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It supports the podcast and it doesn't cost you anything. Well, folks,
a bitcoin endy crypto market continue to pull back. Bitcoin currently sitting at
sixty five, five hundred and seventy one dollars and this is the pullback the
local top we've been talking about for a long time. A lot of people
have been trolling me, Oh, Bitcoin's going to keep going. This time
is different, but market cycles have to play out. Market principles have to
play out. Right. There can be periods of incredible surges and movements of
price, but in order for that to be sustainable, as to keep going
higher, we have to cool down. We have to build support level.
So we see some pretty big red candles here on the daily chart. But
that's beautiful. That's healthy, you may say, Tony, how are red
candles beautiful? Because it is allowing us to set the support levels to keep
going higher. We want to go to six figures, not just seventy four
thousand dollars. And if you look back in the history of bitcoins bull market
moves, we've had significant pullbacks on the way up. This is normal in
a bull market. The important thing to note is we are any up trend.
We are any bull market, and we have to build support levels along
the way. A key metric we've been looking at is the Dxider Dollar Currency
Index continues to look strong. You see it's printing green candles on the daily
chart. So risk assets like bitcoin and all coins are going to continue to
move downwards. So everything is bleeding right now. Meme coins, all the
all coins for the most part, except for maybe salon A. Salona continues
to move pretty strong. It's one point two percent over the past twenty four
hours. So Solana, you know, it's funny. In the early parts
of the bull market, starting in twenty twenty three, we saw Solana was
moving. A lot of liquidity is entering via Solana and then circling its way
up to Bitcoin and then from Bitcoin back down to the all coins. And
we've been seeing meme coins have been going crazy lately, but they're still holding
some of the strong positions here in the market cap like doche cooin is still
number nine, shiba Enu is still at number eleven here. So still a
lot of liquidity in these meme coins. So let's take a look at some
data around bitcoin. One of the other indications that we are still in a
bull market is that bitcoin supply is still leave in the exchanges. So this
data here from Santiment, which is a great partner of the podcast, showing
bitcoin leaving the exchanges even though the price is correcting, which is generally something
you see in the bullmarket and the bear market. It you know, a
lot of coins are going back on the exchanges to be sold. So you
know, it's not the end all, be all of all metrics, but
you want to look at the market holistically, look at a variety of different
metrics to get an idea of what's happening now. In addition, meme coins
here are starting to lose some social volume. So here I know those of
you listening in the audio can't see this, but here you see on sentiment
that the social volume is declining around meme coins. So as the price is
cooled down and as the liquidity starts to flow out, there's going to be
less and less talk about meme coins on social media. But don't get me
wrong, it's still high compared to how it was even in early February.
So once again, folks, we've got to be patient here and see how
things progress. Now, let's take a look at the top trending coins on
social media. Book of Meme Boom continues to get the lion share of the
mentions here. A lot of positive sentiment around Ita comes in at number two,
and that makes sense because its price has been going up. Jupiter at
number three, Blocknet comes in at four, Fantom comes in at five,
Gto comes in at number six. That's the jto token. Pythe network comes
in at seven. Harvest Finance. I don't think I've heard of that,
but the ticker symbol for the token is a farm that comes in at eight
BSV. Still trending coming in here at number nine, and then Doco.
This is a meme coin. These meme coins. Man, people come up
with the weirdest meme coins these days. But look, I've said many times,
if you're making money off of meme coins, good luck to you,
God bless, but it's not something that I'm messing around with I have a
little bit of those coin, but it's more of a collectible versus an investment.
But I'm not messing at meme coins. They are the riskiest aspect of
the crypto market, but you know, you hold them and you make money
than more power to you. Now, we've got some updates here around crypto
hiring Blockfi's Zach Prince heads for the crypto exit. So many of you know
Blockfi's former CEO, Zach Prince. I think this makes sense. He's getting
out of the industry because look, Blockfi what a mess, right, one
of the collapses that took place in the crypto bear market. So it had
been a year and a half since Zach Prince's last ex post, a retweet
announcing that the lending platform Blockfi would pause operations amid the fallout from ftx's collapse.
Then this past Monday, Prince returned to say he'd be leaving crypto altogether.
Prince is taking over as the CEO of r Costs Say, a firm
that offers potentially tax saving cost segregation studies to real estate investors. It's the
first time Prince has worked in a real estate focus firm, as he has
worked in lending in the years before he founded Blockfi. According to his LinkedIn
look, blame him, you know, walk away from crypto because your reputation
is tarnished. You know. Don't you even try to come back or go
work somewhere else. It was just so messy, and I don't blame him
for leaving. In general, executives secured by ftx's fall haven't flooded for the
exits. Brett Harrison, the one time president of FTX dot US, launch
a new derivatives brokerage named Architect and BlockWorks. Previously reported on Backpack, a
former FTX employee let's startup that's created a popular wallet for Solana users. Prince,
who's firm entered bankruptcy due to FTX exposure, testified at sam Bek mcfried's
trial in November. Prosecutors questioned Prince on his decision to lend funds to Animated
Research. Ftx's sister company, now Anchorage Digital, makes sec vet its general
counsel the crypto platform. Anchorage Digital named Twangvai Lee, it's general counsel.
I will actually be interviewing some from Anchorage very soon. Lee a most recently
worked in regulatory and legal roles at Baying Capital Crypto and WORLK one. She
was also a partner at Baying Capital Crypto. Before that, Lee spent years
at the Securities and Exchange Commission, where she handled some of the agency's earliest
crypto investigations, according to an ancouraged digital blog post. Some other notable hiring
news include the head of digital assets at Steve Cohen's Er point seventy two left
the Hedge one. Bloomberg reported former GSR researcher Matt Kunk left the firm to
become Black Rocks Digital Asset ETFs product strategists. NFT fantasy sports startup so Rare
laid off twenty two employees from its New York office in February, TechCrunch reported,
so we got to mix here folks, some folks leaving due to bad
reputation, some layoffs, but we continued to see more trat five folks entering
the crypto industry, government officials entering the crypto industry, and some movement of
talent within the industry. So it is what it is. These are things
that happen in every industry. Now. Nigerian sec seeks to raise crypto exchange
registration fee. Nigeria has been in the news a lot lately. We know
they detained two Binance executives and they want ten billion dollars from Binance. It's
crazy. It's like they're holding these executives as hostages. So under the updated
guidelines, digital asset exchanges and custodians must pay an application fee of three hundred
thousand nayra from saying it right, or one hundred and eighty six dollars,
up from the previous one hundred thousand niro which was about sixty two dollars.
So I think Nigeria is in some financial issues here and they're trying to collect
fees and money wherever they can. Like I said, ten billion dollars they
want from Binance, it's incredible. In the announcement, the SEC said the
proposed changes were made to provide clarity and in corporate suggestions from the industry stakeholders,
particularly with regard to the recent engagements with the Central Bank of Nigeria.
The Nigerian SEC first issued rules and guidelines for all crypto and digital asset service
providers in May twenty twenty two, but on Friday, March fifteen, twenty
twenty four. It suggested an amendment to the rules. So, folks,
we're seeing, though, this is just an indication of what's happening across the
globe that different countries are not banning crypto. They not shutting down exchanges.
They want their pound of flesh though, right, they want their tax revenue,
they want their fees, and of course Nigeria wants ten billion dollars in
penalties from binance. But we're seeing the on rams being set up here and
the governments are allowing it and regulating and taxing it. And that makes me
bullish because years ago they were trying to ban this and kick it out and
do all. They were spreading tons of fun. Right, we're gonna ban
this thing. It shouldn't exist, And now they're letting these crypto exchanges run
their business and they know, you know, I think all of that back
in the day was just fun to weed out a lot of the retail that
front randy institutions. So now the institutions are here, they're ready to pump
this and they're going to allow it. I mean, just look in the
US, right, the big one ETF's going live. Wall streets here.
So it's happening globally, and it makes me very excited for the future bullmarkets,
not even just this bullmarket, but future. I'm talking twenty twenty nine
and like twenty thirty and so forth. Right, there's future bullmarket's still coming.
Obviously, I want to make money in each bull market, so I'm
going to be buying the dips and writing up the bullmarket waves and selling the
euphoric top folks. So that's why I've been saying this correction here for Bitcoin,
healthy, beautiful. This is what I've been waiting for, because pumps
like these are not sustainable. They need to have pullbacks and wipe out all
the leverage and all these things that are in the market and then reset and
keep going higher. And of course, as always, as Bitcoin goes higher,
it's the rising tide that lifts all boats. It will bring all coins,
even mean coins with it. The liquidity will float down to Bitcoin and
some of these other all coins that are laggards like XRP and Cardano and so
forth, that haven't been moving will move significantly. But we got to be
patient. Patience is the key, folks. Obviously, you want to be
educated and looking at the charts and staying up to date. But you got
to exercise patients, and don't forget to check your emotions at the door.
It's about data. It's about the metrics, the analytics and what's happening.
Well, folks, that's the news. Let me know what you think.
Leave your thoughts in comments below, hit the thumbs up button. Be sure
to check out our sponsor. That is Uphold, which is a great exchange
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listening, and I'll talk to you all later.