NFA LIVE: BITCOIN & CRYPTO MARKET DUMP RED DAY. HERE’S WHAT HAPPENED…

NFA LIVE: BITCOIN & CRYPTO MARKET DUMP RED DAY. HERE’S WHAT HAPPENED…

everybody Welcome to NFA live uh this
will be our Thursday usual stream of
course um I’m joined as always by Ben
from into the cryptoverse Ben how you
doing buddy good how about you I’m doing
great watching this Market uh implode
and then of course Jessica from coin
Bureau who joins us after the monsoon
season over there in Dubai Jessica
welcome back great to be back Rob how
you doing thank fantastic I am very
happy that nothing went straight up and
the right because I’m a dollar cost
averager and this is pretty good so I
got some questions for everybody today
first of all what the heck happened is
this just a normal thing or are there
some things going on in the macroverse
or is there something going on behind
the scenes that we should well be aware
of second thing we wanted to talk about
was what do you guys see happening in
like Q2 Q3 I mean where are we going if
if this is a repeat of history or
because the ETS and something else
what’s going on then we’re going to talk
about Ben’s favorite topic which would
be uh runes and ordinals which is of
course mem coins and nfts on bitcoin for
layer ones if this is a travesty of
Justice or is this actually gonna be
something good and then also I want to
talk to Jessica about what the trends
were in Dubai because I wasn’t there I’m
glad I wasn’t but I just want to see
like like what people are talking about
and things going on and then uh what I
want to do today was go heavy into
questions from the audience so everybody
if you are here and you’ve got questions
from uh for Ben or Jess from coin Bureau
put those in the comments now because as
we get into it later on I’m just going
to start picking out those questions the
ones that uh you know are favorable are
actually good so let’s start off what
the heck happened where are we because
if we take a look at the charts not this
chart per se which is a good chart Ben
just showed me this thanks uh this is
the time and risk bands for altcoin
market cap I got to use this but anyhow
uh what’s going on with
this well first of all this is in
Bitcoin let me change it actually let’s
just start with this so everything’s
down I think bitcoin’s down four percent
or
so if now let’s do it in dollars sorry I
know I was gonna say if your metric is
Bitcoin then it’s like okay at least
bitcoin’s up at least bitcoin’s at
parity
but well that’s true actually let’s see
what’s up against Bitcoin Tron for some
reason I don’t know see this is how the
market should be
measured this is not you Talent B yeah
they’ll tell you e holding up while
against Bitcoin the entire way
down but but but dog with hat Ben dog
with
hat okay it’s up it’s down 133% but it’s
up 16% for the seven day wow this is
pretty
bad okay so anybody got some ideas as
far as like what’s going on and
historically speaking is this a normal
occurrence especially after after the
having because it seems like we get a
discrepancy between the two 2016 2020
and a little Divergence but what are we
at
here we actually I think we did have
like a 10 20% dump after the 2016 having
um yeah it’s like after the 2020 having
I remember people were sort of
speculating oh well will will there be a
dump after the having like there was
last time and then there wasn’t actually
like after the 2020 having there wasn’t
really a drop at all and the market just
kept going up I think you know let me
just share my screen I guess but I think
what’s
happening
um gotcha so like if you look at this
chart this shows like Bitcoin cycle Roi
Peak to Peak um so we’re the green line
right now on these these two lines down
here the last two
cycles what’s absolutely fascinating is
how like the last two cycles the market
was still 50 to 60% down from the
all-time high at this point in the cycle
as measured Peak to Peak um so I mean it
goes to show just how crazy this Market
has been you know just how accelerated
things have moved this cycle uh that
we’ve hit alltime highs before the
having because that that’s something
that’s never happened before right
normally we hit all-time highs um after
the having not before the having so this
cycle has been a lot more accelerated uh
getting to new highs than we’ve really
ever seen before before so I mean we
could just see the market cool off for a
while especially into the summer months
um I kind of think that’s what’s going
to happen uh and actually if you look at
at Bitcoin last summer um you know if
you looked at at Bitcoin sort of last
summer you would actually see something
very very similar right where it it
essentially
um we had these basically we had sort of
the the first move and then the second
move that popped out kind of in April
and then we faded all the way until
until June right really um and so I I
think there’s a chance that something
like that is happening right now uh and
the reason why is because and again I
keep going back to this idea of I
remember distinctly last cycle how when
we when Bitcoin hit
14k and everyone was just calling for
you know much much higher prices we
ended up seeing the market cool off for
a while so if you look closely at like
last cycle compared to the cycle before
that you see this line right here do you
see how ahead of the prior Market cycle
we were um at that point in the
cycle hold on Ben which one’s which
one’s the red one so the one on top here
the the yeah so the the orange one is is
uh the the prior cycle the one the cycle
that the double Peak cycle and then the
orange one on the bottom is when is the
2015 2016 cycle okay okay okay but you
can see like at one point last cycle the
the market got way ahead of where it had
been in the previous cycle and then you
can see it basically faded until it got
back in line with the prior cycle right
and then once it got back in line it
resumed the bull market um I think like
you know if you compare say last cycle
to this cycle I almost wonder if
something similar happens where it like
basically Fades until it gets back in
line with the prior cycle and then it
resumes the bull market I I think there
is a case to be made for that and and
the reason I’ve talked about that
forever is because that fade that
occurred in 2019 that fade occurred as
eth Bitcoin broke down right here in
June of 2019 that’s when Bitcoin USD
kind of saw that local top and that’s
exactly what’s happening right now and
the reason why think that’s important is
because if you think about it there’s
like there’s several different sources
of liquidity for Bitcoin there’s the uh
the spot ETF right that you know maybe
the less serious or the less um
enthusiastic Bitcoin investors might be
using to buy Bitcoin um then you also
have the people that just kind of DCA it
right no matter what so those people
theoretically haven’t gone anywhere but
the other source of liquidity is from
the altcoin market and the issue with
the altcoin market if you look at like
things like eth or even all Bitcoin
pairs total three minus usdt divided by
Bitcoin those things are starting to
show a little bit of weakness right
they’re starting to break down this
level that eth Bitcoin has been trying
to hold forever is struggling to hold
right I mean it’s it’s it’s trying to
stay above 0.49 but it’s not really
having a ton of a ton of success doing
so all Bitcoin pairs also saw a very
similar type of
move here right around that midcycle top
and so I do wonder if that’s kind of
where we are right like everyone got
really excited we front ran a lot of the
um a lot of things just simply because
you had you know normally after the bare
Market year you get a a prehab year that
does okay but doesn’t do as well as what
we saw um last year and I think maybe
maybe that was doe in part of the fact
that you had the whole spot ETF right
you know Market sort of rallied into the
spot ETF which is not something we
normally had so and then the last thing
is that um last cycle gold breaking out
also marked sort of that local top for
Bitcoin before it faded back into where
the LA the last cycle was and you can
see that gold broke out in in March
precisely where Bitcoin has put in its
local top same thing as as last cycle in
fact so I think there’s a chance that
that’s what’s happening and it’s just
one source of liquidity that has been
there for a long time is starting to to
dry up a little bit right like all
Bitcoin valuations are starting to dry
up and it’s not I mean it’s not just eth
it’s not just um the altcoin I mean you
can look at a lot of altcoins and see
that and this is why I talk about you
know the the altcoin market their
valuations against Bitcoin all the time
you can see right things like a a
Bitcoin just keep on putting in new lows
right they just keep on putting in new
lows dot Bitcoin keeps on putting in new
lows right Litecoin Bitcoin madic
Bitcoin madic Bitcoin was a coin that
everyone lot of people were really
optimistic on basically one year ago and
you can see ever since then it’s just
been dropping right so that’s my answer
I mean I I just think that there’s this
liquidity that was in the altcoin market
that helped support the price of Bitcoin
altcoins are now breaking down against
Bitcoin so the purchasing power of those
altcoins is not as high as it was say
six months ago and therefore you’re
seeing the market fade in as it as it
loses uh that one source of of liquidity
awesome yeah you know these are these
are great points and it’s good that that
we talk about it because like I don’t
know what how Jessica how you remember
it but I I seem to remember this is why
my memor is poor I need I need different
graphs and things to remind me is that
as time has G on I’ve taken a look at
like the last having I just remember
just kind of chopping sideways for quite
a bit of time and then kind of taking
off towards the end of the year but
that’s just how I remember so it’s good
to see rois and where we’re actually at
Jessica what do you think here where
what is going on with you and because I
know you guys have a fantastic team over
there to take a look at what the data
tells us but what do you
see first of all I need to get note of
what you guys are having for breakfast
that your memories are so good for the
hings last year in 2016 because I um if
we look back I think the variables were
so different so if we look at the haling
of 2020 also this was kind of initial
pandemic shock era so there wasn’t so
much liquidity in the market in general
for people to be able to kind of throw
money in and I think typically with the
haling it is kind of an anti-climatic
New Year’s Eve for the crypto bitcoiners
it’s something where you know people
build up to it there is some you know
mainstream price attention but it’s not
something that typically comes with a
significant price reaction and we’ll get
to that a little bit later in your next
question we also saw quite a lot of
Liquidations in the last 24 hours so
I’ve got the coin glass liquidation heat
map open in front of me and we’ve got in
the 24-hour time stamp $63 million of
BTC liquidation and 54 million of e
liquidation so that’s just in 24 hours
but over the week we have seen the
markets retracing quite a bit as well um
and I think people are also factoring in
and maybe amplifying for the haling is
now out of the way what else was an
optimistic news stamp for the next few
few weeks and the spot ethereum ETFs was
that next Milestone people were keeping
an eye out for and I think people are
starting to get used to the idea that
that is not going to be approved as
early as May and will come later on in
the year so I think people are just
looking at the next Milestone to look
forward to and have as a bullish
Catalyst and we’re maybe seeing a little
bit of um of delay with
that yeah you know what give leave it to
good old Gary gendler he is not going to
approve anything and especially that
that e ETF but I mean I think we’ve been
talking about this for quite some time
everybody seems to be bullish it’s it’s
funny because like um gentleman that
called the Bitcoin ETF Tunis he would
talked about he’s like this isn’t going
to happen because you know if we take a
look at the conversations that are going
back and forth with the people who
wanted this ETF for for ethereum there’s
not really much dialogue he said that
was the exact opposite of when we had
the spot bck on ETF that’s not going to
happen and then of course you know we
see what’s what’s happening in the
market people are like well this isn’t
going to happen and then Ben talked
about it altcoin markets are suffering
so what happens where’s a liquidity have
to go well it flows back into Bitcoin
and here we are so that’ll lead me to my
next question which is this and and Jess
since you’re up and was already talking
and had some good information where do
you see things going in like because
we’re in Q2 right now but where do you
see things going in Q3 towards the end
of the year is it going to be the same
type of thing or will macro events kind
of syn us
allly we do have the saying in crypto
but also in traditional stock markets
which is sell in May and go away which
normally has come back in October when
things are a little bit more optimistic
so I think that’s the main thing that I
would always keep in the back of my mind
when looking at the crypto market for
the next kind of few months and how to
relay out and we can’t forget kind of
historically 2012 Bitcoin Haring we saw
a 93X 2016 we saw a 30X and 2020 we saw
ax but this year is so different because
we have got the spot Bitcoin ETFs so I
think yesterday we set we saw $120
million of ETF outflows ibit for example
had a super low record of inflows coming
in almost zero for the first time since
launch yeah so oh it was
Zero I I saw Zero but it could be a
little bit of a trickle but whatever it
is it was far lower than what it used to
be yeah i’ seen how the institutions are
going to react poing initially and this
is something where we are keeping such a
close eye on the inflows outflows on a
day-by-day basis so that’s an extra
thing for us that are in the crypto
space to be keeping an eye out for um so
that’s adding an extra element of
complexity we’ve also got kind of the
30th of April so we’ve got the Hong Hong
Kong spot Bitcoin ETFs will be going to
Market in um on the 30th of April so
that’ll be interesting to see how the
kind of the Asia ETF rapper for spot
Bitcoin ETFs could impact the
cryptocurrency market if that will have
a positive impact on prices around that
date as well we’ve also got CZ from
binance sentencing so there’s two things
going on on the same kind of day so
whether it’s going to be a bullish
driver or we’re going to see kind of a
bearish fud news coming around it the
crypto Market I mean we’re very
sentiment driven and it is quite a
Fickle space so we’ll have to see what
narratives come out of both of those two
pretty big sentiment catalysts um but I
still think right now we’re seeing um
the the repercussions of the haling will
take a while to come into play so I am
expecting there to be a fairly slower
summer as always with crypto but it is
only that with time we’ll see the market
supply of the Bitcoin poing I think this
is something that we talk about a lot
but it’s really when you zoom out to
2025 we’ll see 300,000 less BTC that
haven’t been mined because of the haling
so that’s when you’ll see the impact of
the supply of Bitcoin come into to
market price
factors true Supply shock is coming just
don’t know when it’s actually G to be
and this was and Ben I I’ll get to you
but one last comment which I think was
pretty good remember this this time it’s
different guys it’s going to be
different I’m just kidding so then what
do we have here for what’s going to
happen like let’s just stick with this
quarter same as same as always or
selling they and go away like Jessica
talked about or just or just look at the
risk bands and go from
there fascinating but you are muted I
appreciate the mute thing though thank
you sorry I just told everyone what all
coins I liked but now
it’s so ruines it is good deal all right
um no I I think yeah I mean Jessica is
probably Ian I think she’s probably
right I think that it could be a fairly
boring summer um you know there are
times when we kind of go into the summer
I mean I think last summer was a really
boring summer except for like one week
in June where like Bitcoin went up like
20% or something um and then it then
faded for two more months after that but
yeah I mean I my guess is we’re just
going to slowly fade um in in sort of
interest for a while because even after
the 2020 having the market Bitcoin
didn’t really go anywhere for like six
months the having was in May and then we
didn’t really see Bitcoin pick back up
until around like the fourth quarter or
so so I I mean I could see something
like that happening where people lose
interest for a while um now that the
having is behind us because I mean you
think about it we had a lot of like
really important events sort of in like
back toback when we had the spot ETF we
had the having there was also a lot of
people of course speculating about the E
spot ETF but that seems to have mostly
died down um so yeah a lot of different
events back to back to back and now yeah
I think like the market could certainly
cool off into the summer I think I I
think we’re going to have a big event
this summer in the in the sense that I
think that all I think the altcoins that
are not relics so like there’s some
altcoins that are just relics right and
those the relics basically just bleed
against Bitcoin forever um they don’t
really have another move in a second
cycle or a third cycle but I think the
altcoins that are not relics that have
been going down I think they could
actually bottom out against Bitcoin this
summer um and I you know we showing some
altcoin like we were even talking about
eth right I think there’s a good chance
that the eth Bitcoin valuation might
bottom this summer um and the reason I
say that is I I think that the FED is
probably gonna pivot sooner than people
think they are um because I like I think
there’s a good chance we will get a rate
cut this summer is my speculation I
could be wrong right I mean the market
thinks we’re not going to get one till
September but I think there’s a chance
we could get one this summer and if
that’s the case then it means that all
Bitcoin valuations could theoretically
bottom out this summer so I would I what
I’m most interested in is if you look at
at like the um all these all Bitcoin
valuations they tend they’ve been
finding local bottoms like in the summer
like in June in July and I just want to
show one chart really really quick um
and let me share my screen
sure first of all that speculation
sounds dubious but I’ll it is it is so
this is the uh this is the dominance of
Bitcoin excluding Stables so just
excluding stables and you can see that
it’s been in this wedge for a long time
but it it tends to top out in the summer
right so in 2021 it topped out in June
July in 2022 it topped out in June in
2023 there was a surge into the summer
but it didn’t go to the top of the wedge
and then now we once again find
ourselves sort of going into the summer
the dominance has been SL I mean I know
the last couple of weeks has moved down
a little bit but it has been generally
moving up so I think that if you see
something like that happen if you see
dominance come up to here this summer I
actually think that will complete the
Bitcoin dominance rally um because then
it will have completely retraced the
entire the entire breakdown right so the
breakdown occurred right here and if it
can get there by this summer it will
have completely retraced that entire
move so that’s what I’m more interested
I think that Bitcoin dominance might top
this summer I think eth Bitcoin could
bottom this summer um because the reason
is because the reason why that stuff
could theoretically bottom this summer
is not only because I think the FED
might start to cut later this summer but
also because
um a lot of times in the summer people
lose interest in markets right they do
other things and so that’s why you often
see Bitcoin dominance finding a local
top in the summer is because in the
summer is when the bid disappears for
altcoins right because people are doing
other things in the summer they’re going
on vacations and they’re not thinking
about crypto so that’s why I think we
could see something like that happen I
think dominance could actually top out
this summer I’m more interested in in
that I think than anything else yeah I’m
so this could well you guys you guys
pretty much said it Jessica said it
first Ben said it second maybe this is a
sell and man go away type of thing but
before we before we move on the next one
there was a question I think it’s it’s
relevant right now when you talk about
Bitcoin dominance how how much are you
you’ve always talked about
60% but crypto jat says when Bitcoin
dominance is the highest would that be
the time to get in to alts since they be
the relative lowest points which I would
make sense right if we’re talking about
60 65% wouldn’t that be a time and maybe
you miss it but I
mean yeah I mean so so basically last
cycle what happened is that Bitcoin
dominance topped and when it topped
obviously altcoins bottomed against
Bitcoin but then they the the altcoin
market still bled for a few more months
on its USD pair until the last rate cut
right so it depends on what your unit of
account is if you only care about the
Bitcoin valuation of your portfolio then
yeah like it would make sense to you
know convert some Bitcoin into altcoins
wi Bitcoin dominance tops right that was
that’s when you’re going to get sort of
the most amount of altcoin for your
Bitcoin
if your unit of account is US Dollars
then there there is a chance that the
market could still fade even after
Bitcoin dominance tops because like I
think last cycle Bitcoin dominance
topped in September and let’s just
pretend like the pandemic didn’t happen
like let’s just throw that that out the
window and just say what happened
without the pandemic if you look at what
happened without the pandemic so so
Bitcoin dominance stopped in September
and then altcoins bled for October they
bled for three more months on their USD
Pairs and then they took off right so I
think that it depends on what your unit
of account is the point is is when
Bitcoin dominates tops then there’s more
reason to think about the altcoin market
because they’re no longer bleeding
against Bitcoin you know if you think
about the last couple years it’s not
like eth hasn’t gone up it has gone up
on its USD pair it’s just been bleeding
against Bitcoin right you would have
been taking on less risk to be in
Bitcoin and you would have seen a better
reward I think this Summer that
theoretically could change where instead
of instead of altcoins going down on
their Bitcoin pair no matter the
direction of Bitcoin USD we we’re going
to transition into the next phase of the
cycle which is all Bitcoin pairs go up
no matter the direction of Bitcoin USD
and the reason why that can make some
people upset for a little while if it
happens like last cycle is that all
Bitcoin pairs could bottom right you
could see things like eth Bitcoin bottom
and Ada Bitcoin bottom and and and Dot
Bitcoin you could see some of those
bottom but that doesn’t necessarily mean
that their USD valuations are going to
Skyrocket it’s going to take until the
FED turns the money printer back on to
to actually induce that all season that
everyone wants yeah and I got to tell
you we’re at uh what are we at$ 34
trillion do I think in debt I don’t know
if there’s a way out of that except for
printing that’s Jessica that’s what we
do here in America we just we just go
into debt and we do massive debt so okay
so everybody thanks for for the
responses let’s move on to this is a
question that’s uh I think is more
geared with maybe me and Jessica maybe
not so much been
but there’s these things coming out and
they’re already out right now and if
we’re taking a look at transaction fees
it was quite enormous in the last uh
week or so I always made fun of ethereum
because the transaction fees were so
ridiculous but over the last uh three
months or so this red is ethereum and
blue is Bitcoin and Bitcoin hasn’t
really been you know like the greatest
of uh non-transactional fees but over
here we can see that it just topped out
at
$127 on April 20th which is one day
after the having that’s a lot and
ethereum is only two bucks you would
have done much better just moving things
on ethereum layer one not even Layer Two
And if you want to find out what the
different transactional costs are
there’s a great website called mempool
dospace you can see right now that it’s
come down
precipitously in high priority only $4
or a dollar or something like that but
we’ve seen a big huge jump and I think
one of the reasons is is because of
well ordinals and runes and if you think
about ordinals they’re essentially nfts
on the Bitcoin block space and you think
about runes runes are essentially tokens
or meme coins on the Bitcoin block space
the great thing about this is that if
you have
nfts those are on ipfs or a link to
someplace an Amazon web service or AWS
but with ruins and ordinals that
actually is on layer one Bitcoin so the
question I have Jess I’ll start with you
because Ben looks totally uninterested
right now but if if if if we talk about
this are these a good thing for Bitcoin
does it actually have utility or is this
just going to is it runes that’s great
or is it going to ruin Bitcoin trademark
all
right nice little bit of word play there
first of all I want to check that you
guys can hear me okay because I had a
little bit of microphone playing up does
it is it sound better now can you guys
hear me okay you sound great okay
excellent sorry about that guys um so
this is kind of controversial but I
essenti I think we need to have this
other transactions and these other
utilities for the Bitcoin Network I
think to the extent of what we’ve seen
as you’ve mentioned it seven times the
normal fees on the Bitcoin Network which
is just absolutely insane but that’s the
anomaly there was also this fight for
everyone to really get in with that
840,000 Bitcoin block everyone wanted to
get a piece of um being able to say they
were on that one specific block post
Hing um but yeah the spiking Network
fees so there was a little bit of a race
there and a little bit of competition in
that regard and yeah correct as you as
rob you mentioned the fact that the
Bitcoin transaction fee surpassed
ethereum for six days is something that
you never really think that you would
hear in the kind of the Bitcoin
ecosystem but mazari came out with a
report and they’d actually said that the
layer two solutions on bitcoin are not
just a luxury for Bitcoin now they’re
really seen as a necessity and Bitcoin
is developing from the status as digital
gold into something which is more kind
of digital oil it has more utility and
it’s something that we’ll probably start
to need to see more of for the appeal
for Bitcoin miners so just for some
context because I think it’s interesting
to note that after the haling is Bitcoin
mining still a lucrative business for
people to to be in and the activity on
the network essentially is good for
Bitcoin miners so um in Q4 it cost
approximately $29,500 to mine a Bitcoin
and it’s projected now after the having
to be $53,000
so we do need to see this extra utility
and these transaction fees and the
network fees to be able to make it a
lucrative offering for minus in my
opinion it’s like the it’s an essential
thing that we’re going to need to see to
keep the utility in the space and we are
still seeing companies that are
investing in Bitcoin mining so it does
seem to still have an appeal to some
extent there is a long-term goal and
objective there like I spoke to Paulo
Arduino who’s the CEO of tether last
week and I mean tether are throwing I
think it’s $500 million into Bitcoin
mining across Latin America you’ve got
El Salvador with a$1 billion partnership
for a volcano energy for Bitcoin mining
so there is still Bitcoin mining
Investments as a company in objective
being carried out but as the halving has
shown it’s a lot more expensive to mine
Bitcoin we are going to see need to see
this new network fees transactions and
utilities within the Bitcoin Network
otherwise I mean what’s the appeal
what’s the interest
yeah what’s the appeal what’s the
interest and actually everybody if you
go to look on the bitcoin.com there’s a
great chart it takes a look at rewards
versus fees and you can see that over
time I mean the miners don’t worry about
the miners I think they’re going to be
okay especially with these because the
rewards are what they get for Bitcoin
for mining Bitcoin you know 57 for look
over here as time has gone on it’s been
like a a split
7425 7326 actually no excuse me 6237
splits on depending on the days and of
course over here it was like a
ridiculous price but yeah it’s a good
point and I think you know if you have
something like this people will say well
this is going to be bad for Bitcoin
makes things super expensive which we
get but maybe it’ll help with uh you
know all the meme coins that were being
put on salon and ethereum and Avalanche
maybe they say you know what I want to
do a meme coin and I’m meme transaction
I’ll do it on bitcoin which would help
with Bitcoin dominance Ben any
thoughts like I I’m not super familiar
with all that stuff that’s going on to
be completely honest but I I will say I
don’t really think um I I think
Innovation is a good thing uh I think
exploring different paths is a good
thing and then the market will decide if
it’s worth it or not you know I mean um
that’s kind of where I stand I mean the
market will ultimately decide if there’s
value there and and it’s not up for any
of us to decide or you know it’s not up
for me to decide it’s I don’t always
know what everyone’s going to find um
you know valuable because again like
even last cycle like I certainly you
know was I value
decentralization more than anything else
which is why I was more so looking at
things like Bitcoin ethereum um and
cardano but you know there were a lot of
coins last cycle that were not
decentralized in any way other than in
name only right decentralized the name
only in Dino and they did really really
well so yeah I mean I I think that um
Innovation is a good thing and
ultimately the market will decide if
it’s valuable or not yeah it’s a good
point because you never know because
that’s the whole thing it’s an open
market we’ll see actually what uh what
people favor and then let the winners
win all right yeah yeah perfect and then
lastly before we get into a ton of
questions Jessica Dubai what was the
sentiment over there and what were some
of the things that you saw which were
you’re like oh that could be a big
thing yes so first up for those that
missed crypto Twitter’s announcement
that Dubai had turned on the water tap
and Dubai was flooded for around two
days of last week that was true it was a
little bit of a stressful time but hats
off the coin bu team we all managed to
pull through and um guy had to
personally drive to the conference at
one one point and couldn’t find parking
was due to be he was due to be
interviewing Paulo uino the co of tether
and 20 minutes before said Jessica
you’ve got to do it because I’ve got to
drive back because the streets are
flooded so it was behind the scenes
absolute chaos however there was some
really interesting announcements that
came out of the token 2049 conference to
start the week off I went to The salana
Hacker House on Monday and that was cool
because you got to see some of the
projects that are building on salana
that was more developer focused but it’s
interesting to be able to touch base
with the kind of ecosystem in general
and see what’s being built reaking seems
to be a really big narrative that’s
coming up within these kind of these
certain ecosystems salana specifically I
was listening to some talks and I was
like okay this is starting to make a a
reemergence as a narrative on Thursday
evening there was also a deep in
conference and a deep in range of panel
discussion so deep is something I know
like we’ve spoke about quite a lot on on
this channel um and that seems to be an
area where a lot of projects are
building a lot of people have proof of
execution which is pretty cool so it’s
nice to be able to see actually what is
being built it’s not the 2021 Market
space of a metaverse coming soon you can
actually see a tangible use case for a
lot of deepin projects that are coming
out um but there was also some crazy
crypto Market top indicators so if
anyone watched our live stream yesterday
we had a few that were um pretty
remarkable actually and maybe I’ll share
my screen just to show some of the wild
um Market tops that came from Dubai so
we had Mario interviewing Miss World
about web 3 I’m not sure if you guys can
see my screen here which is just like
very bizarre so there’s you know some of
the Miss worlds miss monos all of these
F dangos coming along and listening to
to web fre talks we also had um bar
chain had a drone show which was
showcasing some of their um updates and
kind of comings out let me see if I can
open my screen to share the link with
you guys but in general I think the
sentiment despite the weather being
absolutely crazy was pretty good it was
nice to see like um this is an example
of the the true Dubai Showcase of the
glitz and the glamour of crypto projects
in this market cycle
so yeah in general for those that didn’t
make it over there was some interesting
talks and discussions I think the main
highlight was the telegram founder and
the tether CEO having the discussion
about usdt being integrated with
telegram and uh therefore also being
beneficial to ton coin that was the main
crypto announcement that came out thank
you red panda pie yeah surviving the the
Tob flood was was a big one um and also
it’s just generally really optimistic to
see people that you know from kind of
crypto Twitter and also projects that
you’ve been following IRL and get to
touch base with them and see what
they’re getting up to so I always
recommend going to crypto conferences if
you can but uh last week was definitely
one for the story books it was a little
crazy cool Tom real quick you said ton
coin which is now in the top 10 what was
the big announcement I missed it so the
announcement was um tether and
telegram’s web through ecosystems are
going to come closer together cuz USD is
launching on the ton blockchain so
essentially you can settle us uh um
payments with the to telegram
application with USD rather than just
with ton
coin gotcha yeah I watched there was a
there was a great interview between uh
the founder of of uh telegram Ander
Carlson and it was yes and it was
fascinating just how Shady the American
government actually is and what they’re
trying to do if anybody want to watch
that video whether you love or hate
Tucker Carlson is is irrelevant watch
that interview and you will
see there’s nonsense of foot I’ll just
say that all right so everybody that
concludes that whole piece now what we
want to do is get into a couple of
questions and just uh go from there so I
think the first one this was pretty good
actually let’s
see first of all I want to make mention
of this small reminder that being into
crypto is incredibly cringe to your real
life friends colleagues and family never
forget I’m just going to say one thing
which is it’s cringe right now when the
like this bearishness but everybody
loves you when the bull market comes so
the question is how are you going to
treat everybody I I guess the question
would be like what do you guys do when
when your friends and family come to you
as far as like investment advice for
crypto you tell them get in now or you
just like don’t I’m not gonna tell you
anything because I don’t want to be
responsible for
you I mean I usually to go then hit it
up I mean I try not to uh spend too much
time trying to convince other people um
because I think what I found I mean if
you’re going to convince someone try to
do it when the Market’s down 80% you
know um but I think like the hard part
with convincing friends and family is it
goes one of two ways and they both end
up the same way because everyone’s first
cycle they make every mistake in the
book right so you the first thing is you
convince them to buy at the top and then
they spend the next year Watching The
Market go down and they hate you and
that’s number one and then they sell the
bottom and then they miss out on the
next cycle and then they don’t care
about it anymore the other option is you
tell them about it you know not at the
top but they put money in they watch it
go up a lot but they never sell and they
just keep on buying more useless things
like they just go to the meme coins
because it’s what everyone does their
first cycle is they they stray away from
Bitcoin and they go into the the the
crappiest of crap alt
coins true and so while they may be up
for a couple of months uh they end up
buying completely useless garbage at the
top whenever that comes and then they
still blame you so I think that like
yeah like if if you’re gonna say
anything it always has to be like them
coming to you and not you ever going to
them and being like hey you should do
this if they come to you and say hey I
want to get in what do you think then
you can see like all right well this is
what normally happens around this time
this is what you might want to expect um
you know but I would never try to
convince anyone of of of anything
because again even even how confident
all we are about where the market
ultimately goes the reality is no one
actually knows where Market g go so
exactly Jessica what do you do because I
think your mom talked like text you not
too long ago and like hey what about
this Bitcoin so well my mom got into
Bitcoin in 2018 because I was working
full-time for a crypto so Lynn was
earlier than most um but at least Ben
you’ve got quite a good stance on your
pro Bitcoin and it’s like don’t talk to
me about shitcoins I think someone that
has like a diverse portfolio I get a lot
of people asking me like hey my
boyfriend wants to ask you about meme
coins but he’s too scared to ask what
meme coin should he invest into and
nothing nothing annoys me more than that
because first of all I’m like if you
guys want crypto knowledge subscribe to
coin Bureau we have videos regularly um
and I think my friends forget this is
the bread and butter of our living to
make videos educating people about
crypto and everyone wants a five minute
personalized voice note on what to buy
when to buy it and there’s there just
not enough time in the day and Satoshi
had that famous email quotation which
was like if you don’t believe me or
don’t get it I don’t have time to try
and convince you sorry and I think
that’s quite a good thing and narrative
for us all to remember it’s like we
shouldn’t have to try and convince you
all the Christmas dinner table however
when markets are up you know we’ll
happily direct you to Media platform
forms and where to go for your
information um so yeah I think it’s an
interesting one just to see like where
the market is going to go what times
people ask and also what kind of
narratives people ask about so 2021
everyone was asking about nfts and now
it’s like meme coins obviously is a
topic of conversation um and then when
it comes to like other like working with
colleagues this is where the one I think
disadvantage is crypto Twitter is so
funny and none of my nocoiner friends
will get any of the references
so the coin Bureau team members will
send screenshots of funny crypto tweets
throughout the weekend to each other
because we’re like this is so funny I
know none of my normal friends will get
this joke so I have to send it to my
colleagues so you guys can appreciate it
because it’s a very Niche specific sense
of humor I think we should just make a
big telegram group and everyone that
wants to share some crypto memes we can
just you know bounce them around to each
other I’m pretty sure you guys got a
telegram group already Jessica I’m just
saying for for Co but uh yeah and and
actually yeah if you guys want to get
some more of the the alpha there there’s
coin Bureau Club there’s a link in the
description if you always want to are
big on the charts and really to verify
all the things that you hear because
let’s be honest a lot of things that
that some people talk about are total
nonsense so if you want to verify it go
to Ben that’s what I do I go to Ben’s
website and steal all his information
and I talk about it but not everything
that’s why there’s a link in the
description so let’s see uh there’s one
point and I’d like to this is this was
like I remember getting in 2017 hearing
this this phrase and I was like that’s
kind of a jerk move but it’s true so
everything that’s uh that we talk about
I like Ben’s stance Jessica I like your
stance but I always I tell people like
this like look if you want to get in
you’re gonna lose everything uh you can
either make some good money or you can
lose everything but don’t blame me you
want to talk about it or not and that’s
it that’s when they that’s even when
they come to me because I don’t want to
hear their crying and whining when
things go down I’m like I don’t care
about you I’ve I’ve only got so much
time in this world and you’re wasting it
so anyhow that’s me being very negative
sorry
uh there was a question here ah this
ought to be good I think this will kind
of wrap things in up questions for Ben
and Jessica what are the altcoins that
might perform well in the altcoin season
everybody’s favorite question who wants
to take this one
first I mean I think ethereum is
obviously the main one to First Look at
because um I I mean it still is
technically an altcoin but it I think it
has sort of proven itself for a number
of years now is is being sort of the um
second in Command right second by market
cap so that would probably be the place
to start beyond that I would just say
any op that is either holding its low
against Bitcoin or putting in higher
lows against Bitcoin that’s all you have
to look at right I mean and that’s what
I did last cycle I just was like which
ones are holding their lows against
Bitcoin or putting in higher lows
against Bitcoin and those are the ones
that’ll do well you know whenever the
FED does turn the money printer back on
um but yeah and even last year I mean
look look at uh if you looked at there
there were some alts that kind of were
holding their lows against Bitcoin the
the the alts that I mean even though
Bitcoin dominance has gone up there are
some alts over the last year that have
outperform Bitcoin and the ones that did
were also the ones that a year ago were
holding their lows against Bitcoin or
putting in higher lows against Bitcoin
the ones that just kept on putting in
lower lows are the ones that are are
still struggling yeah so I would just
look for that and again it’s impossible
to know exactly which HS those are going
to be but that’s why I just say don’t
marry an altcoin ride the Bitcoin
dominance reality to 60% and then look
around to see which alts are holding
their holding their lows against Bitcoin
that’s a good one don’t marry the alts
and then Jessica before before we get to
you I just want to give a shout out to
Nikki which is I think a lot of people
I’m very alone in this market we’re all
alone in this market there’s only
there’s a reason why we started these
channels mine was because I my friends
and family are sick of me talking about
it so we’re all loone that’s why you can
find camaraderie and family in these
types of channels so check out coin
Bureau coin buau Clips check out banon
at the Cur so jessicaa to to wrap this
up altcoins I know you’re big on S but
what else we got so I am a narrative
Tracer so I like to look at what kind of
narratives people will find interesting
right now so for me I personally have
you know quite a bit of salana and I
also have some Investments within the
salana ecosystem so pith uh
Sasso um and that’s kind of off the top
of my head head my full portfolio with
percentage Holdings is in the coin
Bureau Club um and then also deepins so
I’ve got maybe like 6% of my portfolio
right now is in deep in projects World
mobile is the largest holding and then
I’ve also got some Hive mappa honey
because I think anything that you can
explain to a nocoiner and they can go
okay I kind of get it let me jump on
into that is a great transition um and
unfortunately mem coin seems to be the
biggest adopter for newbies right now
but I refuse to invest in meme coins
this Market cycle um so deepen is my air
of choice sounds good I agree I do a
little bit degenerate but uh my
portfolio is 70% plus Bitcoin anyhow
guys uh if you’re looking for to follow
these two fine people there is a link in
the description for both actually uh
multiple uh links for for Jessica for
coin buau coin buau Club I think I got
coin Bureau espanol as well and then Ben
of course into the cryptoverse and
unfortunately the sale is not going on
just shut it down but guys this was
great I appreciate coming in here and I
look forward to the next one so
everybody thanks so much for stopping by
we appreciate it and we’ll see you guys
on the next one adios thank you guys

Never a dull moment in crypto – dump day. Here’s what happened.

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0:00 – INTRO
2:55 – WHY THE DUMP TODAY?
13:07 – OUTLOOK FOR Q2, Q3 2024.
21:08 – BTC.D AND THEN ALTCOIN NUMBERS.
23:54 – RUNES, ORDINALS & BITCOIN – DESTROYING BITCOIN?
30:50 – DUBAI NARRATIVES & BEHIND THE SCENES.
35:09 – Q&A – TOP ALTS, BITCOIN STRESS AND OUTLOOK

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●▬▬▬▬▬▬▬▬DISCLAIMER▬▬▬▬▬▬▬▬▬●
#BITCOIN #ETHEREUM #CRYPTO #SOLANA
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! This channel is for entertainment purposes only and is just my opinion as I am not an expert or a financial planner. Please perform your own research.

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