 Hello everyone. A very happy new year to you all. It's the first show of 2023. We're going to get kicked off with a bang So welcome to the market report where I am again joined by our resident experts Marcell Peckman and Sam Borgie Sam Borgie is a business editor at Corn Telegraph where he brings a decade of experience in economic analysis and financial market writing Marcell Peckman applies 17 years of experience trading derivatives options and futures to the crypto derivatives markets Now, today's show is sponsored by Web3 Antivirus. It's a security solution that helps protect users from online threats and scams on the decentralized web Hello gentlemen. Happy new year to you both. How are we doing? Marcell, is the sun shining in Brazil? Well Joe, unfortunately for the last week, not so much. I went to the beach like two weeks ago. So at least I enjoyed three or four days of sun, but not after that But as for the cryptocurrency markets, I'm kind of excited. I think I still seem too much hoping. The program is about to come and etc. I've been over here for five years and I know how people want things to happen in a short time frame, but that's not how markets usually reacts Things take a long time to people understand the value of decentralization of Bitcoin, what smart contracts can do, what is the potential of the fight It's not going to happen overnight. So my first message to the viewers is stay calm Okay, very good. I only ask you that question because I'm back in the UK and I'm wearing two jumpers. Sam, how are things with you in Canada? Happy new year Very happy new year. Things here are pretty status quo. You know the weather isn't the best. Marcell went to the beach. I've never been to a beach in Canada ever because you know what the hell is the point And I echo Marcell's sentiment. I mean people seem to be really excited. I mean yeah, Bitcoin saw that massive bounce from 16,800 to 17,300. Wow, I mean earth shaking stuff, right? Yeah, I'm not really even paying attention to that right now. But it's fun to speculate. I am cautiously optimistic that we are in the process of bottoming And that 2023 could be a positive year for Bitcoin in terms of year over year price growth, but we still have almost 12 full months to go. So that's a very premature prediction Okay, fantastic. We've got a few friends dropping into the chat as well, a couple of Cardano fans and here who's for the Hotties, Queen who's here for the Hotties, that must be you Marcell Great. Now, as you probably have gathered today, Sam Marcell and I are going to discuss what's been making the headlines in the crypto space as well as the wider business and financial markets Most importantly though, we're here for you guys, our loyal viewers to try to help you navigate through these trying and sometimes pumping times. We're looking forward to interacting with you and answering all your questions or concerns you might have to the best of our ability We are also giving away a one month markets pro subscription, which is worth $100. So please make sure you drop a comment down below or click the like button or subscribe so we can keep the conversation going and you might win that markets pro subscription Now, quick breakdown of today's show. We're going to kick off with a market roundup, which is the weekly highlight video going into the meantime. So it's a good opportunity to have a laugh market news updates, a quick crypto tip from me and Marcell one of Marcell's expert trading tips, and finally a markets pro tip and finally the giveaway. So don't forget about the 20% off the markets pro link in the description as well. And let's get it kicked off with the weekly roundup video. Take it away, Danilo. There it is, the weekly roundup and very useful to me in particular as I spent the past week on holiday. So it's really good to see what's actually going on in the crypto world. I kept up to speed somewhat but Cointelegraph supporting is, you know, the place to go. Go ahead, Marcel. What's up? Joe, I have a question for you guys. This guy Andrew, who is giving some hot insights on the DCG stuff on other cases. Where did this guy came from on Twitter never saw him before. And suddenly he's one of the main informants of the crypto space. Have you seen him? Where is it? And I'm actually looking him up on Twitter right now. Which Andrew is this? It's the one that posted about the DCG saying that Barry was an insider on an FTX case. They knew it was a solvent and etc. He's giving lots of affirmations. Some of them eventually turned out right. And now it's kind of skeptical when these figures emerge out of nowhere with information. So I don't know. I mean it reminds me a bit of the emerging out of nowhere, right? Every crisis you have come out of work and making a name for themselves. So I've never heard of them before and I've only seen his name a few times here and there. It reminds me a bit of Tiffany Fong and the FTX crisis. She became like the flavour of the month during the FTX scandal because she was actually one of the people that was effectively wrecked by FTX and Celsius and took it upon herself to start investigating the case. Is there this sort of thing going on with Andrew? Is he also someone that is personally involved or intertwined with Gemini? The great thing about Tiffany Fong is that she's done some really good reporting and she was affected by the whole Celsius meltdown. And then for whatever reason, Sam Bankman-Free started talking to her and for a little while there I think she was the only one he was talking to. So I think that's a different case with this Andrew person. I think it's an anonymous account perhaps and I'm not sure it's the same thing, but who knows. My advice to our viewers is doubt every information you get that it's not from a reliable news source. There's too much fraud and misinformation, especially in the critical currency industry. And I don't think that anyone can say that, yeah, this is new back in May that FTX was in sovereign. This sounds crazy, like back in May they were raising money at valuations of $80 billion. So I don't think anyone could have known they were in sovereign. Yeah, yeah. And furthermore to that point of doubting reliable news sources, I think even the, sorry doubting people, I think you should doubt the reliable news sources even more and even greater because they can influence decisions and they can use their clout in certain ways. Really interesting start to the show already guys. That was very cool. Should we jump straight into the meme review or do you want to discuss a little bit more what's happened in the week? Meme review? Let's jump. Let's jump. It's mean. It always looks good there, doesn't it? Where is it? Is it somewhere in Nigeria? Oh, it looks sub-Saharan Africa vibes, but yeah, very, very fire suit. So this boss is for table people only. Nice, my portfolio is in Dogecoin. He's even spelled wrong. Sorry for bothering you. Oh, shots fired at the Doge army this week. Sorry, loyal. I think Shiba is worse. I think Dogecoin, I would let it slide a little bit, but Shiba, no, there's no way. Congrats on avoiding FTX. Me with all my money in FT, NFTs. Yes, true. Oh gosh, yeah. I mean, yes, you can hold an NFT and you can put it, send it to your card by wallet and you can take proof of that receipt. But it's still just a picture or a piece of music or whatever it might be. So careful out there with NFTs guys. Yeah, I saw the small tech. Sam Bankman Fried over. Who's the guy originally who's in this outfit? Where's that from? I don't know. I don't know. The B is definitely fake, right? The B on the chest is superimposed. But the rest of the outfit looks like something Ali G would wear. Cool. There we go for the memes. Good to see the FTX or SPF even Sam Bankman Fried is still making headlines and memes. Nine or 10 weeks since the FTX sort of debacle unfolded. We haven't moved on to the next big thing yet in the crypto world, have we? Maybe it's going to be this DCB, Barry Silbert, the Gemini case that's unfurling with this new guy Andrew at the helm. Let's see how that develops. Just before we move on to the next segment, I'm going to check the chat and to see if anyone else is checking in to say hi. Oh, there we go. We do have more Cardano fans in here. Do you have Ali G? Yo, yo, check it. If you haven't seen Ali G before, it's one of Sasha Baron Cohen's characters before he created Borat. You guys presumably have seen Borat or know of Borat, but Ali G was one of his former characters. Niche comedy knowledge to one side. I think we could probably check into the first article of the week, which I think Marcel is going to share his screen on. It's all about how Bitcoin prices hit three week highs thanks to your positive CPI reading. So what have we got here today, gentlemen? We've got, as Sam alluded to in the introduction, we are back into $17,000. So it's champagne and steak for dinner, everyone and fireworks. And on top of that, the US CPI print or the consumer price index was relatively favorable to the markets. I think markets pumped more or traditional markets when I say markets pumped more than the Bitcoin and crypto markets. Why do you think that is, Sam? And just does that mean that there could be more of a Bitcoin pump to come if we can call this thing a pump? So we know that the CPI report is forthcoming. It's going to be released later this week. And I think investors in general, the consensus is that the annual or the year over year CPI reading is going to be lower than it was in November. So again, this adds into the narrative that we're already past peak inflation. And as inflation begins to wane, the Federal Reserve can start to relax the pace of its rate hike program. So I know that the options market and the swap markets right now seem to be predicting that the Fed will still raise rates, but at a slower clip than the 50 or 75 basis points that we've seen, which means that we could be nearing the end of the tightening cycle, especially as the federal funds rate approaches the 5% mark or exceeds that slightly. I think that's one of the major catalysts that we saw in the equity rally at the beginning of the week. And that also spilled over into the publicly traded Bitcoin miners as well. Some of the Bitcoin miners rose sharply during yesterday's session. And that probably has something to do with short covering as well. But I think that's a general narrative around the Fed and the CPI print is coming out. I think Thursday morning US time and we're expecting to get a reading of 6.5% year over year in December versus the 7.1 previously. So I think that kind of encapsulates where we're at with respect to market expectations and why we pumped early in the week. Okay, so it's the old buy the rumor sell the news sort of thing playing out here. What do you think Marcel is this cause for celebration? Can we get excited about the new bull run? No, Joe, I think Bitcoin has been tracking the S&P 500 index futures play by play for the past 30 days for the past month. So there's really nothing to see here as for crypto market movements as for the Fed funds and the Fed Federal Reserve interest rates. You got to remember that that number that decision will decide the fate of $53 trillion of bonds in the US. While the crypto market capitalization stands at 900 billion. So it's less than 2% of the bond market in the United States. And you're not even counting the derivatives or offshore issue in Europe in Asia denominated in USD. So I do think that unless something really major happens in crypto either for the positive side like ETF approval or Microsoft buying $5 billion worth. Of Bitcoin. If we don't have a substantial movement, we're going to keep on tracking traditional markets for the next six months. And it seems to me that the recession is the most expected result by the investors. And if we see a recession, then we won't see a bull run for crypto. Yeah, yeah, no, I know you mean it's funny you say that the there is this possibility or outward outside chance that you know a big player or a big investor or even a multi billionaire can move these markets considering how this how small they are. I was watching a piece about a video about Ethereum's bull case until 2030 and because you know the Ethereum market cap is so small. You could have a Bill Gates or Elon Musk, sorry, I'm quite jet lagged today, who decides to allocate a small percentage of their portfolio to one of these asset classes. And before you know it, they skyrocket. That's not to say by Ethereum or anything like I really don't believe in that project whatsoever. And these are of course my opinions, not financial advice, but it does just go to show that you know you can have one piece of news and all of a sudden this small industry can turn quite quickly. But I think the possibility of that is still quite remote. And, you know, the overall trend as you rightly point out, point out Marcel is that Bitcoin is basically tracking the S&P 500. And what about inflation Marcel, you know, I think you tapped into it a little bit there. But is it still this is this still what most people are concerned about, you know, they go into the shops, they pay, they fill up their cars, they're, you know, buying gifts, whatever it might be. And they're thinking, gosh, this is expensive. I can't wait for, you know, prices to come down or my salary to come up. That's a good question, Joel. Yes, I saw a TikTok video of a girl on her car complaining that she and her husband would earn together $100,000. I don't know if it was Canadian or American looks like Canadian $100,000 worth per year. And she was not being able to afford any luxury. She spent like $7 to buy eggs to just spend $70 on the supermarket in two years before $100,000 could have a great life in her country and not anymore. So I do think that this, especially in US and Canada, those economies are based on consumption. They need auto financing. They need to buy new houses. They need, there's need for the economy to grow. And when the salary doesn't grow as much as inflation, as we've seen over the past two or three years, what happens is that the money available for the consumers to use goes down. So I think inflation is not a major concern right now, at least for the Federal Reserve. I think recession is the biggest concern. If the companies start firing people, letting people go, just like Amazon did with 18,000 employees, I think that's the worst thing that can happen to economies. And to solve that, the only way out that governments know how to do it is to print money. And when they start printing money again, and it's a matter of time, it's going to be a good time to be holding cryptocurrencies. Excellent. Well put. I mean, I think there's a really interesting chart showing the price of eggs in the US over the past couple of years, and it was hockey sticking higher and higher. So if you have hens at home, hodl those eggs, you know, that could be the next Bitcoin, not financial advice, of course. Okay. And the final thing that Mr. William Seberg's article pointed to was regarding DCG or digital currency group, which is turning to face the music or publicly facing the music as the article points out. We mentioned this in the intro to the markets report video today. What is going on here? If you could condense this into a nutshell over the past sort of, this scandal started kicking off in mid to late December, I think. What's going on? And why should we care about it? What do you think, Sam? Can you put this story into a little nutshell for us? Well, there's so much going on right now with DCG. And I think it came to a head perhaps last week when it was Cameron Winklevoss basically penned an open letter to Barry Silver, who owns DCG or is the CEO, and basically complaining about Barry essentially, you know, dragging his feet on Genesis withdrawals, which at the time was about 47 days still pending. So I think a lot of the issues around DCG have been over the grayscale Bitcoin trust. And it seems that DCG may have been overly exposed to some of the contagion effects that we've seen in the market over the past six months to a year. We know that Barry used to be very active on Twitter. He's kind of gone quiet. And we're beginning to speculate about the health of DCG's underlying assets and businesses. So last I've heard of the whole situation, the company DCG, that is, could be under investigation by the Department of Justice over transfers between DCG and its subsidiary firm. I think it's Genesis Global Capital. So where there's smoke, there's fire. I think there's a lot of issues or concerns around the grayscale Bitcoin trust. But that seems to be growing beyond that. And now there's concern about the underlying health of DCG. We know that it's becoming very public now the debate or the conflict between Winklevoss and Silver. So is this another domino that's going to fall? I don't know. It's hard to speculate. But if the investigations are ongoing, as the reports suggest, it can't be good. Yeah, well put. And I think the fact that they're airing their dirty laundry in public as well is it could be distraction tactics. It could be, oh, look at us putting this big show of trying to defend our investors and our customers' interests when in reality we're sourcing out a backroom deal. I think that the tweet that Marcel just shared there showed that Cameron was saying, we need to remove Barry Silver, the CEO of DCG, effective immediately and replace him with someone who's going to get us out of this mess. But it makes me wonder, OK, if he's tweeting that for the world to see what's going on, what are we not privy to throughout this whole debate? Should we bring up the next article regarding the DCG case as we discuss it and bring in Marcel and also Colin Green's question there from the chat? There might be a way of approaching this thing. But let's just bring up Cardano Green's question there. So Bob Lucas suggested that the contagion for an insolvent DCG is long known and priced in to the crypto markets. So yeah, Samji said that this could be a domino to fall, but even if it is a domino to fall, maybe that domino is already priced in. Marcel, what's your take? Joe, I think the point here is DCG owns... Coin desk. So I just have to get that in. But they own also the grayscale funds, is that it? Yep. And a last year, after a week. And Luno, a few others. Yeah, so there's $10 billion of Bitcoin sitting on those funds. So the fear of the market is that if DCG is insolvent, then those $10 billion worth of assets will be forcefully sold on the market. I haven't seen any attorney, any experts citing this possibility. Yes, they seem to know that the fund might be dissolved, which means either the shareholders will get their BTCs, their Bitcoins, and they can do whatever they want to do with that. Or the fund will simply be sold to another manager. But I don't think there's any possibility that those shares and the Bitcoins will be sold at market or sold in a rush within a week or a day. There's no previews, ruling or similar case with that such an outcome. The regulator and nobody wants to damage the holders of the funds who have nothing to do with DCG. So I think this fear is purely fud. I think that the discount of the GBTC, which went down to 50%, and it's now sitting at 35%, 38%, tends to improve in the long term as the situation will eventually resolve itself. But it could take two or three years. Yeah, I mean, I guess the fundamental concern here is what does this all play out on the price of Bitcoin and other assets? And I guess the secondary question is, because we know that some other exchanges over the past year were doing really naughty things. Well, I say naughty, I mean, completely illegal things with Bitcoin, such as FTX, who said they're custody of your Bitcoin. But in reality, it was just paper or fake Bitcoin. So I guess some people might be worried that GBTC isn't even custodying Bitcoin. So all these sort of things play out particularly in the space, which is sometimes the companies in the space are hard to read and hard to see through. What would you recommend that investors, not investors, what would you recommend that people should be doing right now with regards to this story? Is there any actions they should be taking? Is there anything they should be reading or learning? Is there anything we can do to help the viewers at home watching this? You might be a little bit concerned. You know, we just got a comment in the chat saying, liquidity crisis incoming. Doesn't sound good, does it? Sam, any tips? Well, Anon, I'm not your financial advisor, you know, keep that in mind. But there's really not much for us to do right now. If you're stacked with Bitcoin and you're hodling Bitcoin, what exactly is the play here? Are you going to go and become a degenerate trader and go down that rabbit hole? Or are you simply going to hold your assets responsibly and just wait it out? I mean, the buy and the hold strategy is by far the most effective investment strategy ever, right? If you have a pension for trading and you're knowledgeable about trading, then that's a different thing. Typically traders have a portion of their portfolio of trading and that's separate from their long term holds. Right now, there's really no signal that I can see about what to do with Bitcoin from a short-term trade perspective. Have we bottomed? It's possible. Could there be another flush? It's possible. Does it really matter in the long run in my opinion? No. So for me, it's all about understanding what your risk tolerance is, what your strategy is, and don't get too bogged down with the day to day because it'll drive you crazy. And not only that, there's no actionable investment insights to be gleaned right now. There's a lot of turmoil in the market. If you believe in Bitcoin, if you have concerns about the financial and monetary system, you want to diversify into Bitcoin possibly. If you don't think there's a problem with the financial system or the monetary system, like when I was heckled in Toronto a few months ago about that, they told me, well, we have monetary policy to take care of everything. They can simply lower interest rates, raise interest rates, and we're fine. Okay, there's really nothing for me to say in terms of the chasm and our worldviews are so wide. There's nothing for me to say about that. If you believe that the current financial system is fine, all it takes is to manipulate interest rates up or down, you don't need Bitcoin then in that case. Fine. For those of us who are concerned and we want a hedge, we have our Bitcoin, nothing for me to do but hold and stack until the future. And the future is not going to be that far away because Bitcoin moves in cycles as we've seen, and we have a halving coming up in about a year, a year and a year and change, and we're off to the races again after that, possibly. Yeah, very good. It was actually last week it was 69,420 blocks until the halving, which is of course a very significant meme milestone on the way towards the next halving. And with regards to sending your Bitcoin to cold storage, there is a fantastic video on the YouTube feed for Cointelegraph, an interview with James Czech, who's the lead analyst at Glassnode. So if you want to know about self-custodying, your Bitcoin and how to store it safely, then do check that out. Marcel, any other tips? I see Queen here in the chat said, hodling until 2030. That sounds like pretty diamond hands right there. It's all seven years away. What do you think? I think that bear markets is the time for you to learn. It's the time for you to make mistakes. So when the bull market comes, you don't get scammed, you don't get holding the GBTC instead of BTC, you don't end up buying Bitcoin cash instead of Bitcoin, or you don't lose money on an Ethereum bridge like the warm hole and $900 million went missing overnight. So if you're going to learn DeFi, if you're going to learn how to self-custody, start doing it now with small amount of money. So when the bull market comes, you're ready. Very good advice. I think we've talked the DCG story a little bit to death now, so we could move on to the final point today, which is a bit more lighthearted and which again shows just how early we are in this whole decentralized movement. We found a way to decentralize money. Now we're looking at decentralizing other things, and there's lots of interesting experiments coming out. However, very respected and people that put on pedestals within modern Western society, people such as Peter Zeehan, have shown their lack of understanding for Bitcoin and magic internet money. There's this piece, which I think we're going to pop up on the screen here, which is called, Peter Zeehan's Criticism on the Joe Rogan podcast. Now I probably butchered the pronunciation of Peter Zeehan. Please do correct me if I'm saying it wrongly. I saw lots of videos of this, circulate around the internet while I was on holiday last week, and his biggest argument is that Bitcoin has no intrinsic value and will go down by 17,000 more, i.e. it will become, because when he said it, Bitcoin's price is $16,000, it will become negative $1,000, so he wouldn't in fact pay us to get rid of our Bitcoin. So there's maths for you, he's just demonstrated maths, and as you see he is an American geopolitical analyst and author who has also claimed that crypto is a hot dumpster fire. That I could probably get on board with as long as we separate Bitcoin and crypto. But he loves this idea of intrinsic value as if intrinsic value is a thing and it's always been a thing and it's something that we aspire to. I really find these two words put together really quite troublesome. Marcel, you're scratching your head there. Can you tell me anything that has intrinsic value? What is intrinsic? Water and food, other than that and powder. Water, food, powder, but other than that, nothing has intrinsic value. Okay, well there you go. And what can you get for water, powder and food? You can get it with Bitcoin. I can give you a few shops for that. Okay, should we scroll down to the rest of the article a little bit and perhaps examine why the community was so upset by this. But the context of this is also important. Joe Rogan's podcast is the world's biggest and as Sam pointed out in the talk before this YouTube video today, it was a hundred million dollar deal that secured his exclusivity on Spotify. So he's a very well paid, very influential podcast. I like this line. The craziest thing about Bitcoin is that there will never be more than X number of units. By default, it means it can't be used for trade. And he then expounded on that point and said and that means that the price will just go up and Joe Rogan agreed and says, yes, yes it will. And so, you know, a lot of people watching this were thinking, well that's bullish, you know. He's inadvertently singing the praise of Bitcoin saying that because it's scarce and it has this cap that the price will go up over time. So it was amazing mental sort of gymnastics that he was playing out there. Sam, please shed some wisdom on this conversation. Yeah, well, he obviously doesn't understand that there's a difference between needing an expansionary money supply and needing divisible sound money. Not necessarily an ever expanding money supply. But when he was talking, I basically relegated him to a Keynesian. He speaks like a Keynesian. He looks like one of the box like a duck. If it looks like a duck, it's a duck. So for me, it's a typical arguments around the intrinsic value. Of course, you add homonyms, your Bitcoin is a dumpster fire. You know, it can't be used for international trade because I don't understand that Bitcoin is divisible and that we have SATs and those could also be used to facilitate trade. I don't have to necessarily trade in wonderful Bitcoin. If Bitcoin continues to gain mainstream adoption, that won't be needed, right? It's going to be an alternative to the current financial system that we have. And maybe it doesn't replace the fiat system. I don't know. I mean, I'm not going to sit here and give a prediction. But when you say it has no intrinsic value and it's funded through voluntary participants globally, creating liquidity for millions and millions of people, allowing for instant digital transfer around the world, stabilizing the energy grid, providing an alternative to the centralized monopoly of money, but it has no intrinsic value. That basically is the clown world that we live in and the clown world that basically has people like Peter who defend the current monetary system and the great Bitcoin. But the great thing about Bitcoin is that it invites this kind of attack. Do you know very many people who have a neutral opinion on Bitcoin? Like we just say, I don't really care about this. No, it usually invites a very strong opinion one way or the other. Everyone's talking about Bitcoin from the central bankers to the financial system, to businesses. It forces you to have an opinion and Peter's no different. But I don't really buy into any of his attacks. Yeah, exactly. I mean, I would love to invite Peter to my home and show him my heaters. I'm heating my house with a Bitcoin miner right now. That seems like pretty good value. My electric heater was more expensive and also didn't mind me Bitcoin. So that seems to be pretty valuable just to me personally. And if you look at some of the global examples that Sam just brought up, it also introduces property rights to lots of people. It helps to bank the unbanked. It helps to provide this financial security to people that have never seen it before in their lives. And I think it's not just a Keynesian point of view, but it's also a very privileged point of view and a Western privileged point of view. So I think it's almost insulting sometimes when you see these people come on who say, yeah, I've seen this Bitcoin thing and it's terrible for these XYZ reasons. But he's probably at one hour of research into Bitcoin. Or at least this is my sort of superficial take of the situation. Who would you like to see on Joe Rogan, gentlemen? Marcel, who would be your top two Bitcoin or crypto people to get on the Joe Rogan podcast? I don't know. I love Sailor. I think he's one of the top notch guys in Bitcoin. And he was the longest running CEO of a publicly listed company. So even if you don't like him, he was MIT or whatever. He has the credentials. So I think he should be the person people should be listening, not some random podcaster who hasn't had real experience of managing a company with 500 employees with revenues of hundreds of millions of dollars per year. So I think Michael Sailor is our guy. Okay. Yeah, I agree with that. I mean, I know he had Andreas Antonopoulos, one of the really early Bitcoin OGs on the podcast. I mean, I think 2014 and maybe 2016. But that's, you know, that's eight years away now. And it's eight years ago. Sorry. Sam, what do you think? Who should come on Joe Rogan as the Bitcoin advocate or Bitcoin or someone who understands Bitcoin? Fundamentally. Very easy answer. He should bring safety and on safety. You would not get out of the park because the fiat standard was a bloody brilliant book. People talk about the Bitcoin standard. Bitcoin standard is fantastic. But the fiat standard is absolutely fantastic. So what safety can do is he can explain the merits of Bitcoin on the technical side, but also on the economic side. And then he could draw parallels to the issues that we have in the financial system and the fiat system and the issues that Bitcoin solves or is trying to solve. So I think safety would be the perfect candidate to go on on JRE and just really explain that, you know, not don't bring back Peter Schiff yet. You know, just bring back safety first, then bring back Peter Schiff if you want. Nice. I like that because then you can be like, oh, look, I've done both sides. I've been, you know, unbiased and fair. Cardano Green just gave a great suggestion. Naive Bukele, the president of El Salvador, he strikes me as being very much he gets Bitcoin, but he's also a politician and a president. And, you know, all that represents is quite anti-Bitcoin. You know, Bitcoin is not exactly pro-state as money. The whole point is to separate money in state. Marcel, are you shaking your head? Naive Bukele, not the one? No, I'm not okay. Not my guy at least. Not the guy. Okay. Sam Bukele. I don't know if he's the best Bitcoin communicator. I should be focused more on this country right now. And instead of going on the JRE podcast, promoting Bitcoin or pumping Bitcoin. It would be a rogue move and it would further play into the narrative that El Salvador's Bitcoin adoption was just a great big PR play for Bitcoin. It wasn't actually about, you know, Salvadorans. So yeah, maybe not the one. I like those two suggestions though. Sailor and safety. I think, yeah, I still haven't read the fiat standard as well. So I'll give that one a look through over this weekend. Cool. Back to the show. Thank you very much to the comments in the chat, everyone. Don't forget to click, like and subscribe. And there's also 20% off markets pro subscription in the description just below. We're now going to jump to a quick crypto tip courtesy of yours truly. And this week we're going to be talking all about chasing the whale. So large price movements. I'm on the screen. I'm on the screen. Price movements are largely driven by whales. So these are individuals, but most likely groups who have astronomical funds. With lots to trade with. So some whales operate as what's called a market maker. And they set bids and ask on both sides of the market. So buy and sell in order to create liquidity for an asset while turning a profit in the process. It's kind of like market manipulation for want of a better expression. So well as a president present in virtually any market from stocks and commodities. So of course, Bitcoin and cryptocurrencies and a crypto strategy or a crypto trading strategy must therefore be aware of the tools of the trade favored by whales such as their preferred TA indicators. Simply put, whales tend to know what they're doing. You know, they've got big amounts of capital and they know where to distribute and allocate it. So by anticipating the intentions of whales, a trader can work in tandem with these expert moves to turn a profit with their own strategies. And this is actually something we talk about quite a bit on markets pro. And you can win a subscription to markets pro today just by leaving a like a comment in the section or messaging us on Twitter, for example. And don't forget to click your 20% off markets pro in the description down below in the chat. Okay, back to the program where it's a new year, it's a new video, and we've actually got a sponsor. So I think we're going to check in today with today's sponsor, which is all about web three. Okay, got a sponsor in the house. This is new. It's exciting for 2023 wicked. We're now going to head over to Marcel's ring, all about crypto trading and you know how to say sane in the market Marcel take it away. Okay guys. So before we start any analysis for 2023, it is essential to clear up some typical misunderstandings. For instance, I've been reading a lot of posts, suggesting that the bull market will not return until the stable coin supply reverses its trend. So Danilo, I want to share my screen here please. So the main stable coins are tether USD C coin circle Binance USD and die. So ahead of the Teja Luna collapse, we had an aggregate supply of $190 billion worth of stable coins. So that was back in March. But it went downhill from there, like currently we're sitting at $137 billion. And truth be told, tether has been pretty flat with $66 billion over the past six months. But all of the other stable coins they lost like USD C coin lost $7 billion of supply and the remaining competitors another $6 billion of supply. Thank you, Danilo. So the first question you should ask is why does anyone buy and hold a stable coin? The answer is easy. So for starters, if you have money sitting on an exchange, you need stable coins. You don't want to buy cryptocurrency and you want to leave the money on the exchange, you need stable coins for that. But more importantly, the traders located in China, they don't have direct access to exchanges. So they need stable coins, either buying on P2P OTC traders or international payment gateways. So first they buy the stable coin, then they send it to their exchange of preference. And there's also the market makers who do arbitrage traders trades and they desperately need to quickly move funds. And the only way to do that is using stable coins. So there's a multitude of factors linking the higher crypto activity with the stable coin issuing. It doesn't mean that one precedes the other. If there's higher crypto activity, there will be stable coin printing. And the other way around in bear markets, so if there's less crypto activity, there's less need for market makers. So less stable coins issued, for example. So on to the most pressing topic. Will there be a stable coin issuing ahead of the next bull run? Well, not necessarily. For instance, if it happens due to leverage traders, those trading futures contracts on their exchanges, if there's a bunch of people betting on Bitcoin going down to $14,000 or $10,000 and it doesn't happen, Bitcoin price goes up 10 or 20% in a day or in a week, those shorts get liquidated. So those exchanges are forced to market buy to cover their positions. So there's no need for new external money, so money flowing to stable coins and then flowing to crypto coins for a pump. It doesn't need to happen. But the truth is, unless the rally, the next rally is led by retail traders, it is unlikely that we're going to see huge stable coin printing, huge stable coin supply increase preceding the movement. So the odds are really small. If the pump happens because of institutional accounts, so the large funds and companies, they have their ways of directly accessing the markets without the use of stable coins. They can use OTC desks, for example. So I consider this a lagger indicator, the stable coins, not a preceding indicator. So I don't think you should be using that to predict market movements. Lovely stuff. Good stuff, Marta. It's really good to know. I took the liberty to quickly Google where Justin's son has taken up cryptocurrency and it's Grenada. Sorry about that, guys, for the confusion earlier. A teeny tiny island where I actually was very near last week. So I guess he paid them handsomely. I really should. I think that that sort of content is fascinating, checking out where these crypto people are residing and what they're up to. Anywho, really interesting crypto tip. Remember to stay calm. We've now got a crypto tip. Sorry, everyone, from Newsquakes, which is from Cointelegraph Markets Pro subscriptions. Let's load up the Newsquake. So this week we are talking about Gary. Gary V, I hear you say, the NFT shell. No, it's Gary Network, which is an asset listed on various exchanges, but the biggest one would be crypto.com. Now, news, as you know, I'm sure, is what moves the crypto markets. And the Newsquake services by my esteemed colleagues at Cointelegraph Markets Pro helps traders like yourself to stay on top of those important developments. These Newsquakes are like automated alerts, almost like notifications that will notify you when market moving events happen. So thanks to these Newsquakes, Markets Pro subscribers can beat the crowds to the most important news and activities of the day. So our friend Gary, G-A-R-I, was involved in a significant price movement, as you can see on this chart, with the massive pump. As on January 4th, a Newsquake-informed Markets Pro subscribers that crypto.com's app would list the asset. You can call this pump the crypto.com pump. And shortly after, the price rose from 6 cents to 7 cents, which is an increase of 16.7%. You long that and you're in the money, effectively. And so, yeah, if you subscribe to Cointelegraph Markets Pro, you will be notified of these important events. And the second feature we're going to talk about today is HXRO. Now, this is the token that was associated with the Vortex score. If you've seen the channel before, you'll be familiar with this, but it's an effectively an algorithmic metric which helps you to trade more effectively. It basically compares how a token is doing currently with the social conditions in the past. A high score judges that regarding the historical data, the current outlook is bullish. So high is bullish. A Vortex score of 18 above would fit that category and would be considered bullish. A low Vortex score, 30 or lower, indicates bearish conditions. So high might be a long or a buy. 30 might be a short or a sell. We have an example here of where these Vortex scores played out. And it's this token HXRO, which saw a string of green Vortex scores, which, as you now know, would indicate that the price was going to go up and to the right. So the green lights lit up and when the price was 6 cents and it soon skyrocketed to 8 cents, an increase of 33%. You buy $100 of it. You walk away with $133 of it. It's that simple. There you go, guys. So that was our two markets pro tips for this week. You get them all for free when you pay for the subscription, if that makes sense. And I don't forget to put some comments in the chat there. It's popping off quite a bit. Wrong again is checked in again. How are you doing, mate? Lovely to see you. The four Satoshis is telling us all that we're shilling. Yeah, I mean, we are shilling Cointelegraph markets pro. That's because it is a very good service to use if you're interested in trading. That's why it's there. Okay, fantastic. Gents, that was a really interesting question. Discussion and a great way to kick off 2023. Have you set any new year's resolutions and have you broken them yet? Sam, what do you think? Did you set anything? And have you kept to it? No, I'm not really a Resolutioner. I just keep going with the goals that I have that are dependent on the beginning of the year. So I haven't broken anything yet. Okay, good. And I bet you haven't broken one of those goals, which I'm sure is the stack sats. I'm sure you've stacked some sats in the past 10 days. Stacking. Good, good. Marcel, are you bearish on resolutions? Oh, you might be on mute there. Well, Joe, I don't think those one year cycles work. I think if you intend to do something, you should plan for the next three days. And what's going to happen over the next week or month or year or decade? It's not up to you. We should focus on the next three days only. Okay. Shoot for the next three days. There you go. Get those candles down to the three-day setting on your trading view. I love the language there. Bearish on yearly cycles is what traders speak for. I don't like New Year's resolutions. There you go. This has been another wonderful episode of Cointelegraph Markets Pro. All that's left for us today is to choose our winner. Now, the winner this week is, ooh, how am I going to butcher this pronunciation? Oomair Sami or Hum Air Sami at H-U-M-A-I-R-S-A-M-I. You are the lucky winner of a Cointelegraph Markets Pro subscription worth $100. Well done, mate. Please drop us a DM and we will make sure that gets sent your way. You'll be able to take advantage of the Vortex scores and other Markets Pro tools. All that's left to say is to wish you all a very happy, prosperous and satty 2023. I'm going to start saying that now. Thank you very much Marcel and Sam for checking in. Any parting comments before I round off? I'm good. Don't chase dreams and pumps and scam coins. Stay real, stay safe. As his handle points out, at no shitcoins. Cool. Thank you very much everyone for tuning in and we will see you next Tuesday at the same time. Bye.