EddieJayonCrypto
24 Jan 23
• Gemini is cutting another 10% of its staff; this is after cutting over 16% just in June and July• NYS Department of Financial Services is taking a hard look into firms they suspect are co-mingling customer funds• Jim "Flip Flop" Cramer said you should get into gold and not crypto• Keep your dry po...
• Gemini is cutting another 10% of its staff; this is after cutting over 16% just in June and July• NYS Department of Financial Services is taking a hard look into firms they suspect are co-mingling customer funds• Jim "Flip Flop" Cramer said you should get into gold and not crypto• Keep your dry powder at the ready• Whales are snatching up things like Bitcoin, Ethereum and XRP• Tech stocks rise after companies like Alphabet, Microsoft and Spotify announce layoffsPeople think that having job cuts is a good reason to drive a stock price up. To me it is a sign the economy is not going to be good in the future with all of those feet on the street. Here is what is on my mind today.1. Gemini is laying off 10% of its staff in light of current events. This is on top of the 16.3% cuts they had in June and July last year. Let's not kid ourselves. They are hurting. If you have been paying attention to my videos, you know I am not a big fan of centralized exchanges. I use them when the need arises and then I keep it moving. Remember what I said before, there is room for consolidation. I am not sure they have assets you need to buy since people would automatically move to another CEX. You could just sit back and wait for them to fold their tent. 2. New York State Department of Financial Services (NYDFS) is letting firms know they are going to be digging deep into co-mingling of customer funds. This is a clear reaction to what happened with Alameda Research and FTX. So, they are going to be going after companies they believe could be doing the same thing. This is not a bad thing, but all I want to know is where were they before all the fireworks? 3. Last night Jim "Flip Flop" Cramer said you should get into gold and not crypto. This guy cracks me up. He has been digging in on crypto and telling people to go after gold for a little bit now. That said, every time he says something like this, it's like you can make money doing the exact opposite. Again, I think the man is an entertainer and should stick to yapping about his stock picks. 4. Remember what I told you about having dry powder. Even when the market goes up, it must come down. I am not saying it is going to reach new lows. What I am saying is there are these things called pullbacks, corrections, etc. You need to have some dry powder for those times. This is how you are going to buy low. 5. Whales are buying in and they are going big. I am seeing an uptick in Bitcoin, Ethereum, and XRP. That's right, you heard me. I said XRP. Whales are big on XRP and it is because it can move assets cross-border wicked fast and on the cheap. These aren't the only things they are buying. The crypto market is way oversold and they know it. The whales buying in now are late. Other whales were buying earlier and are enjoying major gains. Pay attention to the all-time highs and what the projects are doing. Hit me up. I want to know what your top 5 cryptos are and why. Drop a note! Here's the deal though: Bitcoin and Ethereum don't count! 6. In the stock market people are thinking tech is back. I think they are saying this only because they saw the stock prices rise after companies like Alphabet, Microsoft and Spotify announce layoffs. We are talking about tens of thousands of people pounding the pavement over the next few months. Play that out in your head. That is a lot of people not spending money and using credit cards. Be ready!