They CRASHED Crypto AGAIN! BE READY FOR June 10th…

We had a lovely little market yesterday, and today we lost all of those gains. We are going to be discussing exactly why that’s happening and why this is happening is two big pieces of news that made four. I actually meant two big pieces of news that have led to this sudden collapse again, but do remember that we are just trading exactly where we were around 24 hours ago, so it’s not all bad, but of course we’re going to go over exactly what you need to know to be fully up to date. In my opinion, we will make it through this and everything will be bigger and better the next time around. That’s what we need to plan for and Jet-Bot is a Binance exchange-approved broker. That is one of the best programs for generating passive money by staking your cryptocurrency if you are still not a crypto currency holder. As you may know, when you stake your cryptocurrencies, you receive a lot larger return than you would in a typical bank, but this comes with risks, so I think it’s safer for me to stay calm and put my funds in Jet-Bot, which has more security measures in place to protect your funds.

Moving on to the crypto bubbles, we got red, red across the board. Everything is red. Even LUNA, beloved LUNA is down. Obviously we expected this to happen because it was running on pure hype and speculation when the market was going down in a downtrend, bear market, whatever you want to call it, coins and super speculative options like LUNA are not going to do very well in this current market condition.

That’s not to say that they won’t pump again in the future and there are gains to be made, but right now I’m sitting on the sidelines watching all of these coins very closely. Luna, ApeCoin, GMT: all of these coins that we’ve had in our eyes for a long time now are things to be watching right now. For me, it’s too much of a risk to get involved in them right now. Things like Bitcoin are what I’m dollar cost averaging in these markets because I believe they will most likely still be around in five to ten years. That’s where most of the gains will lie for the long term. Of course, we can make gains in the short term, but this market isn’t really for that.

As we speak now, the greed and fear index are sitting at extreme fair at 15, which is less than it was yesterday, but you know we’ve been in this extreme fear situation for months now, right? We haven’t really left, and Bitcoin right now is sitting at $29,500.

We did actually print our first green candle in over nine weeks. This was the longest period ever. This was a history changing event. We did see a green candle right now. This new week is looking red, but we’ll have to see what happens. It’s very rare that we get all of these reds and never one relief rally right. I still think there’ll be a relief rally. We would need to get really above this $32,000 and $34,000 to see any sort of monumental gains. That’s saying the old coins, but for now we have just been trading sideways.

If we do move this over to the daily chart, we’ve just been sideways. You know, we’ve been sideways since, you know, around these periods here in January, basically sideways since then. You can count this as gains, but really, you know, for the last few months, we’ve just been trading sideways, and that’s just part and parcel of this market.

With these continuation patterns that we’re seeing right now, it’s more likely that we do head lower. Of course, everyone is calling for a ten $10k bitcoin, a $5k bitcoin, or $15k whatever it is, and for me, because I don’t know where the bottom is, I can’t time it perfectly for something like bitcoin, which I have long term conviction on. I’ll just simply continue to dollar cost average no matter what happens. I’m also doing that with things like Ethereum on a smaller scale and then also stocks and shares like Amazon, which I’ve told you about previously. Recently, during this market, these huge companies that I believe will be around for a long time are perfect for dollar cost averaging and we did see a 20 gain in Amazon just the other day. There’s opportunity here in the market.

Now, it drops down to $29,400. Bitcoin is seeing some red today. Remember, we did have that wick all the way down to around $25,000. So, technically, we are making higher lows, but we will have to wait and see how this plays out. Remember that it’s more likely that we break lower from this sort of continuation pattern.

We have the consumer price index coming out on June 10th, so in three days we’re going to get some good news, hopefully that inflation has reached its peak and that’ll be good for the market, but we have to wait to see what’s happening now.

The big news that’s come out that’s hitting the market is we have a crypto bill coming out today. Basically, what this is going to do is to put in some more regulation to put in some more groundwork for where crypto sits as a whole. We have heard good things that basically the US senate bitcoin bill is going to fully integrate digital assets into the financial system, which in short, I don’t think is a bad thing. Like Plan B, it also says:

Right now we are super uncertain as to where the market’s going, what’s happening, what regulators are feeling, what the sec is feeling. Everything is so uncertain, but regulation is a good thing in the long run. If you want it to be around for a long time and fit into the financial system that we currently have, we’re going to have to have some regulation. I know, obviously, people want to make a new financial system. In my opinion, that is less likely than integrating something like bitcoin into the current financial system. Regulation will help that and will also increase the inflows of institutional investors, which I think is good for the long term.

Right now, when we’re in this bear market, when everyone is bored, most short-term speculators have left the market. We have so many opportunities to find things that we believe in. If that’s just simply bitcoin, that has proved time and time again according to history as the perfect opportunity for buying, especially when we’re in these extremely fearful markets, especially right now. According to history, it’s always been good.

Now the other piece of news that’s got people rattled is that finance is being investigated by the sec for potentially money laundering. Now we don’t know if this is true, we don’t know what Binance will say about this, but this is what’s got the market rattled as well. The SEC is prying into and investigating finance and we’ll have to wait to see what happens with this, but that is what I believe has sent the market down the bill and this new Binance lawsuit, and of course, the overall market is still very scared as to what’s going to happen next.

We also had Ethiopia come out and warn that trading crypto is completely illegal, but I don’t really think that had too much to do with it. It’s just another fun piece that I’ve seen in the market.

Another interesting piece of news that can potentially be seen as good is that monthly NFT sales have dropped over 65% lower, so this is the thing that we have to see. Do you believe in non-fungible tokens? Do you think they’re going to be around for a long time? Is this right now an opportunity for you to buy something that you saw huge potential in when the market was up?

If the answer is yes, this is the opportunity. If the answer is no, of course, don’t buy NFTs. I’m sitting on the sidelines. There are, of course, a few blue-chip NFT projects that I would love to get involved in. I’m sure you know what they are. But if they drop 50% from where we are now, that’s great, right? I can get these blue chip NFTs at a much lower price than I think they will be around for a long time, so this is good news for me. In any market situation, we have an opportunity.

Furthermore, institutional investors are buying bitcoin during the crypto bear market. According to CoinShares, bitcoin investment products had a cumulative inflow totaling 126 million in the week ending Saturday, according to the latest fund flows reported by CoinShares. Year-to-date, bitcoin investment funds have quietly added 506 million in net inflows. Investors appear to be allocating bitcoin at the expense of Ether and other alt coins. The Ether fund saw 30 to 32 million outflows, marking the ninth consecutive week of declines. Outflows from ether investment products have totaled $357 million this year.

There’s interesting stuff there to pay attention to. We see institutional investors actually piling in to bitcoin right now when the market is down, so of course you can take that as you will. Is this bullish in your mind? I think this is bullish. I’m going to continue to do what the biggest players in the game are doing, and that’s simply dollar cost averaging. Yes, there is an opportunity for bitcoin to drop to five thousand, ten thousand, whatever it is, but as a person who cannot tell the future, I have no idea what the bottom will be. For me, all I want to do is bring down the cost basis of my crypto as low as possible. Let’s say, for example, that’s bitcoin, and you bought it at $65,000. Just the dollar cost averaging right now is continually bringing down your cost basis. That’s how I see it, and I want to bring that cost basis as low as possible for these positions that I intend to hold for the long term. Hopefully that provides you a little insight into what’s happening in the market and what’s happening in this old noggin.

[This article is a transcription of a video made by Conor Kenny]

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