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

all right welcome back everybody to altcoin daily  my name is austin in today's video i want to share  

with you the most pressing news involving  ethereum involving bitcoin involving cardano  

stable coins lower cap alt coins on my radar and  much more for those of you interested in making  

money with cryptocurrency and you want to join one  of the fastest growing crypto channels on a road  

to 1 million hit subscribe and let's jump in now  the reason i say out of control is because just  

look at the data this ethereum liquidity  crisis could see eth hit a new all-time  

high before bitcoin as the latest data suggests  so eth holders like this because in a tweet on  

wednesday kai youngju who is the ceo of heavily  respected on-chain analytics service cryptoquant  

highlighted a sell-side liquidity crisis that  could yet give eth the edge over bitcoin and it's  

one thing to say it but let me prove it to you by  showing you the data and also looking at a direct  

quote eth might reach its all-time high earlier  than bitcoin in the long term kai summarized  

the current eth price right now is closer to  their all-time high compared to bitcoin there's  

also higher demand and lower supply based on the  on-chain data meaning the eth sell-side liquidity  

crisis is still intensifying while btc exchange  reserves have stopped its downward trend in may so  

bitcoin outflows have stalled a little bit we can  see on the chart this is bitcoin's price over the  

last few months this is the reserve on exchanges  for bitcoin btc is hovering yet ethereum out flows  

ethereum liquidity continues to get lower that's  bullish here is the exact data from crypto quant  

here's the eth price here's the exchange inflows  and outflows and we can see clear outflows in this  

run-up to its all-time high earlier this year  well what this means to you the price now again  

is still trending up and we are again seeing  these exchange outflows what does that tell you  

and again let's back that data up let's look at  the amount of heath held on all exchange wallets  

we can see supply is getting sopped up it's  getting lower as price climbs higher in fact  

this is a two year low for east supply on  exchanges which is a very good sign now it  

does not mean that eth won't potentially dip in  the short term anything is possible but according  

to cryptokuan's ceo and a lead analyst technically  eth might have some corrections in the short term  

but i think eth might outperform bitcoin if the  bitcoin price keeps going sideways or keeps going  

bullish ethers give me your thoughts down below  let me know what you think and by the way it's not  

just eth we are at a critical moment for bitcoin  as well there is new evidence for a bitcoin double  

bubble meaning in prior cycle tops bounces were  never able to hold an unrealized profit and loss  

above 0.5 which i'll explain in a second it's  only been the 2013 double bubble and today  

that has achieved this so this metric is pretty  self-explanatory it is the bitcoin right now that  

are held by bitcoiners that are either in profit  or in loss at these price levels the bitcoin net  

unrealized profit and loss is a macro cycle  oscillator which tracks the magnitude of profit  

held in bitcoin the market is currently testing  this net unrealized profit and loss and upl  

value of 0.5 which is typical for deep bull  cycle corrections so just to be real with you  

we are not out of the woods yet because  we're testing this metric right now  

if we break below it that's bearish if we can stay  above it like we are right now it is very bullish  

so again this is the bitcoin unrealized profit  and loss this is the 0.5 metric right here and  

we can see looking historically that most times  we break below it most times we break below it  

break below it pretty much signaling the end of  the bull market we are fighting right now the  

bulls are fighting much like the double bubble of  2013. we stayed above it and that skyrocketed us  

a significant wave upwards so we are right on the  line and what this means to you is this is good  

data but right now it's a tad early to say if  we continue up after a potential small pullback  

like 2013 then all good if we break below  well i'll keep you updated let's keep moving  

i want to talk about cardano i want to talk about  benchmark token i want to talk about dogecoin  

but first very quick piece of breaking news  involving facebook involving stable coins  

involving putting a digital wallet crypto wallet  in the hands of every user facebook has announced  

that the novi digital wallet is ready to come to  market so this is their play at payments they have  

their own stablecoin which used to be named libra  was rebranded to diem they're about to release  

their crypto wallet in a direct quote from david  marcus on why they're launching now we feel that  

it's unreasonable to delay delivering the benefits  of cheaper interoperable more accessible digital  

payments i strongly believe if there ever was a  chance to create an open interoperable protocol  

for money on the internet and truly change the  game for people and businesses around the world  

it is now marcus noted that facebook has secured  licenses and approvals for novi in nearly every  

state in the u.s he said we will not launch  anywhere we have not yet received such clearance  

give me your thoughts on this down below in  my opinion this says to me cryptocurrency is  

clearly here to stay and these big tech giants  want a piece they want to make money and they're  

setting the stage now and next up let's talk about  lower cap altcoin benchmark protocol and the most  

recent news involving their upcoming peer-to-peer  marketplace as well as the upcoming launch of  

their new governance token which is launching soon  it's called bend but first just to get everybody  

on the same page benchmark protocol and their mark  token plain and simple is a rebase token that's  

meant to be the most uncorrelated asset in the  world the benchmark token mark is a supply elastic  

so always changing collateral utility designed to  inject liquidity during periods of high volatility  

in correlation with global equities markets now if  that sounded confusing if you're still wondering  

what a rebase token is exactly i encourage you to  right now seek out this video there's also a link  

down below and this is a beginner's guide on what  a rebase token is and how benchmark is different  

but in today's video we have partnered with  benchmark so in 90 seconds or less i can bring you  

the most accurate information on what to expect in  the coming months first off big partnership with  

the graph the upcoming peer-to-peer benchmark  protocol marketplace will be utilizing graph  

protocol to increase decentralization and  ease of scalability for cross-chain deployment  

and again just as a reminder the p2p benchmark  protocol marketplace will facilitate a lender  

driven exchange for a wide array of token loan  offerings and this is a direct use case for  

the mark rebase token the marketplace will be the  world's first fully permissionless cross chain p2p  

lending platform servicing all erc20 tokens  upon launch with plans to expand into other l1s  

and now with the implementation of the graph  as the underlying indexing solution this will  

significantly speed up the process of expanding  the marketplace cross chain moving forward another  

big integration is chain link in benchmark  benchmark protocol integrates chain link oracles  

to decentralize the rebase function basically  allowing benchmark to read information off-chain  

in a decentralized way and it's information  that benchmark needs chain link oracles  

provide benchmark with a secure feed of premium  data about cboe's volatility index and the imf's  

sdr reserve asset for calculating supply changes  and also this is interesting benchmark is also on  

dyno swap for those of you interested in finding  yield exmark farming or staked mark farming is  

live on dyno swap which is a new platform dyno  swap on the polygon network check it out for those  

interested in finding the highest aprs but anyway  give me your thoughts on benchmark down below  

keep in mind that the mark token the rebase  token has been designed to support the entire  

benchmark protocol ecosystem they are launching a  governance token called bend bend was created to  

ensure that mark can adapt to the rapidly growing  defy industry by making necessary changes to the  

rebase algorithm in a decentralized way so it's a  governance token now bend will debut on a notable  

platform soon it has not been released yet and  in terms of who's going to own the majority of  

the supply the majority will be distributed to  mark holders through single asset staking and  

liquidity provision so you can't just hold  you have to stake and or provide liquidity  

i will throw some links down below in the video  description check it out but let's keep moving  

next piece of big news for cardano millions of  dollars flow into cardano ahead of alonso hard  

fork i think most of us on this channel are  aware that cardano's recent price movements  

can be explained by the potential of an upcoming  smart contract upgrade by mid-september smart  

contracts on cardano it's coming we know this but  what's interesting is the money is still flowing  

in cardano investment products observed a rise of  1.3 million dollars in inflows when the other top  

two cryptocurrencies bitcoin and ethereum noted  outflows of nearly 22 million money is flowing  

out of eath a little bit out of bitcoin a little  bit and in to cardano and as we've reported before  

cardano smart contracts are coming we are on track  to meet the projected hard fork dates for both  

mainnet and testnet a new era is set to begin  on sunday the 12th of september 2021 for ada i  

guess why this matters to you is just it's pretty  interesting to see where the money is flowing next  

piece of very quick but also very surprising news  for dogecoin the new dogecoin foundation plans  

liechtenstein for its headquarters so the newly  appointed dogecoin advisor italic butrin who is  

now advising for doge is providing extremely  valuable advice on setting up a foundation  

says core developer ross nicole here are the  details and by the way it's not just vitalik  

the newly revived dogecoin foundation which now  has elon musk's representative jared burshaw  

and ethereum co-founder vitalik butrin among  its advisors looks to set up headquarters in  

liechtenstein in a direct quote from dogecoin  foundation board member we are currently in  

talks with people in liechtenstein to establish a  long-term legal entity there and vitalik is a big  

reason why fellow board member and core developer  ross nicole added that butrin who helped establish  

the ethereum foundation in switzerland has  already given the team extremely valuable advice  

on the process involved what is your take on  this to me it's interesting because the coin that  

started as a joke now has vitalik butrin an elon  musk's person advising on their new foundation  

this is crazy but this is cool if you're a  dogecoin holder this is cool all right that is  

the video my name's austin like always see you  tomorrow and for those of you in the san diego  

area this saturday 8 21 at 3 p.m just a reminder  there will be a meet up i will link the details  

down below but it is this saturday i will be  there hope to see you there see you tomorrow