We’re going to be going over everything that you need to know to be fully up to date with Bitcoin crypto. In this wild world, we’re going to go through the news. We’re going to actually go through some projects. We’re going to look at an analyst and what projects he thinks have the opportunity to explode. We’re going to see a coin that just released that I spoke to you about almost a year ago now that’s done very well, another opportunity here in the market and just all of that good stuff. With that said, I wanted to remind you guys of one of the use cases of Bitcoin.
That is the utility for me with Bitcoin. You can move money around. You can take it with you from country to country and no one’s ever going to do anything about it. That’s why I personally like Bitcoin, and I’m going to continue to dollar cost average.
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Anyway, going on to the coin market cap, we can see today we are down 2.62% and under a $900 billion market cap and Bitcoin did briefly fall below a $380 billion market cap. We are slightly above that now, but things are pretty red now. It’s because we have a lot of things coming up this week and this month that the whole market is fearful about, namely the CPI data that is coming out tomorrow. So this is a big deal. If it’s worse than what people expect, most likely, most likely, the market’s going to crash. If it’s better than great happy days, hopefully we’ll see some green. And on top of that, we have the Mt. Gox Bitcoin that is going to be released onto the market in August, so people are also speculating. That’s going to absolutely crash the market now. I’m not sure if that is going to happen because there are a lot of things to do with that. Will everyone sell their coins? Are the coins going to be readily available? That entire sort of stuff. So I’m not too worried about that, but again, dollar cost averaging into Bitcoin finding projects researching is what I’m doing right now.
Moving on to the Bitcoin chart, we can see right now that $19,912 In other words, there is evidence to say that we made a higher high, a higher low, another higher high, and now we are simply going to put in another higher low, which could just be put in there and then we can continue upwards. That would be very bullish.
Although kind of unlikely in my opinion, a short-term bounce from around the $19,900 region could be possible. I’ve actually opened up a small long position here just in case we do have that bounce, and then I’ve got a stop loss down at around $19,300.
Now moving on to the crypto bubbles overall, we have a bit of a red day. You can see the old Luna Classic down 8.6%, 8.7%, and 8.8%. But we do have a couple of outliers here. Matic was up 6.8% and Quant was up 7.3%, both bearish trends in a fearful market. This is to be expected.
On the note of the Terra Classic, we are down 9% on the day again, which is totally to be expected. You can head over there and I am making daily updates for the Luna Classic if you guys fancy following that. But the terror rebels are giving Caesar an opportunity to lead the sector. The burn is virtually ready to be implemented, and Caesar essentially applied to this, but wasn’t directly to this. But he did reply to another similar tweet saying this isn’t even implemented on the Luna classic Blockchain yet, which should happen first, so this is a key. People are getting overly excited because the burn hasn’t even been implemented on the Mainnet. So these are the kinds of things we have to wait for before we continue to berate these exchanges and remember that these exchanges might have an ulterior motive. They don’t necessarily want to put the transaction cost on the exchange because that might deter people from using their exchange. People might move the Luna Classic away from the exchange and onto another exchange that doesn’t charge the fee. So do keep that in mind.
With that said, we have had a recent launch of one of the coins that I spoke to you guys about a long time ago. We had an opportunity to get involved in this in the private sale, and it’s really interesting to see that even in this bear market, there can be gains to be made. So this is down 48% today, but we have had a massive monthly rise in the price since the public launch just yesterday.
So much good stuff to see here. And with that said, Kubecoin is planning to become the main token for travel and leisure in the real world. So, there is much exciting stuff here. I absolutely loved this project. I invested in it myself, and I told you guys how you could do it yourself. With that said, there are still other opportunities out there Amazy. This is another project that I have personally invested in myself. This is a similar project to GMT or the Step in App where it is move to earn and this particularly stands out to me because of the fact that it’s built on the Binance smart chain and the absolutely incredible team behind this project. This is not a paid sponsorship here, but I have personally invested in this project and the team behind it. They are incredible. Look at this. This guy here is the co-founder of Azure Games, with 2.5 billion in total installs. We have a star-studded team here with advisors and a bunch of celebrities and influencers backing this project. These celebrities and influencers combined have over 700 million followers, which is absolutely incredible and could mean that this project will absolutely explode, even though it’s a bear market.
But with that said, of course, there is a lot of risk now even at this point. As we speak, they already have 124,000 followers on Twitter, and I’m personally going to be doing a giveaway with Amazy, so you guys can win yourself some NFTs. The way this project works is you have yourself some NFTs and that’s how you actually create this move to earn aspect, although you don’t need the NFTs because they do have this zero barrier to entry option where you don’t have to own your NFTs to join. Instead, you can rent the assets from a friend for free to get started and split the earnings later. So there’s a whole revenue generating model within this game, and I’m super excited about it.
Moving on We do have the crypto greed and fear index sitting here today, tasty 16%. So we have dropped from yesterday. The market is getting scared again. This is exactly what I said was going to play out. Not that I know what’s going to happen, but we can guess what it has to do with what’s happening at a macroeconomic level right now. We have got a lot of things coming out again tomorrow, like CPI data number one. We haven’t had confirmation that we are in a recession yet, but that is also coming soon, and we have loads of other things like an FOMC meeting and just inflation and loads and loads of stuff going on, so this is not the time to get too bullish on the markets, but again, we can make the best of any situation by understanding how these markets move and having good risk management, if we are trading.
Let’s talk about some coins that Michael VanDepot predicts sharp rallies in. One is Cardano. The Binance coin is number two. Three is Cosmos, and number four is actually Harmony One. So there are four interesting projects there for you guys to check out. Personally, I am a big fan of Cardano and the BNB coin. So I don’t think that the binance exchange is going anywhere because they actually have no debts and are completely self-sufficient. This is the kind of stuff you want from a company in these current market conditions. In the case of Cardano, sharks can amass nearly 80 million ADA in just 30 days. So these are people between the shrimp and the whales, but right now the whales are staying flat. So these are people that hold between 10,000 and 100,000 ADA and have accumulated over 79 million Cardanos worth $35 million in their stacks in the past month.
Now that’s something that you have to decide whether or not it’s bullish or not. Are these the kinds of people who know what they’re doing, or are these the kinds of people who have no idea what they’re doing? I think it’s interesting and it’s definitely something that I may start doing soon. As you know, right now, I actually sold all of my cards at around… I think it was a dollar fifty or a dollar eighty around that mark. I took a lot of those funds and I invested them into Kubecoin because Kubecoin is a project that is built on Cardano. So, very interesting stuff here, and that’s how I further diversified my portfolio. I actually invested in an ecosystem that I personally believed in, and that’s what I’ve been talking to you guys about now.
Moving on, we have Celsius has now dropped its Aave and compound debt to $123 million by paying off $103 million in 24 hours. It really does seem like Celsius might claw it all back. If you have stuff locked onto Celsius, it may very well be able to come back now. Voyager, on the other hand, is still doing this bankruptcy. In agreement, their plans do intend to help retail investors and people that have money stuck, but we have no word on that yet. But Celsius does seem to be paying off a lot of their debts. One of the things that the market was very worried about was Celsius actually being liquidated and thus pushing all of their coins onto the market, but so far it looks like that’s not going to happen, which is definitely music to my ears.
Finally, we have another lovely piece of information from the Bank of England executives. Crypto needs regulation to mitigate risk. I totally agree with this statement.
“For me, it underlies the fact that we need to now bring in the regulatory system that will manage those risks in a crypto world in the same way that we manage them in the conventional world.”
I completely agree with this, and I think that this will be the first step towards mass adoption. We need regulation in order for more institutions to come in. We need regulation for this spot ETF that everybody wants, which could lead to a massive catalyst in crypto. All of these things coming into play when there’s mass fear in the market aren’t necessarily a bad thing because they set the stage for the next Bull Run, which I think is going to be absolutely monumental. And all you have to do is stick to the game plan. If you stick around, don’t lose interest. We may very well go into a very boring stage in the market for the next few months or the next few years, and all you have to do is make it to the other side. Just like in 2018 to 2020, if you stuck through it like I did, you would have seen incredible gains just like I did, but the opportunity has not been lost because we are essentially back in a bear market like we were back then. I’m going to continue to do what I did then, which is dollar cost average and continue my research.
[This article is a transcription of a video made by Conor Kenny]
[Original video: https://youtu.be/_s1Fhe3qW1Y]