We are, of course, going to be going over all of the news that you need to know to be fully up-to-date in this market. Of course, we will be going over where I think we’re going next and all of that stuff to keep you fully up to date.
By the way, Jet-Bot is one of the great initiatives, which allows you to follow the best traders and track all of their trades via Binance trading bots. The platform has been launched since 2019 and offers a 3-day trial period for new users.
Moving on, we do have the Crypto Bubbles, we have Luna Classic up 13% today, we have CHZ up 11%, APE 3.7%, but overall the market is kind of red today:
With bitcoin at $20,876, we have had a little bit of a downturn since yesterday, but overall we have been holding at that $20,000 mark for at least a week. Since we had that horrendous drop of around $30k, that was a wild drop in just a few days, so not very nice to see there.
If we do head over to the weekly chart, we can see that we are significantly now significantly below that 200MA, which basically people were expecting to never break. This is history again. History has been made. This has never happened before. We have never closed below this 200MA, but it has happened now.
If you are a trader and you wanted to open some shorts or some longs here, there are definitely options to do so with the volatility that we’re seeing in the market these days. This is something that I have been doing. If you had opened a short, it would have been incredible. So, if we look at that and there is some sort of bounce here, a great opportunity to potentially short the market, which is what I would be looking at, would be around that $28,000 mark, or even down here at the short term resistance, we would definitely be seeing some resistance around that $21,000 to $22,000 mark. And those are regions that I would be potentially shorting bitcoin and also other altcoins because, as we know, bitcoin leads the pack.
Moving on the cryptocurrency green and fear index. We are at 10 today, so we are still in extreme fear and we will most likely stay here for months right now. The overall economic situation in the world is not looking good for the cryptocurrency market today. We are down almost 2%, still very much under that one trillion dollar mark, but we have some good news before we get into the worrying news.
We got Greyscale reports that 99% of the common letters support bitcoin spot ETF. This would be very bullish for the market and I would absolutely love to see this happen. This could see billions, if not trillions, flowing into this space, but we do need to have a much better macroeconomic stage for this to actually go well, so I would rather this be held off for a little bit longer. Maybe things will get better. Things will clear up in Europe.
Of course, we have horrible inflation right now, so if we can curb that and then when that starts to come down, we smash in this EFT, I think it could be very good for the market. We did report on this yesterday, but the number of bitcoin addresses holding 10,000 or more bitcoin has soared to 100. So the whales have been accumulating during this time, and normally the bigger players in the game are the ones that do the best. I am also accumulating. Of course, you can do whatever you want. We have just in Binance, US CEO: ‘I will continue to buy bitcoin’. So just like these guys over here, he is also adding to his bitcoin bags.
With all that out of the way, I wanted us to have some good news before we go into what’s happening in the market. Right now we have traditional hedge funds trying to short USDT, says Tether CTO. This is one thing done right. We’ve seen a lot of people talking about this today over on YouTube. The thing that’s worrying me most about this is that I’ve been noticing this along with a bunch of other youtubers. We’ve always seen the bots in our comments, but now they are shilling USDT. This is worrying. These are the comments:
The last one here:
It’s very strange that these bots would decide to be shilling USDT, which makes me worried this can potentially this isn’t guaranteed but could potentially be pointing at these guys going out there and paying for these bots to push the market in one direction because they are particularly scared that things could go south very quickly.
There are a few things I’m doing to protect myself right now. I’m not holding any USDT for starters. I’m holding other stable coins. I’m also holding stable coins and my long term holds on my ledger. This is something that is in cold storage to stay away from these exchanges. If USDT was to crash, this would be very bad for the market because a lot of the market’s exchanges use USDT very much, and if this started to d-peg, it would not be a good look, so that is one thing that’s really worrying me right now in this market.
Moving on from that, we do have another exchange coin. Celsius is following Flex in suspending withdrawals, which means people are moving their money or cashing out of the cryptocurrency markets way faster than any of these exchanges had ever planned, so this is definitely worrying for the markets if this continues and exchanges continue to do this again. One thing you can do to protect yourself is move your money off the exchanges.
Finally, we have this recent piece of news: Gary Gensler from the SEC stated that only Bitcoin can be called a commodity, meaning like Ethereum or any of the other altcoins could be up for grabs by the second to come after, which would be very bad indeed. If they put their eyes on, let’s say, Etherium, this could be another further blow to what’s already happening and could push the market and Etherium itself, or any of the altcoins that they go after, much lower from where we are right now.
So these are the things that are worrying me in the market. Hopefully we can get away from this soon. Hopefully we see green days coming. Remember to keep yourself safe at all costs.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/5POY5LOrmZ4 ]