 Hello friends and thanks for hanging out with us here on the marker report with coin telegraph I'm your host Benton and we are joined by a resident expert Sam the man with a Bitcoin plan Borgi Sam Borgi is the business editor here at coin telegraph where he brings a decade of experience in economic analysis and financial market writing It is just me and Sam today Marcel is out, but we got 25 K or 15 K Bitcoin. I see people in the chat today lighting it up They want 15 K Bitcoin Sam. What's going on this week? Are you in the 25 K land? Are you in the 15 K land? What's going on then? Hey, so I'm more in the 15 K camp. I think at this point. I think you know my position You know the fact that we haven't hit a new low yet. I'm kind of a little little nervous that Maybe maybe we have bottom, but you know anything is possible and as I mentioned before I don't really care about exact entry points at this point But if I were to guess or if I were to have a logical Hypothesis, I would say that we do have another leg lower We are in October the month that I've been talking about though, so We'll see it's been holding up fairly well around the 19 to 20 K level So we're going to see what happens in the next few weeks Is it slumped over October we're yet to find out I think a lot of big data is gonna be released We have the CPI coming up We have earnings coming up as well from macro traditional markets that typically plays an impact on the crypto market So we're gonna be diving into some topics today around what to be on the lookout for for Bitcoin this week as well Let's dive into some of the fundamentals We're gonna be doing an open live charting session today too So if you have coins that you want us to chart for you will be diving into that as well If you haven't go ahead like and subscribe point telegraph We are here on YouTube live coming at you every Tuesday 12 p.m. Eastern and today Adrian are we doing our giveaway for our our store today, or is it the markets pro? I'll wait for Adrian to try me in the chat But then we'll go ahead and drop your Twitter handle in either way We'll be given something away today on the market report because that's what we do But first things first we got to get you the weekly roundup video of what's going on on the Twitter sphere this week What are some order people chattering about alright? So Adrian just got back to me by the way markets pro today one month subscription So drop your Twitter handle in the chat We're gonna be given that way at the end of the show So make sure you stay tuned drop it in the chat if you have questions for Sam now is the time drop them in there We will be addressing those periodically throughout the show But let's go ahead and get into the weekly roundup video for this week One of the big tweets that suck out to me there was the darkest time in financial history Hopefully everything is not doom and gloom But I think the one big takeaway from that tweet was that they were bullish on each and every one of you That are still here especially during the bear market so shout out to everyone who's who's tuning in that's still here getting involved with crypto That's what it's all about But next let's get some memes go let's fire them up. We got Danila and Adrian Compiled some memes for us to look into this week. So let's go ahead and get into that DX Y's looking good Yeah, that's that's the only thing that that's going up right now Scientists have made a bracelet that converts stress into electricity Yeah, that's good. That's a good one Every single crypto investor right now sweating. It's all right. We're all gonna make it eventually right when people hear Candles when I hear kids Exactly, right. That's the only thing I think of Those chart candles trying to explain crypto to your friend. What Bitcoin? Who Satoshi why decentralized why NFT? If one day they'll all come around we're the early adopters, okay one day the big wave will come everyone will understand We're painfully early Yeah, I mean, it's a good thing. Yeah, I see people in the chat. I want to thank Catherine Birik's vicarent crypto mags is here cow Nazmi, thanks for tuning in today drop your questions in there. I see folks already wanting Some tokens to be charted. We're gonna get into that a little bit later But first on the docket for today We got to bring you some of the things to be in the lookout for this week around Bitcoin So we're gonna go ahead and pull up this article Danilo if you wouldn't mind pulling that up, please sir One of the things this is written by William Seuber One of the first things that we're gonna be covering today is the volatility pointers say rare price action is due for Bitcoin So I'm gonna read some of the excerpts and big takeaways from this section on the one-week time frames BTC USD does continue to form a cluster of candles in which the market hardly moved up or down at all classic sign that Volatility will result so what Williams talking about here is these kind of clustered up candles Not huge movements, especially here over the last couple months into July That breakout event has already been forecast into lower time frames these coming true on Friday Is the United States jobs data sparked a brief sell-off which cost bulls the 20k mark So while we're on this topic of the United States jobs report what happened last week Sam Do you mind kind of jumping into why the jobs report? Influenced the market in a negative in negative way because from what I understand jobs were continuing to grow And why is that actually a bad thing? Yeah, so I mean look what we saw in the non-farm payrolls report For September was that the US economy added about 263,000 jobs during the month, which was higher than expected Now that should be a net positive because the US economy added more workers, right? Positive employment growth is usually good as a good indicator for the economy. However The Federal Reserve is trying really hard to tame inflation through its aggressive Quantitative tightening program or at least raising interest rates The idea is that if The non-farm payrolls report keeps showing strong positive growth and jobs. It means there's still a lot more Room for the Fed to actually keep hiking rates because if the labor market is still running hot It means more inflationary pressure So when you have aggressive rate hikes, they usually result in higher unemployment. Now, there's a certain medium There are a certain Level that you want to get at how much are you willing to sacrifice the labor market to keep inflation under control? The Fed wants to have a soft landing so to speak I'm not sure they're going to actually achieve that But one indicator to look at is going to be the unemployment rate and the jobs numbers If the the labor market keeps adding hundreds of thousands of jobs every month That's going to feed into expectations of more inflation or persistently high inflation moving forward And as we know that's really not what investors are looking for these days They want to see that the Fed's actions are leading to a decline in the inflation rate So that at some point they can stop hiking and we can go back to more accommodative Monetary policy. So that's kind of in a nutshell. I think why investors are a bit Skittish on the higher than expected non-farm payroll numbers. You got to tie that back into the Fed and what they're doing And one of the things that Jordan Lindsay here who's a trader and entrepreneur said a big move up or down is incoming Very philosophical either going up or down But a lot of folks are talking about a big move either way So when we're talking big move sam, what does that kind of mean to you? Is this mean? Hey, we could potentially see, uh, you know, five to ten percent drop five to ten percent jump Uh, what is it? How do you kind of interpret that what what jordan lindsey's saying here? Yeah, well, we can go up or we can go down. I really appreciate that insight. No, but I I know what he's talking about The the whole idea right now is that bitcoin has been fairly range bound for a while by bitcoin standards I mean even with all the crap going on right now and the geopolitical scene the markets bitcoin seems to have found this Equilibrium around the 19,000 dollar mark. The idea is that when we see bitcoin's price continuing to narrow That usually leads to an explosive mood up or down now for me. This kind of reminds me of a very Ominous period in bitcoin's history. You got to go back. I think the 2018 when we had what was called now the range from hell So if those of you who weren't around crypto in 2018 bitcoin basically traded at 6,000 for I think for like six months It was 6,000 6,000 we call it the range from hell And I remember at the time we used to philosophize that there's no way bitcoin can go below 6,000 bro Because that's the break even rate for the miners. There's no way we're gonna go below 6k What ended up happening in december of that year? We crashed down. I think 3200 and that was the definitive bottom So for me if you ask me what my outlook is i'm still expecting that one more flush out Even though I mean 69 to 20 if that's not bad enough I do think we're gonna have one more flush out to get the new lows in for the cycle so that we can begin accumulating But again, I'm not an ostradamus on this Nobody knows where the market is going to go in the short term We may have already bottomed as mark yusko friend of the show friend of coin telegraph has said I personally believe we have one more leg lower, but that's going to depend a lot on the overall Sentiment heading into the fall and into the winter I was expecting it to happen by now or around this time But it's still holding around the 19k But if we keep seeing this narrowing of price action I think we're bound to see a a move Sharp move higher or lower and for me a sharp bitcoin move is at least 10 percent 10 to 15 percent in either direction excellent observation in Something I always like to kind of look at is is the rainbow chart here Um with blue being the fire sales zone So we're kind of in this range here where last time we saw that was covet Back in 2020 and then ranging back Looks like in 2017 is when we definitely were in that blue zone for a long long time So accumulation period I'm not worried about any kind of big moves down because that to me I'm dollar cost averaging So I'm loving it either way. I'm catching those highs and lows But if we were to see any kind of movement upward, what does that kind of tell you sam? If we break all the sudden upwards of 25k is that sustainable and could it potentially go higher if for whatever reason We break a 25k mark I don't know what the overall significance of the 25k mark really is I'm just looking and seeing a lack of positive catalysts right now for a sustained rally Now I've been expecting a bear market rally for a long time But this has been kind of like a meme where it's been really down only I think we saw a fairly significant rally when we bottomed around I think 18,000 we went back up to 25k That's if you look at the percentage game, that was a pretty significant You know bear market rally But for me, I think in order for for us to get a sustained rally to the upside Either bitcoin has to significantly decouple from the you know the the the traditional markets in terms of perception Investors will have to realize that you know what bitcoin is a life raft In the sea of uncertainty Or we have to see something significant on the monetary policy front maybe on the Geopolitical front if we see tensions simmer down in eastern europe, which doesn't seem like that's going to be the case But right now the narrative is telling us the markets are trending in one direction I'm not going to fight that narrative right now and as you mentioned just a few minutes ago You don't really care about bitcoin's price because your cost averaging in And that's how you have to approach an asset like this You know bitcoin will be around for another cycle It will continue to rise We will get a new bull market. We will get a new all-time high It's all a matter of when and right now we have to be patient Yeah, in something else that that will calamity Said in this article was that while it's reasonable to expect a large move now more than ever it's also important to note that There were two periods in the past when bitcoin spent more than 40 days consolidating after hitting these levels So this is kind of like the area where it seems like things tend to range For extended periods of times and then there is some sort of big breakout whether that's to the downside or upside So keep that in mind. Stay patient here folks. If you are a long-term hodler if you're day trading Uh, I don't know what to tell you because I don't day trade anymore in these types of markets um All right, so the other thing that we want to be on the lookout for this week is this bitcoin bottom And so I'm going to scroll down here Uh to some of the highlights uh, will clementi who we mentioned earlier and uh charles edwards who's the ceo asset manager of caprioli noted that both in 2018 2014 bitcoin put in a macro bottom within a set period following its prior new all-time high We're in the 90 day window where the last two bitcoin cycles bottomed So I same we talked about the bottom here um What other kind of insights might you be able to provide or color commentary here to what will clementi and charles edwards are talking about here about the the bottoms Yeah, well, I think I just talked about 2018 I mean we more or less are in a pretty classic bitcoin 40 year cycle I mean the 40 year cycle we saw a peak in year three And then we saw a decline into year four and now we're in the process of bottoming which makes it into a Pretty neat and tidy four-year cycle the only Difference was that there was no blow-off top per se where it was very difficult for us to actually be able to visualize a top in the market Looking back the top was probably in the spring of 2021 where the alt coins peak bitcoin hit mid sixties We saw the other scam rally heading into the fall due to the front running of the etf listing it looks like But that double top really confused the hell out of a lot of us and I've been on the four year cycle theory for a long time now I was right, but I got the timing of I got the blow-off top wrong because we didn't really have a blow-off top But I like I said to you earlier ben. I'm expecting the market to bottom around now We saw a bottom in december of 2018 We are still within that range It just depends on on how things fall into place. But again, if we if the bottom was 18 or if it's 16 or if it's 15 I don't really care at this point, you know, because I am just looking ahead To increasing my my bitcoin position size is moving forward It something else that's brought up in the article is that the june drawdown that we saw was a 74.5 percent drawdown Which is still less than previous cycles back in 2018 And it looks like 2014 2015 here. So This is still yet to be determined I think I'm on the same page with sam here that there's going to be lower But something inside me sam is saying that everyone is so just fundamentally bearish across the board That this is typically the time when bitcoin like will surprise us So I guess is there any kind of like thing that would just like magically turn the the fed off from Raising interest rates or some sort of wild event where all of a sudden we make this this 180 pivot Yeah, they would have to break something as I mentioned They're going to keep raising rates until they break something and what they break is yet to be determined If we see overnight interest rates really skyrocket In the repo market that could be an indicator If we see economic Indicators really deteriorate like the PMIs for example, you know watch the PMIs if they really tank below 45 That could be a cause for alarm But I think the fed right now is still laying the groundwork for continuing to raise rates They've already basically redefined what a recession is Right that's kind of giving them more more runway to keep hiking And the reality of the matter is I don't think they have a choice I think the status quo since the 2008 financial crisis is to ease monetary policy. It's a lot easier to ease It's a lot easier to keep rates near zero It's it's we're in a financialized economy where everything runs on on credit Raising interest rates could have catastrophic consequences. We're beginning to see that now I think they're base cases. They want to ease But you can't with the CPI so high With inflation at 8% the challenge for them is They're even Going the complete opposite of conventional economic theory because they're hiking interest rates into into a declining economy So the worst-case scenario is you get high inflation and a recession like that's complete disaster so There's really no winning with respect to the Fed because They screwed up so badly on this inflation call like it's one of the worst calls in history and Nevertheless Nobody is uh getting getting any kind of repercussion for getting it all so very wrong But it's gonna it's gonna be interesting to see how they navigate heading into the first and second quarter of 2023 When we have more indicators that things could be really bad or at least getting worse on the economic front I don't want to pivot to the chat real quick. We have bjorn saying yeah, I feel like we need to test 17 5 To 18k support see if it holds to long again and see some short-term bullish signs so Bjorn is Bearish to those support levels there. So we'll see what happens I want to get into our other article which talks about bitcoin hash rate We've talked about the CPI here Add nauseam. So you guys are it should be on your radar to watch that for this week real quick Any predictions? Is it going to be higher lower about the same? For what you're expecting at the end of this week's in So if you recall My call was that the cpi the headline cpi, which is the year over year rate probably peaked in june above above nine We saw an 8.3 reading last month or last month being in august I'm expecting it to probably be around the same or slightly lower maybe 8 to 8.1 I know the consensus forecast right now is calling for an 8.1 percent year over your cpi. So again, it's still growing Quite substantially, but at a lower rate in the june clip But the the one thing that could really affect You know the the sentiment on cpi is the core inflation reading So core cpi is a is the inflation Minus food and energy we saw it at 6.3 in august Now a consensus forecast of economists is that it's going to be 6.5 So it seems like headline cpi is easing slightly But the core cpi is actually increasing And I think that reflects what what a lot of us are experiencing The cost of things continues to go up And once this the inflation goes to the services side it becomes a lot more sticky so If if the headline cpi is roughly the same But the core cpi is higher than expected or higher than last month The market's not going to take that well because it's going to be more it's going to be more ammo for the fed to keep hiking in the short term And uh the hash rate lingers as difficulty hits new all-time high So when it comes to the hash rate difficulty hitting this new all-time high What is like your big takeaway with this and is this something that you pay attention to At all. I know we've kind of touched on this before But what are your thoughts and takeaways from seeing this new hash rate difficulty reaching all-time high? Well, it seems like there's more competition and it's going to put a squeeze on miners Overall in terms of price action I don't think it has a nearly as as directive an impact on price as a lot of the headlines may suggest But uh the great thing about about the difficulty adjustment is that it adjusts, you know, because that's part of the Of the bitcoin algorithm. Um, so overall i'm not too concerned. It just shows that there is increased competition on the mining side And you're gonna see more squeeze on miners The last uh I think we're gonna pick between the kathy wood article or paypal I think the kathy wood article is fantastic because I want to hear what sam has to think about this So if you didn't read this week, uh, kathy wood wrote an open letter to the fed asking them to please stop raising interest rates Sam has this is unprecedented times. Uh, has this ever happened before in the history of uh, of Traditional markets where an investment firm will write a letter to the fed like this And will there be any impact of what actually happens here with kathy wood trying to to get the fed to stop raising interest rates You know, I've been tracking the fed You know religiously since like 2012 2011 I never thought I'd have to follow them this closely now that i'm in bitcoin and crypto full time But lo and behold I'm right back to analyzing the minutes the meetings the blah blah blah the blah blah blah So Will have I ever seen anything like this before? No, I haven't I haven't seen any company actually submit an open letter to the fed I mean look In a sense, she's right because as I mentioned earlier, we live in a highly financialized economy where any higher interest rates Risks crashing You know, whatever we have left and I think we're starting to see that right now You take a look at the trillions of dollars that have been wiped out in wealth or on paper wealth since the fed began embarking on its Rate high campaign. I don't think her letter is gonna gonna do much I think it's gonna require something to break before the fed actually pivots And right now, I think they're buying themselves more time To continue raising rates because you're not going to start cutting with the cpi above 8. I'm sorry It's just not going to happen. So I don't know what the solution is except more pain ahead and We're beginning to see the destructive impact of central bank policies on the economy from getting the inflation wrong to Unleashing a ridiculous amount of stimulus during the pandemic And now we're seeing the downstream effect of that So kathy might be right in a sense But the fed can't do anything with cpi above 8. I mean, what are they supposed to do? Cut rates with the cpi at at 8.3. It's not gonna happen I I was gonna say even if they did it's like Then you could potentially see cpi reached 10 percent What happens then if it gets out of control to 15 percent? It's like They have no other choice right now to kind of stay the course and like you said until something breaks Um, so that was kathy wood this week. I god bless kathy wood because she's trying she's trying to save her Her company's trying to save the economy. I think I'm on the same page as sam There's more pain ahead folks So just get ready buckle up your chin straps and and put your safety belts on because it is going to get pretty ugly All right. Uh, well, we are going to get into our Crypto tips next Uh denil, thanks for sharing that if you have coins or anything you want us to look into today and chart for you Go ahead and pop that in chat. It's also somebody drop in slana We'll do that after our markets pro segment today So don't forget if you want to win that one month subscription of markets pro drop your twitter handle in the chat We're gonna be giving that away at the end, but next we got some quick crypto tips. So let's go ahead and get into that All right, you probably hear us talk about support and resistance here on the show I'm gonna get into that a little bit later when we start to chart some of these coins But understanding support and resistance Are one of the most crucial parts of reading a crypto chart support levels and charts refer to a price level That the asset does not fall below for a fixed period of time In contrast resistance levels refer to the price at which the asset is not expected to rise any higher This is the level at which the sellers outnumber buyers in the market for a particular digital asset Experts are known to suggest support and resistance levels to assist traders while taking positions in crypto So we're gonna get into that a little bit later. I'm gonna show you on the chart. What is the support? What is resistance? We'll dive into that so you can get a little bit more visual But that was our crypto tip for this week All right. Oh, I see webster wants wants a a few little tokens charted on adam big fan adam None of this is gonna be financial advice today Just to preface these are just personal opinions of each individual here on the panel today Big shout out to everyone who's tuning in from around the globe. Make sure you drop in tell us where you're tuning in from I saw folks from South Africa earlier shout out But next we got markets pro we got the two tokens. You should have been watching this week So let's go ahead and get into what happened this week and markets pros got our back like always All right, we got news quakes. Well, these are the automated alerts that instantly notify users when market moving events happen In pangolin Png as per usual many news quakes this week preceded bullish price action Png is a prime example As news quake about coin based listing the png usd trading pair dropped when the asset was trading at 8 cents Right after this news dropped the price surged to 11 cents And that's a swift 37.5 percent gainer for this week and folks, you know those exchange listings move those prices That's why you got to have those news quakes from markets pro So, you know when you can jump in and potentially catch one of these rides up That's a 37.5 percent gainer. All right And the next token we were watching this week was eps and what happened while the vortex score which is a Comparison between its current market and social conditions of those in the past Vortex sort of 80 or above is considered confidently bullish conversely a low score of 30 below his historically bearish conditions Green vortex scores may be rare in this market But when they do flash they continue to proceed solid gains For example this week eps so a high score of 80 flash when it was trading at 7 cents Later that day the price jumped 42.9 percent in a weekly peak of 10 cents And that is why you got to have The markets pro app in your pocket. It's on mobile. It's on desktop You got no excuses if you're a trader or you're an investor. You're just looking for good entry points You got to have the markets pro app. That's why we're giving away one month subscription Today for dropping in your twitter handle in the chat and that's going to do it for our tokens to watch this week all right So before we jump into things here, I am going to pull up Let's pull up adam um on the chart danila if you wouldn't mind just Doing a quick little screen share here All right, so fan This is my adam chart. This is the daily chart. I don't like to look at time frames lower Than about four hours to a day just because again, I'm not day trading. I'm kind of just looking For a long term Holds at this point or good entry points where I can dollar cash average in over several months So for me, I'm looking at a couple things here. So I drew a couple lines here these horizontal rays This mark here 32 looks like we had a lot of top outs right around this area and a previous all-time high So this is going to act as resistance in a long time frame For me, I found that this support because of it bottoming out a couple times here historically And then it bouncing along this line right around nine dollars for me Is going to be the the support So support is that area where we're expecting it to hold as you saw though the support level didn't hold here Previously, but again, we saw some bounces around this range So for me right now adam broke this macro trend line that you're seeing here And had a nice rise Back in early september now it's kind of consolidating here and it looks like we're actually creating a new Support level. So i'm going to go ahead and draw another horizontal ray here for y'all So it looks like we're creating some sort of support around 12 dollars So for me, I think this could go a little bit lower I'm going to look for adam to drop closer to nine dollars in this kind of green box here As you can see we were ranging there previously So i'm going to wait a little bit longer on adam even though i am personally dollar cost averaging in an adam in the long term Just because i am bullish about that project over the next five years That is adam and i saw someone else drop salana in there. Let's see what's going on salana. Holy smokes This is an old chart. I haven't looked at in a while So we need to draw some new support levels here because Salana has dropped tremendously. So for me Support level here. We're looking at 27 dollars. That's kind of a nice support range I'll kind of get a little zoom in here so we can see This continues to kind of bounce off the support. I don't see any big movement Look down here. You can see volume levels are tremendously low across salana This might be a good time to actually accumulate salana If you are bullish about that ecosystem for me a lot of unknowns a lot of outages over the last six months I know it's been vc backed out of the yin yang But a lot of those vcs have dumped the token. So I am actually staying out of a salana trade right now Even though I do hold some I don't want to accumulate anymore But if you are bullish about the project these levels might be solid because we saw these all-time highs I mean wow 246 dollars for salana back in november. Just now it's down to 20 bucks huge drawdown in salana here Um, so those are the the two tokens. I guess we can chart there And i'm looking in the chat doesn't look like anyone else chiming in there But those are the two charts for this week dino. Thanks for doing that Um, and folks, thanks for chiming in you got any other questions for sam here Uh while we wrap up today with some closing thoughts let pop them in the chat so that sam can answer your burning questions Uh, but sam do you have any closing thoughts for us today? Winter is coming No, that's I wanted to leave it cryptically, you know, so you can So you can kind of fill in the gap there, but no as I mentioned I think i've been pretty clear about what my expectations are uh things right now in in the world aren't looking good Um, the great thing about bitcoin is that it hasn't changed fundamentally. It hasn't changed its value proposition hasn't changed Maybe most people don't recognize what its value proposition really is But I do believe that that'll change in the future As more people become aware of its properties. But right now It's all a matter about having a strong strong hands with respect to your investment thesis Whatever that may be if you believe that you want to be allocated to bitcoin a certain percentage of your portfolio Because you believe in its long-term value proposition as the only real honest money there is Then now was a really great time to accumulate of course not financial advice It's what i'm doing continuing to cost average in the altcoin bets are a little bit riskier Because we don't know what projects are viable long term as benton mentioned I mean The big part of his analysis is trying to really understand whether these altcoin picks have a long term viable future And aside from a few of the top altcoins, there's a less compelling reason to believe so Again, I don't know what's going to happen in the future But I suspect in the next bull market you'll see a new set of shiny altcoin projects That'll come in and it could they could render the current ones obsolete So we'll see but but tread carefully when it comes to altcoins in a bear market. Uh, it's usually really ugly Yeah, I 100 agreed and and I mean you kind of look at a lot of the blue chips Uh, something I think that I personally look out is is for the the large strategic partnership So example mattock you saw huge adoption across the border with disney A couple other big players starting to get involved with those ecosystems. Those are going to be the ecosystems I think that that thrive In the long run and so you know kind of really do your research and dig into What the ecosystem is doing and then where they're heading if that matches up with some of your analysis and what you're seeing Uh, then always be Using that that dollar cost average method even if it's only over a month if you say, hey, I have a big chunk of money I want to get in Don't just dump it all in in one trade spread it out over a couple months a couple weeks If you are bullish about that particular project Uh, but again folks, thank you all for tuning in to the market report today This was a little bit shorter one. We don't have marcel here today, but we got our man sam Uh, so i'm going to go ahead and look into the chat and see who's going to get that one month subscription of markets pro Don't forget if you haven't dropped your twitter handle in there now First person looks like first person to do it today is going to get that subscription And you could be getting in on those 30 trades folks those 30 gainers But i'm going to give folks 10 seconds here if you don't drop your twitter handle in there Then uh, we're we're going to just go ahead and wrap it up for today But uh, we'll be back again next Tuesday. Don't forget like and subscribe coin telegraph here on youtube Every tuesday 12 p.m. Eastern and i think that's gonna do it looks like, uh, yeah folks. Thanks for coming Thanks for hanging out. That's a wrap for today. Thank you all