The Wolf Of All Streets - Bitcoin Dives Below $28K | Time To Buy The Dip? | Crypto Week In Review

Episode Date: April 21, 2023

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Bitcoin dropped below $28,000 temporarily. Binance, US, and Voyager getting closer to actually seeing a deal. It's been approved by the courts. There's been an agreement with the government. Coinbase registering in Bermuda, potentially moving their operations offshore. Genzer got roasted in Congress. And Brad Sherman is a fucking idiot. We're going to talk about all this and more

today as we review the week in news. Let's go. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we Let's go. have to take vitamin D because apparently that's a thing. Hope you're all having a wonderful day today. As many of you know, I made the decision to go to consensus next week, but don't worry, we're going to stream right through that from Austin, Texas on a much shittier camera with AirPods. You have a lower quality stream with likely less preparation to look forward to next week should be awesome. All days probably except for Wednesday. Tuesday, before I go, I was going to go on Tuesday, but I decided to stay home and focus on Twitter spaces. As you know, I got Jeff Booth coming.

He's going to try to convince me that my premise on altcoins is wrong and that I should only be focused on Bitcoin. We're going to allow a couple other Bitcoiners to join and pile on to me. It's going to be Jameson Lopp, Corey Clipston, and Dan Held, and I'm sure a whole lot more. And I'm going to take a public flogging on purpose for your benefit. That's what's going to happen. And it's going to be amazing. So anyways, what do we do on Fridays? We talk about what's happening this week. And of course, the big story is the major crypto crash, how it's all over, how we're all dead, how Bitcoin's going to zero,

and how regulators and legislators hate us, think we're stupid, we're ugly, and we don't have friends. Right? That's what we got. But whatever, man. Whatever, man. Do you care? I don't really care. But here's the story, right?

CoinDesk, Bitcoin tumbles below $28K on Coinbase. They're talking about the price on Coinbase, but they're also talking about, obviously, the news on Coinbase, as we've seen regulatory chatter ramp up against the exchange and basically anyone trying to do any sort of business up in the United States. Oh, America. And yeah, man, it's hard to be an American where I know I'm not at all free. Right. There's that song, Proud to be an American, where at i'm not at all free right there's that song proud to be an american where at least i know i'm free those people have not read the restrict act or followed what's going on with crypto because that shit's dumb just like country music i don't do country music i'm sorry uh you talk about my hair every time my hair is terrible today this is literally my morning fro this thing is doing it um yeah yeah guys i am, I am not proud to be American right now because I know that I'm not free.

I'm not free to transact as I want. I'm not free to have my privacy. I'm just I feel like I'm turning a little bit Chinese up in here. And it's sad. It's sad because, you know, America, America. Yeah, man, Bitcoin tumbled below 24, 28K. Let's take a look at the charts though, because whatever, man. Here's the daily chart. It's a daily chart of dailies, which means each of these candles, it's a day, right? Going back to the basics here. Now you may have read my newsletter earlier this

week that said, I smell greed. The price was right up in here, right? Over 30,000 pushing up to 31. And I made the case that I didn't know it. Listen, I'm not trying to crystal ball it, but like we're starting to get that dumb thing where like, if something good in the news happens, that's bullish for Bitcoin. If something bad in the news happens, that's bullish for Bitcoin. If something bad in the news happens, that's bullish for Bitcoin. Full on like alt season claims. And listen, I had that momentary alt season. I shared some charts. They went up and they went back down. It's what happens. Right? But the reality is that there were a lot of signs of crypto fear and greed index was above 60 that people were starting to once again get extremely exuberant.

And that means you usually get some correction because people pile into longs and it's really easy for someone to sell a whole bunch of Bitcoin like they did on Binance and squeeze your longs. But am I worried? Not particularly. What other signals did we have? Very clear bearish divergence with overbought RSI on the daily chart and every chart below it, right? So does that mean now that maybe we get RSI pushing all the way down below 30 into oversold? Yeah, eventually. Doesn't mean it can't go back up first, but we always make the trip on RSI from overbought to oversold and back. Want to see it kind of hold this 50 area and push back up at least one more time.

That would be super nice. But this push down, if it happens, would coincide very well with a number I've been screaming for so long. It's getting obnoxious, 25,212. When we broke that line, that was the first higher high since 69K that ended this bear trend down. You'll want to see that retested as support. That is a good thing. Now what will happen, it'll bounce above it or it'll nuke all the way down here with a big wake before it goes up. But I don't see any reason right now. 28,600 was a major support. Sure, that has temporarily failed. And for now, we have this demand area where we're bouncing a nice potential

daily candle, but too early to tell, but like 31 K to 28 K. Is that really what gets like grinds your gears and makes you think that we're in a bear market right now? Stop being stupid over emotional spaz bots. Right. And you take a look at the four hour, this is all clearly strong support. Same idea. But like, do you guys know what I'm watching on the four hour? I mean, do you know me? Are we even friends? Right? What is it? It is potential bullish divergence with RSI oversold on the four hour chart by God, guys. Talk about it all the time. I talk about it all the time. And you know, this usually means it's a bottom for a while, right here, lower, low on RSI, higher, low, uh, lower, low on price, higher, low on RSI. Now you also want to see price close this candle above 28, three 30 ish,

because we want to avoid hidden bearish divergence. But yeah, what I think I will do is chop around, make bigger bulldoze, and then we'll go back up for a while. Right? Look at ETH. We had a bulldive, hidden bearish divergence already, now making a bigger bullish divergence with oversold RSI. Nothing's guaranteed, guys, but it's a pretty good signal. And now it's right when everyone's calling for death, bear markets, whatever. Dude, nothing's changed here. It's just a healthy retrust for now. If we go back below 25, 212, we'll have a conversation. But for now, come on, man.

Come on, man. What's the reason? Jeff has a great question. If it's hidden, how do you see it? I have amazing eyes, and I'm a superhero person. Shut up, Jeff. Anyways, US government allows the bulk of Voyager Binance.us deal to proceed. Now, I'm not a big fan of reading about these things because it just ends up infuriating me when it goes back. You all know that I had a seven-figure loss on Voyager. It's impactful to my life. And the more I see these deals go through and get canceled and get canceled and go through, and there's hope, and the judge is great, and then the judge hates you, and then the judge

wants to support the government, and the judge makes fun of the government. I don't know, man. It's a lot. But for now, it looks like there is a deal between Voyager and the government that will allow the bulk of this deal to go through. I just don't understand exactly what that means and have not gotten clarity. What is the bulk of the deal? Like some of the money? Anyone? Anyone? Here's what they said. The plan and confirmation order contemplated certain transactions and other steps, including making certain distributions to debtors' account holders. Super vague. The parties agree that these transactions may go forward while this appeal is litigated and resolved. Right? To me, that is a whole lot of nonsensical legalese and confusion,

but whatever, man. I'll take literally any even like taste of good news I can get, but you know, something that I used to, my dad used to say to me all the time. My dad, you know, he's a physician and he was an academic. So he worked at the University of Florida. He ran the ER at the University of Florida for about 25 years. Did some amazing things. I had a podcast with my dad in the past. So like, yeah, he was an academic, you know, he got paid a physician salary as an academic, but did all these incredible things on the side. He launched the first helicopter ambulance program, Shands Care, at the University of Florida. And then he was the head physician for NASA. So for about six or seven years, because he was at the University of Florida and they were launching Cape Canaveral, he was the doctor that went and prepped all of the astronauts

for their flights. He did astronaut training. He was in a helicopter next to every shuttle launch and we got to go as kids and it was fucking awesome. But in this, it's a long story short, he would, he had became a device developer. He created a cricothyroidomy set. We've had people here talk about it before, literally like the industry standard for emergency medicine for starting emergency airways, the badass, right? But something he used to tell me in business, because, you know, he was a physician and he went into business. As you say, I'll believe that shit when the check hits my account, right? An entire lifetime of promises and this will happen and this deal goes through and contracts signed and news about Voyager Binance. I literally don't want to hear it until the money hits my

account. That's something my dad taught me a very, very long time ago. And he's a smart guy. Very, very smart guy. So that's what it is. And the reason that they're giving for our recent dip in the bitcoins and cryptocurrency markets is Coinbase. Because Brian Armstrong, CEO of Coinbase, came out this week. Listen, over the last few weeks, the rhetoric has increased. They received a Wells notice. They've been accused of unregistered securities, blah, blah, blah, blah, blah. Right. But the rhetoric from Coinbase is now uptick where you're like, dude, if you don't like us, we're out. Right. We'll go somewhere else. Everything is anything is on the table, I believe, is what I said.

Anything is on the table is what I said. Well, I'm sure this has been happening for a long time, as our guest said yesterday, but we just saw right after that good timing that they have registered in Bermuda and intend to not only launch an exchange there offshore, but to add like derivatives and leverage and compete with the Binance of the world. I don't think they'll be particularly successful at that. But this shows that Coinbase is really serious about diversifying their assets. Right. Just like you should diversify your assets. They're diversifying their assets, right? Just like you should diversify your assets, they're diversifying their risk by going offshore. And that spooked the market. Here he said, Coinbase can move away from US if no regulatory clarity. That's what he said. Anything is on the table. Shit. What are we going to do if Coinbase leaves? They're not going to.

I think this is, as one of the guests said yesterday, I was at Matt Hogan, said this great political theater, they're making it clear to the SEC that they will take their ball and go home or someone else's home, I guess. This is their home. Yeah, they're not messing around anymore. They're willing to do whatever it takes to keep their business going. But the fight that we want is Coinbase versus the SEC because they will crush them. If you guys, somebody say, is my echo bad? That echo, bro, is my echo bad? Because we had changed some settings a while ago. I'm in a big room, but is my echo bad? I don't feel like my echo is that bad, but I can't hear myself. Anyone Bueller, Bueller, Bueller, the rest of you think

my echo is bad. Really curious. Give me a sound check. Microphone check. One, two, one, two. Okay. Anyway, Oh, look, there's Wendy. Um, so yeah, do you guys? Yeah. Yeah. Yeah. People see, we always get the Tristo. You ruined the stream. Thanks. Good job. I think I sound great. You put my mic right all in my face though. Now, right. What, what were we talking about? And anyone want to remind me, we were talking about Coinbase going offshore. Where are we going to, where are we going to do crypto things in the United States if Coinbase leaves, but what they're going to do is they're going to wreck the sec. Oh, this is what I wanted to talk about. Let me see if you guys didn't see this um my newsletter today which i'll pull it up here i talked about this which is

something i was not aware of until i really dug into this but um coinbase coinbase the story of their listing really like i dug into it uh after this news. It's pretty crazy. Here is the timeline. Let me blow this up. Can you guys see that? A fourth, Chairman Clayton. They filed for their IPO with the SEC in 2020. Biden then said he was going to

nominate Gensler. Then January 28th, 21, the SEC approved the S-1 registration statement, clearing the way for the company to go public. The SEC allowed them to go public. People, you got to remember that. Then March 10th, two months later, the Senate Banking Committee approved Gensler's nomination. March 23rd, two weeks later, Coinbase announced that they'd go public through a direct listing on NASDAQ. A month later, April 14th, the Senate confirmed Gensler's nomination as SEC chairman. The same day Coinbase went public on NASDAQ. Is this coincidence?

Or did Coinbase, now we all thought Gensler was great, or was Coinbase trying to rush it and pound it through while they had a favorable SEC knowing that things could change very quickly? I would say that they pushed it through very quickly. And now Gensler has a bone to pick with them. Right. But I never realized until literally I was writing this research newsletter. My, my assistant was helping out and he pointed this out. It was like, dude, these are the same day, man. It's like, wow. That's that's a, yeah. Some shit that I probably shouldn't even talk about. I don't know why we're talking about, but it's like the news of the week. New Pepe the Frog crypto token becomes sixth largest meme coin by market cap.

Because like sixth largest meme coin, everyone's competing for that sixth spot. It's like fucking F1. Midfield. Yeah. In the midfield here. They're like kind of of mclaren right anyways so this thing was launched uh pepe was a great meme uh someone launched a coin and somehow it made it to 130 million dollar market cap. Oh, $165 million. Because people memed it into existence.

It went up. There were people who literally bought $200 of this, apparently, and made a million bucks or had a million dollars worth. They didn't cash out, but made. But now it's down like 60% in a day because this is literally like, we're doing it again. I hate it. I hate it. I hate it.

I wish I'd bought it because I like money and I'll trade anything. Oh, my God. Now, and now, like someone said here, you know, we're going from dog coins to frog coins. This means we're going to get PP, MPP, McPepe, Pepissimo, Pepitito, right? And Slepe and Grepe and Slepe. And God, man, as Revy said over here, Peperium soon. Yeah, I'm not thrilled, right?

But I don't care to talk about this coin. I don't know anything about it. I don't want to know anything about it. What I do know is that when shit like this happens, that's when we're at a local top. That's when Bitcoin tops at 31 and drops. Every time, like Elon Musk, Doge, Saturday Night Live, top of everything. All right. Oh, Pepe Roney. You guys got good names over here. Frogalon, Pepe GPT, Pepe Le Pew. You guys are good at this. Boss Pepe, Shiba Pepe. Yeah, you got to put Nino in there for sure. I like Pepe Le Pew. It's good. And Pepe GPT is pretty tight. Oh, you are a Pepe

Cloud Casino. I forget that. Pepe Nino. How do I explain this to my mom? You just don't, man. I can't explain it to even my kids. So it's whatever. Yeah, man. Pepe, Pepe on blast. This is interesting. Russia plans to mine crypto for cross-border deals, says central bank. This isn't just like some person. This is the central bank of Russia. And by the way, they're not saying, hey, we're going to like buy some Bitcoin or allow transactions. They are saying they are going to mine. Whoa. Right. I think this is pretty wild, man. I think this is pretty, pretty wild news, but we all kind of knew it was happening. Right. The Bank of Russia is working on a bill that will introduce an experimental legal regime for cryptocurrencies to be used exclusively in export import deals. The head of the regulatory agency, Elvira Nailina, said on Monday, she will break you. According to Russian

news agency TASS, right? So it's still going to be totally illegal to transact for citizens, but the Russian central bank is going to literally be mining Bitcoin for cross-border payments because we all know that they're trying to de-dollarize. So I talked to Fred Thiel two days ago, who is the CEO of Marathon, which is obviously the huge publicly traded Bitcoin miner under Mara. And we talked about this. He kind of in passing said that hash rate was rising a lot in Russia. And like 20 minutes later in the conversation, I was like, wait, let's talk about that. And we all know that I was like, is this private company mining? Is this the government? Is this the energy companies doing it themselves? He's like, they're all the same, man. That, that conversation will be out on Sunday. It's really

good. Really good. I've had some banger podcast conversation, Brett Harrison and Sidney Powell yesterday. I mean, bangers that are coming out. But yeah, I mean, this is it. He was like, yeah, I mean, the Russian government is literally going to mine Bitcoin to hold the central bank and use for cross-border payments for import exports. Does that mean we're going to see like Bitcoin go to $4 million? No, but I'm just saying like saying like this is this is like an actual government they might flip-flop in a day but this is some some serious stuff talking about actual governments first eu-wide crypto regulations clear final parliament voted happened micah micah micah m-i-c-a-e-y m-o-u-sah E. Mouse. Yeah, this was past. Listen, there's been much ado about whether it was good, bad, otherwise.

Some of the language in it has been really aggressive. Some of the language in it is still really aggressive. Lagarde already saying, hey, we need Micah too because this doesn't address DeFi and stuff. stuff but we are getting some very clear clear clear regulation especially on stable coins not all of it's great definitely going to affect some privacy and kyc and cross-border things and how much you can actually transact but at this point the industry is actually applauding this because they're like at least we can go to europe and know exactly what we can do. Someone in this article was like, the United States and UK will follow suit very soon. I was like, no, the United States is not going to follow anyone. They're just going to keep being assholes. Yeah. So the stable coin side of it goes into law July, 2024.

The rest of it will go into law in 2025. Here's a quick, just a little summary. Once implemented, MICA will require any company offering crypto-related services in the EU to gain registration in one of the block's member states, which then allows them to operate across the entire block. The European Banking Authority and the European Securities and Markets Authority will be in charge of making sure crypto platforms comply with the rules including having adequate risk management and governance processes to avoid another ftx style collapse doesn't really seem that bad when you listen to it but there's some parts that are pretty bad but honestly man i would take this i would take this in the united states right now absolutely no problem because it's better than whatever the hell that we have

going on here. A lot better. A lot better. SEC Chair Gensler slammed by House GOP on regulatory agenda. There's some dude from the University of Florida on my screen. They must know that I'm a University of Florida fan. Look at this guy. What are we doing here? Crypto stream, not a University of Florida baseball. The University of Florida baseball coach, my neighbor, actually. All the coaches. I live in Coachville. But, yeah, he got roasted. We're not going to watch his videos again because, my God,

you guys were here on Wednesday, right? We watched all the videos. It was amazing. You guys watch those? You see them? But, yeah, I mean, you know, McHenry. We even had, there were some democrats that went in on him too but the story obviously is that the house gop wants him gone had some mean things to say said

he's been unreasonable he should be fired he's a clown and we all know that look at you jeff we Florida, F-L-O-R-I-D-A. Where the boys are the squarest, the girls are the fairest. If any, you'll stay down our way. You know about that. That's Florida's alma mater type. It's, I guess, not technically the alma mater. Anyways. Who, through all kinds of weather we'll all

stick together anyways that's we they sing it after the uh between the third and fourth quarter of every game and then they added tom petty won't back down because he's from gainesville he died yeah of course i know that song i go to all the gator games but let's okay i'm gonna make you guys watch something uh that's gonna make you want to tear your eyes out, hate yourself, maybe borderline never watch my stream again. We're going to watch because we already watched Gensler.

I'm sorry in advance. We're going to do it. We're going to watch Brad Sherman's Five Minutes. This is the Mongoose Coin, Cobra Coin guy. Here we go. Are you guys readyoseCoin, CobraCoin guy. Here we are. You guys ready? Capital markets.

Subcommittee, Mr. Sherman of California for five minutes. Get ready. There's a lot of money in crypto and crypto adjacent space. The crypto world makes money by literally making money. They had it up to $3 trillion. It's dropped down to 1.2 trillion but 1.2 trillion out of thin air pays for a lot of lobbyists and a lot of propaganda in my city the lakers played crypto arena they do not play at know your customer they do not play at enforce our tax laws arena they do not because they play at prevent drug dealers from being able to get their financial transactions handled arena.

They don't play at do that with cash arena. We have a very good payment system. We have an excellent currency. The entire world tends to like the dollar. It's a good store of value, a good measure of value, a good means of transaction. Our payment system, you got Apple Pay, comes right out of your checking account. Apple Pay, amazing. It's not as good as what the crypto world promises they'll deliver in some future decade,

but it's way better than what the crypto world delivers now. And I am sure that payment systems using the dollar will get better. So what is the problem? The problem is it's damn hard to cheat on your taxes and it's damn hard to run a drug sales operation with the U.S. dollar. Because we've got know your customer and we've got anti-money laundering and we need a payment system that meets the needs of the millions of americans or at least the hundreds of thousands of americans who want to engage in major illegal activity uh millions millions of them my god other countries are moving forward with this and we got to catch up with them

peru's ahead of us in cocaine manufacturing and cocaine cultivation china's ahead of us in oregon harvesting and it's time for america to catch up uh i'll ask uh i can barely read the uh there's this hood if I can see that far. If we allow every state to have its own rules and say a state like Wyoming, which doesn't have that many people and cows don't always sell for as much as you'd like, if they could make a billion dollars by just having a regulatory system that was perfect for tax evaders, what would stop them? Thank you. Currently, nothing would stop them. Nothing can stop them.

Because there is no overarching equivalent federal regulatory framework, and we would continue to see a race to the bottom, which is not very interesting. Yes, what the payment system needs is... He's not working, we're gonna cut him anyways. You guys missed the day before, that was the other one. The day before, he like shat on Wyoming. He said that like there's nobody in Wyoming, and the only people there, their problem is to cows,

is that they can't sell their cows for enough. But I wanted to show you guys something else, because this is exactly what I thought of after that speech. You guys ready? Mr. Madison, what you just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response were you even close to anything that could be considered a rational thought.

Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul. Right? My God. That's it. Perfect. Perfect. Perfect.

That's all I got for you guys today, man. I could share a bunch of charts, but they're stupid right now. Guys, you got any questions, any thoughts? Anything you'd like to say while I've got a few more minutes here? Because, man. Bib high, man.

Veronica Von, so hot. Want to touch tiny. Oh, man. Adam Sandler was amazing back then. You do not like old people. No, I don't like assholes.

The ones that are in control of our country happen to be old. I showed you the bull div. Did you even watch? Oh, guys, you know what? Honestly, I'm going to tell you this. I think that Rand Nooner is going live right now with Raul Paul, Dan Tapiero, and Meltem Demir. So I'm going to be honest. I'm just going

to go watch that. I'm going to go watch that. But Space is Tuesday's Jeff Booth and a whole bunch of Bitcoiners. Guys, it's been a great week, but it's time to go. I'm going to go watch that. You guys should go watch that on Crypto Banter. I think it'll be good. Peace.