BITCOIN Dumps! Should You Worry!? NO! Bulls Will Return! - YouTube

Egggg yolk, what is up and right with my people, the Chico Army, and any newbies who I like

to call the viewers of the tube.

My name is Tyler and I’m the host of the crypto channel, that keeps it calm, cool and

collected, just like this beekeeper under attack.

You know how I used to be a beekeeper.

It’s time for Chico Crypto!

Well, I’m sure some of you are like NICE, keeping the bees and saving the planet & Yes

back then my B was honeybee’s but now, my B stands for bitcoin.

And with the most recent price action from that B, i’m sure the rest of you are like

NICE.

Because, since the low last week on June 15th, at the 9k support level...bitcoin has pushed

up, and as of yesterday was looking to push through 9700 on it’s way to testing that

10k resistance once again.

Now, we gotta pull out the chart since the halving, because the price movements since

then are highly important.

As we can see, since the halving event, bitcoin has basically bounced in the 10k to 9k range

for basically 2 months now.

So, when we see consolation in a range, like this, it usually means something is coming

a big move up or down...and we can see, what happened after the 2016 halving, because bitcoin

once again consolidated in a range, for a similar amount of time after this event 4

years ago.

The 2016 halving took place on July 6th, and as we can see, bitcoin pumped and dumped,

the 2 weeks after.

But then, for a month and half after, bitcoin hung in the 600 to 700 dollar range.

Before, a big move...back then, it was down from 650, down to the low 500’s, a 20 percent

drop in just 1 day...soooo, is the past and indicator of the future!?

Will bitcoin dump, in the next week or so?

Well, here is the thing people...back then, the miners got their rewards slashed in half,

and the price didn’t increase enough to keep the lights on, thus miner’s started

to dip into their bitcoin reserves, and had to start dumping to keep the lights on, and

eventually the price took a hit…

Now, a similar thing has happened this time...and we can see this from bitcoin mining data from

bytetree...they have a measure called MRI, or Miner’s rolling inventory, which measures

the changing bitcoin inventory levels held by the miners.

An MRI above 100% means miners are selling more than they mine and running down inventory

and Conversely an MRI below 100% means the miners are hoarding bitcoins.

Looking at the value over time, 1 day MRI is over 379 percent, meaning Miners are taking

advantage of this daily pump, and dumping….but then over the past week, MRI is just above

118 percent, meaning that miners are slightly dumping, and then over the past 5 and 12 weeks,

it is just above 101 percent, meaning a very very slight dump overall in those time periods

from miners.

So the thing is, is this, miners are the number 1 form of sell pressure on the bitcoin markets.

The ebb and flow of bitcoin in and out of miners hands, is a strong factor in deciding

which way the markets will go.

If the bitcoin price is able to hold this level, with the MRI increasing, it means bitcoin

was able to shake off the strongest form of downward pressure.

That is bullish my friends!

Then, besides, fundamental data...you have speculation abound that warrants another bullish

move from the crypto markets.

2 days ago, Coindesk broke news that Paypal and Venmo would be offering bitcoin buying

and selling to their customers.

What we know about it, is this….Three sources have stated on-the-record that PayPal/Venmo

will offer direct purchases and sales of crypto-assets to consumers, and will have in-app crypto

wallet functionality.

They’re working with “multiple exchanges to source liquidity” and the service may

be available “in the next three months.”

of which neither Paypal or Venmo has confirmed or denied.

So, big stuff, and it just makes sense to me, what the crypto markets will do in the

meantime...until we get official word of what they are bringing.

They will continue to consolidate, maybe getting close to 10k in the next week, but the “news”

from Paypal and Venmo has been leaked, thus their official announcement is coming, and

when it comes, my opinion is PUMP!

But, there is one coin, who could pump more, with the official announcements from both

Venmo and Paypal.

Ethereum!

Remember, it says that Paypal and venmo will have in-app crypto wallet functionality.

Yes it could be just a basic, bitcoin wallet, or like Cashapp, not even a wallet, just a

place where it says you own bitcoin...you actually don’t, cashapp always controls

it.

But, who own’s Paypal?

Who bought it in 2002, for a shocking price even back then of 1.5 billion?

Ebay Did!

Then in 2018, who decided to join the Ethereum Enterprise Alliance?

Ebay Did!

Hmmmm????

Then, just a year later, Paypal ventures led the 4.2 million dollar funding round for TRM

Labs.

Who are these guys?

They have created a cryptocurrency risk and compliance platform, built by big names, and

of course there is Paypal listed.

Now what platform are they focusing on?

This PRNews article tells us, TRM is also building tools that use machine learning and

millions of data points to automatically detect suspicious activity like money laundering

and market manipulation.

Over 20,000 individuals have verified their Ethereum address on TRM's platform, making

it one of the largest identity networks on Ethereum.

Ethereum my friends!

And then the article gives us more on Ethereum...TRM recently rolled out its analytics solution

globally with TrustToken's TrueUSD, one of the largest fiat-backed stablecoins, to help

TrustToken better drive growth and mitigate risks.

TrustToken is using TRM to accurately segment core user groups and identify which exchanges

and channels are driving growth.

Trust Token True USD?

Built on Ethereum!

Now why would this Paypal backed cryptocurrency compliance firm be focusing on Ethereum if

Paypal wasn’t thinking about getting into Ethereum?

That’s just my 2 cents….

Now Venmo?

Much more quiet on the crypto front...trying to find who they are connected to, was tough,

I couldn’t find it….yet...if anyone has the deets, drop them in the comments, I’ve

been trying to reward good comments lately with some crypto, soooo I hope I can make

it rain if you can connect the dots.

Now, the final thing I would like to talk about in this episode, has to do with that

Ethereum protocol once more, and a copycat, that is failing to keep up the fake it till

you make it, scheme.

Tether, ya those nasty folk, they tweeted this “PSA: On June 29th, Tether will coordinate

with a 3rd party to perform a chain swap (conversion from Tron TRC20 to ERC20 protocol) for a sizable

amount of USDt.

Additional details will follow in the coming days.

Tether total supply will not change during this process.

Yeah, they are taking Tether off Tron & poor Justin Sun, is going to lose it...remember

that 20 million dollar, giveaway from Justin, for swapping Tether Omni Layer to Tether Tron?

Well that was all for nothing, as the tokens are being removed most likely, and that incentive

plan was a marketing stunt, most likely never paid out, or the money was just circle jerked

among Justin’s friends.

But the beauty of this tweet, is seeing some of the worst Trolls, get REKTed.

Down in the comments you can see the Block’s Larry Cermack, tweet “Uh oh @udiWertheimer

looking forward to the payout!

Of which Udi replies, “lol can you help me find the bet tweet I forget the terms”

And below, we can see it’s a .3 BTC Bet...but the bet what was it on?

We can see here, Larry Said “Yes I do.

USDT on Tron won't take over USDT on Ethereum by the end of 2021.

Deal?

And Udi, he is a Tron supporter, back in November, he called for Tron to Flip Ethereum, after

he listened to Justin talk about the Poloniex acquisition...which by the way, has been a

complete & utter failure.

As we can see, Poloniex’s trade volume, pre Justin acquisition, was about 15 million

in volume.

They triend to pump the volume up over the past 6 months, getting it to over 100 million,

on a couple occasions, but that has been deflating since, and now we are right back to where

it started around 15 million in 24 hour volume.

Which can be confirmed by checking out poloniex.com’s alexa site rankings over the past 3 months.

Down baby down,peaking around 5700 but now down 6690 , a 22 percent alexa ranking drop

in just 90 days.

So, my friends, the copycat crap, it’s crap in my personal opinion, and I can guarantee

you, you won’t see Paypal, integrate a Tron wallet, at least there is a chance with Ethereum,

and we here at Chico, hopefully connected some dots.

Cheers, I’ll see you next time!