ROLLUP: Genesis Bankrupt | SEC vs Gemini | Bitzlato | New 3AC Exchange GTX | MetaMask Staking | ETH Denver

Gary Gensler and the SEC are charging Gemini and Genesis, charging them with unregistered securities, with selling those, and they're doing all of this after the fact. David, this is a total mall cop move, isn't it?

Bankless Nation, it is the third week of January. David, tell them what time it is.

Ryan, it is the Friday Bankless weekly roll-up where we covered the entire weekly news in crypto, which continues to be fiasco after fiasco, although entertainment value does increase uh lately. Uh and so if you are not drinking your coffee, what are you doing? Go grab your coffee, because it's gonna be a pretty good roll up. Might be might be kind of long. We'll see. We'll try and speed this up. It's gonna be a long one, but there's a lot of good stuff to talk about this week.

I mean it's quality though.

It's really good stuff. It's some good stuff.

All these roll ups is just quality, and I'm drinking my uh I think this is my fourth, I wanna say, cup of coffee.

Wow.

Nothing like the fourth.

Right?

What do you want? Number one? Number two

So first, the the number it's always downhill after number one.

It's true. Till tomorrow. You gotta sleep it off and then wake up and yeah, your eighth isn't tasting as as as good as your your second is.

I'm not gonna say I don't. Okay. I'm not gonna say I don't.

That is insane. I would literally die.

Someday we'll have uh we'll do flights of coffee together, David, you and I.

I know. I would Can we do a place of beer?

Both. First the coffee, then the beer. We'll mix it up.

We'll do that at permissionless. How about that?

Sounds good. Uh all right, topics of the week. We gotta discuss the bankruptcy of Genesis. That might actually be happening. Some news broke this week, and also the unbundling of Digital Currency Group. It's all wrapped together. What else are we talking about?

Yeah, if anyone is interested in buying Coindesk, you might be in luck. Uh following that, Gary Gensler the Mul cop coming in hot, being all mull copy.

It's that segue. Beep beep.

Uh and then uh the big news of the week. Uh crypto Twitter just struck by fear when rumors of the Department of Justice was going after an international crypto exchange that starts with the letter B, a massive takedown.

So hold on to your seats because we gotta cover that one. It was absolutely gargantuan news.

Alright guys, if you're listening on YouTube or watching on YouTube, make sure you like and subscribe. If you are listening to this on the podcast, of course, uh subscribe to that podcast too. Let's get to the markets, David. What are we talking about on the Bitcoin prices? Are we up? We down?

We are up big on the week, starting the week at $18,900, up double digits in Bitcoin to where we are currently at $20,900. Ten percent on the week for Bitcoin. That's big.

Double digits you mean percentage wise.

Double digits percentage wise, yes.

That's big because last week I remember we were up two and now we're above twenty K, which is a big milestone. Uh that's feeling pretty good. I mean, what are the bears doing right now? Are they retreating? Are they

I think they are

covering heads in fear?

more buying one of the two. Uh

I think we are definitely getting short squeezed out of the bottom right now. That's what basically the theme of the last 10 days I'd say is short squeeze off the bottom.

Usually usually trader bears have a little denial face for a while. And I think I've seen some of that on uh Twitter as well. Okay, how about ETH? What's that doing for us?

Ether price started the week last week at $1,420, up eight percent to where we are currently at $1,535. We touched $1,620 for the high, the intra week high. Uh this whole like Department of Justice fear mongering uh caused the market to jump down a bunch. Uh we've recovered a little bit, but not too much. Uh so we are currently at $1,535. So up eight percent on the week for Ether.

It's gotta be painful for bears. That's a that's a that's a big week for ETH as well. How about uh on the ETH Bitcoin ratio? Up or down.

Yeah, uh retraced a little bit because the last week's was extremely green. I think last week was something like four or five percent green. I can't remember. Uh two and a half percent we are down, two and a half percent, we are down to point zero seven three five on the ratio.

Bitcoin's back, baby. It's back.

Never left.

Yeah, it's not dead yet.

It's yeah. Uh this is look, global cryptocurrency market cap, David. I can read these charts too. We are above a trillion this week.

One trillion dollars. It's been three months since a trillion, maybe two.

Definitely since since prior, I think FTX caused us to absolutely nuke below a trillion, and now we are at point one point zero one trillion.

You guys will remember at the at the top of the market in 2021, we hit three trillion. So back above a trillion. The uh trillionaires club, I guess, for uh for crypto. Um we've reached it.

I remember uh in 2017, if you go to that peak back in 2017, I remember sending a a message in my like crypto chat to all my friends. It was like

Baby thing.

Yeah, we were at 900,000. We were about to hit 1 trillion for the first time. So I I like sent out a message like, all right, guys, how many months after we hit 1 trillion will we hit 3 trillion? And it was like it and this was December of tw of 2017. I was like, all right, is it gonna be February or April or June of 2018 when we hit like three trillion? And turns out it was four more years later.

It was for those 48 months rather than four months, right? Or whatever, six months, something like this.

Off by a smidge, yeah.

Not bad though. Not bad. So market's feeling good this week. We did get there eventually. Now we've, of course, re retraced down below a trillion, but uh we're back. All right, let's talk about some other market metrics here, David. Um, one is conversation about the Fed. Maybe the Fed cutting interest rates, which is pretty big. The Fed set to cut interest rates by the end of 2023. This is not the Fed, of course, saying this. This is not Jerome Powell. This is KPMG. So this is an analyst saying this. Uh that

The Fed might cut interest rates amid a U.S. recession. I think the exact prediction is this that in the first half of 2023, that's the half that we're in right now, we will enter a recession. And uh do you recall what a recession actually is, like the technical definition?

Yeah, it's like three quarters in a row of declining growth or something like that. It's like

Two

consecutive quarters of negative growth domestic product. And of course, GDP is the value of all the goods and services that a country produces. So that would be two quarters of negative GDP. So KPMG is saying we'll we'll go into a recession this quarter, and that will cause the Fed to stop cutting interest rates. That is the prediction.

in a recession?

Not

not technically, right? We haven't actually technically hit that R word. So the idea being that the Fed might start cutting interest rates at the end of the year. This is sort of what analysts are saying and what the market is saying.

That said, what is this tweet telling us?

Yeah, the this this tweet and the next tweet I think contrast really well with each other. Uh this is watcher guru one of these like breaking Twitter accounts. US US national debt reaches an all time high of $31.4 trillion.

Uh

Uh all time highs. I mean, it's always reaching all time highs, and it reached an all time high again.