Here in the world of crypto and, of course, Bitcoin, now it’s the weekend, Bitcoin has fallen below $40,000. We’re going to be going over exactly why that’s happening, where I think we’re going next, and all the news that you need to know to be fully up to date on this bright.
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First of all, I want to ask you guys a question here. This is a tweet by Elon Musk:
“If our twitter bid succeeds, we will defeat the spam bots or die trying.”
I think that this will be great for freedom of speech and all of that sort of stuff. Also, I think this is going to be great if this happens for Dogecoin. As you know, I’ve been stacking a little bit of Doge here and there just in case Elon Musk decides to like make Doge tips or something like that, but Michael Sailor actually commented on this and he has an idea as to how you can solve this spam problem:
“Twitter can solve the problem of scammers and bots if they allow real humans to get verified w/an Orange Check by posting a one-time security deposit. Then limit the comments/DMs to verified accounts. Reported bad actors & spam bots forfeit their deposit & @Twitter monetizes malice.”
Now this is an interesting concept. I’ve never really thought of this sort of thing, but basically you’d be giving a little bit of a deposit to Twitter to basically say “I’m not going to do anything like spam or scam or whatever it is right”. If you do and they decide that you’ve broken the terms of conditions, they’re going to take your money. Now this is an interesting concept, especially when it comes to Elon trying to do freedom of speech and then saying that people have to pay for it.
Now the reason why Bitcoin has fallen down is both because the fed power says a 50 basis point hike is on the table and that’s the reason the market is getting spooked. If we check out the overall markets, we can see most markets across the board are down at least 1%. Some more, some a little bit less. DOW is -2.82%.
So things are not looking good for the overall market right now. When these sorts of things are said, I think people start to price in a worst-case scenario, maybe even a higher basis point hike than we’re seeing here. This is what’s happening right now. People are panicking, people are selling. Of course, people are also still using leverage in the Bitcoin market and we keep getting a lot of liquidations because people are thinking too short-term. We are long term, but overall in the market, we do have the good old Apecoin.
CRV and KNC, not a coin that I’ve heard about before, and GMT, up 7%. We’ve covered GMT recently, but the rest of the market is very much red now.
So what do I think is going on with Bitcoin? We can see here that we are still holding this lower high. I think this is bullish as long as it’s not broken and something that I would say may happen, where people with a lot of money who want to move the market and scare people out of their positions or get people too euphoric, will move the market in a way that makes it seem like something is going to happen, like a fake out and then it goes the other way. So something that I would consider lightly is that we do actually drop briefly below this $38,000 mark because a lot of people are watching these higher lows and higher highs right now. If we break below here, a lot of people will have stop losses, so they’ll automatically be raided. So we’ll see liquidations. Of course, more liquidations will come in and bitcoin will drop briefly and then pump up. This is an idea that I think could potentially happen. I don’t have a crystal ball, but overall here in the shorter term, I think we’re still bullish.
If we zoom out, we are down significantly from our highs back here and in the super long term, I still think we are in an uptrend. We have as low as $33,000 to continue this very long term uptrend in my personal opinion. I know we have much better fundamental news in the market. Much more mass adoption, more institutional investors, all of that sort of stuff. I get it.
If we don’t think about that for a minute and we simply just look at the chart, what we can clearly see here is two peaks. Yes, they’re the other way round to what we see up here. We got one high here, then down and then a slightly higher high and then down and then if we check here, we have one all-time high, then down and then right and then we have this section here where we have a nice little bounce travelling sideways and then down and what I want you guys to see is two peaks down and then a little bit of a bounce. So just so you guys understand, if you were not around in these times, I was. So I know what it’s like to be involved in this market right now. We’ve got to this peak here and back here for the next time. When it reached there, it was around 476 days from where we are right now. If Bitcoin does the same thing it did before, we may be rejected and on the decline for the next 400 days if Bitcoin does the same thing it did before. What I want you guys to think, and then, of course, after this point, we still had another 480 days until Bitcoin broke that point again, so this could be a very long term thing. That’s why I always talk about thinking long term. It’s as simple as that and that’s the reason why I have the trading style.
I do now the crypto Greed & Fear Index is telling us we are back in extreme fear today. We haven’t been there for about a week. For example, if you are a long-term holder and you want to accumulate, for example, Bitcoin, like I do, buying an extreme fear, according to history, has always been a profitable thing to do. Now there’s no way of knowing if this will be profitable again. Of course, we have our short-term investments, but when I get invested for the long term, I’m thinking years down the line, so please do keep that in the forefront of your mind now.
Heading over to coin market cap, we got a 1.85 trillion dollar market, a 1.3% decrease over the day, basically a bloody market because as annoying as it is, the crypto markets are currently following the main market. If there’s panic in the stock market, there’s panic over here in Bitcoin. It’s just the way it is right now. But we have seen Apecoin up 14.8% today. A little bit higher earlier. This is all around the news that they will have land coming out very soon. There is a lot of bullish people around this coin. Right now, I’m still sitting on the sidelines very closely watching this coin because, like I’ve been speaking about, I think that this may be the new Dogecoin. Right now, the hype space is focusing very much on this coin. There is a lot of search volume and a lot of volume traded. It’s absolutely crazy in the market that we’re in right now. The volume is at 1.7 billion, which is absolutely crazy.
If we do head back, you can see the coin is number 10 on the highest volume traded in the last 24 hours, which is incredible for a very new coin. Every other coin on this list is absolutely huge, been around for years, so it’s very good and then just behind it, we’ve got GMT which also has a lot of hype around it. In my opinion, Apecoin and GMT have a lot more to offer than Dogecoin and Shiba Inu did back in the last ball runs. Of course, Shiba’s trying to do stuff Dogecoin is being implemented in places and with all of that said, let’s do a little bit of news.
Today we’ve got quite a nice little announcement here. Fintech giant Stripe jumps into crypto with a feature that lets Twitter users get paid in stable coins. This is very nice stuff for:
“…online payment firm Stripe says it will start offering merchants the ability to pay their users in cryptocurrency through the stablecoin USDC.
Starting Friday, Twitter will let a certain number of creators receive their earnings from its paid Ticketed Spaces and Super Follows features in crypto,
It’s Stripe’s first significant push into the crypto space.”
I would like to see something like a tips feature be able to be paid in stable coins and that’s something that I am completely 100 % speculating may happen if Elon Musk takes over Twitter and there’ll be tips in Doge but that’s pure speculation and me smoking a little bit of that hopi and pipe.
Samsung also invested $25 million in a South Korean metaverse startup, just another massive corporation. Getting invested in the world of metaverse blockchain and crypto is just another step towards mass adoption. Last but not least, we have Ethereum processing 4.5 times more transactions than Visa in 2021. We were in the midst of a bull run, so these numbers will have come down significantly, but it just goes to show how many people are actually using the cryptocurrency space as we speak.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/ONfRmvaNfmE ]