Goldman Sachs is gravitating towards crypto, Mad Money’s Jim Cramer regrets his Netflix position, and the next Bitcoin halving will be market rocket fuel. My name is Frank. And this is your crypto nightly news wrap-up. Let’s get it! Not that long ago, Goldman Sachs was doing anything they could to keep their clients away from crypto. They even dished out FUD stories about how crypto is a scam and a vehicle for fraudsters. How the tables have turned! Last year, Goldman Sachs was quietly filing patents to use XRP to validate transactions in the future.
If you want to be aware of the FTX and be updated with the latest news, get registered on Jet-Bot copy trading platform. This is the official broker of the Binance exchange. Earn from 200% up to 2,000% APY!
The FTX CEO – Goldman Sachs
This year, they’re making moves in broad daylight. crypto.briefing.com reported Goldman Sachs CEO David Solomon met with FTX CEO Sam Bankman-Fried in the Caribbean last month to discuss potential ways the two firms could strengthen their business relations. The thing is, FTX is yet to release an IPO, so it makes sense they would get in bed with a banking giant to navigate the waters of funding and regulation.
In their Caribbean conversation, the two also discussed possible collaboration in the realms of market-making. The American banking giant wants in on the action, and their pockets are deep enough to simultaneously front run crypto and silence regulators. Long term, this story is more bullish for the future than you think. Goldman Sachs getting into crypto will keep them relevant as the financial winds change. For FTX, having Sachs in their corner will help them with regulation, liquidity and possibly providing banking services on their exchange. cryptobriefing.com points out due to crypto’s still uncertain global regulatory status, incumbent banks have traditionally been hesitant to bank crypto service providers. However, that trend seems to have begun reversing. Institutions have already begun injecting big money into the crypto space. Now that the banks are teaming up with the exchanges, liquidity and longevity will no longer be issues for crypto.
Netflix and Jim Cramer
The first member of The Magnificent Seven? Netflix! I saw a pathetic story today about how New York is reopening movie theaters as long as they’re not in New York City. 50 people per showing max. Ah, you want– I mean, who cares? Who wants that risk? Why not just stay at home and watch Netflix? The amazing thing about this one is the universality of its appeal. It’s the Steve McQueen of the group. No one’s going to movies anywhere around the world! This means the Netflix bull thesis must be true. Netflix has tanked almost 70% since its November all-time high of $700. It has plunged 35% in one day, making this their largest drop since 2004.
But this is indisputable evidence that the Netflix bull thesis has been invalidated. It seems that Netflix could become the new Blockbuster in no time. Besides their prices going up extensively in the past nine years, this drop comes as a result of losing 200,000 subscribers according to their quarterly earnings report. They also took a heavy dent in subscribers when they withdrew from Russia. That move alone cost them 700,000 users. It’s no secret that Netflix has been treading water since everybody binge-watched Squid Game. And now they’re talking about adding ads into their streaming service in an effort to stay above water. In the case of Jim Cramer, you could argue that the clip we played was from the pandemic and a lot of people were home watching Netflix during the pandemic. That’s a fair point. But this tweet here is from the third of January this year.
Good call on that one, Jimbo. I’d rather take stock advice from the Twitter page Inverse Cramer ETF, where they track the stock recommendations of Jim Cramer so you can do the opposite. Profitable advice, I’m sure. If you want crypto trading advice, be sure to check out our guy Frankie Candles, and I’ll send it over to him now for our nightly market watch. Thanks, Frank! Alright, guys. Let’s jump in and do a little market watch here. We got Bitcoin coming in at $40,528.
Down just about 2% for the day. Ethereum coming in at $2,988. Just lost that $3,000 level. Let’s go ahead and check our top gainers. TRON up 14.6% for the day, almost 20% for the week. We got DCR up about 10% on the day, Kyber Network up 8% on the day, Theta Network up 5% for the day and Monero up about 5% for the day. Obviously, we had a pump this morning. And we are starting to retrace just a little bit. We did lose that $41K level, which I didn’t want to see. But we’ll see if we can get back above it overnight. The lower time frames aren’t looking too bad.
The Bitcoin fourth halving event is 744 days away. And just thinking about it makes me want to put on my spacesuit. If you don’t know, the halving is when the supply of new Bitcoin being created literally gets cut in half along with the amount of Bitcoin the miners get rewarded. Right now, around 900 new Bitcoin gets created every day, and miners get 6.25 Bitcoin for each block created. After the halving, around 450 Bitcoin will be created per day, and the miners will earn around 3.125 Bitcoin per block.
This is a recipe for parabolic price action because by the time 2024 rolls around, the demand for Bitcoin will be higher than it is now since more and more countries around the globe are giving crypto the green light. finbold.com reports, after the 19th millionth block was mined by SBI Crypto on April 1, it became clear that only 2 million Bitcoin was left to be issued of the total supply of 21 million Bitcoin. Although we won’t mine the last Bitcoin until 2140, every halving along the way there plays its own role in the story. Historically, Bitcoin pumps a year and a half after every Bitcoin halving, so around October/November 2025, we could be on the moon.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/055nLT5e1ok