Coinbase Facing Legal Action? Closing Bull Sept 10th, 2021

Quick Summary:

Back on a trade at the end of the day on Friday and looking for a bounce from the carnage today which we were grateful to avoid!

Key news this week:

The US could default on its debt in October if measures aren’t taken to raise or suspend the debt ceiling.

Biden administration is calling for solar energy to power nearly half of the US electric grid by 2050, up from just 3% now.

SEC is putting Coinbase, the US’ biggest cryptocurrency exchange, on notice that legal action may be coming.

Smart glasses are back:  Facebook unveiled its first smart glasses this week.

Read the transcript

Hi there, welcome to my financial markets recap for the week, John Bannon here from How are y’all doing today and this Sunday, Friday, before we get to the news, so a little update on the system, we closed the trade last week has been a mixed bag with one winner in the NASDAQ And one last in the S&P.

So you know, slightly in the negative side, but more or less on wash.

However, since then the markets come down pretty hard, particularly today, which is great for us because we’ve been waiting on this. And we’re now in a new trade.

And at the close today, so we must currently study which is what you want to do, obviously. And we’ll see this as a short term loans, we’re making smaller trades in this environment, because September is expected to be volatile.

And our forecasts are saying the same thing.

So we’re getting get out grabbing what we can, and hoping that, you know, we’ll see some more selling once worked. That’s what you want, right?

Because going into Christmas, we’re going to see some recovery that I’m sure. So that’s what we’re looking for. And there’s more volatile times coming, I’m sure.

September is gonna be a rocky road, possibly in preface October, too. So we shall see. But when you can get in when the market comes down hard like this, you got a much higher probability of actually having a good trader. So we will, we’ll see what happens.

So that was the system update and what happened there.

So what happened in the news was a short week, last week, we had the Labor Day holiday on Monday. So there wasn’t as much news as normally as it was pretty quiet over the weekend, as people were busy enjoying themselves and the last weekend of summer before the skills went back in North America. So suddenly, My children are back in school, which is really kind of odd after a year and a half, but they’re actually in school, and person, which is nice, but about about a normality.

So hopefully, we’ll keep that going and nothing gets shut down. So again, shortened week, this week, the the main news that came out were the first thing that I picked out was the US may default on its debt, and October, if the politicians will go forward and raise the debt ceiling again.

I’ve seen this story many, many times over the last number of years. In the last like 10 years, this debt ceiling keeps getting pushed higher and higher and higher. And of course, what typically happens is the politicians will be squabbling right up until the last month before deals have actually done that as my experience of it so far. So I’m expecting the same kind of story October the market make a little nervous and October, before the finally pass something we still see. Another thing in the news was the solar industry got a real shot in the arm this week that Biden administration said that they want the solar industry to make up 50% of the US energy, needs and cents, that’s up to 2050.

So right now, it’s 3%. That is a lofty goal indeed, but their opposite, pushing sustainable energy, and solar in particular, being 50%, renewable, and completely renewable, but you know, pushing for that renewable energy 550 percent of alginates, which is a big, big goal, but great news of it on the solar business. And in other news this week, the SEC is putting Coinbase on notice that legal action may be coming. Recently, the SEC chair Gary Gensler cold cut to the Wild West, saying that it’s rife with fraud, scams, and abuse in certain applications, which obviously I think most people believe that to be true is he’s saying that he became the FCC Chairman and airports really wanting to meet his marquee, obviously, and and he’s looking at the, this, you know, the capital model being, you know, on the dodgy side, obviously.

So we’re looking to get, you know, get some regulation in place and not to manage what’s going on, and safeguard and burn some guardrails for an investor to make sure they don’t get taken advantage of in that space. The feeling is this all set an example going after Coinbase, because they are the largest us crypto currency exchange. So they’re going after Coinbase, saying what we’re putting on notice that, you know, we’re not really particularly happy with the crypto space, and even what you’re doing, and we might be looking to do legal action against you. And Coinbase is saying what I’m doing wrong.

So we’ll see what happens there in the coming months. And that was following a 10% correction. But drop one capital, very recently on the weekend, I think it was nuts.

That was after El Salvador actually made the actual official currency, sort of the first country to make that kind of an official currency was El Salvador. So I’m sure a few will be watching that experiment and see, see what what happens in that particular country to roll out to other countries in the world. Bitcoin has definitely had to say crypto is here to stay, where it’s going to go from here. It’s still very volatile, obviously minutes. 10% and ideas big moves.

So very volatile, pretty crazy. Too crazy for me personally but use their own right. If you’re not invested in the business and krypton, you’ve done well. I tip my hat to you. It’s just too well for me. This week, Facebook unveiled smartwatches you know, remember them smart glasses, the said to be the, the set with the holy grail of you know, big tech. And you know, spaces the space so far as flipping flops after flop making remember Google Glass Google has tried in the last turn on on smart glasses and sort of snap snap came out and then ended up with 300,000 petals that they couldn’t even sell for AR spectacles. So, you know, there’s $40 million a pound for that on that particular project.

And Facebook is now coming to the space but they are actually designed by Reba and and they don’t actually look like smart glasses, which may actually be something that sticks. They look very interesting. You may want to check them out a little bit all the way up. Now. The interesting things that people may actually wear because there’s the Google Glass one thing is did look like a little computer, a little glass thing coming over really kind of odd and distracting.

So we’ll see what happens there. But you know how to use some of that when you’re driving. Not really sure what’s going on there. But it may actually work. So it may actually get picked up last time because the big tech is really looking to see that space, expand that center something next thing they’ve had the watch about the phone now, the glasses. We shall see. Pun intended. So that’s that for me.

That was the major news this week. And that is it from me and thanks for watching. Take care and bye for now.

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