ROLLUP: Elon Musk Buys Twitter?! | 8.5% Inflation | Tax Week | Epic Games Building the Metaverse

Question for you, Ryan. Just like just gut take. How do you feel about the market?

Just general sentiment.

No, no charts, no numbers.

General sentiment.

Can I be honest for a minute?

Sure.

I'm feeling real good about the market.

Yeah.

Hey, Bankless Nation. Happy second week of April. We got a hot week for you. Really excited about what we're doing today. And David, what is this episode called? Tell him.

Oh, Ryan, it's the Friday Bankless weekly roll-up where we recap the entire week in crypto, which, like I say, Ryan, is always an ambitious endeavor, yet we persevere nonetheless through the gamut of the news. We we pack it apart, we put we pull it apart, we distill it for you, digest it for you, and download the entire week of crypto all in one episode.

Some nice uh digestion for you, some pre chewed meat for you. Bankless listeners. Am I being gross? Hey, look, welcome to the East Coast. That was a subject change. How's the East Coast time zone for you? Enjoying this?

I've it's been a little bit of a shock. All my West Coast friends aren't up in the morning, so I want to like get up and start shitposting in Discord and they're like not awake yet. But then like, you know, uh we get to start the the weekly roll up uh uh a lot earlier. It this is the earliest weekly roll up you've ever done, Ryan.

Yeah, it is. Yeah, I can't believe this is like the crack of dawn, uh, I guess in in comparison. But um I it's I love being on the East Coast because I feel like we get a jump start on all of the West Coasters, right? So by the time you've woken up, I've like, I'm already in work mode, and I'm like just although you do wake up really early, so you're pretty close. But like I uh it's nice. You got you get kind of a jump start on the day.

Yeah, uh it what I've noticed about Brooklyn is like coffee shops don't open until like 7 30 or 8. And so I go out in the morning and then like I'm waiting for the coffee store to open. This is ridiculous.

Yeah, I'm not sure why that's going on. But anyway, guys, we got a hot week for you on the recap. We're gonna get it back to crypto topics of the week. First of all, inflation 8.5% WTF. This is the highest like in 40 years or something, David.

And when it's reported at 8.5%, you know it's a little higher than that, Ryan.

Oh yeah, you know it's uh double digits already. We're gonna talk about that. Also, Elon Musk, last week we told you he was gonna be on Twitter's board. This week, no, he's not, apparently. But now he wants to buy all of Twitter 100%. Okay, we'll talk about that. Uh also, uh, the merge, the Ethereum merge, sad face, not happening in June. So we're gonna talk about that. Some people are calling this a delay. I think we have a different take on this. Uh also, Zuckerberg's metaverse. You know, he's working on this metaverse thing, renamed his company. Uh, you will be shocked at what markup he is charging on NFTs in this. No, I don't think I would.

I don't think I will, Ryan. I think I w I won't be shocked at all.

Well, uh yes, probably listeners will not be shocked, but it is uh it is surprising, I will say.

Number.

Also, uh tax memes, okay, just to make you feel good. Yeah, I know, because this is coming out on the 15th, and like taxes are due either today or the 18th. Uh I can't remember. So uh we want to just make you feel good about the pain that you just suffered compiling your crypto taxes. So we got some memes in store for you. Uh we're gonna get right to it. Uh markets though. Bitcoin price. We up, we down, we sideways.

We're down. We're down, Ryan. We started out at $43,000, $43,500. We fell down to a low of $39.5,000, so broke through that $40,000 number, which is the a good number to not break through, but we are back above it. We're back above it at where we are now at basically $40,100. Defending that $40,000 number, if we could keep on defending that uh pretty well, that'd be nice. You know, dangerously close to below $40,000.

It's an interesting week to look at crypto prices, right? Because we're gonna get to it. The eight point five percent inflation we were talking about, that happened this week. And so it's been interesting to see how Bitcoin and Ether and other crypto assets respond to this. But how about ETH? How has it responded to some of this news? And I think the news came out like

was it Monday-ish?

Yeah.

About inflation worries Monday, Tuesday is something like this.

Something like that. Yeah.

You can see down. We're down, but what's ETH for the week?

ETH is down two and a half percent this week. Bitcoin was down is down five percent. ETH is down two and a half percent. I've wrote these numbers in, they actually might be down a little bit more than that. So it might be something like 5.5 and 3% um Bitcoin and ETH. E started the week at $3,200, hit a low just below $3,000. Just like Bitcoin is defending $40,000, Ether is defending $3,000. Uh we are currently at $3,020. Keeping our head right above water. Um, not terribly comfortable, but defended nonetheless.

That's a good day if we're above 3k. I'm gonna say it every time, David. Uh ETH Bitcoin ratio, what's the ratio looking like?

Yeah, ETH Bitcoin ratio up two and a half percent. Yeah, so we are at point zero five five five. Or excuse me, what do I have to say? Okay, up two and a half percent. I'm not like you know, bold market appetite still on the table. Um

It's definitely on the table. I'm gonna I'm gonna look at the six month yeah. What are we looking at in the six month?

uh go to the go to the one year. Go to the one year, not the year to date because it's still so early. Go to the one year. Yeah, like you know, you know, like we're I trending higher, trending higher. We're cool with it.

Interesting. Alright, so the m the market's not saying bare territory right now. The market's kind of undecided, which is super interesting. How about uh question?

Question for you, Ryan. Just like just gut take. How do you feel about the market?

Just gen general sentiment.

No no charts, no numbers.

General sentiment.

Can I be honest for a minute?

Sure.

I'm feeling real good about the market.

Yeah.

I'm feeling really like maybe like maybe I'm too bullish and that that that worries me a little bit. Like the fact that the fact that inflation and kind of these Fed shocks, right? Like the news has sunk in. I mean the Fed is gonna take some pretty drastic action here in the coming months. They're going to have to raising rates, they're gonna start selling their bonds. We got into a whole episode uh with us about crypto with um with Dan Moorhead, where we talk about this. That episode is coming out not next Monday, but the Monday after.

Right, because Vitalik's coming out next Monday, so

Yeah. Yeah. Yeah, you know, Vitalik gets the spot first. But uh the the episode with Dan was fantastic as well. Anyway, um I think that I would have expected with you

Crane, with all of the all of the macro things happening this year, I would have extrep uh expected it to tank hard. And it's not. It's actually becoming a little less correlated with the stock market, right? So look, there could be some other shocks in store for us this year, right? Um, you know, a big, a big uh hit on some event, something could happen with the stock market and the bottom falls out of that. Who knows? I think it will take crypto down with it, but I think our recovery might be stronger and faster. And it's not certain that all of those things will happen either. So uh I'm feeling pretty good about it. And I don't know if I trust my uh my instinct or feeling on that. But like, look, don't listen to me. I just I'm a I'm a long term holder about these things, so I get less worried about what happens in the week to week and the month to month. What's your take?

Yeah, yeah, I I would agree. Like the longer post uh post you know, the the market has definitely internalized and accepted the Fed's actions from from what I've gathered. Like we we've had like basically the whole entire year to come to terms with the Fed is going to raise interest rates and offload their balance sheet. And so even like and the news this week was that like, oh, inflation was even hotter, the Fed was is going to uh even more aggressively offload their balance sheet. And so we went from like where we were at like 3,500 down to 3,000 more or less or something like that in the last two weeks. And so, like, you know, if that's what it's gonna be when we find out that it's gonna be even faster than it is, then yeah, fine. Like, we'll take it. Like

Is that all you got?

Yeah, like I'll I'll take a gut punch of 3,500 down to 3,000. Like if if this is how we are reacting to an acceleration of the bearishness, then like that's fine. Like 3,000 is is cool.

Because here's the here's the other thing. Macro is the only thing holding crypto down at the moment. I firmly believe that, right? That's why we are kind of in this crab territory. If everything was going swimmingly from a macro perspective, I think we would be hitting higher highs over all time highs right now.

Yeah, I I definitely agree with that for sure. Um actually it's uh the episode that we did with Dan Moorhead is just really timely because Dan Moorhead was a macro investor before he became a crypto investor, and he realized in 2013 how macro of a conversation crypto is going to be. So he he pivoted Pantera from a macro fund to a crypto fund. The timing for that episode couldn't be better. Um and so we but we gotta put Alpha Italic first. But if though for those who subscribe to the premium feed who are paid subscribers of bankless, you'll get that early access earlier in the week.

Yeah, let's see if we can do that earlier, like uh early in the week, next week.

Monday, Tuesday, Wednesday, yeah.

Thank you, Bankless Editors. Uh well let's take a look at the uh cryptocurrency global chart. We don't usually do this, but I think we should start doing it from now on, David. So uh what is the crypto market cap total this week?

Yeah, yeah. We started the week at two point zero eight trillion and we are currently at one point nine six trillion. Uh so quick math, we lost uh a little bit over point one trillion dollars. Yeah. Uh a little over a hundred billion is

A quarter of an Elon? We lost one quarter of an Elon.

Oh my god. Oh, that is a quarter. Oh, he's so my God.

I think it's close. I don't know.

I think that's pretty close. I was I wrote down these numbers right before like we lost another like one percent in the market. So I think the markets are down. The total crypto market cap is down a little bit over four percent. Uh dude writing down how how how fast these markets move, like the numbers get inaccurate from when I write them down forty minutes ago to where they are.

Start uh deny like uh talking about these in terms of how many Elons we lost.