 Hello, friends, and thanks for hanging out with us today on the market report here on Cointelegraph. I'm your host, Benson, and we're joined again by our resident experts, Jordan Finneseth, Marcel Peckman, and Sam Borgie. Jordan uses his background in psychology and human behavior to spot the emerging trends in crypto. Sam Borgie is our 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 markets. Folks, we are below $40k, Elon Musk is buying Twitter. What is going on this week? It's a wild week. Here we are again. How are we feeling this week, fellas? It was looking good up to an hour ago, but now we're below $39,000 or $38,300. It's not looking that good, but step back for a bit. Remind yourselves, inflation is going up. The Federal Reserve has gone out of control. They cannot raise interest rates. Right now, it would crash economies, and the only way is to leave inflation to go up and leave interest rates low between 2%, 5%, while inflation runs to 10%. And this is the perfect scenario for Bitcoin and cryptocurrencies. So relax, chill. It's all good. Yeah, when I was going to bed last night, I checked the markets, I'm like, ooh, there's some green. I might actually be able to write stories tomorrow and not have to scour the internet just to find an article. And then I wake up and it's like, dang it, but yeah, I think long-term, nothing's that changed that much. I think there's just a lot of chaos going on in the world right now, so we've got to wait for this to pass. Yeah, just remind yourself that you're an investor and not a trader. That way you don't have to deal with these short-term fluctuations. I mean, given everything that's happening right now with interest rates, with the Fed, with the economy, I don't really see any kind of ingredients for a rally in the next three to six months. Of course, I could be wrong. Something could change. You know, someone could adopt Bitcoin, you know, corporate treasury might add Bitcoin. You know, anything can happen. But looking at the macro picture right now and the correlation between Bitcoin and stocks, I don't see any ingredients right now for any kind of sustained rally anytime soon. So yeah, be patient. Hoping for those summer months to bring the heat back to the markets here, guys. We need the heat somehow some way. But thank you for all of you that are tuning in right now from around the globe, drop in where you are tuning in from. If you haven't liked and subscribed to Cointelegraph, you got to do that. We're here Tuesday, 12 p.m. Eastern for the Marker Report Action Pack Show today. We're going to be getting into top three trending altcoins that you want to have on your radar. Marcel is going to give us some coaching here. He's going to tell us what's going on with the markets. What are those professional traders doing? And you want to listen in because Marcel is going to show you some really good info walking through some charts. But first things first here, we are going to get through our market roundup on the news of this week. What's going on on the Twitter spirit? You want to know it? We're going to bring it to you. So let's go ahead. Danila, let's jump into our news roundup this week. We got your crypto news fast and first. So you got to make sure you are scouring our Twitter, Cointelegraph. For some of the biggest crypto headlines, that's where we're here for you all. I see Shelter Corgis back. We got folks tuning in from Indonesia. I see we have folks South Africa. Welcome to the show today because you're going to stay tuned for this. Marcel is going to jump into some charts and he's going to walk us through what's going on with Bitcoin ETH, the greater macro landscape and tell you what all those professional traders are doing out there. He's got his ear to the ground. So we're going to hand this over to Marcel and he's going to dive into the goods for us here today. Welcome for all those that are tuning in. Love to have you here. Stay active in the comments that we are going to be watching that. Marcel, we're going to let you take this away. So Danila, let's do this. Yeah, Benton. So yesterday was a closed call as Bitcoin tested the $38,000 level and seems like we're going to do it again today. But we got to admit that traditional markets also had a relief bounce last night. After the bell, for example, oil prices touched $95 intraday below and are back to $100. So all price a little bit up. So Danila, I want to share my screen with Bitcoin price right now, please. Bitcoin has been on an ascending channel for the past three months and the support level has been tested multiple times, as you've seen here, happening in January, happening in February and happening again right now in April. If we break below this ascending channel, it might indicate short-term weakness. So yeah, there's reason to believe that Bitcoin and crypto traders are worried right now. But the big question is, is that something crypto related? Or are we talking about a broader general risk of collapse in S&P stocks and riskier assets? So the first indicator that I like to use to measure how Bitcoin traders are positioned right now is the Bitcoin futures, so the futures premium. So whenever this indicator is below 5%, it means there's no premium on the futures market. So for example, if there's excessive leverage demand for buyers, this indicator will easily go above 10% or 12%. And whenever this indicator shows there's no demand for leverage buying, the futures premium on Bitcoin will go below 5%, maybe to zero or even negative. And right now, the indicator, the futures premium or basis rate stands at 2.7%, which is bearish and has been like that for the past couple of months. So thank you, Danilo for sharing. So the bottom line here is, yeah, those crypto traders are slightly bearish right now, but we still haven't answered the first question. Is it a risk of the S&P collapse or is something specific of crypto markets? What's your opinion, guys? I don't see any issue right now per se in the crypto market. I think right now, this is a symptom of what's happening more broadly in the macro picture. That's why I mentioned at the outset, I don't really see much of a scenario in the short term where crypto really rallies. And that's due to what's happening with the broader macro picture, with interest rates, with quantity of easing, with the state of the economy, etc. Whether we like it or not, we all wanted the institutions to come and while they came, they're here and you're starting to see Bitcoin and crypto be more correlated with those traditional assets than before. So unless we see a decoupling with the NASDAQ for Bitcoin, for example, I don't see any real headway for gains anytime soon. Excellent point, Sam. And Danilo, I want to share a screen again, please. What Sam is saying about correlation, and I want to show you in this chart, it means whenever Bitcoin and S&P are moving in tandem, for example, S&P goes up, Bitcoin goes up. S&P goes down, Bitcoin goes down. Then the correlation is high, which means the correlation would be near 100%, perfect 1%. When we see a negative correlation as we've seen earlier this year or back in November, it means that when S&P goes up, Bitcoin goes down or the opposite. And right now, over the past two months, the correlation has been high, reasonably high above 60%. As Sam explained, having a high correlation with traditional markets, it's not something inherently good or bad. It just means that crypto traders are more worried about the traditional finance market collapse than something specific about crypto, some legislation, something news break. But that's not what's happening right now. So whenever we have a high correlation and both markets or every risk market is going downturn, S&P is going down, Chinese markets are going down, housing markets starting to go down, and Bitcoin is going down, it tells us that, yes, Bitcoin traders, the futures premium is low, they're not using leverage to buy it. But that's not something specific about our market. So you shouldn't be too worried. Yes, Bitcoin traders are bearish right now, but that comes mostly from the fear of a traditional finance market crash. That's my opinion. Thank you, Danilo. But when you look at these numbers, Marcel, is there the expectation that people think the market could crash? And then why do people feel right now that the traditional markets are maybe unstable or have that expectation that it could go lower? Well, I think Sam can answer that more completely than me, because he covers more markets. But what I see from the S&P and tech stocks, people do feel that if the federal reserve further raise interest rates, those equity markets, especially the more leveraged companies, the prices will go down, current down the S&P 500 and consequently Bitcoin. But Sam can give his bigger opinion here. Yeah, Ben, I mean, the Fed is taking away the punch bowl, or at least they're threatening to take away the punch bowl. And I think that's the main impetus for a lot of this risk aversion. I mean, we saw it with Powell a few days ago when he, after the bell, he made a few comments about the need to fight inflation, markets tanked afterwards. So right now, I mean, that's kind of the main issue. Now, if I'm going to add silver lining to all this, if you take a look at what the expectation is for rate hikes, in my opinion, there's not a chance in hell the Fed's going to raise that number of times. I don't think it could sustain that. What I think is like they're predicting what eight rate hikes, you know, within a forecast period, I don't see that happening. I mean, as Lynn Alden said, they'll keep raising rates until something breaks and eventually something will break. And we saw it breaking last time they tried to raise interest rates. I mean, even before COVID, if you go back to September of 2019, we started to see chaos in the repo market. And then they came into the repo market to save overnight interest rates from skyrocketing. So once something breaks, you could probably expect them to put on the brakes with respect to quantitative tightening. Interesting. Wait, Marcel, I do have one more question for you. So you mentioned like the relief rally overnight in regards to like the traditional markets. Is that typically due to these rallies in Asia? Like where is that kind of rally coming from? Or where do those typically start when it happens after the bell in regards to like the markets? Okay, Benton. So when institutional clients, the pension funds and the big mutual funds are trading, if a position they hold is down, I don't know, 15% or 20% from the price they paid, they have something called stop loss. They are obligated to exit the position according to the fund rule. So it's not the decision that the fund manager takes. Yeah, it's down 20% this week. So I'm gonna sell more and make it down 30%. Nobody, it's not an easy decision to make, but when it happens, when the stop loss is triggered, they're forced to sell. And in the intro day, this exacerbates the movements. If a stock is down 12%, it will go down 18 or 20%. But as the market closes, so after the bell in the after markets or in Asian markets, there tends to be a slight recovery whenever there's a huge drop as we've seen on the S&P 500 yesterday. Very interesting. Thanks for your insights today, Marcel. Any other questions here? We had a little bit of extra time. I was gonna say, like, do you think there's, like a weakness, not so much from traders, but retail buyers, I know that retail often drives like big market moves and stuff, but it seems like a lot of retail now is dealing more with inflation. They're not looking to buy any kind of asset. They're looking to sell assets to maybe deal with real life. Do you think some of that might be going on as well? And like causing a widespread weakness in the market? Yeah, Jordan, if you use the NFT markets which are heavily shifted to retail investors, and we see that the number of wallets involved on NFT trading has declined, and even the notional trade on NFT markets declined from last month, there's less demand for cryptocurrency investors investing and Bitcoin investing right now. And it makes sense. Like, well, we think there's a 20% odd or a 10% odd of a general market crisis. Who in their sane mental state would, okay, so let's buy risky assets, let's buy cryptocurrencies, let's buy NFTs, they're not gonna do it. They're going for the safe assets, maybe even for gold or even a cash position. So yeah, there's less interest from retail investors and this causes whenever there's a correction, it causes further drops because there are no new buyers to support. I see. Maybe one more quick one, Marcel. Do you have any idea of what could lead to Bitcoin decoupling from the S&P 500? What do we need to see for that decoupling to happen or is that just wishful thinking in the short term? Sam, I think when governments and countries try to implement the CBDC, the central bank digital currency and gather more control over its citizens, then people will flew away, drive away and buy Bitcoin and cryptocurrencies. That's the trigger for this year in my mind. I like that explanation. Absolutely. We know our thoughts about CBDCs, that's for sure. But if that triggers a new rally, who knows? I maybe I might be for CBDCs. I see folks chime in the chat. Again, thank you all for tuning in from around the globe today. We got the top three trending altcoins that you should be watching for 2022. We're gonna get into Sam's token this week. He's gonna be highlighting Terra Luna and really going in deep about what's the value prop for the project, the token itself, its utility. You're gonna wanna stick around and hear what Sam has to say about Terra Luna. Danilo, let's go ahead and let him take it away. Great, so if we're talking about top trending altcoins, altcoins that could trend for the remainder of 2022, it's very difficult not to have Terra Luna at the top of your list. I mean, Terra has attracted so much interest and so much excitement and so much attention from the community. I mean, if you're a Terra holder, if you hold the Luna token over the past year, you've done very, very well. So for me, Terra is still a coin that should be on people's radar heading into the remainder of the year. There's many reasons for that. Before I explain that, I just wanna remind everyone what Terra is. The Terra ecosystem offers a stable coin system and a native blockchain. So the Luna token has multiple roles in the ecosystem, including governance, maintaining the price of the Terra stable coins, as well as reducing volatility. The value proposition of Terra, I think it was Shuzu recently posted on Twitter. It's basically the value proposition, it's a cross-chain DEX stable coin backed by Bitcoin. So that's a pretty appealing value proposition, especially when you take a look at what the ecosystem is doing right now with Bitcoin and how it's accumulating Bitcoin. Merchant acceptance of UST, which is now one of the largest stable coins in the world, is actually gradually on the rise. We're starting to see more acceptance of UST through a company called Jinkoo, which is a crypto payments provider. It recently integrated UST as a payment option. And as I mentioned, UST is now actually the third largest stable coin in the world behind Tether and behind USDC. So lots of interest for UST and that of course is gonna be reflected or it's gonna reflect interest as well in the Luna cryptocurrency. Luna Foundation Guard, one of the biggest stories that Luna Foundation Guard has plans to spend about $10 billion on its BTC reserves. The purpose is to backstop short-term UST redemptions and to build a decentralized forex reserve. So a lot of us, you know, Bitcoin maxis are those who love Bitcoin and believe it's gonna represent the future monetary layer for the global monetary system. That's a very attractive option. The idea that a stable coin operator or an August is actually adopting Bitcoin as a base layer for its monetary regime. That doesn't come without risk, but that's one way in which you can actually utilize Bitcoin. What we're seeing now with this is that all of this could lead to higher UST demand, which we're seeing, and higher UST demand actually would force more Luna tokens out of active supply. When Luna tokens are swapped for UST, for example, a percentage of Luna is burned. So if you take a look at the Tera ecosystem, what you see is the TVL, the total value lock, continues to grow, continues to expand at 33.6 billion according to DeFi Lama. That's near and all time high in terms of TVL on the Tera blockchain. But there are some potential dangers. I mean, you can't really look at a project like this and not see what the risks are. One of them is the fact that there's a huge demand for UST and that's pushed Luna's price higher as we saw practically for the whole year, but mostly that's because of Anchor's 20% API. I mean, we've all heard of Anchor Protocol and the massive API that you can earn. But is this sustainable? Can we expect 20% API indefinitely? We're starting to see some evidence that that might not be the case. Is demand inflated because of this? That's another question that we have to ask. And is there a risk with backing UST with Bitcoin? The fact that they both assets have a different risk profile, that might cause some issues down the line. And another issue also is that Luna saw an all-time high relatively recently. I'm not quite sure whether now might be the best time to enter, but again, if you're looking at it from a long-term perspective, there definitely is a lot of excitement surrounding the ecosystem. That's my general overview of Terra right now. And I see we have a couple of questions. Marcel, why don't you go ahead and jump in here first? Okay, Sam, so let's start by this. Don't you think it's a little bit weird that a single person do one handles a $10 billion fan and his decisions are like, yeah, let's buy Bitcoin to back it. Oh, let's buy this one to back the stable coin. Don't you think that's a little bit odd? Yeah, it's concerning. I mean, the centralization aspect is concerning. It's also concerning to the fact that it seems like these decisions are being made on the fly, you know, kind of thing. Well, we're just making this change. We're making that change. We're adopting this, we're adopting that. I understand that crypto development and project development is an iterative process. It's not always, you know, step by step. There are many, you know, ways you can decide to go one way or the other. But yeah, the fact that it's kind of like a fly-by-night decision, we're gonna fix it on the fly, that's definitely cause for concern. I completely agree with that. Yeah, I get concerned when we start going into like, we like these saviors, Bitcoin, crypto saviors, like Doquan, we had Android, Conj, all these different people come along. We're like, yeah, it's a new crypto saviour. But you know, yeah, they're gonna give Bitcoin the real, the use case. We move on to the next thing. Yeah, I'm just concerned about long-term. I know Sean already came out with their copycat for Tara. It's like, oh crap, are we gonna go through this kind of thing? Well, what I find hilarious is that, you know, Luna Foundation Guard and Michael Saylor and all these, they've literally taken hundreds of thousands of Bitcoin out of circulation and it hasn't affected the price. One iota. Well, we buy it over the counter. So, come on, you'd expect at some point that this would have a positive impact on the price, but it seems like retail demand or, you know, the DGEN traders just, there's no demand there right now. So it's not affecting the price. I just find that to be hilarious. You know, you have hundreds of thousands of Bitcoin out of circulation permanently. No impact on price, almost zero impact on price in the short term. It's really quite remarkable. Yeah, it's kind of confounding sometimes. I look at that mix, sorry, Ben, hold on. Like there's 51 million millionaires on the planet. There's only gonna ever be 21 million Bitcoin and yet this demand is still not there. I'm like, dang it, what's it gonna take to get there? Sorry, go ahead, Benton. I was gonna say, it's like, it's interesting to see like how if you're removing supply out of circulation, if you don't have that demand side, it doesn't make as big of an impact I think as we all hope and wish for. Even when that comes to token burns and tokenomics and those kind of things just in general. But my one question though for you, Sam, is like it seems like this model that Tara is doing seems kind of this game of musical chairs where there might be this facade where it's like that 20% APY on stable coins. Like I love Tara Luna, I love the ecosystem but my one concern is how long can this game last or these Ponziomics, the musical chairs game, like how long can that theoretically last in the long run? Yeah, I share those concerns as well. I mean, I think that didn't they have to replenish their reserves back in February, I believe. So it's definitely a concern, especially where if you take a look at, demand is artificially being inflated because of this massive APY or this promise of an APY. And then you have a whole host of other potential challenges with the stable coin market in general. There aren't as many consumer protections as there are in the traditional financial sector, right? So that's one another area of concern. So I mean, I think that they're doing a lot of good and I really do like their mandate. I like what they're doing around bringing DeFi to the masses but there are some concerns that I think you probably just can't fix on the fly, right? Very insightful today, Sam. Yeah, go ahead, Marcel, you're on mute. You're muted, Marcel. Now, I just want to highlight that I don't agree with Benton that the Luna UST 20% yield is a Ponzi because it's backed by the most solid thing in the world, which is Bitcoin. So I completely stand with Doquan. You're doing a terrific job. Keep it going, man. All the Bitcoin Maxis love it. If the parts of Bitcoin drops like 20K, like some doomsayers out there are predicting, what do you think that would do to Terra? Well, we're never falling below 40,000 again, Jordan. I mean, oops, we just did, didn't we? Oh, dear. Yeah, that's another risk. The assets have a different risk profile. And I mean, look, I'm balls deep in Bitcoin. I love Bitcoin. I can take the volatility, right? But when you're developing a protocol like this, I mean, they are different risk profiles and it's easy to kind of, you know, promote this type of model, you know, on one sense, but I do think that there are more risks than the marketing Jingo will let on. So. Fair enough, great points today. Great overview of Terra Luna, the token in ecosystem as a whole. Love hearing from Sam about what he's got for these projects each week. Now folks, it's time where I present to you one of the top trending all coins in my opinion this week, which is Apecoin. You all know it. So let's go ahead and jump into this week. All right. Well, why Apecoin? Well, it's current project valuation is right around 15 billion. I have some other reasons why I also like Apecoin and the greater ecosystem as a whole. We've seen the board apiats NFTs where they have the celebrity endorsement. They have the audiences. They have the ears of the audience, of the celebrities being able to get involved with board apiats. Now, what I am seeing here is the similarities between Apecoin ecosystem and what Tesla did. So if you're looking at the Tesla ecosystem product pyramid at the top of the pyramid, you have the Roadster, which is the most sought after product they have. It's the most highest price product. Same thing goes for the board apiats NFTs. All the celebrities had them. They're super high price. That is the pedestal that everyone wants to achieve. Now, in the middle of the pyramids for both Tesla and the Apecoin ecosystem, you have the derivatives products, the mutant apes, and all the other kind of like ape-related NFT products. Same thing with Tesla, the mid-grade cars, all the affordable stuff. And then at the bottom of the pyramid, you have the Tesla shares or stock. Same thing goes now with the board Ape or Apecoin ecosystem is now people who can't get the board apes or can't buy the mutant apes can still participate in the greater ecosystem by buying Apecoin and feeling part of the community. Now, when I'm actually looking at Apecoin and what's happening with their ecosystem, they are putting a lot into their vision and what I'm seeing is their metaverse. So the burgeoning ecosystem that will unlock more utility for Apecoin where users will be able to pay for assets by property, rent property, get loans and be able to use that token with more utility. Now that's not happening right now, but that is the vision of what they've outlined in their investors deck, which I'm about to pull up here in just a second. Now there are proposals for Apecoin to become sort of governance token for the Apecoin ecosystem or metaverse. That has yet to be solidified, but I do think the more utility that's getting added to Apecoin, the better. My last point of why I really like Apecoin is that Anamoka Brands backs this project and ecosystem. Anything that Anamoka Brands gets behind, I'm a huge fan of. They've had a great track record of successfully investing in major projects. Sandbox is another example. Danilo, if you wouldn't mind just pulling up my screen real quick, I wanna outline what's actually happening with the Apecoin ecosystem. They are going to be building a metaverse. And so this is part of their investors deck. You can find this online. Today's metaverses are trying to make something new, but they're really just creating something boring. So their whole point is that these metaverses are kind of like individual worlds. What the Apecoin ecosystem is trying to do is create a metaverse for all metaverses, where they're gonna be incorporating NFTs where you can actually make that part of your character and bring that into the Apecoin world or the Apeverse, whatever they're calling it. And so for me, that provides a lot of value and utility for the overall project itself as being able to create the metaverse. And a lot of trust is being placed in the Apecoin board. So the verdict will still be out until they give you a solid product. But we can go ahead and unshare there. Okay, Ben. So assuming they successfully launched this metaverse which they haven't even started building, how exactly do they plan to compete with Facebook, Meta, Google and the Central Land which are much bigger companies funded or experienced such as the Central Land? I think that's a great question. And as the metaverse space starts to kind of like formalize, we've seen it in this nascent state, big players are obviously trying to get a piece of that. What they don't have is all the celebrity endorsements and what the board apiats in the Apecoin ecosystem already have. And I think that's a little bit more of an organic approach. So you're gonna have some more of those traditional players try to come in, throw a lot of money into it and build out solid products. But I think what Apecoin is gonna be doing is kind of going brick by brick more organic and competing kind of like a long term as opposed to just throwing money at development and kind of like whipping up maybe a product that's not going to be as universal as what they're trying to do. When you started and you started describing it as a pyramid, I'm like, that's the perfect shape to describe what I've seen with the prices of this shape. But yeah, go ahead. No, I mean, there's plenty of downsides to this, right? So like we got to be real. Like, yeah, they have the vision and they've sold a lot of people on that vision, but like currently there's only staking for Apecoin. And so what they're doing is they're kind of building this incentive where it's like, oh, lock up your Apecoin and we'll pay you in more Apecoin just not to sell it because they're buying themselves time to essentially build out this much larger product. So like, I got to be real with you all. There's downsides to this, but the potential upside is there. The way you describe it, it kind of sounds like they're trying to make a new brand like a Disney, like this is the beginning of an establishment of a new brand. And with the celebrity backing and stuff, it's potential that it could grow into something big. We'll see how it goes. Yeah, Benton, the really important question I just received from one of our insiders here, the crucial question is, does Apecoin have a pretty, pretty website? Yeah. You know what? I'm not very impressed with the pretty, pretty website. Who was it? Was it Cal or was that Luciano calling me out about the UI? I can't reveal my sources, man. I can't reveal my sources, you know? Like, you know, I can't do that, but it's important that we know that answer because you know, I want to know if the website is on point or not. Is it? I'm not completely sold on the UI UX and the user experience, the look, the feel, the marketing angle. That's why I always tune into the website. So thanks for whoever called me out. So Benton, first, nice house, nice house you there. I wish someday I had money to when Bitcoin gets to $500,000, I'll be able to afford something like that. But my question is, we've seen celebrities shield every kind of scammy projects, crypto products, including the boxer, flawed Maywater weather, which has been involved on some scams and convicted by doing that. So how do we know that Apecoin is different from that, considering that there's so many influencers and celebrities shielding the Apes, the NFTs? I mean, I think that would be the world's biggest rug pull. All of these celebrities who own the board AP yachts themselves decide to rug pull the ecosystem. I mean, that's detrimental to their character. It could be defamation. I don't see that happening because of the credibility to have in each of their industries, whether it's sports athletes or musicians or artists or actresses. Like the fallout from that for them personally could be potentially career ending. So it's like, I don't see that happening. And because of that, I think this is a bridge for more traditional, more kind of non-native crypto people to start coming into the crypto ecosystem through a bridge like this, the board AP yachts, the Apecoins, et cetera, into a metaverse ecosystem just from that notoriety or that celebrity backing. Normally not a fan of that. Normally not a fan of giant influencers because we've seen all the scams. But in this scenario, I do feel like there is something different about it. And it is important to note that it has a big target on us back now because it's gotten so popular. We had that hack just the other day where some people got their board stolen. So that to me also is a sign that it actually might hold its value because people are starting to target it as a way to make money. And I think there will be more evolutions for the utility of Apecoin as well. Whether that's the government's model they want to go after, whether that's in metaverse use, essentially they've described in their investors deck is like they want to become the currency for Web3. What does that mean? They don't really go into details as much as I would have liked to in their investors deck but I think there's some promise there. It's like again, you got to trust the vision of the Apecoin board members so the verdict's still out. It's going to do it, all right. If you haven't liked and subscribed, go and tell her, go ahead and do so. Now Tuesday is 12 p.m., the market reports. Folks, Jordan has a very interesting project to talk to you about today and I'm actually really excited for him to present his altcoin that's gonna be trending here in 2022. So Danilo, let's go ahead and jump into Jordan's segment for this week. All right, so instead of picking one that's going to be trending, I'm picking one that's already trending and we'll see if it can keep going. The one I pick is Steppen, S-T-E-P-N, call sign is GMT. This project brands itself as a Web3 lifestyle app with social fee and game fee elements. It's designed to help promote a healthier lifestyle in the midst of people staring at screens all day. It's actually a Play-to-Earn app that allows individuals to earn money by going out and walking, moving, running, jogging, stuff like that. And it also kind of introduces a concept of Web3 to the wider public and blockchain technology and all those kinds of things. So it's harnessing the momentum of the Play-to-Earn ecosystem. It's dealing with the issue of screen fatigue, as I mentioned before, I know this just as a study as a psychology. Kids are really starting to actually turn away from screens so much and they don't like to be staring at screens so much and they want to be outside more. So stuff like this is going to be beneficial in the future as I think as people kind of get over staring at screens so much and also trying to incorporate ways to do Play-to-Earn and stuff like that that's kind of rising in the blockchain space. It allows users to earn rewards for walking, jogging, or running outdoors. It integrates the concepts of NFTs with its sneakers, different types of sneakers with different types of traits that can be upgraded depending on how much you use the app. Once your sneakers are equipped, you do have to originally buy a sneaker in the marketplace to start going. So there is a little bit of a cost to start with this but once you get it and you turn it on inside of your app and you go outside and you start moving with your GPS active, it tracks your movements and based on the sneakers that you have active and what kind of quality and stuff, you can earn a certain number of either the GMT tokens or another separate token called GST on the app. It's a social fee app in that you're allowed to share your stats and stuff on social media. You can burn GMT to level up the sneakers or mint new sneakers. So if you have a couple pairs of sneakers on there, you can actually breed them and try and create a new pair and you do that by burning some GST or GMT in the process. Sneakers can be sold on the marketplace. The GMT can also be converted into USC. So there is a way for people to turn their GMT that they're earning or the GST that they're earning on the platform into actual money that they can use in their real lives. And soon they'll also incorporate the ability to rent sneakers so that people that can't just buy sneakers outright can rent them from other people that own them, use them, earn money and then eventually maybe buy their own sneakers while it's the person that rented them to them can also earn some money on the inside. If you wanna go ahead and share my screen to Neo real quick I can show kind of what this looks like. So yeah, there's these different sneakers as different levels that you can earn if you're a walker, jogger, runner, trainer. So if you're only gonna be walking it's probably better for you to get the walker type of shoe. So it just depends on how active you're gonna be. Once you buy it again, each one can earn a different amount based on how much the optimal running space. Once you buy it or you can go on the marketplace on the app, this is what a shoe box if you wanna buy a shoe box or you can buy sneakers that have already been opened. Once you start using it, you can upgrade it quality. There's things that degrade over time efficiency and stuff like that. So you actually have to use some of the GMT or GST that you earn to keep the shoes upgraded and earning possible. So there's different ways to keep the token tokenomics down equip your sneakers, move out door, burn and earn just stuff like that. There's anti-cheating things inside moon walking so you can't like get on a treadmill or run in place. You can, there's even things for like is tracking to tell if you're on a scooter or you put the phone on your dog. So there's different things that they've incorporated and it's just a different take on the play to earn ecosystem. And it's, I don't know, it's the next evolution maybe or way to incorporate more social aspects and exercise into blockchain gaming and stuff like that. So that's stepping. Yeah, Marcel. Wait, wait. So who is paying for users to run? So who is issuing those GMT tokens? Where does the money come from? Do you think that that's a sustainable business model like a billion people running on the streets asking for $100 a month? Who's going to pay $100 billion a month? It's just not sustainable with Jordan. I get what you're saying. And I've been thinking about this too. I remember when it first popped up on CoinMarket.com I'm like, whoa, what's steppin'. I looked at it, I just see somebody running on the screen. I'm like, yeah, I know. But I was thinking about this just as you guys were talking and like, so Google can do Google Maps and stuff like that because they kind of use each phone as a device to track so they can tell how traffic is moving. It just seems like they're going to be an evolution of this in the future where they're going to use the data generated by people walking around and their devices for something else in my opinion. Other than that, I'm not too big on too sure what the exact value proposition is. But I didn't know that necessarily for some of the played earned games out back when they first started. So maybe like, what if in the future, even a Nike's are a big athletic brand sponsors this or tries to get involved with this to try and like, these are Nike shoes on here. I don't know. There's different ways I could think to maybe incorporate a value proposition in there, but I need to look more into what it is right now and why people are willing to pay people for their data. So basically you need sponsors. You need some company or some brand or whatever to pay for either the data or to incentivize users to run outside. Is that it? Yeah. And it's also the part of it's also kind of building on this ESG thing where climate change is an issue and we need to promote walking and jogging and riding bicycles and not using CO2. So I think that's part of it. It's trying to capitalize on multiple trends. I like, it got up to real quick. There's a total supply eventually of six billion tokens. I think only 600 million are currently out there. But even at a price of over $300 or 600 million, you better be bringing some to the table to deserve that kind of evaluation. So basically what you're saying is with this, I no longer have an excuse not to lose that last 10 pounds because, hey, I can do it through Steppen and I can get paid for it, right? No, that's good. Is there, I mean, Jordan, have you seen anything around adoption, use, any kind of maybe metrics or information you give us? Because I think it's a really interesting concept. I just want to get a sense of whether it's being used and how it's being used and just what the sense of the community is right now. Well, I did try to download the app and I was trying to play with it yesterday when I was getting ready for this, but you have to actually get a code from maybe somebody on Discord, somebody that's already part of the community. So it's still in beta. So I'm guessing that users just aren't going to be that impressive on that level because they're kind of controlling the amount of people that can come in right now. I think they're just trying to get it, all the kinks work down and stuff like that. So we'll see if it gets picked up in the future. I personally understand the need to, especially for the younger generations to try and get people off their screens and outdoors. So I get the motivation for that. It's just whether or not they'll be able to do it. It'll be good and especially in other countries where there's more foot traffic, it'll be good for those people because they're already walking to work. Like I know people live in New York and walk the streets and stuff like that. If you're already walking, why not earn a little bit money on the side if you're willing to give your location data out. But yeah. It seems like the Fitbit for Web 3, I know we talked about that earlier, but this is based on BNB smart chain and Solana currently. Is there, from your research or from what you know, is there going to be more chains added? Like, is there any limitations to that? Like, I guess from, is there a mobile app? What does it kind of look like in regards to the use of the actual, I guess, project? Yeah, it is a mobile app because you have to have the mobile app download on your phone and turn the GPS on for it to track you. I know it is on the BSC and Solana. I think that they won like a fourth place at a certain Solana where they were testing different apps or showcasing different things and they won a higher prize. So they have been recognized within the Solana community. I imagine if they do continue to expand and gain more traction, they will expand to other networks because that's kind of the thing right now, interoperability and cross network support. Yeah, what's it going to look like in the future? I don't know, I think it's still early on in its game. It's a new idea. Will it survive long-term? That depends on how much people adopt it and whether or not, like as Marcel pointed out, how is money going to be coming into the ecosystem to fund all this stuff? But they are playing on the NFT game, the ability to upgrade your NFTs. So they're kind of harnessing momentum of different sectors, but whether or not they'll be able to turn that into a long-term success, there still remains to be seen. Wonder if they will release an actual product, the smart watch or a tracker or whatever. So you don't always have to have your phone on you. Could be interesting if they should make that shift. Yeah, there you go. Hey now, we're here with pitch ideas all day. What do we do? Just kidding. All right folks, great presentations today from all panelists, giving us the insights, the expert insights. That's why you come here to the market reports. But folks, we got two tokens that were tracking in hot on the Markets Pro platform this week. We're gonna be releasing a poll to see who had the best assessment of the altcoin that is trending in 2022. So go ahead and cast your vote. But next, we have the Markets Pro tokens. You should have been watching this week folks. And if you would have had the Markets Pro platform, you would have seen these take off. So Danelle, let's go ahead and get into Markets Pro for this week. Thanks to the Newsquakes alerts, you would have seen Oasis Network trading on the ticker rose, have a giant surge. Newsquakes are the automated alerts that instantly notify users about market moving events. And this week, there was a 16% price increase in five hours. And the crypto market reacted to the announcement of Oasis Networks listing a Coinbase that dropped on April 25th. Look at this chart, that's a 16% gainer based off just the Newsquake. And we know listings move the markets. That's what the Newsquake alert does. It instantly notifies you so that you can trade fast, quick and get in on the action so you can catch that 16% gainer up. So it went from 20 cents all the way up to 24 cents. It's great to see. I love watching these come up every week. The Newsquakes got it on my phone, get alerted instantly, you trade it, you make the moves, you make it happen. That's what happens on Markets Pro. Now, the next coin for this week is Everest trading under the ticker ID. And when we look at the Vortex score, this is a comparison between the current market and social conditions and those in the past. Vortex score of 80 or above is considered confidently bullish and 30 and below is historically bearish. So what happens when you see an 88? Well, trading conditions around Everest begin to look extremely bullish on April 22nd and the 23rd. Vortex score showed 88. That's huge. That's favorable. And what happened? Well, on the 24th, Everest price store from 16 cents all the way up to about 25 cents. 51% gain. That is huge. And these Vortex scores, if you're able to watch these, you set the alerts on your phone, you're able to see this. And so you can set price action, Vortex score action on your phone. So when you see those high 80s, you wanna put that on your radar. You would be able to catch this and ride that wave up. That's the power of Markets Pro. And we love it. That's why we love Markets Pro here on the Market Report. Thank you, Danila, for pulling that up. Folks, if you're looking for swag, we got to store that coin telegraph to get your shirts, your hoodies, your hats. You need flip-flops for the summer. I'm sure we got that. It's in the store. Go check it out, store.cointelegraph.com. We got you covered here on the Market Reports. All right, folks. We got the polls live. I wanna hear, so big headline this week. Elon Musk buys Twitter. Does this have any impact on the crypto market Bitcoin as a whole? What are your thoughts here? Closing thoughts for today. I'll let Marcel. Any impact on the crypto market? Is this a nothing burger? What are your thoughts? I think for crypto markets, it's really relevant. But for Shiba and Doge, that's a huge milestone. I don't know what this guy's gonna do, but he's gonna put a dog, a logo, or some Dogecoin implementation somewhere. So if you're a Doge or Shiba Inu fan, go all in. This guy is crazy. Interesting take. All right, Jordan, why don't you hop in? It's already helped out Dogecoin. We'll see if that can sustain it. I don't know long-term, we'll see how it goes. But I'm amazed at how much influence this man has. Again, last year, beginning of last year, 2021, it was Elon Musk again, talking about Dogecoin on Twitter and stuff like that. I'm not gonna say he started the whole market rally, but he was there at the beginning of the market rally talking about Dogecoin. So I'm amazed at how much the person that runs like a Tesla and a SpaceX can actually be like, hey look, let's get the crypto market going too. But we'll see what it does for a free speech and whatnot because I've noticed personally a change over the last couple of years in censorship and whatnot because I'm willing to look at all sides of the aisle. So hopefully this kind of changes something along that line. Sam, what's your take here? In terms of crypto, I think, I mean, Musk is quite pro-crypto. So I don't know if that was gonna mean more rollout of pro-crypto features on Twitter, tip jars, whatever. So I think long-term it's probably gonna be positive from an adoption perspective. If we're gonna see more crypto adoption, Twitter could be a venue for that. So I think it's probably positive for the crypto community overall. And as Marcel said, especially for the meme coins because it seems like Musk treats Doge more than just as a meme coin, right? I actually think he wants it to succeed. So I think it's a long-term positive from that perspective. I don't know what that's gonna mean in the short term, but I could see some headlines in the future about Twitter integrates X, Y, Z, and that's gonna lead to greater adoption, price performance, et cetera. So positive overall, I think. Yeah, I think this is a great thing. Although Jack Dorsey was a huge and is a big Bitcoin proponent, I think he was making great strides. But now you have Elon Musk, I think willing to throw fuel onto that fire. I think this is a good thing for crypto, especially those meme tokens. I'm not a huge fan of them, but if Elon Musk can manipulate markets, he's the guy to start something. I mean, when we look back at when he bought all the Bitcoin with Tesla, that did spark a major rally. So who knows what could happen here with this move? Maybe Twitter puts some Bitcoin on their balance sheet. Who knows? So I do think overall we could see some things happen in the crypto world where those waves kind of shake from the social sphere into the crypto sphere, we will see. All right folks, the poll is, I believe just wrapping up, it looks like it's ending. So for those of you voted, thank you. It looks like Luna took it away today. So Sam, great job doing a deep dive on that for today. Are you not entertained folks? He's here, he's here all week every week. We appreciate everyone tuning in. And why don't we do this? We're gonna give away the one month subscription markets pro first person to drop their Twitter handle in chat. We'll win, we're gonna try this again this week. Drop your Twitter handle in the chat. First person to do it wins, ready, set, go. And drop it in the chat. We're gonna pick the first person to do it. Do you get a free month of markets pro? And if you wanted a 50% gain, yeah, you would have caught that if you had markets pro. I don't know who would pass up on that. But we're gonna give it 10 seconds here. I know there's a little bit of a delay, but first person to drop their Twitter handle and there's gonna win. If not, until next week. So we'll wait, we'll give it just a few more seconds here. And it looks like, okay, fantastic. All right, folks, that's gonna do it for today. This is the market report here on Tuesdays. Go ahead and like, subscribe, coin, telegraph on YouTube. Make sure you're here. We appreciate everyone for tuning in from around the globe. We love you all until next week. Over and out. Bear energy, baby.