Vitalik slams Saylor — What’s next for Bitcoin and Ether?

Foreign. Thanks for hanging out with us here on the Market report at Cointelegraph. I am your host, Benton, and we're joined again by our resident experts, Marcel Peckman and Sam Borgi. Sam Borgi is a business editor at Cointelegraph where he brings a decade of experience in economic analysis and financial market writing. Marcel Peckman applies his 17 years of experience trading derivatives options for futures to the crypto derivatives markets. What is up, guys? How we feeling this week? Marcel, what's going on, dude?

I think the longer we stay below $25,000, so this bear market stays with us. So uncertainties now, people first, people were saying, oh, it's because of three ac, the crash, voyager, Celsius, now they shifted. No, no, it's because of the global monetary recession. So people were still struggling to find excuses to explain why bitcoin is below $40,000. So when these things happen, it shows me that we should have been, we should be right now above $40,000. But the market is scared. So it could take another couple of months. But when the sentiment shifts, it's gonna be quick because excuses are, are being made to justify bitcoin being below $40,000.

Great takes. And Sam, what's going on this week, man?

Well, it's still pretty status quo, isn't it? I don't really see anything new coming. Nothing has really changed in the market as far as I can tell, but there's a lot of interesting forecasts being put out. So right now I'm still status quo, more or less.

We saw a slight recovery and now things are kind of starting to shallow out. We're going to dive into some of the biggest headlines. Vitalik Buterin throwing some shade at Michael Saylor. This week we're going to be talking Bitcoin and Ethereum where those both will be heading next. Marcel's going to give you his expert takes as to what he's seeing from the professional trader standpoint. But first things first, folks, we want to thank everybody for jumping in today's show. We appreciate all of our loyal fans out there. Big shout out to Katherine Vicram. Wrong again. Good to see everyone back. Feel free to drop your questions or comments in the chat and make sure you like and subscribe Cointelegraph on YouTube. We're here every Tuesday at 12pm Eastern. And folks, don't forget we are giving away $50 to the coin Telegraph store today. So drop your Twitter handle in the chat for your chance to win. So let's get things started here with our weekly roundup to give you some of the biggest highlights from crypto Twitter this week. So, Danilo, let's go ahead and jump in.

Can't hear you, Benton.

Always, always a pleasure to see that there's another scam or a hack going on. It wouldn't be the crypto space without it. So some of the biggest headlines from the crypto Twitter sphere. But first, I think we have some memes to get into this week. So let's go ahead and show you some of the latest memes for this week. What do we got first here? You tell your friends to buy bitcoin. It pumps the next day. That is the the prodigy.

That's the one.

We all love that meme. Bitcoin is worthless. Cool. Send me one of them for free. Yeah, not happening. Can't have my bitcoin dogecoin just made up money with an infinite supply. Federal Reserve tucking its tail. Yep, that's about right. When it's career day and your dad walk in with his NFT collection, that's great. Next generation growing up is gonna have it real good. All right. Fantastic job again. And Adrian Dennell, thanks for the memes this week. Always enjoy the chuckle. I see folks joining in from around the globe. Tell us where you're tuning in from today. Thanks for jumping into the market report. I know we're going to dive into some very interesting topics this week. Vitalik Buterin throwing that shade across the Twitter sphere, tweeting at Michael Sailor. One of the big headlines we're going to dive into. But first, I want to talk to you about a little bit of bitcoin. So let's go ahead and jump into our first article here that we have pulled up for you. So, Danila, if you wouldn't mind just pulling up my scre green headlines gonna read Bitcoin bulls event 23k amid warning bear market rally alive and well, guys, what did we see so far? This 23k mark seems to be kind of holding. We haven't really broken that far above it. What is this telling you and, and why is this such an important key metric right now? Marcel?

I don't think that 20, 23 or $22,000 is an important metric. I think what bitcoin needs to do right now it stay above $19,000. Because if we see another retest of $19,000, for some reason, investors start beginning, well, we were at $18,000 just a month or two months ago. Now we're retesting 19,000. So what's going on here? Is the fundamentals improving or not. Because when we shift the fundamentals of Bitcoin, for instance, the number of transactions of number of active users using Bitcoin or Lightning Network itself, it has little over 4,000 bitcoins, which is way too small compared to Ethereum Defi, for instance. So adoption in terms of companies or countries, it stagnated over the past six months. So if the price plunges back to $19,000, I think investors will rethink their position and say, well, if it's plunging to $19,000, maybe it's better to sit and wait because it can drop to 15 or $16,000. So I'm going to exit my positions and wait for a better entry point. So if it floats above $20,000, I don't think investors should be concerned right now.

The one thing I will point out, Marcel, is that the the key level of 22, 800 is where this 200 week moving average stands. We just broke above it with a couple wicks, but wasn't necessarily that compelling. So you see REC Capital Trade tweet out the new BTC weekly close above the 200 week moving average means that Price will retest this moving average as new support this week. BTC already held the max as support last week as evidenced by the downside wick. So that's what kind of this article is alluding to, of saying that even though this isn't hypercritical for the overall macro of Bitcoin, that in the short term, if this level holds, it seems to me that this could continue to, to form support moving forward. So Sam, what is your take on, on what's going on right now with kind of the recent rise above the this, this moving average? What is this telling you? Has your take changed at all over the recent weeks?

Well, I suppose the big question on everyone's mind is have we bottomed or not? I mean that is really the critical question. I know that we had an interview with Mark Yusko recently. We all love Mark. I had a pleasure of meeting him in Miami and he basically said we've bottomed, which he made a compelling case for that. Obviously the 200 day moving average is very significant. My thesis is still that we have another wick lower probably in the fall. The activity that we've seen over the past few weeks hasn't really changed that. Although we are seeing some buyers step in around the $20,000 mark. I mean, that's been defended quite a few times, surprisingly to me, because we haven't really seen that volume signature to indicate that the market has flipped, but there's a lot of people bargain hunting around 20k and it seems like a lot more people are adding to that position. I expect that the number of hole coiners is going to be rising substantially over this period as people buy these low levels. So overall my overview hasn't really changed. I still see us probably bottoming out with the broader macro bottom in the fall and we can begin the new four year cycle after that. But overall we're just splitting hairs here. Bitcoin at 22 or at 19 or at 16, it's not going to make a difference 18 months from now.

The one other excerpt that I wanted to point out from this article is that they talk about some of the on train metrics, some of Sam's favorite statistics to review. One of the quotes from this article is that however, under the surface on chain, transactional demands remain lackluster at best and this rally has not yet seen a convincing fall through an observable demand activity. So kind of adding to Sam's point, there is the demand isn't there. However, a lot of people are kind of targeting that 20k level and adding into their position. So the last question that I wanted to ask, and then it looks like we have a couple questions here in chat, is we saw kind of a little bit of a rally after the meeting, the FOMC meeting last week. Why? Why are we rallying out of these FOMC meetings? A 75 basis point hike. Like Sam, what's your take as to why this is happening?

Well, aside from the fact that we live in a clown world. Let me see. I think, I think Powell during the interview portion or during the press conference basically said that the Fed will begin to shift to be more data driven. Now the Fed is always so called data driven, but it seemed like some people read some of his comments to mean that okay, now the federal funds rate is moving to a more neutral level, we can start maybe to decelerate the pace of our rate hikes. We're still going to be hiking, but maybe not as aggressively. So investors I think took that to mean that maybe the worst of the of the rate hike pain is behind us. So again, grasping at straws, I still see us going up a lot more or maybe not a lot more, but at least a few more rate hikes into the fall. I think investors are still underestimating how much the Fed can hike given the fact that inflation is where it's at even if the CPI print is 0 the rest of the year. The overall 2022 CPI rate is going to be much, much higher than the Fed's target, which is 2%.

Fascinating. And I guess we'll see if we are yet to see 100 basis points. I see wrong again saying because it wasn't 100 basis points that we rallied. So interesting that people were kind of maybe expecting a higher hike, but we only got 75. So question from the chat with China and US tensions simmering, what impact would it have on the crypto markets? Marcel, what are you kind of seeing with potential tension between China, Taiwan, the US what other kind of fallouts could potentially happen with the traditional markets?

Well, Ben, I think that those narratives are going to be drawn or the conclusion of the narrative after the fact. So for instance, right now it seems like we're still in a bear market. So any news tend to have some negative impact on markets because investors sentiment right now is maybe there's a recession on the way, maybe there's war on the way. So why would I do I want to hold risk assets like Bitcoin and Ethereum? So likely if there's a headline of war or conflict escalating between China and us, as we've seen with Ukraine and Russia, primarily, the initial impact will be negative for crypto assets.

But.

It should be the opposite if you think it true. Because if China is banned from the Swift or if there's some kind of tension or economic dispute between the two countries, there's more demand for bitcoin as a scarce asset, as an asset, that's censorship, resistant from governments itself. So but the initial movement, I think it's going to be negative because we're in a bear market just because of that.

Get. Sam, anything you'd like to add to commentary about the simmering tensions between the two nations?

Well, we saw what the trade war under Trump did for risk markets. In the short term, we had a lot of nasty headlines about tariffs and trade wars back in 2017, 2018. And the short term effects, as Marcel mentioned, were, were quite negative. So again, but those are short term. It's really going to depend on, you know, where these tensions, how, how they're resolved. I know the US has already threatened to take China off the Swift system. You know, that was, I think they reiterated that thread a few months ago, which is, I don't know, man, you weaponize Swift. How do you expect the dollar to be the neutral global currency when you're weaponizing the financial system like this? But maybe in five years Swift won't matter anymore, right? So it's something to keep in mind, I think this is a geopolitical tension, you know, with Taiwan and with the visit. So overall you got to see where it's going to go. But short term volatility for sure is a staple of these headlines.

Very good. And we appreciate all the audience's questions. Say we're going to be checking that chat. So if you have questions for Sam or Marcel, feel free to pop them in there. Going to go ahead and pivot over here to our next article. Today, headlines reading. 3 Bitcoin Trading Behaviors that Hint that BTC's Rebound to 2024K is a Fake out. So on this daily chart, bitcoin has rebounded at least five times since November 2021, securing 23 to 40% gains on each recovery. I'm going to maximize this image here. You kind of see a little bit of the, the trend patterns here. Blue line being the 200 EMA, the red line being the 50 EMA, and then the black line being the 100 day EMA. Are we at a local top right now and could we go down further? Sam, what is your take here?

Well, we're talking about tops now. That's interesting. Yeah, look, I think you know my view on where the market is. How high can it go on a short term relief rally? I was expecting a bigger relief rally months and months ago. We didn't get it. So the fact that we're getting some movement up the mid-20s isn't really that impressive to me. It really means nothing actually because we're used to getting bear market rallies in any market. We haven't really seen one in bitcoin. It's been like the meme down only. So I would generally agree that it's a fake out. I don't see any volume signatures to suggest the bulls are back and forth or that retail is back. Right now we're in this weird macro climate. Everyone is still kind of unsure. Everyone's trying to feel everything out. There's a lot of capital on the sidelines. Once they get that green light, you're going to see a flood back into all types of risk assets. When is that going to happen? It's going to depend a lot on the Fed. People are expecting a pivot this year. Maybe, maybe not. I tend to think that they have more room to continue hiking, but I think it'll all come to a head in the fall. That's just my take on it right now. So look for the CPI report, the FOMC stuff. You got the Jackson Hole summit, end of, end of August and then we can see how September, October are going to roll out.

So just a quick follow up.

Disagree with Sam. I'm going to have to.

What do you got, Marcel?

Two issues that's pressuring right now. The first one is regulation. We just saw Coinbase, the biggest US exchange, a former manager being jailed or threatened to go to jail because of insider trading. And the regulators clearly said Coinbase listed nine securities. They gave the name of the coins that they consider securities and they're alleging that this former manager did some front running. So this involves not only Coinbase but most of the exchanges and most of the venture capitalists and most of the market makers and the participants on the crypto markets. Whether we like it or not, crypto is not only bitcoin. The exchanges depend on those altcoins, the VCs depends on those ICOs and NFT markets and etc. So I think right now regulation is a big risk for crypto markets and for bitcoin itself. Even if we don't talk about altcoins, the hash rate topped like two months ago, the hash rate topped at 230exahashes and it's right now at 200exahashes. It doesn't matter what's the reason causing that. But from an investor perspective, if the hash rate, which is the miners, computing power, processing power, it started to grind down. Changing a shift that has been going up for two years, that's concerning. So I think that those two factors are waiting in and want to be until we saw a reversal, a change on that. We're not going to see Bitcoin above $30,000.

You heard it folks. I want to kind of zoom out for a second. Are we in the midst of a long term deleveraging of the markets considering that we are now officially in a recession? Regardless of whether the White House can actually present the proper definition of a recession, are we in the beginning of a long term deleveraging? Sam, you're shaking your head.

Yeah, I'm shaking my head at the, at the recession aspect and how they basically decided, you know, if you don't like the way a definition is, you can just redefine it. And then all of your patsies in the media, you know, your CNBC's, Foxes, CNNs, all of them, they're all the same, they decide to actually change the definition for you, they'll help you do it on Wikipedia as well. They change the definition of what a recession is. Mind blown. Mind blown.

Did they really?

In terms of deleveraging you know, I think that we are going to see a, a strong recovery in markets after the Fed breaks what it's do what, what the market's breaking the market right now, it's going to have to eventually reverse course. At some point I think you're going to see a massive run up and then you'll see the great deleveraging I think might come a little bit later. Don't underestimate just how much air the Fed can pump into the system. Right now it's taking the air out, save, it's to save its, its legitimacy. But eventually you have to put it back in. As we head deeper into a recession and as we all get a lot poorer, you know, the 401ks, the Roth IRAs, our assets, we're all getting a lot poorer. Anybody who's going to be retiring the next few years are going to be retiring into this. So the Fed is going to have a lot of pressure on its, on it to deal with. And I think that the air and the bubble is going to get a lot bigger before we get a massive deleveraging impact. Just my opinion.

And I guess Marcel, this question's for you. We saw negative GDP obviously the last two quarters. What would it take for the US to flip this GDP positive in your opinion and what kind of factors would be play into that?

I think as soon as investors get more confidence that the economy is not blowing up, meaning what Sam just said that Fed is going to support the markets or at least stop hiking interest rates as soon as this moment steps in, then there will be more investments, companies will be more eager to hire people and to build products and consumer housing prices will go up and the economy will start to pick up again. The problem is if inflation goes back up again and Federal Reserve is betting that no, we're going to be able to do a soft landing and when the markets recover, inflation is not going to be picking up. So that's the main issue. But initially, as the Federal Reserve says, okay, the maximum rate hikes is going to be 25 basis points. From now on, markets will rally. But we're going to have to monitor how the economic data goes, especially inflation, because if inflation starts to trend up again, Federal Reserves will be with their hands tied and that's when cryptocurrencies and Bitcoin especially will soar. But that's going to be for 2023, not for 2022.

All right, I do want to talk about eth today because I know Marcel is going to dive into a little bit more specifics about this, but one of the big headlines that we saw this week was how people are saying that ETH is kind of consolidating after the recent news about the merge coming up in September. Is the hype really real or was this a big nothing? Burger Danilo, let's go ahead and pull up this article written by Braden Lindrea here at Cointelegraph. A couple of the big excerpts that I wanted to read was that the thesis has been based on macro factors and price analysis of the cryptocurrency, noting that the Fed still continues to ramp up quantity tightening program which drains liquidity, while noting that ETH's price had reached technical resistance around 1800. We see ETH kind of coming back down to earth this week right around 1500. What is your take? Has anything changed in your eyes from the fundamentals? And what does this upcoming merge mean for Ethereum? Sam, if you wouldn't mind jumping in.

Well, I think we've been talking about the merge for a long time and I think there is some meaningful progress being made. It's more than just hype. So I think that Ethereum can improve. The fundamentals are improving. I think the hype is going to be returning to a limited extent. Even during a bear market, we could still see some strong bear market rallies. Overall, I think Marcel's talked about this before, but the new updates aren't really going to solve some of the long standing issues around scalability. So the negative press around Ethereum is still going to be there, but I think the merge is still going to be a very significant milestone. We've been talking about it for a long time now and as such it'll probably be big enough to serve as a catalyst for price in the short term. So it'll be an exciting few months for ETH holders. I think despite the fact that we're in a broader macro downtrend, you could still see some momentum or at least a consolidation in the next few months.

Marcel, you want to add anything then there for Ethereum?

I think there's two factors in play here. The first one is the miners. Ethereum miners. How strange they are. Like Bitmain just launched Asic miner for Ethereum. So yes, they're gonna support Ethereum fork based on mining proof of work. So I don't think that Vitalik and their friends want to fight them right now. So it's easier just to postpone the merge. But having said that, what the Ethereum fans are rooting for, it's not the end of the mining itself, they don't care about the energy use. What they care about is inflation. Because right now Ethereum doesn't have a hard cap hard limit. It implemented some of burn mechanism but it's still an inflationary coin. So what Ethereum supporters are rooting for is the end of mining will not require any more eth printing to finance the miners, the validators, so only the staking will be in place. So lesser inflation, they think that's what's gonna drive Ethereum up, but I'm not personally fan of that definition. I think that what investors want is they want to know what's going to be the inflation in the next three, five, 20 years. And Ethereum keeps changing the rules every year. So that's not what investors want. But the core devs and the Ethereum fans do believe that a lesser inflation will be equivalent to higher demand and higher prices. But that's not true.

And we have a question in chat here from crypto would merge lead to lower eth fees? I think we've touched on this before but Marcel, if you wouldn't mind providing us your insights here.

No, Ethereum merge doesn't change the fee processing or the demand for the block space. What's going to change the fee structure is the sharding process. So the parallel processing, the 64 channels that we validating transactions and smart contracts in parallel. But right now the merge is only by is only going to take the proof of mining the miners away from the from the validating set and implement the proof of stake. So no more mining but nothing on transaction fees.

Very good. And the last thing I want to touch on today is what we started with Vitalik slamming Michael Saylor. Danil, if you wouldn't mind pulling up the old Twitter, take a look at this tweet from Vitalik. I'm going to zoom in here so you all can see this. Vitalik says why do maximalists keep picking heroes that turn out to be total clowns? And I guess this was in reply to Daniel Robust again against quantum attacks. Goldman. Guys, is this, is this just typical crypto drama right now or is this something real? Kind of, considering the Vitalik's kind of calling out Michael Saylor here. Sam, I'll let you jump in here first.

Well, I'm surprised that Vitalik actually clapped back so aggressively. Usually he's not that aggressive in his response. I mean Michael Saylor and a lot of the, the bitcoin maximals have been calling Ethan outright scam, you know, from the very beginning. Taylor may have may not have called it a scam, just security, but a lot of the people have called it a scam, scam. So it's, it's interesting that he actually responded. But it's crypto being crypto. I mean it's the most toxic community you're ever going to see on the Internet. Especially the past couple of years, I think it's getting a lot worse. It's become like really hateful out there, especially during the bear market. People are pissed, people are really not happy. And on Twitter that's where the, that's where all the hits the fans. So I'm not surprised in the back and forth. I am kind of surprised that Vitalik actually responded by calling him a clown. That's, that's kind of funny.

I, I mean and you saw Sailor do the interviews in recent weeks calling Ethereum and outright security. So maybe this is in response to Saylor's public appearances recently. But Marcel, let you kind of chime in here as well.

Yeah, I think Saylor is clapping for the regulation. So in sailors heads somehow if regulators block those scammy altcoins, not saying Ethereum is one of them, but if the regulator steps in, that's going to be good for the industry. But you can either choose decentralized or centralized. Once you clapped for the regulations and said well we need you, we need you to regulate to say what is the security, what is not. You're basically saying that investors and users by themselves are not able to decide. So I think Saylor, maybe he's doing that because first he's deep dived in bitcoin. His company has a huge balance sheet exposure to Bitcoin. And second, because he saw some venture capitalists and funds getting a lot of money from retail investors by joining those ICOs and doing illegal stuff. So he's kind of resentful. But bear market thinks exactly right.

No one else has anything better to bicker about. So it seems like they're taking their frustration to the Twitter sphere. The rumble royale for all crypto Twitter. All right folks, we are going to continue this show here. Don't forget to drop your Twitter handle in the chat $50 to the Cointelegraph store for all the swag from your imagination and dreams. We have it in there. Next things next is we have the Crypt quicko tips this week so let's go ahead and jump in. All right. Keep your crypto wealth on a cold wallet. There are two types of crypto wallets, hot wallets and cold wallets. Along with each Wallet comes its private key, a cryptographic password that provides users with access to their funds. Hot wallets are digital, always online, connected to the blockchain. While these allow for quick and easy transactions, their always online nature leaves hot wallets relatively prone to hacking. As a general rule of thumb, it's risky to use a hot wallet to hold any amount of money that you're not comfortable losing. Cold wallets, specifically hardware wallets, are physical devices that store your crypto offline and can only be connected to the blockchain using your private private key. For no more than $150. Hardware wallets that look similar to USB drives such as the Ledger and Trezor can store multiple cryptocurrencies and significantly reduce your risk of getting hacked. Here is also a few additional wallet safety tips for you. So always have your two factor authentication on wallets and exchanges that allow it. Never give out your private key. Don't keep your crypto on an exchange unless you plan to actively trade it. The only thing standing between you and a hacker is your basic password. All right folks, that is your crypto tips for this week and I want to go ahead and give a quick shout out. I see people dropping their Twitter handles in there. Rich new design. Good to have you back in the show. Really happy to have all of our loyal audience members today. Thank you again for tuning in. Love having you here. Next things next though is we got Marcel gonna give you the goods about Bitcoin and Ethereum this week. He's going to get into some of those technical professional trading statistics that you're going to want to hear. So I'm going to let Marcel take away next.

Okay guys, so correlation, that's what's limiting Bitcoin's recovery right now and Ethereum's. We might think that cryptocurrencies trade solely based on investors expectation for adoption, inflation protection and censorship resistance features. But the truth is the broader market participants, they do not care for any of that. So in short, Bitcoin is perceived and traded as a risk on asset. Sure, on longer time frames it might work as a hedge of central bank's exorbitant expansion in measures. So they print money like hell and every risk on assets in the world. Oil, bitcoin, housing, stock market goes up, but that's not what moves the bitcoin price. On a day to day basis holders have zero influence on the crypto prices being traded on exchanges, at least on a short term basis. Moreover, during extended bear market periods, the odds are those bulls are already all in they're overly committed to. So the lesser odds of having spare cash available for buy ins. So Danilo, I want to share my screen please. So here we have the Bitcoin chart, the blue area stacked against The S&P 500 stock market index in the orange area. And notice how both assets are in sync. They have the same trend upwards and downwards movements. So the, the indicator, the CORRE correlation indicator currently stands near 70, which is significant especially consider it has been high for the past four months. So the movements up and down of the S and P are being replicated on Bitcoin right now, which translates to a high correlation. Thank you Danilo. And that's a major red flag, at least for now considering the recession risk imposed by the surging inflation and the Federal Reserve's initial movement to revert those measures and sell some of its assets, the debt assets over the next 12 months to curb inflation. I'll explain it how it occurs. So the Federal Reserve balance sheet is comprised, composed mostly of mortgage backed securities, U.S. treasuries and corporate debt using ETF instruments. That's what compromises the Federal Reserve balance sheets. And currently they hold near $9 trillion worth of those junk assets. And they promised to reduce it by 1 trillion in one year. So that's what they said. So once those stimulus measures were cut back in June and July, initial signs of crack in the economy started to emerge. So the GDP which is the broader growth index of the economy presented a minus 0.9% second quarter performances. So a contraction in the economy. So from one side it is positive. Yes, the market needs to cool off. It's known as soft landing. The Federal Reserve reduces the stimulus measures to wind down inflation. But on the other hand it increases the costs of companies by increasing the Federal Reserve interest rates. That's going to kill some jobs, that's going to kill some excessive leveraged companies. For instance, even a 20% housing price could trigger a major recession. So investors are worried about that right now. So that's what's living in crypto markets right now. Forget about lightning, network capacity or ethereum merge, it doesn't matter. Right now investors should be focused on what the Federal Reserve is doing and how the economy is reacting. So focus on the big picture and stop paying attention for these little details because they don't really matter right now.

Excellent information from our cell today. We appreciate your in depth analysis here of what's actually going. A quick underscore I want to add to that. If you have not watched how the economic machine Works by Ray Dalio. Go watch it. It's going to talk about a lot of the points that I think Marcel brought up and it's super easy to understand about all of these components, about central banks, governments, how they all interact. Break it down, by the way. Great watch. All right, folks, the next segment we have today is the Markets Pro Seg have been watching these two coins and this week we're going to highlight the two that absolutely went in fuego based on our Vortex Score and our News Quake. So let's go ahead and jump into our two tokens that you should have been watching for our Markets Pro segment. Don't you wish you had some of those news quakes fire off? Well, this week that's exactly what happened. Newsquakes are those automated alerts that instantly notify users when market moving events happen. This week Rose trading under the ticker Rose saw significant price movement this week after news of a partnership with Meta. A newsquake told Markets Pro subscribers about the development when the price was at 5 cents and it soon climbed to the peak of 8 cents. That is a 60% increase. And you see there on the chart huge gains. And that's the power of the News quakes. The next token that we're watching this week was RAD trading under the ticker. RAD and the Vortex score, which is a comparison between its current market and social conditions of those in the past, lit up with a 50 this week, which is typically a neutral indicator. But earlier this week, RAD saw several green Vortex scores flash to alert Markets Pro subscribers of bullish historical conditions. At the time the scores lit up, RAD was trading at $1.84. Few days later, that price skyrocketed to $461, a remarkable increase of 150%. Folks, that is why you got to use Markets Pro is the power of the Vortex Score and the power of the News Quake score. And that's why we have this news for you guys this week is to be able to use those tools as powerful in your trades. So folks, I want to thank everyone for tuning in today and if you have questions or concerns here for our final closing thoughts today, go ahead and pop them in chat. I'm going to give you an opportunity to ask Marcel or Sam any of your burning questions here, but we are going to be giving away that $50 to the coin Telegraph store, so make sure you drop your Twitter handle in the chat. All right, guys, I want to get those closing thoughts today. Sam, why don't we start with you here while we wind things down, what kind of closing thoughts do you have for today's show?

I suppose we should all be thinking about enjoying the rest of our summer. You know, here in the Northern hemisphere, it's gonna be, I think, a bit on the, on the lull the next month or so. And September, October is usually where all the fireworks happen. So ensure that you're well allocated. If you believe in bitcoin and in crypto, be allocated in the market at this time. And I know it's hard to promote that now is a good time to be in the market when conditions are so bad, but this is really where you get your position. Obviously not financial advice. It's just if you're thinking about investing in bitcoin and crypto, the best time to do it is during macro bottoms, or what some would call generational bottoms, although I think it's too early to call any kind of generational bottom, given just how volatile crypto really is. So now is the time to kind of be get allocated and look for the future. I think in 18 months from now, the market dynamic will look vastly different, especially as we head into the next halving. So patience is a virtue, as it always is, especially in investing.

Great advice. That was not financial. Marcel, what are your closing thoughts this week?

I agree with Sam, but I want to highlight, for instance, bitcoin is trading right now near $21,000. So let's imagine someone says, okay, so I'm gonna wait. Maybe there's a dip back to $18,000 or $70,000 and it goes to $19,000, for instance, but by the end of the year, it rallies to 26 or 27. How do you think that person, especially if that's you, are gonna feel about it? You're gonna say, I missed the boat, so I'm not gonna pay 26 or 27 right now. Maybe there's another break or another bottom over the next months. And what's gonna happen is that bitcoin is gonna fly to $30,000 and you're gonna miss the boat. So it doesn't really matter if you're paying 19, 20, 21 when the price shoots up to $30, and it's a matter of when. Sure, it might not. It might not be in one year, but it's going to happen because the US Dollars in circulation will never stop being printed. So it's a matter of time. It can take three, four years. Yes. We don't know about it, but once it hits $30,000 and you didn't buy at 20, 21 or 22, you're going to have missed the opportunity and you're not going back into bitcoin. So at least by 30% of the of your position, if you rather stick with Ethereum right now, do it, but at least do a 30% opposition. Don't stay out of the markets.

Guys, thank you all for sharing your thoughts for today and all great points. And I'm going to echo what Sam and Marcel are saying. If you don't have the price of a full bitcoin right now, dollar cost averaging is your best friend. So you catch those swings up and down. It all averages out over the time. That is my opinion. That's my take on things. I want to go ahead and give out our 50 gift card to the Cointelegraph store today. We appreciate everyone for tuning in, chiming in with your questions, love having you here and chatting it up with everyone in the chat. But today I want to shout out Wade Finley and you are going to be Our Coin Telegraph Store 50 gift card winner for today. So that is at Wade Underscore Finley. We will be shooting you a DM on Twitter to give you that gift card. So congrats Wade Finley and hopefully if you didn't win today, maybe next week. So make sure you are here next Tuesday at 12pm Eastern. We appreciate everyone from tuning in from around the globe and we look forward to seeing you next Tuesday here on the Market Report. We'll see you. Sa. Sam.