MATT WE ARE LIVE FROM OUR WORLD HEADQUARTERS
I'M MATT MILLER.
KAILEY I'M KAILEY LEINZ.
WELCOME TO BLOOMBERG CRYPTO THE PEOPLE TRANSACTIONS AND TECHNOLOGY SHAPING THE WORLD OF DECENTRALIZED FINANCE.
MATT ETHEREUM COMPLETED ITS SOFTWARE UPGRADE BUT CRYPTO STILL HAS PROBLEMS WE WILL DISCUSS IT WITH THE PRESIDENT OF AVA LABS.
KAILEY BRACING FOR VOLATILITY AS MERGE-MANIIA COOLS OFF.
WE TREES WHAT'S AHEAD -- TRACE WHAT IS AHEAD WITH LAURA VIDALIA.
MATT AND WE HAVE DETAILS ON THE EXCHANGE'S NEW GROUP DEDICATED TO DIGITAL ASSETS.
>> ALL OF THAT IS AHEAD BUT FIRST WE WANT A SNAPSHOT OF THE MARKET.
THE BEST WAY TO DO THAT IS ON THE BLOOMBERG TERMINAL AND WHAT YOU WILL SEE IS ACTUALLY A MIXED BAG.
IT IS A RISK OFF DAY ON EQUITIES BITCOIN IS CLOSELY CORRELATED TO THOSE SO NO SURPRISE IT IS DOWN BY 2% TREATING AROUND $19000.
WHILE THEY HAVE BEEN UNDERPERFORMING SINCE THE MERGER WAS COMPLETED LAST WEEK IT IS OUTPERFORMING TODAY UP BY 8/10 OF 1%.
THE REAL OUTPERFORMANCE IS COMING FROM XRP.
RIPPLE IS IN A BATTLE WITH THE FCC THEY SAY THAT THEY SHOULD HAVE BEEN LISTED AND REGISTERED AS A SECURITY.
RIPPLE IS FILING A MOTION TO DISMISS THAT SAYING INVESTORS NEVER HAD AN INVESTMENT CONTRACT AND THEREFORE NO RIGHTS SO IT IS INTERESTING TO SEE THAT.
AND CHECKING ON AVALANCHE DOWN BY 1.6%.
WE WILL HAVE MORE ON THAT TOKEN IN A MOMENT BUT FIRST YOU HAVE A FULL CHART TO LOOK AT MATT.
MATT WE HAVE A NUMBER OF THEM.
OUR TEAM PUT TOGETHER A TECHNICAL LOOK AT ETHER AND ABIGAIL DOOLITTLE WILL SHOW YOU MORE TECHNICAL CHARTS IN A MOMENT.
I AM LOOKING AT BASICALLY A PATTERN THAT HAS BUILT UP FROM THE JUNE LOWS.
EITHER HAD A PRETTY GOOD RUN INTO THE MERGER OR AT LEAST THE BEGINNING AND HAS COME OFF AS THINGS HAVE GONE SMOOTHLY.
WHAT YOU ARE LOOKING AT IS A REGRESSION PATTERN.
AND WE ARE COMING DOWN SINCE THEN TWO STANDARD DEVIATIONS.
TECHNICAL CHARTISTS TELL ME IF WE BREAK DOWN TO THE THIRD THE NEXT STEP IS 1250 BELOW THAT IT WOULD BE 1000.
SO ETHERIUM HAVING A HARD TIME PICKING UP OVER THE UPGRADE TO PROOF OF STAKE.
>> ETHERIUM THIS IS MASSIVE.
>> A MONUMENTAL EFFORT.
>> THEIR MARRIAGE WAS HIGHLY SUCCESSFUL.
>> THE BARRIER TO ENTRY IS MUCH LOWER THAN PROOF OF WORK.
>> THE ENDGAME IS 10 MILLION TRANSACTIONS PER SECOND.
>> SECURITY RELIABILITY.
IT'S STILL OPEN FOR DEBATE.
>> WHAT IS NEXT IS INVESTMENTS INTO SCALING.
>> WE EXPECT 100% OF ACTIVITY TO MOVE THEIR OVERTIME.
>> ETHEREUM AS A NETWORK IS JUST GETTING STARTED IT WILL GET A LOT FASTER AND DEEPER.
MATT THE MERGE WAS A SUCCESS BUT ETHEREUM IS STILL DRAWING REGULATORY SCRUTINY TO THE INDUSTRY.
SONALI BASAK IS HERE WITH US.
SONALI THE SAGA OVER CRYPTO REGULATION CONTINUES.
THE FTC CHAIR LAST WEEK SAID THAT IT COULD CAUSE A TOKEN'S BLOCKCHAIN'S TO BE CONSIDERED SECURITIES AND THAT IS A LABEL THAT MANY IN THE INDUSTRY HAVE BEEN TRYING TO AVOID BECAUSE OF THE INCREASED REGULATORY REQUIREMENTS AND OVERSIGHT IT COMES WITH.
THE BIGGER PROBLEM IS STAKING IS BECOMING A CRITICAL PART OF THE VALUE PROPOSITION AND THE FTC IS WORRIED ABOUT ITS ATTRIBUTES SIMILAR TO THOSE YIELD ASSETS THAT GOT THE INDUSTRY IN TROUBLE EARLIER THIS YEAR.
BRENT HARRISON HIGHLIGHTS THE KEY DILEMMA FOR AN EXCHANGE LIKE HIS.
AND WHAT HE IS ASKING IF IT COULD BE CONSIDERED AN INVESTMENT OF SOME KIND.
HARRISON ADDED THAT THERE ARE MULTIPLE KINDS OF STAKING ADDING TO THE COMPLEXITY.
BUT THEY HAVE ALSO BEEN WARY OF WHETHER THE ASSETS HAVE BEEN USED TO RAISE MONEY LIKE OTHER SECURITIES.
THE AGENCY IS BY NO MEANS THE ONLY ONE SCRUTINIZING THE MARKET THE U.S.
TREASURY DEPARTMENT AND JANET YELLEN HAVE BEEN FOR MONTHS ASSESSING RISKS IN STABLECOINS AND DECENTRALIZED FINANCE.
THE WHITE HOUSE HAS BEEN DIRECTING AGENCIES TO AGGRESSIVELY PURSUE INVESTIGATIONS AND ENFORCEMENT ACTIONS TO WEED OUT FRAUD AND ABUSE IN THE INDUSTRY.
BUT THEY'RE ALSO LOOKING AT THE BENEFITS OF A DIGITAL DOLLAR AND OF THE FEDERAL RESERVE IS CONSIDERING WAYS TO STANDARDIZE ROLES FOR A DIGITAL FINANCIAL SYSTEM.
MATT THANK YOU FOR THAT.
THE PRESIDENT OF AVA LABS JOHN WU IS HERE TO TALK ABOUT TAKES BUILDING THE NEXT GENERATION PLATFORM AVALANCHE.
THANK YOU FOR COMING TO THE STUDIO HERE.
WHAT IS YOUR TAKE ON THE INCREASED REGULATORY SCRUTINY THIS IS SOMETHING THAT I THINK A LOT OF PEOPLE IN THE CRYPTO COMMUNITY WANT TO GET DONE BUT IT IS KIND OF PAINFUL.
JOHN WHEN YOU GO THERE ANYTHING UNCERTAIN IT IS PAINFUL BUT AT THE OTHER END IT WILL BE BETTER.
THE REAL ISSUE IS MAKING SURE THAT THERE IS A GOOD FRAMEWORK AND A DIFFERENT REGULATORY BODY IN THE U.S.
WORKING TOGETHER AND THEREFORE KEEPING THE INNOVATIONS DEVELOPMENT AND ULTIMATELY WE SHOULD HAVE THE CAPITAL MARKETS HERE.
COINBASE IS ONLY ABOUT 11% OF THE WHOLE TRADING VOLUME SO WHY SHOULDN'T WE HAVE MORE MATT YOU HAVE SPENT A LOT OF TIME ON WALL STREET PRIOR TO CRYPTO ARE THESE ASSETS SECURITIES DO YOU THINK THAT THEY HAVE A POINT WITH THESE ASSETS JOHN THERE IS UTILITY LOYALTY TOKENS SECURITIES AND THERE IS ACTUALLY JUST DIGITAL COLLECTIBLES CALLED NFT'S WHICH CLEARLY NOBODY KNOWS EXACTLY WHAT TO DO WITH.
THE EARLIER SEGMENT SOME SAY IT SHOULD BE CONSIDERED A SECURITY BUT IT IS A DIFFERENT CONSTRUCT IT HAS NEVER EXISTED BEFORE.
YOU ARE PUTTING COLLATERAL TO WORK.
IT IS A HYBRID SO MAYBE IT SHOULD BE INCOME FOR WORKING CONTRIBUTED AS OPPOSED TO A SECURITY.
KAILEY THE REASON WE ARE TALKING ABOUT STAKING IS BECAUSE IF THE AREA COMPLETED ITS MERGE LAST WEEK.
WHAT IS DIFFERENT THIS WEEK NOW THAT THAT IS OVER HOW MUCH REALISTICALLY DID IT CHANGE JOHN IT DOESN'T AFFECT ANYTHING IN THE SHORT-TERM BECAUSE THE MERGE IS ABOUT GOING FROM PROOF OF WORK TO PROOF OF STAKE.
THE SCALABILITY ISSUES WHICH WILL BE ADDRESSED IN 2023 -- I THINK IN THE MEDIUM-TERM ALL SHOULD BE ROOTING FOR MORE SUCCESS.
-- MIGHT BE TOO YOUNG TO KNOW THIS BUT MATT AND I WE HUNG OUT AT THE MALL IN OUR TEENAGE YEARS.
KAILEY I USED TO GO TO THE MALL.
JOHN THERE WAS NORDSTROM'S.
BUT NEXT TO THAT WAS F FOOTLOCKER THE FOOD COURT.
RIGHT NOW IF THEORY HIM IS NORDSTROM -- YOU THEORY HIM IS NORDSTROM.
IT WOULD BE FULLY FOR THEM NOT TO WANT TO THE FOOT TRAFFIC.
SO IN THE MEDIUM-TERM I THINK IT IS GOOD FOR EVERYONE.
KAILEY AN ANALOGY THAT I DO UNDERSTAND.
I WANT TO TURN TO AVALANCHE BECAUSE THERE WAS A REPORT LAST MONTH MAKING ACCUSATIONS BASICALLY THAT YOUR COMPANY PAID LAWYERS AT ROCHE OF TO HURT COMPETITORS DISTRACT REGULATORS AND PURSUE VENDETTAS OF YOUR FOUNDER WHO HE HIMSELF HAS CALLED THE ALLEGATIONS CONSPIRACY THEORY NONSENSE.
WHAT IS A RESPONSE TO THEM AND IS ANY PART OF THEM GIVEN THAT THERE ARE MULTIPLE REPORTS IS ANY PART OF THEM TRUE JOHN ABSOLUTELY FALSE.
THE OTHER PARTY HAS ALREADY ADMITTED THAT IT WAS FALSE.
BUT WHAT WAS REALLY GOOD ABOUT THAT EXPERIENCE WAS THE AVALANCHE COMMUNITY.
THE INSTANT THAT CAME OUT THE COMMUNITY RECOGNIZED HOW FALSE IT WAS AND AT THE SUPPORT WE GOT FROM THE AVALANCHE COMMUNITY WAS INCREDIBLE.
IT ULTIMATELY MADE AVALANCHE EVEN STRONGER.
MATT WHAT DIFFERENTIATES AVALANCHE FROM LET 20000 OTHER CRYPTOCURRENCIES OUT THERE JOHN THERE ARE MANY THINGS.
FIRST OF ALL THE INSTANT FINALITY BECAUSE OF THE PROTOCOL ITSELF IT IS A DIFFERENT TYPE OF PROTOCOL.
AND THE ARCHITECTURE WE HAVE THE CONCEPT OF SUBNETWORK.
WE USE THE SECURITY OF AVALANCHE THERE AND THAT ALLOWS YOU TO DO SO MANY THINGS AND PROVIDES DEVELOPERS EASY EXECUTION ENVIRONMENTS WHERE THEY CAN CREATE THEIR OWN NECESSITIES AND BECOME POSEABLE FOR THEIR OWN APPLICATIONS AND THEY WANT TO CREATE.
SO THOSE ARE A FEW THINGS.
MOST IMPORTANTLY I THINK IS THAT SUB-NET CONSTRUCT ALLOWS REGULATORY COMPLIANCE FROM PLACES LIKE -- SO I THINK ONE OF THE BIG ANNOUNCEMENTS WE HAD LAST WEEK WITH KK R THIS IS THE FIRST TIME AND EXCITING TO ME BECAUSE I CAME FROM TRADITIONAL FINANCE WHEN REAL-WORLD ASSETS CAN GET PUT ON THE BLOCKCHAIN.
IT'S A WATERSHED MOMENT BECAUSE SO MANY ARE PRIVATE TODAY AND INDIVIDUALS DO NOT HAVE ACCESS TO THAT.
KKR IS THE FIRST LARGE ASSET MANAGEMENT ALLOWING A SLIVER OF A VERY WELL-KNOWN FUND TO LEAD TOKENIZED.
THIS BASICALLY IS A FIRST STEP TO THE FUTURE OF FINANCE WHERE ALL THREE OF US EVENTUALLY WILL BE ABLE TO BUY PRIVATE SECURITIES AND FUNDS AS EASILY AS YOU AND I BY APPLE STOCK.
MATT WHAT ELSE WILL WE BE ABLE TO DO ERIC ADAMS TALKED ABOUT PUTTING YOUR DRIVERS LICENSE ON THE BLOCKCHAIN OR THE DEED TO YOUR HOUSE OR BIRTH CERTIFICATE.
WE HAVE HAD A NUMBER OF PEOPLE TALKING ABOUT YOU KNOW OTHER REAL ASSETS THAT CAN GO ON CERTAIN BLOCKCHAIN'S.
WOULD AVALANCHE BE THE RIGHT FIT FOR THAT JOHN ABSOLUTELY IT IS ALL HAPPENING.
IT'S HAPPENING AROUND THE ECOSYSTEM THERE'S LOYALTY POINTS FOR STARBUCKS THE PGA YOU ALSO HAVE THE FOOTBALL CLUBS IN EUROPE THE SOCCER CLUBS IN EUROPE THEY ARE DOING TOKENS.
TICKETMASTER IS CONVERTING TO NFT'S WHICH IS A MORE SECURE WAY.
SO ALL OF THESE REAL WORLD ASSETS ARE COMING TO THE BLOCKCHAIN AND LEVERAGING THE BENEFITS THE COST-EFFECTIVENESS AS WELL AS BETTER DISTRIBUTION ULTIMATELY.
KAILEY LET'S END BY TALKING ABOUT REAL-WORLD PROBLEMS ONE OF THEM BEING INFLATION INTO THE FEDERAL RESERVE FIGHTING TO RESPOND TO IT AND BRING IT DOWN IN THE FORM OF TIGHTER MONETARY POLICY.
THAT HAS BEEN WEIGHING ON THE ECOSYSTEM BUT I HAVE NOTICED THAT THERE HAS BEEN UNDERPERFORMANCE IN AVALANCHE SPECIFICALLY IN WHAT ULTIMATELY DO YOU ATTRIBUTE THAT TO JOHN I THINK IT IS THE HIGHER BETA.
IT'S HIGHER BETA THAN YOU THEORY HIM AND BITCOIN.
AND IN THE END ALL ASSETS WHETHER THEY ARE CRYPTO ASSETS SNOWFLAKE THEY ARE ALL -- THE PRICES ARE MOVING BECAUSE OF THREE THINGS BACKFLOW LIQUIDITY END OF THE ASSETS.
IN THE CASE OF AVALANCHE AND OTHER CRYPTO THE ADOPTION OF THE NETWORK IS THE FUNDAMENTALS AND THAT IS ABSOLUTELY IMPROVING.
FOR VIEWERS AND INVESTORS THERE IS A LOT TO BE GENERATED BECAUSE UNDERNEATH THE HOOD THERE IS A LOT OF DISPERSION.
MATT WE APPRECIATE YOU COMING HERE JOHN WU THE PRESIDENT OF AVA LABS TALKING ABOUT A NUMBER OF ISSUES.
THE FED FRONT AND CENTER BECAUSE WE HAVE THAT MEETING TOMORROW.
KAILEY WE WILL TALK ABOUT THAT WITH OUR NEXT GUEST LAURA VIDIELLA.
MATT PLUS NASDAQ'S CRYPTO POLLUTION CAPITALIZING ON AN INCREASING APPETITE FOR DIGITAL CURRENCIES AMONG BIG-MONEY INVESTORS.
KAILEY TO ACCESS ALL THE LATEST DATA AND NEWS ON CRYPTO CHECK OUT THE BLOOMBERG TERMINAL.
THIS IS BLOOMBERG.
KAILEY THIS IS BLOOMBERG CRYPTO.
ETHER HAS BEEN LAGGING SINCE THE MARRIAGE LAST WEEK BUT WHICH DO THE CHARTS SIGNAL ABOUT WHERE IT WILL GO NEXT WE ARE TALKING TO ABIGAIL DOOLITTLE WHO ALWAYS HAS A GREAT LOOK AT THE TECHNICALS.
ABIGAIL LET'S START OUT WITH ETHER.
BECAUSE THEY DID MAKE IT THROUGH THE MERGE BUT IT WAS A LITTLE BIT DODGY TO SAY THE LEAST.
IT IS INTERESTING BECAUSE ON THE SIX-MONTH CHART IT LOOKS LIKE THAT OF THE NASDAQ 100 THE DOWNTREND BUT ALSO THE JUNE LOWS.
YOU CAN SEE THE NEAR TERM MOVES LOWER BUT NOW BUYERS ARE SUPPORTING ETHER TRYING TO BRING BACK ABOVE THE FIVE DAY MOVING AVERAGE PERHAPS BACK TO 2000.
THAT IS THE NEAR TERM.
IF WE CONTINUE TO CHART CRYPTO AND WE LOOK AT BITCOIN THIS IS A MONTHLY CHART THAT WE LOOKED AT MONTHS AGO RELATIVE TO THE 50 MONTH MOVING AVERAGE WELL BELOW THE DAILY MOVING AVERAGES.
FOR THE FIRST TIME IN ITS HISTORY WE HAVE BITCOIN WELL BELOW THE 50 MONTH MOVING AVERAGE.
IT WILL BE INTERESTING TO SEE WHETHER OR NOT BUYERS SUPPORT IT.
IF NOT SIMILAR TO THE CHART MATT WAS A SHOWING IT SUGGESTS A MEDIUM TO LONG-TERM CRASH COULD BE AHEAD.
KAILEY OK ABIGAIL DOOLITTLE.
THANK YOU.
LET'S CONTINUE THE CONVERSATION NOW WITH THE VICE PRESIDENT OF BUSINESS DEVELOPMENT AND STRATEGY AT LEDGERPRIME A SYSTEMATIC DIGITAL ASSET INVESTMENT FIRM LAURA VIDIELLA.
IT IS GREAT TO SEE YOU LAURA.
TALK ABOUT THE MERGE.
IT SEEMS LIKE IT TURNED INTO A BUY THE RUMOR SELL THE NEWS TYPE DEAL.
IT WAS LAURA THAT IS A LITTLE BIT ABOUT WHAT WE SAW ALSO.
THE ANNOUNCEMENT OF THE EFFECTIVE DATA WAS GONE AROUND JULY AND THEN ALL THE WAY FROM JULY COMING INTO SEPTEMBER WE SAW CALL SPREADS OR SLIDES WHICH WERE BULLISH.
AND THE MORE TOWARDS THE LAST COUPLE WEEKS UPCOMING THE NARRATIVE OF THE BEHAVIOR CHANGED MORE TOWARDS OF SELLING CALLS TRADING THE SPREADS AND GETTING READY TO HEDGE ANYTHING THAT COULD HAPPEN DURING THOSE DAYS.
EVEN MORE SPECIFICALLY THE DATE OF THE MERGE WE SAW A RATES GOING NEGATIVE SO TRADERS HEDGING FOR THOSE MOMENTS AROUND THE MERGE.
MATT AT THE SAME TIME THAT S&P AND NASDAQ HAVE COME DOWN ALMOST EVERY DAY SINCE THEN.
THE CORRELATION SEEMS TO BE AS TAYLOR POINTED OUT EARLIER APPROACHING ONE AGAIN.
LAURA RIGHT THERE IS DEFINITELY A NARRATIVE OF MACRO AFFECTING THE CRYPTO MARKETS A LOT AND WE HAVE SEEN IT THIS YEAR HOW ANY CRYPTO WHEREVER IT IS IN THE WORLD HAS BEEN IMPACTED BY ACTION IN CRYPTO.
IT LAST WEEK WE SAW HOW THE HOUSING MARKET WENT DOWN AFTER THE CPI PRINT.
AND THAT WAS DRAGGING CRYPTO MARKETS DOWN WITH IT.
WE HAVE THE FOMC MEETING UPCOMING LOOKING AT FIVE BASIS POINTS.
BUT IT COULD END UP BEING 100 BASIS POINTS AND WE MIGHT SEE VOLATILITY.
KAILEY IS WHAT YOU ARE SAYING IS THAT THESE ARE RISK ASSETS LAURA WHAT WE ARE SEEING MORE IS -- ARE COMING INTO CRYPTO AND THEY WILL FOLLOW THE SAME PATTERN THAT THEY HAVE FOLLOWED IN MACRO THEY SEEM THAT THEY DO IN CRYPTO.
IN A WAY ESPECIALLY FOR THE MOST ILLIQUID ASSETS WE WILL LIKELY CONTAIN SEE THIS TREND UNTIL IT BREAKS AT SOME POINT.
MATT LEDGERPRIME WHAT IS YOUR EDGE OVER THE COMPETITION LAURA SO WE WERE ONE OF THE VERY FIRST NOT ONLY MARKET MAKERS BUT ONE OF THE FIRST BONDS THAT FOCUSED ON DERIVATIVES BACK IN THE DAY SO WE HAVE BEEN BUILDING UP EXPERIENCE IN STRATEGY FOR THE PAST FIVE YEARS.
AND WE CONTINUE TO PUT OURSELVES IN THE CRYPTO SPACE THAT IS HOW WE ARE KNOWN AND WE HOPE TO GO IN THAT DIRECTION.
MATT MARKET MAKERS NEED LIQUIDITY DOES THAT COME BACK AND WHAT HELPS LAURA THAT IS CORRECT.
I THINK THAT ONE OF THE KIND OF LIKE THE MAIN EVENT THAT WE SAW EARLIER THIS YEAR RIGHT WAS WE WENT THROUGH A MOMENT WITH THE -- SO CURRENTLY MARKET MAKERS WERE MORE COMPENSATED BY BRINGING -- SINCE MARKETS ARE.
I THINK THAT WE ARE WAITING TO SEE WHAT WILL HAPPEN IN A MACRO ENVIRONMENT.
MACRO IS NOT LOOKING GREAT COMING INTO THE FALL SO IF WE SEE THINGS IMPROVING LIQUIDITY WILL IMPROVE OVERALL.
COST OF BORROWING IS ALSO GOING TO AFFECT THINGS.
KAILEY YOU ARE NOT JUST A MARKET MAKER YOU HAVE EXPANDED TO BE AN EARLY-STAGE CAPITAL -- VENTURE CAPITAL LIKE INVESTOR.
WHAT ARE YOU LOOKING TO INVEST IN RIGHT NOW LAURA RIGHT NOW LEDGERPRIME WE BASICALLY INVEST IN WHAT WE BELIEVE WILL BE THE FEATURE OF MONEY.
IT COULD BE CREDIT DERIVATIVES.
AND AS OF RIGHT NOW WE ARE LOOKING FOR MORE HIGH CONVICTION SIZED YIELDS.
INSTEAD OF THE SMALLER ONES.
MORE LONG-TERM INVESTMENTS THAT WE CAN ALSO HAVE AN IMPACT ON OR HELP FROM THE GROUP PERSPECTIVE AS WELL AS LIKE BEING A TRADING FIRM.
KAILEY WE WERE JUST BEGINNING WITH OUR PREVIOUS GUEST OFF-CAMERA ABOUT WHETHER OR NOT PEOPLE STILL THINK OF CRYPTOCURRENCIES AS AN EVENTUAL PAYMENT MECHANISM AS SOMETHING THAT WILL REPLACE FIAT CURRENCIES.
WHAT DO YOU THINK LAURA THAT IS A BIT OF A LONG-TERM SHOT.
WE DO NOT SEE THAT HAPPENING ANYTIME SOON BUT IN EMERGING ECONOMIES WE SEE IT ALREADY RIGHT A LOT OF COUNTRIES IN LATIN AMERICA OR OTHER AREAS IN THE WORLD THEY ARE ACTIVELY USING CRYPTOCURRENCIES TO HEDGE INFLATION.
IN ARGENTINA AND BRAZIL A LOT OF THE BIG EVENTS THERE HAVE BEEN AROUND BITCOIN AND ETHEREUM RIGHT AWAY WITH THEIR PAYCHECKS.
BECAUSE IT IS LOWER THAN INFLATION IN THEIR COUNTRIES.
I THINK THEY NARRATIVE IS ACTUALLY REALLY GOOD FOR CERTAIN COUNTRIES FOR MORE WESTERN COUNTRIES WE WOULD NEED TO GET MORE INVOLVED AND SEE HOW WE CAN WORK IN ACHIEVING SOME MIDDLE GROUND THERE.
KAILEY GREAT TO SPEAK WITH YOU LAURA VIDIELLA THE VICE PRESIDENT OF STRATEGY AT LEDGERPRIME.
MATT BE SURE TO CHECK OUT OUR BLOOMBERG CRYPTO PODCAST WHICH DIVES DEEPER THAN THE DAILY MARKET BUZZ TO EXPLORE HOW THIS ASSET CLASS IS CHANGING THE WAY THAT WE LIVE.
LOOK FOR THAT EVERY WEEK THROUGH THE BLOOMBERG APP IHEART RADIO OR WHEREVER YOU MATT THIS IS BLOOMBERG CRYPTO .
KAILEY STORIES THAT CAUGHT OUR ATTENTION THIS WEEK THE U.K.
REGULATOR ISSUING A WARNING ABOUT CRYPTO EXCHANGES.
THE FINANCIAL CONDUCT AUTHORITY SAYS FTX IS NOT AUTHORIZED TO OFFER FINANCIAL SERVICES IN THAT COUNTRY IN INVESTORS ARE UNLIKELY TO GET THEIR MONEY BACK IF THINGS GO WRONG.
A SPOKESPERSON SAYS THEY ARE COMMUNICATING WITH THE REGULATORS.
MATT RIPPLE IS FIGHTING BACK AGAINST THE SEC CLAIMING THAT THEIR TOKEN CANNOT BE CONSIDERED A SECURITY SUBJECT TO THE REGULATOR'S AUTHORITY BECAUSE THERE IS NO INVESTMENT CONTRACT GRANTING INVESTORS RIGHTS.
THE OUTCOME OF THE CASE COULD CLARIFY SEC AUTHORITY OVER AT LEAST AT SOME CRYPTO ASSETS.
KAILEY NASDAQ MAKING ITS FIRST MAJOR PUSH INTO CRYPTO.
THE SECOND LARGEST STOCK EXCHANGE WILL INITIALLY OFFER SERVICES FOR BITCOIN AND ETHER TO INSTITUTIONAL CLIENTS.
THEY WOULD BE COMPETING WITH COINBASE ANCHORAGE DIGITAL AND BITGO.
THEY SAY THAT THEY CAN EXPAND IT FROM THERE THERE ARE NO IMMEDIATE PLANS TO LAUNCH A NEW CRYPTO EXCHANGE THOUGH.
MATT THIS IS FASCINATING BECAUSE CUSTODY IS SO IMPORTANT ESPECIALLY TO BIGGER INSTITUTIONAL INVESTORS.
IT IS A BRAND-NEW BUSINESS FOR THE NASDAQ.
AND IF THEY GET IT RIGHT IT COULD CHANGE THE GAME NOT ONLY FOR THEM BUT FOR CRYPTO AS AN ASSET CLASS.
KAILEY THIS IS THE LATEST EXAMPLE OF INCREASED INSTITUTIONAL ADOPTION.
BLACKROCK AND COINBASE AS WELL.
THESE ARE STORIES WE WILL CONTINUE TO FOLLOW IT WE HOPE TO SPEAK WITH NASDAQ IN THE COMING WEEKS ON THAT.
BUT COMING UP THE FOUNDER AND MANAGING PARTNER OF -- STRATEGIES WILL BE JOINING US.
YOU CAN FIND AS HERE AT 1 00 P.M.
EASTERN TIME ON WEEKDAYS.
THIS IS BLOOMBERG CRYPTO ON BLOOMBERG.
The Ethereum merge successful Coinbase shines a light on which politicians
Are crypto-friendly and Dogecoin becomes the second largest Proof of work coin.
These stories and more this week in crypto.
Hi I’m Nate Martin from 99Bitcoins.com and here’s what’s happened this week in crypto.
The Ethereum network’s highly anticipated ‘Merge’ was successfully executed on Thursday September 15th.
This completes Ethereum's transition from a proof-of-work to proof-of-stake consensus reducing the network’s energy consumption by 99.95%.
In an effort to history a user paid $60K or about 36 Ether in fees to mint the very first NFT on Ethereum after the Merge.
This non-fungible token became the first to be minted with the network being governed by the proof-of-stake consensus algorithm.
Citing crypto’s potential for misuse while noting its growing role in global finance the White House has just released its first-ever framework on what crypto regulation in the U.S.
should look like.
The framework outlines how the financial services industry should evolve to borderless transactions easier and how to crack down on fraud in the digital asset space.
Coinbase users will be able to see which U.S.
politicians are “crypto-friendly” with a new in-app tool the announcement coming on Twitter from CEO Brian Armstrong.
The tool shows how different members of Congress measure up on their crypto sentiment which can range from “very positive” to “very negative”.
U.S.
residents can now apply to recover funds locked in Tornado Cash the Ethereum ‘mixer’ which was blacklisted by the Treasury Department last month due to allegations that North Korean hackers used it to launder funds.
While legitimate users’ funds were locked and the legal standing for sanctioning a decentralized software was questionable the sanction drew backlash from the crypto industry.
A South Korean court has issued an arrest warrant for Do Kwon the primary developer of the Luna and TerraUSD cryptocurrencies whose spectacular collapse in May brought down the crypto market.
Kwon the founder of Terraform Labs has been accused of fraud by investors in the wake of the collapse.
In a watershed case the People’s Court of Beijing ruled that although China prohibits crypto trading crypto ownership is still protected by law.
The court said that crypto should be considered virtual property and explained that no laws administrative regulations or departmental rules negate the protectability of cryptocurrency itself as virtual property.
A New report shows that China has returned to the list of top 10 countries for crypto adoption after falling off the list last year.
The APAC region accounted for six of the top 10 countries in the index with Vietnam topping the list for the second consecutive year with over 20% of Vietnamese consumers using or owning crypto assets.
Following the Ethereum Merge the meme-inspired cryptocurrency Dogecoin is now officially the second largest proof-of-work crypto in terms of market cap.
Bitcoin of course remains miles ahead of Dogecoin’s market cap of $7.83 billion.
However the well-followed memecoin is still comfortably ahead of the rest of the major proof-of-work cryptos including Ethereum Classic Litecoin and Monero.
That’s what’s happened this week in crypto see you next week.
If you’ve enjoyed this video leave us a thumbs up subscribe to the channel and click the notification bell so you don’t miss a review news update or the clearest information about bitcoin and cryptocurrencies anywhere.
Crypto products and NFTS are unregulated and can be highly risky there
May be no regulatory recourse for any loss from such transactions Hey folks!!! CA Rachana Ranade here and I welcome you all to a very informative video wherein we are going to talk about two major updates in the crypto world in the year 2022.
We are mainly going to focus on two things one is the Ethereum Merge and the second one is Cardano Vasil Hard Fork.
So before I move on to all these topics first and foremost Please Be aware of any fraudster calls who are asking you to transfer your ETH and you know making fake promises that they will transfer ETH to ETH 2.0 or something like that Please Be aware of this fact that ETH still remains the same so please do not click on any links and do not fall prey to these fraudster calls.
The first major event that we are going to cover today is ETH Merge.
I hope everyone knows that ETH is the second largest crypto by market capitalization well this ETH Merge event took place on 15th of September which will the Ethereum network more secure more scalable and more sustainable. You know how fuzzing this event was So let me tell you that even Google had featured the countdown with two pandas and when ETH merged actually took place that is what happened on Google.
Now let's try and understand what exactly has happened in this ETH Merge basically there has been an upgradation in the Ethereum Blockchain from proof of work to proof of stake let me give you a simple example for that in proof of work there is a competition between miners to solve cryptographic puzzles and validate the transaction because of which there is a lot of energy which is consumed and thus it is not environmentally friendly but in proof of stake there is no competition and a validator is chosen randomly because of this obviously less amount of energy is required and it is more environmentally friendly and now I am sure you still have one question in your mind as to how can a validator be randomly chosen so for that the answer is very simple more ETH you take the chances of you getting selected as a validator are more and I am sure you might be like all right this is nice a person whose takes more ETH that person can validate whatever he or she wants to validate that will not do splendid show up, if such a person validates a wrong transaction then whatever ETH that person has take that will be gone that will be confiscated or lost.
Well now that you have understood the basics of proof of work and proof of stake let me use an interesting analogy to help you explain the concept of Merge in a better way.
Now assume that there is a house where they are using regular source of electricity but then they have realized that there is a lot of energy consumption that is happening that is not so much Eco-friendly and that is the reason why they think about introducing Solar Energy. Now once they are using both these sources of energy parallelly for some time they realise that oh solar energy is much more efficient and is much more environmentally friendly that is when they take the decision to discontinue the original source and continue only with solar energy.
if this is clear then I will now try to correlate this with proof of work and proof of stake the original source of energy the regular source of energy can be compared with proof of work which was comparatively less environmentally friendly and the new one can be compared with proof of stake.
Now can I try to again give you a visual representation of the same thing Answer is obviously Yes.
This is the Ethereum Network which was originally running only on proof of work then parallelly you can see a Beacon Chain was introduced in December 2020 which was the energy efficient one and then slowly and steadily they have merged into one single chain which is nothing but working on the proof of stake. Well I hope by now you have understood that beat regular energy or be proof of work that is going to be pretty costly but what is not costly what is absolutely free that is smashing the Like Button so if you want to participate in this fascinating journey of ETH Merge and if you wish to invest in ETH a very simple way to do so can be with the help of COINSWITCH KUBR App you can check out the link of this app in the description box below but always remember that Crypto falls under the High risk High return category so two things are very important number one do your own research before you invest and number two invest only a party fund amount.
Now let's try and understand the long-term impacts or benefits of this merge.
Now because of the shift from proof of work to proof of stake what has happened is that whatever was the energy consumption that will be lowered by 99.95% in fact after the merge took place Vitalik Buterin who is the co-founder of Ethereum mentioned that the merge will reduce worldwide electricity consumption by 0.2%.
The successful completion of the ETH Merge will bring a major change in the fundamental functioning and this may lead to opening more doors for adoption by more and more corporations or more and more institutions the third one is about the lower supply of ETH now what will do splendid show up, in this Let me explain this with the help of a simulation tool now if you see here the issuance will go from 5 million ETH per year to just 0.6 million ETH per year and because of this what will do splendid show up, is that theoretically because the supply of ETH is reduced ideally the price may rise in the longer term.
Now that you have understood the long-term benefits of merge let's go back to the concept of Sharding. When did I explain this Have a look at it did you even notice that sharding was very much there in the entire process so now let me explain this concept of Sharding with the help of an amazing example.
This is a big rode on which buses cars cycles and two wheelers pass by however due to the heavy flow of vehicles there is a lot of congestion on this road now you can imagine that if the road is split a split category wise then would not it lead to less congestion more speed and less energy consumption Answer is obviously Yes.
So if you agree to this and if you feel that you have understood this it means you have understood sharding already!!! No not convinced! Let me take you back to the example.
Now instead of the highway visualize that this is an Ethereum blockchain instead of vehicles we have transactions which are to be validated on this network however as Ethereum Network started to become more and more popular more and more transactions were being carried out on the network leading to congestion well this is where sharding will play an important role where in the Ethereum blockchain will be split in such a way that the validation process will be more efficient ultimately leading to less congestion more transactions per second and less transaction fees.
Well believe it or not but after sharding takes place it will be possible to run an Ethereum node on a laptop or even on a mobile phone which will definitely lead to more decentralization this sharding is expected to take place in 2023. The second major update that we are going to discuss today is about the Cardano Vasil Hard Fork this is expected to take place on 22nd September 2022 well earlier it was expected to take place in June 2022 but it was postponed reciting certain software and testing issues but what exactly is this Cardano Vasil Hard Fork update A hard Fork is when participants on a blockchain network decide to split the chain resulting in two versions of the same network or protocol basically the Cardano Vasil Hard Fork update aims to the network more scalable and also improve the developers experience while they are creating daps on the network also this update is aimed to improve Plutus which is Cardano's smart contract platform the Crypto Community all in all I can say is very much optimistic about this update.
Now let's try and understand the long-term impacts of this update.
The very first one is reduced transaction fees because of this new update the transaction fees on the Cardano platform are going to be significantly lower secondly it will also resolve the issue of dapp scalability currently Cardano platform hosts 1075 dapps the third benefit is about the speed of transactions the speed after this new upgrade is going to be significantly higher and currently the transaction speed is 250 transactions per second. Well if you found all these updates very interesting and if you want to be a part of the Crypto World then is there any solution for that Answer is obviously Yes just check out the link in the description box below and COINSWITCH KUBER App with this app you can start investing your party fund amount or you can start with as low as 100 rupees. How can that be done That can be done with an feature of SIP.
Well if you have enjoyed this video do not forget to share this video with your friends and if you want to know more about what is in my portfolio you can click here and if you want to know more about Traditional Finance versus Modern Finance you can click here till then take care Jai Hind and bye bye.
now again as we creep into the merge you're seeing some people buying
But i also think there's a lot of people that are just sitting on the sidelines because it is a risk right if things don't go well you could see a dump in ethereum's price i'm in the belief that they've prolonged this kind of merge and kind of double check triple check quadruple checks where i think it's going to go smoothly and i think you might see it all right welcome back everybody to altcoin daily my name's austin with aaron back at it again with gareth soloway we just did an awesome video on bitcoin price predictions the link for that is down below today i want to just cover ethereum your views into the merge and beyond but gareth how are you doing today i'm doing great and yeah ethereum is such an interesting situation going into the merge we've seen a big rally off the two the the june lows in ethereum even though we've pulled back a little bit percentage-wise it's blowing bitcoin out of the water in terms of gains off the lows um but yeah it's gonna be interesting to see how the merge goes and i think the biggest thing for me into the merge is can it go smoothly and for the whole bitcoin crypto sector i think this is a big test a lot of people are sitting on the sidelines and saying okay this is the biggest thing we've had in crypto in a while can they pull it off without a hitch if they do i actually think that's a confidence builder for the crypto community the world is watching right now as ethereum goes to this upgrade yeah i want to start by taking a look at at the ethereum chart and before we get into what you project for the future just take us through these last few months and share what happened and did you expect this or was it more bullish or bearish than what you expected yeah so so the ethereum chart it basically did what you would expect it to do in a bear market which is means that percentage-wise it fell more than bitcoin but generally it goes up in bull markets percentage-wise more than bitcoin as well so it kind of kept that thing going which which is what we saw now we did see again a low put in right around this you know just sub 900 level and it rallied all the way back to 2000.
and you can see right here why it stopped right there on a dime you have this sideways chop and this little pivot high put a trend line in there price literally just tagged it and then we saw a pullback now again as we creep into the merge you're seeing some people buying but i also think there's a lot of people that are just sitting on the sidelines because it is a risk right if things don't go well you could see a dump in ethereum's price i'm in the belief that they've prolonged this kind of merge and kind of double check triple check quadruple checks where i think it's going to go smoothly and i think you might see a relief pop once it's kind of completed so again i think overall you can see support is right here this is around the 1450 level uh resistance is around 2000 if the merge goes smoothly i think it could pop maybe as high as the double top here back to 2000 this is the 200 moving average that would be your resistance line i ultimately think if bitcoins going down and i think risk assets we'll see more selling ethereum probably will have another leg down to it and at least retest the lows around that 880 900 level maybe go lower so i think again shorter term merge if it goes smoothly short term bullish um once you get outside of that then i would be very careful i wouldn't be someone who would be buying on the completion of the merge because i think then again you might have a sell the news environment and a little bit of a pullback off of that so the bullish case going into the merge which is less than a week away when this video comes out is about a 2000 price point the bullish case yeah that would be my bullish case in the near term now now just to point out my longer term view and i know you guys know i'm very bullish longer term on bitcoin on ethereum i actually am with the merge i'm even i'm bullish very very bullish on the longer term i think this is exactly what the the crypto market wants is that this deflationary asset where it also has this massive use case that's being adopted more and more and it kind of has like this double-edged sword now it has like kind of a side of side of bitcoin with a side of almost being a a stock if you will that has this real use case and and kind of network connected to it and i think it it actually has a chance longer term to rival bitcoin's market cap and it may take a long time for that but i do think it has that potential power so it sounds like you are i mean are you more bullish on bitcoin than ethereum it sounds like you're also pretty bullish on ethereum yes yes i am i would say i'm i'm equally as bullish i think ethereum right now offers a little bit higher risk than bitcoin like if someone said to me you got to pick one and it's going to be a wild ride what are you doing i'm probably going with bitcoin for safety purposes but in terms of potential x's how many times it can go up i think if you're you're playing with money you can afford to lose you go with bitcoin with ethereum do you have any perspective on the btc eth chart because we looked at it on our channel the other day and ether value against bitcoin is is peaking to what it was close to september of 2021 at bitcoin's all-time highs what are your thoughts yeah it's really interesting right i mean it really is to look at that and i can bring up the chart here just doesn't have a ton of data on it but but basically you can see you've come all the way back in here on the bitcoin eth chart where you're actually testing this level of support here or very very close so i could see it coming back into that level on a technical basis you would actually think that this chart would start to bounce which i believe would indicate that bitcoin might start to bounce a little bit more than eth which interestingly enough could mean that you might get after an initial relief of the merge going smoothly you might get some selling in ethereum versus bitcoin so so it is interesting to note but i do think again that if you look out further meaning years out i do think that ethereum does continue to grow at a faster clip than than bitcoin in terms of market cap now about four three four five months ago i put a buy order on coinbase if ethereum coinbase pro if ethereum hits uh 333 dollars that's going to be filled well is that a pipe dream could that ever do splendid show up, number one in crypto nothing's a pipe dream right uh so i think it's smart to do those type of things in fact even layering you know like putting one at like you know that 880 level then at 680 then at 480 and just doing like small positions because i do think that depending on the regulation that comes down what the rules are initially it could spook and if you have a light volume period in ethereum it could really see a big quick dip on algo selling and stuff like that and i also think that just you just never know in terms of the overall asset markets if something big happened if if china invaded taiwan for instance and risk assets immediately would freak out and i think longer term you're right i mean ethereum is this juggernaut so getting it in there would be just absolutely awesome so i think that's a great play nothing wrong with that hand hurt aaron out of um all of the other uh competitors you know the alternative dap platforms cardano solana polka dot that stuff avalanche is there one that you like more than the others oh that's a good question and again i'm mostly a chart based trader so i'm trying to think in terms of the chart i have to say i mean and this is very short term um meaning over the next couple weeks but i've liked the relative strength that we've seen in solana just in the last couple days um versus some of the other so so for instance when bitcoin broke down we saw solana hold its major support and then start to inch up and currently it's trading around 33 so i would say at least for the next couple weeks i think ethereum solano looks very very interesting with potential upside maybe back to about 40 dollars from this 33 handle relating to the ethereum urge very loosely but just crypto in general what's something you wish more people understood oh boy well considering i'm a shark guy i really implore people to just learn the basics of charts learn what a double top is what a double bottom i really believe there were so many people caught on the wrong side when bitcoin hit that high same thing with with ethereum but the charts if you had looked at the charts understood the charts there was a clear double top in it and you could almost see the the insanity of of bitcoin anytime you see incredible insanity in any asset and i'm talking greed insanity or fear that usually marks a pivot point so you never want to be someone that's a chaser right you always want to be a leader and so you buy when price is down and you sell when it's up you never want to buy when price is already sky high assuming it will go higher now does that mean you sometimes miss some trades that go higher sure it does but again preservation of capital is how real wealth is built final question and this one's way just for fun on december 31st what will eth's price be obviously just for fun oh my gosh throwing and throwing a hard one out there um december 31st i'm gonna stay i'm gonna say it's gonna be a thousand bucks and what is it now for 1500 1633 i have okay guys let's all come back we're all boys you say just for fun but now i know next interview when we're going to bring that up yeah yeah hey well i you know we didn't give we didn't aaron you got to give yours now what's what do you think it'll be um i'll go 2 000 2 100 whoa bull in a bear market love it i love it hey gareth one more question um what are your thoughts for ethereum over the next five years let's say bitcoin gets into another bull market how what what are your thoughts for price prediction yeah i think i think in five years you could be easily looking at a 20 000 handle on ethereum i think again the next couple years are going to be the tricky years for all of crypto especially ethereum and trying to trying to get people to kind of um invest and get these rules under their belt but once that happens i really think once these regulations get into the system and people know them you're going to start to see big money going after bitcoin and ethereum and that's going to be the game changer for price price is going to go up fast at that point gareth holloway thank you so much for joining us on the channel if you haven't already check out the bitcoin interview we did uh same day uh but your links are down below final thoughts for the audience uh just again um just be careful like i said before in the last interview and i think i think if you do one thing do try to learn one little chart technique or one basic chart technique maybe once a week it doesn't take more than 10 minutes of time but it will change your financial future it will improve your ability to spot tops and bottoms and just put you in a better position to to be in good bull markets and out of bad bear markets
hey welcome back everybody to altcoin daily my name's austin today i
Want to share with you the latest news involving the merge what you need to know if you hold cryptocurrency as well as my plan when i'm selling as well as more importantly why i'm selling and just my general thoughts into the merge as an investor in this market so like always check the timestamps down below smash the like button and we'll start with the news and then we'll get to my strategy but let's start with the news 74 of ethereum nodes are merge ready ahead of the bellatrix upgrade happening today and just to get specific another way of saying that would be as many as 73.5 of ethereum nodes are now marked merge ready ahead of this upgrade scheduled for september 6th today and why this is significant is because the bellatrix upgrade is seen as one of the last necessary steps prior to the official merge so of course all these nodes have to upgrade update in order to be ready to the ultimate switch from proof of work to proof of stake happening in less than 10 days and in fact vitalik himself put out a call to action the merge is still expected to do splendid show up, around september 13th through 15th what's happening today is the bellatrix hard fork which prepares the chain for the merge still important though sure to update your clients so if you like me are just an average holder you don't need to do anything we just hold a wreath in our wallet it'll be fine most exchanges as well but again there's a bellatrix upgrade happening today is the final switch that puts all of this in motion for the merch and understanding the right time to buy and sell number one very personal to the individual but number two comes from understanding so much more than just looking at the price chart for example this literally just happened crypto miner poolin pauses both their btc and eth withdrawals citing liquidity problems and why this matters to you is two reasons number one poolen is one of the largest bitcoin mining pools by hashrite in existence so this is no small entity and number two just to give you a little history on poolen launched in 2017 poulin is a china-based mining pool that operates under block-in according to data from btc.com the firm was responsible for roughly 10.8 percent of the btc blocks mined over these last 12 months so this is a very well respected mining pool in this space and they just stopped withdrawals in a monday announcement poolen said its wallet service was facing some liquidity problems due to recent increasing demands on withdrawals and plan to temporarily stop payouts of btc and ethereum so they say too many people were trying to take out their money at once and in terms of when they'll turn withdrawals back on again in their telegram channel pool and support told users that it was hard to name a specific date on which it would resume normal services but hinted it could be a matter of days while the help page i guess on the website stated time and plans of resume will be released within two weeks wow so anywhere from days to weeks for people to get their crypto that they mind into their wallets in a final direct statement from poolen they say please be assured all users assets are safe and the company's net worth is positive we will a snapshot of the remaining btc and eath balances on pool on september 6th to work out the balances the daily mind coins after september 6th will be normally paid out per day other coins are not affected so take that for what you will what this means to you as an average toddler just know this is huge this is another bit of huge uncertainty in the market as this was and still is they're not out of business this is a major player in the mining space and they're having liquidity problems we will see how this develops and next up now that we understand the daily news let's zoom in and talk about what i'm doing and by the way i'm not a financial advisor nor can i see the future so please your own decisions do what's best for you for me i'm watching bitcoin crash right now and i'm taking some profits on some eth and i want to share with you why and first up to the untrained investor maybe this would look like a dumb move after all if we just lay out let's just separate the years this was the start of 2020 this was the start of 2021 and this was the start of this year 2022.
and looking at this you may be saying well austin the and this is the btc chart we're not on the eth chart yet but you might say well the time to take profits was really in 2021 that's when prices were highest accumulate in 2020 accumulate in 2022 you should have taken profits last year and yes if you think you can time the exact top or if you think you can time the exact bottom then obviously do that at your own risk for me as a long-term believer i know i'm never going to time the exact bottoms just like i'll never time the exact tops so for me i like to dollar cost average in on the way down buy as we dip down just like i like to dollar cost average out on the way up to me that's the sounder strategy and this is the bitcoin chart let's take a look at the ethereum chart this is ethereum against the dollar and we can see it essentially looks the same i'm not going to separate the years but this is the start of 2020 2021 and 2022 the time to take profits again in ethereum to the untrained eye looks like damn you missed it you should have done that in 2021 but you don't know my strategy let me share with you a pro tip what experienced traders understand but new people coming to the space it usually takes them a while i don't want to look at eth versus the us dollar it's going to be the same as bitcoin versus the us dollar essentially i want to take a look at eth versus bitcoin because that's my goal that's what i'm doing i'm trying to accumulate as much bitcoin as i can in a risk-off environment use altcoins to accumulate more bitcoin and check this out the eth value compared to bitcoin is near all-time highs i believe well near i guess not all-time highs near highs that we haven't really seen since 2018 meaning don't you wish if you were involved in the 2017 run-up for bitcoin for altcoins don't you wish you would have taken more profit on those altcoins well today against the bitcoin price we're damn close to those levels let me explain first off let's just separate this out like we separated the bitcoin chart it showed you so this is the start of 2020 this is the start of 2021 and this is the start of 2022 and again just looking in that first column 2020 it would have been sort of dumb to take profits in ethereum then you know everything was low we had the pandemic crash back then i was trying to accumulate more bitcoin or eth now moving forward a year looking at last year 2021 that was the time to take profits obviously bitcoin topped off altcoins topped off the market was at a peak usually a great time to sell but zooming in to where we are today ethereum's value against bitcoin if you were to sell your ethereum right now put into bitcoin that would essentially be like selling at the top of 2021 in bitcoin value terms does that sense seriously if you agree if you disagree let me know down below or just let me know type in grape right now if you're still with me if you're following grape but digging a little deeper if you're asking why ethereum is like this why it's going up so much against bitcoin's value it's almost 100 percent in my opinion in anticipation of the merge now every asset has an ebb and a flow bitcoin dominance eth dominance and usually in a bear market you want to bet on well let's look at last bear market last bear market started right here and eth's value against bitcoin just kept plunging lower all altcoins did essentially and while eth did gain dominance against other altcoins against bitcoin usually want to bet on bitcoin and a bear market in a bull market you want to bet on the alts seen here today where we are right now is a bear market i believe alts have been getting drained except for ethereum because of this anticipation of the merge i took about probably a little less than 10 to convert it into bitcoin just because i like these small wins along the way you know that bitcoin i'll hold for the long term 90 percent of my ethereum i still have i'm holding for the long term but i also like these small wins if for some reason this would continue to go up after the merge that's when you want to dollar cost average out maybe cycle some back into bitcoin again your call you do what's best for you and also if you're a relatively new investor maybe you're still trying to accumulate one whole eth or 0.28 amount of a bitcoin don't even worry about this the smartest move usually for the average person is just buy and hold long term again i'm just sharing what i'm doing what works for me in about one and a half two weeks right after the merge let's check back in on this see if it changes and i guess the minute something more about my strategy changes i will a video i will keep you updated and next up final thing i want to cover be sure to like the video by the way if you appreciate this sort of insight but final thing i want to cover is why is bitcoin crashing as we've seen it doing as i record this video well bitcoin right now is on the verge of the lowest daily candle close of the year and the lowest daily candle closed since 2020 meaning that people are selling now why specifically is cryptocurrency ethereum bitcoin crashing well like we've been mentioning on this channel it has everything to do with the strength of the us dollar index as well as crypto and bitcoin being considered a risk asset in this risk off environment so this is the dxy right now going parabolic it continues to go up and actually it's going up so high wow this chart doesn't even go back that far we're seeing an over 20 year high for the dxy what is the dxy essentially it measures the strength of the us dollar against a basket of other um big nation state currencies and yes while the purchasing power of the us dollar is being inflated away it is worth pennies on the dollar in terms of inflation what you were able to purchase 10 20 years ago compared to the other major currencies were killing it people want to hold the us dollar and demand is going up pushing the value up as long as the fed raises interest rates expect deals anyway that's the video for today my name's austin like always see you tomorrow
Ethereum Stocks, USD price, market cap
