Things are looking all right. We had some news come out yesterday that has affected the market, so we are going to be going through everything that you need to know to be fully up to date with what’s going on in this crazy market. We’re going to be talking about where I think we’re going next, what I’ve been doing to make some profit in this market, and just all of the other stuff that you need.
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First of all, I wanted to start with a question. If Bitcoin goes to 10,000, what will you do? Will you be buying one? Will you be selling? Will you simply be holding on? And interestingly enough, we have had another 18 633 addresses holding a balance of at least one bitcoin added since the start of the month by Lark Davis, the crypto youtuber.
It’s very interesting stuff. A lot of people are simply ignoring all the fluff and rubbish in the mainstream media and just simply stacking those SATs. That’s what I’m personally doing. Of course, we have no idea where this market is really going to go. Is bitcoin going to go to zero or is it going to go to a million dollars a coin? We do not know for sure, but if you’ve done your research and you do genuinely believe in bitcoin or crypto or any of your other altcoins that you like, these are once-in-a-lifetime opportunities or potentially once-in-a-lifetime opportunities.
With that said, head over to the crypto bubbles today. I don’t know why this is always so weird these days, but we got MATIC up to 21%. That is actually from some news that is stating that MATIC has now become the Carbon Neutral Project. Polygon has partnered with KlimaDAO to offset its carbon emissions. The blockchain startup retired $400,000 worth of carbon credits equivalent to the entire carbon debt of the MATIC network since its inception in 2019. So this could be the reason why we are seeing this pump here of up to 21%.
We got BAT up to 9%, ENJ – 11%, and overall most coins are up, but we do have some reds across the board as well, which is definitely an opportunity. I’ve been saying in this market that I’ve been practicing shorting the market and more short-term trades.
Moving on from that, we do have some news today. The UK inflation rose by 9.1% to its highest rate in 40 years, the highest rate in 40 years, so not great news here at all. We’ve got Jerome Powell telling Congress the Fed is strongly committed to its inflation notes and a recession is a possibility, so he doesn’t believe we’re in a recession yet. I know a lot of people out there on Twitter who are mad at the world and think that we are in a recession currently. But he doesn’t think it is currently. It is definitely a possibility.
Fed chair Jerome Powell said Wednesday that the central bank is strongly committed to bringing down inflation and can do so with its monetary policy tools. These tools will take money out of circulation in an attempt to ease things up, which is concerning for the flow of money. When money is moved out of the system, prices tend to come down. We saw this exact inverse happen when they were pumping money into the economy. That’s when we saw the price go up significantly, which is what we’ve seen over the last two years. So, at the Fed, we understand the hardship that high inflation is causing. We are strongly committed to bringing inflation back down to a reasonable level. We both have the tools we need and the resolve. It will take time to restore price stability on behalf of American families and businesses, remembering that this is a global issue. This is basically worldwide.
Senator Elizabeth Warren warned Powell that the continued rate hikes could tip the economy into a recession without actually stopping inflation, and his response to that was that it’s certainly a possibility. It’s not our intended outcome at all, frankly, given the events over the last few months around the world have made it more difficult for us to achieve what we want, which is 2% inflation and a strong labor market. We had a long way to go before we got down to 2%. It was 8.6% most recently, so things are not looking great.
Then they move on to talk a little bit about what they expect to do with the rate hikes. As you know, the higher the rate hikes, the more the market gets worried and the more we’ve seen dumps come in. He said that we anticipate that the ongoing rate hikes will be appropriate. The pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy. Over the past three meetings, the central bank has raised the rates by 150 basis points and 1.5 percentage points in an effort to tackle inflation, which is running at its fastest annual pace in more than 40 years. It doesn’t look like these interest rates are going to be coming down anytime soon. Do prepare for that. If you are still holding bitcoin and you’re expecting a rally anytime soon, I wouldn’t expect that at all.
In my opinion, we need to hold the rate that we are at right now around the $20,000 mark. I’m seeing around that $19,000 to $20,000 mark, and if we do break through these levels, the next line of support I’m seeing is around that $14,000 mark. For me personally, I will simply continue to dollar cost average into bitcoin because that’s what I’ve chosen to believe in for the long run. My plan all along was to stack as many SATs as possible and I’m continuing to do that, continuing to learn and grow as an investor and a person in this market, and that’s what I suggest you do too.
Now moving on, we also have China warning that bitcoin is heading to zero again. Essentially, I think they’re just doing this to warn their own people away from other cryptos and get them focused on their own central digital currency. That’s what I think is happening here, so not too worrying but more fear, uncertainty, and doubt.
Interestingly, the ethereum market cap falls more than $124 billion in six weeks. That’s so much money, and if we head over to coin market cap, we can see that the market cap right now is $897 billion, just a slight decrease. On the day, with most coins basically in neutral in the last 24 hours, we got around 5% to 10% in the red for a lot of coins on seven days, and on 90 days, as you know, significant losses of around 65% on a lot of our highest altcoins.
In my opinion, the top 10 coins here are probably your best bet at getting the best returns. These are what have delivered the most returns. The top 10 bear markets are currently participating in dollar cost averaging. Of course, researching and deciding this for yourself is absolutely necessary. This is just my opinion, but the dollar cost averaging into Cardano, for example, for me in the last bear run was absolutely incredible. The returns were incredible. The same goes for bitcoin and a few other coins that I managed to get my hands on, but that’s the opportunity that I see in this market. Of course, you must conduct your own research for that.
We also have Taiwan’s central bank finding NFTs inappropriate and warning the general public to avoid them, so just more fear, uncertainty, and doubt from other governments there, but we’re already in such a mass panic that it doesn’t really matter right now.
The market is sitting currently at an 11, so a little bit better than where we were last week, but still extreme fear. In my opinion, extreme fear is a good place to be buying.
We do have some other good news. We got whales actually buying the dip, with 2.4 billion dollars worth of bitcoin being brought up in a matter of days by these large whales, which is definitely nice to see the guys with the big money are still buying. We have eBay purchasing Origin, an NFT marketplace, for an undisclosed sum. The big companies are still moving into the space. These are all things that we do want to see going forward, and they definitely show me that this market is not dead.
[This article is a transcription of a video made by Conor Kenny]
Original video: https://youtu.be/a5aE3pghX2A ]