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Cryptocurrency Hodlers - IT'S A TRAP! | BITCOIN & ALTCOINS CRASHING DUE TO MANIPULATION! - YouTube
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all right welcome back everybody to all聽
to coin daily where you subscribe for聽聽
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a video on cryptocurrency every day聽
my name's austin this just happened聽聽
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late last night as the asian markets were waking聽
up bitcoin's price dipped we see the sell-off聽聽
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causing the entire cryptocurrency market to dip聽
along with it in fact bitcoin's price fell over聽聽
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eight thousand dollars to a new three-week聽
low during sunday's asian hours now i have聽聽
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been doing some research and in today's video i聽
want to share with you what caused this sell-off聽聽
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but more importantly why this is a trap in the聽
sense that the mainstream media will make you聽聽
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think that people are losing interest in bitcoin聽
when in fact this sell-off was pure manipulation聽聽
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i also want to share with you the latest news聽
involving chain link so like always check the聽聽
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timestamps down below in the video description and聽
let's jump in by starting with what didn't cause聽聽
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the crash there are rumors that the us treasury聽
is about to charge several financial institutions聽聽
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for money laundering using cryptocurrencies now聽
this to the best of my research is a flat out lie聽聽
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despite people claiming they have multiple sources聽
to back it up i don't find this credible the tweet聽聽
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itself is fishy because the treasury doesn't聽
charge money laundering the department of聽聽
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justice does and a case against several聽
financial institutions at once would be unusual聽聽
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i'm not convinced by these unnamed sources so this聽
was just pure fud in the market fear uncertainty聽聽
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doubt but that's not what caused the crash other聽
people were claiming that the mainstream media聽聽
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was the one flooding the market in addition cnbc聽
last night tweeted a month-old report on india聽聽
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preparing to possibly ban cryptocurrencies in聽
the country now if you're newer in the space聽聽
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stories like this from cnbc can scare you it聽
can but one that's not what caused the crash聽聽
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and two india and china have banned and unbanned聽
cryptocurrency over the years so many times聽聽
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i bet in six more months we see this flip-flop聽
these stories again now there were other rumors聽聽
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on why we're seeing the sell-off but from my聽
research and actually looking at the on-chain data聽聽
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the reason bitcoin dropped was due to electricity聽
being turned off in certain parts of china and of聽聽
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course some of the miners being affected聽
by it bitcoin mining hash rate dropped聽聽
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as blackouts were instituted in china and this聽
was just actually the first step because a drop聽聽
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in hash rate didn't cause this price swing alone聽
what happened after was sort of a domino effect聽聽
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of cascading longs being liquidated really聽
bringing down the price almost 1.4 billion dollars聽聽
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worth of longs were liquidated across major聽
exchanges within an hour ouch so check it out
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all these people were betting on bitcoin's price聽
going higher once we saw a little dip it caused聽聽
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a major liquidation which of course suppresses聽
the price even more in the short term and luckily聽聽
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bitcoin's hash rate is global meaning no single聽
region can have that much of an effect but when聽聽
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you liquidate longs on top of that then yes of聽
course we'll see these blips but price and hash聽聽
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rate have always been correlated this is bitcoin's聽
price versus today's hash rate collapse from the聽聽
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xinjiang blackout the orange represents the mean聽
hash rate and then the gray is the price and we聽聽
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can see the hash rate tumbled causing the price to聽
tumble shortly after and why this matters to you聽聽
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today is because this created an incredible聽
buying opportunity for bitcoin and altcoins聽聽
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in the market the latest hash rate data by glass聽
node six hour moving average shows that the hash聽聽
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rate has nearly already fully recovered by聽
the f and dip as we see right here hash rate聽聽
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fully back to normal and just for some context聽
because on this channel i always want to give you聽聽
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all the details so you have all the information聽
here is the mean hash rate over bitcoin's price聽聽
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over the last few years so if any one metric on聽
these smaller time frames worries you when in聽聽
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doubt zoom out get the bigger picture and this聽
shakeout in the market wasn't caused by natural聽聽
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cell pressure thinking like that is a trap we聽
now see that hash rate dipped causing 1.4 billion聽聽
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dollars worth of longs to be liquidated give me聽
your thoughts down below in the comment section聽聽
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and by the way if you appreciate this perspective聽
hit the like button it supports me supports this聽聽
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channel but let's keep moving and talk about alt聽
coins chain link got some massive coverage on聽聽
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yahoo finance yesterday let me share with you two聽
key points first off founder of chain link sergey聽聽
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nazarov was brought on to one educate yahoo聽
finances audience on why defy matters and two聽聽
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listened to sergey say that defy in this next year聽
can probably hit around 600 billion dollars which聽聽
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would at least be a 10x and of course chainlink聽
would benefit watch this you think about defy聽聽
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you should look at it as a superior alternative聽
to centralized finance with its only limitation聽聽
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being that the value that it secures needs to be聽
in this blockchain cryptocurrency format so with聽聽
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2.2 trillion dollars in the cryptocurrency format聽
and only 60 billion of that value in d5 that's聽聽
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about two two and a half percent of the value that聽
can be placed into into these financial products聽聽
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so there's much much further to go even聽
going to 600 billion is is something that聽聽
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i think is is a pretty clear next step beyond聽
that i actually think that people will end up聽聽
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putting value into the crypto format not so that聽
they have the crypto format but so that they can聽聽
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use defy because if you go to a bank today you'll聽
get one percent or below interest whereas at聽聽
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d5 you can get eight percent interest聽
or seven percent interest on that same聽聽
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dollar with less risk and more transparency about聽
what's happening with your holdings for which the聽聽
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only limiting factor is that people know about聽
that and by virtue of you know us discussing it聽聽
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here and elsewhere they're learning about so the聽
numbers i think will continue to rise rapidly wow聽聽
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interesting give me your thoughts on this do you聽
agree with sergey that defy which has around 60聽聽
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billion dollars in value locked now could get to聽
600 and over 10x within this next year i could聽聽
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see it i could personally see it of course in聽
that aspect he's talking about defy in general聽聽
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let me play you one more clip where the host of聽
yahoo finance asks them so chain link explain聽聽
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it to me yes i understand decentralized聽
oracles getting data from the outside world聽聽
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onto the blockchain but what if that data is in聽
question how does chain link's network of oracles聽聽
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sort of reach consensus for something like that聽
watch this but for chain link i mean when you聽聽
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look at maybe what you guys are working on and聽
talking about consensus around real world events聽聽
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i mean that that kind of seems more difficult聽
because uh sometimes even people in the real聽聽
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world can't agree on events so how does聽
maybe chain link play a role in bringing聽聽
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the non-blockchain space or events that don't聽
necessarily communicate with blockchains at all聽聽
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and how does chain link look to solve聽
that in the timeline you've laid out
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sure absolutely so we've actually released a new聽
chain link 2.0 white paper yesterday which details聽聽
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this in over and over 130 pages in in in great聽
detail i i think the way to think about this is聽聽
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in terms of a decentralized stack so a collection聽
of technologies blockchains are like databases聽聽
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smart contracts are like the application code that聽
defines the conditions under which things happen聽聽
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and oracles and decentralized oracle networks聽
like chainlink are the services they are all聽聽
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of the systems that the application code uses to聽
achieve its stated goals um an example from the聽聽
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web world would be something like uber right when聽
you initially build uber you write some core code聽聽
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and then you go get information about a user's聽
location from the google api you get an ability to聽聽
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send the messages through the twilio api and you聽
pay the driver through the stripe api and if you聽聽
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didn't have all of those other services and other聽
systems talking to your core code you wouldn't聽聽
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have been able to build uber because you'd be聽
forced to build all these other services around聽聽
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gps and messaging and and sending money what聽
chain link does is it takes all of those services聽聽
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that are in the web world and you know creates聽
also new ones that can then be composed with the聽聽
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smart contract or core application code and it's聽
doing that at greater greater speed with greater聽聽
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and greater security as defined in the chain link聽
2.0 white paper so i think the right way to think聽聽
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about it is you have application code where you聽
define the contract and its conditions that holds聽聽
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value that controls value it creates transparency聽
about what's going on with the financial product聽聽
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and then you have all the surrounding services聽
that give it market data allow it to send payments聽聽
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allow it to do any number of other things that it聽
needs to do to achieve more advanced functionality聽聽
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okay very educational and if the world is聽
trending towards tokenized and decentralized聽聽
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i do want my oracle network as decentralized聽
as possible it's cool to see chain link聽聽
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getting this sort of mainstream coverage on聽
more traditional finance stations very cool聽聽
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that is the video my name is austin see you聽
tomorrow and if any of you watched that ben askren聽聽
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jake paul fight last night what do you think聽
what do you think pretty quick right let me know
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