 Welcome to Digital Asset News, the top stories in crypto and bring them out of bite-sized pieces. Today, just as the thumbnail suggests, we are just getting started. And as I said before, many times, I think Q4 is going to be just fireworks. And we're going to go over why that's going on right now, what's leading to mass adoption, what we can actually look forward to. So, the first thing we're going to do is we're going to do a new segment. It's called Market Data. We're going to take a look at price and price history, also some on-chain analysis. We're going to get into Kevin O'Leary and why Kevin O'Leary is actually important for this space, why Kevin, as I call it. Also, we're going to talk about how gold and crypto is not leaving in any way, shape, or form. Also, we'll take a look at talking about front-running as far as Ethereum and NFTs. And also, cryptoclarity and how it's actually coming along and what's going on. So, we'll get into all those things. But first, take a look at what's going on into the market data. So, I want to do something new. I mean, we always talk about the market data itself. We talk about the price action, which is just a very small part. And market cap today is 2.31 trillion. I think yesterday we were down like 200 billion. All of a sudden, bang, 200 billion just comes about. No big deal. We call that a Wednesday. So, we've also got that Bitcoin Daily Sentiment. They're using trade the chain, trade the chain analysis. They scrape all the interwebs and all the blog posts, and they have a direct API integration, all that great stuff. So, you can kind of tell where things are going. Link in the description if you want to check out trade the chain. But we're looking at 70 out of 100, which is pretty darn bullish. And the coins themselves, I mean, look, Bitcoin's up, it's almost 55,000. And it's up 10% in 24 hours. That's pretty great for the biggest market cap as far as the cryptocurrency market itself. Ethereum is at $3,600 almost. Binance coin, 438, Cardano's up a little bit, 1%. Ted, nobody cares. XRP, watch out, 2.4%. Dogecoin, 1%, just because Mark Cuban says that he might be using it more in his shop. And then poke it out. Look, I get nothing against Dogecoin or Shiba Inu, one of the meme coins. You're making money, great, good for you. Let's see if they're going to be here in the next 10 years. And then everything else is pretty much up across the board. So, we're looking pretty good. And then that's just the first part. What I really want to get into and start to... And I'm going to ask you what you think about this. Link this or talk to me in the comment section is things like this. So, this is the total liquidations because when you go up 10%, when you have those things, you know, you're going to get the shorts get squeezed and you get big price action and here we are. So, total liquidation, 6.17. In the past 24 hours, it looks like a boomer. 95,000 plus traders were liquidated and here's all the tokens that were. And you can take a look at down here. This is on BYBT.com. And out of all the exchanges, Binance had the most. 53% and 68% of those were short and they got liquidated like crazy. 83% all the things down here. So, that is what is going on as far as like who got wrecked and how much also the single largest single liquidation order happened on Huobi for about 11 million dollars. Very sorry for those individuals. But that is what we have. And then I want to take a look at how much as far as going on is for shorts and longs in each individual crypto exchange. So, here's the stats. Bitmex, Binance, whatever else. This is over the last 24 hours. But I want to show you is that sentiment really does drive the market. I think when you see a lot of people getting liquidated, well, guess what happens? This is a period of 24 hours and you got shorts versus longs. Pretty even, right? Greens of the longs, reds of the shorts. Well, let's just back that up and take a look over the last 12 hours. That's not too much of a change. But what happens at four hours? A little bit of a change here. Over one hour, then we got a little bit less. And then 30 minutes, all of a sudden, now people are like, wow, I think I'm going to not short Bitcoin. And then here we go on most of them. But it just depends on which one it is. But you got 58%, 45%, 73% on Deribit. Well, 74% of Bitmex, 48 and 51. Yeah, sure. 47 and 52. I would love to see how those shorts ring out. That's funny. I'd love to see how those shorts ring out. I would love to see how those shorts actually get as far as like in time goes. Then lastly, we'll take a look at some on-chain analysis as far as all miners outflow, meaning how many of these miners are actually selling. And the more that the miners sell, yeah, usually that means more of a dip in price. And we can see here it's not like too many, but there is a little bit of an increase, as you can see right here as far as like 4th of October. And then as far as the reserves, meaning how much Bitcoin is on all the exchanges, we can see here that once the reserve starts to drop, well, that means that the supply is going down, but the demand still stays the same or increases and the price goes up. And now look where we're at right now. We are pretty darn low. So the amount of Bitcoin on exchanges are going down because people are snatching them up, which means the price goes up. And look at Ethereum, it's even more pronounced on Ethereum. Look at that from the left side of the right side. There's just not a lot of Ethereum. So that's what's going on as far as the market data. Let me know what you think about that new segment. Let's move on to our next piece, which talks about why Kevin? So this one here, first of all, Kevin O'Leary. I think most of us know this guy. He is one of the Shark Tank members. And he said, hey, my crypto exposure is greater than gold the first time ever. So the real question you have to ask yourself is why does Rob care what Kevin O'Leary says? Well, it's not that I really care about what Kevin O'Leary says. Pretty smart business guy. But as far as crypto, what I care about is the reach that Kevin gives us and also the demographic that Kevin gives us. And I hate to point it out, but Kevin's an older guy. He's a distinguished gentleman here at City of Seven Years. Why do I bring that up? Because Kevin is a boomer. And I know mostly in the crypto community, we make fun of boomers for some reason. I don't understand why. Because Kevin here is a boomer. Good for him, whatever else. But boomers, if you don't know, carry a boatload of wealth. So when we take a look at this and we're like, ah, you're a boomer. Well, guess what? Baby boomers in America hold the vast majority of the wealth in the nation. Now, people will say, ah, but the baby boomer is that, you know, it's going to be a wealth shift. That's true, but it ain't happening tomorrow. So show a little respect. So baby boomers have a ton of money. Gen Xers have, they're in the second place. Millennials, eh, not so much. So why do I care what Kevin says? Because he's got reach, man. He's got reach. So this is what's going on. Kevin says he hopes to increase his crypto allocation to 7% in the next few months. He says I don't see a situation where crypto's ever going away. And we'll get to that in a second. He says at the end of the year, I'm hoping to be at 7% of our operating company's portfolio in crypto. I'm investing in a wide range of different crypto products as a strategy. And to finish up, he states nothing's going to replace gold. So I know that we're all hot and bothered about how great crypto is, but you can understand, I don't think gold's going anywhere either. And I think Kevin's right here. He says gold has been tried and proven for 2000 years. The Romans were hoarding it. I think what happens is gold will remain an asset class in portfolios like mine and others as a property. And that's really what it comes down to. So when Kevin here is talking about this, these are the types of stories and comments and publications that people are going to get into. Because you're like, you know what? I don't know about cryptocurrency, but I know Kevin's a pretty smart business guy. And I like what he says in Shark Tank. And that's reach over millions of people. I'm also a boomer. Maybe I should get into that. And that's where we get the funding or that's where we get more people getting into our space. I think this is a very big tent. And we should allow all types of people to come in, especially they want to be a part of it. I welcome you with open arms, which leads me to my next point. So if we're talking about crypto, we got to talk about gold. And just like Kevin said, gold and crypto is not leaving. And about this whole thing about gold and crypto is that if you look at gold, first of all, I own gold. I own silver. I never understood why the gold bugs were like, you got to only have gold and that's about it and metals are awesome and you suck. I don't understand it. I think that there's room for everybody to buy everything. Why wouldn't you diversify just a little bit into these different assets? And I don't want to go over the debate, but I want to do point this out. And that is that this, this is a 10-year history chart of spot gold prices. And in 2011 or before 2012, you were looking at a whopping price of $1,800. It's pretty good for gold. And then over the last 10 years, you didn't do anything. I mean, you went up a little bit. You went from $1,800 to what is this, $2,000? In a decade? Are you kidding me? So look, it's a great store of value, but if you're trying to get wealthy, investment opinion, not investment advice, I don't think gold is your play. And all those people who are telling you that gold's the only way to go, you understand they own a boatload of gold and they want you to invest into it because guess what? They are mega rich and want you to be there. So that is just my opinion of what's going on. However, I will say stress. I cannot stress enough. I own it myself because I do think it's going to be around for a long time, just like cryptocurrency. And don't take my word for it. Take the word of the Bank of America. Again, why does Rob care what Bank of America says? It's because for some reason, some people look at these old institutions and are like, you know, I kind of have a feeling that these guys are trustworthy. They're not. But it's good when the Bank of America comes out and says, hey, these are too large to ignore. And we actually covered this yesterday. And this is just a quick snippet. Bank of America's global research has begun covering crypto, debuting with a report saying that digital assets are too large to ignore. Man, maybe they can get into Netflix next if they're just cutting edge. Anyhow, Candace Browning, head of Bank of America Global Research, states, if you look at the number of corporates mentioning crypto on their earning calls, that's gone from about 17 last year to 147 in just this quarter. And when you take a look at things and we're looking at mass adoption and who is putting on the balance sheet and how things are going, these are just the big indicators of what is going on. So we've got all that happening in tandem, right? And that's good. Now it's time to look out for us, because if you're already here, you're probably way ahead of the curve. I can guarantee you front ran all the banks and all the big hedge funds if you're already here because they're just getting into it too. So the next thing is you might want to look at Ethereum, NFTs, and not like Ethereum is any great thing, but the different products that are built on it and as far as NFTs and why they're so important. So I'm going to try to break this down as quickly as I can and hopefully it makes a little bit of sense. First of all, Ethereum, I thought the big news or the big reason why Ethereum is going up was because of all the NFTs. Well, it's really not. If we take a look at this chart right here, I actually stole this from Guy over at Coin Bureau. Thanks, Guy. And it talks about how Ethereum settled 6.2 trillion in transactions in the last 12 months. But you can see here, 17, 18, 19, 20. That was a pretty good year. But look at this, almost a 400% increase. And you see that light blue area right here? I was like, oh, that must be NFTs. It's not. You know what that is? That's stable coins on Ethereum, stable coins. The rest of it is all the different transactions, including NFTs. So when Gary Gensler of the SEC says that stable coins are the poker chips of cryptocurrencies, digital assets, he might be right. Because if people want to get into the market, a lot of times they want to put things into stable coins and that's where a lot of the value is locked up. And I think that is why the governments are looking at that, especially agencies like the SEC, which we'll get into in just a second. And also, I just want to say this. If you're looking for the next big thing potentially, it could be NFTs. And I never really understood NFTs and what the whole thinking behind them was. Of course, you can claim your property essentially. You can claim it as art. You can claim it as real estate. You can claim it as a patent or whatever else. It's a non-fungible token. Great. But when I saw this, it kind of made a little bit more sense. So I'm going to play two snippets. One is like six seconds and the other one is like 30 seconds. Just check this out. NFT Virtual Reality, the first edition of digital art fair Asia shows a new... ...concult buildings. So in the photography section, we sell NFTs which are available on the screen. You have to scan the QR code and it takes you to a refinable's website. There you pay an Ethereum and you have to have a wallet. This is a new way of purchasing artwork. Okay, great. Fascinating. Why I like to show that too? It's because this is just a new way. It's not so much a new way of paying for things, but imagine this. If you're an artist, let's say this painting behind me, right, you paint this picture and you sell it for, I don't know, one million dollars. I don't know what it is. And all of a sudden you're like, well, now I got to make a new painting. Well, wouldn't it be a lot easier if you're an artist just to say, hey, you know what? You can't get the physical copy, but you can prove that you have the digital copy by buying it here, scanning this barcode. It's on the blockchain. It is immutable. You can prove it in any way, shape, or form. I'm going to sell 20 of these. $400,000 a piece. Well, now you got a whole piece of that. You're like, well, who would do that? Who would pay for that? A lot of people would pay for that, actually. And then also, if you take a look at, it's all about the community. So when you have these communities that kind of come together and they're all behind one thing, like Board Yacht Club and CryptoPunks and things like that, you are involved in this community, which brings everything together and it becomes tokenized. So it doesn't make a lot of sense. I know a little bit in certain ways, but if you take a look at the next great thing, of course, NFTs I think could be a very big place, which leads me to my next point and last point, which is about clarity. So if we're looking at crypto clarity with what Gensler just talked about, poker chips and things and whatnot, I think this is one of the big reasons why we've seen a little bit of an upswing in the last couple of days or so. And it kind of comes down to this. SEC chair Gensler in a Tuesday hearing, Gensler told the House Committee on Financial Services that the SEC has no plans to ban crypto. I want you to listen to what he says here, because I don't want you just to take my word for it or just what CoinDesk writes. I want you to take it from the proverbial horse's mouth. So just take a listen to this. The financial stability issues that statement points could raise as well. But no bans that you're interested in implementing via the SEC as China has done, really to funnel everyone through their own digital currency. No, I mean, that would be up to Congress. I mean, what we're really working with with the authorities you've given us, and I've said this, I think that many of these tokens, and it's based on the facts and circumstances, but many of these tokens do meet the tests of being an investment contract or a note or some other form of security that we bring them within the investor protection remit of the SEC. Great. So there you go. So I think that what we have here is just people are able to exhale just a little bit, because honestly, I think people were thinking that Gary here was trying to just put the kibosh on all of the crypto and digital assets out there and just pretty much ban it, which, I mean, let's be honest, at this point, it's near impossible. That would mean that all the governments in all the world would have to get together in one place and say, hey, it's time for us to ban cryptocurrencies as a unit, as a global community, and do that. Are you kidding me? We can't even get these people to talk to each other. There's no way that's going to happen. So that is one relief. And then also, you've also got a little bit of relief here with Jerome Powell, head of the Federal Reserve Bank, and he's pretty much just saying, look, same type of thing, just take a listen. Mr. Chairman, as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we're seeing in China? No, and I immediately realized I had misspoken there. I didn't mean to take the word cryptocurrency out of that sentence. And I would say fairly widely understood that central bank digital currencies could perform some of the, some of the could make. But no intention to ban less. No intention to ban it. But the stablecoins are like money market funds. They're like bank deposits. But they're, to some extent, outside the regulatory perimeter. And it's appropriate that they be regulated, same activity, same regulation. So there you go. I mean, you've got two people with the heads of their respective departments pretty much saying, we're not here to ban crypto. And we're just going to kind of play it as is. The big sticking point is the stablecoins. And I think they can all work through that. But it really just comes down to Congress and how they write the laws and the rules because the Howie test is from the 1930s. I think we need an updated version. And they're already talking about that right now. So as a collective side, everybody can say, great. Now we're not going to, we can move away from this, this talking points of banning crypto and move into the next phase, which is how are we going to maximize the usage and make this into a legit business, businesses or asset class. And if we just take a look at everything, we just talked about today, I think this is what moves us into massive adoption. This is perfect timing for Q4 2021. And I've always said, October, November, December are going to be fireworks. And I, I mean, you can't really put it any better than that. Now, having said all that, every time I think I know exactly what's going to happen in the market, does the exact opposite. So don't just take my advice, do your own research, take a look around, take a look at on chain data, just get as much information as you possibly can and make a decision from there. But for me, I'm feeling pretty good today. Anyhow, so that is it for today. So if you stuck me all the way to the end, first of all, thanks. I appreciate it. If you liked the video, give it a thumbs up. Also consider subscribing. Everything we talk about is very time sensitive and we do this every single day. So thanks so much. I appreciate it. And I'll see you on the next one.