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Shocking Gary Gensler Testifies (Left Shaking After Crypto Questions)

Originally aired on September 12, 2023

In this episode, Wendy O discusses the latest crypto market updates, including Bitcoin testing the $25K support level. She talks about the ongoing FTX bankruptcy and potential impacts, such as asset sales depressing prices. Wendy criticizes government overreach and overregulation, saying it pushes jobs and innovation overseas. She advises using tools like burner phones and separate email accounts for security. Overall, Wendy emphasizes protecting capital during bear markets, avoiding scams, and learning to trade if interested.

What is the current state of the crypto market?

  • Bitcoin broke below $25K support, indicating further downside potential
  • Overall downtrend/bear market continues but trading opportunities exist
  • Wendy watching Bitcoin support around $24K level

What did Wendy say about increased IRS enforcement?

  • IRS plans to use AI tools for identifying tax evasion
  • Wendy feels this will unfairly target small businesses and middle class
  • Criticizes government overspending and overreach

What security tips did Wendy suggest?

  • Use burner phones for crypto storage/trading
  • Have separate email accounts for each wallet
  • Don’t fully trust any exchanges – move assets to cold storage

What updates were provided on the FTX bankruptcy?

  • FTX may soon liquidate large amounts of crypto assets
  • List of FTX’s top token holdings shared
  • Likely to occur OTC but still impact market sentiment

What are Wendy’s thoughts on taking profits in crypto?

  • Wendy stresses taking profits during bull market pumps
  • Don’t just hold assets during bull markets
  • Protect capital in bear markets by occasionally taking gains