GDP numbers are in, and the recession has begun. Michael Burry says that the SEC is too dumb to probe Coinbase. And altcoins are possibly prepping for a huge pump. This is your nightly crypto news wrap-up.
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Let’s get it! Michael Burry was famous for calling out the warning signs for the great financial crisis in 2008 and since then has continued to build his reputation as the new oracle of Wall Street. But as the SEC opened up their investigation into Coinbase for alleged insider trading, you know, the kind of insider trading that Nancy Pelosi does every day, Burry took to Twitter and backhanded Gary’s gang saying, “Pretty sure the SEC does not have the resources or the IQ points to do this correctly.”
It’s a solid dunk on an agency that continues to flounder and waste resources on frivolous and illegal lawsuits that do nothing to protect consumers. Burry doesn’t comment on crypto often, but he knows enough about the SEC to give a warning when he sees a problem. Gross domestic product ended up crashing in Q2 harder than that grape-stomping lady, and the market has pumped? Defying conventional wisdom, Bitcoin and the stock market has remained up over the past few days even after the Fed juiced interest rates by another 75 basis points.
This is after a 1.6% decline in Q1 amid an ever-widening global conflict between Russia and Ukraine and the tensions between China and the US increasing. The process of deglobalization is going to take a while, and the world economies are going to continue to face strong headwinds over the next 18 months. That didn’t stop the White House from trying to redefine the definition of a recession. While they’re at it, why not change the definition of inflation and solve the rest of the problem? It’s a good idea to keep the language vague.
Let’s go ahead and jump into a market watch here. Bitcoin coming in at $23,836 Up 5% on the day Ethereum coming in at $1,723 5% up on the day 10% on the week Let’s go ahead and check our top movers real quick. ROSE up 31% Absolutely crushing it! CRV up 16% Unbelievable! Qtum up 8 on the day Bitcoin Cash up 21% And Stacks up 4 on the day Now, I just want to bring up a chart here so I can show you guys some levels here real quick. Now, as you can see, price is approaching this purple box right here. Now, this is the beginning of a pretty large volume gap. As you can see, there’s not a lot of volume right here , which could make for pretty quick movements, as you can see with the move down. It could be the same thing on the way up.
So, we are knocking on this door. If we can break this level between $24,200 and $25,375, we could potentially see price rocket up very quickly from $28K to $30K area. It is decision time for Bitcoin. Like I said, we are knocking on the door. If we can break through, we could get a pretty quick move to the upside closer to between $26K and $30K.
If you want to trade like Frank, be sure to sign up for Phemex by clicking the link in the description to get a sweet signup bonus. Alright. Even though the bear market is ruining the dreams of many wannabe Lambo buyers, me, that doesn’t mean there hasn’t been some bright spots of bullish activity in crypto, especially the altcoin markets. Some folks have been lashing signals that are run up to 100% or 200% are in the cards over the next few weeks.
According to trader Michael van de Poppe, he looked at several alts including Avalanche to show how their moving averages were breaking and buying pressure was building. This flies in the face of all the bearish claims that crypto is dead, the nonstop harassment from the SEC and the world governments trying their best to curb crypto adoption. It’s not just AVAX that’s showing promise. VeChain and ADA are revealing lots of potential or a bear market breakout soon. None of this helps HODLers who bought in January, but it’s something that can ease the pain of people trying to recoup losses in the bear market.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/Qh1UAMAepvM