The BIG week is finally here!!
Crypto forever will be changed after wednesday as 2 worlds directly collide for the very
first time.
The old world vs the new world.
Crypto vs legacy finance.
Crypto versus Crypto!?
You guys know whose side I’m on, and I can only guess whose side you're on if you're
watching this channel.
So can I get a HOORAH….(put hand to ear, listening)...that’s what I like to hear,
because it’s time for Chico Crypto!
I’m sure there are a few newbies watching, so if you don’t know what’s happening
Wednesday, April 14th, it is the day of the direct listing of Coinbase...Their IPO.
The questions I'm gonna try and answer today are what is going to happen to the crypto
markets pre and post Coinbase IPO?
Is this a good thing or is this a bad thing?
Or is it a good and bad thing???
So to begin, let’s just look at the crypto markets pre-IPO.
Pulling out the bitcoin price chart since last Wednesday’s low, it has been pushing
up in anticipation, cracking 60k for the first time last Friday, and dancing around that
level since, cracking it 4 more times as of yesterday, and as of that day we were above
60k….
At peak levels though, about 61 thousand, the increase from the low of 56k is about
8.75 percent.
Ethereum a tad bit more bullish, from the Wednesday low to its peak an increase of about
11.1 percent.
I wonder if out of the top 3 crypto’s there was one that was increasing suspiciously fast??
Out of the ordinary...well we looked at two, let’s look at number 3.
BNB…
Their coin went from a low of about 368 to pushing 600.
Just an increase of 63 percent.
Binance is obviously trying to steal the show….all eyes on them..
Which is obvious from the leader of the Nance.
CZ.
ANother tuber posted this yesterday “The Coinbase IPO is this week and I'm expecting
a Bitcoin pump!”
CZ retweeted and replied to this with “I thought the same.
Look at what's happening to #B...Not financial advice.
He meant his own Coin...BNB.
But the pure nasty thing they did.
Was this.
CZ tweeted also yesterday “Trade stock tokens like Tesla on Binance, with zero-commission.
Woah, they are dipping into the world of stock trading, US based stocks too.
But there is more to this than meets the eye...and CZ gave it away yesterday with eyes of his
own.
Erick Voorhees tweeted this because of the Binance stock news “How long until Coinbase
$COIN stock is trading on binance?
Of which CZ replied to it with BIG eyes…..
Yeah, he has their stock targeted and ready to jump on it ASAP.
I wonder why??
Well you have to know Conibase called out Binance specifically in their S-1 filed with
the SEC for the IPO.
Diving into the actual filing we can see Coinbase specifically called out Binance’s May 2019
hack.
Then in the competition section said this “We also compete with a number of companies
that solely focus on the crypto market and have varying degrees of regulatory adherence,
such as Binance”
Which they expand on in the document and say “Our primary source of competition to date
has been from companies, in particular those located outside the United States, who are
subject to significantly less stringent regulatory and compliance requirements in their local
jurisdictions.
Their business models rely on being unregulated or only regulated in a small number of lower
compliance jurisdictions, whilst also offering their products in highly regulated jurisdictions,
including the United States, without necessarily complying with the relevant regulatory requirements
in such jurisdictions.
To date, due to limited enforcement by U.S. and foreign regulators, many of these competitors
have been able to operate from offshore while offering large numbers of products and services
to consumers, including in the United States, Europe, and other highly regulated jurisdictions,
without complying with the relevant licensing and other requirements in these jurisdictions,
and seemingly without penalty.”
Now, I hope you guys realize that was filed by Coinbase February 25th.
What happened 2 weeks later on March 12th??
It was announced Binance was facing a probe from the CFTC over their futures trading & US
customers.
Now before all the craziness in crypto that has happened in 2021 so far, CZ spoke with
Bloomberg about US regulation and their exchange.
Here is what he said about not “operating” in the US.
““We have always blocked U.S. access, but users do find intelligent ways to get
around our block sometimes and we just have to be smarter about the way we block,” “Basically,
we do continually try to improve our blocking.
There are sometimes a few guys who want to circumvent our blocking and still use the
platform and we have to come up with a smarter way to protect that and when we do, we block
them.”
Well, those smart guys are proving to be smart.
If you go to Alexa website ranking for binance.com the main exchange, you can see that the US
is still a hotspot, ranked as the #3 country using it to this day.
In my opinion, it’s extremely obvious US traders are finding a way to still use the
exchange, or this percentage wouldn’t be that high…
So what does this all mean Chico.
Can you try and clear it up??
Well I will say this, it’s not the best possible idea for Binance to list tokenized
stocks, while under investigation by US authorities, and there are still US traders on their exchange.
But the nance has a problem with control.
They control the crypto markets as we speak...they control both derivative and spot trading by
large margins, aka they have large influence over the markets, including Bitcoin.
So now that their competitor, who ratted on them to the US authorities, is getting the
listing of lifetime.
They want some level of control over them too.
We get your BIG eyes at Erik Voorhees tweet now...Binance is looking to take it’s share
of CB stonk trading and possibly right out the gate...
Now the BIG question is.
What is going to happen to BTC this week?
Just like the others, I expected Bitcoin to be extremely bullish.
60k would be cracked this week, and left behind….
But now I see it, and just like the children in the middle of parental fight, bitcoin is
caught smack dab in the center of this FIGHT between Coinbase and Binance.
Let’s just show that tweet from CZ one more time….CZ thought BTC was gonna pump too,
but look at his coin, it is PUMPING.
And then we have to show this one...in a reply to a user tweeting that BNB volume had surpassed
Bitcoin volume, CZ replied “Exchanges who didn't list #BNB missed out on this volume.
#BNB is "doing fine" without them”...
That was a direct shot at the BASE, and he is flexing his volume muscles, showing it
can even outdo BTC...
People need to realize this, with the Coinbase IPO coming.
COIN stock and Bitcoin are going to be closely tied to each other.
I’ve been wondering since the announcement of the stonk, who was gonna follow who?
Would Bitcoin drive the COIN stock, or would the coin stock drive the Bitcoin price?
In my opinion, out the gate, it will be BITCOIN who drives confidence into the COIN stock.
So what is going to happen this week?
Well Bitcoin might crack 60k pre coinbase IPO, as that is what the markets expect….but
the day of the IPO?
There may be some surprises, some unexpected price movements, and I’m thinking a possible
unexpected DIP!
If Bitcoin isn’t performing well the week of the Coinbase IPO, that might not be good
for Coinbase stock wouldn’t you think?
Lackluster performance from BTC, equals Lackluster Coinbase stonk performance??...But HEY BNB,
this week...it shined, like a star!!
Like I said in the beginning, crypto versus crypto?
They know, the future of finance is a very valuable thing, Binance versus Coinbase...and
the war begins.
Can I get a HOORAH.
Cheers I’ll see you next time!