We have some big crypto news to talk about in the market today. So, we’ll talk about the crypto prices. We’re going to talk about Bitcoin’s price and we’re going to talk about this economic hurricane that is potentially headed for you. What does it mean for the crypto market? What does it mean for your crypto portfolio? So, if you enjoy these crypto updates.
I want to kick it off with the big crypto news of today and have a look at this. There is potentially an economic hurricane caused by the Fed and the Ukraine war. So, we have been covering this on the channel but this is coming out of the CEO of JP Morgan chase Jamie Dimon. So, we know there’s a couple of big things on the horizon and what is potentially brewing this hurricane right now comes down to two main factors. These two main factors are the quantitative tightening potentially from the Federal reserve in the reductions of its bond holding. So, apparently, that’s going to ramp up quite a bit in the upcoming months on top of that. We also have this situation over in Eastern Europe.
This conflict between Ukraine and Russia has been going on for many months now and this is causing all types of havoc for oil, food supplies, and things like that. So, they’re the two big things on the horizon. So, they’re talking about oil could potentially hit 150 or 175 dollars per barrel that does impact the broader economy. So, remember, a lot of transport industries’ logistics actually run on oil, so that puts price pressure on lots of different things. This is the big stuff to be aware of. He’s saying not storm clouds, but potentially it could be a hurricane. So, I reckon the next six to 12 months in the economic realm is probably going to be the most volatile to watch out for. So, watch out for volatility in the world economic scene so this is going to transpire not only the stock market it’s going to go into the crypto market, so expect lots of crypto volatility in the upcoming months. But, having said that I’m still bullish on our crypto on top of that.
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Let’s talk about some other bullish news in the crypto space. Have a look at this Binance labs announces 500 million web three funds. The fund backed by DST global and breaker capital will be invested in web 3 projects. So, this is a good 500 million dollars, that’s half a billion. This is more development into web three, so this is called more development into d5 NFTS gaming metaverse coins and social networks. That’s exactly what we want to see in the crypto space, we do want to see more development of the ecosystem and more development of web3. So, that is really good coming out of Binance. On top of that I did see this cool sponsorship from buy now, so potentially they are sponsoring f1 events. It does look like it. So, is that Monaco right there? Have a look at that. So, you’re going to see a lot of crypto coins. A lot of crypto companies, they’re going to start to sponsor some of the fastest racing in the world and i do think it’s a pretty cool partnership personally because cryptocurrency is very fast-paced and so is racing and with that.
Let’s take a look at the broader crypto bottles today. So, what has happened with the top 100 coins and you can see today is mostly a day of red. We’re gonna get to the bitcoin price soon, but have a look B waves are still up 20 so that is a good signal right there. Waves is up the rest of the market a little bit of a down day today. If we do jump over to coin gecko you can see right here where is it being caused by this bitcoin dip. So, 5.1 down in the bitcoin price. If we do jump over to the Bitcoin price. You can see it right here on the charts there was a bit of panic. There was a bit of a sell-off right here and that caused the price to drop from around. The 31-32 000 level right here and it did drop down to again around the 30 000 level. So, just when we thought bitcoin was potentially breaking out of the 30k zone uh it looks like the 30k battle zone wants to keep bitcoin back in the basement of uh thirty thousand dollars so we are seeing this realm. We did have a potential breakout yesterday up to thirty two thousand dollars, but looks like Bitcoin has been dragged back to thirty thousand dollar realm right now. So, we are seeing this kind of struggle around the 30 000 level and we do have a little bit of volatility in the future. So, I am thinking there’s going to be volatility in the crypto space. What we do want to see overall is we definitely do want to see Bitcoin break out of the 30k range. So, trading at around 29 000-30 000 right now, but we do want to see the crypto prices go up and on top of that what else are the other cryptos doing.
So, Bitcoin went down which means the other cryptos are going to go down today. So, Ethereum down point nine percent B and B down four point eight percent, Cardano down six percent, XRP down five percent, Solana down five percent. It’s had a big decrease recently and that’s with the shutting down or the pausing of the Solana network. So, there are still some growing technical issues with Solana, but I still think crypto has some nice potential in the long run. But, that has definitely caused a bit of a price decrease on the Solana. What does it ship up to? Ship is down six point four percent and coin is down eight point four percent. So, lots of volatility in the crypto space, but I do think in the long run. Even though potentially there could be some economic volatility on the horizon. I do think crypto does have a bright future, so I’m staying bullish in the crypto space. Despite all the economic fun, that is going on, but that’s a massive update on the market for today.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/TtVF2xVKjkM