How Far Did We Really Fall?

Good ladies and gentlemen, welcome to the Trader Cop Crypto Podcast. Back into it today apologies for not getting a show out yesterday. I was royally stuffed by the Australian airline. Yep, the late again and yeah, really paying for process. I was late to picking the kids up. Ugh, yuck. But anyway, back today and I wanted to look, I did a post for my members today on

the top 10. And the top 10 has, it's evolved in recent times, shall we say. And I've made up a new list there so I can talk to you. But the thing that I really wanted to look at was, look, obviously last week, the FTX debacle, which is ongoing. But knowing now that FTX has filed what's got into administration here in Australia, which I am hopeful

that due to the fact that they had an Australian financial services license, IE, what are the main reasons that I thought they were the good guys. There's certain regulation around that through ASIC, the Australian Securities Investment Commission. Now, hopefully Sam hasn't put a back door in there to do whatever he was, you know, hopefully there's no nefarious activities there and we get some money back through

Australian funds. And I believe something similar in the US there as well was in place. So that's, we should hopefully hear from the administrators in the coming days. I would, I would hope. I don't know this. But it appears that they do work relatively quickly. So keep an eye on your inbox as the emails come through. Obviously we can't speak of what comes through in those

emails. That's one of the stipulations for seeing it. But keep an eye on your inbox for updates there. But yeah, after all that last week, I went through and just had a look at what is the difference. You know, what is the, what is the damage, sorry, to our top 10, which is where the majority of the of the market cap lives. And look last week,

but I think that's the most important thing to do. Bitcoin was down 22%. Okay. This is based on the Binance futures contract for Bitcoin. Now back and we did break the lows that were set back in June. We've only, if I look at the levels, like how far have we broken that? Well, we've broken it by to our new lows, which was last week, about 12%.

Now, if you consider FTX being one of the larger exchanges out there, all right. And the amount that they were involved in. Not just for FTX itself, but also a lot of the companies that Alameda and FTX, it looks as though they are one and the same. What they invested in, apparently, from what I have read. And this is not, you know, this is speculation at

this point in time. But apparently, the 137 or whatever it was, other companies involved, you know, involved with FTX have also gone into bankruptcy. We'll file bankruptcy or something of that nature because a lot of their funds had to be held. The Treasury had to be held in FTX. So if you consider the fact that maybe, you know, let's say 150 companies have now sort of

that were tokenized and what not have gone pretty much belly up. To be only 12% lower than where we were in June is quite remarkable. Now I'm not suggesting that we can't go lower. That's not what I'm suggesting at all. And we very well could do. The thing is that after that massive event to be big, quite only down 22%. I know it's a lot. The

COVID crash was like 40% if you recall that time period. It's quite remarkable. A second thing I'll put into this, if those of you that are sort of feeling, I guess, the overwhelmed and, you know, throwing your hands up and saying, I'm out of crypto, I can understand that. If that's you, then I respect any opinion or thought that you have in that regard. But Bitcoin

has been around for what 12 years, 13 years, and it has never been hacked. It's still done what it's meant to do. The whole way through and it has not changed. Yeah, the price is fluctuated, but it has not changed. And here we are again, you know, a massive event down 22% only just taking out the lows of what we had set earlier in June again

at this moment in time. After the week, we've had you will potentially expect to see a bigger move to the downside. It's currently sitting at 16,800 dollars up 1.3%. On to Ethereum. It was down 22% last week. And this currently, from from its current price, it is still got to fall another 30% to take out those same June lows. Again, we have not hit new lows

in Ethereum. Currently sitting at $257 up 1.3%. On to Binance, which last week was also down 18% from its current lows at the current price. It needs to fall in additional 35%. So did not take out the lows with all the lows. So this is the average of this turmoil. Currently trading at $280.14 up 1.5% today. Back to around the same levels of what it was

in September. On to XRP. It had a week down that was 27% down. And it has not taken out the lows. In fact, from the low from last week, it was still leading to fall. An additional 9% to take out the June lows. Another one there in our top 10 that has held. It's down 1.86% at 36% right now. Here's a remarkable. Now, of course, we

as a joke. It is still holding its ground. It's holding considerably better than what it was back in the week that closed this 7. Well, let's look at the week that opened the 24th of October because that wasn't long ago. From that week, it's still up 44%. Yeah, I know it's going to a lot higher. It's pulled back. But it's held its ground. Crazy times. It

was down last week significantly. Don't get me wrong. It was down 26%. But it's currently 8.7 cents up 1.5%. Cardano is one of the few that did take out its lows and did pull back into the cradle zone back on the 31st of October. It broke down last week from that candle and it closed down 18%. It has fallen from its most recent lows. Oh, how

far was that to its new low? It fell in additional 6.5%. Holding its ground yet again. It did fall. It did set new lows in this bear market. But not as significant as I might have thought. 33 cents up half a percent. Massac is currently from its current price to the lows that it set in June. It needs to fall in additional 66% before it takes

out those lows. Last week, it did close down 21.65%. Currently trading at 93 cents up 1.93%. Again, it's not, you know, we didn't take out the lows with this particular event. Dot did, but only by a couple of percent. Only by a couple of percent that it set new lows. It closed the week down last week 15.7%. So it wasn't as obliterated as some of the

other markets in our top 10. Going from where we are right now, it $5.88 up 0.4%. Solana obviously being so closely associated and tied to Alameda and FTX. It was down 59% last week. That's one that has sort of bucked the trend and broken the lows by a significant amount. It's $14.18 up 2% today. The rebound from its lows was set last week to the current

price. It's currently 70%. A big bounce there for Solana. But don't forget that, you know, that's only a big bounce if you board the lows. It doesn't mean too much. And finally, sheba Inu, another somewhat useless token. Yeah, it didn't break the lows. It was down last week 23%. So about the same as Bitcoin. It's current price from its all time low, sorry, not all time

low in this bear market still needs to fall 22%. So across the top 10. Yeah, Bitcoin's taking out its low. 22% move to take out the June lows. Dot has taken out its lows. Cardano's taking out its lows. Solana's taking out its lows. The rest haven't. And I just, I don't know what I'm going to take from that at this stage. One thing I definitely will

take is the Bitcoin is still doing what Bitcoin has always done. It's always been there. It has not changed and continues to hold without being hacked without having problems. So before you decide to run away from cryptocurrency, digital assets and whatnot. So think about what things are. It seems to be that the centralised exchanges are where the issues have been consistently coming up. Now, of course,

there is a, you know, Luna is a token. So that's been pumped and dumped. Obviously, Celsius was centralised. Blockfice centralised. Three areas capital centralised. And a plethora of others that was centralised. The decentralized space seems to be a pretty wise option right now because there is no centralised way of doing things. And as essentialised people that are making these mistakes and doing the wrong thing. Now,

also, I'm not going to say that centralised exchanges are not going to replace. I'm sure they will. I think we're going to see a rise in the deck space quite considerably given that we have lost a lot of trust in our market recently. This year has been absolutely brutal for the trust issues. And I feel for anyone. I'm not going to say that it's been tied

up in this. I have been as well. It's, you know, alone. We're going to keep pushing. We're going to keep doing all we can. We'll fight to the last breath because it's worth it. You know, nothing that's easy. So nothing that's worth having is easy. And I just hope that you are all feeling okay. I've been very much down and out for it for about a

week now. It really did hit me hard. The loss of capital for, you know, clients and people involved. We did everything we possibly could to make sure that we were with the right places. I mean, I think that's what I was saying about regulation. Very hard to have been out of pick up on anything. It wasn't being shown. And a lot of big funds as well

have been taken into this. It's a really sad time. But it's up to us to move forward is Sam BF going to take should be Sam BS. It's going to take you out of the market. I mean, the bottom line is maybe he will. Maybe he has. Or are you going to sort of maybe take a breather and come back to it and really sort of

really gather your thoughts for me. It's about continuing to push forward. To learn from this. And I've I've said it in trading so many times before and trading in life. Very, very similar. Gotta be honest. They just really are. Is that, you know, during our biggest moments of pain. They're the opportunities that we have to grow the most. Now, what you might be sitting back and

not doing too much and not be interested at this stage. Don't let this. Caterclysmic event. Don't let this stop your dreams and stop you from doing what you've been doing. Yes, it might knock you back. I've had plenty of knockbacks in my trading career. Plenty of them, but I kept stepping back up and you can do the same to us. A choice you don't have to

come back in heavy or big. But it's a good thing. If you believe in something to not lose side of your dreams and your beliefs. Anyway, I'll leave you with that. And I hope you have a fantastic day. I will be speaking to you again tomorrow afternoon. You take care. I hope you're well and stay strong. I got you back. We've got each other's back. Not

much more I can say. Take care guys. Buffin out.