 We're going to be talking a bit about what happened in the market today, why we experienced this crash, why we're now experiencing the bounce. We'll hopefully address some of your fears that happened today. I think the fear and greed index is at extreme low like 23 or something like that. So a lot of people have been experiencing the stress and we have a very diverse cast here who can help break down what's going on in the market today. So I'll just read them off left to right as they appear in the Zoom screen and then we can get into what's going on. So today we're joined by Charlie Burrin, who is a very experienced trader. We've got Marcel Petschman, who is a market analyst at Cointelegraph. We've got Michael VandeBop, hailing from the Netherlands, another trader. And we've got Andrew Thurman, who's a news editor at Cointelegraph. Again, apologies for the audio issues, but now we're going to get into breaking down what happened. So let's just start with that question. Charlie, do you have any thoughts on what was going on? What happened today? What was the reason that we dropped from 40,000 to 30,000 in like 45 minutes? Well, I mean, it was just a classic climactic sell, wasn't it? And that's what happens in typical sell-offs that just becomes this momentum. It's like a snowball effect. And then as more people start to panic, bearing in mind that Bitcoin had already been falling for a couple of weeks going into today. And that's typical of what goes on. And we saw just so many, the volume that's come through today. We've seen so many accounts get obliterated, especially people who are trading on margin and with leverage. So there loads of them will be out. My concern is that in recent months now, I was last on here probably last year, a couple of times, after I'd been buying Bitcoin and XLM as well. And it was quiet then, in relative terms. The market was quiet then, as far as the euphoria. But certainly, we've all seen this euphoria that's really come into the crypto space this year. Not talking about the people who have been around for years in this. I'm talking about the last minute.coms and the masses. When I'm getting called by my tree surgeon saying, do you think I should buy Dodgecoin? Then I start worrying. And that's what's been happening in the last, well, literally the last few weeks, the last couple of months. And when the masses come in like that, there has to be these flushouts. And that's what I think has gone on here today, that we've had a massive panic sale, certainly would have flushed out a lot of the weak hands. We can see, I'm looking at the charts right now, you know, Bitcoin has gone from being 30% down on a day. Now it's a mere 6% down on the day. So who knows, maybe it'll be positive by the end of the day. But I do think that today serves as a warning to some of the people who have been quitting their jobs in recent months because they've been making more money buying cryptocurrencies than they could do in their jobs. And I think that today is a bit of a warning to them that maybe they should actually learn to trade properly. Yeah, thanks for that sentiment. Unfortunately, you know, as the weekends flush out, get flushed out, a lot of people, maybe even here in our chat have experienced that flushing. And that is not a good feeling, especially as you watch your your life savings go tumbling down along with Bitcoin's price. I'm seeing some sentiment in the chat along those lines of people having some negative thoughts. I just want to say, you know, that's why we're here doing this live stream. We're going to try and break down what's going on with the data. We'll look at some statistics. We'll take a look at the facts and we'll look at, you know, why you shouldn't consider some of those more negative options in that, you know, we're a community, we're here together and we stay strong together and we huddle through these things. So on that note, I'd like to turn it over to Marcel to give his interpretation of what happened today, what's happening right now at this bounce back. You know, a lot of people were questioning whether we're entering a bear market. I think this bounce is saying something to the contrary. But I'd like to hear what you have to say about this ordeal today. Oh, OK, Jackson. So first, let me say this out that I was not expecting a $30,000 low and you might going to find some people on crypto Twitter or trading view saying that technicals indicated that a reversion could take us to 25 or 20,000. There will be all kinds of predictions. So one of two will be always be right. But most of the analysts weren't expecting such a heavy correction, mostly because as we cross at the 40, 45, 50,000 in February and March, we saw a heavy inflow from institutionals, Tesla micro strategy, the ETFs and gray scale inflow. It was huge. So we saw having institutional demand. So on my mind was, OK, if the market happens to drop to 50, 45, these guys will be back buying because they are savvy investors. They studied the market before they know it's a volatile market. They can go down 40 percent in a month. But as we see now, that was not the case. This we're seeing exactly the same thing we saw with retail investors as Bitcoin made an out on high in the late 2017 at 20,000, 20,000 dollars and corrected. As soon as it went down 20 percent, people started selling 30 percent down, more people selling. So we're seeing this happening at institutional scale. So not only with Bitcoin, but with Ethereum, most of the large outcoins. So it was unexpected, but we're flushing out some weak hands. And if somebody is selling two billion dollars, that's why I don't believe so much in on chain analysis. If somebody deposited 10,000 bitcoins at that exchange and made a sale, OK, the price might drop 10, 15 percent on the day. But somebody else is buying for every day as a buyer and seller. And I think that the people who are buying now who bought from 30,000 out of eight to 40,000 understood that the correction was overreaction to some food, some news that no fundamental change. So I think in the end, it's going to be better for Bitcoin instead of climbing every week and every month nonstop. So people don't believe it. Well, it's going nonstop. It's a bubble. Now, when you go back to 50, 50,000, 60,000 people will be more competent. So I have a positive view. Yeah, for for every 10,000 Bitcoin that gets sold, Michael Saylor is there with his mouth open, just ready to gobble it all up. But yeah, you mentioned you mentioned FUD actually. So there was some news that I think might have triggered some of the downside that we saw today. I'll just go ahead and share my screen to let us know what we're talking about here, which was that Reuters made a report that China was banning financial payment institutions from cryptocurrencies. And the we Cointelegraph reported on as well, but a lot of people took this as FUD. But as we pointed out, there's a curious tradition that shows after a China scare, crypto markets tend to produce huge rallies. So maybe that's the beginning of what we're witnessing right now. But I wanted to talk to Michael because, Michael, you did have a tweet earlier. Actually, I'll go ahead and share my screen again, because I want to take a look at that tweet. You had a tweet earlier today where you said that there was probably something happening at the exchanges through which the markets crashed way deeper than we should have been. So what could you further explain, you know, what your thoughts are on that? How do you think what exactly do you think happened and why did that contribute to such a sharp sell off? Well, I guess retail is fleshed out. That's part one and they are not fleshed out by hitting stop losses, but they are just getting liquidated. That's how they get used to the markets. And I guess the market was overdue to have another retest at the lowest. But the moment we started to accelerate downwards, all of a sudden, Binance and all those other exchanges couldn't handle the actual amount of orders. So what we saw was a gigantic spread between futures and spot on Binance. I've seen it going to seven or eight percent. Still, we do have a spread between Coinbase, Bybit and Binance at this stage. Bitcoin is traded at 41 or 42 K at Coinbase a few minutes ago, while on 39 at Binance. So there's still a big difference. Why what happened while Coinbase just failed and Coinbase is a big data provider for the rest of the exchanges. And when one of those massive data providers are going out, you will see that the other exchanges have issues as well. So it's just a combination of events. Elon Musk is not the reason why we are dropping. It's also not China that we are dropping. It's just a cascade of liquidations. And then the exchange is not being able to handle the amount of orders that we're going through. And that's also the reason why we're just pushing back up once for now, because everybody was eager to buy the dip. And I guess this is showing why everybody wants to buy the dip, especially the big whales in the long term holders and not the short term meme coin buyers, then liquidate or leverage traders that are into the markets right now. So it's just showing how irrational the markets are and why you should be remaining patient and leave your emotions aside because otherwise you will never become a will. Yeah, those are some really good points. And yeah, we were reporting on all of these outages across crypto companies here. You know, Coinbase was down. Binance was experiencing delays. I think CMC and Kraken both briefly went down. So I mean, just across the board, there were just outages and downs that contributed to the soft as Michael was suggesting. But I'd like to turn that. Yeah, yeah, please. If you have also got a different category, which is the dexes. However, did you see the gas fees during the actual crash? Oh, yeah, it went to fifteen hundred. So that's also not a solution as they were also not able to handle all the orders. So everything just collapsed, I guess. Well, like it was not efficient. Let's put it that way. Yeah, I mean, not to get too into the technical details, but blockchains, one of the main issues of blockchain has always been its scalability and its ability to operate under high load. So that does usually come into play when there are these huge market movements. But now I'd like to get more of a we've been talking a bit about the markets and taking a look at what happened with this dip and bounce. But I'd like to get more of a news perspective from Andrew here about me potentially a more deeper look at the FUD that contributed to these dips. You know, we had Elon tweeting earlier at the end of last week and now we've got China news coming from Reuters. And maybe there are some other insights that you can give us about how the news is affecting the markets right now. Yeah, I think, you know, while right now, it seems like today is going to last forever when we finally get past it. In retrospect, there's going to be a few stories that I think really stand out. One of them is going to be to push back against Michael's mark a little bit. I thought the market actually held up really relatively well compared to previous crashes. If you look at today versus March 12th last year, for example, you know, there wasn't this kind of system-wide liquidity crisis, you know, pushing Ethereum down to 80 bucks or whatever, Bitcoin down to 3000 for the first time in years. And derivatives went to zero, basically. That didn't really happen. There were isolated incidents. I heard one exchange out of Brazil, Bitcoin went down to something like 13000 or something like that. But on the whole, the market seems a little bit more mature in terms of being able to handle these loads. There were outages, you know, we had our de facto circuit breakers because centralized exchanges can't hold up. And of course, gas prices went through the roof, but there was promising signs that side chains in particular did extremely well. Phantom held up, prices stayed low. There was no system instability. Polygon has been all over. This is kind of a victory lap for them. All of their dexes held up. The chain held up well. They did great. And so, you know, as far as just nuclear obliteration goes, I think we did all right. The system showed some resiliency. There were some very long legs on some four-hour candles. But this bounce back has been heartening and things look good. The other sort of story I'm going to be watching very, very closely is DeFi assets. Two days ago, when this sort of prolonged, very painful, slow bleed of a drawdown was still going on, DeFi assets were wildly outperforming. These were primarily in tokens and projects that have really strong fundamentals. Some of the projects like Aave, who just launched new liquidity mining programs, they just leaked news that there's an institutional pool that's going to have some big names attached to it coming out soon. And other projects like Sushi, which are currently working with some big named funds to do pretty significant token economic overhauls. So projects that are working hard at sort of revamping their economic models or have strong fundamentals, they did great. And if they continue to bounce back, I think that's a sign that some of this, you know, pure animal spirits hysteria that we saw during the trowel of this dip. Again, maybe there's more maturity in this market than we think. If those can bounce back as strong as they were holding up a few days ago, then I'm, you know, I think that there maybe are some more sophisticated players in this market than, you know, kids running around with a assy com rocket and whatever held the dog coin of the week is. Awesome. Thank you for that. I mean, personally, I think that DeFi is one of the most exciting spaces people say is the future of finance. But, you know, we don't have to go too far down that line. But I like that we have the DeFi expert here to give us that perspective. But for now, I think I'd really like to see Charlie, if you if you could possibly share your chart with us of Bitcoin, I'd like to see, you know, if you have any specific technical analysis that you'd like to show us about what's going on there. Yeah, absolutely. So is that come up? That's the wrong chart. That's a euro dollar chart. Let's bring this one over. So Bitcoin at the moment is holding on to its 200 day moving average from a technical perspective. We can see the big volume there that's come in. I've just got a few moving averages on. I think technically we haven't actually done that much technical damage. So, yes, on the daily chart, there's a lovely reversal. But if I go out to a weekly time frame, you can see that the the trend is still very much in play here from a technical perspective. This is just what I would call a perfectly normal pullback if I was looking at that chart. And in fact, hasn't even quite got down to its weekly 50 moving average, which markets like to do retracement. And they like to retrace to their average prices. So it's not even come quite got down there yet. Now, if you spoke to me last year when we were when we were when I was on last year, very much a ball. Unfortunately, I'm I'm a little bit of a bear at the moment because I still think I think this is amazing flush out and I don't I don't see. I was saying to my traders this afternoon, I can't see. I think this is this should hold. And I think this should hold for maybe a couple of weeks. But I think that maybe we get a we normally when you get a high volume down day like this, even with a reversal like we've seen, so often you would see some form of retest. So I would like to see some sort of technical retest in the next couple two or three weeks. I think that it needs to calm down and which it's doing at the moment. And I think that what probably what we'll see is some smaller range days over the next week or two from a technical perspective, maybe bounce some more. But then I just want to see if it will just creep over. I wouldn't be expecting any sort of huge volatility move on the next one. It just be more of a gradual retest. That's what I would like to see from a technician perspective. And and I think if we came over for that retest, that would properly flush out the people who have just seen this bounce today and thinking, oh, what we're worried about. And and it would then do it act as that secondary flush to those weak still weak hands who might still be involved. So I would still quite like to see a marginal new low at some point in the coming weeks. But overall, technically, yeah, it's it's a it's a quite a healthy market, really. And we know the long term prospects of of these of these coins. But but in the short term, I'm I'm a bit of a bear at the moment. But I'm still holding. I've still got holding myself. But but I did sell just a couple of months ago. I sold three quarters of my position because I was concerned about the marginal highs that we were making back here. Where price makes a high sells off only comes up reaches just marginally and then sells off again. So and and that euphoria, like I said, when I'm getting phone calls from left, right and sent center from people who don't deserve to don't shouldn't be in into this space who have no idea what they're buying into and just saying, I've just bought whatever coin it might be that concerns me. And so so I thought it was actually as it turned out, it was the right timing to to bank three quarters. But I would like to see just a retest at some point in the next two to three weeks and another marginal new low. But it doesn't have to happen on a panic sell off day like we've had today. It could be a slower process. But whether I get what I want, we'll have to find we'll have to see. But that's what I would like to see, because that's that it'll be round there. But that I think that there'll be more accumulation going on. And I genuinely I would like to see this. These some of these markets go flat for a few few months. Just again, because time will shake people out as well. You get fast sell-offs like you have on a day like today. That will shake out a lot of people. But time is a good one as well, because it'll bore people out. Because so I think if we came down again, that would make people really think twice. And what we all know about bull markets is that they rise on a wall of worry. And so we need a little bit more fear there because we lost the fear, didn't we? So we need a little bit more fear where people are going to be thinking, is this a genuine move as it starts creeping its way higher again? I don't know, because I got I got my hands, but my fingers burned last time. And and that's what you need, where you still got people sitting and out, sitting on the outside as it starts, you know, rising again at some point. And and then it's later on that they start coming in again, but they'll come in cautiously. And before you know it, we're back up at whatever level again. So but I do think that it needs a little bit of time in my book. That's what I would like to see anyway, whether you don't always get what you want. But as a trader, I only need to have those opportunities only to come across come along a few times a year, don't they? So but that's what I would like for me to be doing something there in that market. Awesome. Awesome. Yeah. I like I like that one quote that you had there rising on a wall of worry. I think we're seeing exactly how that worry plays out today. But now I like to skip over to Michael, our other trader here. And I'd like to see how how your charts and your analysis of the Bitcoin chart compares to that of Charlie's here so we can kind of put them side by side and see what you're thinking and whether you also would like to see a retest of this flow that Bitcoin made here today. So, Michael, if you want and could go ahead and share your screen, now that would be awesome to see what you're taking a look at. Well, well, well, I've got two computers and training view is not very handsome in keeping it up to date on both. So it just erased everything, but we can still share screen. There we go. All right, I'll put it like this. So I'm pretty much in the same boat on with Charlie on multiple points. As in it's a perfect retest here. And most likely we're just going to have a sideways action. However, it has to be it's depending on the weekly close. I mean, if this bounce back is going to run towards 45, 48 or whatever, and even the weekly becomes green, I think we're just going to continue. But the example that I showed in my live streams earlier on is that this price action is quite similar to the price action that we have here in 2016. It's a different market, but the retest is quite similar, which means that if we want to sustain this bullish structure that we have here, you literally want to close above this block that we have, which is similar to the area that we have here. And then usually what we have currently is massive volatility, massive variance, and that just drains down to make a compression and all of us out of nowhere, we're going to have a big breakout again, which is just going to take some months. But it's all depending on how we're going to close here. And generally I'm expecting that we're bottom out here. Especially given the week that we see and usually corrections like this end up in such a gigantic week and then we just continue moving. And it's also funny that most of the costs that I'm getting today from friends are based on the fact whether they should sell. And when it was at 60K, everybody wanted to buy Bitcoin. So I guess that there is a lesson in there. And during these downtrends, usually negative news will get the spotlight. Well, actually not much has changed as long as we stay above like 37, 38 with the daily close and especially the weekly close. I think we're just fine. So I don't have that much to share. It's just a bull cycle in my opinion. Got it. Got it. Got it. Yeah, good to hear that. I think a lot of people are worried about whether or not this could be the beginning of a bear market. So I hope that assuages a little bit of their fears in that regard that you believe at least that we're still just in another movement in this bull cycle. I'd like to move now to Marcel, because I know that you deal a lot more. You take a look more closely at futures, premiums, options, exchange inflows and outflows and that sort of thing. So I like to get your analysis on that because this crash that we saw today liquidated eight billion dollars of Bitcoin in the derivatives market, which is an absolutely astronomical number. So I'd like to hear what data you're looking at to analyze this moment in the market. OK, so just a slight reaction. The liquidation of eight billion was for the entire future market. So BTC, Ethereum, XRP, Cardano. We were looking at Bitcoin, excuse me. It was three point eight billion dollars over the past 24 hours, which is high, but nothing out of the ordinary. We've seen four billion dollar liquidations before. But what's changed this time, what's drama attention was first the perpetual contract funding rate. The perpetual country is the one that doesn't have a set expiry. It rolls over automatically every eight hours, which is the basic contract that we'll find on Binance, Bitmax, Deribit, OKX is the basic futures contract. So this contract has a rate. So whenever buyers are overlaveraged, they pay a funding rate every eight hours. When the short sellers are using more leverage, they pay the funding rate every eight hours. So over the past 12 months, we haven't seen a single instance of short sellers overlaveraged, the ones paying the funding rate every eight hours. And this happened over the course of the day, today, as we hit the bottom 30,000 dollars. So it's something rather unusual. It shows that almost every long contract holder was liquidated. And it usually is a bear indicator if it lasts for a couple of days, if it lasts for a week, the negative funding rate. And so that's a sign for me that something weird happened, which in my view is like institutional clients getting stopped, exiting the market at all costs. And it's definitely my mind that's definitely going to put a mark and a trend reversal. So even if we go down to 35,000 dollars again, people will be more confident because they've seen the market go down to 30,000 and recover quickly to 40,000 dollars. So I think this will give bears more confidence, but it will take time until leverage longs are confident enough or have enough money to build leverage positions. So we might drift sideways for a month, a couple of months until the buyers have more confidence to also new buyers to enter the market. People have seen the Bitcoin went to 65,000 dollars and it's now at 40,000 dollars. So in a long term perspective, I think it gives more buyers more confidence. So it's going to be good. Got it, got it, got it. Yeah, so I guess what you're saying then is that we're just at sort of another inflection point. We're waiting to see how the trend continues to move. And then we'll kind of make an assessment from there. Andrew, do you have something to add to all of this great analysis? I mean, when you're talking about things like trends and price action from a news perspective, you know, I always return to the fundamentals. I'm going to be writing the DeFi newsletter once we get done here. And it's funny to me because, you know, in spite of this nuke, there's still just so much stuff going on. You know, Synthetics is about to launch three new tokens based on a ton of new protocols that they're spinning up. Thales, Leras, all kinds of stuff based on options and futures. An interesting VC sort of fundraising tool. There's there's these these people are still building. And you can take a kind of bearish outlook for a few months, maybe even a few years in worst case scenario. But if you use these technologies, if you see the people building it, you know what the end gate is. You know that, you know, regardless of what happens on a single day. And again, comparatively, I don't think today was that bad. Anybody who's betting against these technologies is still going to have a very rough century. You need to you need to use these things. You need to believe in them. And if you do, you sort of know where things are going to go. It's, you know, short term market analysis has always led me astray. I'm a terrible trader. Shouts out to everybody here. I have never been good at it. And I think the way that I've been successful in crypto. And I think a lot of people could be is by doing these deep dives into protocols, knowing what they're up to, using the protocols, doing your research on the products. And that's how you're going to be able to, you know, survive things like today. Because the fundamentals haven't changed. The fundamentals are the same that they were yesterday. You know, Ethereum, a thousand dollars higher, right? EIP 1559 is still coming. ETH 2.0 is still coming. It's it's it's these things are inevitable. And it's it's easy to bet on when you can take that long term view by having the steep knowledge of these protocols. Got it. Yeah. Yeah. So I like that invested in more invested oriented perspective there of, you know, doing or due diligence. But I like to now circle all the way back to Charlie. We keep going down the line. So I want to continue the trend just for now. But, you know, I think while a lot of people, especially retail, you know, a lot of people who are in the chat here while we're watching the market, you know, plunge 20 percent in 45 minutes, you know, they were probably selling and really scared. So like as a veteran trader in that position, how do you approach those situations from a more psychological standpoint? How do you make sure that you don't get stressed out and then make decisions that are about emotion rather than sticking to the data and facts that you've required over this time? I think you need to have a plan. So and you need to have a plan long before days like today happen. You can't make a decision on a daylight today because it's going to be too emotional. You're going to be way too emotional to make decisions in the thick of it like today. So you have to have a plan. And your plan is if like you just talked about, you've got your shorter term traders who might be using leverage. So they're going to have a completely different plan to someone who's a long term buying holder. So everybody's going to look at the market in a different way. Your short term traders, they're going to get wiped out on days like today and over the last maybe the last week or more anyway. So they're going to get taken out whether they're going to be stopped out of their trades if they're using stops or whether they've been margin called out of their positions because they've just completely got the risk management wrong anyway. But I think the point that you've just made actually about being a longer term holder is in my mind is the right approach in the crypto world anyway. I think that for trading it, I just think it's a very tough game to be a trader in this with leverage I'm talking about. So yeah, have a plan whereby you know long, long in advance where your getouts going to be if you're going to have a getout because otherwise if you're taking a long term view and you've bought into whatever it might be whether it Bitcoin, Ethereum, whatever it might be and you're in for the long run and you're unleveraged. Well, at what point would you come out? Because a lot of people will be saying, Well, actually, I'm not going to come out. I've invested funds that I can afford to lose initially and I've grown them over time and maybe they wouldn't have that. I don't know. But you do need certainly the shorter to medium term traders who they definitely need to have a plan there. But yeah, otherwise your longer term holders is going to be sitting there and thinking, Well, my plan is to actually buy more on dipsite this because they're not going to come along that often. Yeah, that long term investing route reminds me of an interview that we did with Michael Saylor, actually, where he said that he's not going to sell his Bitcoin for the next thousand years. So it's obviously an extreme approach. But, you know, maybe if you're in the game that much, then that's the approach you need to take. I think I think I'm sorry, I'll just add. But what can I say? What concerns me? It's these people who are quitting their jobs right now just in the last two months, because they've made money for two months running back. Those are the people that concern me, not the people who understand what they're buying into and they're in this for the long haul who have properly researched what they're buying into. But there's certainly there's that top layer of latecomers coming in who are literally speculators who are just looking at the percentages. Oh, XYZ coin is up a certain percentage I'm going to buy into that. And that's what we've been flushing out a lot of in this, well, certainly today. And so, yeah, coming back to your points already made, do your research. And if you really want to invest into these, then try and hold onto them and do it unleveraged. Yeah, a lot of people have been playing fetch with Elon Musk's doggie coin. I kind of like that. But Michael, I want to head over to you now as another experienced trader on our panel here. How would you, how do you approach these situations in the same way as Charlie? Well, there's not many options once the actual liquidation run starts to happen. As in, if you're in a position at that stage, it's not an option to start selling. Well, there's an option to get more liquidity. So you can sell your kidney or your car or whatever and then you can get into the markets even more. But the point is, is that once it starts to cascade out, I saw some people who wanted to sell, get out of the markets, expecting it to go lower, to buy back in lower, which is just pure gambling. And if you are going to do that, go to a casino, which are opening up in the Netherlands again, go there and put it on a roulette table. That's basically what you're doing. And then second, I agree with Charlie, never use leverage at all, especially in the crypto markets, it's volatile enough. So why would you want to increase that with leverage is the markets are just going crazy at times. So you can make enough money out of there and people are just greedy. They want to become millionaires within a month. They have a short term time preference instead of a long term time preference. So I mean, today I've been the most irritated that I've lost my keys for like 10 minutes and not my hard wallet keys, but just my house keys. So that's the most irritating part today. And further, I've just been relaxed as most of those crashes are gone within a few days and the price just continues moving. So it's just a short term move, short term liquidity or volatility. And then it just continues. And now we can actually see that we're up heavily with most of the altcoins already. So just remaining calm, remaining a Dutchy and then we're just fine. Yeah. And I'm going to bring something up on my share screen to give an example of probably what you should avoid doing. You know, as we all know, there's one man who's been having a very, for better or worse, impact, big impact on the crypto market, you know, Elon Musk here. And, you know, he tweeted today, diamond hands. He's holding. But then we go into the comments here and we see stuff like this. Say something good about Bitcoin, please. I lost my house. Jesus Christ. I lost everything because you told me to invest in Dodgecoin and about to be homeless. Yeah. Do your research. Don't listen to, you know, massage. Well, I hope the meme coin section is finally done. I got quite irritated by everybody that's investing in meme coins and outperforming me heavily. There's no real fundamental layer in there. And it's just taking the spotlight away for what divine crypto is trying to build. So I hope that those people are getting liquidated or at least flushed out. And now we can just continue moving with what crypto actually is. We know one group of players who've made a heck of a lot of money today. Anyone want to hazard a guess? Short sellers, of course. Well, yeah, sorry, that was too obvious there. You see if your brokers, your CFD brokers will have absolutely cleaned up today. Because they would have been on the other side of those trades. Yeah. Yeah. And now I'd like to turn over to Marcel here because I know that I think you mentioned to me privately that you don't really trade too much anymore. Why did you make that decision? Well, as it's been said here already, cryptocurrency are already way volatile. It's very common for a month you see a 40% up or down. So after you trade for a while, maybe one a year, two years, you set your minds that, well, what am I doing here? Why am I gonna short Bitcoin at $20,000 to rebuy it at $14,000? If my long-term view is $200,000 or $400,000. So it doesn't make sense once you've reached a certain level of, I don't know, that you're a stack. You've built a stack that you're confident you have a long-term position. Maybe you're gonna still play, I still play sometimes with leverage trading, but I don't usually move most of my coins because it's too volatile and nobody knows what's gonna happen over the next week, some months. But I think there's two things that we're missing here that might played an important part on the downtrend, which is the regulatory instance. We had Janet Elin and the SEC president both speaking a couple of weeks ago about regulation in cryptocurrency markets, in exchanges. And if you are an institutional player and you are starting to buy Bitcoin, you are thinking about buying Bitcoin, and you see the US secretary president and the SEC chairman saying that heavy regulation will burden the sector, you kind of say, okay, I'm gonna sit out. I'm gonna sell the position, wait a couple of months to see how the regulation is gonna develop. We all know that United States or whatever country can't ban Bitcoin. Okay, but the longer that they delay the ETF launch, the more requirements, risk requirements for mutual funds to invest in a greater scale Bitcoin or ETFs abroad. We can adoption in terms of investments, not the actual usage or defy or the day-to-day wallets because nobody can stop that or mining, but it can effectively delay the institutional side of investments. So I think this, I would say cloud, this uncertainty on regulation are an important part here. Could be the reason for the fall. Yeah, yeah, that's a possibility. Andrew, do you have some thoughts on that? I'm not sure if you're super into regulations and all that, but maybe you have something to add there. Yeah, it's so hard to separate signal from noise when it comes to all these different narratives, right? Elon, there've been multiple studies that he can certainly impact Dogecoin prices, but it's kind of mixed when it comes to whether or not his tweets have the power to move Bitcoin and Ethereum. And even if they do, I don't think you can reasonably blame him, right? This was a flush out that, look at the chart. It was a slow bleed until finally there was capitulation. And looking at regulation, can we really blame that Reuters headline as misleading as it was? I don't think so. These are big, big markets and it's tough to draw a clear line from A to B. The days of the exact same Korea FUD, they're not as powerful as they used to be. And I think the reality too, is that from a regulatory standpoint, maybe that's not as important as the institutions sort of sorting through the legal and custody issues associated with getting more deeply involved in these markets. I think that there's a lot of progress being made by these kind of middlemen companies that are, they're gonna do the plumbing for the institutions, right? Look at Silvergate Bank. Look at Paxos and what they're doing with PayPal. Look at Fireblocks and their different on-ramps to 14 different DeFi protocols. Whether or not there's regulatory clarity and whether or not there's like serious regulatory FUD. It's almost irrelevant if the institutions and their big money, their billions, their trillions find ways to get into these markets in spite of a failure to properly put out good legislation. That's the more important story to watch. Can the institutions get involved in spite of not having any clear guidance from any regulatory body? And if they can, then what do we need the regulation for really? That's the thing to look out for. I think that that's gonna be the highest signal you can look for. Don't try and guess which way the winds are gonna blow at the SEC. And a little bit more on this topic of uncertainty. I know Marcel, there's something that you've been paying attention to over the past few months, which is the reports that Iphonex and Tether are required to file with the Departments of Justice to declare how much of the supply is back, I think, or circulating and just all the numbers behind that. What kind of uncertainty do you see that as adding to the market conditions right now? Okay, so there's an excellent piece I recommend for everyone at Cointelegraph, which cites Caitlyn Long, the founder and CEO of Avanti Financial, where she explained the whole Tether situation. So they have, the deadline is today for the Tether holding to show to the New York, New York Attorney General's Office what their reserves are composed of. So Caitlyn Brinks shows that this created a credit risk which we didn't have otherwise. And Tether holds over $50 billion of reserves. So it's pretty relevant for the crypto currency markets overall. Tether is used by our market makers. It's used by derivatives exchange when pricing Bitcoin and Ethereum futures. So if Tether breaks the peg for some reason, even if it's temporary, it's gonna cause havoc on every crypto markets. That's for sure. So one thing that users, clients need to bear in mind is that even if Binance or OKX is the largest holder of Tether, in the end it's the small guys like you and me and Michael and everybody who's trading at the exchange who sold Bitcoin or sold Ethereum or have US Tethers deposited for their trading. So the little guy, if the Tether peg breaks and it trades below $1, it's gonna be the little guy who gets hurt. There's no difference for the exchange. So I kinda agree with Caitlyn Long when she said, we now have a credit risk implied within the crypto currency market. Is it gonna limit the upside of Bitcoin or Ethereum for the long term? No, I don't think so. But if the DOJ, the New York Attorney General's Office come back and say, well, we need more details or we don't believe the numbers you've shown, certainly gonna put some negative pressure on prices for the short term for one month, for one week. But certainly relevant. Got it, yeah. Yeah, definitely something for everyone who's watching to keep their eye on. Be on the lookout for some follow-up articles to the one that I presented on screen there. But as we start to wrap things up towards the end of the stream, I wanna head back over to Michael and just reiterate some of the points that we've touched upon during the stream and just kind of directly answer one question. Is this, was today's market movements the collapse of this bull market? No. I mean- There you have it, folks. I mean, it's like people have a desire to make things quite extreme because of clickbait and that's the way how they can get into the spotlight. So influencers make extreme titles, news outlets make extreme titles to get into the spotlight to get those clicks. While in bull cycles in 2017, we've also experienced that we've got corrections. That this correction is way deeper than the regular correction. All fine. Probably there's some additional reasons why we just cascaded even further. But is the bull cycle over? No, the fundamentals are there. We've touched on it in the stream. DeFi is being built further. We are getting more institutions coming into the markets. We are getting more adoption towards Bitcoin. So nothing has changed. The price is just moving a little. And I guess we're just into that bull cycle. So is it a bear market now? Technically, you could call it a bear market as above 20% it is. But with crypto, we've got different standards. And I think we're just into that bull cycle still. Yeah, actually I wanted to bring up another article in response to that, Michael. We reported today that institutional investors, according to JP Morgan, are dumping Bitcoin for gold. Do you think there's any truth to that? JP Morgan should stop saying anything at all. It's super annoying. Same with Elon Musk. It's super annoying. Like Elon Musk didn't move the markets today, but still in every live stream or every interview that I'm getting to, it's Elon Musk, this, Elon Musk, that. There's more in the markets than Elon Musk. Also more in the markets than JP Morgan. So the thing is, is that everybody tries to get a reason for why the price dropped down. And sometimes there's just not a reason. Or there's a reason we can't find. So just accept it and move on. That's the most simple idea. And that's what probably everybody should be doing instead of going on Reddit and trying to find some conspiracy theory from China that they're going to release some news within the next hour. So yeah, that's the point that I wanted to make. And I just believe that we're in a bull cycle. Amen. I love my tinfoil hat. I gotta bring it out every once in a while. Charlie, Charlie, do you agree with everything that Michael said there? I do, yeah. I think another thing that people should spend a bit of time on is studying their history and the history of bull markets and the history of irrational behavior as well. And people get irrational on days like today and in these sort of periods. And if you just look at, take the 1987 stock market crash as an example, where actually the market had actually been coming down for a month or so prior to the stock market crash. And yet it became a significant area in history that pulled out that crash because ultimately the market's carried on going higher. And so yeah, I like to look at what's the psychology of the market. And I think the psychology of this market generally has got what I call too frothy in recent months and we just needed to have this flush out. Whether the flush is completely done, I don't know. And like I said already, but I think technically, as I've already shown on a weekly chart there, technically there's not actually that much damage that's actually gone on. So, but psychologically it will be with some people but technically there's no real major damage going on there. And I think this is perfectly normal behavior of a healthy bull market. Markets need to rise with people on the outside. If everybody's in, there's no one left to buy is there. So we have to have participants who are sitting on the sidelines, not really knowing whether to get back in again. But at some point they're gonna throw in the towel and say, that's it, I'm back in again. Probably when Bitcoin's at 80,000 just before it does its next correction. But that's what you actually need for a healthy bull market. And that's what this has created. So we need a market where you're gonna have people starting to feel a bit uncertain as to whether to go back in or not. And that's absolutely perfect. All great points there. Marcel, I saw you got excited. Did you have something to add there? Yeah, I agreed 100% with what Charlie said. I don't think that it was an overcrowded trade that everybody was in. But for the moment, if you feel the heat that we're from friends and family and from altcoins, we knew that either we're gonna blast to 100,000 quickly or a correction would take place such as it did. So I think it's healthy for the markets for a correction. I don't think it was something expected or something normal, 54% correction from the top. But as long as the fundamentals remain, remember United States has a $27 trillion debt. And it's gonna continue with programs to incentivize people to consume and the economy is not doing that well. People are having a hard time hiring employees because people receive a check for doing nothing at home. So the economy has a problem. And until that is resolved, I don't think there's any other harder assets or more liquid assets as Bitcoin. As volatile as it is, at least you know how many coins are gonna be printed per month, per week. What is the total output right now? So I think Bitcoin is a safe heaven whether you want it or not. You just need to buy a little bit every week, a little bit every month instead of trying to time the market. If you're not Michael, if you're not Charlie, if not being doing that professionally for a decade, don't try to do it. Don't try to time the market. Just buy a little bit every month. Exactly, exactly. And that's called dollar cost averaging for people who aren't aware of it. I suggest guling it and reading up a little bit on that strategy. And just as we wrap things up here in the final couple of minutes, I'd like to turn the floor over to Andrew, representative of Cointelegraph here, news editor. Do you have any words for the community, people who are watching, given the range of emotions these today? I mean, yeah, the headline was that there was more sellers than buyers for the first time in a few months, right? That's it. The most exciting news that came out today is that JJ Abrams is working on a new Batman television show. I'm hype about that. Just dollar cost averaging is very good. Do your DCA, use these technologies, do your research, know what you're getting into and realize that, as everybody else said, in terms of the history of these assets in particular and markets more broadly, this is a blip operator. I don't know whether JJ Abrams doing Batman is a good thing for me or a bad thing after Star Wars, but we'll leave the real controversial topics for another live stream. But as we close things out, guys, I just wanna say thank you so much for joining us for viewers. I haven't said this all stream because we really wanted to get you the info that you needed the most as quickly as possible, but if you enjoy the stream, please hit that like button, subscribe to our channel. We try to bring you these breaking news live streams whenever there are big movements in the market so that we can make sure that you guys are on top of what's going on when it happens. I'm your host, Jackson. I've been joined by an outstanding panel of guests today. We've got Charlie Burton, Marcel, Michael, Andrew, traders, news editors, market analysts, you name it. Thank you, everyone. Have a great time.