tariffs trade and Trump bitcoin rides out a
tough week as recession fears haunt global markets recession inflation and broken bonds a
look at where we stand with the tariffs so far and where this all might be heading crypto marches
on a look at some cryptosp specific updates you might have missed amidst the macro meltdown oh
my god rwa project Mantra Dowo is on the rocks as its token plunges almost 90% here’s what we know
so far and a look at last week’s top performing cryptos dates for your diary tweets of the week
and much more besides this is the Coin Bureau News Live yes it is the Coin Bureau News and we are
indeed live welcome back everyone thank you for joining us it is good to see you i am joined as
ever by Nick nick how you guys i’m on screen i’m on screen now fine you are on screen now finally
they can see me guys not alone it’s okay guy i can’t wait to see what we’ve got in store for this
crazy week we have yeah this is an interesting one because I think for the first time in a while
and I’m not saying this is a good thing far from it but for the first time in a while we have
a cryptospecific catastrophe unfolding as we speak exactly yeah as we speak uh which is obviously a
bit of a change from all the sort of macro related madness that once it’s not Trump rugging us yes
although we are going to speak about Trump rugging us but um yeah obviously we will be talking
about the ongoing situation with Mantra um which is still an evolving situation so we’ll talk
about that a bit later on but as ever um please do obliterate the like button that’s the thing to do
don’t just don’t just tap it obliterate it reduce it component atoms um and yeah thank you for
joining so Nick let’s kick off let’s talk about the week in Bitcoin before we get to all the other
stuff uh the week in Bitcoin the week in macro the week that is everything coming down to what Trump
was doing um and his to the whims of Trump that’s all we were all subjected to the whims of Trump
so let’s just rewind to last Monday and you will recall um it was a day to forget uh it was a
massive market route um many points obviously firstly it was a stock route but this obviously
led to a route in Bitcoin bitcoin fell below 75K just before we went live on the stream last week
and on the Sunday evening and I I tweeted about this we opened up a big CME gap and I mentioned
this in the stream last week as well and this is important because generally at least for this year
we’ve always come back to close the CME gap so keep that point in mind we will get to that in a
bit of course as I mentioned TRD fire markets were also collapsing during the day uh the stock market
erased all of the gains from the last 12 months on that Monday or over the past weeks after that’s
a very similar looking chart to Bitcoin exactly correlation the the uh decoupling is unfortunately
not evident there um we attempted a recovery on on on Tuesday um and thought there could be
discussions around these tariffs negotiations uh Bitcoin rallied back up to 79K on the hopes uh but
then they started retracing when Trump announced 104% tariffs in China yes those thoughts of maybe
discussions or negotiations were dashed quite quickly very quickly with the one truth social
post um and uh yeah of course the retracement in the in the price of Bitcoin as well so up we
go down we go escalator up escalator down all in one day lovely wednesday uh China retaliated with
their own uh rates up to 84% tariffs additionally on US goods on the showdown with Trump but then
markets were saved by his one and only this is a great time to buy this is just crazy this is
crazy he didn’t even say not financial advice yeah well when you’re the president you know you
just don’t bother guy why are we even doing that why are we even having disclaimers in our videos
these days if the president of the United States can give actual like legit financial advice
I mean he was right he was right but I mean he’s determines everything leaving aside all the
implications of that fact he was right yeah he was right markets rallied obviously stocks rallied
and crypto as well this was because of a 90-day pause on reciprocal tariffs and um stocks roared
higher uh the biggest rally since 2008 i think that really underlines just how mental this this
time is at the moment because it was the biggest crash since 2008 the biggest recovery i mean
markets are just kind of whipsing aren’t they whipsaring and it was pent up because you could
see remember the week prior to that there was that fake news potentially that there could
be this pause so there was fake news prior to that it turned out to be fake news but the stock
still spiked on that fake news they crashed again and then they ran it again on this Trump so it’s
literally like crypto markets it’s literally like the crypto markets the uh Cointelegraph intern
tweet from the ETFs remember literally pumping the markets the trady markets trillions worth
of dollars um then Thursday and Friday uh we had both the US and China tit fortat retaliations
going on between the two ra ratchetening up those those tariff rates and stocks also began to
fall on recessionary fears and of course Bitcoin there’s Larry Fin saying he’s worried about the
US heading into a recession he’s not happy Larry he’s not a happy Larry not a happy chap at all
we’ll be talking about this in a bit stocks also began to fall again um as as a result of these
recessionary fears as well as Bitcoin so the sell off with China and everything but then we
did recover slightly on Friday and coming back to that CME gap as mentioned we closed the CME gap
yet again thank goodness thank goodness yeah and I said and I said at the beginning of the stream
last week it would need something to happen in terms of tariffs or trumps to be able to close
this gap and it did indeed happen and we’ve so far closed nearly all the CME gaps well in total
there is only one that remains I think still at something like 20K or something that from 2020 so
hopefully we never have to meet that yeah we don’t want to we don’t want to revisit that we don’t um
not so good on the ETF flows though not at all no check that out yeah it wasn’t so long ago that we
were celebrating a full positive a full green week of ETF inflows uh and the outflows have resumed
once again they have resumed but to be fair given the state of the markets over the past two weeks
one could only expect that the weekend was also had quite eventful to be honest um I don’t know
if you saw the sky but on Saturday there was news that the Customs and Border um agency basically
just posted that they were exempting certain tech products from these tariffs and markets
futures rallied Bitcoin rallied do you think uh you think Donald Trump had had a call from you
know Tim Cook people like that i’m pretty certain not just Tim Cook Jensen and all of them they got
him on a Jensen had dinner with him didn’t he and uh at Mara Lago I think it was fairly recently
and then um it was revealed that uh that Nvidia could still export the the proposed ban on Nvidia
exporting its chips was going to be lifted or at least suspended so now you know what you need
to do if you want to get your tariffs lifted you know if you need to curry favor go over to
Mara Lago turn up to Mara Lago with a happy meal and basically you get whatever you want yeah but
then yesterday apparently this was only temporary uh this is the messaging from the uh Trump
administration is still quite up in the air howard Lutnik comes out and says no it’s only
temporary um so indeed they just can’t get the messaging on point so yeah and I mean this I mean
this is an important point to make I think because there is no there is no unifying message here no
everyone seems to be coming out talking at cross purposes saying different things which obviously
stokes uncertainty in the markets because you know they market participants assume that at some point
some other member of the administration could well come out and say something else or Trump will
tweet something on Truth Social once again that that that throws everything into confusion so
you know nobody really knows what to think no one knows what to think some people think it may
be 5D chess but it’s more like Okam’s razor it’s basically no one knows what they’re doing know
what they’re doing um so what’s coming this week well obviously all eyes will be on the tariffs and
the negotiations there it will obviously dominate the news flow uh but we do start off the stream
with good news on this week starts with good news and Micro Strategy is indeed back or strategy
sorry strategy is back and they accumulated $285 million worth of Bitcoin last week so they’re
still buying good change from last week when there wasn’t a buy announced okay and yeah well what did
he tweet last week one BTC is equal to one BTC so he’s like he’s like “Oh yeah at least he tweeted
something.” Michael that’s that’s not what we expected we wanted to see strategy acquires x,000
BTC fortunately he’s come back to it um so now um yeah 531,644 BTC just hoovering it up does not
stop does not stop um some some other stuff we can potentially look at some quick charts I want to
show you guys one now this is interesting chart that I came across this is the uh Bitcoin to VIX
ratio so this is based the VIX is obviously the the fear index it’s it’s the implied volatility
on S&P 500 futures um so essentially this ratio measures Bitcoin to VIX and it’s a long-term chart
of on a monthly basis and going back to 2016 and as you’ll see on this long-term chart you’ve
got this trend line and more recently the ratio between Bitcoin and VIX retraced down to this
trend line and has rebounded so again this could potentially be more evidence of the fact that the
recent monthly fall could indeed be a bottom okay um we’ve also broken out of a daily downtrend
over the past few days this is on the daily um so this is potentially also good if it holds
out and another thing on the positives to look at is obviously this is um the liquidity pools so
we’ve got a lot of liquidity pools around 90K and obviously generally the theory is market makers
will try and push the price towards the areas of liquidity of course this could all be completely
invalidated i will caveat with one tweet or by or one post by Trump on Truth Social because even the
market makers will completely abandon their plans of getting into liquidity pools if Trump tweets um
okay so we we remain at the mercy of of Trump and whatever is on his mind or on the indeed on the
minds of other people in his administration who may feel uh compelled at one point or another
to air their thoughts on the situation and add further confusion exactly yeah for what it’s
worth one more thing to point out guys the bullish options traders are feeling a bit more bullish uh
in the sense that the uh the most traded option contract is the 100K call uh and um we’ve also
note that uh SKUs which is basically the the price of uh puts relative to um uh to calls has
come down which means that calls are increasing in price so that people are wanting to go buy
more calls which means they’re a bit more bullish but of course if you guys want to daybyday what’s
going on with the markets by traders themselves I will refer you to the Coin Bureau trading channel
which you can subscribe to by hitting by scanning that QR code in the top right right over here
behold there you go there we are there we are okay um shall I give you a rundown of what is
happening in the comments what people’s sentiment is like do please do i I I I phrased that as a
question i mean you don’t really get a choice that’s what I’m going to do um okay yes a lot of
talk about uh what’s happening uh with Mantra the M situation is crazy you’re right about that we
are going to talk about that in a little while so uh uh hold on tight for that um what else have
we got going on here uh Rob Hows is tuning in from a state of confusion i know how you feel
Rob i know how you feel uh Vayner says “We’re so back.” Gosh hang on bitcoin’s at 85 and we’re
so back fantastic we’re back um I don’t know what uh pump up Dan’s the homeless palm and the ripped
Fabio will be on our screens that’s That’s me and him is it well guy you did you did wear a a a
rubbish bag you did wear a rubbish bag so you kind of like asked for it yeah I Well you’re
right you’re embracing your inner your your inner vagrant you’re right uh Richard says “Uh
Richard is Richard is tamping things down a bit we’re not 100% back just part we 60 to 70% back.”
Okay yeah 60 okay that’s I’ I’d have taken that um Quadbot meanwhile uh Nick is overdue for a
haircut looks too shaggy i didn’t want to say anything quadbot has spoken I think for I think
for pretty much all of us here at Coinb HQ when’s uh you got a salon date booked in at all there
Nick no no told you guys I’m going pool Fabio man you guys say I look like I got to go Fabio we got
to go like Yeah man we got to go like Okay okay uh Tanisha is saying uh still believing guy marked
the bottom with the trash bag i really hope that is true i really hope that would be that would be
great i would uh if that was the bottom was still worth it it was worth it you know yeah um she
also loved you in the suit last week Nick so get a haircut put the suit back on give the give the
people what they want put it out of the suit uh the haircut thing cannot promise that okay because
you’re currently giving Eagle 7500 broke vibes they’re giving broke vibe nick I’m I apologize i
apologize for everyone who’s getting broke vibes from Nick there’s nothing I can do i’ I’ve I’ve
brought it up it’s in the open we’ll just have to deal with it spoken by the homeless palm homeless
palm honey the homeless palm’s on again okay right uh let’s before we talk about mantrum before we
talk about some of the stuff the cryptosp specific stuff that’s been going on in the markets going on
behind the scenes if you like uh we just want to dig into the tariffs a little bit more because I
think there are three main things that we need to consider with these tariffs and like it or not
they are all going to have a big impact on the crypto market so we need to consider recession mhm
uh we need to consider inflation and perhaps most importantly we need to consider the bond market
exactly because all three of these factors are playing a very big role in basically all the sort
of market action that we’re seeing at the moment in crypto and in elsewhere and obviously these
are all things that I think are going to be a big theme um hopefully not all three of them but quite
possibly a big theme over the coming months so it’s important that we make sure we got a handle
on them um so Nick I mean the banks themselves are saying higher recession odds exactly quite a
few have come out uh JP Morgan uh Goldman Sachs Bank of America um and a lot of economists as
well i mean this is an interesting chart that we picked up from Wall Street Journal this is the
probability of a recession according to economists and surveys and it’s gone up a lot at just in
the past two months which is crazy considering where it was uh just before the uh inauguration
um it’s not just that though uh guy obviously more importantly a more real-time indicator is
consumer sentiment uh now we had on Friday what came out was the University of Michigan Michigan
consumer sentiment index and it came out at its lowest level for over 3 years which is obviously
bad obviously consu it’s interesting just how much it’s fallen off a cliff yeah like that if
you I mean if you go back again we can I think the COVID comparisons that everyone’s making at
the moment are so telling because well look at that’s CO 20 there’s 20 that’s co right so this
is the steepest the steepest decline in consumer sentiment since co and this but this time it’s
all it it’s happened you know it’s been it’s been caused it’s not an exogenous exactly yeah um
and uh it’s not just that that they reported last week they also had inflation expectations now if
you thought the consumer uh confidence numbers were bad this inflation expectations these are
the the 12-month inflation expectations they’re at the highest level since the 1980s early 1980s
at over nearly 7% uh so obviously this leads into questions about inflation um and we did have the
CPI numbers come out last week okay and they were Yeah they were I mean they were an improvement
they were an improvement but given that the market still didn’t really react at all uh they basically
just as I said there they basically just gripped with fear with with what’s going on with tariffs
the inflation expectations are more important than the actual print because that’s what people expect
right and uh perception is reality but the biggest concern last week was of course what happened with
the bond markets and I think this is what caused um Trump to blink or most people with his in his
administration and this is shown quite nicely on this graph here and what this shows is obviously
the yield on the 10-year the yield on the 30-year treasuries on the top charts there and then the
Dixie the dollar index and what this clearly shows is there was just a massive sell-off in bonds and
the dollar as people were moving out of US-based assets these being the supposed safest havens safe
haven assets that are treasuries investors are shorting America in other words yeah essentially
they were moving into other assets get on to in a bit um but this had many people worried about
what was going on with the bond market um some there was also questions around it could have been
uh hedge funds involved in very leveraged basis trades around short-term rates and in swaps and
treasury bonds uh which is to be blamed it could also just have been foreign investors selling
off hedge funds as well um there was um there was speculation that maybe it was China dumping there
was speculation them and potentially Japan and this was because of where the bonds were moving
into they were moving into uh European assets which we’ll get into in a bit but just to give you
an indication of how crazy the move was the move on the 30-year interest rate in the weekly move
right was the highest the biggest weekly spike in the 30-year rate since 1982 wow that’s crazy again
like these records that have stood for for decades are just being are just being shattered we’ve seen
it all happen within the matter of a few days um so obviously the yield on the 30-year rising means
that it’s going to become much more expensive for the US to borrow yeah exactly yeah and if it goes
above I don’t know if it goes above 5% that’s very very scary levels um and coming back to the point
around where these investors were potentially moving their the cash from their sales um the
next chart we’ve got here for you top there is the spread between 10-year treasuries and 10-year
buns so the difference in the rates and the bottom is the Euro dollar right okay and basically
what this shows is that the yields on US 10year treasuries were go growing faster than the yields
on buns which means they were selling off faster so people were buying selling out of US treasuries
into buns and they were buying euros as well and as you can see there so if you told me at the
beginning of the year that Trump’s inauguration would lead to a euro and euro bond risk on rally
it would never have thought that yeah yeah it’s it’s such a crazy time and it reminds me I mean
there was a sort of much much smaller version of this a sort of micro version of this a few years
ago um when Liz Truss who’s sort of infamous for being one of the shortest lived prime ministers
of of all time in the UK she uh I mean she didn’t attempt anything as as as crazy as these tariffs
but she came out with a budget that was that was very big on tax cuts and that hadn’t really been
sort of approved by the by the OBR the Office for Budget Responsibilities and the bond markets
absolutely puked the UK guilt market did not like it what whatsoever and I mean that was basically
the end of her of her um of her leadership she lasted shorter than a head of letters right yeah
yeah so I mean obviously that there there are there are there are big differences between uh
what Liz Truss tried to do in the UK and what Donald Trump is doing in the US at the moment
but what both examples really show is just how powerful the bond markets are and and this this
idea of the bond vigilantes bond participants who are able to sort of very viscerally ex uh
express their displeasure yeah do not cross the bond the vigilantes yeah do not mess do not mess
with the bond markets so again I think those um those bond yields are going to be something
to watch very very closely because if like Nick says if they continue to go up and if they
if the 30-year climbs towards that 5% mark then uh Trump may well find his hand sort of forced
further yeah exactly okay let’s now take a look before we go on to some more cryptospecific things
let’s have a look at the walls of fame and shame [Music] wait to see this now beautiful okay so uh we
have um [Laughter] that is something once seen that cannot be unseen bro what happened to my hair
that’s That’s truly ter That is going to haunt my dreams wow god I mean that is at least uh at least
now we know what all this AI stuff is for thank you thank you production team for that um that
will that will give many people sleepless what was the inspiration behind this we’re pair of muppets
pair of muppets okay yeah okay uh so on the wall of fame this week now this I hope is not going to
be massively presumptive but we are putting the newly confirmed chair of the SEC Mr paul Atkins
yes on the wall of fame now we got to we got to caveat this because this may seem very very
premature so uh if if Chair Atkins is watching um we want you to know sir that if you do a
Gary Gendler 2.0 if you turn into a massive disappointment for the crypto industry the path
from the wall of fame to the wall of shame is very short and very swift yeah exactly not not
just that we also would like some enforcement of some of scams you know exactly we don’t want it
to be crime season either so we want a balanced and fair SEC yeah which I’m confident that we’ll
get mind you I I was sort of confident that Gary Gendler would be good because he understood
understood how crypto worked and well look how that turned out so let’s not get too ahead of
ourselves but um we’re going to put Paul Atkins on the wall of fame this week in anticipation
of him hopefully uh turning out to be a good Okay um and next on the wall of shame uh this is
James A murphy now do you want to do you want to reveal what’s going on with Mr murphy yeah so I
believe this is the guy who was trying to sue the US government because he believes they know the
ident identity behind Satoshi Nakamoto and he’s suing to get that information uh and presumably
why for what purpose um there’s no benefit to anyone doing that apart from Mr murphy’s public
profile yeah exactly so he’s uh he’s rage he’s rage baiting on Twitter he’s trying to engagement
baiting americans just love going to court don’t they it feels like it feels like something every
American has to do in their life is sue someone yeah it’s crazy right it’s very bizarre um so yes
wall of shame um for Mr murphy this week uh we don’t want to know who Satoshi Nakamoto is their
identity should remain a secret forever um and uh yeah stop using him for publicity purposes
okay now let’s talk about uh obviously the macro has been dominating headlines but there has been a
lot of cryptospecific stuff happening beneath the surface there are good things happening behind the
scenes which are going to be long-term positive for the industry so before we talk about mantra
the caveat in caveat very important caveat let’s address before we talk about the elephant in the
room we just want to go through some of the things that have been happening uh behind the scenes
in crypto that we think are very important so Nick do you want to lead us off so perhaps the
biggest news last week was uh the repeal of the controversial IRS crypto reporting rule by Trump
um now this was a rule that was targeting DeFi platforms with broker reporting requirements so
essentially many of these D5 platforms said “Guys we don’t actually have any user tracking we don’t
keep KYC and if this was to be implemented it would have killed DeFi in the US.” Um so both the
House and the Senate voted to nullify this rule um using the Congressional Review Act and Trump
of course signed it into law so there we go that’s the first bit of good news okay um uh more
sort of Trump related news as well um he’s also uh his administration has also scrapped the
crypto investigations unit of at the Department of Justice yeah exactly um many people were
saying “Hey does this mean uh crime season in crime season crime is legal?” I don’t necessarily
think so because if you delved into it you would have seen they specifically said as it relates to
rules around trading platforms and registrations and cryptoc uh mixes and things like that they
still want to go after people who defraud and crimes where there are actual victims so you
know it’s not full-on crime season yet yes yes yeah i mean I guess this is this a few people
have kind of raised this as as a worrying you know something to be concerned about and I think I
think they have a point like we’re not asking the last thing we want is crime season we’ve been in
crime season for quite a while now um and we want to get out of it so uh yeah it’s important that
I guess I guess what’s really important is that not only do we have regulatory clarity but we also
know who is regulating crypto because there’s been so much debate over it over the you know over
the course of the Biden administration the SEC wanted to do it the CFTC feels they should have
a handle in it the Department of Justice wants to um wants to sanction people etc treasury
OC you know yeah everyone’s sort of getting involved and I guess when you have so many so many
interested parties like that you’re never going to end up with clarity exactly okay all right uh
speaking of regulatory clarity um the stable act uh is advancing through Congress um the House
committee has approved the framework for it um so this is obviously a bill aimed at regulating
stable coins as we’ve pointed out many many times before this sort of regulation is really important
to get in place if we’re going to see sort of further innovation in the space um and the stable
act is uh slightly different from the genius act which is also kind of making its way uh through
congress as well the stable act is uh looking to set clear rules around transparency um the reserve
backing so what you know what assets are used to back stable coins um consumer protections as
well and also but obviously promoting faster and cheaper payments at the same time yeah exactly
and supporters say that it’s a strategic move to solidify the dollar’s dominance in digital finance
and will of course help fulfill Trump’s promise uh to make the American America a crypto leader
um but perhaps the biggest news last week was uh this announcement that Ripple had purchased
made an acquisition of Hidden Road for $1.25 billion now Hidden Road is a prime broker uh
that is obviously they do crypto settlements as well crypto settlements but they’re obviously
beyond way more in tradition they do traditional financial markets as well FX uh and FX and I
think bonds as well and they do trillions of dollars of volume they do $3 trillion in annual
clearing volume um you know so and they’ve got over 300 clients and this is a really important uh
acquisition for a few reason for a few factors one obviously because I think it’s one of the biggest
i think it’s it’s bigger than the bridge one that Stripe did it’s about the same size I think
of the Ninja Trader one or maybe a bit less but because of the implications for Ripple I think
this is a very very good move because it could be um the RLUSD could be the natural fit for this
for this prime broker for clearing settlements and everything and of course naturally that could
mean more demand to utilize the XRP ledger and XRP as as a a gas to token within that ecosystem
so very good strategic move by Ripple yeah and I guess it’s I guess perhaps this is sort of Ripple
moving kind of past its lawsuit phase this lawsuit is with the SEC is still ongoing i’ve I’ve been
reading I’ve been seeing headlines saying like we might actually be fairly close to that being wound
up for good yeah um but obviously Ripple is kind of preempting that by making some uh making moves
like this and it’s interesting because we seem to be in kind of M&A season in crypto now mergers and
acquisitions because I think this is if I remember right this is the third um acquisition by a crypto
company of worth over a billion dollars of of a kind of trady entity that we’ve seen recently
they’re just so bullish and it’s such a polarity to what’s going on in cryp in retail in terms of
crypto sentiment um it’s definitely a tale of two cities there yeah um one more good piece of news
last week uh Sonic Blockchain which is of course the rebranded Phantom it hit um 1 billion total
value locked or TVL in six within 66 days now just a comparison take a look at there we’ve got
Sui and Aptos in terms of layer ones yeah it’s pretty great move there yeah that is impressive i
mean that’s all the more impressive given the kind of I mean Sonic did not launch at a great time for
the market um so yeah to have uh to have hit that TVL in such a short period of time is genuinely
impressive of course there were lots of incentives i’m sure there was uh airdrop incentives and
others and yields people yield farming there but still it’s um it’s it’s an achievement for
sure yeah yeah um and uh I think as we discussed um we’ve done a video on Sonic we’ve also talked
about Sonic in sort of previous live streams as well there is a lot of interesting stuff happening
there so we’ll keep you updated on that yeah and if you guys are feeling bullish about Sonic
I know just the place to buy it and this is with our brand partner our first brand partner
which is of course Binance now of course if you don’t have a Binance account yet you can create
one below using our link and you’ll get a 20% trading fee discount for life as well as a $600
bonus obviously not just Sonic you can buy any amounts of all altcoins if you’re feeling bullish
enough or or Bitcoin or Bitcoin exactly bitcoin or just swap your Bitcoin for Tether if you feel you
want stable and you’re not bullish enough mhm um and then yeah once you have your uh coin of choice
you’ll want to secure it in a Ledger yeah yeah and these are the two latest Ledger devices um there’s
an unboxing video of the uh Ledger Flex I believe no the Stacks did an unboxing video of the stacks
that’s over on More Coin Bureau so you can check that out uh spoiler alert it’s very very easy
to do and to set up so no excuse for not having a hardware wallet um and we also want to give a
shout out to our final brand partner and that is Arkham Intelligence the premier onchain tracking
tool um now these guys obviously uh have some very uh interesting insights into what is going on
behind the scenes um we’ve got a couple of things that they didn’t mention on their Twitter last
week um the first one is the Ethereum Foundation transferring ETH yeah transferring ETH thankfully
they’re not I don’t think it’s to sell they’re not they’re not eating their bags know it’s um it’s
basically moving for Ethereum Foundation grants to basically give out hopefully to projects
to help build on the Ethereum blockchain so that’s good they’re doing something there and
another piece of news last week well Justin Sun uh was moving around some wrapped Bitcoin reserves
um so could he potentially be doing something some recently acquired wrapped Bitcoin could Justin
Sun be up to something some some DeFi degeneracy justin Sun up to something i know i know surely
not Nick surely not he’s such an upstanding job definitely not um yeah there’s uh there’s Justin
Sun is never sort of far away from from the action is he um and one more thing about Arkham they also
have a US-based exchange so um if you sign up to that using our link down below you’ll also get 50%
off your trading fees for the first month um now we’re just about to talk about Mantra and what’s
been going on there in the holding situation a quick shout out though uh Token 2049 is about
two weeks away just two weeks yeah the one of the biggest events of the year crypto events yeah
yeah so we are we are marking uh marking the event obviously um most of the crypto community will
be in town um bar perhaps the Bitcoin maxis um uh so we we’ve got a couple of Coin Bureau events
happening around those well yeah perhaps the most important one which we want to talk about today
is the coin w coin bureau VIP royal night with legends it’s a royal royal night a royal affair
guys it’s a royal affair at the Atlantis Royale one like one of the most luxurious hotels here in
Dubai uh and at the Nou on the beach the first Nou on a a beach club in the world good grief yeah
um now this is going to be um you can see there see some of those images of Nou on the beach at
the Atlantis Royale um now obviously we’ve got a link below if you guys want to if you’re going to
be at Token 2049 uh during that week and you want to attend probably the best side event there
is uh we leave a link to it down below as well as the code you can use to sign up uh but it’s
going to be all food and drinks covered uh and 5 hours of festivities from all amounts which we
we can’t reveal too much mhm we have to leave some surprises in there but yeah this is the
VIP royal knight with legends the legend very important that you remember that there will be
legends present um fantastic so if you’re going to be in Dubai around token 2049 and you want
to uh come and meet some of the coin bureau team um and uh give Nick um some [ __ ] about his hair
then that is the event to come he will be open to all comments about his hair and the guy on the
street won’t be a beggar it’s going to be Guy you can give me a [ __ ] about everything else
okay uh right let’s talk about the big story that is convulsing crypto at the moment it is what has
been happening with Mantra wow so um can we just firstly let’s put it in some context and let’s
just bring up the chart let’s get the really ugly bit out i mean that is absolute that is a nose
bleed and a half i mean yeah I this is definitely looking at that chart you get Luna vibes there’s
obviously not comparable per se there’s other factors which we will talk about but the fact
that you can go from like a $6 billion market cap project to like that overnight is just crazy
yeah so now obviously um you will have you’ll have heard us talk about mantra for one thing it was
quite often um in our top performance section on these on these news live streams over the last few
weeks uh the OM uh the OM token has been has been performing crazy uh up until up until this I mean
but yeah and if you go back to many of those news episodes we did question if ever this was fully
organic because it kind of did feel a bit weird they may have had very good market makers and I
suppose it was also a question around the supply which we will of course talk about in a bit uh
how was the supply controlled and there’s also different tokens there were two different types
of tokens the ETH ETH ones and the native ones and how much was held by the team how much was held
on on exchanges how much was held by Wales OTC etc but um just quickly speaking about the founder
JP Mullen he was flying to Korea and he put this tweet out i literally Yes so this was before it
happened my literal nightmare is no Wi-Fi and long haul flights see you in Soul i think I think your
literal nightmare is probably slightly different to that now yeah um but probably for the best uh
he didn’t have any Wi-Fi um that probably be the last time he got some sleep so let’s talk about
what happened obviously um as we said uh has been uh have been performing very well a few sort of
questions raised about that not least because I mean everything else was just getting absolutely
slaughtered so it was kind of a bit strange that it was seeing all this outperformance obviously
part of the RWA narrative which has been very hot a lot of people talking about that so maybe
that could explain some of it but certainly there were questions about why was performing so
well when everything else was was not um so from what we understand of the situation so far this
uh this seems to have originated on on exchanges um a large amount of uh made its way onto onto an
exchange according to look on chain um now there are questions around whether this came from uh an
insider wallet a team wallet um there were some people saying that it had come from the wallet
of an early investor now a lot of these early investors have come out and refuted that they say
that they say it’s not them selling um but yeah so it’s certainly obviously the selling started
um and that obviously caused the price to start going down and this seems to have spooked more
investors and obviously once you’re in a spiral like that it’s very difficult to get out yeah but
I think more specifically um because there was a a space or a video interview that was done just
prior to this with the founder JP apparently that one of the exchanges decided to just completely
close down all positions and basically sell out of the this the which was used as collateral for
the futures position basically just market dump the stuff uh which there was not the liquidity on
that exchange to be able to to absorb it maybe the market makers didn’t do good enough of a job who
knows but as a result and also because of the fact to be fair if it was such a small supply that was
really liquid available on trading the market cap was always going to be deceptive the fact because
it’s like what’s available to trade is not what’s held in total in terms of the uh outstanding
supply so there there itself means that you know it probably wasn’t as much of evaporation of
liquidity in terms of 5 billion it was probably much smaller yeah yeah so yeah as Nick said um
JP Mullen has been was on a live stream recently um with uh Gareth Jeninson from Cointelegraph
um explaining kind of what’s been going on um I have to say like kudos to him for for stepping
up like we saw I guess the most recent example of something you know a catastro crypto-related
catastrophe like this was a few weeks ago with the Bybit hack and um uh Ben from Bybit was uh
very good about jumping on live streams then so obviously um JP Mullen taking a leaf out of his
book there and he was saying on that live stream I was watching a bit of it before we came on air
um he said he’s going to be doing more to sort of try and bring some clarity to the community on
what’s going on but yeah it seems like uh there were as Nick said there were leverage positions on
exchanges and for some reason that isn’t clear uh some exchanges now he’s not naming names in this
they say they’ve been talking to their exchange partners um which includes a number of the sort
of biggest centralized exchanges out there um he’s not naming names about which exchange or
exchanges it was um but the question is why they decided to to liquidate these positions
that is not clear yeah and they’ve also been speaking to their regulators here in Dubai vara
apparently um yeah and um I guess the question now comes down to what can really be done i mean
yeah this is a this is a difficult one i mean I guess in a situation like this as I said just a
moment ago like the first thing that you need to do is kind of reassure the reassure the community
about what is going on um JP and I imagine other members of the mantra team are kind of on that
at the moment now whether that will be enough um I mean because you know there’s certainly like
you take a look at that chart that we saw earlier that there’s that is going to take a fair bit
of coming back from um he has said I’ve got a couple of quotes from the stream that he was in
um they’ve been talking to their exchange partners quote some have been more supportive and helpful
than others but like I say he hasn’t pointed the finger yet he also said quote we’re here and we’re
not running from this yeah um he denied that insol uh insiders have been moving and selling tokens
and he said quote the business is solvent yeah exactly um and as I mentioned he’s been speaking
to regulators so I guess um it really is it it really depend what goes on from here i think like
obviously there he has mentioned potentially burns and token buybacks but it’s just not going to uh
be able to get what to recover that price level i mean it won’t won’t be able to I would say I
would say it’s going to be pretty difficult yeah i mean I guess this is the this is the point where
those early investors assuming that they haven’t been selling which is what they’re which is what
they’re saying but early investors could step up to try and to try and rescue the project at this
stage um there’s a couple of other things worth pointing out when we were when we sort of logged
on this morning to see what was going on there were all sorts of accusations flying around people
saying that the telegram channel had been deleted that isn’t true the Mantra Telegram channel is
still up it’s it’s it’s getting pretty spicy in there last time I looked um and uh yeah there’s
also been there’s also been questions around kind of rumored OTC deals um that Mantra had conducted
uh possibly also speculation that some of those OTC participants may have may have sold and thus
contributed to the to the price action yeah I mean they did do OTC deals um but whether whether it
was those kind of investors that were selling we don’t know um Binance has responded and they said
they’re helping out and apparently Binance is one of the exchanges that JP says has been cooperative
um and um Star from OKX also came out and said he called it a big scandal to the whole crypto
industry but what he does raise here is important is that it’s all onchain it’s all public data is
public and we’ll find out exactly what happened here so yeah you know so yeah this is obviously a
developing situation so we will I guess get more clarity uh on it in the coming sort of hours and
days so we might be able to bring you more of an update uh in next week’s show um it’s also worth
mentioning as well I think there was a fair bit of um uh a fair bit of um bad blood if you like
around the sort of mantra airdrop campaign i know a lot of people were very unhappy with the
way that went down um said that it hadn’t been conducted very well now whether that is relevant
to you know to the price action we’re seeing at the moment that’s not clear um but it’s worth
pointing that out and obviously there are these concerns that I guess JP Mullen and the rest of
the team are going to have to address at some point but um yeah safe to say I think yeah seeing
all this seeing all this price crazy price action for recently you know has there are definitely
some questions around that speaking of crazy price action time for the top performers of last
week okay there we go um so the first one guy is Onyxcoin XCN um now uh I think the main reason
here is potentially Binance recently listed per XCN okay um so that could have led to that rally
all right so uh Onyxcoin uh there Fartcoin next we go again fartcoin here we’ve been a storming
performance the past two weeks eh yeah Fartcoin just seems to be the sort of poster child for
financial nihilism exact well to be honest I think that all the people that were selling out of US
treasuries were buying Fcoin it’s the real world so it’s a real reserve asset it’s the real China
dumping US treasuries for Fin yeah they’re going in they realize the importance okay a paradigm
shift before our eyes folks okay next up is uh Jasmcoin um it was hard to uh hard to put a
finger on what exactly has caused the recent pump they did have a chain link integration recently
about a month ago um that made Jasmi sort of more accessible on chains like Ethereum and Bass um but
uh yeah so maybe it’s just that accessibility has made Jasmine jasmine’s got a sort of very strong
sort of community cultlike community very cultlike community yes you can say that interesting
characters in that community for sure uh next up is Helium H&T yeah um the daily active users
keeps hitting new all-time highs and I think there was also the case last week or was it that um the
SEC was dropping the case against Nova Labs or Yes yeah that was one of the that was one of the SEC
cases that uh has been dropped one of many um but yeah Helium seems to be sort of quietly getting
on with it um and last but not least we have Hyperlid um now obviously we were talking about
Hyperlid in a previous stream not so long ago it had some problems of its own seems to have uh well
certainly if token price is anything to go by it seems to be um kind of climbing climbing out of
that trough obviously one of the reasons I guess why it’s done well it’s there’s still a lot of
hype around it and it had you know it fell quite a way so it had a lot of ground to make up um but
they’ve also been pretty good about listing sort of new and very buzzy projects at the moment
um Babylon and Wayfinder they’re both getting a lot of uh mind share on crypto Twitter yeah
exactly what is wayfinder exactly is that like um I can’t remember i I it’s but all I know is
it’s all I know is it’s being talked about a lot i think there’s an airdrop baby Babylon
is of course the Bitcoin restaking protocol that seems to be have done well okay let’s
now have a look at some of the tweets of the week okay first up we have this one from Pikachu
wouldn’t be tweets of the week without a diggity we managed to get through the stream without
digging at ETH fortunately Pikachu Crypto has done it for us iphone to 5K before ETH to 5K
would you bet against it no I wouldn’t lily Phillips to 5K before ETH to 5K wouldn’t be
a Coin Bureau live stream without a mention of everyone’s favorite brid okay uh next
up we have this one from Jeff Park over at Bitwise higher chance Bitcoin survives
over the dollar in our lifetime after today first time the thought hit me and didn’t feel
like theory but an actual truth to grapple with yeah totally especially what you’ve seen in terms
of uh the fall in Dixie and um the thought that potentially if there is this largecale dumping of
US treasuries there is only one buyer who could step in to buy it and that would be the Fed and
that would be money printing and money printing of course devalues the dollar and uh their only
asset that has secure supply is Bitcoin okay so Jeff Park bullish on Bitcoin meanwhile this one
from uh from our good friends over at Coin Guro Trade enough another diggity tariffs e after
tariffs although to be fair I don’t I think that the ETH after tariffs that’s what it looked
like even before the tariffs to be yeah it’s round tripped it right back to I think that that ornate
horse must have been ETH before the merge yeah that feels like a long time ago doesn’t it uh
next up we have this one from Doug Bonapath um so the art of the deal is letting every country
on Earth know that if they raise interest rates by dumping US treasuries we will fold it is
true that’s what happened yeah they they kind of kind of called the bluff on that one and uh
we also have this one from uh super anonymous i imagine I imagine Kenny sort of woke up saw
his Twitter and saw his DMs and what what is going on what oh oh my god but I wish I’d chosen
more than just a missing R to differentiate my project yes well uh cheer up Kenny people There
are people out there having a worse day than you are okay Nick any coins to watch this week on
the 18th of Yeah on the 18th of April we have a $40 million token unlock for Trumpcoin and this
is 20% of its circulating supply at 12 a.m utc uh so yeah yeah Trump hopefully Trump doesn’t dump
on us again right guys one for more time i mean this this continues send it to zero uh anything
else we should be watching this week uh well yeah mantra but I don’t mean when I say watch I just
mean watch as if you watch like a car crash yes I think yeah it’s don’t think about uh there are
times when there are times when it’s very tempting to sort you know you see crazy price action going
on it’s very tempting to sort of wade in see if you can play it see if you can catch a falling
knife i always think at times like this the it’s actually a good time to be sidelined yeah the
only time it’s good to be sidelined yeah yeah so just watch watch it unfold watch and learn
okay and dates for the diary anything we should watch 16th of Wednesday on the 16th we’ve got US
retail sales uh there’s 1.2% expected versus 0.2% previous obviously important from the perspective
of coming back to the questions around recession you know how will that look out and then on
Thursday we’ve got initial jobless claims um on the job market front of course important for
Fed and the previous one was 223,000 so let’s see what comes in so those are two dates to note okay
okay all right um let me uh let me just have a look at what some of the people are talking about
in the comments we’ve talked about homeless palms and your hair um okay uh Muji is pointing out that
it’s not all bad for M om yearly returns are still better than ETH oh that is true i think is down
if you a year ago um the is down like 6% and ETH is down 45% i check this out it’s just there’s
just no relief is there augustino says “Thank you production team for the nightmares.” Um that’s
yes for the picture of Nick and I as as Bert Ernie um which will Yeah I still just burned onto my
retinas there um Bla1 Ienman um great name no I don’t want Sailor buying more Bitcoin we want as
many variable owners of BTC both in characteristic andex sheer numbers of people and entities this
harnesses its truly unifying potential i kind I kind of agree i do yeah true true and I guess
the question comes back to concerns around would strategy ever have to sell this Bitcoin and we
actually have a video coming out about this it’s not going to I don’t think it would be like margin
called or anything like that but there is a price at which if Bitcoin does fall to there will have
to be some degree of selling um but uh and that’s a concern obviously yeah absolutely absolutely
retrace and go is bullish gold will be revalued to $8500 per troy ounce and back the US dollar
and 5% BTC back in the dollar in 2026 or 2027 bullish but um you I saw today Goldman Sachs
came out with a projection for gold like easily go above 4,000 this year um 4,000 4,500 this
is gold’s year yeah I would say yeah still at all time highs I believe phil S says “I’ve had
hangovers last longer than Liz trusted.” Yeah me too they they last a very long time nowadays
okay um uh Nick is regular commenter Nick not this Nick another Nick nick with a K uh the other
elephant in the room i’ve been People say I use the term elephant in the room too much it’s a good
term just chill uh the other elephant in the room around 80% of the rare earth minerals needed
for semiconductor manufacturing are from China yes that is that is an elephant in the room and
they’ve actually they’re actually talking about um limiting the export of rare earth they’re
not talking about it they’ve stopped it they’ve they’ve done it and you know what’s interesting
is that um guess what one of the one many American product that requires a lot of these rare
earth minerals mhm the F-35 fighter jet okay there we go just saying just saying those weapons
especially weapons they’re also like some of these uh missiles require rare earth minerals yeah just
underlines you know trying to unravel this sort of global system of trade that was never that
was never going to be something that could be easily done um that’s not something you can do
without uh causing absolute mayhem uh Frederick Bilick guy is always talking about elephant in
the room has coin beer turned into a zoo well all right because there is an elephant in the room
guy there is there we are there’s an elephant in the room there’s also an owl and uh whatever we
do love all of our like stuffed animals right it is turning into a bit of a zoo I will admit what
else do we have here but it’s mostly owls because girls got guys got an affinity for owls in case
you guys didn’t know owls are my spirit animal uh meanwhile uh another great name Donovan Baniard uh
says “Is that guy South African?” No I’m English what are you talking about exactly he’s English
why did everyone mistake him for being a South African so weird so weird i I thought I had a
very uh I thought I had a strong English accent got to work on a better guy yeah sorry about
that Donovan i I sorry I’m not coming across very well we’d We’d never have a South African um
okay richard another great name uh Richard Walt uh Devatnikov says will recover i mean what
time frame we talking yeah Brillo disagrees om fully recovering doubt it uh yeah like like
we were saying this is I mean it there’s there’s no way of knowing like I like I say I think
there’s going to have to be some sort of outside um uh outside interference for for to recover
to anything like the previous level probably and uh probably in an alt season as well and and a
few years I think and a fair bit of time time is a great healer whether or not it’s that great we’ll
see uh Dizit is pointing out uh what we’re all thinking uh Nick looks like Jesus can you perform
miracles Nick i’ll try maybe I can rescue your eat in your portfolio no I’m sorry i can’t do that not
even for my divine wisdom i can’t oh I just walked into that um Nikki Bagato uh the wonderfully
named Nikki Bagato shown up late again but um uparia that’s the spirit Nikki there we go
that’s the spirit um okay uh I’m just seeing if there are any other uh any other comments here
um uh Guy here we uh Milhale guy a meeting from earlier you held in the great green street next
to Freemason’s Hall are you a Freemason well if I was I wouldn’t say yeah you’d have to find out
yeah I um Yeah I wish I was a Freemason that would be the lodge you went there the lodge yeah you
have the secret handshake all that sort of stuff yeah uh no I’m not a Freemason uh Keen says “OM
is dead.” Sorry again yeah lot of lot of lot of people around this um Nikki once again saying “Guy
is a limey for real.” Yeah afraid so afraid so no getting away from it all right um I think that’s
about it for this week yeah uh so we I think we have another week of uh being at the mercy of
Trump and everything he has to everything he has to offer us obviously as I said we will also keep
an eye on the situation with Mantra i’m sure we’re going to get a bit more clarity on what’s going
on there so we’ll hopefully have an update for you in next week’s live news show uh but thank
you all for joining us thank you for tuning in nick thank you for being here and looking like
Jesus and uh not getting a haircut we love you the way you are that’s never going to happen
guys have to appreciate it so uh we will see you again next week cheers guys [Music] bullish
Obama even the penguins got penguins on penguins penguins keeping on themselves and the penguins
got penguins on penguins penguins keeping all [Music] the I thought that was a
pretty good one actually yeah pika pika well yeah but I mean really do
you think so pika Pikachu i know i I don’t think so i don’t think I mean it’s
gonna be really really difficult I think
Add A Comment