 Hello, friends, and thanks for hanging out with us here on the Marker Report on Cointelegraph. Welcome back to the Marker Report. Today, Sam and Marcel are out, but we have a very intimate one-on-one show today with the one and only Joe Hall. For those of you who aren't familiar with Joe, he is a research and interview journalist at Cointelegraph who brings five plus years of Bloomberg experience covering financial markets around the world. Joe, pleasure to have you back. Man, what's going on this week? Hey, Benton. Thanks. How are you doing? It's great to be back on the show. I feel like I'm coming on here more regularly against you guys a bit more and obviously getting to know the markets a bit more along the way. Exactly, man. Pleasure to have you here because I think we're going to dive into some burning topics this week about Bitcoin, what's been happening. We've seen this capitulation around 19K. A lot of people are starting to murmur. Is 30K back in the mix? Is there going to be some big price movements? We're going to dive into a little bit of that this week as well as some news around the UK Prime Minister and Cash App Integrating Enlightenment Network. This was just breaking news a little bit earlier this morning. So we're going to be diving into some of those. So make sure you stick around. If you haven't liked and subscribed, go ahead and do so now. Cointelegraph on YouTube. We're here Tuesdays, 12 p.m. Eastern, every week bringing to you the latest market news. Today, folks, we are giving away a one-month subscription to Markets Pro. If you want the power of Markets Pro on your phone, on your laptop, on your desktop, you got to drop your Twitter handle in the chat. I want to take a quick second here. We have Renee in the show today in the chat. Hello, Renee. Thanks for joining us. If you have questions for Joe and you want his analysis, you want his take, make sure you drop your question in there in the chat. We're going to be looking at that periodically here throughout the show. But let's go ahead and get this party started for today. I think we have our weekly round of video to jump into first. I found it pretty interesting that it was the stat on that one tweet. It was like 58% of the ultra-rich in Singapore and Hong Kong invested in Bitcoin. I thought that was, that's definitely saying something. Yeah, they know what they're doing, right? They're Singaporean, wealthy people. Yeah. Very good. Yeah. Well, we do have some memes to get into first. We like to start the show off with a quick laugh. I see folks are jumping into the chat. We have a med back. Thanks for joining us. Count UP and Maven are back in today's show. So make sure if you have questions for Joe, we're going to reserve those after some of our market news that we're going to be jumping into, but we got memes to get into next. So let's bring up the memes. 21,000 Bitcoin. Life, the universe and everything. It's true though. It's like, hold up, bro. Hold up. Yeah. Not everything's about the 21K Bitcoin. That's pretty good. We'll get that one day. Yeah. When you sold the family car to buy more Bitcoin. I mean, I think we're all in this boat right now, aren't we? Yeah. Even sold my chairs too. Exactly. We're selling all the charts and indicators and this is Elon Musk's tweets. The outlier, the Elon outlier gets us every time, man. Especially if you're holding Doge, right? Oh, don't even get me started on Dogecoin. Not financial advice. That's shown by this meme. Grumman, you can't ever stop crypto. That's a good one. Love that. I mean, you can stop crypto. I mean, look at Solana, but you can't stop Bitcoin. I reckon you can probably stop Ethereum too. I reckon a government could stop Ethereum. Maybe that's why. It appears so. It is pretty controversial because it seems like a lot of validators are in the US now. So US governments eyeing up some Ethereum regulation. So it could be possible. And I also fell for the Amazon web servers. You know that WhatsApp went down this morning. I don't know if it was your last time, aren't you? Yeah. So we had a few hours when we woke up in Europe where no one could message on WhatsApp. And it was the usual normie scandal because obviously most people in crypto use Telegram or Signal or Discord. And all the normies are still on WhatsApp because they still love Mark Zuckerberg. And I fell for a tweet by a Vitalik bot which said Vitalik has, Vitalik tweeted, Ethereum has gone offline while Amazon web services, you know, powers up again because obviously Ethereum uses a lot of Amazon web services. And for a moment I was like, no way. Like I knew this would happen one day, but obviously I just fallen for like a quite well constructed tweet by a fake account. But yeah, that's classic about governments can't start crypto. Well, I got into a heated debate this weekend about WhatsApp. So that's another rabbit hole for another day. Oh, do share. This is our intimate time to talk about these debates. This is Joe's intimate time today. Yeah, sure. I mean, so for me, the WhatsApp is just like, not it's not decentralized like Signal or Telegram clearly meta owns it. And so even though they claim that it's encrypted, you know, I think there's other more decentralized applications that provide higher levels of security. So for me, I'm not a big fan of WhatsApp, never have been, but I know a lot of people that are. So yeah, there's a lot of WhatsApp maxis out there. They will die on that hill. They are, there are men who knows. Well, whoever integrates in crypto wallets first into their messaging app, that's, that'll be a winner for me. Well, this is it, right? I mean, have you tried that key yet or whole punch? These are like peer to peer messaging services. Oh, man, they're awesome. I think that's going to be the future of video and instant communication because you just create a server between you and the person you're talking to. It's kind of like the Lightning network on Bitcoin, where you sort of open this bar tab with someone else, and then you start talking over that bar tab. I've done a few times on root calls, and it worked actually really smoothly and had the same interface as Google Meet, for example. And it's obviously, so Keith is backed by, there is a crypto connection here, don't worry. Keith is backed by Tether because Paolo Arduino, the CTO of Bitfinex, which obviously are behind Tether, he built this application with his team. And yeah, they're trying to roll it out as this sort of decentralized messaging service, which would allow people to keep messaging, even if another server goes down, as we're seeing this morning with WhatsApp. Very interesting. I'll have to look into that. I'm not paid by the media. Favorite. I was going to say, who else has favorite encrypted messaging apps? Drop them in chat there for recommendations. Joe's got them though. All right, let's get into market news here. We got some burning topics to discuss today about Bitcoin. The first and foremost we have, let's go ahead and pull up this little article written by William Suburg, at least volatile October that we've seen on record. And the five things that we're kind of looking at, we're not going to dive into all five, but we have a couple I think that are worthy of really kind of paying attention to this week. So I'm going to scroll down to the first one, which is the Fed and ECB focus and run up to rate hike decisions. A friend of the show, Vandepop, promises a large week in terms of macroeconomic events likely to bear fruit on October 28th with the release of the United States personal consumption expenditures index for September. First of all, that was a mouthful. What is PCE, Joe? Can you break that down for us? What is the PCE? Why is it so important? And why does Michael Vandepop think the 28th is going to be such a significant date? Well, the funny thing about crypto is that you increasingly become fascinated by all of these acronyms that are part of the United States sort of everyday language. So I've now subscribed to the United States sort of financial calendar so that I can get these notifications when things like the PCE or the CBI or the SEC releases a new update. And the personal consumption expenditure, fortunately, this one does what it says on the tin. This is basically explaining what the expenditure or the outgoings of people in the US is over the past, I think it's the past month, but it might be quarterly, I'm not actually 100% sure on that. And of course, it's useful because it's another metric in terms of Keynesian economics, which would show how well the economy is doing because if people are spending a lot, that would imply that inflation might be ticking up a little bit, but it would also mean that morale is how the markets are doing well and that people are not, people are in jobs, people have some disposable income, for example. So it would be a good thing. Generally speaking, there's obviously a lot more things and a lot more nuance at play here. Whereas if PCE is ticking down, then well, yeah, that would imply that things are too expensive for people to buy or people are out of work or any other macroeconomic factors that could be at play such as a pandemic or the fact that we're being scared into not spending money. There's been quite a few instances over the past couple of years where we've been triggered into not spending money, whether it be a war in Ukraine or the threat of nuclear war or another round of a pandemic, for example. So yeah, and it's important because it's the US, because the US is still the largest economy in the world. And the 28th, which Van der Pop brings up, Van der Pope, I don't know how to pronounce his name. Sorry, Mr. Van. It's the date that they release it. And you can actually subscribe to this calendar. And I do suggest you do because it's funny how the markets do react to these dates. There's the classic CPI candle, which can be like a bullish hammer or a bearish hammer, right? We've all seen those CPI candles. Exactly, man. I guess so, what would be a best case scenario for Bitcoin? PCE comes out, it looks like the 28th. So you're saying that we want to continue to see PCE go up as opposed to CPI, which we're trying to get down. Yeah, that's interesting. I'm going to have to hold my hands up and say, I don't know. I mean, I'd love it if the PCE said all the Americans are using their expenditure to buy Bitcoin. That would be a cool indicator. But obviously, we can't track that without having metrics from Coinbase or Cash App or Crackin or Gemini. So yeah, I don't actually know. I mean, what do you reckon? PCE up or PCE down? I do not track PCE, generally. So I'm learning. I am a novice when it comes to PCE. So I am learning. I know Sam used to do a lot of monitoring with all of these kinds of things. So he's normally the encyclopedia for all. Encyclopedia for all of you. Sam wants a PCE. Exactly. Sam, get off vacation. We need to know how you look at PCE, man. I see Sushant in chat real quick. We have any insights related to BTC. We're going to get to that. We have all these impacts in today's markets news. We have tons of BTC action coming. So while we're on the topic of CPI and PCE, we're figuring out this riddle and what this means. I do want to highlight a couple other excerpts that we had from the article, though. So the average Bitcoin bear market lasts about 12.5 months. This is called the golden bull cycle ratio. And this was a hopeful developer. James Bull had commented about this. He said, now we're at the 11 month and the Fed is considering to stop the hiking of interest rates. I think there was like a 90s, something percent chance that we're going to see a 75% basis point hike after the next meeting. So Joe, what is your kind of take here for the next coming months? A lot of people are talking about the Fed easing the interest rate. What's your take here? When are we going to start to see that easing happen? I mean, I don't know where James Bull has got it on good authority that we're going to see this easing. He seems pretty confident there, right? I mean, who are his sources? Who's he talking to? Exactly. He must have some people in high old places. Yeah. I mean, if he's got Janet Yellen on the phone and he knows what's going on, then brilliant. But I don't know. I think the idea that we're going to see some big reversal is fun. And I would love that to happen. But at the same time, I'm also of the opinion that this is also a great time to stack. And if you're new to the market or if you're helping people get new to the market, then I think you just went mute there, Joe. Let's see. While Joe is getting the audio fixed, let me see. Give me a test. We had a liquid spill earlier. So hopefully that's not the case there. While we're working on audio, I'll let you know when you're back. I do want to highlight this chart here from the article here. It's showing the bull cycles and how long it lasts, and then these average bear cycles. Now, granted, I think it's a small sample size. So we only have really two bear markets that we can pull back and say, hey, these are the averages of the bear markets. But if this continues to play true, is it going to be lengthened? Is the current bear market a little bit longer? People are talking the four-year cycle. You've heard Sam talk about the halving cycles in the past. So this chart here is showing that we're nearing this third halving, which is when we typically start to see the next bull run. So interesting takes. I think this is a little bit of hope, which we need at this point, because a lot of people are sick of the markets and all the sideways actions. But Joe, do you have your audio back? Not yet. I cannot hear Joe yet. All right. He's going to get that figured out. I'm going to keep things rolling here with our next topic here and things to be on the lookout for Bitcoin. So the next section we had here in this article is talking about the supply and loss surges. So what is this? If miners have yet to delve into the role of capitulation, it is already here for the average Bitcoin holler one analytics entity believes. So capitulations are here according to Game of Trades and the Bitcoin total supply and loss 30-day moving average is now at its second highest level ever. What does this mean? If you're looking at this stuff, this is talking about the total supply in loss. So out of all the holders out there, nearly, I guess it talked about this total 30-day moving average and now at the second highest level of losses ever. I wish we had a little Joe here. Give me some color commentary. But the last section here in this article that we have is October. What October? It hasn't been really much of an October this month. I think on record, this one remains the biggest slumptober on record. I'm just going to go out there and say that. Little interest remains in October, which is in comparison failed to deliver versus October 2021. So those hoping for a dramatic turnaround in November have their work cut out. Last year saw a new all-time high, but the month ultimately closed with Bitcoin down 7.1%. So we look here at the historic data of Bitcoin's performance over the last October's. We see clearly 2022 is not looking too hot for October. What's your take? Let's see. I see Ahmed here in the chat. I guess 75 basis points by November, 50 basis points by December. What do you think the Fed is going to do here? Let's see. We got Joe back. You're back? Oh, I can't hear you. No, I know. I know. I can't. We'll figure it out. We will figure this out. I'll give you the thumbs up when I can hear you, but I can't. So thumbs down. There we go. There we go. Yes, he's back. He's back. He's back. I'm so sorry, Benson. There was some slight mic issues there, but thank God for AirPods. Right? We're back. We're in business. I can talk to you about all things Bitcoin. I didn't like that segment either. So I'm glad we're onto this one. There we go. Yeah. Well, we're going to move into the next article. So this one, this is I think where we really want to take things today is because this article is an opinion piece, but it breaks down both sides of where Bitcoin potentially had. And like Joe, you were saying earlier, like things are looking pretty doomy and gloomy and just in the macro landscape, but I thought this article does a good job of actually breaking down what are the worst case scenarios where we could potentially see a $10,000 Bitcoin or best case scenario, 30,000 Bitcoin. So just real quick, I'll read one of the excerpts that I thought was very insightful, but Bitcoin bull runs historically coincided with the four year market cycle, which we talked about, which includes accumulation, which is the buying phase and uptrend distribution selling phase and a downtrend. So we would generally expect the accumulation part of this process to begin in 2023, though some believe it could be delayed until 2024. So Joe, do you buy into the subscription of this four year cycle and do you feel like this cycle could potentially be prolonged or what's your take here? Yeah, it's interesting because we have got some interesting data points from the past. We've had four year cycle, well, three established four year cycles and four like proper bull runs within Bitcoin's history, which have also influenced the rest of the cryptocurrency markets. But for the next bull run, I know that a lot of people say that of course we're going to have a bull run in mid 2023, late 2023, due to the halving the following year, as we're now 80,000 blocks away from the halving. Obviously, the halving is very important because it cuts the issuance rate in half. So we go from 6.15 Bitcoin down to 3.2, whatever half of 6.15 is. Oh, no, it's half of 6.25. So it's 3.125 Bitcoin. And that is supposed to create a supply shock. But you can see the minor accumulation is so strong right now, given that the hash rate has gone through the roof, despite the fact that the price is trended lower. So there is credence to the idea that in 2024, we might not see the usual fireworks that we get at the start of a bull run. And then we could just see a more mature market slowly getting higher and higher as more people realize about the program scarcity of Bitcoin, the network and Bitcoin, the protocol. I would quite like to see fireworks because it's fun, right? And because it gives you the opportunity to not be humble and just turn around to people like, I told you so, we all saw it coming and you're missing out. But I also believe that there's a possibility that it could just slowly trend up and we'll see some interest in 2023 and more in 2024 as this asset market matures and as there are more and more on ramps such as Crash App into Bitcoin and Bitcoin, the Lightning Network. What about you, Benson? What do you think? I do subscribe for your cycle. I hope we see some major fireworks. But I have a hard time wrapping my head around how we get to 30k. There's just not enough liquidity and volume in the markets. There's too much uncertainty globally. Right now, I think that the next bull run is going to be slightly delayed. US is going to be heading into a recession heading into next year. I think if the US cannot tame inflation as well as Europe, taming their inflation as well, we could be in for this very prolonged bear market. I think my horizon is more so 2024, but I think there will be fireworks once we get out of the woods. For me, that's what I'm looking at, which in this chart tweeted out by Kevin Swanson, I should say, he does a good job of kind of depicting these four year cycles and where exactly that market bottom happened and then when we could potentially see this happen next. And he actually says bull market begins in April 2023. So right here, we still have a little bit to go. It looks like this era is actually pointing directly at June, July 2023. So Kevin Swanson seems to think this summer is going to bring the heat and a little bit of surge of those fireworks. So we'll see how that plays out. Last thing I wanted to touch on this article here is is Gary Salloway gave. So we've seen kind of the bullish case of what could potentially happen. But Gary Salloway, I'm going to pull a quote here, he says, there will be a pivot in Bitcoin as it matures as regulation helps people feel more confident. I think in the near term, we're going to see a little bit of bounce, then a wave down to 12,000, 13,000. Then I do worry you're going sub 10,000 and maybe 8,000, maybe even worst case scenario 35,000. You don't know, Gary, he's friend of the show, man. But I think it's, Gary is like, he's given a lot of wide ranges there, but it is painting a scenario where it seems like dominoes where if you're going to this level, then you're going down to this level. Then if you're going to that level, you're going to go down that level. But $3,500. I mean, Joe, that is an absolute heyday for Bitcoin. Is that a possibility in your eyes at all? I mean, anything is possible, right? Let's just get that out there first. However, who is selling a sub 10 Bitcoin, a sub eight Bitcoin? We've seen the level of hodlers just get stronger and stronger, right? So much supply hasn't moved. And I know that that supply can move instantly because that's what the blockchain is for, right? You can just move your Bitcoin onto an exchange or sell it peer to peer very quickly. But the idea that we get down to 8K, I'm like, well, I might as well sell now. Have we not had so many opportunities to sell Bitcoin at whatever price? And I think there's also a lot more converts or people with conviction that are realizing, well, what am I selling it for? Okay, I'm selling Bitcoin for a pound. Who wants pounds? I'm selling Bitcoin for euros. Who wants euros? Okay, maybe there's an argument to be made for I want some dollars. Yes, understood. But yeah, why would you sell your Bitcoin for fiat currencies? I would use my Bitcoin to buy food or to buy lodging or shelter or whatever it might be. But the idea that we get down to 10K and I'm like, nah, I'm gonna gonna hodl here and then we get three K, then I'm gonna sell. It's kind of crazy talk, right? Would you be forced to sell? Sorry. No, I would not. I'm holding until the day I die here. But in chat here, Richard Payne says, Harry Dent said 3,500 BTC four months ago, he's holding it. So I think you're right, you have enough of the, everything has bled out that's going to bleed. If people were going to sell Bitcoin, they would have sold by now. I think the people that are holding it are the ones that are going to continue to accumulate. And then you have the mainstream kind of eventually hop back in when we start to kind of hit the next bull run. So I'm fine with 3,500 Bitcoin. I'll take that all day long. I mean, I'm not fine with it in the sense that I will probably feel pretty low. But then I will realize because, you know, we've accumulated through 20, 30, 40, 50 K Bitcoin. I think I even definitely had some buys around the 60 K mark. I'm sure I did. So the idea that with that 60 K Bitcoin that I bought is now worth less than 3K. Got it hurts. And that's also what that's like a 97% drawdown. It's huge. I thought we had some sort of asset maturity. I thought we had, you know, companies holding Bitcoin on their balance sheets. What would that say if we had a 97% drawdown? I mean, but like not too long ago, the flash crash of March, 2020 and COVID like we saw a very similar situation where we scary. But I think if you're able to kind of zoom out and be like, Hey, two years ago, we just saw it was like below 6K, I think, right? Like that. Yeah, it was like, it was not only two years ago. So for me, I think we're still in this nascent phase where anything could happen like that. So hopefully it doesn't. But if it does, then I will definitely know this time that I need to be accumulating more or not be scared. Not financial advice, but you know, Exactly. So there it is. I'm going to be pivoting us into this last chart from this this article that talks about the 30 K Bitcoin. So I love looking at tech dev. I think he's always got such great insights. And so he gives us a little bit of hope him here, I think. So he says expect upside break and strong Bitcoin outperformance soon. And he shows us this chart here of of market bottoms here in the green, I believe. And so he seems to think that anytime there's one of these green circles that shows up on his chart, that that's when we're going to enter the next bull run. So this is the BTC versus Nasdaq inditated chart with bull drew bands. Yeah, from tech dev. So I don't know if you're like in what scenario do we see a 30 K Bitcoin, Joe? And when Microsoft says, you know what, we reckon the Lightning Network is about a payments rail than Mastercard. Or when say a small to medium sized country like a Finland, or a maybe not Switzerland, like an outside the G20, but like a reasonable size country says, yep, we are adopting Bitcoin as legal tender, or set block of countries in Africa adopts Bitcoin as legal tender. But I think it only needs a few catalysts for people to realise that oh, wait, this thing is pretty scarce. You know, you can't just print more of it. And there's only three or is it six Bitcoin made a block? I need to what how many bit how many Bitcoin are being mined every 10 minutes right now? It's six, it's 6.25, right? It's six. Yeah. Yeah. Okay, cool. So you know, there's only six Bitcoin being made every block. So in order for there to be enough Bitcoin for people to buy, then you know, we have to the price either has to go up, because you cannot create more. And that's the weird thing about Bitcoin, right, is that it's so hard to get your head around, you can't just print more Bitcoin the way you print more money. It's going to be six Bitcoin made every block until two years time. And that's just the way it goes. Yes, maybe 9472 at 3500. I'm breaking your piggyback. And, you know, I'm looking at Benson and thinking, Hey, Benson, can you lend me 100 quid, please? Because I want to buy some more Bitcoin. That would be nice. That would be nice. I will. The other breaking news that we saw today was cash up. I don't know if you saw that this morning, Joe, or I guess it would be your afternoon. But Bitcoin now integrated or I'm sorry, cash up is now integrating in lightning network. And so this is actually from cash apps website, how to get started. It's as simple as just tapping the money button. And it appears all you got to do is scan the QR code very similar to what other wallets are doing in the industry. Why is this a big deal, Joe? It's massive, right? And I think that for a lot of people, lightning isn't well understood. And it certainly isn't priced in. Cash app is massive in the US, not so big in Europe. Unfortunately, it's not available in the UK yet. But it is kind of one of the go to Bitcoin places in the US. Now for lightning, I mean, I met some people over the weekend. I was at the UK Bitcoin conference who had never used lightning before. And they'd been in Bitcoin since 2012, 2013, way before I had. And you send them to Bitcoin over lightning and they were like, what is this thing? How does this work? And you're like, no, it's not seven transactions a second, as per the block size. Lightning technically can scale infinitely. You can set up bar tabs every transaction on the blockchain, which is a way of you creating liquidity in a channel to then root, root payments all around the world. And it's faster, it's more secure, it's more decentralized because it's built on top of this perfectly decentralized system. And yeah, big companies like Cash App, integrating it is just the beginning. Binance still has not integrated the Lightning network. Binance, like the biggest cryptocurrency exchange in the world. Kraken has, Coinbase hasn't. Which other cryptocurrency exchanges have? Very few have. So once you start to realize that there's this payment layer, the layer two built onto Bitcoin, which works better than any other cryptocurrency, like name a token, which works better than the Lightning network. I'll wait. Yeah. Yeah. I mean, not even Polygon. Which is not even Polygon. There you go. Yeah. That would be a long, of course, but yeah. Yeah, but Solana is like the one, right? Exactly. So yeah, I agree with you. 100%. I am all about the Lightning network. Give me more Lightning network. And this even brings to the point like Jack Mahler's, what he's doing with Strike, that's a big deal as well. And they've had, they've integrated in Lightning network since its inception of that app. Very similar utility. I think its functionality is, there's a few nuances, but it serves the same purpose. We're sending cash in settling payments over the Lightning network. Yeah, exactly. And that instant on off fiat on ramps as well is really the implications of all. And there's a couple of UK companies that have done some really funny things recently. So one of them has been sending me as a troll. They've been sending me one sat every day as a recurring Lightning payment. So I receive a sat. So one Satoshi, which is 0.001 pence. And I had to tweet them being like, whoever's trolling me by sending one sat to my Lightning address, please stop it. Because technically I've to declare that as an income. And on top of that, I get a notification every day at 105 p.m. saying, you have received one sat over the Lightning network. But just think of the implications of that, right? Think about gaming. So gaming and Lightning is a match made in heaven. You know, the gaming sector and esports as a whole, it's bigger than Hollywood. It's bigger than sports in the US. And you think about every gaming competition. There's a dude that won from South Korea. There's someone that won from, I don't know, Brazil and Argentina. How do they get all these payments out to all of these countries while they have to deal with fiat payment rails? What does the Lightning network do? It tears down all of these payment rails. And it gives you one easy to use instant near zero cost network with which you can transact with basically anyone in the world. And it's phenomenal. Like you mentioned Jack Mahler's there. When he announced that at Bitcoin Mami 2022, I think it was, or was it just prior to that? I sent him some Bitcoin over the Lightning network to his Twitter profile because his Twitter integrates with his strike app because that was one of the announcements back then. And I was amazed. I was like, wow, I just sent this dude $5 and I could send a message with it. So also, you know, we're talking about how messaging servers don't work as well. Well, whams when we can talk of the Lightning network, why don't I just send you a sat by saying, Hey, Benton, what's up? You send me a sat back. The price is negligible. And you know that it's secure, decentralized and built on the best computer network ever created Bitcoin. Like it's never been hacked. So yeah, the implications of it, they're just not priced in and signal and telegram need to get on that integrate the Lightning network for messaging man. Yeah, Sphinx chat there on your radar, but Sphinx chat do do that already. Rent it down. Rent it down now. All right, I want to touch on one last thing here for our market news this week is the UK Prime Minister. Y'all get another Prime Minister in the seat there in the UK. What does this mean? He's very super pro crypto. Is this going to have any impact on the major landscape and kind of what's your feelings and sentiment around the new UK Prime Minister? Yeah, let's ask a local, right? So this one's interesting because yet again, I have a new Prime Minister for whom I didn't vote. And it's the fourth Prime Minister, I think that I didn't vote for. I brought some stats here in preparation for this conversation just to give you an idea of what the UK political landscape looks like now and the impact on crypto. So we've had the third Prime Minister in seven weeks. We've had the fifth Prime Minister in six years and Rishi Sunak is the richest Prime Minister. We've had in I think it's about 170 years. He's worth 730 million pounds, which is about $800 million. So that's, you know, insanely wealthy status. You know, the UK is not like the US. There are lots and lots of billionaires, but still to be near to that and to be Prime Minister is quite phenomenal. Phenomenal even. Another interesting stat, he's the shortest Prime Minister since Winston Churchill. He used to work for Goldman Sachs. So presumably he knows something about money. And yeah, his comments on crypto slash CBDCs have some people alarmed and some people very entertained and enthusiastic, let's say about the future of cryptocurrency in the UK, because their big motto right now or their hope is that they can turn the UK into a crypto hub for global and digital assets. This is their PR thing they're saying. But in the same vein, they're talking about how CBDCs or central bank currencies could roll out in the UK. And of course, if you know anything about Bitcoin or you're at all interested in decentralized currencies, then you'll know that central bank digital currencies are evil to say the least. And now of course, because they are issued by one party, the central bank. So if you want to go into your shopping and you haven't paid your taxes or you've, you know, done some misdemeanor, then in theory, the central bank could prevent you from buying something, or they could make sure that you spend more of something else or just simply take the money out of your bank account. So yeah, it seems very contradictory and it seems more like a PR campaign than anything else. But yeah, there's certainly some crypto stuff going on. There's been no real mention of Bitcoin yet, but you know, that's probably for good reason. Oh, and the last thing is that Rishi Sunak tried to do a Royal Mint NFT when the Queen celebrated her Jubilee anniversary in, I think it was May of this year. So obviously the Queen died two months ago and was replaced by King Charles. But during her reign, you know, she served 75 years I think in total and Rishi Sunak suggested creating an NFT to celebrate that occasion. So clearly there's some crypto curiosity going on there, but whether or not the guy is a Bitcoin or not, I think the jury's out on that. And there you go. There's your brief introduction to UK politics. Okay, very good. I did read something that Rishi Sunak had the net worth he did, but I thought it was interesting. King Charles only had like it was like 230 million net worth. So it's pretty crazy that only 230 million. But like, I thought it was interesting, the Prime Minister has a bigger war chest than potentially the King. So I thought that was a little interesting stat. The other thing too, it's like I think when I start to hear, especially globally, other world leaders talk about CBDCs, it becomes a little bit alarming to me because I think that that route then brings us into more of a social scoring, like money system, as opposed to like a decentralized way of holding value. And so anytime I hear politicians start talking about CBDCs, I cringe so hard. Because in reality, it's this veiled approach of saying, hey, we want to use crypto, but it's really not crypto. It's just it's a way to feed the surveillance state, I feel like. Yeah, absolutely. CBDCs are the antithesis of Bitcoin. And I mean, I personally, I don't know how much we'll have to share opinions on here, but I am completely against CBDCs and will do anything I can to help that not be the future for the UK or for the US or anywhere else in the world. It just sounds absolutely terrifying. And it's the opposite of freedom, the opposite of choice, the opposite of democracy. Exactly. Well, Joe, we appreciate your insights for all the news this week around Bitcoin, Cash App, and some of the biggest headlines there in the UK. Appreciate you walking us through all that. We're going to quickly move into some of our crypto tips. But if you have questions for Joe, we're going to get to those at the end of the show. Make sure you pop them in chat. If you haven't dropped your Twitter handle in the chat there, go ahead and do so now because we're giving away one month free of Markets Pro. Gotta be able to use that Markets Pro. And we're giving away for free today. So make sure you drop that Twitter handle in there. But next things next, let's get into our crypto tips for this week. All right, y'all have probably heard me talk about a moving average. This is an indicator that helps you track the price trend of taking the average of past prices of crypto assets over a defined period. You can adjust the period to suitable timeframe, generate reliable signals in a real time trading chart. Moving averages offer insights into the market direction and help determine a good trade entry price. There are two common moving averages, the simple moving average, which indicates the average of total prices over a particular period in the exponential moving average, which prefers the most recent prices without really considering previous price movements. The most commonly used moving averages are the 10, 20, 30, 50, 100 and 200 day moving averages. You can incorporate these into your charts. And hopefully when you hear us talk about moving averages, this gives you a little bit more insights as to what we're talking about. And that's going to do it for your quick crypto tips for this week. All right, well, speaking of markets pro a little bit earlier, we have some newsquakes to be diving into this week. What happened with the newsquakes? We're going to get into that next. So let's go into our markets pro segment for this week. All right, Mayor Nade, that's right. Have you heard of it? On October 20th, a newsquake alerted markets pro subscribers that Coinbase was about to list MNDE. At the time of the news, MNDE was trading at five cents. And just a few minutes, the price of the token began to soar. Two hours later, it was trading at its weekly peak of nine cents. That is a whopping 80% rise. And I think Marinade is on the Solana network, which is a DeFi protocol. And I want to say that's a governance token for that particular project. If you don't know what a newsquake is, it's an automated alert that instantly notifies users when market moving events happen. And that's what happened here with Marinade this week. The next one we have is another newsquake. We got a double whammy this week, double newsquakes, Ocean. Let's go ahead and get Ocean there. And what happened this week with Ocean? Well, earlier this week, the Ocean team announced the PSDN Ocean. Their first liquid staking wrapper was live. The newsquake system spotted the announcement and immediately notified the Marketsburg community of the potential bullish development. Sure enough, Ocean's price rose from 15 cents to 18 cents, 20% gain. And we will take that in those types of markets. You see that the little circle there on the bottom. That's that newsquake. You see that in the price action that falls. Newsquakes are what moved the market. And when you get those alerts from Marketsburg, you're able to action those trades very, very quickly. And you can catch some of these rides up, especially during these turbulent times. Gotta make sure you're trading with your MarketsPro out. And that's going to do it for this week. And we are going to give away that $100 subscription to MarketsPro. But we'll do that here just shortly. I want to get some closing thoughts for today's show though. Joe, it's always a pleasure to have you here. But what kind of words of wisdom can you leave some of our viewers with today? Thanks, Benson. I mean, we talked a lot about the bearish price action. So I think it's worth highlighting that don't be overexposed to Bitcoin, you know, make sure you've got a job, you've got somewhere to stay, you've got someone to love, someone to look after. Those are your priorities here. I'm sure it's very nice to be very wealthy and insanely rich. But you know, health over wealth any day of the week. And of course, the other thing I'd like to suggest is to continue just stacking sats, you know, not financial advice. But if you do have a few pounds, maybe you can even use the Lightning Network on cash app to stack some sats. And if you're looking for Lightning Network resources, and there's plenty online, but basically download an app. I mean, I don't know if you've used the Lightning Network before, Benson, do you send sats around a lot of the time or? So I do not. I'm still waiting. I'm a DeFi degen. So I'm waiting for like DeFi protocols start to migrate over to Lightning Network. Do you know of any DeFi protocols I should be checking out? I mean, there are a few that are technically not Bitcoin protocols per se, as in there's like stacks STX, for example. But can I send you some sats right now over the, over the internet? Let's see. Do you have your phone on you? It literally takes two seconds and it is very quick and easy to do. So go to the app store. Okay. And then type in wallet of Satoshi, i.e., you know, Satoshi Nakamoto, the Lord and Savior. And once you found it, it should, the icon is like a lightning bolt, like a yellow lightning bolt with a black background. And then nice. So click to download. It'll take two seconds to download. This is one of the, what's it called the lightest apps for Lightning. And then it should pop up with something that looks a bit like that. You'll have a receive and a send button at the bottom. Okay. Let's see. I'm opening up the app now. Of course I want notifications. Okay. You do. You want to know when those sats hit your account. Lovely. So hit the receive button. Okay. And then it should come up with a Lightning address. It'll take two seconds to load a QR code. And then, yeah, I can scan that through the screen, Ashley. Can you make it a little bit bigger? How do I get it bigger? That's what she said. Oh, no. Oh, boom. That's beautiful. That's what we like. Okay. So I'm going to send you five British pounds in sats. You see this? It's come up here. Okay. The address. So I'm going to click done. And do you want to hold up your phone to the screen so you can see how quick it is? Yeah. So you're about to see eye clicking done. I'm clicking pay. So just click pay. It's sent. Look at your phone. Look at your phone. Look at your phone, Benton. Oh, no, there's a message from Ashley. And there's also five dollars, well, six dollars in your account. Just like that. Wow. That was fast though. Yeah. You don't need Polygon or Ethereum for that. Just like that. That's awesome network. Wow. There you go, bro. That is absolutely my boy. I like I need to get I need to I'm I need to get on Lightning Network. Well, now you are. That's awesome. So you've got five dollars. You can spend that or you can put it into a cash app. You can send it to Kraken or you can go to your local coffee shop and ask them if I accept Bitcoin over Lightning. Interesting. I can't wait to see the integrations with I want to go buy coffee now with this or beer. I'm going to start pestering every store I walk into now. And that's why we stack. That's right, man. That's right. Well, we appreciate everybody for for tuning in today's market report and we cannot wait to see you all next week at Tuesday at 12 p.m. We are going to go ahead and let's see. I want to select our winner from today is it looks like is it Maven Maven dropped the Twitter hit on med. We love you. We appreciate you being here. But last week, you were our winner for our other giveaway. So Maven, if that's your Twitter handle, is it Maven at even SFL? You will be our winner today for our market's press description. So congratulations. We'll be shooting you a DM if that is your Twitter handle. And we appreciate everyone for tuning in to the market report. We'll be back next Tuesday. And until next time, stack those sats. This is Cointelegraph, future money, deuces.