ups downs frowns and sec clowns
A few months back, I mentioned that it's likely the bottom is in, and it's even more likely that we will pull back from anything over 28k Bitcoin back to 25k.
Many months ago, we went against the trend and suggested that a lawsuit would happen from the SEC against ETH towards the end of the Ripple case.
The SEC has already stated that they are short-staffed since Gensler came in, resulting in increased working hours of 60-80 hour weeks chasing crypto criminals.
Then the only companies that have been accused are the most legitimate.
They have an excessive workload with the Ripple case, the FTX case, CELSIUS, and all the banking situations. Yet, they still have the time and bandwidth to pursue Binance and Coinbase. Coinbase, who visited them 30 times seeking guidance on how to follow the rules and be an example, is being attacked because of the 16,000 tokens offered on Prime, the "DEX," not for what Coinbase does.
Most likely, in my opinion, this is a strategic move by a major bank to push down the price of Coinbase so they can acquire it and gain a basic monopoly on the largest centralized crypto exchange and the vast amount of assets they hold at an 80% discount.
Eyes are on Blackrock, JPMorgan, and maybe even Microsoft, Amazon, Elon Musk, Google, Apple, and Tencent, who may attempt to acquire Coinbase. The last two engaging in a bidding war would be the final act of a "WW3" that has been happening, in my opinion, since 2018, with Coinbase as the crown for the financial center, which, according to Dalio's perspective on 500 years of history, is the final piece to be captured before an empire falls.
So, my money is literally on Tencent.
Meanwhile, China is slowly creeping back into crypto via WeChat, which has three times more users than the entire population of the USA, let alone users of Coinbase.
So, does crypto even need Coinbase and Binance?
No, not really. Once again, just like with FTX, it justifies why the crypto community doesn't trust centralized finance (CeFi) and has caused a 400% spike in DEX trading volumes.
Many, many, many months ago, we suggested that stocks were in a giant bull trap. Now, I believe we are in a bull trap within a bull trap with the S&P 500 (SPY). I still believe a major stock market crash is looming.
Bear in mind that credit card debt is at an all-time high of 1 trillion USD with 21% interest rates.
So, if banks' willingness to lend is decreasing and commercial real estate topples, where do people get loans? Enter DeFi for loans against tokenized real-world assets, similar to what Swarm and Synthetic offer, but with a heavy dosage of Blackrock and Goldman, who have repeatedly mentioned that something interesting is going to happen in this space.
Fundamentally, however, technically, the VIX is down and could go lower. Several stocks are breaking out over moving averages. Several cryptocurrencies, ARKK, and Coinbase appear bullish with strong support and clear institutional Wyckoff accumulations.
Cramer is also suggesting selling crypto.
