Chapter 1: What is the main topic discussed in this episode?
Bankless Nation, welcome to the last week of May.
Chapter 2: What market trends are affecting Bitcoin and ETH?
It's time for the Bankless Weekly Rollup. We got some very hot topics of the week. ETH sentiment, perhaps as bad as it's ever been. Somebody wrote a post this week titled, Why I Sold My ETH. That was you, David. You did that. That didn't really help with the sentiment. But there are some other things to be optimistic about. Standard Charter says Ethereum is Amazon in 2021. That is a good thing.
And then in the rest of the crypto world, we got Bitcoin below $73,000, largest ETF outflows since January. But, but still a handful of coins hit all time highs this week. I think the big question, Ryan, is can these coins that have momentum sustain momentum, even if some of the majors break down, which I think they are threatening to do so in this very moment?
I think that's a no. That's a no.
Oh, you have the answer.
I have the answer. The answer is probably not. It's maybe verging on no. Mark Cuban also quit Bitcoin this week. He says it's worse than gold. We'll talk about that. Former DeFi security firm founder was... What firm was this? Open Zeppelin. Open Zeppelin, that's right. He's advising friends and family to exit DeFi. We'll talk about whether he's right or not.
And also, David, somebody is suing to claim finders keepers laws that they actually in fact own. all of satoshi's 3.7 million bitcoin this is a new york a court case so apparently you could just do that and you can just claim claim that satoshi lost his wallets and he's claimed they're claiming finders keepers yep the property's old fighters keepers it's like finding a wallet in a subway david
The same thing.
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Chapter 3: How is Ethereum's sentiment impacting the crypto market?
Same rules apply.
Same rules apply.
We'll talk about the validity of that case as well.
Even though the majors don't look so good, Ryan, the thing that we got going for us right now is the president of the United States is pumping our bags. Is he? On Truth Social, Donald Trump tweeted out yesterday, Gary Gensler and the anti-crypto army nearly destroyed the American crypto industry by driving Bitcoin crypto perpetuals. You think he knows what a perpetual is? No, he doesn't.
And innovation offshore. But Trump saved it. America is now the crypto capital of the world. And builders and entrepreneurs are coming back to the United States where they belong. Crypto prices fell 4%.
Not uncorrelated to this tweet, but this tweet did nothing to do anything to the crypto industry.
Did you expect it to do something?
I find the juxtaposition worth highlighting.
Yeah.
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Chapter 4: What are the implications of Nic Carter and Andrew Kang's pivot to robotics?
This is fantastic news.
Chapter 5: What are the details of NEAR's confidential transactions?
And now it happens and I just like roll my eyes. I read maybe the first sentence of this and I just like couldn't read the rest.
Chapter 6: How are SoFiUSD and Bank stablecoins changing the landscape?
Yeah.
Chapter 7: What does Cash App's multi-chain USDC integration mean for users?
That's kind of my reaction to- I actually still haven't read the rest.
Chapter 8: What are the legal implications of the Satoshi coins lawsuit?
I stopped. That was me actually reading that tweet for the first time. I'm going to force myself to read the rest here. Here it is, the last sentence. The new frontier of finance is being built in America, and Trump will never let crypto down. President Donald J. Trump. Why has he put his name in quotes?
I don't know. Trump's choice of when to capitalize words, sometimes in all caps, I've never seen that anywhere before. He has this very interesting capitalization strategy that I think is actually very intentional.
Do you think this is him anymore? Or do you think somebody's like just like whoever runs his social accounts?
No one can copy this, dude. No one can make this up. But we know he doesn't know what a crypto perpetual is, right? Sure, but yeah, he's got like Barron Trump looking over his shoulder telling him, it's like, dad, write crypto perps. You think so? You think that's how it works? Something like that. Somebody's whispering in his ear, but he's writing it, dude. He's the thumbs on the phone.
How are we feeling about Bitcoin and ETH price on the week?
Well, I can tell you how Chris Berniski feels. He is feeling bearish. I thought this was a pretty interesting tweet. Maybe just to kind of zoom out. All-time highs on the week for a handful of crypto coins that have a lot of momentum. Yesterday, the market really turned over. Bitcoin is down. Ether is down. We'll talk about that in a second.
And so this is the tension that there has been momentum in the crypto markets, pockets of the crypto markets, but... Chris Berniski tweets, I don't see a new paradigm where majors are rotated out of and select up and comers can sustain their swim against an outgoing tide for long. Instead, I think majors are telling us something and people are finding reasons not to listen.
That is a bearish tweet. And I think for the last couple of weeks, you were talking about a lot of the analysis that you were doing with Michael Nadeau about this is kind of like a make it or break it, where if Bitcoin goes up from here, it's pretty unprecedented in terms of like bear market strength. But if it goes down from here, then the cycles are simply cycling.
And right now, it seems like Bitcoin Ether on the precipice of the cycles are just cycling.
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