Bitcoin relief rally is FINALLY here! Will it last?

Sam.

Hello, friends, and thanks for hanging out with us here on the market report on Cointelegraph. I'm your host, Benton, and we're joined again by our resident experts, Jordan Finisith and Sam Borgi. Jordan uses his background in psychology and human behavior to spot emerging trends in the crypto markets. Sam Borgi is a business editor at Cointelegraph where he brings a decade of experience in economic analysis and financial market writing. Guys, six days of green in a row for bitcoin. Are we back? Is this a fake out? Is there just enough volume out there? How are we feeling? It seems like there's a little bit of life this week in the markets. We'll start today with Sam. Sam, how are you feeling about things so far and what's your take on on the markets this week?

Well, it's a long overdue relief rally. It seems something that I was expecting months and months ago to happen. But you know, we had month after month of down only like the memes say. So my perception of the market really hasn't changed. The ETH pump is pretty impressive. I think there's something there. But overall my bias is still tilted to the downside.

Jordan, what's going on, man? How are we feeling this week?

Man, I'm just happy to see a little green in the charts finally. As Sam was saying, it's been a brutal winter onset, man. We're just down, down, down all year long. So it's nice to see some green. Well, it's sustained. I don't know, a lot of this might be kind of a pump as Ethereum gets closer to its merge. So we'll see if it's just kind of a buy the rumor, sell the news or whatnot. But it is nice to see some green in the market. But I won't get my hopes up until we're like a new all time highs for bitcoin. Like, okay, maybe this will be sustainable.

We'll see. I know we're going to dive into a couple articles that Jordan wrote and a couple other articles, diving into some altcoins. Ethereum leading the rally. We're going to talk Matic today and then we're going to talk bitcoin. Is this a fake out? Is this truly the next pump? Are we going to be starting to take off? We're going to dive into that. Want to take a second to quickly thank all of the loyal viewers for tuning into the market report today. Tell us where you're tuning in from from around the globe. We love having you here. With us today. And I know Jordan and Sam are super excited to kind of dive into things. But first things first, if you haven't liked and subscribed, subscribe, go ahead and do that now. Slap the like button and subscribe so that you know when our show goes live, Every Tuesday at 12pm Eastern and you can get the latest updates, the latest insights from our panel of experts. But we're going to go ahead and jump into some of the biggest headlines this week from around the Twitter sphere and get into our weekly roundup for this week. So, Danilo, let's go ahead and run it back. Things definitely feel a little bit different this week. We're back above the 1 trillion dollar market cap. A little buzz heading into early this week, but I want to go ahead and let the viewers know we're going to be giving away 50 bucks of the Merch Store gift card at the end of the show. So make sure you drop your Twitter handle at the end of the show. We're giving away $50 to the merch Store for a winner at the end of the show. I think we got memes today. And then we're going to get into some of these big headlines. I know a couple articles that actually Jordan wrote and he's going to give us his insights. Adrian, do we have memes again this week? Let's go ahead and start the give the people what they want. Give them the memes. Adrian, let's go ahead and jump into this. All right, first one, I've begun a new chapter in my life. Chapter 11 bankruptcy 3 years capital Celsius. Ring a bell? Anyone? That's a good one.

Voyager, too.

Voyager as well, man. Tons of bankruptcies happening. We're going to get into that a little bit later, too. All coins waiting to see what bitcoin will do next. Is that true? That being all coins waiting to see what Ethereum is doing? Looks like Ethereum was kind of right.

Now, bitcoin ain't looking interested in that in that picture either. So.

No, it's called a blockchain. That's great. That's a good one. What's next? Government, when you lose money in crypto, told you. It's risky, volatile the government when you make profit in crypto tax. Yeah, that sounds about right.

Yeah.

It's the way it works, unfortunately. Well, those are good memes. Thank you for the production team, Adrian. Danilo, thanks for pulling those up for us this week. Always good to start things out with a laugh because we got good news this week. We got green Candles, folks. And total crypto market cap. Like I said, it's back over a trillion. Take a quick second here to look at the chat. I see Kaltura, we see Luciano, Joanne from Indiana. Vikram's back. Thanks for tuning in today. Let us know your questions. If you have questions for Jordan or Sam today, make sure you ask them. If you want to hear their take on a particular coin, where they think the market's heading next, drop it in the chat. We're going to be cruising through the chat and making sure that we answer all those questions. But first we have an article that Jordan wrote about the total market cap, Bitcoin, Ethereum and altcoins breakouts. We have some interesting charts to show that I want Jordan to kind of dive into here. But one of the big nuggets that I pulled out of this article was while traders will welcome to rise 18th positive price action, many analysts caution the upswing is nothing more than a bear market pump. So let's take a look and see what happened. Well, Bitcoin 16 gain and then we dive into some other things here around Ethereum and what, what's to come. So, Jordan, if you want to kind of take us through some of your insights, especially with Ethereum, there's been rattlings and rumblings of the merge. Is this a buy the rumor, sell the news situation? What's your kind of take with where Ethereum sits and why it was one of the leaders here over the last six days?

Yeah, I'm kind of digging it more as a buy the rumor, sell the news kind of. Just because the merge has been in the works for like years now and everybody's hyped it up about it. Yeah, we're going to switch over. But like the biggest problems on Ethereum, like the, the fees don't get solved by the merge. So like we might have this pump up into the merge and everybody get like, yeah, all this exuberance in the market. But then the reality of like the world stage sets back in. Conflicts are still going on. We still got all these major issues. So that momentum is likely to pull down unless there's some major event that comes along with the merge or something external in the world that really brings new, new, fresh momentum to the whole cryptocurrency ecosystem, like a major company or country adopting it or something. I think we're likely to continue down unless something can really help bitcoin get higher than like $30,000 like we were talking about before the show.

I guess my question is why now doesn't There seem to be like a lot of bad news looming from the Fed still. I think there's another meeting coming up this week. Why was there this pump now? Was it mostly just because of the merge?

Yeah, for Ethereum, you had their successful testnet merge on Sepia or whatever that test Net was, and then they just recently, a few days ago announced that it would probably be, I think like September. I don't know, was it 19th or somewhere around there where they expect the merge to happen. So I think those things are actually like, oh, crap, people are starting to think that, oh, this might actually happen this time, they're not just going to stall it. So I think that that's kind of been pushing Ethereum along. And then you get like, with Polygon, they accepted in the Disney accelerator program and that's Ethereum Layer two. So you get a lot of different, just bigger announcements from several different projects over the last couple weeks. And I think as we mentioned before, Sam mentioned, like, we didn't never got a relief rally this whole time down. So like that finally came in like, oh, good news. Come on guys, let's give it a relief rally. So. So like some people actually stay in the crypto market because it was getting a little bleak out there for a while.

Tim, what's your take? I mean, isn't there another meeting coming up for the Fed? A lot of people are Talking about possibly 100 basis points being raised. What's. What are you, what are you seeing kind of right now?

Yeah, the macro backdrop hasn't really changed. We saw the June inflation print, which I've been expecting to be a peak in June, and we saw it at 9.1%. My expectation is that we'll probably begin to trend lower in the second half of the year. But again, who knows? I just think markets have kind of been really exhausted. On the downside, at some point you're going to get a rally or a bounce. The bounce has been fairly impressive for Ethereum, but I mean, the bitcoin rally hasn't really, it hasn't really taken me by storm. And we just hit 23,000, which is, you know, it's nothing, nothing too impressive yet. I don't really, for me, my perception might begin to change if we get a crack above 30,000. Even then, I'm not necessarily bullish because of the macro backdrop. The Fed will likely raise rates aggressively again following a 9.1% CPI print. I'm actually still expecting. My base case is that we bottom sometime in the fall, given that bitcoin and crypto are still correlated with stocks. That correlation may have weakened a little bit recently. But if we come back in September, October, and you know, the economy's further in the doldrums and the Fed continues to hike, September and October are usually volatile periods for equities, and that might off actually rub off on Bitcoin as well. So that's my base case for now. Of course, things can change, but right now I'm just looking at as a fairly modest relief rally.

And are you looking at any kind of earnings reports or are you kind of taking that into play or account? If so, which sectors are you kind of like looking at?

Yeah, so earnings have been coming in and they've been coming in better than expected. Now, I should temper that because earnings are usually better than expected because when you set expectations so low, it's very easy to overcome them. So I'm looking at the blue chip companies. Usually earning season begins with the big financials, the big banks, you know, the Goldman Sachs and the JP Morgans and the bank of America, and then we start to see more of the other Dow Industrials and then the technology companies as well. So I'll keep my eyes on that and see how that affects stocks because there's still that gravitational pull that stocks are having on crypto. And it's been that way really since the crypto, since the Corona crash of March 2020.

And we also got to keep an eye on the dollar here because that's really like as all these assets have been going down, the dollar has been going up. And I'm expecting that to eventually kind of peter out and kind of reverse, which might, might work out well for even cryptos or other fiat currencies. But right now, the dollar is king dollar and it's kind of been relentless and it's, it climb up. So, yeah, we got to watch that too.

Yeah.

And on Jordan's note, I mean, the dxy, the dollar index, the DXY tracks the performance of the dollar against the basket of six currencies, most notably the euro. We peaked recently above 108, which is astronomically high for the DXY. By comparison, a few years ago it was in the low 90s, but now it seems to have kind of fallen back below 107. So has the dollar peaked? I don't know, but it's trading below where it was just last week.

Yeah. Danil, if you wouldn't mind just pulling up my screen real quick, I want to pull up that DXY chart so folks at home here can kind of Get a good look at that. So this is where Sam was talking about. We just peaked up at 109 in. Sam, if you wouldn't mind just kind of walking our viewers through here. For those who don't kind of know how to use this chart or look at it or interpret it, how do you like to look at the dxy and how does this kind of come into play with your absorption or research of information?

Sure. So everyone knows that the US Dollar is the chief currency in the world. There's a lot of talk about the US Dollar losing its dominance, and that might be true, but it's still the overwhelming, the largest currency in the world and what we've been seeing for the past several months. You take a look at this chart. The DXY continues to rise. That means the dollar is rising in strength against the basket of currencies. So the DXY tracks the dollar, the US Dollar, against six other fiat currencies based on a weighted average. And the biggest weight is the euro, which is over half of the dxy. Now, the Euro has been plunging. We saw it fall below one, which is the first time, I think, since 2002. So what it shows is that the dollar is probably the best of the worst right now in terms of global fiat currencies and it's strengthening. Now, what that means for crypto is that there has. There seems to be an inverse correlation between the dollar index, the DXY and Bitcoin. When the dollar strengthens, bitcoin tends to weaken. When the dollar is weaker, Bitcoin tends to rise. We are seeing that dynamic play out now as the dollar has been rising for several months now and Bitcoin has been on the back foot. It'll be key to see whether the DXY has peaked because if it's peaked, it might mean there might be some more relief rally in store for Bitcoin in the near term.

Real quick, Jordan, I want to dive into Matic because this is something you talked about in your article. So, Danil, if you wouldn't mind just pulling up my screen again. You said on the altcoin front, Matic continued to lead the pack higher following a week of several major announcements, including being selected to Disney's 2022 accelerator program. I know you touched on this earlier, but what is the significance of being accepted into Disney's accelerator program? How do you envision Matic being utilized in that ecosystem and why was it so important and people obviously reacted to it?

Well, it was the only blockchain put into the 2022 accelerator program. And obviously as we move towards the Metaverse and integrating blockchain with the Internet and whatnot, it's going to be like which platform is going to get the big dogs. And I think David is one of the bigger dogs in the field and for them to choose, but it's not like they're necessarily going to only stick with Polygon from here on out. Polygons are, they're chain. But for them to kind of hone on it right now is a good sign for Polygon. It also speaks to like the struggles that will continue to be faced with Ethereum and scalability like that. So they're actually looking at a layer two on top of Ethereum. So it actually kind of speaks well for both Ethereum and Polygon for me. But it's big for Polygon and they also recently got chosen by Reddit, I think, to host their NFT Marketplace or something like that. So it just seems like a lot of big players in the world who have lots of money to investigate and research blockchains are starting to look towards Polygon, which is a good vote of confidence for me moving forward.

Yeah. And I want to kind of shift things because we're about to dive deeper into Bitcoin. We've heard Sam's kind of macro take on where we're kind of at. But Jordan, you wrote another article talking about a metric warning of a final drop to 14k. We've seen the volume just, in my opinion, hasn't been tremendous and it hasn't been as high as we've seen during the bull runs. But it has been significant enough that we've actually seen some green candles. But one of the points you brought up in this article was this week Bitcoin once again finds itself testing resistance at its 200 week moving average. And the real challenge is whether it can push higher in the face of multiple headwinds or if the price will trend break back down into the range has been trapped since early June. I want to pull up this particular image here because you had talked about this. First of all, why is the 200 week moving average significant? And then why don't you kind of walk us through this little chart here that you had mentioned in the article.

Well, the thing is, it's more significant just because of its history. If you look on that chart, it's the yellow line below the black line. That's a 200 week moving average. Every time that it's dropped down below the 200 week moving average, we've kind of really been in the bare market and as you can see extends for 157 days back in 2011, 301 days in 2014, 134 days in 2018. The March one the, the CO crash was a, an anomaly. But so far this current time below the, the the 200 day moving average has only gone 31st 35 days. So if you just kind of look at the average of the pre previous ones and you kind of exclude the March 2021 we still got we, we're likely to have a, A a bit of time here below the 200 week moving average. So like all these calls for a rapid turnaround stuff might be premature. It's stuff like this because we just while there's multiple metrics that are kind of showing similar lows as we've seen in previous bare markets, what we haven't seen is the duration, the length of time that the whole market spends in the bare market. Which is why a lot of traders and analysts are saying that these are like fake pumps and to not expect the market to turn around real quick just because we've historically spent a lot more time below that 200 week moving average during the bear markets. And if you look pull up the other chart on that one below that like this one it talks about, it shows the different previous bear markets and that delta price, the bottom brown line. If you see back in 2015 and in 2018 during the worst of the bear market when the capitulation got its worst it spiked down to that delta price and popped back up. So far in this current bear market we haven't gotten anywhere near the delta price which is currently at 14, 2 15. So based on that some analysts are predicting that they're waiting for that final capitulation event. Is it going to happen? I don't know but there's a lot of people are assuming everywhere you look the most in the know analysts are saying that this bear market is going to go on for a lot longer. Even Sam saying we're expecting this, what do you say you're expecting a a bottom in the fall. So it's just don't get too over excited about this current market rally again this is why dollar cost average I wouldn't take like $10,000 and dump it in the market now. I would spread it out and do thousand dollar chunks over a period of time kind of a thing just to not jump in when there's clearly an opportunity for the market to pull back again.

Looks like real quick in the chat Shalom is saying the old bitcoin cycle is over. We are in the institutional cycle. So let's just play this out. If Shalom is correct, then how short could potentially a bear market cycle be in these this time of day? Sam, what's your take?

Well, the same line of thinking told us we'll never see 70, 80% drawdowns ever again. People like Willy Woo and them have been talking about the end of the four year cycle, the traditional four year cycle, and they were wrong in that the four year cycle is still the dominant bitcoin theme. Will that change in the future? It's possible. But what we've seen is a classic four year cycle. I mean this whole period was a classic four year cycle. We had a peak literally in year three, almost exactly in year three. And now we're seeing a decline into year four, likely bottoming sometime maybe in the second half of year four and the four year cycle will be wrapped up probably end of the year. It's been a textbook four year cycle. The only thing we didn't get, the one missing signature, was the blow off top right. So institutional investors, it's a double edged sword. They can actually lead to a rally that goes much stronger, but they can actually also deepen the declines. So I don't believe that. I still think the four year cycle is the dominant theme. Bitcoin's inflation rate, despite being very low, is still the primary catalyst for rallies. That just tells me that adoption simply isn't as strong as a lot of people thought it was. Because when you have an inflation rate that's below 2% and we're still seeing this level of volatility or this level of decline in the market, the long term hodlers or the overall state of adoption probably isn't as strong as we thought it was. Will we get there? I think we will. But right now the four year cycle is still dominant as as far as I'm concerned.

After seeing the losses, after seeing losses that like micro strategy booked and they were buying it all the way up and buying it all the way down and now they're kind of below where they their purchase price, I think a lot of institutions might be kind of pulling back like oh, do we need to invest in it? But I see if there is going to be institutional adoption, they'll be trying to get in on the metaverse and trying to maybe even establish their own platforms, whatnot, not necessarily investing in bitcoin or holding on the Treasury. So we'll see how the institutional investment actually rolls out and whether they want to Put a lot of money into already existing platforms if they want to kind of build their own things.

Hey Danilo, if you wouldn't mind just pulling up my chart real quick. So I drew this macro kind of trend line here. We still have yet to break it and I kind of drew the squiggle here as to what I think will be resistance is we'll kind of maybe reach 25, 26k and kind of revert back, probably back down to this 20k level. And that's kind of my take on. On where we're at. And I definitely think we're going lower. So this relief rally, I think if you kind of look at volumes is significant because we just haven't seen that much green. But I'm curious to hear your thoughts, guys. Is. Is what will clearly indicate to you when retail kind of comes back into the game. And then it tells you, hey, we might be out of this bear market. We're out of the woods. What's going to kind of tell. Let's start off with. With Jordan first.

Man, I don't know. I don't like to try to pick bottoms or win. Everybody's at it. Like what? From what I remember from 2018, it got really bad. People were giving dire predictions of bitcoin dropping down to like a th000 bucks or below that when it was around $3,000 and everybody was saying it was going to go bad. And I was like, oh man, maybe it's going to go up. So I actually started buying and that's when it went up. Just because I like, I look for, I kind of am a contrarian investor in the terms of what people are thinking. If everybody starts saying the same thing, I start being like, I just want to be different and go the opposite way. So when everybody, like everybody in the whole market is like, it's bad. This is going to go bad. Bitcoin's going to $3,000. That's probably to me going to be the signal for the bottom. But again, I don't. I don't really play that bottom game. I just start dog. I started dollar cost averaging already. I know what I want to do. I'm still working, you know, just going forward over the next few years trying to accumulate more crypto and wait for that next bull run and take a little bit more profits next time.

And today seems like a little momentum day. We just broke 23k earlier. We're at 23.2right now. So folks looks like they are in a buying mood. I want to go ahead and shift us over to our next segment, though. But if you haven't dropped your Twitter handle in the chat, go ahead to do so now because we're giveaway dollars to cointelegraph store. That's store.cointelegraph.com at the end of the show. So make sure if you're watching, go ahead and drop that in there. And if you have questions for Sam or Jordan, go ahead and drop them in there too. We're going to be hawking that chat all during the show. Make sure we address all of your questions. So let's go ahead and get into some of our crypto tips for this week and then we're going to be getting into why the world needs crypto after that. So stay tuned. Let's go ahead and get into our crypto tips for this week. All right, folks, you got to set profit targets and make use of those stop losses. Every trade we get into requires us to know when to get out, whether we're making a bitcoin profit or not. Establishing a clear stop loss can help you cut your losses, a skill that's very rare in most traders. Choosing a stop loss is not a random activity. And perhaps the most important thing to note here is that you shouldn't be carried away with your emotions. Great point. To set your stop loss, that is the cost of your coin. If, for instance, you acquired a coin at $1,000, set that as a minimum point you're willing to trade your coin. This will ensure that if the worst comes to pass, you can walk away with what you invested in the first place. Same applies to profit levels. If you target to get out of the market after hitting a certain minimum profit, stick to it. Don't be greedy. It's never nice to get greedy, that's all. So folks, make sure you use those stop loss, stop losses are your friend, especially in these kind of markets where we don't know what's going to happen. If there is going to be massive pumps, you want to make sure set those stop losses, use them. They are your friend. Thank you for tuning in for the crypto tips for this week. All right, well, we got a little video clip to show you. And while we're kind of on the subject of crypto, so let's talk about why the world needs crypto. And so we got the, we got the zoomed out focus for you guys. Say we get the 5 to 10 year perspective and we think that the world needs the crypto more than ever. And so we're going to show you a clip that's going to show you some of the impacts that it's having currently and what it could have in the future. So, Danilo, let's go ahead and play our clip for today.

I spoke to my team who were with me, and we decided that it's a good idea to launch the crypto fund. We already had the donation platform integrated into my exchange. So we just started the page and I announced this on my telegram. A couple of hours later, I received a call from the Minister of Digital Transformation. So he said, listen, we want to do the crypto fund for the country. I saw that you did your fund help us, you know, launch a deal as fast as possible. So we did that. That's how it started. I know the minister, I know the ministry because we spent the last three years now drafting the goal for the virtual assets. So obviously there was a bit of trust and understanding that no one is going to leave anywhere with this. There is already statistics coming from the Ministry of Digital Transformation. You can Google it, it's in Twitter. So the numbers are 303 bitcoins, 7926 ether, one and a half million of USDT on TRON network. So together it's close to 51 million. I'm really grateful for the crypto community that they're doing this. I can say that it's all humanitarian stuff. Like for example, the most important stuff was bulletproof vest, the helmets, first aid kit, bullets stopping batches, a lot of food rationing for the soldiers, like the packaged one for the military. Something like 400 tons, crazy amounts, Mariupol. We fed people there until we could and until there was the Internet connection and banking system was working there. We were feeding people in Kiev, in Kharkiv, in Sumy, in Chernigi. We see now that centralized systems are dead. I mean, they are losing to decentralized one.

Well, we saw the use case of humanitarian purposes there in that clip. Guys, curious to hear, in your opinion, why the world needs crypto more than ever. Is it truly going to be a decentralized world that we're living in here in the future? Sam, what's your take as to why the world needs crypto?

I think that what bitcoin does is it. It's an attempt to solve some of the biggest issues in our monetary system. It's hard money. It's, it's. It's something that, that a lot of people in the developing world are using to escape hyperinflation. I think bitcoin right now has proven to be the one truly decentralized commodity or asset. The more protocols that we have that can fill various use cases that are also decentralized, I think is going to be really important. I think Bitcoin is creating a parallel financial system right now. That's the best way to describe it. That could still interact with the traditional financial system if necessary, but essentially allowing people to take control of their financial future. So for me, I also think stable coins are playing a pretty big role as well. You know, stable coins were initially conceived as a way to provide liquidity for crypto traders, but now you're seeing stables basically be used for remittances, for payments, for transfers, those who want access to US dollar but are living in a country where there's sanctions perhaps or hyperinflation, you're starting to see a greater use of stable coins. So I think the future is bright. You know, my, my long term outlook on where crypto was going in Bitcoin in particular hasn't changed in terms of decentralization. Right now I see Bitcoin as the champion, not really any competitors there. But that's why the growth of DeFi also presents an opportunity and we'll see how that plays out in the next decade or so. There's going to be a huge need for Bitcoin, you know, as the 2020s continue to play out. A lot of, I don't want to be negative, but a lot of developments that are happening around the world right now that aren't very good. The trend isn't necessarily better when I take a look at the global political environment, economic environment. So I think that Bitcoin will play a major role in, in trying to put us back on track.

Excellent insights in, in Jordan, what is your take as to why the world needs crypto? And for those of you on at home, why don't you tell us why the world needs crypto as well. We want to hear from you too. But Jordan, I'll kick this to you next.

Just trying to like make the whole world a level playing field. Having any one country control the reserve currency of the world is, is unfair. And I think having cryptocurrencies again, the sandwich and bitcoin, which is currently the most decentralized and widespread, will give, will help bring that playing field more into like even and allow anybody around the world to kind of transfer money and value across anywhere else in the world without having a centralized NP be able to control it. That's really important and it gives a lot of leverage to the US being in control of the US Dollar. I am curious to see how it all works. And Sam mentioned stable coins. All these stable coins are based on the US dollar. But when the US dollar eventually fails, what are all these stable coins going to be based on? You can't base it on any specific fiat currency. So I'm really just curious to see how this transition plays out over the fears and how we all come to settle on a new one, which is what we really need. But again, why blockchain and cryptocurrencies are really beneficial is because anybody with a smartphone, and again, you can drop down a cell tower somewhere in the middle of Africa with some solar panels attached to it or whatnot to generate a signal. And then smartphones aren't that expensive and there's some programs out there that are making a lot cheaper versions of it. So you can kind of bank a lot of these unbanked populations around the world with just a smartphone using blockchain technology. So I think that is really helping bring the world up into a more efficient and fair and balanced economic system. I do think it's going to take a while for that to all roll out. Countries like America will be benefit more than other countries just because they are kind of, they have a lot of the money and a lot of the money will be directed into projects from the US and other more advanced and wealthy countries. But overall I think it's going to really help just level the whole playing field out on a global scale as far as financial matters are concerned and give a lot more access to people that don't currently have access to banking systems.

And I think that's one of the biggest use cases we see in Danilo. If you wouldn't mind pulling up my screen here from a article that we wrote here at Cointelegraph, one of the biggest peer to peer transaction volumes by country, well, I guess I should say continent here is Africa with Bitcoin and other crypto assets, followed by Central and Southern Asia. So clearly maybe places around the world that don't have that financial infrastructure already utilizing this technology and essentially leapfrogging a lot of developments that have happened and ascending and descending places around the world. So banking and peer to peer appear to be kind of like the leading factors from what I'm seeing as well. And the world's going to need blockchain. A lot of them just don't know it yet. So hopefully we will see a transition over the next period that's hopefully not, not a crazy wild one where there's blood involved and things like that. But we will see. Only time will tell us what this transition will look like to bringing bitcoin to the world. Folks, we appreciate everyone that's tuning in and if you haven't dropped that Twitter handle in the chat, go ahead and do so. Like and subscribe. Cointelegraph we're here. YouTube, 12 o' clock Tuesdays. All right folks, we got to get you Our Markets Pro. 2 coins this week that really took off. If you were viewer hawking your Markets Pro app the last six days you were getting alerts was alert city 97s, 98s 100 vortex scores. We're going to talk about two coins that pumped the most and hopefully get you guys excited because maybe next week you might win a one month subscription to that. So den, let's go ahead and pull up the chart for Route this week. Newsquake alerts if you're not familiar. Oh, let's go ahead with this. Delo.

Foreign.

Well, this week that's where we're watching and what happened while the news quakes, which are automated alerts that instantly notify users about market moving events. Well, Route earned its place on the top gainer chart thanks to news of a partnership with Travel Finance, a decentralized marketplace for cross chain lending. A News Quick alert was issued out to the markets for subscribers to the news. When RAL's price was 2.22 cents, it soon climbed to 2.91. That's a 31 gainer. Huge gains this week. You're gonna take that in any kind of market, especially when we haven't seen much green. And Route was that token that we were watching. The other token we were watching this week was Rad trading on their ticker. Rad. This one had a 70 vortex score which was not one of the highest ones I saw this week. However, it did have significant gains with the Vortex score. It's comparison between the current market conditions and social conditions of those in the past. What happened? Well, RAD was the top performer this week as high Vortex scores preceded significant price movement. The token first saw green scores highlight historically bullish trends. When the price was A$45. The price soon jumped up when its weekly peak of $2.25, another 37% gainer. Folks, that's the power Markets Pro and those were our two coins that you should have been watching this week. All right guys, it is time for Closing Thoughts Today. I want to hear everyone's closing thoughts for what what to do this week. We know. Jordan, are you Going outside this week. I think everyone at home wants to know.

Well, I haven't been going outside as much because it's been like 105 degrees out. But I do enjoy it when it's at night. It's a little. Yeah, it's been hot. Yeah. I've been joining this green in the market. I mean yesterday I was like, oh, green. And today I was like, I'm like, oh, I get to write and there's stuff to write about because the markets are green and I'm excited. But I was around in 2018 and I remember when like prices pumped and then they dumped over the course of the summer. So don't expect this to like take us to the promised land to like new all time highs for bitcoin. But if you have been buying on the low and you want to do some short term trading, this isn't trading advice. But you could potentially don't like, if you're like, oh, I should take some profits, don't be like kicking yourself because there's a good chance you'll be able to reacquire it lower. Just because a lot of the signs out there are saying that we will have another drop down. But you know when everybody's saying that it's not going to do it. So maybe we will head higher and we'll. All these people that are no you newbies, you don't know what you're talking about. The market's going to go buy and they're going to be the ones like, oh crap, I gotta buy higher. And all the unsmart newbies are the ones that bought low. I don't know, it could play out like that or we could drag on for another six months to a year. So again, dollar cost averaging. Don't make all your life about crypto. Go outside, enjoy the sun and try to find something to do that you enjoy.

Very good. And Sam, any closing thoughts here for today?

Yeah, ultimately, if you have conviction in this market, you know, accumulating Bitcoin at 22 or 19 or 17 or 25 isn't really going to make much of a difference. I think when you, when you look at assets like Bitcoin and even Ethereum, there's a high conviction rate. And if you are convinced that this asset has a long term viability, this environment provides a good opportunity to accumulate. Again, you have to look at your own financial situation and see how much you're willing to allocate to bitcoin into crypto in general. And I think that you're looking at a new asset class that's still budding, you know, a lot more volatile perhaps than a lot of us would want. But ultimately these levels provide, I think, in my opinion, a good entry point. And once the dust settles on all this, the next, you know, several years, it's not going to matter whether you got in now or a few months ago or a few months from now. I think overall we're heading in the right direction. But there are market dynamics you have to look out for. So lower your time preference and look at where we're going in the future. I think you'll have a better opportunity to sleep at night when you take a look at that in that perspective.

Very good insights from both. And I want to go ahead and issue out the $50 to the Cointelegraph store today. Looking at the chat right now and it looks like Vic Invest 1 is going to be our winner today. That's V I K I N V e s t s 1 Vic Invest, we appreciate you tuning in. We appreciate everyone that tuned in today. But Vic Invest, you are going to be our Coin Telegraph Store winner for today. And my closing thoughts for today is we're gonna miss Jordan. We want to give Jordan one of our great friends here the show, warm welcome. This is be his last day. So folks, give Jordan your warm goodbyes. We love the man. We have loved him on the show. We're gonna miss him tremendously, but we wish him the best of luck with his future endeavors. And you're always welcome back to the market Report Jordan anytime you want, man. But my closing thoughts for today is hold strong, guys. This is a, this is gonna be a very volatile market and I think we're going lower. So like Sam said, have conviction and make sure you're using those stop losses like I said in the crypto tips today. Gotta have those, gotta use those. Folks, it's been an absolute pleasure. We appreciate everyone for tuning in. And again, big thank you to Jordan, all your contributions to the market report and the community here. We love you and we wish you the best of luck. Thank you all for tuning in today. It's been a pleasure. Until next time.

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