 Hello friends and thanks for hanging out with us here on the market report today on Cointelegraph. I'm your host Benton and we are joined again by our resident experts Marcel Peckman and today's special guest Joe Hall. Marcel Peckman applies his 17 years of experience trading derivatives options and futures to the crypto derivatives market. Joe Hall is a research and interview journalist at Cointelegraph who brings with him five plus years of Bloomberg experience covering financial markets around the world. Fellows, we're back at 20k. What is going on this week? We're feeling good. Marcel, what's up this week? Well, I think more important than being 3% or 5% up in the week is seeing major global currencies such as the Euro and the British pound losing value 15% against the US dollar and even seeing some of the traditional consumer companies saying that they won't be able to meet the target revenue because of Yada Yada. So investors are starting to realize that yes, a crisis is coming our way. Energy prices are up 400% in the past year. So something is happening here. So I think the normies that didn't want to see what was happening are now starting to feel the impacts and the effects. So I think that's the most important thing than Bitcoin or Ethereum being up 5%. Very good. And Joe, welcome back to the show. Always a pleasure to have you here. How are you this week? I'm great. Thanks. I got the call back so I'm pretty pleased with myself. Pretty chuffed. It's great to be with you guys on the market report again. Just to echo what Marcel was saying there about normies realizing this is happening. A few of my friends that are sort of casual Bitcoin investors, let's say, they have a couple of hundred quid saved in Bitcoin. One of them texted me yesterday and said, wow, Bitcoin spiked against the pound. And I was like, no, no, mate, it's the other way around. The pound has crashed. Bitcoins spiked because of that. And you see it with all the currencies at the moment that it looks like Bitcoin is doing really, really well. But in reality, you're like, wait, is it the coin doing well or is it other currencies crashing into it? So yeah, it's a weird, wild time at the moment, isn't it? And you're starting to see folks talk about treasury bond yields and keeping their assets in cash. It is a weird time right now with a lot of uncertainty. So we're here to unpackage all of that for you today. We're going to be diving into some of the latest, greatest around what's behind this 5% rally in Bitcoin. We're going to be talking about trading strategies from our sell today and diving into some of the biggest headlines. So if you're tuning in, tell us where you are tuning in from around the globe, we're happy to have you here on the market reporting. If you haven't liked and subscribed, go ahead and do so now turn on that notification button so you know when we go live every Tuesday at 12 p.m. But first things first, we got to get into our weekly roundup for this week. We're going to bring you some of the biggest headlines around the Twitter sphere. So Danilo, let's go ahead and jump into our weekly roundup video for this week. Charles Hodgson's in there. Get into a little beef that we're going to get into here a little bit later with some of the Ethereum developers. So lots of big headlines to cover. But first, we got to talk memes. That's the most important part of the show. If we don't get into the memes first, we got to get that out of the way. So let's go ahead and jump into some memes first. What we got this week, transferring crypto to our hardware wallet for the first time. We've all been there sweating bullets. Or 10th time. Sometimes it catches your eyes. Oh, God, did I do it correctly? Always send those test transactions, folks. Never be sending the full amount. There you go. Good practice right there. Jay Powell stepped down. Jay Powell from Kraken. Jesse Powell, for those who weren't familiar last week with the headlines, stepped me down from Kraken as CEO. Not the federal leader. He had a few of that too. Brett Harrison from FTXQS, breaking news today, stepped down as well. My husband is rich in bitcoins, but he dies. I want to understand how to spend them. Got to keep those coins safe spot. Our options one could change everything. Oh, God. The trade of mindset. Lowest. I'm going to make it all back on one trace. Yeah, you're going to make it all back to McDonald's, dude. That's what's going to happen if you try to do it all in one trade. Burger flippers are back in style, man. I don't know what you're talking about. Quick shout out to everyone who's tuned in today. We got Yasin. We got Eckon Nadelli. We got Nonso here. Catherine Rose. Welcome back, Gary. What's up? Thanks for tuning in today. Wherever you are around the globe. Feel free to drop those questions in for our experts, Marcel and Joe are here to answer your questions. So all of your questions, we're going to be looking in chat today. We want to make sure we get those answered. So we're also giving away a one-month subscription of Markets Pro. If you've been having trouble navigating these markets, Markets Pro is going to be a tool for you. So drop your Twitter handle in that chat today. We're going to be giving a one-month subscription away for that today at the end of the show. So make sure you go ahead and do that. Now, let's get into some market news here. We've talked about Bitcoin, the 5% gain that we've seen overnight. Why the sudden surge here? And is this any kind of significant movement? We saw the mega green candle here happen overnight, but I'm going to go ahead and pull up this article written by William Suburg here. Marcel, why the sudden surge? What is behind this rally here? Okay, Benton. So whenever there's no news behind a price pump or dump, I tend to do the opposite question. What was pressuring Bitcoin below $19,000? And the most logical answer seems to be regulatory pressure and miners going belly up. So the real question is, are any of those issues do they damage the foundations of Bitcoin? So do they impact censorship or the fixing issue shadowing? So the 900 coins that are issued per day? No, they don't, because even if 30% of the miners, so 40% of the miners go offline, as we saw when China binates Bitcoin mining, I think back in 2021 or so. Yes, the hash rate goes down. The network gets less power behind it. So one can say that less secure, but it adjusts every 14 days for the users, even if you're holding or if you're using exchange, it doesn't matter. It's not going to change. Bitcoin is not going to get less secure because there are less miners, because there's going to be an adjustment in 14 days or so. And for censorship resistance, you've got to think that even if someone steals those miners or buy those miners at a chip, they still have to pay for the energy to suppress the mining. And the energy is not cheap. So even if you get old S19s miners from a bankrupt company, you're not going to be able to perform a 51% attack for free or a low cost, because the energy involved is huge. So once the investors realize that those were basically fed, the regulation can hamper stable coins or whatever can damage exchange, but not the Bitcoin network itself. It's going to be continue issuing blocks every 10 minutes and transactions can be done without censorship. So once the FUD goes away, the price goes back to $19,000, $20,000. So I think that's what's happening here. The FUD faded away. It's good insights there. And I see Temtem and Chat here saying it was a fake pump because DXY didn't dump when BTC pumped on the other hand, SPX was dipping to new lows. Joe, what's your take here? Are we going to break through 20K now? It looks like we're barting as we speak. We took the elevator up and now we seem to have gone along the roof terrace and then we're taking the elevator back down again by the looks things. And it also seems to be quite a low volume pump. There was, as Marcel said, there's no news that seems to be forcing this rise in prices. So what's causing it? Okay, is it short scaling wrecked? Is it some buyer that we don't know about that's come on the scene and bought 1,000 Bitcoin overnight? There doesn't seem to be anything in the woodworks yet. So it could be the textbook, but even playing out, which is the classic, you know, feed the whales strategy. So when you see this sort of thing playing out, it's because someone is trying to get hold of your coins and trying to unseat you from the position you're in. So what do we do to the whales? Don't feed them. Don't feed the whales. Stab them. So yeah, I mean, I wouldn't be surprised if we're back down at 19-ish by tomorrow and the next day. Because while it's true, there is some fud clearing up. The global sort of macro backdrop isn't fantastic right now. So there could be a little bit more pain on the horizon. Great insights there. And I want to pull a quote real quick from this article says well modest Bitcoin September gains total about 0.7% of the time writing with BTC slash USD trading pair at 20,200. The month ends up in green. It would be the first non-loss making September since 2016. So there's actually a great graphic that we have here. So if you're looking at this price chart shows you the monthly gains or losses. So if you look back 2021 all the way to 2017 we have seen losses in September. Last time was 2016 here with 6% gain. So the month isn't over. There's a whole another week here. And I guess the question then becomes is the macro environment still vulnerable? And I think Joe had kind of alluded to that saying there is way too much uncertainty in the macro scale. And this kind of leads us into our next question here is the volatility we've seen with the British pound. What is going on with this? Is Bitcoin going to become a new reserve potentially for the UK? Joe, I know you are in that area of the world. What is your take here? And what is the significance of Bitcoin now that we've seen the British pound kind of crashing? God wouldn't that be amazing? I don't know what I'd do if Bitcoin became legal tender here. I mean not that Bitcoin needs to be announced as legal tender anywhere. At the end of the day it's still a grassroots movement. And if you decide to opt out by using Bitcoin then effectively you are making it your own legal tender or your own money. So that's always the way that it's nicer that it carries out that way. But obviously what we saw with El Salvador was a president saying, you know what, we're going to make Bitcoin legal tender here in the next six months. And they just went and did it. So yeah, in a weird parallel world maybe that is playing out right now for the United Kingdom because they've realized that the pound is effectively a shit coin and it's going to zero against Bitcoin and against a whole other number of currencies. Why is that happening? Well, the short of it is that the budget last week was awful. So the new government with this trust who's our new prime minister, she announced this budget with quasi-quarting who's the new chancellor of the Exchequer and markets didn't like it. Quite simply markets decided to dump all their pounds and fly to safety which these days is to most people it's the dollar. But to those few that are probably tuning in right now they realize that their safety is Bitcoin. So yeah, I would absolutely love that environment Benton where we end up with pound. I'm able to spend my Bitcoin at the local shop for example and I'm right now in Belfast. So in Northern Ireland which is still part of the United Kingdom which still uses the pound whereas 30 miles south of here in Ireland and then Dublin they use the euro. So there's this sort of weird currency remittance issue that goes on here. But soon we'll get to the situation where one pound equals one euro equals one dollar, won't we? So that could also happen in the near future. All these currencies seem to really be struggling against the dollar. I'll leave it there for time being. And Marcel, is this the time for Bitcoin to shine in the UK? What is your opinion on this kind of topic here with the British pound crashing? Well Benton, so firstly it's not just the British pound or the euro. Most currencies from developed countries developed 15% or more against the dollar in 2022. So every currency faces the same destiny. Emerging currency did not collapse this year because they have already done over the past two years so but basically every currency is losing against the dollar. And people forget that fiat money as we know it's an experiment that started only 50 years ago because until 1971 those were not really banknotes, those were convertible to gold or to some other thing. They had a fixed conversion ratio. So the free float currency as we know back by nothing started only 50 years ago versus the Bitcoin which has roughly 13 years. So it's not that much of a difference. And even I was surprised to find out that UK's FX reserves so money holding foreign currencies including the dollar it's less than a hundred billion dollars which is not enough to sustain three months of imports. So if there's no new dollars entering UK they won't be paid for they won't be able to pay for oil gas and whatever they import in three months time. So it made me understand how scarce the dollar is if you're not the Federal Reserve if you're not the issuer you need a steady inflow of dollars to pay for imports. So that's why those other currencies are collapsing. So if it's good for Bitcoin not in its first initial phase as long as investors seek shelter in the US dollar as Joe said. But that then brings up the question I guess is how important is the British pound in the global currency landscape. I know you alluded to that it's not just the British pound but in the landscape of all developed countries and developing countries currencies. What is its significance and I'll start this out with Joe. Yeah sure. I mean it's also quite poetic because the UK is one of the oldest I think it is the oldest fiat currency to have been created because the pound came off its gold standard to fund World War One if my 16 year old history classes serve me well. So it's then it was also an experiment and then obviously you know the dollar took up or the petro dollar as it then became known from the 70s onwards was and is now the currency of choice for any developed nation around the world. I mean to what extent could this situation pan out for the better. I actually can't see a good way out for the UK right now which is quite strange. I don't know how the UK government could get their finances in order. And if you know if as Marcel says there's only three months of an emergency fund effectively for the UK to service the economy from then what happens in the fourth month. Do we do we try to print more of the pound to convert that to dollars. You know how does this pan out. This could be the end of a currency. I think when these things play out they play out so quickly that they take everyone by surprise. So I mean could we see a G7 currency. I mean they have other assets. They have gold involved but not US dollars. So they will have to start selling assets including treasure bonds or whatever gold. They have other assets but they just don't have US dollars parked in cash to pay for imports. So they need a steady inflow. That's what I'm saying. Speaking of selling assets we've heard the Chinese government and Japanese government selling dollars to buy back their own currencies. Is this creating some sort of deflationary mechanism for the dollar. Is this significant in the global stage. I'll let Marcel kind of jump in here first. So first let's wrap up about the British pound. It seems an important global currency as UK is one of the top five countries per GDP but it represents less than 3 percent of the fiat volume traded in Bitcoin. So it's I don't know 84 or 86 percent traded in US dollar. Then you have the South Korean when they have the Japanese. You have the Chinese currency. Then the Great British pound and Euro with less than 3 percent. So it's not relevant for Bitcoin. And according to a chain analysis study the cryptocurrency users in UK are not among the top 15 countries. I think it ranks number 18 or number 19. So it's not an important country for crypto adoption right now. Moving on to how much GBP how much pounds are in circulation in gold. So if you only count the banknotes and the deposits at central banks there's 1.1 trillion dollars of GBP out there. And you compare to the global fiat money of 28 trillion dollars. So it's not really relevant. Curiously it's close to the crypto market cap which stands at 950 billion versus 1.1 trillion dollars of pounds banknotes and deposits on central banks. So I don't think it's important even if it crashes it's not so directly relevant to Bitcoin. Very good. And so when it comes to the the governments you're starting to see you know developed countries China and Japan do this with the dollars to buy back their own currencies. What what implications does it have for the dollar. Joe why don't you jump in here. Yeah it could have that potential to make the dollar more deflationary. But either way it shows that the dollar has this extra utility. Everybody wants the dollar whether they want it as a means of trade or trade balance or they want it as a means of a store of value. Say you're in a developing country you might not look at but you might not consider Bitcoin your store of value because it's still you know too volatile and therefore you'd rather have exposure to stable coins which you know effectively represent the dollar anyway. So yeah I think that the more these currency wars or these currencies slow deaths let's say play out the more you realise oh my gosh like that the US dollar played an absolute blinder when it realised that it could like the peg from gold become the petro dollar and become this sort of global currency that you know you can walk in the deserts of Morocco or in the mountains of Tibet and people know what a hundred dollar bill is worth whereas I can't do that with the British pound I'm sure I can't do that with the the Brazilian real you know this it's still the world's currency of choice and the yeah it's got a good few more years in it hasn't it in terms of its life its life its lifetime but but there there's a problem here is that okay we have Japan and some other countries that desperately needs dollars to build reserves and to pay for imports but on the other end we have Russia and China and some other countries there are selling that have been even Japan have been selling those treasuries and they're wanting to get out of the US dollar not as a reserve system but as a global trading system they want to buy oil directly in their currency so they want to buy oil paying in rubbles or paying in euros or whatever and that's going to be the the collapse of the dollar itself as Joe said even if you don't like the dollar as a country or a person if you even if you don't like dollar as a store of value if you're going to do with imports and exports you're going to have to price it in dollars you're going to have to pay it for the bank in dollars that's the the standard monetary system of transmission so when the dollar when some huge countries such as Russia and China stop doing international trades in US dollars then it's going to quickly start losing value because right now those guys are forced to buy whether or not they like it. I want to pull up a quick highlight from this article that reads that gold bonds are collapsing in their fiat currencies which are collapsing against the dollar which is fast losing purchasing power and so Safadin Amos the author of bitcoin standard says it will be months and years before the average fiat user realizes just how much they're getting ruined financially the new normal is poverty let's let's unpackages let's take a second to actually process what he's saying here Joe what is your take on Safadian's thoughts here yeah I mean he's the author of the bitcoin standard an Austrian guy with really sometimes wild views about things he's I think he's very right about bitcoin and here he's talking about you know the death of fiat currencies in relation to his latest book the fiat standard which talks about all the ways in which fiat money has ruined our lives and he covers everything from seed oils you know cooking oils basically to I mean his latest thing that he was discussing on Twitter over the past two days with whether or not cast iron pans are a scam so I often take his opinions with a pinch of salt excuse the pun just because he likes to come out with really sort of brash heavy hitting statements for example poverty is the new normal I mean that's a terrifying statement isn't it I don't think poverty is going to be the new normal per se because you know as Marcel alluded to earlier there are still assets in the world a house is still going to be worth one house you know because people still need somewhere to live there will be some weird mechanism that plays out in order to save the currencies around the world but yeah Saifidou Namous is a he's one of the most toxic maximalists out there if I can say it like that you should read his work by all means definitely do like the bitcoin standard is you know for many people it's the bible for for bitcoin books but the fiat standard for me pushed the boat out a bit too far because um yeah he has expert opinions on things which he seems to not have much research or have done you know dubious amounts of research into um so yeah just pinch assault is what I'm saying I don't think fiat I don't think poverty is going to be the new normal just yet or at least I hope not and Marcel is there any uh cause for concern with with people holding dollars right now or being involved with the fiat ecosystem uh is there any risk that you're seeing with being involved with that for the time being until we're able to kind of get out of the storm so to speak no better I don't see any risk for those investors that are exiting fiat or weaker currencies to buy the US dollar it makes sense if you're afraid of investing in stocks or cryptocurrencies or bonds or whatever and you're stuck with a lame fiat just change it to us US dollar makes sense for this first moment the problem is energy prices because energy is not something you can print so uh if the country does not have reserves to import gas or to import oil or whatever and it's not self-sufficient then the industries and the consumption will have to go down so uh this is what's going to cause the crisis it's not about the inflation it's not about the the devaluing currency devaluation it's because the price of energy went up because of a series of mistakes government made a series of bets that went wrong and they're still shutting down uh nuclear engines nuclear power plants right now so they're continuing to make mistakes and the population is going to suffer it's not they're going to be poverty necessarily but the energy costs will not be going down over the next two or three years there's no magic way to fix it so while we're kind of talking about the amount you have free to consume every month is going to go down drastically I guess while we're on this topic of climate I'd see Birx in chat there says any thoughts on EWT in the climate and energy implications on crypto assets in the US published recently is this something that you all were able to read because I did not. EWT? EWT what? Energy? Energy? I'm not sure. Is it with wind maybe? I don't know maybe that's a question for another another show um all right let's keep this moving along because we do have a couple other articles that we need to dive into today one of which was the Charles Hodgkinson beef with Evan Van Ness uh so Hodgkins called the theory merge a flawed POS implementation claiming custodial staking would create issues for the network in the long run well what happened here looks like we had a little exchange of words Vitalik Charles was getting into it um guys is this just another tribal beef between uh you know two former co-founders of ethereum uh Joe why don't you jump in here um curious to hear your take oh Charles he's um he's good fun to observe um as he goes about his life in the post ethereum world I think he's he must still be a little bit hurt about how the ethereum foundation sort of semi kicked him out from the founding of ethereum or eight years ago now um so I think he might be a bit resentful of the fact that Vitalik um successfully implemented proof of stake or Vitalik and ethereum and you know the whole all the devs together um so I think that him calling out proof of stake on ethereum and saying you know it's unfair or it's not probably implemented there's also a way of saying buy my bags i.e buy my cardano buy my aida you know my proof of stake is better than your proof of stake um I don't know how much credence I gave to these little jousts you see on twitter because sometimes my cynical hat with a cynical hat on I'm like are they just engagement farming because they know that when Vitalik is attacked by Hoskinson um you know this is two big cats going against each other in the wild and I think that's the first time anyone has ever compared Vitalik but you're into a big cat so uh Marsal is this is this where we're at right now with crypto though is that nobody else has anything better to talk about so you're seeing two uh of the head honchos kind of go head to head about whose uh whose proof of stake is better I think when you get to the out of the technical debate in crypto whether it's about beef how to fry pans if eggs are healthy or not or if the covid vaccine works enough you get crypto experts or financial experts to give advice as Jo said about subjects they haven't studied for the past five to ten years so you should simply disregard those opinions and even if Charles Hoskinson is talking about Ethereum and he definitely understands how it works he has no idea about the plan that Vitalik is trying to implement for the future because he hasn't been actively working on Ethereum development for the past five years so he's not the right person to go to ask for comments and he's also the the CEO or founder or whatever of a competitor so obviously he's going to badmouth Vitalik's job so he's not the right person to ask for an opinion yeah I I think it's kind of silly and I I side with Jo here uh because I do think there is always something behind the scenes going on uh whether we we see it public facing or not uh I would like to think it's like two people arguing about whose lightsaber is cooler like it's just like let's get everybody lightsaber and then everyone can say okay then you can argue about it but like let's get the mass adoption zoom out for a second let's get the technology adopted first before we start having these arguments but that was our biggest headlines for this week for the market news uh I see the the chat is absolutely electric today uh so we appreciate everyone that's chiming in don't forget to drop your twitter handle in there one month free of markets pro I'm going to tell you a little bit later in the show why you want to drop your twitter handle in there because we're going to show you two tokens that you should have been watching on the platform but first things first we got to get into our crypto tips for this week all right do you have trouble choosing that long-term coin well I got some tips for you folks when buying that long-term investors must remember the majority of all coins will not exist in just a few years go back look at the charts from five years ago seven years ago and see what the top 10 coins were compared to now so it's similar to the dot-com bubble of the early 2000s most all coins are expected eventually fade away and become worthless a long-term coin will have a higher adoption rate in commerce and stores ripple has already begun moving into stores and banks which is good sign investors planning on investing large sums of money for long term must ensure that coin choice will last the seriously real risk is a coin becoming obsolete in the future rendering your entire long-term investment worthless so keep that in mind we use ripper heal as an example not necessarily endorsing that but look for those utilities look for those big institutions getting integrated in with these projects if you look back that dot-com era web 2 era you saw the aol's you saw the yahoo's come out and lead the pack at first then what happened well google came in and made some advancements and nobody could catch up amazon came in nobody could catch up so keep that in mind there's a lot of extrapolations you can make from the web 2 era into the web 3 era and making your long-term coin investments all right well i know marcell's got some trading insights for us this week he's going to talk about some of the news and information that you want to take notes get it's time to get out your pen and pad folks it's note taking time for marcell's trading insights this week marcell let you take it away okay bannon so guys let's be honest here the etune merge was a flop it was expected to bring some attention or maybe new investors flow to cryptocurrency and it didn't and what was the problem the problem was and it always is timing so the total crypto market capitalization had lost two thirds of its value on the previous 10 months more over let's face it the decentralized applications the demand for that vanished from the earth for multiple reasons and once we understand the reasons behind the depth failure or or the bad timing in the bad moment we will be able to understand when we're going to expect a new pump so firstly the gaming sector in bolded first it was axi infinity the game had over two million monthly active users and it suffered a hack on the tune of 600 million dollars back in march so sky mavis the developer had to reduce the payout to avoid a flu go up and users saw their NFTs in the game and the token value of the game quickly lose value so they exit the game a couple of months later we had the move the game step in dropping 70 percent in 30 days and right after that it was banned banished from mainland china so the gaming sector demand just vanished reason number two the defi yields they were greatly reduced so beside the implosion of the terra luna ecosystem the fall of centralized entities that were previously boosting returns on stable coin deposits and defi applications they caused a sharp downturn on yields so stable coin deposits for example they used to pay up to 20 per cent per year and now the yields are below four percent so the user the user simply exited the system reason number three metaverse and NFT markets they basically flopped the open sea transaction volume is down 98 percent from the peak that doesn't mean that there will never be a bull running in NFT and NFT marketplace but it means that those projects that depended on selling lands and digital assets to continue developing and paying out marketing expenses they no longer have this option so proofing point the central lands and the sandbox the two largest metaverse projects are down 87 or 88 from the peak so the truth is the merge was doomed to fail because it happened at a period where Ethereum average fees plunged from $20 or $30 to the current $2 so there was no no magic that could be done to savage this wreck because the demand for this decentralized applications was just not there so forget about lower fees or lower coin issuance the inflation because no one seems to care for that right now so consequently unless there's some real demand for decentralized applications and service will not see another bull run so forget about the story of coin issuance and fees what's going to drive the price up is users activity demand for the centralized applications excellent points in Joe I know you have some also some things to be talking about here but I want to emphasize that one point you made about metaverse NFTs it's so early in the development of all of this stuff that it is so hard to attract that core audience and they continue to build the mainstream bridges over there so great analysis there Marcel I'll hand this over to Joe though because I think you have a couple things that you'd like to touch on as well yeah for sure um thanks Marcel yeah that was I was actually taking notes there to be quite honest with you um noted that ethereum was a flop and unless there's no real demand there is no bull run so don't forget kids um well for me yeah I actually wanted to just elaborate a little bit more on the the currency collapse that's playing out and highlight some people that had already weirdly they predicted this I mean who knew this was coming who knew that printing trillion billions of dollars of money all around the world with different currencies would lead to the situation we're in now eh but the first one was Matt O'Dell on Twitter shared a tweet and I'll just read it a few now which is all about the milkshake experiment which is quite an interesting idea and basically it's that the as the US dollar is weakening but at the same time all other fiat currencies around the world are weakening more and because the dollar is the bedrock of the global economy meaning USD is used to buy anything worldwide it will kill all the other currencies before it itself implodes and the comparison here is that um it's like a milkshake because when you mix all the other currencies together the dollar is the only thing left standing and I guess everyone wants a sip of that milkshake at the end of it um but it's really weird just to see this theory which was a once a theory play out in real life as you know the euro went quite quite early as it reached it reached um pound euro sorry dollar euro parity and then the pound my currency from my home country also followed and is almost at pound dollar parity and the second one was to bring up the tweet from Jack Dorsey in I think it was early 2021 um you know Jack Dorsey is a really interesting figure right he um he from being the CEO of um twitter to now going full time into creating bitcoin companies um he's also you know studies a lot about money and monetary systems and he tweeted on october 23rd um 2021 so what is almost a year ago now um he basically said hyperinflation is happening ah thank you for showing the screen um it's going to change everything it's happening um so oh there there we go there's a tweet up on the screen hyperinflation is going to change everything it's happening and he was ridiculed back then I don't know if we remember but a lot of people were saying ah it's never going to happen you know this isn't you know vial republic germany or venezuela or um you know you name the country that's experienced hyperinflation recently whether it's lebanon or turkey or whatever um and you look at the dollar now which has double digit inflation the pound has double digit inflation if you told me this two years ago I would not have believed maybe a year ago I was starting to think about it seriously and here we are in September 2022 and it looks like hyperinflation is within touching distance and it's quite scary and surreal to see it all play out see I was just to elaborate a little bit more on the the currencies that we're talking about earlier and say that yeah some of the bitcoiners out there they realized it might might be happening so maybe we should listen to the bitcoiners a bit more we had it like how do we know we're in like a hyperinflation like state I guess what what are some main like indicators that you're looking for I have a couple um one is that things that shouldn't be stores of value become stores of value and I when I was studying uh university I got really fascinated with venezuela situation and it was things like um a hairdryer and a microwave well the classic is like second hand vehicles they are sold for substantially more than what you bought them for originally and we saw this in america last year because the second hand car market went through the roof and you know you could get your the classic yeah was it the Toyota Corolla your your laughing beds you did you experience this first time I know it's true yeah it's true so there you go there's you there's you one sign of hyperinflation um and yeah it can be really obscure things you know you're selling her you want to get a new hairdryer or something and you sell it for twice the price you bought it for a year ago um because you know hyperinflation isn't just about the fact that the currency is going up it's also indicative of the fact that the currency is also going belly up sorry the economy is also going belly up because you're struggling to get those imports you know this is what Marcel alluded to earlier um I'm trying to think of it have you got any others um Marcel I mean obviously Brazil is more hyperinflationary than other uh countries around the world are there some like sort of obscure or everyday examples there well I think that I saw an example today I think it was forgot a country it was not Brazil but the sugar or the basic uh supplies on supermarkets are subsidized there so there were people fighting for sugar at supermarket which is not really expensive there but the problem the issue is that you pay I don't know a dollar for the sugar packed and you can resell it on because it's subsidized and you can resell it on the street five minutes later for three dollars so people were scrambling trying to buy the sugar and even for me was that was those guys trying to arbitrage sugar what the fuck but then you understand that earning two dollars if you do it 10 packs and if you do it I don't know five times a week it's a month's salary and if you live in a third world country it's a lot of money so I think those little things are more important than the price of the houses or the stock market going up because the poor guy the average guy doesn't care about the stock market doesn't care about about the housing price he cares about the day-to-day living costs so that's what I think it's more essential we have had another example comes ahead um it was um about a a sign which said please don't fly tip money um which means you know please don't throw away money because you know when pennies and coins you know like one pence or a two pence or a five pence ten pence pieces when they effectively become worthless and they're sitting around your house you just go well I'll just throw it in the bin because it's worthless and there was a sign on a it's like a fake website that does like sort of jokey news that's almost true and it was saying like you know please stop throwing away all your ten pennies into the lake you know it's polluting the lake and I had to like do a double take him like wait is that real I'm not actually sure over here and you know double checked but it's the sort of thing that I'm like oh god we're getting close to that stage where you know ten pence used to buy you like a small chocolate bar or you know sweets or even like a tiny um carton of milk now it gets you nothing like the ten pence is literally basically worthless it's a shit coin everything's turning into a shit coin yeah literally a shit coin uh yeah so I know you have uh is there is there another article I think talking about some mainstream headlines here um oh yeah anything else that you want to touch on Joe yeah I'd love to fire up um the headline of the New York Times article piece that was released um just an hour ago it's just um parts of a quick sort of financial update and um it basically talks about um you'll never guess who's just arrived it's the head of video at coin telegraph it's Jackson um I'll have to get them to come around onto the camera surprise appearance um uh but yeah basically they're talking about how currencies around the world are tumbling except bitcoin so they brought up the fact that um bitcoin spiked six and a half percent overnight and uh has gone up over the past seven days but while that's interesting in all of itself this is also on the New York Times so the New York Times only really talks about bitcoin when it's um dying or when it's you know completely spiking right this is like classic mainstream media territory is what I used to do at Bloomberg as well you know we to some extent celebrate it when it's high and then we lambast it and we kick it down when it's low and here the New York Times is talking about bitcoin in a uncertain period where the dollar is sort of this flight to safety and yet they're also talking about bitcoin in the same breath it's it's bizarre so maybe maybe we're also seeing a sort of weird turning point with mainstream media journalists who are also realizing oh maybe there's something to this bitcoin thing and I should do a bit more research it's yeah interesting times shall I get Jackson's come on let's let's get Jackson on the show Jackson get on here Jackson come down the show we're live we're live today hello to our world what's up there is the head of video special guest appearances to the guest appearance good deal all right well uh we appreciate Marcel Joe thank you guys for talking us through some of those insights um big stuff coming up for us we got to jump into our markets pro segment this week so let's go ahead and talk about some of the two coins that you should have been watching that lit up the Richter scales from the newsquake alerts and from the vortex score this week so let's go ahead and jump into our markets pro segment for this week all right well we saw a newsquake happen this week for XRP newsquakes are those automated alerts that instantly notify users when market moving events happen in addition to traders increasing optimism about the outcome of the ripple lawsuit ripple also announced this week that would expand its partnership I remit around the same time it announced a partnership with bit pay which also allows merchants to accept XRP as payment newsquakes alerted markets pro subscribers to all of this news as it dropped on September 21st at the time XRP was trading at right around 40 cents traders who bought this price point could have benefited from a 35 increase when XRP is priced later peaked at 54 cents the next day another newsquake alerted traders of ripples partnership with armin van buren's label and traders who weighed into this price point could have seen a 22.7 price increase so big news surrounding ripple this week lots of big newsquakes from the markets pro platform again you got to have the marks pro platform that's why we're giving away one month subscription today for all those folks not all the folks but for a select winner inside of the chat who drops their twitter handle in there moving on let's get into the vortex score vortex for this week last week I guess I should say lit up for dig I feel like we've talked about dig a couple times here on the show and the vortex score and the dig just love each other for whatever reason and the vortex score is a comparison between the current market and social conditions of those in the past score of 80 or above considered confidently bullish conversely the low indicates historically bearish conditions a crypto winter drags on and a few coins are performing according to historically bullish patterns however dig is one of the few assets for which works takes were out and continues to note potential trading opportunities based on historical trends high vortex scores briefly flash for the asset September 20th when it was trading at $3,331 and then a few days later jumped up to about $4,000 with a big increase of 20% gains that is huge so again that's why you got to use the markets pro platform for the vortex scores and the newsquakes so drop that twitter handle in the chat we'll be picking that winter here shortly all right let's get in some closing thoughts today guys what are you gonna leave our audience with here what kind of words of wisdom what kind of light at the end of the tunnel can you leave folks here with Joe why don't you kick us off first sure I mean I've just I just checked the charts there when you were talking about markets pro and we've bartered really hard we're now you know sub sub 19k so I guess one other thing is if you're a trader don't forget to take profits on the way up um in real life um hug your kids if you got kids if not hug you hug your pets it's dark and stormy out there and just remember it's never never too late to do the right thing um in life uh so yeah I'll leave you with some words of advice there rather than some sort of monetary or fiscal uh advice and of course buy bitcoin you know what else are you gonna do with your money if you've got anything left over at the end of the end of the month buy some bitcoin and that's me very good all right Aiden Marcel what you got for us this week okay Benton so my general tip for this week would be uh guys stop searching for the the the plants the the little things and start looking at the forest because we're losing sense to what's happening out there with the world with our friends with our family with the countries with war and etc so I'm not saying that you should log in at CNN to watch the news but you should go outside talk to friends and talk to the community and maybe you're gonna get a different feeling from what's on tv and maybe you're gonna have a different ideas about life and what to do because sometimes we just lose too much time watching ads charts and that's not what likely that's not what's gonna make you a brilliant idea and make you extremely wealthy and going outside and talking talking to people and having ideas and putting putting concepts in in practice even if it's a whatsapp group and you find friends wow why don't we build this kind of business why don't we build this lighting network experiment or wherever it's when you converse when you talk with other people that those great ideas emerge so I'll do more of that getting philosophical on us this week more so love it bear markets not go anywhere folks you're not going to be missing much so even in these little five percent rallies we see a quick drawdowns the fake outs are here that's going to do it for this week I want to go ahead and give away our markets pro subscription so I see Tejira Ojada and that is at TJS M-A-L-L-S congratulations you are now a one month subscription winner for markets pro so congrats to Tejira thank you everyone for tuning in from around the globe we love having you here on the show we can't wait to bring you hopefully what will be more green next week so that we can talk about what is next for the macro markets and hopefully we will start to make moves towards what will one day be a bull market that we will all remember if you haven't liked subscribe go ahead and do so now we appreciate everyone for tuning in from around the globe this has been the market report on coin telegraph until next time