The Wolf Of All Streets - Crypto Surges, Porsche NFTs, Virtual Fostering & More | Crypto Week In Review

Starting point is 00:00:00 Crypto prices continue to surge. Porsche released some NFTs, then decided not to release some NFTs, which means that the price of the NFTs that they did release goes up. You can go and adopt a dog in the metaverse, and Sam Bankman-Fried has a say for it. As you guys can see, I'm in my brand new living room here. No, this isn't my living room, guys. I'm in a nightclub at 9.30 a.m.

Starting point is 00:00:23 You guys don't want to miss the rest of this stream. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Let's go. of a vault but here i am i found a place with a decent internet in this hotel and it happens to be the same place that i was uh frankly drinking 12 hours ago right here they got a kind of a cheetah theme here if you guys can't see the furniture cheetah there's a actually a cheetah right there if you look over there there's cheetos by the couches too. It's very cheaty. Very swanky, sheesh-y situation going on

Starting point is 00:01:28 here. As you know, guys, this stream is sponsored by PrimeXBT. If you missed Dirk on Wednesday, then I've got nothing to say. The guy was live trading on PrimeXBT while discussing markets. Guy is just a legend. We're going

Starting point is 00:01:44 to keep having him back on. I hope you guys can hear me that all is good. We're working with the AirPods today. Well, John says rip to the cheetah. I don't think it's a real cheetah. There is a cheetah literally right next to me right here. I'm going to get in trouble for this, but look. It just sits on the bar.

Starting point is 00:02:04 That cheetah lives on the bar pretty cool pretty cool so listen i might get kicked out at any moment anything's possible so you know what we do on fridays uh we talk about the news the week in review it's usually me unhinged but today it's me having bad allergies i uh you know i got contact lenses like a month ago you know you're supposed to like wash your hands before you put in your contact so i put my contact lens in upside down so my eyes hurting so i had to flip it i did that i washed my hands and i apparently got soap on it and so i basically uh just directly uh put some soap into my eyeball like 10 minutes ago. Pretty poppin'. Pretty exciting.

Starting point is 00:02:47 So here we go. Here we go with the news. The first story of the day. First story of the day. Don't mind all those people in the background. The first story of the day obviously has to be right here. Well, here's the actual story. Sam Bateman Freed's dog can attack on command using secret word this is last line

Starting point is 00:03:06 of defense his family got him a german shepherd 75 pound named sandor and it's apparently a genial very kind nice polite dog unless you say the secret word so i asked twitter of course what do you think the secret word is wrong answers answers only. They actually gave me the right answers. I haven't even looked at these. Zao, of course. Polycule. CZ. Cucumber. That's a good one.

Starting point is 00:03:31 Decentralization. Sorry. I would have gone with oopsie. Investors. What? Tear line. Peanut butter. Stop loss.

Starting point is 00:03:38 Safe space. Balance sheet. What do you guys got? There you go. Secret word. Balance. That's a good one one there's a lot of people walking in and out here this is hilarious so there's a apparently we don't talk about bruno

Starting point is 00:03:50 right there what was that i can't find that one that was cool yeah we don't talk about i say we don't talk about luna zucchini good dog make a bite bird is the word bird bird bird bird is the word i'm trying to it's interesting with only one screen trying to figure it out bottom line is uh clearly this guy is scared i don't know if you saw recently that a bunch of people showed up uh at his house uh three guys i think it was uh in a car and security sent them away and they said you can't stop us eventually we're going to get in there so people literally coming after this guy you You may remember there were videos of Madoff at one point where every time he'd go on the street, even with security, people would slap him around and punch him and hit him because, you know, they lost their money. But now digging into some other news here.

Starting point is 00:04:38 Bernstein bouncing cryptocurrencies is mean reversion rally, basically saying the gains are unlikely to foreshadow a sustained advance report from the brokerage firm obviously bernstein a huge brokerage firm their point here being that we have such a massive drawdown in 2022 in the crypto industry that what we're seeing now is simply a reversion to the mean and by the way that can be a very good trade and they went on to say that that means there's still a lot of room potentially to run to the upside, right? Because that mean reversion could be massive because it went down so far. So say maybe we don't get a new bull market or a bull run running here, but it's very possible that we could see more upside. And they say that they think that's a sustained rally right now is more of the good

Starting point is 00:05:26 old fashioned crypto washing machine. Capital internal to crypto, sideline stable coins being deployed. We have not yet seen any new capital allocations to sustain this rally. Okay, I think that's fair. Moving on, why is crypto bouncing back? Well, this is more sort of on the same topic. But and they noted that that base is still much higher than where we started last time obviously the bull run of march 2020 where that started was down below four thousand dollars and if we go back to september of 2020 this price was around sixteen thousand dollars so the point being here is that maybe on an emotional level just getting rid of the as i said machines doko on threequan, Three O's Capital, and Sam Bateman feels like the chance

Starting point is 00:06:28 for a new beginning. I don't know. I don't know if I buy that. What do you guys think? Do you think that that's actually what is happening here? Strange voice reboots. Does my voice sound weird? Does my voice sound weird to you guys? I think it's probably

Starting point is 00:06:44 fine. I'm going to guess that my strange voice, probably your computer or something. Because I'm not seeing anyone else talking about my voice being weird. Now, let's take a look actually at the Bitcoin chart now. Not too much of interest, to be quite honest. As you can see, this is the weekly chart. For me, if we zoom out here on the weekly chart. By the way, I'm working with one screen here, as I said, so I can't see what you're saying when I'm actually looking at things like this.

Starting point is 00:07:09 We just have a series of lower highs and lower lows, right? Does that have a question mark? Because a lower low is not confirmed until you have a confirmed lower high. Right now, that would be it. If we dropped down, that would confirm with a lower low. But interestingly, if we get above 25,212, that would be a break in this market structure. It would be a higher high end of the bear market. But what do we have there? We have this key resistance right here, and we have a 50 MA and the 200 MA both on the weekly looming ahead as key resistance. That would be a very, very, very difficult nut to crack, I would say.

Starting point is 00:07:49 So I think that this move could extend up to that 25,000-ish area, and then we're going to see what it's really made of. But as you know, guys, I showed you a million times, we have bullish divergence with RSI on the weekly chart. I've showed you the chart 100 times. There's only three times that weekly RSI has ever been oversold, and this was the first time that we had such clear bullish divergence on the weekly. Now, zooming into the four is a four hour chart, obviously we don't usually go in this zoomed in, but we're just ranging, right? We had that WIC just the other day that

Starting point is 00:08:14 was kind of savage. Price came all the way back down, but right now we've been here now for a week. Seemingly we get all the exciting price action now on weekends when Wall Street is shut off and it's just native crypto traders that are looking at the asset class and actually trading it so maybe we see another boom on uh friday right this was a friday right here man that was last friday which is exactly what happened friday the 20th so maybe we get a break in either direction out of this range when the trading day closes today i'm coming back over here uh you sound like you have the flu yeah well what are you gonna do it's got your voices whispering

Starting point is 00:08:52 yeah i'm doing my best guys i don't know feels like i'm talking normally sounds like you have a heavy cold yeah i've got major allergies popping off here guys guys. Sorry. I don't know what to tell you. I am not a robot. Yeah. Security, there's a strange man talking to himself by the grand piano. That's me. Yeah. Having a bit of an allergy attack. Anyways, Porsche hits brakes on NFT Mint after backlash.

Starting point is 00:09:21 Fans of the German car manufacturer hit back against the Mint's high price and supply hours after it opened on Monday. So Porsche trying to get into the NFT game and the luxury people who like Porsches were not having it. The Mint price was 0.911 Ether, about $1,490. They were supposed to mint $7,500. They started minting. The community went wild wild said this is bs it's too expensive we're not having it and so they only ended up minting 1818 of these they quit quit in the middle of a mint a very crypto-y thing to do so what does that mean oh porsche nft floor plus raises up following bumping mint so of course since now they're scarce and they only minted 1800 when they were supposed to be 7500. If you did get one, they naturally did what?

Starting point is 00:10:10 They doubled in price. Doubled in price. What? What? Different audio input than normal. It sounds like to me I'm talking AirPods instead of into an actual microphone like a normal person. Yeah, so now we've seen a doubling in price when they halted it. Absolutely hilarious and exactly what you would expect from something in the crypto space.

Starting point is 00:10:38 Now, this one's interesting, right? We've been talking about this. Layer 1 blockchain Aptos token reaches all-time high. Aptos has been surging since the start of the year, but some traders expect the rally to be short lived. Now, interestingly, when you read this article, they're saying when some traders expect the rally to be short lived, that's because funding on leverage positions on aptos are massively negative. I don't know. When people are paying and rates are negative, usually that means there's going to be a short week.

Starting point is 00:11:09 And I think that's what we've been seeing over and over again. But interestingly, this article was written two days ago because we're reviewing the week. Price was at $16.46. Now it's at $17.74 and had already hit a high, about $19. Hard to see there. $20. $20.32 to see there. 20 bucks, $20 and 32 cents. Holy crap.

Starting point is 00:11:29 And what's interesting is it's done it actually without any significant bearish divergence. Maybe there's a little bit here at the end. Now, maybe it looks like it's finally starting to top, but managed that almost that whole push with RSI going overbought and not hitting that bearish divergence. And interestingly, RSI went to 90, which is where basically in the area of where Bitcoin's RSI has been sitting on the daily now

Starting point is 00:11:52 for quite a while, which I told you seems really, really overbought and ripe for a retrace, which is still my bias on any of these. But this is a cautionary tale. You look at Aptos, people have been shorting this all the way up thinking, no, it could possibly happen now as we've discussed already on some streams i had mo shake from aptos on the stream just two weeks ago literally two weeks ago i think maybe now it was like 15 or 16 days price was under four dollars and we were lamenting the fact that price was so low that they had launched in October during their market and their second round, their B, had been led by SPF and by FTX and oh, woe is me and holy shit. Now, price is up literally over four times, hit five times what price was two weeks ago. That should

Starting point is 00:12:39 be a major lesson onto what is still possible in the crypto space. I mean, absolutely insanity, insanity. So even while Bitcoin's been kind of sideways and people are thinking that this might be topy, well, that's what you get there. Pop, pop, pop, pop, pop patrol. Pop, pop, pop, pop patrol. Doesn't this look like pop patrol? Looks like pop Patrol to me. The metaverse is just Paw Patrol, guys. Right? Mm-hmm. Who's your favorite Paw Patrol?

Starting point is 00:13:09 I always was kind of partial to Rubble, to be honest. Kids seem to like Marshall. Kind of like Rubble. Kind of like Rubble, man. He's a chat. He's a chat. But anyways, yeah, the story being here, Pedigree unleashes virtual fostering in Decentraland

Starting point is 00:13:21 to find real dogs' homes. Pedigree's foster verse aims to raise funds for animal filters and encourage people to give the pets a home in real life so basically this is like tamagotchi for 2023 you can go and victoria says i sound like an astronaut i get it guys sounds not great i'm sorry uh so you can go in the metaverse. You can adopt a dog. You can play with your metaverse dog. And they're hoping at Pedigree, who sells dog food, that you will then want to adopt a real dog in the actual world. And I don't really get it.

Starting point is 00:13:59 But it's awesome. Right? I mean, what do you think? This is in Decentraland, of course. Mana. But it's awesome. Right? I mean, what do you think? This is in Decentraland, of course, MANA. Here's it. Those who don't own land in Decentraland can still interact with the virtual pets, including chatting with other users to learn more about the real-world dogs, donating to the Pedigree Foundation to help other pets in need or adopting their real-world counterparts.

Starting point is 00:14:20 But I did find it interesting here that only 50% of dogs that go into shelters basically ever get adopted. And I think we know what that means for the other 50% of dogs. It's not great. It's not great because it means they're dead. Those dogs aren't going to make it. So let's hope that a lot of people adopt virtual dogs and it forces them to adopt Chase, Marshall, Rebel, Sky, Zuma, Rocky. And there's like that dude, Tracker. And then there's those weird twins.

Starting point is 00:14:53 Yes, I have kids and I know about the pop troll. Shut up. Pantera jumped crypto back 150 million injected ecosystem fund. The initiative will support financial apps developed to work across blockchains based on the cosmos system now this is interesting because injective is a smaller project but helps build financial tools in defy and basically what this is saying is that uh with the failure of all these centralized platforms and all these centralized systems and crypto it's time to double down some of the biggest companies doing so. Time to double down, obviously, into DeFi because DeFi, unlike centralized, DeFi is not actually broken at the moment, which is a good thing. So you've got Pantera Capital,

Starting point is 00:15:36 KuCoin Ventures, Jump Crypto, Delphi Labs, all putting $150 million into this fund to build DeFi financial products in the Cosmos EthTH ecosystem and built on Injective. I've talked about Injective quite a bit in the past. I actually bought the coin right when it launched and I'm still sitting on that position. It's one of the projects that I'm actually rather bullish on long term. But this even made it to TechCrunch and I believe Bloomberg. This was big news but once again the story really here is that there's still a hell of a lot of money being poured into development on these protocols and the ones where there is still money is a good thing

Starting point is 00:16:16 tito would like you know scott your voice is very weird today nice backing track do you guys hear the piano there sound as good as the acoustics of it good. I'm in a huge room and I've got allergies and whatever, bro. Let's take a look at the chart of injective right here. Which I haven't looked at in a long time. This bounced right off support. I think this should head up to $3.75. You actually have a double bottom if it can break over $3, which would send price much higher. Let's take a look at the target. Let's call this the double bottom if it can break over three dollars uh which would send price much higher let's take a look at the target let's call this the double bottom right here call this the neck line let's pull this one second this would be your line for a uh double bottom right here let's make it red i'm trying to do this on tiny laptop you know so yeah if this can break above three dollars and 44 cents you're

Starting point is 00:17:05 talking about an eight dollar and 20 cent target as mati greenspan said on tuesday look at that bottom that's an apple bottom pattern right there it's everyone's favorite pattern the apple bottom love it love it and increasing volume actually increasing massively this will probably end up being the biggest weekly volume candle in years, two years, even with this massive bull run over here on the side. So I would say that this is looking pretty juicy right now. If it can get above, maybe I think it probably the target really is that $3 at the moment because this is based on the news that's happening right now. I've been up since like 5 o'clock this morning.

Starting point is 00:17:46 I was writing the newsletter and stuff and it just occurred to me that I drank coffee and have not even drank a single drop of water yet. It's a Bonita Apple Bomb pattern. Ian's actually Apple Bomb. Yes, it's an Apple Bottom jeans pattern

Starting point is 00:18:02 made famous, I think, by Flo Rida. Yeah. Your voice is very weird today. I know, guys. Whatever. Deal with it. El Salvador pays back $800 million maturing bond. President Nayib Bukele says the country was the first in the world to use Bitcoin as legal tender. Why are those two things related? Because people said that their Bitcoin bet meant that they were never going to be able to pay back their debt because they were going to lose all their money on Bitcoin. And no, no, no, no, no. Hey, Bukele proved them wrong. They paid it back with interest. And now everybody can shut up. All the haters, all the people who said that it was a

Starting point is 00:18:42 bad bet, whatever, they were able to pay back their debt. No problems here and can continue on with all of their bullish Bitcoin activities. It's pretty crazy now to think back, but I think it was May or June, must have been June, the Miami Bitcoin Conference, when this was announced that they were adopting Bitcoin as legal tender. Almost two years ago, we don't hear much about what's happening in El Salvador anymore. But really, really interesting to see that they were able to pay back this bond. It's good news because it eliminates a bit of the FUD that was obviously circling. Thames Buterin proposes stealth address to enhance privacy protections. This is some of the really nerdy news that you get where you have to dig in and talk about, you know,

Starting point is 00:19:24 all kinds of words that no human person in the world understands on the tech. But the bottom line here is it's basically like adding privacy to Ethereum transactions so that people can transact without anyone knowing about it. Even though you would see that the transaction exists, you wouldn't know who it is. This is basically like tornado cash being built into, and it's pretty freaking awesome, right? A lot of people are very bullish on this news, saying that it would be huge for Ethereum and for privacy. Delta addresses would provide a mechanism to also add privacy protections to non-fungible tokens and Ethereum name services,

Starting point is 00:20:01 as opposed to just ERC-20 addresses, which you can do with something like TornadoCraft. Here's an example. For example, when I buy a coffee at the supermarket, I might not want the supermarket to know my employer, how much I earn, and what I spend it on. Yeah, that seems reasonable. Stealth addresses are yet another quite straightforward tool to increase the overall privacy in the network. We're cooking through this news today, obviously, guys, because I sound apparently like I'm sleeping underwater in a nightclub. FTX creditors include Apple, Netflix, and Coinbase court documents reveal who did not, who in this world did not lose money on FTX or give money in some way, shape, or form to Sam Beckman Freed?

Starting point is 00:20:46 I don't know. I literally don't know. I don't understand. FTX trackers, Apple, Netflix, Coinbase, Scorch. Scrolling down, who else do we got here? A lot of crypto companies, I think, was obvious. We had Coinbase, Binance Capital Management, Chainalysis, Yugo Labs, Doodles, and Silvergate Bank. Okay.

Starting point is 00:21:10 Then we have banks. Citigroup, Wells Fargo. Now, of course, BlackRock, Sequoia Capital. But then it gets really interesting, right? Could pertain to money owed by FTX for goods and services. Pharmacy, CVS, Netflix, Comcast. I think I even saw Southwest Airlines, DoorDash. How did all of these people manage to have exposure

Starting point is 00:21:37 and become creditors to FTX? I have no idea. Multiple departments of revenue from numerous states across the US are included in the credit matrix as well, from Alabama to Wyoming. Are there others? Because it seems just random. Credit matrix also outlines the Bahama Ministry of Finance as a creditor in the bankruptcy case. We all knew that there was crypto contagion from FTX and from SBF, but I definitely didn't

Starting point is 00:22:06 think there could be a risk that I won't be able to get my meds at CVS pharmacy because they were credited at FTX. That's not really a thing. You're going to be able to get your meds. It's fine, guys. Don't worry. You'll be able to get your Ritalin because we know you all need it. But holy crap, I'm sure that a lot of it is like secondary creditors. Someone was invested in something that was invested in something that was invested in FTX, but holy crap. I'm sure that a lot of it is like secondary creditors. Someone was invested in something that was invested in something that was invested in FTX, but holy crap, man. Holy crap. This is absolutely a bananas story and crazy time.

Starting point is 00:22:34 Now, listen, that is all the news that I have for today. I did just want to show you guys the Matic charts. I'll keep mentioning it. And wow, it keeps going. Didn't expect that. I've been telling you guys, listen, there's only a few things I've posted in the newsletter. One of them was Aptos. It went up. One of them was GMT. That went up. The other, Matic. And Matic, I think the premise of the original trade was that it

Starting point is 00:22:55 was flipping the 50MA here. This is the weekly chart, by the way. So this is looking really bullish. 50MA, that's a flip of the trend here on the weekly chart, which lines up with this resistance here. So the original trade was around 93 cents. You're up well over 10 percent, 15 percent there from that. But now you have this descending resistance, one, two, three touches and a break now through descending resistance. We need to see this close above it, obviously, on Sunday. It looks like it's going for $1.30, and eventually a trade like this should be targeting the highs around $2.92. I know that sounds crazy,

Starting point is 00:23:31 but listen, if we're entering any sort of bull run, Matic has been an over-performer on the downside. It's done better when everything else has gone down, gone down less, and it's also always over-performed on the upside. So I think it was sort of a beta asset to the crypto market and listen these guys have done deals with literally everyone from like instagram to you name it right this is the darling of institutional adoption but either

Starting point is 00:23:56 way the trade here that i was looking at was this break at around a dollar or five if you zoom in on the daily i mean give me a break right i mean you could draw this line an inch higher but a break on increasing volume and now a perfect retest and move up matic looking exceptionally good that's the only trade that i've kind of had in mind today uh let's see scott milk our thoughts on sentiment looking forward to FOMC next week. I mean, listen, I think that it's going to be the difference between whether we get a 0.5 or a 0.25 rate hike. If it's 0.5, market's bad. If it's 0.25, market's good. That's basically all I got. Yeah, trend lines breaking out everywhere in the market. That is true. Listen, descending

Starting point is 00:24:42 trend lines can be very misleading. You get a lot of fake outs, but we're also seeing horizontal trend lines broken. We're seeing a lot of 200 MAs flipped, which is trends. I mean, things are looking really good. It's almost scary how good things look, because that's usually when we get a massive FOMO, and then everybody shorts us down to

Starting point is 00:24:59 death. Guys, that is all I got for you today. I know it was a bit short, but I tried to make it happen here in my new cheat delivery. Once again, guys, check out PrimeXBT and check out that stream on Wednesday. It was pretty awesome. Pretty awesome with Dirk. We're going to be having him back, as I said. Guys, that is all I have for you today.

Starting point is 00:25:19 I hope that you have a wonderful, amazing, and terrific weekend. I will see you soon.

The Wolf Of All Streets - Crypto Surges, Porsche NFTs, Virtual Fostering & More | Crypto Week In Review

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