Brad Garlinghouse keeps it real.
President Joe Biden says a recession is not inevitable.
Brazil is bullish on crypto.
My name is Ben.
This is your nightly crypto news wrap-up.
Let's get it!
What Ripple is doing with our digital asset that we use in our technology stack called XRP
is solving a cross-border payments problem.
And that cross-border payments problem, we all have experienced.
When you're moving money across borders, it is slow and is typically expensive.
- There's no reason we can't use this technology to solve that problem. - I hear you.
And you know what? I think more regulation, better.
Then we can all know what we're trading with.
- Why don't you want more regulation on XRP? - I do.
Why are you in a big fight with SEC's Gary Gensler that's just going on and on?
What is going on, that's frustrating.
Gary Gensler was quoted as saying that justice delayed is justice denied.
Yet at every turn, the SEC has been slowing this one down.
Look. We were the ones advocating for years that we needed regulatory clarity in the United States.
The other supreme XRP Army commander spoke out yesterday in Davos, Switzerland
at the site of the ongoing World Economic Forum.
Ripple CEO Brad Garlinghouse covered several topics in a short amount of time
regarding his position on other altcoins,
why real use case is so important,
and he even touched on the ongoing case against dirty Gary Gensler and the SEC.
Brad recently caught some flack for stating the simple fact
that a good percentage of altcoins aren't going to make the cut.
Duh!
As forward as that statement is,
he does have a point.
The inherent advantage Ripple has over tomorrow's favorite memecoin
is that it has a real world use case,
solving the cross-border payment problem.
XRP is the first of two coins to become a part of the governing body of ISO 20022,
which is reinventing the wheel in the global financial sector.
No matter how long Mr. Burns,
I mean, Mr. Gensler, draws out the case,
Brad's 100% right when he says that crypto isn't going anywhere.
And that's especially the case with XRP.
The truth is Garlinghouse wants clear, concise regulatory clarity
so this space can continue to grow and innovate.
If you want to learn more about XRP's impact on ISO 20022,
be sure to check out our coming video very soon.
But how's XRP doing right now, you ask?
Well, let's pass it on over to Frankie Candles for a market watch.
Thanks, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $29,662.
Ethereum coming in at $1,951
Ethereum down about 1.5% on the day
Let's go ahead and check our top gainers.
Look at that!
UST up 35% on the day!
We've got BORA coming in up about 12% on the day.
Loopring up almost 10%
Sandbox up about 6.5%
And then we got TRON up about 5.5%
And Monero up about 5% on the day
Guys, Bitcoin has essentially been moving sideways for the past 13 days.
The price action is basically like watching paint dry at this point,
but I don't think it's going to be boring for much longer.
I think we have a massive move probably to the upside coming very, very soon.
Even if we do see one more last leg down before moving up,
I do think we have a decent size move to the upside right around the corner.
So stay tuned.
Bitcoin likes to surprise us.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
In your view, is a recession in the United States inevitable?
No.
Here's the situation.
When it comes to the gas prices,
we're going through incredible transition
that is taking place that, God willing, when it's over, we'll be stronger
and the world is stronger and less reliant on fossil fuels.
When this is over.
This is going to be a haul.
This is going to take some time.
In a recent trip to Tokyo,
President Joe Biden stated that despite high gas prices and a food shortage,
the recession is not inevitable.
As much as I want to believe what our president says,
given the circumstances, given the facts,
it's really tough for me to think there won't be a recession,
even if it is a shorter one than the usual 11 months.
Technically speaking,
a recession is defined by two consecutive quarters of negative economic growth based off the GDP.
That means if this quarter is negative, we're technically in a recession.
We know that the Fed's attempt to battle inflation by hiking up the interest rates
has been negatively affecting the markets,
tightening spending, causing people to lose their jobs.
All symptoms of a recession.
The next Fed meeting starts June 14.
There's four after that one this year.
And the plan is to increase the interest rate at every meeting.
Why is it relevant to crypto?
Well, the first two hikes put serious dents in the markets
and Bitcoin hasn't had a green candle on the weekly for eight weeks.
The incoming hikes are not at all baked into the price.
And things will most likely get worse before they get better.
Yes, there's the chance of a relief rally,
but there's also a chance we don't hit a bottom soon.
Because in the past, bottoms are rounded in times of economic easing.
We're in the midst of the most hawkish year in decades,
which is why it's having a long-term mindset that's so important in crypto.
To end on a positive note, despite bearish price action so far this year,
at least crypto adoption isn't slowing down.
One of the latest countries to jump in on the action is Brazil.
If you want to buy some real estate there,
you can use crypto to do so.
cryptoglobe.com reports that real estate developer Gafisa
sells property to one in every 130 people in Brazil.
It accepts a basket of 16 crypto assets, including ADA, SOL, XRP, Bitcoin and more.
Gafisa's chief executive states,
"There is no way to do business without accepting crypto as a form of payment."
And I love how this guy thinks!
Not only that,
Brazil's largest exchange Mercado Bitcoin has teamed up with Stellar Lumens
to launch a CBDC by the end of the year.
It makes sense that XLM is the project that's helping Brazil develop their MVP
because Stellar Lumens is the second project that is part of the governing body for ISO 20022.
Brazil isn't just adopting crypto.
They're adopting the new global standard for cross-border payments.
Bullish future for the Brazilian new users about to onboard into the space.
That's all I got.
Be blessed.
BitBoy out.