BIG NEWS! MASTERCARD'S HUGE STABLECOIN ADOPTION & IS CARDANO DEAD?

**Tony Edward** (0:05)
Hey everyone, welcome into The Thinking Crypto Podcast, your home for cryptocurrency news and interviews. I'm your host Tony Edward. On your way in, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify or Apple, please be sure to leave a five star rating and review. Okay folks, let's quickly talk about Bitcoin because it continues to move downwards, currently trading just about $62,000.
It went below $62,000 today. And the RSI on the daily chart is heavily, extremely oversold. It is turning red. It's almost approaching levels we saw in February where we hit $58,000. So could this be the retest of that low? It's possible. Doesn't mean it has to. But we are certainly getting there. And I expect a reversal soon. The sentiment is in extreme fear. The Bitcoin MVRV traders on the 30-day perspective are underwater. So all the conditions are there for a reversal. It's just it may take some time. We may have to wait another week or two before we see some sort of bounce. But we're looking for an impulsive bounce and for some strength here to continue moving higher. That's not guaranteed. You know, we're not talking certainties. We're talking probabilities here. But going by the textbook here, Bitcoin is now extremely oversold. So I expect some sort of reversal sooner than later. Now, the bear market is taking its toll on many fronts.
Today, we got an update from Charles Hoskinson, who's of course the founder of Cardano. And he's saying some very negative things that a lot of DeFi projects are going to die that are based on the Cardano ecosystem.
He was reacting to the Tap Tools situation where it shut down. So Charles is like, I'm not exactly sure what my role is to resolve this. So he just seems defeated.
His appearance, his tone. So the bear market is taking its toll here, folks. Now, I'm not going to say Cardano is dead, but other projects are leapfrogging Cardano. Chains like Avalanche and Stellar and the XRP Ledger and Solana and Ethereum have all been getting a lot more adoption in Cardano. Just think, have you heard any major business partnerships with Cardano recently? No. When I say recently, even in just the past six months or even the past year, there hasn't been any, you're just hearing a lot of infighting.
I think it was late last year where Charles Hoskinson came out and he's attacking the XRP community. I'm like, bro, focus on Cardano. Why are you out there trying to drum up attention by going after XRP and much more?
Bro, get to work, right?
I think we're seeing the fruits of that by, I don't know what's happening over there, who's running the show and who's in charge, but it's not looking good. Again, I'm not trying to say it's a dead chain. There are some people who might say that, and I think that's hyperbole, but it is a chain that has not been getting a lot of adoption, and then you have all this uncertainty around the founder and the developers and much more. So not a great look. And I hope things can turn around for them, because I do have the ADA token in my portfolio. So I don't want Cardano to go to zero to die. I want to go up. Now, we've seen narratives come around the bear market bottom, and everybody capitulate and things are not going well, and then things reverse. But again, I go back to the adoption piece. Again, we've been talking about Stellar recently, right? Stellar getting MoneyGram launching their Stablecoin on it. The DTCC selecting Stellar, not to mention the government of Bermuda building on Stellar, and all that has happened in the past six to eight months. So where's Cardano? Where's the news, right? So this is where things are not looking too good, but hopefully it can turn around.
Well, we do have people buying the dip, guys. There's a lot of dip buying going on. So Capital B seeks $122 billion funding mandate to buy more Bitcoin. So a lot of these treasury companies around the world are buying. So France listed Bitcoin Treasury Company, Capital B is asking shareholders to approve a massive new delegation of fresh capital raising instruments seeking authority to issue new equity and credit instruments to accelerate Bitcoin acquisitions. So Capital B submitted a new proposal to the board of directors seeking to allow the establishment of up to 5 billion euros or approximately $5.8 billion in a capital raise through 125 billion shares at current nominal value and $116 billion in credit instruments. So hopefully all of these dip buying works out for a lot of these companies. I'm not saying that it can't. I'm just saying in the bear market, it's tough and you never know what may happen and how long these things may last and what else may be down the line such as Black Swan events and much more. But obviously, I believe crypto is here to say, I'm bullish on it long term. We just have to get through the bear market.