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The Crypto Market is About to Snap! (Buy Bitcoin Now or Wait?) - YouTube
Channel: unknown
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if you are going to add if you're going
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to stack wendy when would you you'd
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stack right now you'd be buying right
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now you'd spend
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40 likes el salvador bought 150
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at 48 and change
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would you do that
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i think
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welcome back everybody to altcoin daily
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my name is austin in today's video i
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want to share with you the latest news
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involving bitcoin involving ethereum
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involving lower cap altcoins as well as
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where we stand right now with the crypto
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market looking at the on chain data if
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you're interested in making money with
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cryptocurrency click subscribe right now
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we drop a video every single day
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demystifying this cryptocurrency market
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let's jump in
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before we finish this clip of grayscale
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ceo providing some inside alpha some
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perspective on when is the best time to
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buy before this clip
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let's look at the data starting with
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bitcoin futures perpetual funding rate
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on all exchanges has just flipped
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negative we like the negative funding
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long time no see my friend so let's
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unpack this what exactly
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does this mean
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why do we like negative funding trying
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hard to learn this info
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in simplistic terms this is because
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shorts are now paying longs to stay open
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which is bullish the bulls are winning
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over the bears and this means a
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potential short squeeze incoming which
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drives the price higher
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does not mean we couldn't flip back
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positive we will have to pay attention
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to this metric over the next coming days
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but i'll keep my eye on this
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and let's keep moving let's look at the
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on chain data and see exactly who was
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selling i.e who exactly is now out of
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the market
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assessing the btc sell-off bitcoin
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hodlers realized the third largest
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on-chain capitulation in history over
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the weekend with over 2.18 billion
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dollars in realized losses
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third largest ever and this does confirm
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some of the data that i brought you a
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few days ago that the majority of people
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that were selling were selling at a loss
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which is very interesting
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now what does this mean what does this
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tell us about the type of investor that
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was selling recently because question is
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which cohort of bitcoin hodlers were
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realizing these losses
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well if we look at the long-term huddler
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supply we can actually see their total
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holdings are relatively unchanged over
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the past week this makes it more
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probable that the recent dip was caused
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by recent buyers
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the short-term holder metric on the
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other hand shows a very significant
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losses were realized in this cohort so
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short-term investors presumably got a
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little scared and sold at a loss
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and with almost 25 percent now of
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futures contracts closed we can
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determine that a leverage flush out is
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the most likely side driver and going
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further according to on-chain analyst
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will clemente
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the main thing that had me cautious
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lately was derivatives
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now that we've flushed out open interest
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spot investors are in control
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still think we consolidate a bit before
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moving higher though so you may be
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feeling bearish or you may be feeling
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bullish but i say data over feelings the
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data is pointing bullish
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something to consider
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and by the way always keep in mind i am
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not a registered financial advisor
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nobody can see the future not even
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registered financial advisors the point
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is do your own research make your own
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decisions the market could absolutely go
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lower as we chop around consolidate in
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the short term but looking long term and
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looking at where we are right now with
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the bitcoin supply shock valuation which
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shows us the activity the demand for
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bitcoin happening on chain in comparison
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to the supply out there because of this
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last dip bitcoin is now undervalued
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based on the on-chain activity this
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model does a look back on previous times
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bitcoin had similar on-chain demand
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we're currently trading at a decent
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discount it's a model for investors not
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traders who can easily be liquidated
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well before the model plays out
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so if you're a trader it does not mean
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that we still can't go lower in the
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short term anything can happen but if
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you're an investor based on the activity
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right now happening on chain because of
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this dip bitcoin is right now
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undervalued
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bullish
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give me your thoughts on bitcoin on the
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crypto market right now give me your
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thoughts in the comment section and that
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does bring us to our final question is
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now a good time to buy bitcoin or wait
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as you may have guessed the ceo of
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grayscale says buy the pullbacks take a
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long term perspective watch this
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would you do that
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i think most investors at least the
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behaviors we see at grayscale are using
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pullbacks in price to opportunistically
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average down on their positions so
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especially as we think about
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institutional investors the ability to
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dollar cost average into a position and
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again think about it over a longer time
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horizon they do often use these
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pullbacks to build those positions over
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time all right let's talk about altcoins
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including binance ethereum algorand and
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more but first let's take 90 seconds and
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give a big shout out to sponsor of
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today's episode a crypto game called
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in my opinion a picture a visual is
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in my opinion it is this sort of thing
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that actually leads to mass adoption
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potentially because you can't even tell
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this is a crypto game this just looks
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like a fun game and to define it what is
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god's unchained gods unchained is
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basically in simple terms a free-to-play
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card game with the goal of accumulating
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nfts and items to win battles and the
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cool thing is that because it's a play
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now for free i will put a link down
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below in the video description check it
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as well as naspers one of the largest
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tech investors in the world backing this
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game and it's also led by chris clay who
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is the former game director of magic the
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gathering arena who has had success in
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gaming before and now they're all sort
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of just coming together for god's
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unchained i will link this down below in
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the video description for more
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information check it out
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and that brings us to the free event
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happening now blessing of the gods the
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more tolls we're hosting a series of
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you want to start earning you'll need to
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earn them check it out link down below
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and for a full analysis on how you can
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take advantage of this play to earn
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linked down below check it out
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okay next up let's talk about ethereum
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openc hire's new cfo from lyft plans ipo
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so brian roberts their new cfo says he
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wants to raise more funds for open seas
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booming nft marketplace
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and he also has plans to take it public
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with an ipo so their new cfo besides
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coming from lyft what other major
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companies has he worked with roberts has
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worked as global head of corporate
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development at microsoft before joining
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walmart for three years to lead its
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mergers and acquisitions teams and while
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the new cfo has no prior experience in
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the crypto industry he told bloomberg
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that the emerging web 3 and nft sector
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in particular recalls mid-90s ebay
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interesting analogy
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but my next question is
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if his goal is to raise money what's the
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money going to be used for while roberts
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acknowledges that openc isn't in need of
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any funding to survive his roadmap for
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the future entails raising extra
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investment which the company could then
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use for acquisitions and partnerships to
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promote the growth of the nft sector and
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of course this is all on the ethereum
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chain which is very bullish for ethereum
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and roberts also hinted that an open c
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ipo may soon be on offer meaning that
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equity in the company could soon be sold
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to the public on a stock exchange for
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the first time ever
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he even said with the nft platform's
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growth you'd be foolish to not think of
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going public so good news for ethereum
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as well as good new hire for openc
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next up what about binance binance plans
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to become a registered uk firm despite
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regulatory setbacks so the exchange's
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ceo cz says it does plan to expand to
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the uk in the next 6 to 18 months
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despite being ordered by the country's
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regulator to cease trading in june so
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basically the world's largest exchange
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by trading volume finance years ago
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entered the uk the wrong way they did
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not get regulatory acceptance compliance
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that were kicked out and now binance
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says they want to enter the right way to
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become a registered crypto asset firm in
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the uk the platform must abide by money
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laundering and terrorist financing
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controls to meet these requirements cz
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indicated that the company was
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considering setting up a specific
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company to run the uk to run in a
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specific company to run in the uk
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similar to its binance.us subsidiary so
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much like binance.us we may be seeing a
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binance dot uk in the future
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and next piece of news for all you ogs
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in the space
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involving craig wright who claims to be
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satoshi nakamoto craig wright found not
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liable for breach of climate business
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partnership
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a a jury did rule that wright must pay
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100 million dollars
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to wnk info defense research basically
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the people that were suing him but
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cleared craig wright of all other
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charges
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craig wright found guilty of stealing
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his dead partners assets fined 100
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million dollars for stealing those
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assets
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lol at the people who think that getting
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hit with a 100 million dollar jury
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verdict for conversion stealing is a win
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so innocent on some charges guilty on
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other charges for those new people in
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the space if you're wondering who is
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satoshi nakamoto are his claims valid
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the truest test which we have yet to see
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from anybody would be to sign or make a
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transaction in those original satoshi
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nakamoto wallets which craig wright
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refuses to do which does tell us and
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does tell the majority of the crypto
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community if you can't sign a
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transaction in this original wallets
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then you're probably not satoshi
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nakamoto
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give me your thoughts down below and
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next up very quick piece of news for al
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grand we've covered this a little bit
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before in the past i do have an update
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miami becomes the first u.s city to
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deploy air quality monitoring network
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based on the algorand blockchain so this
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is a big win for the air quality in
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miami as well as a huge win for the algo
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blockchain
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there will be sensors around the city
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detecting the intensity of air pollution
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in the area and of course because it's
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on l grand the data collected by the
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sensors will be recorded on the algorand
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blockchain making it tamper proof and
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permanent so big win for al grand
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that is the video my name is austin like
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always see you tomorrow
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appreciate you
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