THE CRYPTO MARKET IS ABOUT TO GET OUT OF CONTROL - HERE’S WHY - YouTube

uh what where do you think the market stands  at the moment it's been pretty flat static for  

bitcoin around 30 31 32 it's right at that level  has been there for i think a couple of months  

um from a technical point of view you guys who own  it you wouldn't want to see it drop down uh below  

30 000 again and stay there because that would  be a very bad technical sign wouldn't it i would  

hope i hope it drops down lower because i would  buy more if it drops down more see i would love  

it to go lower because i'm a long-term investor so  i don't really care if it goes up or down in this  

short term i'd love it to go back to 5 000 and  buy a ton of it there and that would be a great  

thing so i'm not looking as a short-term trader  i think people are trading bitcoin for the short  

term it's very dangerous it's very volatile and  you don't real anyone that says they know where  

it's going next is lying all right welcome back  everybody to altcoin daily where you subscribe  

because you're interested in making money with  cryptocurrency and this channel keeps you informed  

my name's austin that was of course jordan belfort  on fox business a few days ago in response to  

a question on many people's minds where is the  price of bitcoin headed next and in today's video  

that's what i want to talk about and by the way  i loved the perspective that jordan shared that  

nobody ultimately knows what the price of bitcoin  will do tomorrow and if they tell you that they  

do they're lying nobody can see the future but  what we can do as a subscriber to altcoin daily  

is look at the data look at the latest on-chain  metrics as well as point out the trends to then  

make the best decision possible for us like always  check the time stamps and let's jump in the first  

thing i want to point out to you is bitcoin's  on exchange volume is getting scarily low  

bitcoin's daily trading volume is hanging around  low levels last seen not since october 2020  

and these nine month lows don't necessarily mean  bitcoin is in for a price decline if anything this  

simply means that individual trades will have a  greater impact on the market and i would agree low  

trading volume isn't necessarily bearish it does  show sort of a lack of interest compared to where  

we were maybe five six months ago but stagnation  in price as well as declining trading volume  

does mean that whenever we do make our next move  whether up or down the move is usually explosive  

for perspective the last time we saw volume this  low was around december 2020 right before the pop  

from 20k to 65k and then again right before that  in august 2020 where we had our little d5 summer  

so whether it's up or down in the immediate short  term expect this next move to be somewhat out of  

control taking into account last time volumes  got this low and the good news is as we pointed  

out yesterday is both the bitcoin and the ethereum  on exchanges are leaving those exchanges in droves  

ethereum leaving exchanges hit a year-to-date high  yesterday last time this happened btc was at 10k  

and eth was at 250 supply squeeze incoming and the  same can be said for btc bitcoin supply continues  

to leave exchanges close to an 18th month low  and again for perspective not even 18 months ago  

about six to seven months ago supply on exchanges  got so low we had no other choice but to make that  

run to 65k because supply couldn't keep up with  the demand we're at a similar place today and  

if this is so bullish why do i say then that  the cryptocurrency market may be about to get  

a little crazy well it's because not every metric  is bullish for example if we zoom in on just the  

technical analysis we can see a series of lower  highs which is bearish and we're not seeing the  

bulls overtake those bears from a trading point  of view yet and on top of that checking back in  

on the grayscale bitcoin trust we can see that  gbtc is still trading at a discount in fact if  

you buy gbtc you can get bitcoin 10 off keep in  mind grayscale doesn't trade on the weekends so  

this was the discount as a friday we will know  a lot more when the markets open up on monday  

but until that number gets at least a little  closer to more neutral territory that is telling  

us a lack of demand from wall street we're keeping  it real on this channel so the point is for you  

as a crypto investor be ready for anything in the  short term and to like jordan belfort take that  

long term perspective give me your thoughts down  below in the comment section at the end of this  

video we'll talk about which altcoins jordan  owns but let's keep moving and get to the most  

recent altcoin news behind the breakup of ftx and  binance two major exchanges have broken it off  

here's something you might have missed amid the  news this week that cryptocurrency exchange fdx  

had raised over 900 million dollars in the largest  ever funding round for a crypto exchange you might  

have missed that binance an early investor in ftx  exited its position and finance was bought out and  

cz told forbes that the move was part of a normal  investment cycle so that's what cz says what does  

bankman freed founder of ftx what is what did he  say i think it just makes sense given the role our  

businesses are playing in the space it can also  give us more flexibility going forward okay pretty  

standard i like it it's what bankman freed said  next when people asked for his take on binance's  

recent string of regulatory problems that is  most telling it's been quite the barrage i'm  

not involved in the conversations between binance  and regulators so all i can do is speculate but  

something that i'll say that we try really hard  to be as cooperative as we can with regulators  

so ftx says that something that's different about  them is we're working with regulators entirely  

i think that when you don't do that and when you  sort of appear less flexible or less responsive i  

think that's more likely to lead to cases where  regulators might feel like they have no choice  

but to start bringing the hammer i think there are  some differences between how we run our businesses  

i think that there are ways i would have  reacted responded and run things differently  

sam commenting on finances dealing with regulators  bankman freed is being careful not to say that he  

bought out binance's shares in order to distance  his company from binance so i'll do it for him  

that's the obvious reason so i just want  to keep you informed into the rumblings of  

what's sort of happening behind the scenes  with these major players in cryptocurrency  

i'll keep you updated next piece of news  for cardano cardano is preparing for web and  

mobile integration with now javascript support  cardano enables plutus applications in browser  

so if you like cardano you like this and to  answer the question what is plutus plutus core  

is the scripting language used by cardano  charles hoskinson recently revealed that  

cardano's smart contracts are now compatible with  web browsers on testnet meaning that the team ran  

the plutus application backend in javascript  the most popular web programming language  

interesting so anything with javascript  support really opens up that thing to everybody  

because everybody uses javascript and as the  application backend is now running in javascript  

cardano's smart contracts are now compatible  with web browsers on testnet describing the  

update as a major development hoskinson said the  point of the application backend in the browser  

is to enable plutus applications in the browser  that was a big milestone to see the team do it  

okay small update but in my opinion pretty  significant update time will tell and that is  

the video my name is austin we will check back in  on some of those metrics that we brought up today  

either tomorrow or sometime in  the first few days of this week  

so stay subscribed and like always see you  tomorrow are you in the crypto market yourself  

i am i'm i'm in it for the long term and not in  a massive way that i've been i have positions  

uh in bitcoin and ethereum and um another one  polygonal because it's me it's a hedge if it  

really runs away i wanna at least have some um but  i wouldn't put in more than i could afford to lose