ROLLUP: Genesis, Grayscale, DCG Failure? | FTX Contagion Continues | Mango Solana Exploit

Is Genesis going to take the entire crypto industry down?

Bankless Nation, happy third, not Friday, Thursday of November. Happy Thanksgiving to you if you are in the US and enjoying the holiday. David, what time is it?

Oh, Ryan, it's the Thursday Bankless weekly roll-up where we cover the entire, well, not the entire week, uh, four days in crypto, uh, which is uh still an ambitious endeavor, even though we're missing a day. Yes, so we persevere into the frontier nonetheless with coffee, among other things.

Great modifications, David. People are really going to appreciate that. Um

Do that on the seat of my pants.

maybe, maybe Turkey too. I don't know. Look, if you think anyone's actually listened to this on Thanksgiving, um maybe they're on their way

AR, yeah.

to a Thanksgiving like uh meal with their with their family, and they're wondering what the heck they're going to say when their friends and family ask them about crabd out.

That Sam Bankman Freed, that complex, controversial Sam Bakeman Freed character, yeah.

So how's it how's it going in crypto these days? We know you love it. We know you're into it. What's happening? I bet that's gonna be a question. Uh we're gonna prepare

Are you for that question too? We are going to I'm gonna ask Ryan how he's going to prepare for that question, and I'm sure he's gonna ask me the same.

David, what are your Thanksgiving plans? You going somewhere? I know you are, but

Yeah.

somewhere.

After after we record this roll-up, uh go take a long cab to Newark, fly home, uh get to see my one and a half year old nephew, see how much he's uh he's turned into a chatterbox, apparently. I keep on joking with my family, I'm gonna turn him into a podcaster.

Do you know what's awesome though is like um being able to spend some time with normal people uh for a while, right?

Rare. It's rare for me, let me tell you.

I know, I know, I know you moved to New York to hang out with like crypto friends and such. Um, and like I hang out with, I guess virtually a lot of crypto people as well. It's just like crypto talk, blah, blah, blah, blah, blah, right? Just to talk about regular things for a while, especially after the l the the month that was November so far. That's actually gonna feel pretty refreshing to me. Anyway, what do we got this week coming up?

Oh my god. So we of course have to talk about the Genesis contagion. Is Genesis going to take the entire crypto industry down? We'll talk about that. FTX, of course, there's still plenty to talk about. FTX there. This news has, of course, gone on to Capitol Hill, where there is a bankruptcy hearing going on. And third, a DEX hack on Solana leads to an exporter shorting curve using Ave, and then that exporter getting liquidated because of a short squeeze, leaving bad debt in Ave. What the hell are we going to do about that? We'll get into that story and more. But first, please like and subscribe because Ryan and I, like we always say in the uh at the beginning of the show, persevere into the frontier nonetheless. And sometimes it really just helps to get those likes and reviews and those subscriptions. Uh so if you are watching on YouTube, please subscribe. Uh, if you are listening to the podcast, please give us a five star review so we can get to the top of the charts and make it through this bear market.

Absolutely. We're thankful for you, uh Bankless Nation, for tuning in. Uh, we have a lot in store in 2023. We're not going anywhere. In fact, we are doubling down, tripling down on content. In fact, there will be a few ways to get involved with that. Some alpha that will drop in the episode today. Uh, some deals coming up coming out of Bankless too. All right, David. Speaking of coordination, I guess price markets, what is that? It's just a coordination game. So let's get to the markets. All right. Let's talk about Bitcoin and the price. And I was told, by the way, our editors might throw in some music here, and uh, it's gonna be sad music if we manage to do that. It's gonna be sad music this week because what, David? Are we up or are we down?

We are down. We are down. Well actually I would say Bitcoin is uh in inside of the flat range, down one point three percent. Uh so started at sixteen thousand five hundred, ending at sixteen thousand three hundred. Like that's just like you're just kinda flatish at that point.

Green candles.

Toward the end of this. Some some some recovery candles at the very end to make it not so bad. But I mean we're still we're we're still like at the the whole like year of the year.

Look at this place. Look at November.

November still a bad month. Yeah.

This is uh the FDX drop, right? Sam Bankman, thank you very much for that one. Um appreciate you. Uh okay, how about ETH? Up or down.

Uh down actually down start of the week at twelve hundred and ten dollars, currently at eleven hundred and fifty dollars, down about four point eight percent. So oof.

Okay. So um still above still above uh in f the four digit mode, actually. Um fact

In fact, like

fairly fairly well additional. So you haven't

then, huh?

um I am planning some buys. Um but I'm tempted just a little bit. Okay, but like I'm still also waiting for triple digit. I think triple digits coming, David. I could be wrong, but

I mean you said last time you said it, I was like, get the hell outta here and and and then you turned out to be right. And this time I'm like, get the hell outta here. I don't I think we're done with triple digits. I think it's over

I think we're done with triple digits.

If it wasn't just if if it didn't happen just now, like yesterday with the DCG news, uh then I don't know how

Here's the thing, you're talking local crypto though. All right. We still got macro ahead. We haven't talked about macro, and I think we've got some tailwinds on the macro front that could send us down. Also,

we're still getting attention. I mean, even though bad things are happening, we've got eyeballs on the space. Anytime you get eyeballs on the space, you get some price action. Sometimes it's negative, sometimes it's positive. But the worst possible time for markets is the doldrum period.

no one cares.

No one cares. So you can

Could be

wait.

waiting for tri tri triple digits f at like, you know, uh Q three or two.

Yeah.

Yeah.

David uh d David makes another bottom call. Great, fantastic.

The contraindicator.

Add another one to the closet.

We'll see. You might be right on this one though. But

If I keep on calling them eventually right.

I, for one, am thankful for David bottom calls because

perspective here. What's this one? ETH Bitcoin ratio? Any bottoms you want to call here?

Yeah.

Ignoring that, uh 3.5% down on the week to point zero seven zero six. Uh so yeah, down.

Okay, total crypto market cap. Give us the number.

We we lost ten billion dollars, we're down to eight hundred and fifty billion in total crypto market cap.

Alright, still well decently below a trillion. Um you know what? Let's let's zoom out for a minute because there are some other people that are like my friend David here, and they're calling the bottom right now.

Other bottom callers, not just me.

Not the other. And by the way, I am

calling a bottom ish. See see David, I like to hedge. I like to be in all camps at once.

You're saying we're close to the bottom?