The Wolf Of All Streets - Regulators Attack Crypto, AI Tokens Skyrocket, Oldest Cryptoexchange Shuts Down | Week In Review

Starting point is 00:00:00 January was a historically good month for Bitcoin in the crypto market as far as price. But will it last? It seems the United States government is ready to go to war with the crypto industry. They're not hiding it anymore. They're openly attacking Kraken, Coinbase, seemingly every other exchange and platform. Are you guys ready for the fight? Let's talk about it. Let's go.

Starting point is 00:00:42 What's up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel and bang your head in frustration on the like button. Even yesterday when we were trying to figure out what this stream would likely be about, it was about the massive pump in AI coins and the unfortunate collapse of local Bitcoins, which we'll talk about a bit later. Very sad. But clearly all there really is to talk about, which I've talk about a bit later. Very sad. But clearly, all there really is to talk about, which I've kind of been saying for a while here, is regulation and specifically regulation in the United States. We talked it to death

Starting point is 00:01:12 yesterday on the roundtable, but things continue to evolve in real time and seemingly very, very quickly. They're not even hiding it anymore. They're coming for crypto. They're probably going to use Celsius Block 5 Voyager FTX as an excuse for the reason they're doing it. But this was clearly a long plan battle. And Gary Gensler is not holding back any punches. Yeah, on Friday, it's supposed to be jovial. And we joke about the news. And it's all fun and games. But the fact is, this is a really, really serious issue and one that we may not be equipped to fight against. Because even our most passionate zealots, Jesse Powell, right? I mean, he's not the CEO of Kraken anymore,

Starting point is 00:01:58 but Kraken quickly bowing to the SEC. Brian Armstrong from Coinbase hopefully will fight back. But it's getting really, really ugly, even within the SEC. We're going to talk about all that news. Of course, guys, I hope some of you claimed that $500 that we gave away on Wednesday at PrimeXBT, but you can still check them out right below, scrolling. That is the sponsor of course. I don't even know how to start to dig into this, right? But we're going to go ahead and talk about it right about now. Let's see what we got here. First, Coinbase CEO slams rumors of possible US crypto staking ban. I'm sure you guys all saw Brian Armstrong's thread, right? He put

Starting point is 00:02:42 out this thread that says he's hearing rumors that the United States intends to ban staking services for at least retail customers in the United States and went on to say that Ethereum staking is not a security, blah, blah, blah, blah, blah. He made the entire argument. And then it took all of like 10 minutes for us to see the news after that thread confirming exactly what he was hearing that Kraken was to shut US crypto staking service, pay 30 million fine in SEC settlement. You know who the most profitable company

Starting point is 00:03:16 in crypto is, platform? The SEC. They're making the most money. Why? Because they can just offer no guidance, wait until they see what happens, and then sue you and take your money after the fact. Kraken didn't even admit blame.

Starting point is 00:03:31 They just had to give $30 million. We saw BlockFi do $120 million in the past. It's very profitable to be the SEC right now and to offer no guidance. I mean, I don't have the video pulled up right now, but you guys probably saw that Gary Gensler did his little PR move and made a little video and put it on Twitter. We're charging Kraken because they're offering an unregistered security.

Starting point is 00:03:53 We encourage companies who want to offer staking. That's not how he talks. It's stupid. We want to encourage companies that want to offer staking to just come in and talk to us. Do you remember when Coinbase tried to come in and talk to them about a 4% yield product, largely that was based on staking? Not only did the SEC offer no guidance, they said, no, and we're going to sue you if you do it. There's nobody that can walk into the SEC right now and get permission for any of these things. It's misdirection. It's nonsense. And Gary Gensler is just using that to make it seem like it's the industry that's at

Starting point is 00:04:31 fault and not him and his criminal agency. Yeah, I said it. Yeah, I said it. We all know that there's no way that the crypto industry advances while Gary Gensler is the head of the SEC. It's just not going to happen. It's not going to happen. But I have my questions as to whether it's going to happen at all. Land of the free, home of the brave, right? United States, maybe outside of China, is arguably the worst place on planet Earth to be involved in the crypto industry, right? As retail, certainly as a company or a platform. And listen, if they think that staking is a security, then they need to offer a path for companies that want to offer staking to go in and register it as a security. You can't do that. It's a complete limbo because they don't offer the clarity or

Starting point is 00:05:26 offer the rules in advance. They just punish you after for doing nothing wrong. And that leaves the American people, people like myself, unable to take advantage of all the benefits of the crypto industry without worrying that Big Brother is looking over our shoulder. And it's insane. I see here that Jeff says, uh-oh, the Melkers are moving to Dubai. That wouldn't help. Do you know how crazy it is? If you've made a certain floor of money ever in your life and you leave the United States, even if you give up your citizenship, you still have to continue to pay the full tax load basically or a huge penalty for 10 years. Leaving the country does not exempt you from any of these laws. It doesn't change really anything. You're still an American no matter where you go in the world. It's a trap. It's a trap. It's not like we're the only people saying this.

Starting point is 00:06:27 Right? Hester Peirce is an SEC commissioner. I'm interviewing her again next week. Very glad that that's on the docket for next week. She thinks this is insane. Right? But she's not the head. Gary Gensler is. But she has a voice there and has continued to use it and point out the very obvious facts about how criminal and corrupt this action is.

Starting point is 00:06:52 She issued a public dissent to her agency's enforcement action against crypto exchange Kraken, said the current regulatory environment made it impossible for crypto-related offerings to even gain approval. Exactly. And Pierce's dissent comes as SEC Chair Gary Gensler continues to crack down on crypto-related offerings to even gain approval. Exactly. And Pierce's dissent comes as SEC Chair Gary Gensler continues to crack down on crypto-related offerings and companies. She works there.

Starting point is 00:07:13 And she's like, dude, come in and talk to us. We won't have anything to tell you. We have no rule into how this is going to work. If you come talk to us, we can't give you any clarity. It's absolutely insane. And if you look at what happened at Kraken, this has sort of been like a quiet domino effect of other failures. Silvergate Bank, obviously, distancing themselves from crypto. Binance, not Binance US, to be clear, but Binance disallowing US deposits and withdrawals. Right. We're seeing Kraken also also have a potential lawsuit for offering unregistered securities separate from this.

Starting point is 00:08:00 Paxos, Circle reportedly coming under scrutiny. There's a lot happening here. And it's all happening at once. Nick Carter wrote a great paper saying that the banking system is the choke point. And that if they cut off the banking system, it would effectively kneecap the entire crypto industry. I had Caitlin Long on last year, and she said the exact same thing repeatedly. I interviewed her at Bitcoin Miami last year.

Starting point is 00:08:26 That's 10 months ago. And she said the exact thing. And what's another signal that we're at war? Custodia Bank, Caitlin Long's bank, was rejected their Fed master license. They're a bank, a registered bank, that's done everything correctly. And they didn't get their license. Caitlin was talking about this 10 months ago. And she said, we keep talking about the SEC and the CFTC and all these sort of consumer protection agencies that deem things commodities

Starting point is 00:08:57 and securities, when we should be talking about the Fed. And we should be talking about the FDIC. And we should be talking about the bank regulatorsIC. And we shouldn't be talking about the bank regulators because that is the choke point for crypto. If one of these bank regulators says, nope, you can't bank crypto exchanges, what the hell are we all going to do? Nothing. Sit down and take it. You'll never be able to put dollars in or get dollars out. And we all know that that is not a functional way to operate in the United States. Maybe you can do that in Venezuela or Lebanon, but my kid's private school doesn't take fucking tether as tuition.

Starting point is 00:09:38 I can't pay my mortgage in Bitcoin yet. I don't even know how we fight this. And I don't think people understand, I've gotten a few calls, how many companies They use safe staking as a way to earn yield, staking in the Ethereum contract. And that's how they continue to make money and operate. This is a really big deal, not just for Kraken, but for the entire world. To be clear, you can still stake, I believe, on Kraken outside of the United States. I wish I had an answer. I was sitting there thinking about it all morning. Well, what the hell do we do? I don't know. Start a petition to get rid of Gary Gensler, but it doesn't just stop with him. This directive is coming from much higher up than Gary Gensler. But this is a huge problem.

Starting point is 00:10:47 I shouldn't be in disbelief about it because we've all continued to say it's coming, right? First, they laugh at you, then they fight you, then you win. Well, they're fighting us. How do we win? How do we win? Christopher Walker's asked, Scott, how bad is this one to 10? I mean, listen, the crypto industry is going to go on no matter what happens. In the United States, it's pretty fucking bad. How does the unstaking process now work? I can't answer that, but I would rather look at the unstaking process. Organize and lobby like the incumbents do, says unaffiliated. Listen, you're not wrong but holy crap now we have to like play the political game just to be able to exit the political game

Starting point is 00:11:31 says chad g the directive is coming from the banks of course it is that's absolutely right that's absolutely right chris makes the obvious point don't let my wife know this news. That's right. So we've had an amazing January as far as price is concerned, historic even, right? I think it was the second best January that we've ever had. You guys should read my newsletter today. Total side caveat, right? I don't know if you guys did read my newsletter today, but I talked about this at length. I talked about the Christmas truce when the French and German soldiers in World War came out of the trenches and played soccer and shared tea and then went right back to

Starting point is 00:12:15 killing each other afterwards. January was the Christmas truce for crypto. Goldman Sachs said crypto was the best asset of January. Yay. Seemingly had some good news. Things were going in the right direction. That was misdirection. Things have not changed and they're steadily only going to get worse. Jeff Biaco says, I can't believe they're banning stake. Jeff, I would also like to address you yesterday. I saw you making some comments about my meetings with 3AC, seeing that I was kissing their ass or meeting with them or talking to them. If you had listened before, which you did not, which is fine, or saw my Twitter threads, I crashed a meeting with them only to ask them

Starting point is 00:12:57 the hard questions about Voyager, which I did. I did not go there with any intention of supporting or helping them. And now I'm actually very torn as to whether to do a podcast or a conversation with them and to give them a platform, even if it does mean that we get to ask them the hard questions. In fact, he said schmoozing, schmoozing. In fact, I recorded a podcast yesterday with Mario Noffel, who you all know has one of the biggest Twitter spaces now on crypto. And he was like, you should absolutely do it and just get people to ask them hard questions. But I don't know.

Starting point is 00:13:28 I don't know. I'm not asking for an apology. I was just clarifying in case anyone else saw the same thing. Right. So, you know, listen, when SPF was on his little road show,

Starting point is 00:13:43 I had DMS from him saying, Hey man, I'll come on the podcast. Let's talk about it. He went on everyone's else's Twitter spaces and I gave him the old fuck off. Right. You'll notice that SBF, who had been on my channel five, six, seven, 10 times, was not on my channel in that week where he was on his press tour before he got before he got arrested. Yoda asks, why would you give them a platform? Well, first of all, as I've said about my meetings with them, there's definitely some truth in what they're saying, right? My concern at first, selfishly, outside of the rest of it, I have a lot of concerns, was how the hell did you

Starting point is 00:14:25 get Steve Ehrlich at Voyager to give you $700 million without any collateral? And Kyle's answer actually made a hell of a lot of sense and sickened me. He said, I didn't do shit. Steve Ehrlich called me and said, I have $700 million. I have to earn yield on it to give my customers 9%. Will you please take it and give me a percentage on it, right? You guys will pay interest on our loan. You guys are killing it. Here's $700 million. I don't want anything. Just take it, man.

Starting point is 00:14:56 And that aligned with a lot of things that I've heard about Voyager going out and trying to find creative ways to earn yield. So then the question there, of course, becomes, is that the fault of 3AC for taking an uncollateralized $700 million loan that was handed to them when they thought that they were geniuses, long everything was going to work forever? Because Kyle said, listen, we were wrong. We blew up. We lost a ton of money, but it was only institutional money. No, bitch, that was my money. Right? The cognitive dissonance there, the cognitive dissonance of saying that wasn't people's money, that was institutional money. Where the hell do you think Voyager's money come from? That's the problem that I had there. But clearly the criminal in this situation, I'm not actually, it's not criminal.

Starting point is 00:15:46 Clearly the person at fault, I don't know if it's a crime, if it was in the terms and conditions, feels like one, is Steve. He's the one who loaned our money out to someone. If someone offered you $700 million, would you take it? If you thought it was free money and you could easily make money? I don't know. I don't know, man. I've lost a lot of sleep over the past week after that meeting. As I said, my bullshit detector was flashing left and right. You know, there was a lot of things that didn't make much sense, but that one made a lot of sense. Yeah. Yoda says the Dubai sun has clouded my mind. The Dubai sun did not cloud my mind.

Starting point is 00:16:31 I don't want to platform these guys, but don't you guys want the truth? I haven't made a decision, but don't you want the truth? How are we going to ever get the truth unless we push back and ask the hard questions. I don't know. I don't know. Very tough question in my position because I have the opportunity to bring all these people on, but I don't want to make them look good. I don't. Anyways, should we continue on? Bitcoin exchange, local Bitcoins to close citing market conditions this sucks man most people who are early ogs bought their first bitcoin either on mount cox or through local bitcoins

Starting point is 00:17:12 you know rolling up to mcdonald's with a big bag of cash trading the bitcoins right there in the corner of mcdonald's it was like slinging crack rocks in the 90s new jack city shit the carter you guys see new jack city right well citing market conditions local bitcoins has died that's just how bad this market is just how bad so rip to them man this is really bad news hate to see it but there they said bitcoin exchange local bitcoins is set to close this month in response to the ongoing very cold crypto winter. You got to imagine that they're going to have the same regulatory issues as everyone else. I want to circle back on this. As Unaffiliated said, asking hard questions doesn't ensure getting the truth.

Starting point is 00:17:57 That's right. That's why I would need someone on the other side. We need an insider from Voyager. None of them are going to talk. We would need an insider from voyager none of them are going to talk we would need an insider from blockfi we would need an insider from genesis who they gave them over two billion dollars don't know the answer don't know the answer architect jeff says new jack city was before his time you need to go watch that movie right now. Am I my brother's keeper? Yes, I am.

Starting point is 00:18:29 Wesley Snipes, man. Really sad here. But in some good news, stablecoin issuer Tether reports $700 million in profit, complete exit from commercial paper. Tether's assets as of December 31 stood at $67 billion, with liabilities of $66 billion, almost all of which related to digital tokens issued. Killing it. The Tether Fund is done. Now, you can have your feelings about Tether in the

Starting point is 00:18:56 past, and they may have actually been correct. I can't speak to that. But even if Tether was a bad actor in the past, it's clear that they got big enough where they could become a good actor. Maybe like the story of Binance, right? But Tether made $700 million this year. Why? I mean, largely because now they don't need commercial paper to make money. How can Tether make money? I don't know. Let me think. They collect your dollars

Starting point is 00:19:26 by bonds, which are paying 4.5% to issue Tether. Pretty easy, right? The more money they collect, the more they can earn in safe investments like U.S. Treasuries. This is the best possible environment for a stablecoin issuer. Free money. Free money. So it's very clear here that they are pretty much fully backed. I won't call it audited and making money. Pretty wild. Pretty wild. So that's good news, I think. That's good news. Because as you know, I think that stable coins are basically the killer app for crypto right now. Because most people who are struggling in the world, sadly, not sadly, it's not sad that they can now get access to dollars through stable coins. That's what they want.

Starting point is 00:20:18 They want dollars. They're not buying Bitcoin. They're buying stable coins. Right? That's their access effectively to dollars. Flat Smacks says New Jack City had a good soundtrack, Ice-T. One of the greatest songs of all time is from the New Jack City soundtrack, which is Color Me Bad's I Want to Sex You Up. What about countries that adopted crypto as legal tender, asks Alex. I don't know the answer to that or how you're referring to it specifically.

Starting point is 00:20:47 I mean, they're going to keep doing what they're doing. It has nothing to do with the United States. It's good. Yeah. As Abed said, it's good news. Yes, this is good news, guys. By the way, if you guys can't tell, I'm a bit under the weather and still jet lagged. So struggling with the voice.

Starting point is 00:21:04 Here's some bad news. DCG is selling holdings in several Grayscale trusts. Financial Times. Sources. Grayscale operates the Grayscale Bitcoin Trust, which has 10 billion plus

Starting point is 00:21:15 in assets under management. Yes, my nose is running. I'm sorry. But yeah, DCG is now having to sell off the assets in their trust to raise money because they're in a hell of a lot of trouble. Hell of a lot of trouble. House of Cards over there

Starting point is 00:21:33 potentially as well. Unfortunately, you've probably seen the news that companies like Valkyrie, of which I'm an investor, I spent the entire few days in Dubai with Steve McClurg from Valkyrie. He's the one who convinced me to go. I was also there with David Bailey, who is the head of, you know, Bitcoin Magazine and the Bitcoin Conference. You've probably seen that they're trying to take an activist approach to buying enough GBTC to basically take over the trust and manage it better than this guy. Very sober. I don't think GBTC is particularly at risk right now, but they're definitely in trouble as a company. Genesis

Starting point is 00:22:12 is already in bankruptcy. Oh, man. I don't know. I don't know. Not great news, but not surprising either. I think DCG's collapse, much like the Genesis bankruptcy at this point, is somewhat priced in. But it wouldn't be great. I think the worst case scenario for Bitcoin price would be if they had to liquidate the G Grayscale Bitcoin Trust. But I don't see any reason to believe that that's going to happen at the moment. I don't see evidence of that. but it's not great, right? Not great. And I will tell you this. No, you know what? I don't even want to tell you. Certain things those guys said to me have no basis in fact, as of yet, and I don't want to spread further FUD. Bitcoin NFTs explode in

Starting point is 00:23:03 popularity as BitMEX research shows 13,000 ordinals. What the is an ordinal? Interest has skyrocketed following the first ordinals transaction on December 14th. Guys, I purposefully opt out of arguments between Bitcoin maxis and Bitcoin pads.

Starting point is 00:23:27 Maxi pads. This has apparently been an ongoing massive monster debate as to whether these Bitcoin NFTs, which are apparently called ordinals, which is a red bird from St. Louis, an ordinal, the are apparently called ordinals, which is a red bird from St. Louis and the St. Louis ordinals. Whether they're spamming the network with these, taking up block

Starting point is 00:23:51 size, whether it's good for Bitcoin, whether it's bad for Bitcoin. At this point, whoosh. God, man. Whatever, dude. Whatever. But they're obviously massively popular. We got 13,000 ordinals already, guys. That's a lot.

Starting point is 00:24:08 That's a lot of ordinals. You know? Spam in the network. What do you guys think? Do you guys care? John Cross says, no, some people into these. Been a few crazy sales. Yeah, I think there's been a lot.

Starting point is 00:24:24 Do you guys, are you guys down, down, down with the ordinals? Or are you anti-ordinals? I don't know, man. Critics like Picard have some data to back their view. Ordinals share a total Bitcoin transactions barely cracked 3% mark on Wednesday, yet they consume nearly 70% of Bitcoin block space. Hey, man, if the space is empty, might as well use it. Might as well use it. Anyways, I don't know what the hell's going on with these.

Starting point is 00:24:52 I shouldn't even report on it because whatever, man. I don't even know. Ordinal. You guys made that word up. They made that up. Chat, GPT mania spurs crypto fans stampede to faddish AI tokens, you think? Matt Siegel yesterday from VanEck sort of made the joke. I don't think that these AI tokens can double every single day moving forward. And I said, yeah, feels like the NFT bubble and the metaverse bubble and the DeFi summer and all of those other things that we've done here before, but they continue to go.

Starting point is 00:25:22 I think long-term the winners that actually do something in AI will massively win in crypto because AI is a huge narrative. But it feels like if you just put AI in the name, you're going to make a whole shit ton of money, just like when that Long Island tea company put blockchain in the name. Right? But yeah, dude, we're seeing these tokens pop off left and right. Singularity DAO, 138% in seven days. Singularity net, 126%. Artificial liquid intelligence rose 87%.

Starting point is 00:25:53 We've obviously seen FET and the graph, which is a real project. I shared that actually in the newsletter yesterday. We can look at that chart. should we pull up a couple of these charts? Let me see what I got. We've got GRT. Okay, well, this was the idea that I shared in the newsletter yesterday. I liked, I said, I favored the red. Maybe get that dip. This is now resistance. But yeah, it was up here and I was like, that's done.

Starting point is 00:26:19 Right, what are the other ones? We got FET. FET, I mean, this is like literally the most clear resistance you could have on the chart right now at 0.54 candle closed candle open two massive bearish SFPs wicking above so you want to get the dip on that you don't want to touch that below 54 cents doesn't mean it's over it means there's a predictable place ocean has something to do with this right super toppy i don't know you get the idea you guys get the idea right ajx that's that singularity i shared this one that's the all-time high rejection with massive bearish divergence dipping josh frank was on here from the tie and said that this he was like i've looked at some

Starting point is 00:27:03 of these companies these guys have like one new developer. I said that on Twitter yesterday when I posted this chart and the Singularity Net Maxis came after me. Saying that the guy was genius and I was wrong and maybe I am wrong. I could have had my information wrong. So I felt kind of bad about that. Maybe this is an amazing project, but it's only going up because of ChatGPT, right? I don't know if you guys have heard about the new chat GPT. It's learning at such an exponential rate that already in theory,

Starting point is 00:27:30 if they released it right now, it could write you a 600 page novel in less than five minutes. Crazy. Crazy. Michael Otis says CQT is a graph competitor. Just broke out of a two year downtrend. Let's look. Oh, man.

Starting point is 00:27:47 That's not what I wanted to do. That's not what I wanted to do. I got head faked. Let's see. We're going to look at CQT. That's covalent. It's a good project. I don't have it.

Starting point is 00:28:00 I thought I had a CQT chart. Did I type that right? Did I type it wrong? Let's try. New chart. Did I type that right? Did I type it wrong? Let's try. New chart. New layout. Now I'm just in it. CQT.

Starting point is 00:28:14 Crypto. Kraken. Haha. That's Qcoin. I don't know if I'm missing the breakout here. It does look like a massive, huge, amazing rounding bottom, but I'm not sure I might have missed the breakout.

Starting point is 00:28:32 Unless it's this, you mean. Is this what we're talking about? Graph compare just broke out of a two-year downtrend. Maybe if I draw some sort of line on here, let's look. Maybe it's talking about something like this. I don't know. But that didn't just break out.

Starting point is 00:28:57 I don't know. Sorry. Lost you. Tron blockchain commits $100 million in grants to AI-focused projects. We have Dave from Tron on here yesterday. Build on Tron and USDD. Justin looks good there. He looks happy.

Starting point is 00:29:15 The commitment comes as AI-focused tokens take over the narrative in crypto circles. Here you go. AI is the thing. So you got to grant $100 million to build on AI and Tron. Listen, I think AI is the thing. So you got to grant $100 million to build on AI and try it. Listen, I think AI is the next thing. The way we're seeing it explode is absolutely life-changing, mind-altering. But that doesn't mean that every project that does something with AI should go up 200% or 300% in a matter of weeks.

Starting point is 00:29:43 Michael Otis says log. I think that was a log chart man no it's not right oh I see I usually default to log it's because I didn't do this now it's less steep I see that sorry I had to get distracted and go back this is what you're talking

Starting point is 00:30:02 about right to me that's rejected unfortunately so I would wait. I would wait. Still do like it above 0.143. Not bad. Now, guys, because I have OCD, now I have to save this and just go on. So yeah, the AI hype is real. Justin Sun and Tron dedicating 100 million dollars keep doing ai type shit that's the news that's what i got oh my god independent ftx examiner could cost crypto exchange 100 million dollars court told i mean we're all just kind of sitting waiting to get our money back. Voyager, BlockFi, Celsius, FTX. And they are just spending our money on lawyers and investigators and advisors in the strip club,

Starting point is 00:30:56 just making it rain. You guys know about that, right? Lil Wayne, DJ Khaled up in there, just not even dollars, just hundreds, just slinging hundreds. You know what I'm saying? But now, even the judge is like, this is the dumbest thing that I've ever seen. Like, we're not doing this. This is a waste.

Starting point is 00:31:17 It's redundant. It's the same thing. Yeah. yeah, but they want to appoint an independent examiner, which could cost $100 million just to get to the bottom of all the stuff that's already been got to the bottom of. Our claims on Voyager are down like an average of 10 to 20 cents on the dollar because when the FDX deal went under, it's now been three or four more months of paying advisors and lawyers in the bankruptcy process. 10 here, 30 mil there, 50 mil there. When you got a $700 million hole in the case of Voyager, imagine if you had to just pay someone $100 million for an examiner. Can we get that job? I bet we could take our whole community. there's 226 people here live right now

Starting point is 00:32:07 man bear market shit 227 including me split that 100 million would you guys do this work with me i would do that work right i'll take my piece of that we can split that up guys figure out what the hell went wrong with ftX. I'm sure some of you are good on-chain analysts. But yeah, man. This is just the United States, dude. What a disaster. What a disaster. It's hard to watch.

Starting point is 00:32:36 Hard to watch. You know? America, fuck yeah. Like, we're all US maxis. Like I said, land of the free, home of the brave. We love it. It's great. Nope. Nope. Nope. All our processes are seemingly broken, especially when it comes to our money. It's all the news I got, but let's take a look at my dashboard here.

Starting point is 00:32:58 You guys have seen this. Oh, we're almost there with the new newsletter product that's going to give you guys daily access to the most important highlights from this. You guys may remember I had Josh Frank on. This is the Tide dashboard. This is the training wheels version of the screener that I put together. But look, this is all the news in real time, just like a Bloomberg dashboard. This is the trending news. Over here, you can see everything's red, broken down by sectors, currencies, ecosystems, smart contracts, CeFi, trending coins, all this crap. I forgot. Scroll down here. I've even got trending NFT collections, mining stocks, whatever. That's not the point. This is where I go and I

Starting point is 00:33:40 want to see what's happening in real time in the market. And like I told you guys, the newsletter basically will just be a snapshot at the daily close every single day of the 10 top stories, price of things, what happened that day, etc. They can't open this to retail. It's an institutional platform. But honestly, I try to dig into it and I get so confused and lost and I feel like I'm pretty smart. There's so much in here. It's whatever. It doesn't see uh everyone's talking about staking right i mean ether liquid staking platforms will benefit as

Starting point is 00:34:12 sec actions likely fail to deal d5's knockout below that could be uh the narrative right here yeah here it is sec chief gensler warns crypto firms to comply with rules after crack and shutter staking program, what rules? What rules? So nonsensical. But listen, you can take a look. I mean, here, let's go just into the main screener. Hold up. Wait a minute.

Starting point is 00:34:38 Here we go. My internet's not exactly flying while I'm streaming here. But we're trying. Trying to get there. I don't know why that's not opening now. We can just look at the screener here. By market cap, I mean, everything's red, right? All the stable coins are slightly green, but like this is, we're back in the slaughterhouse.

Starting point is 00:34:57 I bet your portfolios are down 8, 9% today. Bitcoin trading 21, 8, 23. But let's take a look at Bitcoin, right? This is the weekly chart. I've said this a lot of times. We have a death cross on the weekly that we'll confirm today. Everyone's talking about the golden cross on the daily.

Starting point is 00:35:13 It seems like a death cross on a bigger timeframe would be a bigger issue if you're a cross maxi, right? But I've been saying, we've been around 23 for weeks, that it makes a lot more sense, even if we're going to go up, which I think we saying, we've been around 23 for weeks, that it makes a lot more sense, even if we're going to go up, which I think we will, hopefully. We go down first, right? We had the break of the 200 MA on the daily.

Starting point is 00:35:32 That has not been retested. We had the breakout of this area. I've been looking for 21, 473. It got down to 21, 6. Maybe that's it. Maybe that's it. Because let's take a look. Zooming in on the four hour chart

Starting point is 00:35:45 is interesting to me this is interesting to me guys got 51 minutes left in this candle right now if you look at the four hour like listen i mean we're trading here since january 21st right this range right here nothing nothing doing. Nothing doing. But interestingly, we had this bearish divergence all over the place with RSI on the four-hour, massively overbought. We got all the way to oversold while price was still in that range. That is, you said last week, weekly death crosses lagging in here. Yeah, I don't care about either. That's what I said for maxis. If you care about crosses,

Starting point is 00:36:25 you should be more concerned with the weekly death cross than a daily golden cross. I don't care about any crosses, just to be clear. Just saying, it's like weird to ignore a death cross on a bigger timeframe and be super psyched about the golden cross on the other one. But this is not like my analysis. I'm telling you, it usually takes a massive price drop to go from overbought to oversold.

Starting point is 00:36:50 And this managed to reset every indicator basically with completely sideways price action. That is bullish. That's fact. Doesn't mean it can't just continue to go down and make it wrong. But like that leans bullish. Right. So, yeah, we got this drop yesterday. Can't just continue to go down and make it wrong. But like that leans bullish. Right? So yeah, we got this drop yesterday. That sent us all the way to 23 on the oversold.

Starting point is 00:37:13 Seven below oversold. This got all the way up to 82. That's 12 above overbought at 70. And now we have likely to confirm bullish divergence. Oversold, bullish divergence with four-hour RSI. Guys ever heard me talk about this? If you haven't, then you've never heard me talk. It's literally my favorite signal.

Starting point is 00:37:32 Not only that, the top of this entire chop range right here was 21,646. I mean, within a dollar, that's where this bounced. And we have the 200 MA as a mean reversion, which hasn't been tested since the very first week of January. That red line. I can't tell you what's going to happen. I can just look at the chart and come up with a whole bunch of reasons why something might happen.

Starting point is 00:38:01 We have bullish divergence with oversold RSI bouncing from key support and the 200 MA on the four-hour chart. Doesn't mean we're going to 69,000 tomorrow, but it means it's a very likely place at least for a bounce and a trip back to overbought. We could go back to overbought in that same range, right? So while everyone's freaking out, panicking, we have the weekly right around the same support that we've been watching forever, for four weeks since it broke. A lot of resistance ahead. And listen, 25 to 12 right there, this black line,

Starting point is 00:38:38 that's the only line that really matters right now. Above that, you have a higher high, no longer a series of lower highs. Bear market's over, technically. Right now, we're still just kind of sideways if we're below 225,212. Sly Fernandez says, quick look at Ali before we depart, like the movie.

Starting point is 00:38:58 I've never looked at that chart, so... I don't know what this is. Oh, that's artificial liquid intelligence. I just mentioned that shit a minute ago. Which of these exchanges should we be looking at this on? I'm trying to find the one that might have, like, the longest history.

Starting point is 00:39:22 Whatever. Let's pick one. Uh, dude. I don don't know that seems bearish let me see if that's on the other charge for this yeah i dude dude dude maybe it goes way up i have no but like, I can't even look at a chart that has a wick. Well, that was, you got to fill that wick in. It's impossible to even chart this.

Starting point is 00:39:50 There's not enough history. Let's look at the daily. I will say this. Locally, if you were looking for a bounce, that five, two, that was it,

Starting point is 00:40:01 but that was two days ago. So sorry, you missed it, right? Guys, I have to name it. I have to. Next time you ask, I'll be ready to go. I mean, that's a very impressive flip.

Starting point is 00:40:20 I don't know. I really don't know, to be honest. That looks kind of fine there. But you would have wanted to be bidding that 52, not 64. I have no idea what happens next. I don't know, man. I don't know. You bought around 0.06.

Starting point is 00:40:35 All right, so you're in profit. Good for you. Congrats. I don't know what that is. That's all I got. That's it. Pissed off today. Don't feel great.

Starting point is 00:40:51 Not ideal. Jet lag and like a cold, sore throat. Not ideal. And I have to go record a podcast at 11, so I'm going to go rest my voice for the next 45 minutes. It's been a pleasure, guys. Sorry I missed Monday earlier in the week and Tuesday. It's good to be back. Good to be back.

Starting point is 00:41:10 Just to reinvigorate the conversation here. Time to fight, man. Time to fight. Time to fight. Thank you, guys. It's been a pleasure. I will see you all back on Monday. Peace.

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