 Great. Welcome to digital asset news to get top stores and crypto right now to bite sized pieces. So today just the thumbnail title suggests Mark Cuban had a pretty good statement about what could potentially turn the bear market around and I'm not going to put a ton of stock into it. But what he said makes a ton of sense. So we'll take a look at exactly what he talks about. And then I just want to do a quick updates as far as the Celsius recovery video with Simon Dixon. That will be tomorrow at 10am Mountain Center time or high noon Eastern time. And there will be just a little information as to where you can submit your questions because we're going to do this live. And Simon will tell us exactly what's going on with this recovery plan for Celsius. Also, we're going to take a look at the Fed Reserve. Jay Powell came out and said, Hey, guess what America's economy is strong. And you know what that means when he says it's strong. And then lastly, we'll take a look at three arrows. Capital was liquidated in the BVI and what that means moving forward. So before we get all that stuff, let's first take a look at the markets and it's another bad day. Well, it depends on it actually depends on how you look at it. This is a bad day for you because the markets down is a good day for you because you're like, Hey, this is my day to DCA and pick up some pretty cheap cryptos. Me personally, I think we're going to go a little bit lower. But everybody's got their own opinions. And I don't have a crystal ball. But I can tell you when we go and take a look at the Jay Powell story, you'll be like, Yeah, that might be true. So now Bitcoin and last, it's pretty much stable. Ethereum's down 4%, almost 5%. That's pretty big dip actually 5%. Binance coin down 5%. Stable coins are up. That's great. Tether USDC. Good for stable coin holders like myself. And everything else is down. Dogecoin for some unknown reason is up whatever if you want to keep buying that one. Great. Leo token. Yeah, Bitcoin and everything else is kind of like, basically, we're going to want a big holding pattern. Everybody's holding their breath to see exactly what happens. And of course, if we're down, that means that probably traditional market is also down. NASDAQ is also down because, you know, that's just how it works across the continuum because which market is liquid 24-7, 365 besides 4x, it's crypto. And if there's a lot of risk, if people are going risk off, guess what gets sold first? Usually it's crypto. I could be wrong. I'm interesting about that in the comments. But let's just go into a real quick update, which is the Celsius recovery plan. Now, to my knowledge, correct me in the comments section, but you still cannot take any of your assets off of Celsius. And because of that, there's been a lot of radio silence from the Celsius network about what's going on over $10 billion, I believe, in assets managed. And it's just kind of sitting there in a holding pattern just like the rest of us. So we're going to have on Simon Dixon. And of course, we talked about him in the past. Bank of the Future. Bitcoin OG Investor. Invested and started in 2010. Invested in small startups like Coinbase and Kraken and those types of places, Bitfinex, and still around and still doing good for the community. So we are going to have that recovery plan as he talks about what he has been in discussions with Celsius. Now, he has signed an NDA, a non-disclosure agreement, so he can't tell us everything, but he's going to give us a little bit of tips and what is potentially going to happen. So do not miss that one. If you're looking for that video, I linked it in the description. I would go there now or at least after this video, click on that no to find me button so you can know when it's actually going to come and come on by for the live stream. Also, I did an interview with Simon three months ago and he just talked about how much pain was in store for us. Again, this was three months ago. So I linked that in the description so you can understand and kind of just get a feel for of who Simon Dixon is and where he comes from before we have the recovery plan. And lastly, if you want to submit your questions, you can do so. It's at slidoapp.sli.do, and I linked that also in the description. It's the very first link or second link down there. And we've got a lot of them already. We've already got 253 questions, but what's great about this is that you don't have to submit your question. You can just look at it and go, oh, that's a question I'd like to have like this one. In the bit the next video, you've shared some depositors lost 25% of their assets. Do you expect a similar outcome? That's a good question. I'm going to upvote that. So the ones with the highest upvotes are going to be answered by Simon. And again, that'll be tomorrow live 10am mountain time, high nude Pacific time. And it is again, I do not miss. So that's what's going on. Let's get to, I think, a good story, one of the main stories. And it was, I really should have led with this one with the Fed Reserve because I can just tell you like, I mean, people like Mark Cuban, but they're like, who's Mark, you know, what's he doing? What's he done for crypto? Well, I gotta tell you, he makes a pretty good point here. And the point is this visually, it comes out of two things. Crypto will take off when everybody capitulates. He's going to say that in the end of the story. And the second thing is really the primary thing is find it the useful app, some kind of big app that comes out that actually has use. And before you start saying, but Rob, we can do all these things on, on Ethereum and Ave and get loans and DeFi farming and, and, and all these things. I'm like, is that really the greatest utility of all time? I don't think it is. So here's what the story goes to bear mark will last till crypto apps are useful. I tell you, I think he's right. Mark Cuban said the crypto parent market won't be over until there's a better focus on apps with utility. He also doesn't think the market has hit chip cheap prices yet. Cuban say in the past he has around 80%, I don't know, 80% of his non shark tank portfolio was in crypto. I know he didn't do too hot with that iron finance. He said he got out early, but I think he got rug pulled. That's just me. And he states this, the crypto bear market lasts until there's a catalyst and that catalyst is going to be an app or we get so low people go effort off to buy some. And I think that's going to happen around, actually, I'm not for sure. People are talking about Bitcoin potentially going to 14k, a lot of TA analysts, maybe 15, 16k. I still think that when it hits 14k, that your friends who have talked about buying it will be like, yeah, but I'll probably get it when it goes to 12k. And they'll miss it because that's just how your friends probably are. So to go on, with so many apps focused on financial tech or collectibles, which is true, the launch of a business focused app would be one of such events that could spark a reversal. His example was a decentralized version of QuickBooks. I'm not for sure if that would be the most awesome thing, but okay, I use QuickBooks myself. It works just fine, centralized. I pay the monthly fee and off I go. I don't see how a decentralized version would actually be anything fantastic, but sound off in the comments and tell me where I'm wrong. And he did make a good point also. He says, you look at the market cap and you see it's a billion dollar plus market. And then you don't look at that and go, that's cheap because right now we take a look at the prices and go, wow, it's pretty high. It's going to go lower. But remember in DeFi summer, the things that we're selling for less than a penny, and then markets were in the hundreds of millions, nobody was buying that stuff. They're like, that's cheap stuff. I'm not going to get that. People wait until it goes all the way up and they buy high. And of course they sell low. That's just the recipe for disaster. Not what I'm trying to do here on this channel. And he makes a good point. Lower market cap cryptos, there's no utility. And he gives an example of sushi swap. Again, I know people are like, but Rob, we can get all these different cryptos and things like that. Yeah, but what do those cryptos do? I mean, really, if you think about it, what do your NFTs do? The NFTs that you bought, what do they do for you? I mean, if you're a board-ape, yacht club owner, it's a nice status. You can get some sweet parties, I assume. What does it really do for you? And then for DeFi and getting loans, that could be one of those things. I could see that because I've used that myself. But outside of that, a lot of these cryptos that we think have utility, it's just a utility in our bubble. I don't think there's really that killer app where the average Joe and Jane will be like, oh, you know what? That is exactly what I need. And I'm going to drop everything and use it. I think that's the big squeeze. And we'll bring you to go. Cube and Belize mergers between different protocols and blockchains will eventually see the crypto industry consolidate. That's what's happening in every industry. And then he talks about this stuff and says, you know, I'd rather get with somebody who says, let's do a roll-up. Basically, all he says in the last one here is this. And he's, again, this is the thing that I've been talking about. I don't see how crypto is really going to go any further because there's 19,000 plus cryptocurrencies and products out there. I think what's going to happen, especially when the SEC starts to say, hey, this is a security, which they're going to win in that argument. I'm sorry. And a lot of these are going to be securities in those small ones. They're not going to make it. And the only way they're going to make it is if these bigger ones snatch them up and go, we're going to absorb you. We're going to buy you for X amount of millions of dollars. We're also going to take your developers. That's pretty much how businesses work. Now I could be wrong, but I see that's kind of like the way or the path forward for these types of things. And then when he's talking about apps, I want you just to real quick, I'm just curious. If you tell me an app right now or a cryptocurrency that has real world utility, like I can tell you right now, Bitcoin's great. I mean, some people will say it's story value, some people say it's not, some people say it's goal 2.0. But I gotta tell you, if you want to move any type of revenue or monetary value across the world, Bitcoin is the way to do it. If you ever tried to move $10,000 from America to Europe or from America to China, I have sucks and it's expensive and it takes a long time. Sometimes it doesn't even arrive. So in that regard, I can say yes, it does. And then as far as stable coins, those actually work great, especially if you want to maintain the level of purchasing power for the fiat that you're in. I mean, of course, we always talk about Venezuela and things like that, because you can put in a stable coins and it's right there. Now, if you're making 400 or 500 bucks a month and you put in a Bitcoin, it goes 50% down. I don't think that's a great story value. That's just me. So I'm just asking what kind of crypto has like really wide ranging utility? And let's see. Some people say XRP. We'll see that happens. Helium? Yeah, I don't know how much you're making on that one. Bats a decent browser? Yeah, but Bats, I mean, has it really, Bats a great browser. And of course, the basic attention token is good, but is anybody using that for like to purchase things online and doing a lot of mass things? I don't think so. Bitcoin has no utility. Letting goes on. Okay. Well, how about lightning on layer two? I can see that for sure. Only ETH? Again, I mean, you can build things on ETH. But again, what is essentially ETH? ETH do? Bitcoin, ETH, CULT, DAO sold as two months. Again, I don't care how many transactions per second it does, but what does it actually do? And then VeChain, is that really taken off like it was supposed to? Like it was supposed to actually, you know, be endorsed by the Chinese government and actually take a look at fraud and tracking and things like that. It's just hard to say. So I will just say this. The reason I just want to know what people had thought about that. But the thing is like this. When I take a look at actual real loose utility, like you can use it right now, and it does an actual function. And like it's ready to go out for mass adoption. I'm telling you, this one, the sweat coin. Oh, and of course, I was going to talk about, yeah, but it's sweat coin. Because look, I can show you, let me stop this. Look, you can download this right now. You can take some steps and you run these tokens and it's free. And then by certain stuff like right here, you can follow me as far as like, see if you can beat me in the, oops, you know, turn this on. Try to beat me in the steps. If you beat me in the steps, top three, I'd have it on the show or pay 50 sweat coins. And again, for right now, this app that you can download, you will actually, for every thousand steps you take, you get one sweat token. Then on September 12, 2022, it goes in the cryptocurrency. And right now, this is the number one app health and fitness on the entire planet. So I just thought those are the things that I see is like, okay, I can see that. And then lastly, just so you know, the deep dive video that I was promising to do is coming out this weekend on Saturday. So if you don't follow me on the second channel, Dan Degen, that's the one where like the super risky stuff is linked in description, you can find that out. And I'll tell you all about sweat coin that's what you want to know. Anyhow, let me just think about that in the comment section. And let's move on to some not great news. Well, we'll see. So this is Jerome Powell. And he was there was given an interview on Bloomberg markets. And I want you to listen to this because CPI numbers are going to come out July 13, I believe, in the week after that, the Fed meeting will come out and they will raise rates, or maybe not. But after you listen to this, I want you to get a feel of where you think Jay Powell is going to raise rates because in this one, he's talking about like everything's fantastic. And it's going to be great. So let me share the tab so you can actually hear it when I mute myself. So you don't hear any echo deal is possible onslaught of interest rate hikes. So the US economy is actually in pretty strong shape. So if you look back a year, the US economy grew more than 5.5%. It was really the big reopening year. And so we had expected this year to be that growth would moderate to a more sustainable path. We also, of course, are raising interest rates and the aim of that is to slow growth down so that supply will have a chance to catch up. We hope that that growth can still remain positive. So if you look at the strength of the economy, households are in very strong financial shape. They've still got a lot of excess savings from forced saving, from not being able to travel and things like that, and also from fiscal transfers. So households are overall, not every household and not the ones at the lower end of the income spectrum, but overall in strength. The same thing is true of businesses, very, very low rates of default and things like that, lots of cash on the balance sheet. The labor market is tremendously strong, still averaging very, very high job growth per month. So overall the US economy is well positioned to withstand tighter monetary policy, we think. But is it automatically a trade-off between fighting inflation or taking care of the economy and how far are you willing to go with interest rate hikes? So I guess I'd say it this way. Our aim is to have growth moderate. It's sort of a necessary adjustment that needs to happen so that, again, supply can catch up. It could be supply of workers, it could be time for the supply chains to improve. So the sense of that is that if we can get, right now, supply and demand are really out of balance in many parts of the US economy. Labor market being a big example of that. We need to get them better in balance so that inflation can come down. And that's the aim of what we're doing. Now, we don't have precision tools, obviously monetary policy, famously a blunt tool. That is our aim, that is our intention. We think that there are pathways for us to achieve that, to achieve the path back to 2% inflation while still retaining, sustaining a strong labor market. We believe we can do that. That is our aim. There's no guarantee that we can do that. It's obviously something that's going to be quite challenging. And I would also say that the events of the last few months have made it significantly more challenging. Thinking there particularly of the war in Ukraine, which has added tremendously to inflationary pressures around food and energy commodities and agricultural chemicals and industrial chemicals and things like that. So it's gotten harder. The pathways have gotten narrower. Nonetheless, that is our aim. And we believe that there are pathways to achieve that. Okay, so if Jay Powell's going to come out and say that the U.S. economy is strong and there's really no problems, and they're just taking a look at, well, the balance sheets and the businesses, everything's looking pretty good and the unemployment rate is not so bad. And we can just move forward. The question then for you is where do you think this is actually going to go as far as Fed rate hikes? I got to tell you. I think when CPI numbers come out and we can take a look and say, well, what happened with inflation? There's a great website. It's called app.trueflation.com. I talked about this before. There's a link in the description. And what you can do is you can drill down as to where inflation is. And it takes a look at 30 different data points. And it uses chain link to it's as an oracle to take out these 30 data points for real world data and put this all in and say this is where we believe it is because the factors that the U.S. government and other places use is a little bit out of date. I need to say right here when we had the Fed rate hike in May or so, I know we talked about 8.5%. I personally was a bit higher. But here at Trueflation, they think it's around 10.5%. And of course with the rate hike, you would think, well, hopefully that the inflation will go down, although they can't really do a lot of things with supply chains. So here we are. And it really hasn't done much. And now we're still sitting at 10.68% as far as inflation. So again, if Jay Powell thinks that everything's great, and when those CPI numbers come out, I personally don't believe they're going to be down than what they were last month. So what does that leave them with? Well, another three quarter to a full basis point hike. And if that happens, what do you think is going to happen in the market? There's going to be some people will say, oh, it's always priced in. There's no problem whatsoever. And that'll just, it'll just be stagnant. I do think that we're going to take a hit. But that is just my opinion. And also what he talks about, he said, well, there is some strong economic growth. If you take a look at the GDP, there was actually the last quarter before last there was a 5% growth. And he's right. In 2021, now we can take a look at GDP growth. There was a bump. But we know we can feel it. We go to the store. We can take a look at the CPI numbers in a second. We can go to the gas station. We can see that there is an increase in prices all around. I don't know about you at your job. I don't know if you're getting raises here and there. But we've had a retraction of GDP in last quarter. And I believe in July, we're going to see another contraction. And that would lead us to what will be considered a active recession. So we will see. And then lastly, I want to say this, the CPI numbers. I mean, you can, I also put this link in the description. You can find it yourself at the US Bureau of Labor Statistics. You take a look at energy and drill down energy commodities, fuel oil. Look at this 106% of our 12 month time frame gasoline 48%. Let's go back. Food, food at home. You can break it down, cereals, eat some poultry, eggs, dairy products, fruits and vegetables, and they're all up across the board. So again, I know what Jerome here is saying is he's like, hey, the economy's strong because we take a look at balance sheets for these different companies. I gotta tell you, if this is not a recession, I'd hate to see what a real recession actually looks like. So let me just think about that. And there is one last thing that is not great news, not bad news, but the unemployment rate. Usually in recessions, we see the unemployment rate just rise dramatically. And you can see here, this is just for the United States. I don't know where exactly you're at. But if you take a look here, April 2020, of course, that was during that time of coronavirus, we had a 14, almost 15% unemployment rate. A lot of people wanted to be unemployed because they got that nice little stimmy check. Well, and also some benefits. I guess everybody got a stimmy check, it's true. But if we take a look here, over time, we've gone from 6.7, 5.8, 4.6, 3.8. And now in May, last one to note, 3.6%, which is the same as it was in April and March and almost January. So the thing is then, well, we should be doing okay because the unemployment rate is actually pretty stable. However, check this out. I think there's rumblings in the backgrounds. And it's not just crypto companies that are laying off people. We saw Coinbase is laying off a bunch of people. There's some other different higher exchanges that are letting people go. And now we're seeing big layoffs by Wall Street. So this isn't factored in yet, but I think it's going to be a big thing. So let me share that again so you can hear it. I thought all these banks were going out trying to hire anyone they could get to walk in the door or even log on remotely. What's changed? Yeah, hey, Contessa, that's actually very accurate. That was a story as of just earlier this year and last year. So let's set the scene a little bit. 2020 happens, obviously, the pandemic. The reaction to that is to at least trillions of dollars through the Federal Reserve and taking interest rates down to zero. And what did that do? That set off a deluge of IPOs, a deluge of deals, M&A deals, and banks appropriately staffed up. So if you look at the numbers, Contessa, so J.D. Morgan, which is one of the biggest Wall Street firms out there, added something like 13% to their headcount. Goldman Sachs even more, closer to 17%. Just for those two firms together, you're looking at about 15,000 more bodies, the Wall Street operations than they were two years ago. So that's the scene we have. And what's happened this year is interest rates are higher. You've had parts of the capital markets business completely either be very chilly or shut down completely. And you've had a complete drop off in the level of revenue that they get from IPOs. And if you look at the deal logic data, it is staggering. There's a 91% drop in US IPOs. If you look at high yield, riskier parts of the debt issuance, that's down something like 75%. M&A is down 30%. So there's no part of the investment banking franchise that's been untouched by this revenue squeeze. Hugh, 15,000 people, and that was just at the first two firms mentioned Morgan Stanley proportionally hired even more. Was it too much? Did they just think these trends were going to last forever? Yeah. This gets back to the nature of Wall Street, which is that it's a boom and bust to feast or famine business. And when it's raining, you have to obviously try to collect as much of that revenue as possible. And the people who run Wall Street know this street, they know very well, they know it's very pro cyclical, and they still can't do anything to cushion that. Because when the deals are coming, you have to have your boots on the ground. And as a matter of fact, I mean, we're talking about, we led with huge layoffs. And I tend to think they're going to be more selective. The people I'm talking to are really talking about more of the framework of 5% to 10%. So these are Wall Street jargons, rifts, reduction, and force. And they still want bodies, they still want people in their seats at the start of 2023 because you don't know if the capital market is going to open up. You don't know if the dam breaks in terms of issuance that's in the pipeline that's been pushed out actually gets to start to happen. So it's going to be selective, but it will be broad basis from what I'm hearing. I don't know if it happens this summer, which would be very unusual by the way, or if it happens later in the year in the October, November timeframe. But the math is very clear, there have to be cuts. What are you hearing? So that unfortunately is just the reality of the situation. So we have those issues, and I think that there's going to be other layoffs coming on right now. We're pretty low, but again, I see there's more pain coming up. I know it's not a very popular stance, but that's just how I see things. Let me know where I'm wrong. And let's move on to the last article, which is three hours gets liquidated. And this should come in as no surprise to anybody. But this just happened a couple of days ago. So BVI Court of British Virgin Islands, which is where three hours capitals incorporated has just ordered them to be to start the liquidation process. The courts which made order on Monday appointed two partners that consulting and advisory firm to nail to handle the liquidation. Tanao will oversee talks with potential buyers that may be interested in three hours remaining holding such as tokens or equity and crypto startups. That's bad. A website will be set up to locate creditors and determine who is owed what three hours is the best in a range of DeFi platforms such as Ave and Dydx. Court order brings down the curtain of one of crypto's most famous hedge funds founded by Zusu and Kyle Davies from her credit Swiss traders. I didn't know they were traders. Good for those guys. Unfortunately, they made a lot of bad decisions. And especially with what happened with Terra Luna and and they made a lot of they had a lot of loans which are not going to be able to pay back and people are getting defaulted. So right now I know this doesn't sound good, but this has to happen. This has to happen to get to flesh out all the negativity and and see where we land after all this happens. Again, I think there's going to be a lot of the VCs that we're investing into a lot of digital assets and cryptos. Look for those lockup periods. There's a link in description which shows you exactly how to find it on Masari for all the different layer ones and big products that are out there. Because I can tell you right now some unlocks are coming and a lot of these VCs are underwater and they need some money. And where can they get that? Well, in a very liquid place such as crypto digital assets. So hey, to be the bar, bearer of bad news, maybe it could all be wrong. Maybe everything starts to shoot to the moon tomorrow. I have no idea. It's crypto, but those are the things that I see. So let me know what you think about that in the comments section and that concludes today's news. If you got to take off, get out of here. Don't look at your portfolio. I'll be down anyhow. It's just mine too. But if you want to stick around, I'll answer all your burning questions, the best of my abilities and we'll go from there. Also, don't forget tomorrow the Simon Dixon interview. Go there, ask your questions or at least upvote the questions so I can ask Simon the most relevant things as it pertains to Celsius and its recovery plan. So that's it. So thanks so much for stopping by. I appreciate it. See you on the next one. Let's get to a little Q&A. And I got burned on the sweat coin thing. Let's see.