Talks of a recession heat up in response to the Fed meeting, Joe Rogan talks Bitcoin, and the public testnet is live for Cardano’s new stablecoin. My name is Ben. This is your nightly crypto news wrap-up. Let’s get it! Although Powell said in response to a question he got at his confirmation hearing – about whether he would be willing to accept a recession, – Right. he said, “I think history will show the answer to that is yes,” that doesn’t mean they’re gunning for a recession. But the recession in a tightening cycle is more common than a soft landing. So I think, in general, the needle tends to point more in the direction of a recession. – But it’s possible to avoid it.
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– The first day of the Fed’s two-day meeting took place today. And in the wake of that, the word recession has been being thrown around more than we’d like to hear. The thing is, they use that word as though it’s the economic equivalent to the Black Plague. The word for that would be depression. Yes, recessions are an unfortunate reality. And some would even go as far as to say they’re a normal occurrence. Nevertheless, every time we go through a recession, we always find our way out in due time. The last recession we were in, in 2020, only lasted two months. Yeah, it was the shortest on record. But did most people even define that period of time as a recession? Sure, the Great Recession in 2008 lasted 18 months, and on average, they lasted about 11 months.
So there’s a wide range in terms of duration and severity. I want our viewers to get comfortable with the idea that we might very well be going into a recession. Goldman Sachs, Bank of America and Deutsche Bank are all calling for recession in the next two years. With that, not to minimize, but I don’t think this is something we can’t handle. We’ve endured them before. We can endure them again. Think of this like a crypto chart. When we’re going up, it feels like we’ll go up forever. And when the prices start dumping, and fear sets in, it feels like it will never end. The thing is, it will end. Every chart will always hit its bottom eventually. No matter how long it takes, at some point, this will rebound and will start climbing back up. My point is, whether or not Powell and the Fed can manufacture that soft landing, regardless of this interest rate hike, 25, 50 or 75 points, you have to ask yourself, would you rather have the hard-earned money you work for continue to be devalued? Or would you rather bite the bullet and live a bit more frugal for the next year or so? However this plays out, this is a humbling lesson on how bad things can get. In time, you will see that lessons like this only make you a stronger and smarter investor and a stronger and smarter person. In trading and in life, the patient will prevail.
Let’s jump in and do a little market watch as Bitcoin is pumping today. Bitcoin coming in at $39,700 Up about 5% for the day We’ve got Ethereum coming in at $2,941 Also up about 5% on the day Let’s go ahead and check our top movers. Zilliqa up 36% for the day Waves up 28% for the day Curve DAO up 21% for the day And Gala up 19% on the day Guys, with this pump, I do think we can see a little bit more upside, right? I think maybe in the short term come down and retrace just a little bit before making another move to the upside because we do have some of the higher hourly timeframes, like the 10-hour, the 8-hour, having the money flow curving up, looking like it wants to cross over into the green, so I think we might have some more green candles ahead.
In a recent episode of The Joe Rogan Experience, Rogan had a very interesting conversation with light heavyweight MMA fighter Khalil Rountree. About Bitcoin? Not only is this bullish for the culture to hear a conversation about crypto on one of the biggest podcasts in the world, but the content of what they said should be an eye opener for outsiders looking in, especially in terms of opportunity and regulation. Rountree talked about how he attended Bitcoin Miami, how he’s not a tech guy, but he’s really excited about the tech.
He didn’t think he would have generational wealth from fighting, but crypto could be that opportunity. Rogan stated, “I think of Bitcoin the same way I think about the early internet. I think they didn’t see it coming, and now it’s a viable form of currency. And you can actually buy things with it, and I think the government is freaking out.” He followed this up with his concern about CBDCs. And I think you should hear it from the man himself. There’s going to come a time where some government, whether it’s the United States or another government might try it first, they’re going to try to implement– I know they already do it in China, but they’re trying toimplement a digital currency, a centralized digital currency that they can control.
– What’s scary about that is they could say, “Khalil,” you know, “we’ve looked at,” you know, “your behavior online, and you have some marks against you,
– And so you’re not going to be able to buy this.”
– Or you can only buy staples. You can’t, you know, “You can buy food and shelter, but we’re not going to allow you to travel.”
– Because, like, that could be a real thing, where they could literally limit
– What you spend your money on. 1,000%, Joe.
– CBDC conversation is one concern. And I applaud Rogan for putting it out there to the mainstream. How government overreach could ruin a good thing. Charles and the gang are at it again, and Djed public testnet is live now. Djed is an algorithmic stablecoin built on Cardano and will play a large role in the COTI ecosystem. The testnet will run for several weeks until its full rollout onto the mainnet, which is planned for June of this year. According to the Djed whitepaper, it works by keeping a reserve of BaseCoins and minting and burning StableCoins and ReserveCoins. And in Djed’s case, the reserve coin is called a Shen. And unlike the stablecoins, the Shen price fluctuates to ensure price stability. It also states that Djed is the first stablecoin protocol where stability claims are precisely and mathematically stated and proven. I’d expect nothing less from the ADA Gang. Minswap, SundaeSwap and WingRiders are all starting to test Djed on their platforms, and you can test Djed yourself by using the Nami wallet.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/P3Bu7eoRn2g