 Hello, friends, and thanks for hanging out with us today on the market report. I am your host, Benton, and we are joined again by our resident experts, Jordan Finneseth, Marcel Peckman, Sam Borgie, and we have a special guest today, the head of markets of Cointelegraph, Ray. Jordan uses background psychology and human behavior to spot emerging trends and crypto. Sam Borgie is a business editor at Cointelegraph, where he brings a decade of experience in economic analysis and financial market writing. Marcel Peckman applies his 17 years of experience trading derivatives, options, and futures to the crypto derivatives trading markets. Fellows, it's been a bloodbath, but we're still here. We're alive. What is going on this week? How are we feeling temperature wise? Are we hot, cold? What's going on, Marcel? How are you to this week? Well, Benton, I think every time that's on our channel, of course, start spreading some questions about if the markets is going to survive, how to handle the crisis and the crash. It's time for you guys to be more courageous and buy more. I'm not saying go all in. I'm not saying use leverage, but it's time to build a bigger position in cryptocurrencies because everybody have uncertainties. The price went down 50% from the top or 60% in some cases. So it's time to get ballsy and do some purchases. You're hearing such a bearish opinions in the market. This is like I haven't bought since before the beginning of the year, but I'm starting to feel like, man, this might be a good time to get in the market because everybody's so bearish. I don't know. My contrarian's starting to pee. Yeah, with the capitulation of the on-chain metrics, guys, they were the last ones pushing the bullish narrative. They've turned bearish now. So you know that we're either we've bought them or we're about to bottom. I mean, look, it's a scary time for everyone, but crypto as an asset class is here to stay. Bitcoin is here to stay. So if you feel comfortable allocating money, you know, you're not going to get a better shot than at Bitcoin sub 30. So I think overall the future is bright, but short-term volatility could make you a little bit uneasy. But again, take that long-term view. Those are strong bullish statements. I feel good. You know, I'm a little bit disappointed that this bull market was so short. I'm very disappointed in decentralized finance. And I don't think that it's lived up to the dream, but I still see a lot of potential in the actual, you know, concept of DeFi, self-banking, being able to collateralize crypto assets, you know, to self-fund your own sort of ventures. Bitcoin price-wise, if you look at a one-year chart, it's still trading within that same $30,000 range that it's been passing in between 64,000 and 29,000 since like January 2021. It's been an entire year in that range. I'm not comfortable that we're in that lower half. I'm happy that 30K seems to be holding us support. But I think the difference this time around when looking at previous support retest, if you consider 30K or 29K at support level, is that the Fed has turned off the printer, right? Things are different now. So the stock market is no longer pumping. The Fed is clearly resolute on their plan to continue raising interest rates. They don't want runaway inflation, and Powell has said multiple times, I would rather there be short-term paying and a weakening economy than deal with runaway inflation. And to our disappointment, Bitcoin is correlated to these larger markets, to the S&P 500, to the Dow, so on and so forth. So the printer's been turned off, and we're in new territory now. Bitcoin thrives off free money, just like stocks thrived off free money, and the money stopped flowing. So, yes, prices are low. It's a good time to consider buying, but everyone that's telling you to buy, your influencers and your institutional investors and such, they have the spare money. They're deeply liquid, and they're able to take that long-term sort of investment and deal with the short-term volatility. But your average retail investor's not able to do that. So just because we're dipping, doesn't mean that you should be buying. You've got to be a little bit more strategic with how you deploy capital and considering the macro factors and headwinds at play. It might be good to sit on your hands and wait for a bottoming formation and to see volume start to kick up again and to look to see the beginning of a trend change, or at least a prolonged period of consolidation, because consolidation means accumulation, but a downtrend doesn't necessarily mean accumulation. Even when you look at on-chain metrics. So I like where we're at because I'm a seasoned investor and I'm used to the volatility, but I am also cognizant that there could be much more downside that's unexpected. Laughing also, because I know I'm breathing up all the air, when everyone says that one level of support or resistance is where they plan to buy or where they expect price to stay, sometimes price dips far, far, far below that. Like if you think about how order books are built and how markets are made, of course, if the bias is to buy at 30K or some 30K, there's someone on the other side of that trade who's got a strategy for counteracting that. So I wouldn't be surprised if we dipped 20,000 or below, even if it was a quick whip down. Yes. And so we're going to be getting into a lot of stuff today, the Terra Luna aftermath. We're going to gather everyone's thoughts about what's next. Is it still survivable? What do you think Marcel's going to give us? His expert takes of where Bitcoin could go, Ethereum as well, keeping those on your radar. And today, we're going to be giving away a $50 voucher to the CT swag shop. So make sure you drop a comment in the chat today on YouTube here and give us your Twitter handle, because at the end of the show, we're going to give away $50 gift voucher for that CT store. And you don't want to miss out on the swag. I see what you know, you can see some of us wearing them today. I think Jordan's got his Ethereum shirt on. And for those tuning in around the globe, I see Sam's got a CT shirt on. It's a rep in the swag. Love to see that. But thank you all for tuning in from around the globe. And don't forget to subscribe to our channel here on YouTube. We have the mark report on Tuesdays at 12 p.m. Eastern. First things first, I do want to get to some of the biggest headlines in the crypto Twitter sphere. So we're going to get into our weekly roundup video. Danilo, let's run it back and show the folks what's been happening on Twitter and crypto. But we are here for it. So this week, we're going to dive into what's next for Luna first. I want to get everyone's insights. And I'm actually going to pull up. Danilo, if you wouldn't mind pulling up the TerraMoney Dow posting board here. This is where Ducon presents what he wants to do next. And I'm kind of curious to hear what each one of your thoughts are about TerraLuna right now. If you haven't seen our previous episode where we dive into what happened, get caught up. It's our last episode on the YouTube channel. So you know what's happening with the TerraLuna ecosystem. If you were sleeping under a rock, huge crash. Bank run. Guys, what do we think? Thank you, Danilo. This is kind of just for folks reading, but you can take it down. I'm curious to know is Terra dead or do they have a chance at reviving by doing this fork that Ducon has talked about? Jordan, I want to hear from you first. Like I was mentioning before, whenever I get a bunch of people start texting me, like should I get into cryptos? Like that's usually a sign for me now. Like I'm surprised at how many people that I haven't heard from in so long actually texting me or called me in the last week, asked me, should I buy TerraLuna now? And I'm like, oh crap. Like no, the original Terra ain't coming back in my opinion. Are they going to be able to revamp it? I don't know. Again, I mentioned in the last show, it's really hard to come back from breaking trust, especially in crypto. And they really destroyed a whole lot of trust with this whole scenario. How many BTC did they burn through? You see, you're hearing all these stories of people trying to stop this peg from falling and it still fell. I don't think that they really bounced back from that. Then maybe if they completely rebranded and just like started this new project over here and kind of like tried to switch it. No, man, I don't see it coming back. Sam, what are your thoughts here? Is there any chance for Terra to make it come back even with this proposal by forking the old ecosystem and taking these snapshots it talked about? Well, in conjunction with what Jordan just said, those of you thinking about buying Luna, just know that the market supply or the number of tokens in circulation has skyrocketed. So don't expect price to go back to where it was. You got to take a look at the market cap. You got to take a look at how many coins are in circulating supply. Now, in terms of the tarot ecosystem in general, I mean it's a really massive ecosystem and the Luna ticks as they're called are a pretty sizable community. Can that community be saved? It's possible. I think that it's going to require a lot of work. I think you're going to have to go away from the algorithmic stablecoin. I don't know how USD comes back, which means that the overall view of what Terra Luna actually is might have to change. I mean we saw a death spiral with the algorithmic stablecoin. It's just another proof that it doesn't work. So I think Doquan's proposals have been fairly controversial. I believe a lot of the community members voted against it or are against it. But I think at some point, if you're looking at the community itself, there's a lot of options there for that community to come across, to come out the other side. But what that's going to look like, I don't know. All I know is that USD or a stablecoin, like the previous iteration, is most definitely not going to work. And let us know your thoughts while you're watching today. Is Terra Luna dead or alive? Let us know in the chat. I want to hear from Ray next. What are your thoughts here? Danila, real quick, while Ray's talking, I'm going to pull up this tweet from whale guru that shows you 90% of participants in the preliminary vote are against Doquan's proposal to fork the Luna ecosystem. But Ray, curious to hear your thoughts here on the whole next steps for what could happen next with Terra Luna. Thank you, Danila. I'm with Jordan. I'm pretty much with Jordan and I'm with Sam. I mean, we've been in this space a while and once wrecked, always wrecked. Once trust is broken, it's gone. It's really hard to restore that trust. And there's a lot of competition within this market. Right now, I don't know about institutional inflows and institutional investors, but your average retail investor is looking at a portfolio that's not as profitable as it was two, three, four months ago, right? Or even two weeks ago. So what can Luna do to entice or what can the Terra ecosystem do to entice liquidity after relaunching? I'm not sure because there's a lot of competition. There's a lot of other options within decentralized or even decentralized, centralized finance like Celsius and Nexo, so on Anchor. Well, Anchor is out now, but I mean, there's other places where you can go to earn a yield on your tokens. So yesterday, I thought that the hard fork proposal was popular and that it had had some uptake. So I'm guessing within the last 12 or 24 hours, the tide has turned against that because a strategy I had heard was if the project hard forks and there's going to be the current Luna, which is dead, will be called Luna Classic and then a new Luna token will be issued to those who took on losses, those that are state within the ecosystem. Then the play would be to accumulate Luna Classic, which is now the defunct Luna with the hopes of then increasing your quote-unquote airdrop that you might receive post-hard fork. But if that's not happening, then I honestly don't know how they come back. I do think it's good that Delquan is sticking around and being very vocal and attempting to find a kind of like pragmatic possible positive way forward. Because when a lot of these projects have a calamity or a cataclysm such as this one, the development team vanishes, or they absolve themselves of all responsibility or they remind the community that this thing was purely experimental and that you should do your own research and try to mitigate your risk. So I like that he's sticking around and trying to be a positive voice in the room. I know that a lot of people are pleased with him, myself included. So if you think about link marines, there's no link marines left. When's the last time you heard anything about chain link and the link marines? When I think about it, right? Right? But there's so much utility. We can have our money in Danielli. Yeah, there's a lot of utility, but utility, reality, demand, and application, they're all, that's the crypto crux. You know, what is real world? I mean, but is that a sign of just like how early we are in the space? Like, is the innovations catching up with like the adoption? Well, there's a lot of room for growth, I think. And, you know, Tara attempted to do something experimental within DeFi, which is an algorithmic stablecoin, which is not a new concept in this world. When you think about dollar peg assets and other sovereign currencies that are pegged to the dollar, there's the Hong Kong dollar, there's the Arab Emirati dear hum. There's like 10 different currencies that are pegged to the dollar. But the reason for that is to like equalize trade and to make exports lucrative for those countries, whereas what is Tara export? What was the need for them to, why would they need an algorithmic stablecoin? Why would you back a stablecoin with ultra high volatility assets? Why not just back your algorithmic stablecoin with other dollar peg assets? Like Frax, Mem, USDT, USDC, you know, create an algo stablecoin that's linked to other stablecoins. Why would you do that with Avax and with BCC? That's crazy. So, what I'm trying to say is I want to let Marcel, there's a lot of them, right? There's a lot of lunatics, and Luna is a huge ecosystem. And I've learned to never say never. It's possible that this thing can come back from the dead. Ethereum got attacked in the beginning, and they hard forked and look at Ethereum now. It's doing fantastic. Whereas Ethereum classic is a dead chain. So, anything's possible in this space, but I myself am not deeply optimistic and in any sort of revival with Luna. I want to hear Marcel's thoughts. Marcel, dead or alive, what's going on here, Tara Luna? I think that the current state of Luna is more for dead, but I believe that a fork will emerge and something not at the same proportion, but something can come out of this because where there's a community, there's value. Because tokens with all those algorithms and codes and stuff, it all boils down to community. If you have lots of users, it's the same happening to XRP. Even if Ripple, the company, if this is dissolved, so they're no longer able to manage the XRP token, their community is so big that they embrace it and continue trading and continuing doing business and creating out of XRP. I don't think Luna will ever gonna die per se, but it's gonna have to change and DoQan is gonna have to abandon or live it. That's pretty clear for me. But what I think Ray is trying to say is that what is the need for the Stablecoin? We don't need one, especially algorithmic. It's too risky for what benefit. I don't see value on that. The whole ecosystem was centered around USD. Sorry, go ahead, Ray. Luna will come back possibly or Terra will bounce back from this, but will it come back to profitability? They had market share of DeFi. They were the second largest project. There's a $40 to $60 billion ecosystem. All of that is gone. So perhaps TerraSwap can come back. Perhaps AstroPort can come back. Perhaps the wormhole will still have cross-chain flow into the ecosystem. Maybe they will go USDT and USDC native, right? And it's just a wrapped version with that exists within that ecosystem. But I don't see Luna coming back to $100 per token or $50 per token. Of course, anything is possible, but I don't know. It doesn't seem like it. To have your entire ecosystem based around the USD Stablecoin now looking back is extremely risky. When has there ever been a successful algorithmic Stablecoin? Other than near protocol and what they're doing, we've seen a lot of different failures. Jordan, let you chime in here next. This is also a really good learning opportunity. I'm surprised that hearing people had their whole portfolio in USD or Luna. That is horrible operational security as far as crypto goes. 15% max on any... I know Bitcoin maxes might feel different about that, but I'm like 15% max, especially on an altcoin type project, if you're really exposed to risk. Otherwise, people need to pull that back. I don't necessarily feel sorry for anybody that had all of their stable money in USD. I'm like, that's just foolish. So I got a little cold-hearted, but this is a learning experience and crypto is just highly volatile. So many people. You need to spread your friends out, people, and don't get overexposed to any one project, please. Right. Speaking of the Bitcoin... Can I interject a little bit? Go ahead. Or go ahead, Sam. I just wanted to say, speaking of the Bitcoin maxes, I mean, that was for me, there were some really nice headlines with, you know, Doquan backing his protocol with Bitcoin. Even a lot of the Bitcoin maximalists started to respect that. But that for me was the big red flag, not to enter the anchor ecosystem, because I was really considerate, you know, full disclosure. But when I saw the fact that they were backing their asset with an asset of a completely different risk profile, that's when I started looking into it a lot more. And I'm like, something year does not jive. And I'm staying the hell away from this thing. That's a good call. Ray, last thought here, and then we're going to shift into Marcel's expert segment about Bitcoin and Ethereum. Tell us what's next, Ray. So about the people that lost their entire portfolios and had all their money and one ecosystem, here's the thing with Terra and with all of these stablecoin or all of these DeFi interests, you know, DeFi platforms where you can put your stablecoins there and earn interest on them, is that DeFi is volatile, crypto is volatile, all the DeFi tokens are volatile. So looking at like abracadabra money or looking at anchor or looking at some of the other protocols in Terra, it makes sense. During volatility, what do people do? They hop into stablecoins, right? They want to protect their paper profits. They want to protect their portfolio size. It makes sense to go into stablecoins because they're always safe and they never lose peg. And you're going to earn 20% APY on that deposit, right? So I think for a lot of people, the conventional kind of practice, the conventional knowledge and the fact that it seemed pragmatic and well thought out that when the market shifts its pants, we will just go into USDT, USDC. That's what many of us have been doing for like the last three, four or five years. So USD made sense in that way and it seemed to be well guided. So I think a lot of people just got too comfortable in a strategy that had worked for them for a long time. And no one expected the thing to unravel the way it did. And the collateral damage that it caused, you know, Sam and Marcel and Jordan were talking about the contagion effect. Like hopefully this could be the bottom of the market, but we're going to see if this is kind of a capitulation phase before we go lower or if this is just going to go sideways for the next year to two years. I want to get into Marcel's segment next because this kind of is a good segue for us considering the fallout with the Bitcoin and the treasury of Terrell Luna. I want to know what's next for Bitcoin, what's next for Ethereum. I think Marcel is going to tell us what we need to know. Before we jump into his segment, I do want to chime into the chat here. Thank you everybody for asking your questions. If you have a question from Marcel and you want to answer and make sure you're dropping it in the chat, don't forget we're giving away a $50 voucher at the end of today's show. Drop your Twitter handle in the chat. That voucher could get you $50 to the CT swag shop. So Danilo, let's go ahead and run it back into Marcel's expert segment this week. Okay, Benton. So without seeing this over and over, so every time the market drops 20, 25% in a week, the fear and greed metric plunges. It's currently at 8%. So one thing you should notice is that such data is always backward looking. So how is the fear and greed metric composed? It relies on volatility, volume traded, social media, Google search, and Bitcoin dominance. So what are the forward-looking metrics? Well, first of all, derivatives markets. So instead of checking past data, the futures premium, also known as the basis rate, analyses what professional traders are paying for contracts that will expire in two or three months. So Danilo, can we share a screen, please? So let's start by the current 3.5% basis rate. What does that mean? It means that the Bitcoin futures contracts expire in September, is trading some $300 above the prices at Coinbase and Bitstamp. So you can ask, so is 3.5 a good, a positive indicator or not? Well, usually, numbers below 5% are considered bearish, signalling a lack of demand from leverage buyers. But you're going to step back for a minute. Bitcoin is down 25% in three weeks. And yet, there's a premium. There's a positive premium for contracts expiring in three months. So it means that the sellers are not confident enough to place bearish bets at $30,000. So thank you, Danilo, for sharing. So another thing that I like to look, which tends to be a forward-looking data, is on-chain metrics. And the most used on-chain metric is exchange reserves. So the number of Bitcoins and Ethereums deposited on exchanges. So mainly, what people say is that the lesser Bitcoins deposited, so when those clients withdraw funds, they're sending coins to cold wallets. So diamond hands are buying, which means this is bullish, this is positive. So, but is that really what's happening here? So Danilo, I want to share my screen again, please. So here you have crypto-quant data. So the blue line is the number of exchanges Bitcoin deposited on exchanges. And you can see that it has been declined. It's currently at 2.47 million Bitcoins. And if we go back in time, it was above 2.55 million Bitcoins deposited on a change. So in the past week alone, the number went down by 53,000 Bitcoins. Thank you for sharing, Danilo. So what you're saying, what the data is saying, is that clients withdraw money from exchanges. So theoretically, it's a good thing. But let's assume that the data is correct. Let's assume that those coins are moving to diamond hands. So yeah, large clients are buying Bitcoins. But what happened to the retail investors? Everybody who lost money on Bitcoin and outcoins and sold those coins on exchanges to these large holders. So most likely they got liquidated, they got wrecked or they said, okay, I'm down 50%. I don't want to know anything about more, any more about cryptocurrencies. I'm going out of that. So even if the data is positive, even if it means there's less liquidity for buyers right now on exchanges, it also means that the retail traders got wrecked. They lost money. So in my view, even though the number of Bitcoin deposit exchange reduced to the lowest level in three years, I don't see that as a positive. I think we're heading to another three or six months of sideways market or maybe a price cap of $40,000 for Bitcoin because retail traders are needed for the rally. There's not going to be a rally to $50,000 or $60,000 if all the retail traders lost money. So my reading of the onshade data is not so good. It's kind of bearish. And despite the slow or low 3.5% futures premium, there's no demand for leveraged buyers here. Very interesting. And so do you feel like if the Fed continues to raise interest rates, that will also have an impact on the retail market segment as well? Well, I think for me, the Fed has no option. So either if inflation continues to run up, to build up, which is horrible for the economy, which is horrible for families, or it continues to raise interest rates that quantitative easing and start some tightening. So instead of buying bonds, or buying mortgage security bonds, it's going to have to sell some treasury, some bonds. So definitely not a good time to be in risky assets. But what is the other option? What can investor do? He can go to excessive premiums as well. Bitcoin is not the option. It is a scarce asset. I think some money will flow, maybe 1%, maybe 2% of that money will eventually flow. So maybe next 2022, we're going to see some inflow from the institutional investors to Bitcoin. But right now, the tightening movement from the Federal Reserve is negative for market. Jordan and Sam, any questions from our cell here? We've gotten a little conspiratorial about it before. Did the government have anything to do with the UST, debacle, and stuff like that? Well, BlackRock could probably buy the whole cryptocurrency market on its own. But yeah, what you're saying, it's even more impactful that what they really did was scare the crap out of retail investors to get away from the market. Even though I've had people like, should I buy it now? I don't see people coming along like, I want to dump a million dollars in this market. So we could just stay sideways. But maybe it was a good opportunity for the people, like the big institutions that are accumulating in the background as retail is scared of it. It allows the opportunity for institutional maybe to accumulate over the six months period, like you're saying, as we trade sideways while retail is sales side, then they'll start pumping in. Retail is like, oh, FOMO, I don't know. So Shalom seems to think that it's the solar cycle. And Sam, jump in next. Wrong answer. Let Sam jump in next. Wrong again. Trimes and BTC ETH stick with the fundamentals. So your boy Marcel is talking about those fundamentals. But Sam, go ahead and jump in. Yeah, I just want to follow up with what Jordan said. I just saw some data, I believe, from CoinShares that said, in the last week, we saw $274 million flow into Bitcoin ETF products or Bitcoin institutional fund products over the past week. So it seems like the institutional investors are buying the dip. Now, I don't know if we're at the complete bottom or you can call it a dip yet. But it seems like we all know the adage when the market is fearful, it's time to be greedy. After the massive sell-off that we saw, it looks like some of the big money investors are accumulating. But again, with the Federal Reserve tightening the way it is, I don't really see any positive catalysts from the retail perspective over the next three to six months. The Fed is going to probably introduce another 50 basis point rate hike on the next meeting. They'll probably do it again. I think September is going to be the big meeting because it's going to give inflation, perhaps another three or four months to cool down a little bit. And by that time, we'll see if the stock market has been pummeled even more. At that point, you could start to see a shift in the Fed's messaging. Maybe September, because typically September and October are very volatile periods for stocks and then by extension crypto as well. So if we come in after Labor Day and the markets are tanking again after all that we've seen over the past six months, seven months, that's when you can start to see perhaps the narrative shift from the Fed, but not before then in my opinion. We are in a very peculiar position in what seems like it could be with the inflation rising interest rates. A lot of stuff happening at the macro level. Marcel, what are you doing from a trading perspective right now? How are you approaching or assessing things? Are you still sticking to your dollar cost average baseline? What are you kind of doing in this kind of scenario? Well, any spare money that I have by the end of the month, I buy a BDC. But from the futures trading perspective, I do think that anything below $30,000 is a bargain. Yes, we could see eventually if there's a crash on traditional markets, Bitcoin may be moving to $17,000, $18,000. Yeah, it can happen. It's a small odd or small chance that it's going to happen, but there could be a low for that. But for those that envision a six-month, 18-month timeframe, buying at $30,000 seemed like a bargain. And if you do like Ethereum at $2,000, it also seems like a bargain for me as well. So I do think that if you have some spare money and you are still waiting for an opportunity to buy cryptocurrency, it is right now. Don't miss it. That's a great point. And I mean, even if you look back to the flash crash of March 2020, a lot of people thought the sky was falling. But look what happened six, 12 months later. We had one of the bigger bull runs that we've seen. The other thing that I want to touch on here is when it comes to where we're at currently and the psychological phase of what was the market cycle. I feel like we've learned a lot. We were just talking about this on the pre-show. It's like we've been through all of the psychological phases right now, having euphoria, doubt in the grieving process. I think we're now at kind of the tail end of what could potentially be this market cycle. So when will the next one start up? We will see. Time will tell. But as always, dollar cost average in to the to the bitcoins and the theorems and you can't go wrong. Well, one thing I want to emphasize here is that these are the personal opinions of each panelist today. This is not financial advice as always. And these are not any way, shape, or form response or content from Cointelegraph. So thank you, Marcel, for sharing your insights for today. Don't forget. Go ahead, Marcel. Last thought. Wrong again, said on chat. Marcel is always bearish. That's not true. I've been bearish for the past couple of months. I assume that I will say that. Even sold a little bit of my position when Bitcoin was at $47,000, but really small part, the tiny part. But I've been bearish for the past couple of months. But I do think that, as Sam said, by the end of the year, September, October, November, we're going to see after the Fed has raised up the interest rates, people will start thinking, well, what can I do with my money? I have some money left because I thought that the markets were going to crash and it did not happen. And I think that, yes, some of that money, maybe 1%, 2%, 5%, will be allocated into Bitcoin. And then we're going to see a rally. $100k, here we come. We are well on our way. I see the chat is getting quite geopolitical right now. Let's keep this crypto. Let's keep it fun out there today. All right. We appreciate everyone that's been tuning in. But if you haven't like, subscribe, go ahead and do so now. $50 end of the show for the CT swag shop. Drop your Twitter handle in the chat for your chance to win. Next things next, how are we going to survive this bear market? We heard Marcel about what he's doing for his plan of action. But now I want to get into what are y'all doing? Actually, we have the market news segment next. That's my bad. Market news. Which one do you guys want to talk about? We got Congress. We got Bukele holding 44 world leaders in El Salvador. Does that seem like a good one? We're going to talk about that one today. What do you think about this? Bukele, president of El Salvador, is hosting 40 different other leaders from around the globe. Is this big news? What does this mean for the adoption of Bitcoin? Sam, I'll let you jump in here first. Well, I'd have to look at how many of these countries I've actually heard of before. That's the first question I want to ask. They're not exactly big geopolitical players. I think it's positive. I think you're going to start to see more countries adopt the Bitcoin standard in some capacity. Even if we get a few more, that's always positive news. I think we were a bit underwhelmed with the Bitcoin Miami news, though, when it comes to adoption. That didn't really live up to the hype, in my opinion. But I think the fact that you have dozens of countries coalescing in the Bitcoin capital of the world, so to speak, to discuss potentially integrating the new asset class, I think is very positive. We'll see what comes out of it in the next few years. I'll let Jordan chime in next. But Danilo, if you wouldn't mind just pull it on my screen real quick. I do want to show all the countries, and it was talking about the article, central bankers from certain countries. So this here, orange countries, a lot of countries in Africa, South America, that tells me that these countries are looking to obviously adopt this technology and integrate it in what better places where they need it the most. And I think this is really cool to see that countries from around the globe are starting to really pick up on this. I'd love to see some more European countries in Asia and North America jump on board, but in due time, I guess. Go ahead, Jordan. Yeah, back I remember, especially in 2017, you kept hearing this theme of like, it's a transference of wealth, transference of wealth. But I kind of got this different, my own unique perspective on it, and how like, so now, especially with these countries starting to rise up, my theory was that they're going to really promote Bitcoin, especially to poorer countries, so that they can accumulate it at a lower price, then they'll pump it out to like the wealthier countries, thus transferring some of their wealth to those poorer countries who already accumulated it on the low. And this just kind of fits more in line with that. Like, if they can get countries like, I know people who keep actively ragging on the fact that it's less wealthy countries that keep wanting to adopt Bitcoin, and like, that's a good shine, but I'm like, that just winds up what I'm thinking. Like, how can we actually distribute the wealth of the planet to all the countries more evenly if they can start getting in on Bitcoin early, and then all the other wealthy countries pump the price up after they're already in, that works out by inflating their treasuries. So in my, like, from that perspective and that theory of mine, that's kind of aligned with it. It's a way for poorer countries to kind of get in the head of bigger countries and increase their wealth just because they buy something like a Bitcoin before the rest of the world gets on it. So that's just kind of lines up with that. I do think over the long term, maybe Bitcoin will become the kind of global settlement currency if all these countries start adopting it. Maybe we're on that path. I don't know. It's curious to see. I'm still hoping for maybe one more blow-off top this year because everybody's talking about wearing the dumps for the next, like, five years. I'm like, yeah, blow-off top. Come on, we still got a blow-off top. But Jordan, even if, I don't know, El Salvador buys Bitcoin and it goes from $30,000 to $200,000. Why would the country or how would the country distribute this money? The government would probably use that, I don't know, for its own good or whatever the government thinks is right. I think what should be done, what would be interesting, is if the population starts to accumulate. So even if it's 10,000 satoshis, even if it's small quantity, but if the population starts to accumulate and what we've seen over the last research or pools that have been done in El Salvador is that the minority of the population is accumulating. Yes, like 20% of them are using the coins every day, but they're not accumulating. Yeah, my original thought was that it was the people needed to be the ones accumulating it, but just in my, like, watching the crypto news, mainstream news and how they've attacked crypto over the last five years, I can understand why no retail people are buying it. They've effectively kept people, they've convinced people to stay out of the market. So it's the only way to kind of move this along. Again, 70% of people won't do anything that the authority of their land tells them to do. So when we start seeing governments actually adopt it, the people will be like, oh, it's safe now. That's just the way human psychology works. It's sad. Like, I really wish it was the people accumulating it because then the people would be getting the wealth. But as a mass, we're not that intelligent. It's sad to say individuals are really smart, but you put us in a clump, we turn stupid. And that's just the way it's gone. So it's going to take the bosses, the people that we've placed on a pedestal telling us that you can buy this now from the majority of people to buy it, which is sad, but yeah. The sheep, don't be a sheep. It's like all the big governing bodies tell us what to do. Most people don't want to think and wake up. There's an epiphany. There's a revolution happening, folks. It's called Bitcoin. Wake up. It's coming. Any other thoughts here on what could come out of this central banking meetup? Is the big deal or not a big deal in the grand scheme of things, Marcel? Well, I'm not shorting. In the grand scheme of things, what Sam said about the Federal Reserve is more important. Once there's no more extra liquidity going in the markets, we're going to see the real price of assets. So is a house in Canada a small house, a cabin really worth a million dollars? I don't know. I think there's going to be a repricing. So I think we should focus on a bigger picture here. And when the tides are down, we're going to see who is naked or not. I think that's the message we should be interpreting. I'm just waiting for that petrodollar to be replaced by Bitcoin one day. So we'll see. All right, folks. Moving on here, the chat is electric today. A lot of people are talking about CBDCs. We'll get into that maybe during our next segment on how to survive the bear market. So let's go ahead and do this thing. I just want one quick tip. What are you doing to survive this bear market? Jordan, kick us off. Realizing that there's more life than just crypto. I still have a job because I didn't think that I was going to be able to financially free myself on this market. Going out a few years, I will start $1 cost averaging when I feel like it's ready. But I'm just trying to enjoy life, go outside, enjoy the sun. It's getting summer here in the US. Having some fun outside, man. Because crypto, I see the memes of something posted, like, I've been trading for nine years and they're 29 and it's like this old nine. Like, yeah, that's crypto. So you've got to try to find ways to de-stress. Do your good research. Oh, sorry, you wanted a short answer. Yeah, de-stress, man. Give us a tip. All right, Sam, quick tips how to survive the bear market. Hold Bitcoin. Let me listen and on. He didn't sell. Did you? He didn't sell at the top. So just hold, okay? It is what it is now. Get ready for the next cycle in the next few years, probably. You're in a hard asset. We're all getting screwed no matter what asset we're in. So have that perspective. Hopefully you haven't invested too much that you actually need that liquidity. If you don't need that liquidity, let it sit because there's nowhere else to put it really right now. So hold your Bitcoin and chill, as Jordan said. And Marcel, your thoughts on how to get through this bear market here. Well, I think that the number one message that I would give to the viewers is there's nothing safe or stable in the world. Even if you buy U.S. treasures, you're losing money because they're devaluating the currency by printing more money out there. So yes, you get a two or 3% yield, but inflation runs at 8% or 10%. So in truth, you're losing 7% or 8% every year. So there's nothing stable out there. There's no 100% safe investment. So rethink your strategy if you think you're playing safe. Bring up some great points. I think for this particular bear market, just go look at the charts from like six months ago. Like this is all a giant fire sale. And I think when we zoom out one year in the future and we say, oh my gosh, look at the gift that we got. For those that survived the 2018 bear market and made it through the 2020 bull run, they were thankful that they were getting into some of these tokens at these prices. Now let's not forget that a lot of these tokens aren't going to be around another year or two. So stick with the gold standards, the bitcoins, the Ethereum's and maybe a few other projects that you really, really believe in the longevity for. And dollar costs average your way into these now because you may not see these price levels a year, two year, four years from now. So zoom out, have perspective for this bear market. Mentally, gotta stay in the game. So always, always zoom out. When it comes to that bear market, we got your back. That's why you gotta come here every Tuesday, 12 p.m. Eastern. Drop your Twitter handle in the chat. We're gonna be giving away that $50 at the end of the show to the CT swag shop. Next, we got Markets Pro, the two tokens that you should have been watching. Markets Pro has your back in the bull or bear market. So let's go ahead and jump into our Markets Pro, two tokens that you should have been watching. Did you hear that? Did you feel it? That was a newsquake. And newsquakes are the automated alerts that instantly notify users when market moving events happens. This week, we had that newsquake with the token YGG Yield Guild Games. Well, despite bear's trends early this week, news of Yield Guild Games partnership with leading Solana NFT marketplace, Magic Eden, saw impressive price action. Newsquake alerted Markets Pro subscribers to the partnership on May 11th when the price was at 52 cents. On May 13th, that price peaked at 74 cents, a 42% increase. Bear Markets, you're gonna take that all day. And that was the power of Markets Pro. You would have gotten that alert and been instantly able to action that trade and picked up a quick 42%. Now, the next token for this week is we're gonna take a look at that Vortex score in Sapphire trading under the ticker SAPP. If you're not familiar with the Vortex score, it's a comparison between the current market and social conditions of the past. A score of 80 or above is confidently bullish. 30 or below indicates historically bearish conditions. Well, you see the chart here. That Vortex score hit 86 and SAPP throughout the week alerting Markets Pro subscribers of a potential trading opportunity based on the historical conditions. So it turned out to be this week's top gainer defying the entire market. In less than a day, the price shot up from 48 cents to 77 cents, 57% gains. This is why you have Markets Pro, especially during a bear market, is because of these two trades and that's the power of the Vortex score and the newsquake. So if you're a subscriber, you're getting in on this action. And that's why we love Markets Pro. Now, guys, I want to get some closing thoughts from you all today. Let's start off with Jordan. Give me some closing thoughts here and then we're going to pick our $50 winner for the CT store. Yeah, the world's not ending. Yeah, crypto market's down. There's still trillion, like 40% of the money supply that's even higher than that's been printed in the last four years. Even though they're raising interest rates, all that money is still out there. They haven't taken it out of supply yet. There's a good chance that some of that could still find its way into the crypto market. Everything else just kind of goes on. Goes to shit. The stock market keeps collapsing. The bond market stays schizophrenic. Cryptos might be the haven that we're all hoping for. We might finally see that decoupling from the stock market. So keep the faith crypto faithful. Long term, the outlook for cryptos is still good. Like I said, try to find a way to enjoy life outside of this. Cryptos volatile. Accept it. Don't say I'm going to be rich in a year. Take a five-year, 10-year trajectory. Accumulate over the years. Don't let the ups and downs of the market kind of give you great hairs. And just realize that long term, we're on the uptrend. It's just, it's a volatile trip. Jordan, when you say decoupling, when you say decoupling, you mean cryptos going up and stock markets continue down or lateral, right? It's not the other way around. Yeah, fingers crossed, fingers crossed. Okay. Sam, any closing thoughts for today's show? Just know that the extremes don't last forever. You know, the extreme downside that we're seeing, it's not going to last forever, just like the extreme euphoric highs won't last forever. Things will eventually recalibrate, and you'll be able to better assess where we are in the market cycle. But overall, you should have an investment thesis and stick to it over the long term. Excellent feedback. And Marcel. Well, Benton, I think my closing thoughts will be, nobody knows what's going to happen. We've never been in a situation of such negative interest rates or the Fed hiking, the Fed phone rates so much. We've never seen anything similar in the past. And Bitcoin did not exist 15 or 20 years ago, so we don't know what's going to happen to the price. But if you believe in the asset, if you believe in Bitcoin, if you believe in interior, if you believe in the FI ecosystem, don't miss out the opportunity because the media or the government told you not to invest. Limit your exposure. So if you're comfortable with 10%, go ahead with 10%. If you're comfortable with 30%, go ahead with 30%. But don't miss out the opportunity because of the risks. Because if there's risk, there's reward. Exactly right. Knowing those risks, mitigating those risks, being comfortable with that risk, it's all subjective. But we are here for you, bear markets or bull markets. And we appreciate everyone for tuning in today on the market report. We're going to select our $50 voucher winner to the Cointelegraph store. I'm going to scroll through chat right now. Looks like Erica Hamilton at Erica Paper Hands. You are our winner, winner chicken dinner. That was the first Twitter handle I saw today in the chat. So congratulations. We're going to send you a DM on the Twitters and get you that $50 voucher so that you can get some of that CT swag. Folks, we appreciate you tuning in as always to the market report. We're here on Tuesdays. And hopefully there's no more craziness in the market, but we may be popping in for a little special edition. So keep your eyes peeled. Don't forget to like and subscribe. Cointelegraph on YouTube. Thank you all for joining us today's show. We look forward to seeing you next week. Until next time, over and out.