary Gensler, et cetera. And, and the, you know, the the Department of Justice, Gary Gensler, et cetera, and the Biden administration generally. They're putting a lot of assets, a lot of money into prosecuting these cases. So there's going to be more to come. Well, clearly there's a big return if you can get $4.3 billion in a settlement. Yeah, but that goes right into the treasury. I mean, since we started talking about

the settlement, they've already spent it in interest. So it's, yeah, yay. treasury. I mean, since we started talking about the settlement, they've already spent it in interest. So it's, yeah, yay. Yay. I mean, it goes right. It's not like the DOJ gets that money, right? And here it is, the tweet. The CEO of the world's largest crypto exchange pleaded guilty to breaking anti-money laundering laws. This is part of a larger trend of criminal activity in the crypto industry and sadly predictable.

Very sad for her, I'm sure. I urge the Justice Department to investigate Binance for lying to Congress. I mean, this is like she's not even I told you so. She's trying to take credit. I mean, she's just literally the worst. Yeah, she says predictable. What she means is predicted by me. Why didn't you listen to me? And so, yeah, there's momentum behind this. So there are more shoes to drop, but this is the biggest one. I mean, if you look down the list, the smaller ones really don't have any kind of impact on the crypto market generally. I'm waiting for BitSlotso 2.0. Yeah, I thought maybe we were going to get, before they said it was going to be a Binance announcement,

I was like, what thing that I've never heard of are they all coming together to talk about at a press conference? But maybe a bigger story here is how the market actually reacted this time to those past situations, right? In the past, when the Coinbase suit came, the Binance suit came, we saw the SEC passively name a bunch of altcoins as unregistered securities without actually having to back that up, right? And those dropped 25, 30, 35%. This happened in the Kraken case and those coins largely didn't even move, A. And Bitcoin

barely even dropped and has recovered most of its losses on the Binance news already. So regardless of what comes from Gary Gensler towards Binance or any of these others, I can tell you that the market doesn't care, right? Price tells you everything that there is, right? Josh, I mean, at this point, there's nothing, I don't think anything can seriously rock the market if Binance and Kraken in the same week did nothing. A rejection of the ETF could. I think that's what I meant from regular. Yeah, well, I guess that is directly from it.

I think a flat out rejection of the ETF could be very, very temporarily bad. I think also from like a shorter term perspective, Scott, there is the issue of where's the money going to come from to pay the fines? You know, is CZ going to sell BNB token? Is he going to sell part of finance to investors or is he going to sell the whole thing? Now, there is a window open for him to return after three years uh under the existing deal so there could be a second act uh with cz at binance if it's not sold be a ceo again so that was in his twitter and look that doesn't mean that that's the what he believes but that's what he did say he never wants to be

ceo again right he wants he wants to mentor entrepreneurs and startups. He wants to mentor a slew of pre-seed startups. I'll go into the CZ mentoring program gladly if anyone's offering. I have heard rumors that Binance will be bought by some M2 exchange. That's the thing that's been hitting from Abu Dhabi that's been hitting my inbox for the last five or six hours. But obviously, I don't believe any of that. There also was this, Josh, maybe you know more about this. There was this almost $4 billion transfer from Binance that people are conjecturing was already a payment to the DOJ. Although I find it a little suspicious that he would be able to pay the DOJ and Tether. Yeah. I mean, unless the Tether was... I mean, I think what you would see if they were paying

in Tether, the Tether would be redeemed. I mean, that's really what should happen. They should send that money to Tether. Tether should send them back US dollars. I don't think that 4 billion Tether supply was... We saw a shrink. So I don't think that's what it is. I mean, the US government doesn't just go on Coinbase and convert their tether to us dollars. I don't think tether is listed on Coinbase. That's right. Fair, fair point.

But, uh, actually I think it is, I think the tether is on Coinbase, but you, maybe it only trades, uh, for conversion to USD maybe,

and doesn't actually have pairs, but I can't remember, but it's definitely, it's definitely on there. I just think that, uh, I guess we have this sort of sentiment is at the beginning of the end or the end of the beginning. And I think we're at the end of the beginning here for the promise

of crypto. I don't think that anyone's rocked by this Binance news. I think there was a lot of fear that Binance was going to get shut down, right? And that we were going to lose all of those pairs and people would be forced to sell. By the way, that's what's happening on Bittrex Global, again, that nobody's talking about. I mean, how meaningful is Bittrex Global in the market at this point, Josh? I've never even looked. In 2017, 2018, it was significant. It was meaningful. I was at an event in 2018 in March and about March. And I remember Bill Shahara, who was the CEO of Bittrex at the time. He was like, we have so many people wanting to create a Bittrex account.

We literally cannot let them all in. We have a six month waiting list to create new accounts, which is just crazy to think. I mean, it was a different time, obviously. And you know, the infrastructure was different and their ability to support was different,

but I don't think anybody gives a shit about Bittrex. I'm sorry guys. But at this point, I think it's- At this point, I agree. I mean, the US had already declared bankruptcy. So this is the global following suit. But anecdotally, that was exactly my experience. I talk about it all the time. When I came in, you bought Bitcoin on Gemini or Coinbase. And then if you wanted to trade any kind of altcoins, you transferred your Bitcoin to Bittrex and you did it on the Bitcoin pair.

And Poloniex. Don't forget Poloniex. Yeah, Poloniex. That even shaded me out in the early years, which is saying a lot. I cannot believe that Circle bought Poloniex for $400 million. That's still one of the worst. I mean, that's going to go down as the worst acquisition in crypto history. Obviously, Circle has recovered and they have a fantastic business now. But what a shit show. James, was it meaningful to you? You said that the government was sort of asking for But what a shit show. The government, look, the guy has come here voluntarily and agreed to pay $4.3 billion and did, unlike SBF, there's a real bail deal here, $175 million recognizance bond that has collateral behind it of $15 million, his sister's house, which is worth $5 million, and a couple other guarantors.

So a real bail package, unlike what SBF had. And I'll tell you what's really ironic is at the beginning of Sam's prosecution, when he was arraigned, the government swore up and down, Sam is no flight risk. There's no need to incarcerate him pending trial. And then, of course, they didn't like his commentary to reporters or whatever and decided they were going to flip on that. But, you know, Sam was obviously a flight risk. But CZ, you know, has agreed that he's going to spend at least six months in jail

and he's going to hand over $4.3 billion. So it looks like a guy who has, you know, come to the conclusion that he wants to settle up and start anew. And so, yeah, you know, typically judges follow the recommendation of the government. And here, I think it was interesting that they rejected it. Does it signal that he's not going to get the upper. It will be something, in my opinion, substantially lower. Whether he can pull off the Arthur Hayes thing and do house arrest, I don't know. Jail's no fun. It's no fun, but six months and a clean slate to live the rest of your life still with your wealth largely intact is a pretty good deal especially if you're watching sbs getting away from 475 years yeah well especially with all the mentor shares he's gonna get uh you know being an advisor to uh early stage startups

i mean the guy used to see these tell me that he didn't even have time to go get a haircut so he'd cut his own hair because he was so busy so maybe uh he'll get a little rest at Club Fed and that'll be it. And we'll hear from in the future. I will say also anecdotally, like the sentiment seems that people really still like CZ a lot after all this. This isn't the same situation. You look at the comments, everyone says, hey man, you contributed a lot. You did good. You didn't actually hurt us in any meaningful way now as it's going down you're falling on the sword thanks you know and i and i think that uh that's the accurate way to look at it josh james guys thank you so much james come on man when are we getting you back um hopefully soon i guess it's up to elon and and linda uh we'll we'll we'll see we'll see josh we

don't even know why he was banned. Can you call Elon or something? Do I need to go get Mario? Let me call him right now. Cool. Perfect. Guys, thank you so much. Appreciate you coming to unpack that for me. I think generally the sentiment here is that this ends up being a bit of a nothing burger and we

move on going in a better direction. I'll take that. Thanks, Josh. $4.3 billion nothing burgers. Hey, man, I wish that I could just write a $4.3 billion check and move on with my life, but here we are. Thanks, guys. All right, man. Now we get to actually look at the market and see how it has reacted. Maybe some people are surprised that the reaction hasn't been larger. I think we saw sort of an up and then a down and then an all around and right back to where we started. I've got as usual, Texas West Capital, Christopher Inks, because it's Wednesday. What's up, man?

We're going to wrap this week up because tomorrow's Thanksgiving. And so no stream tomorrow or Friday. We got to give them something good. What are you looking at here? Yeah, man. I mean, I've got a few things I'm looking here with stocks and with crypto. So, you know, we'll see. We've had some good ones lately. You know, I got PayPal there that I did on my Twitter there or whatever it's called X these days. And that thing rallied off. And, of course, we had, you know, Dollar General here. And we've done some good ones.

But first thing, the dollar here, you here, I've got this as a wave four here, probably targeting up around the 104 and a half area if we get up that high. And then we should continue lower overall, just looking for further breakdown, wave two up here. So coming down below a hundred. And so hopefully it makes people feel better about their risk on assets or risk off assets whatever uh it's a wednesday it's a wednesday um but anyway yeah so i mean dollar you know looking to do what expected to do um bitcoin of course we've still got the same structure we've still got everything going here we're still um you know adheringing to this ascending channel kind of support here. You see, we had all these little overlapping candles that went into these big overlapping candles here.

But I think I think we still go higher. Let me zoom into this other chart here real quick. I think we may have a triangle here locally going on so I mean as long as uh as long as wave a kind of holds his support down here this is that uh around 34 758 or so on this chart uh as long as that swing low holds uh you know we'll look at this a triangle break out higher you know initially we've got a 40 100 target uh that's on this coinbase chart so um you know I I think Bitcoin continues up we just need to see it follow through right here locally and then we get up there and So, you know, I think Bitcoin continues up. We just need to see it follow through right here locally. And then we get up there. And then again, you know, we're still further up overall heading up there. So, you know, you guys are talking there about, you know, the response with Bitcoin on the whole finance thing. And yeah, I mean, just pulling back,

just pulling back to previous resistance and support. Right. I mean, just pulling back, just pulling back to a previous resistance of support, right? I mean, that's all we've done here. It's, I don't know, man, nothing to really get freaked out about this moment. But again, even if we did break down, it's still the same thing we're looking at. We're still looking at around 32,000, top of that previous multi-month range here, target area, right? So nothing's changed for you basically. And no, no, I think, I think a little volatile here, you know, last few days, but, uh, I think, you know, it, it hasn't, it hasn't done anything that says it has to come down. Um, even to test, you know, 32, 31. So, uh, by the way that it's coming down to 32, I keep hearing that.

Do I do? I keep hearing people say like, seems that now like the consensus sentiment is dipped to 32. That seems. Yeah. Yeah. But I think I talked about it before. You know, usually that's what we get. You know, you have your kind of your range there and then you have a breakout and a retest as support. But, you know, especially with Bitcoin and in the early stages of that bull market, you market, a lot of times it'll do this. It'll come up here and instead of coming back, it just kind of reaccumulates here as it rises and it kind of builds this first stage here into this resistance,

comes back up, tests that resistance as support, and then kind of pops off higher again. So it wouldn't be anything different here that we haven't seen multiple times before with Bitcoin especially. So the fact that we haven't seen multiple times before with Bitcoin, especially. So the fact that we haven't necessarily pulled back yet down to that range resistance, I mean, really kind of adds to this idea that we really have a good chance of popping up higher and continuing to rally there. So, yeah, it makes sense. So what else are you looking at here then? I see you got a few more charts pulled up.

Yeah, yeah. Look, we got BNB, man. Yeah. You know, i'm looking here this this is a you know it's a basically a 61 8 65 pull back to the pivot here um so i'm watching this at the moment uh if this can hold right here initial target 305 secondary target of 405 um and i think uh i think there's a good chance it may. I don't, you know, again, trading is based off emotions, basically. So, you know, there isn't, I don't think there's a real solid logical reason why it needs to go down, but I just want to see that it holds right here. And like I said, if it does hold in this area, you know, around this pivot here,

then I think we've got a good chance. I said 305, 405 coming up for that. I mean, I don't understand. Obviously this was the biggest volume candle I'm looking on mine. Let me see that I can find on the daily since maybe May 22, right? And that one's slightly larger, higher, but there's a ton of volume, obviously mostly selling volume. I would think that if you owned BNB and saw the fact that the, that they're moving on, they're going to be fine and that they're going to be watched like a hawk by the United States government to make sure that everything they do is compliant, that you'd be pretty psyched about BNB right now and not trying to sell it off. Yeah, exactly. You know, you're like, man, they're not, how are they going to screw me over? You know? Um, so yeah? So yeah, I think it's right, man.

Again, don't really see a logical reason to be down about it or whatever, but markets are logical. They're emotional. So we'll see if we can hold this area. And like I said, if we can, we've got some pretty decent targets there. I'm going to bring in Pepe just because people give me so much heck about it when I'm on here. It's so much fun.

Oh, my God, you're so good. I've never owned Pepe in my life. But a lot so much heck about it when I'm on here. It's so much fun. Oh, my God, you're showing me the Bravo account. I've never owned Pepe in my life. But a lot of people talk about it. And it was big for a bit there, and some people still holding on. So I think right here, I think we're working on this flat correction. May be complete or may come on down here a little bit more to the 50% around that 9.8 area. But that will give us wave 5 all period around 171,

which, you know, makes a lot of sense. It comes right in this particular area of support and resistance, or I'm sorry, resistance right here. So, yeah, I mean, I think we've got a good chance with that. I'm looking for a breakout of this descending resistance. So really impulsive breakout above the hourly pivot here. That's right there around, what is that? Around 120 or so

on that so um yeah if we can get that i think uh 171 up there isn't uh isn't too difficult at all i think it's uh where we're headed so um so now i can get all that hate mail they're gonna be so mad yeah i mean it's hard to find a chart that looks particularly awful still at the moment. I think we're just getting sort of the cool off. I think we're just getting that cool off. Yeah. So right here, I've got NIO. Remember NIO from back in the day?

Yeah, we used to trade the hell out of that thing in the very first days of Binance. I remember that. Oh, yeah. Oh, yeah. Locally here, we've got about a 50% pullback of this wave one here. So I think wave two may be complete. You're right here at this low volume node, right below this high volume node here. So we're just looking for a breakout higher here.

That gives us a minimum expected wave three up at 42, which gives us the larger degree wave three, minimum expected target up around 59. So I think that's a pretty good setup there as well. We've got a good range here. We had a great drop off in volume as the range kind of went through. We didn't have enough selling pressure to actually print a spring to get below the range low, which tells us the market's pretty bullish there. And so we kind of got this double bottom and then boom, you know,

right on up, pull back top of the range here and uh so looking for that to uh to continue to rally up higher there so um i but i think you're gonna see this on a lot of them i think a lot of them are in that kind of pullback right now whether it's a four or two uh again a lot of profit taking here especially this week um so i think we've got alts kind of setting up yeah yeah i think we're just this is like we had these massive moves up you get this natural consolidation and sort of pull back and then uh you know maybe it takes a little time i mean i'm just as you were talking i'm scanning through i guess what we would view as having been sort of the strongest coins of late you got solana yeah i mean it's down from the highs of last week or whatever but almost has retraced yesterday's entire drop link has i mean with you know pennies has basically

retraced the entire drop avax almost well i guess avax was a bit further objective you know right there so this coins that have been moving strong you got a nice little retrace and they're already like completely back to where they were the day before. So I think that it's showing you that there's still a hell of a lot of interest here. People aren't really shaking out. For sure. Just a knee jerk reaction as we usually get, you know, just any kind of news event, really, right? Government numbers, all that fun stuff. I've got a couple of stocks here real quick. I've got Verizon. Just really quickly to answer this. What is the volume indicator called? The Christopher

is usually on the right side of the screen. It's VPVR. Yeah. Yeah. Your volume by price level. Yeah. Yeah. Go ahead. Let me see here. I've got Verizon right here, man. This had a nice bullish divergence from October to October for a year long there. Rallied right off the S1 pivot. It looks like we've got an ending diagonal. I mean, right through the resistance. I think this makes a pretty good start. I think we at least hit the pivot up here around 43, 43.30 or so.

If we can clear that, yeah, I think we'd probably come up here around $53 on that. So it may very well be enough of the pullback, uh, you know, that could set us up for a breakout higher overall, but, um, right now that's about as far as I'm willing to go with targets, but it was absolutely year long, year long bullish divergence playing out there in the RSI. Um, and then, and then you've got this, uh, breakout here. So, um, we'll probably pull back sooner rather than later first. And on that pullback, we'll look for about a 50% pullback on that. And then we'll look for that rally to continue toward those targets at least.

What's next? PayPal was the one I mentioned that I had. I said, actually, it was right here, this low, right around $50. And I said, it looks like the bottom is right around here. I said, if it breaks down lower, we'd look at 45. But yeah, they just kind of went up right after that. It looks like we bottom is right around here. I said, if it breaks down lower, we'd look at 45, but, uh, yeah, they just kind of went up right after that. Uh, it looks like we got a one and, uh, I want to see this pull back here toward 54, 40, get us around that 50% pullback. And if we can get that, uh, that'll get us a target up here around 67 and a half, which is

right prior to this, um, this big gap we have over here from August 2nd. Ultimately, Wave 5 would be right here around $70 or $0.71, but if we're that high into the gap, we should fill the gap probably closer to around $72, $70 or so on that one right there. Finally, I got Zoom here. Look at that big round trip on zoom that was the covid round trip the darlings of covid the peloton and zoom just destroyed it was crazy there was so much talk about zoom it rallied way up here did six hundred dollars and

then came on down and here we are uh making a new all-time low right here but it looks like we've got a bit of a wedge going on here which is is really good. And you can see that the RSI here has continued to kind of like push up and try to make a higher lows while we've made these lower lows here. I'm looking right here for a rally into the resistance. So probably right around 72 and a half or $73. We can impulsively break out above that. We should be looking up here at around 84 and breaking out through that should get us up here at the pivot at 105 or so um so should be pretty easy targets on that a lot of sideways here it doesn't look terrible but uh three steps getting up there and you know with all these you know charts you know i go through stocks, you know, charts, you know, I go through stocks

and crypto charts all day, every day, hundreds and hundreds of them. And I mean, it's hard to say the market's going to crash any market right now, uh, you know, stocks or crypto. So, um, until the damn thing actually does, I'm going to keep making money going long. Yeah. It's don't, if it ain't broke, don't try to fix it, man. I love the, we cooked through those. That was great. Enough alpha to last through Thanksgiving. You got any big plans? Do what? You got any big plans? Just family. I usually take off Wednesday, Thursday, and Friday for the Thanksgiving week

because I just work 16 hours a day usually, but I'm going to actually work in half a day today. So I get in with you. I got crypto town hall after this. So you there. Oh yeah. I'll see you there. Right. That's right. Yeah. I'm not stopping until five today, but then I'm done for the till. I got a few things I have to do a few places I have to go. So I have to get off a little bit early, unfortunately, but. I hear you, man. All right, man. right well thank you so much everybody follow tx west capital of course on twitter x x twitter i guess we should call it the x twitter that makes more sense uh and uh everybody also have a great thanksgiving thanks chris thanks a lot babe all right guys like i said obviously we'll not be here tomorrow or friday uh which sucks because there's lots to

talk about and i'm actually having a really good time being back, but family obligations come first. I will see all of you guys on Monday. Oh, I see that. I want to look another streamer purposely avoiding talking about ADA. Yes. I wake up in the morning and I think, what am I not going to talk about today? That's how it works, guys. You think about what you're going to purposely avoid. It's good to know that there are people who are so emotionally attached to something that they tune in to see if you might hear a mention of that thing that they happen to love the most in the whole world. I'm not purposely avoiding it. I didn't talk about the other 97,453 coins that exist here either. but if it makes you feel

better ada is right here and it's running into resistance cool guys look actually looks like a diamond top looks like it's about to dump to hell uh probably going to zero i'm just kidding don't cry in your turkey little guy little buddy nobody cares except for your community about your coin no matter who you are. Nobody's purposely avoiding talking about your thing You just really really really care Way too much way too much take that as a lesson. Happy thanksgiving. I will see all of you guys on monday Let's go.