 Hi guys, I'm Molly Jane and as you all definitely know, Bitcoin broke 9,000 this weekend for the first time in over a year. We spoke with Maddie Greenspan per usual about what's going on with the markets and what caused Bitcoin's leap over that price point. So Maddie, my first question for you of the week is the fact that Bitcoin rose over 9.4% this Friday, reaching its highest point in more than an entire year. So can you point to any fundamentals that you're seeing behind this price surge? Yeah, definitely. I mean, the technicals, they look beautiful, obviously. But if you're asking about the fundamentals, they certainly are very strong at the moment. One of the things that was pointed out, first of all, the hash rate on Bitcoin is now at the all-time high. So that means there's more computer processing being generated in the Bitcoin network than ever before. That tells us that the Bitcoin miners themselves who are providing the foundation for the network are extremely bullish right now and adding to their computing processing power. There was also a report that the daily active addresses on Bitcoin reached a million, so a million addresses per day. That's the highest level since November 2017. This chart is from Coin Metrics, who I like to use a lot. But apparently, there's different sites have different variables for what they consider an active address. So sites like BitInfoCharts and blockchain.info are not reporting nearly the same amount of active addresses. But you can see across all of them that activity on the blockchain is growing at a rapid pace, especially since January. I'm very glad to hear that, obviously. So my next question now is over the weekend, Bitcoin was basically toying with the $9,000 point. It was up, it was down, right now it's currently up a bit. But the time this goes on YouTube, it could be down again. So what do you think the current support and resistance levels we should be looking at right now? Yeah, Bitcoin is volatile, we know. And incredibly unpredictable, especially on the short term. So as we mentioned in a previous update, I think that there's a miniature resistance at $10,000, the only major resistance that we have on the chart is $20,000, which is the all-time high. What we saw at $9,000, I think that that was kind of incidental, that we had kind of resistance at that level. We might get some, because Bitcoin tends to follow very basic technical analysis, so every round number tends to be significant. So $8,000 was significant, $9,000, $10,000 is a super round number, so traders will likely place more significance on that. So that would be the next minor resistance at $10,000, but I think the next major resistance is the all-time high. That's when, if we cross that, that's when we get real parabolic movements and FOMO and stuff like that. But at the moment, I think that's what we're looking at. We can see that ever since we crossed that 200-day moving average, things have been different for this market. So what do you think could be a bullish price point for this week? Look, if we just manage to maintain above $9,000, I think that that is quite bullish. If we do see a retracement, I would expect to test that $8,000 level, but the question is if we can surpass $10,000, I think that it's gonna be a bit harder to pass $10,000 than it did $9,000, but the question is how it breaks. If it breaks up above $10,000 and just keeps going, that's super bullish. That's when we see a lot of FOMO entering the market. But we'll see how it goes. Personally, I would prefer to see these type of smooth inclines like we're seeing right now. The fact that we didn't pass $9,000 and go straight to the moon, I think is a very positive progression. Volatility is key, but better for the network if the volatility is a bit less and that's exactly what we're seeing right now. So picture perfect scenario there. So now moving away a bit from the fundamentals and moving into some politics, some analysts has noticed an inverse correlation between the Chinese Yuan and Bitcoin in the context of the still ongoing trade war between the US and China. And so they've kind of pointed out China's controls still limit funds fleeing the country and then their weakening currency is boosting factors for Bitcoin. So would you agree overall with this analysis? So yes, I think that it's interesting to note the correlation between the depreciating renminbi and the appreciating Bitcoin. I saw the grayscale analysis you were talking about and they put up some charts that were quite impressive. You can see big X's on the charts, the Chinese Yuan going down and Bitcoin going up. Correlation does not necessarily equal causation though. So we need to take it with the grain of salt unless you can identify who is buying and where they're buying from. That's gonna be incredibly difficult because in 2017, all of the exchanges in China closed down. So we won't necessarily know exactly where that's coming from. One thing that I thought was a bit more interesting was that in Hong Kong at the moment where we're seeing some very interesting political progressions. I don't know if you've been watching what's happening there. Two million people were protesting on the streets over the weekend, which is about 25% of the population. So we can see some very clear political tensions there. And in Hong Kong, the price of Bitcoin was trading at around $160 more than it's trading at in other places in CoinDesk, for example. So I put out on Twitter a screenshot here this Tidebit, which is a Hong Kong exchange. This is the BTC Hong Kong rate, which was at the time of the screenshot around 9337 and on CoinDesk it was trading at 9178. This is only a premium of about one and three quarters percent, which is obviously it's nothing like the kimchi premium and sushi premium that we saw in 2017. Sometimes the price in Hong Kong or in South Korea and Japan was 20%, 25%, 30% more than the price in the rest of the world. However, the market has come a long way since 2017. And as we've seen in the Bitwise report, these days the market is much more in tune with itself. So prices across different exchanges are very close together. So to see a consistent premium arising in a place with political tension is showing that okay, maybe we don't use Bitcoin as a safe haven as far as portfolio management is concerned, but this is where we can see very clearly that in times of stress where people feel not so confident in their local economy, they do tend to turn to Bitcoin at this point. I guess kind of going along this theme in terms of countries and their citizens using Bitcoin, there was big news this Friday when it came out that Binance had updated or at least was now going to be enforcing this new terms of service that would mean that US residents cannot purchase, I mean, they can't trade on the Binance platform as of this upcoming September. So this made altcoins go down, this made Bitcoin dominance increase as I guess a result of this news potentially. So do you see this announcement as something bullish for Bitcoin or bad for the market? What do you think about Binance's decision to exclude US residents? So what this came on, actually the real announcement here was that Binance is in partnership with BAM in order to create a Binance.us, so a specific offering for US residents. Now as a part of that, the US residents are unfortunately going to lose access to Binance.com. The difference here is that Binance US, the US division is going to be much more tightly regulated as going to be we're talking about something that's much cleaner from a regulatory perspective. However, much less coins. Binance.com has about 150 altcoins, so the US customers are going to completely lose access to that. Is that good or bad for the industry as a whole? It's difficult to say. United States makes up a huge portion of overall traffic on Binance as we've seen. So as you mentioned, Bitcoin's dominance can rise in relation to that because of the altcoins people are going to have to sell off some of their altcoins because they simply can't trade them anymore and then they're going to go into the more mainstream crypto. So what this does say is that there's a consolidation within the industry. Let's just both hope that Bitcoin stays around that 9,000 mark. Have an awesome week ahead. So that was me, Molly Jane talking with Maddie Greensman about everything that's going on with the markets. And remember, this month, Cointelegraph's YouTube channel is going to be putting out three documentaries. One is already out starring me, crypto in the USA. Then there's going to be Malta, Blockchain Island, part two, as well as Sex and Crypto. And if you guys like my t-shirt, then you should remember to like, subscribe and hodl your loved ones and check us out in our merch store. This episode is sponsored by Trade Santa. Trade Santa is a cloud-based trading bot. Set it up in less than two minutes. Trade multiple pairs. Choose between long and short strategies. Use tech analysis indicators and see your results in real time. Trade Santa works 24-7 to get you the profit you set. The platform is already integrated with Binance, BitTracks, Bitfinex and HitBTC. The link is in the description below.