With strong bullish sentiment, Gold is being viewed as a key investment and a hedge against current market weakness. For Bitcoin (BTC), the $55k-$59k range is a critical support level that could present a long-term buying opportunity for patient investors. Despite the broad crypto downturn, Monero (XMR) is showing notable relative strength and could be one of the strongest performers when the market recovers. In the tech sector, key AI supply chain company ASML is showing strong positive performance, while the recent drop in IBM stock may be an overreaction. This period of extreme fear in crypto could be a strategic accumulation opportunity in high-conviction assets for those with a longer time horizon.

Cryptocurrency Market Overview (BTC, ETH, SOL)

• The hosts describe the current crypto market as being in a state of major red, with significant downturns across the board.
• Bitcoin (BTC) was trading at $63,400, down 3.5%. The market is reportedly in the longest period of "extreme fear" ever recorded.
  • The key trading range for 2024 is identified as being between $55,000 and $73,000. The hosts speculate that the market will likely "chop" within this range and may not break below the low of $58,000 on the first attempt.
• Ethereum (ETH) was trading at $18,333, down 3.5%. The sentiment is particularly bearish, with the hosts noting it has been in a downturn for six straight months.
  • There are "nasty" price calls for ETH, with some predicting it could fall as low as $980.
• Solana (SOL) was trading at $77, down 4%. It has been in a downtrend for five months.

Takeaways

• The overall sentiment for major cryptocurrencies is extremely bearish and fearful. The market has been in a prolonged downtrend with no significant relief.
• For Bitcoin, the $55k-$59k level is seen as a strong support zone that may hold on the next test.
• The outlook for Ethereum is particularly negative, with a multi-month downtrend and very low price targets being discussed. Investors should be cautious.
• This period of extreme fear could present a long-term accumulation opportunity for patient investors, but the short-term outlook remains weak.

Monero (XMR)

• Monero was highlighted as one of the few coins showing strength, trading up at $328 while the rest of the market was down.
• One host mentioned they were previously in a trade but got stopped out, and is now considering re-entering the position.
• Prominent crypto investor Arthur Hayes was mentioned as being bullish on Monero.

Takeaways

• Monero is showing relative strength against the broader crypto market, which is a bullish sign.
• The hosts speculate that XMR could be one of the fastest and strongest movers when the market eventually recovers.
• Investors looking for assets that could outperform during a market bounce might want to keep an eye on Monero.

Gold & Silver

• The sentiment for Gold is very bullish. The chart is described as "gorgeous" and "strong."
• One of the hosts confirmed they were buying Gold during the show.
• A recent high of $5,240 was mentioned, with the price dipping to $5,140 at the time of recording.
• Silver was also discussed, but the sentiment was less bullish than for Gold. One host believes Gold will hit a new all-time high before Silver does.

Takeaways

• Gold is viewed as a strong investment, particularly as a hedge against the current weakness in the crypto market.
• The technical chart for Gold is considered very positive, suggesting the potential for further upward movement.
• Investors may want to consider Gold over Silver, as it is perceived to have a stronger outlook.

Copper

• The hosts analyzed the chart for Copper and expressed bullish sentiment, describing it as looking "nice" for a potential trade.
• They considered buying it live on the show, indicating a strong conviction in the short-term setup.
• However, they also cautioned that Copper's price action can be very choppy and annoying, comparing it to a "meme coin."
• Arthur Hayes was also mentioned as being bullish on Copper.

Takeaways

• Copper is identified as a potential short-term trading opportunity based on its chart pattern.
• While there is bullish conviction, investors should be aware that Copper is known for its volatility and difficult price action. This is a higher-risk commodity trade.

Coinbase (COIN)

• It was announced that Coinbase is launching 24/5 stock trading, zero commissions, and fractional share trading.
• The hosts noted that this move follows the "Robinhood playbook" and is part of a strategy to become an "everything app" for finance.
• Coinbase is also reportedly still waiting for approval for a national trust bank charter, which other crypto firms like Crypto.com have already received.

Takeaways

• This is a major strategic expansion for Coinbase, moving beyond crypto to compete directly with traditional online brokerages.
• This move could significantly broaden Coinbase's user base and create new revenue streams, which could be a long-term positive for the stock (COIN).
• Investors should see this as a sign of Coinbase's ambition to become a comprehensive financial platform.

Meta (META)

• Breaking news was shared that Meta (formerly Facebook) plans to revisit launching a stablecoin sometime before 2028.

Takeaways

• One of the world's largest technology companies is signaling a renewed interest in entering the stablecoin market.
• While the timeline is several years out, this is a significant long-term development for the crypto and stablecoin ecosystem that could bring massive mainstream attention and competition.

Backpack Exchange (Token/Equity Model)

• The crypto exchange Backpack announced a novel plan for its upcoming token.
• Users will be able to stake the token for a year or more to earn a claim on 20% of the company's equity.
• Backpack is reportedly raising funds at a $1 billion valuation, making this a significant amount of equity being offered to users.
• The hosts praised this model, calling it the "literal greatest utility you can give to a token holder."

Takeaways

• This is a pioneering model that directly ties a token's value to the success of the underlying company by offering equity.
• This creates powerful alignment between the protocol and its users, potentially setting a new standard for token utility in the crypto space.
• Investors and builders should watch this experiment closely, as its success could influence how future crypto projects structure their tokens.

AI & Tech Sector

• A widely-circulated research piece (referred to as the "Satrini piece") has reportedly caused significant drops of 4-8% in SaaS (Software as a Service) stocks due to fears of AI disruption.
• IBM (IBM) stock fell after AI company Anthropic announced a tool related to COBOL, a legacy programming language used by many financial institutions that IBM services. The hosts felt this was likely an overreaction.
• ASML, a key chip manufacturer in the AI supply chain, was mentioned as "cooking," indicating strong positive performance.

Takeaways

• The market is currently very reactive to the narrative of AI disrupting traditional industries, creating volatility in tech stocks.
• Investors in SaaS and legacy tech companies like IBM should be aware of this sentiment risk.
• Companies that are essential to the AI supply chain, such as chip manufacturer ASML, may be better positioned to benefit from the AI trend.