5 REASONS FOR TODAYS BITCOIN & CRYPTO MARKET PULL BACK.
So before we get into all that lets just take a look at what the heck is going on with the market. So today, as you may have guessed already, were looking at a mark cap of down a little bit of about 11 at 2.08 trillion. Let me just take you back down memory lane and remember when we were at like 1.3 trillion just a couple of months ago, 1.2 trillion and all of a sudden, 1.7 1.8 2 trillion 2.23 and four and now everybodys crying about a two point: zero eight trillion Mark cap look uh; it is what it is its very volatile, and that is what were all into and im going to talk today about why this actually happened and some good news on the horizon. So just stick with me. Anyhow: bitcoin price is around forty. Six thousand eight hundred seven and uh, which was down from i think, around 50k 51ks around there. But this is the big thing and were using trade. The chain, which is sentiment, analysis, which does all the scraping of all the different websites and uh and a direct api integration into twitter and everything else and disseminates all this information, gives us a sentiment score and what were looking at right now is an average daily Sentiment of 42 over 100, which is what its been for like the last two or three weeks, but i want you to notice something, and this is what makes theres a big disconnect here between what is happening and the sentiment going forward.
The bitcoin daily sentiment is 81 over a hundred and again, if youre looking to use trade, the chain is a link in the description, looks just like this just click on there and you can check it all out. So when we talk about this daily sentiment, look at this. This chart sentiment analysis and you can see the price is in blue here and then the green is the daily sentiment and you can just see over a day even over seven days, uh. The sentiment uh is still rising, as things are going down what the heck is going on. Well, really, what it comes down to is that people believe that this isnt, the right price and theres a lot of people out there that not only feel it but know it and understand it that this price is not correct and uh thats. The whole beauty of cryptocurrencies and digital assets so lets just break into it, huh and just talk about what is going on and why this all happens. So first up were going to talk about just really quickly. We did a video a couple days ago, didnt wasnt, very popular and everything. Every time i talk about something thats negative, it doesnt get real a bunch of popularity. I talk about. Hey, hey september, could potentially be a pretty bearish month and and uh in the past. Statistically, historically, thats exactly what weve seen and we took a look at just the the monthly uh candles as far as what is going on as far as in september.
If we look all the way back here and uh, let me blow this up, so you can see what i see. So we go all the way back to uh september in a very bullish year, which was 2017. uh. It was actually a a bearish month, but then look what happened. Green candle monthly account a month in canada, wick all the way up to almost 20 000. 2017.. Now 2018. We also had a pretty darn bullish month in 2018, but it was, it was a. It was a bearish excuse me a bearish year, because that was crypto winner and then we kind of flipped a little bit in 2019, where we saw it. Uh go a little bit in the red and then green red red, green kind of like not making its mind up then all of a sudden 2020 uh. We had a green candle in july, green candle august, then another red candle in september of 2020 and then all of a sudden bloom off the races and the same things happening again and were seeing that. So that is just one little piece of of the puzzle and we take a look at here and we see that yes uh there is, it was going along pretty well and then this big huge uh red candle for the hourly and all of a sudden boom And then red again and wicked, all the way down gosh it was pretty low and then it just rebounded pretty well and then green candle a little red next hour, green and red, as we flip flop back and forth, not a big deal and then real quick.
Let me just take up and see where all the coins are and what is actually doing, uh pretty well so ethereums down at 3, 400 cardanos 240 in the last 24 hours, looking at 15 for chrono 12 for ethereum everythings down, except for solana, just crushing it Eight percent not uh, really caring. What the heck is going on baller, then everything else is just down around the board, so thats essentially were looking at. Maybe its just september is just one of those months whats going on, but i dont believe thats what happened, and that leads me to my next point uh. So i put it out on twitter – and i say you know what maybe its just a big profit taking day, and i put this out in the very early morning before all this uh massacre or reds red zone had popped up. I said: look brace yourself: everybodys taking profits september is one of those months, and then people in mass said no. This is not right, its not just people just taking profits and were down two three five percent were down big time, supernova says, and he just he gave a very good uh chart like look at this. This isnt taking profits, thats, not what were talking about. Then people talked about could be a coincidence, el salvador time to tax harvest theyre, trying to crash everything out. Then this isnt taking profits. This could be panic selling, not a good good month for leveraged positions.
Everything car to come come about im like yeah. That all makes sense, so could it be just one thing i dont think it is, but i think that there is a a main indicator as far as whats going on, which leads me to my next point: el salvador. So in here this. Let me blow this up again. This is uh im gon na always butcher his name buchelli. I think its, how i say: hes the president of el salvador and today is the first day that theyre going to allow bitcoin as legal tender and uh on this day, and he went to the imf and said hey. I need you to help help us out like nope. This is a bad policy were not going to help you world bank. Can you help us? No? This is bad policy and weve got a lot of connections. We want to do it. We dont think this is wise and were just going to send the sidelines. I dont think they really sat on the sidelines too much and the president of el salvador comes out and he goes look. Let me blows back again were buying the dip. This was four hours ago were buying the dip 150 new coins are added, and then he goes on to say this. This is pretty funny. It appears the discount is ending sad face. Thanks for the dip at imf, we saved a million dollars in printed paper. El salvador now owns 550, not 400 bitcoin.
Now we own 550 and well, probably buy some more. So look if the president of el salvador comes out and is like look, we dont know what happened here, but it could be this or this if the president of a country goes, you know something. Doesnt seem right and he says something: maybe something to uh. Consider so that could be another reason and then, on top of that, there was also this little nice little snippet. Where i said uh this is from alistar milne. It says bitfinex how i say his name: bitfinex is down due to huge ddos on their services, so theres uh, orchestrated attacks that are going on for all these exchanges. So, even though the price is dropping, you really cant get in and save yourself, because all these exchanges are being attacked for some reason and people cant get on whats going on so its like youre. Getting hit from all different sides. Is this normal? Is this just people just taking massive profits and little stuff? No probably a part of it, but not a big thing. But if you add all these little pieces, its looking a little scary about whats, going on not scary, i shouldnt say that i should just say its looking very transparent about what is going on. So we have those types of things and then we also have something that looks like this flash crashes profit taking liquidations panic selling, it all adds up to a loss overall.
The cruel question is, what are you doing about it, and this is from uh friends of the show cj cj reichel, and he says this is total liquidations and right now it was over a billion dollars in long liquidations, people doing leveraged trades and just thinking that They can beat the market and they want a little bit too long. I dont know why youd go along in september. I think its kind of like up in the air, i dont think it really worked, but a lot of people got liquidated and uh. You know, since the exchanges were down its kind of hard to do some, stop losses and all those things maybe they worked out – maybe they didnt, but a lot of people lost a lot of money. So this just kind of pushes people to this, like oh cryptocurrencies, just off and whatever else its, not cryptocurrency its, not digital assets, its people behind the curtain pulling little strings doing whatever they want to do because of what is going on now, im, not saying that That is what it is. I think its a combination of everything i think youve got september just being a red month. Potentially i think you got people taking profits. Probably i think you got people going. Just panic selling go holy smokes what the heck happened over there. I got ta sell, definitely and then i think you got uh these attacks against the exchanges going back and forth, and here we have and then people get liquidated and then guess what all the different uh bots on the exchanges that uh follow bitcoin.
Well now they have to sell, because everything is going down before you know its a cascade effect, and here we are so it really doesnt take a lot to sway this market in any way, shape or form, which is why im not a big fan of trading. Im, not a big fan of doing a bunch of things im, just a fan of uh dollar cost averaging and just being an investor just sitting back going. You know what, if it is, what it is and if it goes down well, i have my points where i think i should actually buy back into and thats pretty much where we go to it from that. On top of this, i will say this people were complaining about uh um voyager the voyager app going. Ah, voyage is down again, even though it connect its a brokerage, connects a bunch of exchanges, but what i did was i just updated the app in the in the app store and it worked just fine. So if you were having problems with voyager to get in just update your app uh, they had a they just push a new update to it and it works just fine uh on as far as far as like these other ones uh. What are we at uh? Bitfinex and some other ones, i think coinbase went down shocker um, hey, it is what it is, thats how it goes. So that is the bad news and i will i will leave it up to that for you to decide what you think it is, but these are all the things that could potentially be.
Do you panic? Do you look at it and go? Oh, my god. I got ta get out no and im gon na. Tell you why, in a second but uh cj, there uh first of all, thanks cj for spelling out the liquidations im gon na be on uh cj, monty and uh uh john, the jerry and show uh the daily crypto bite tomorrow, and the reason why i want To go on there so much so was because uh its not just a ta im, not a big ta guy, but i like to to watch and see whats going on its about john, because i believe theres a little bit of manipulation going on and john here. Youve probably seen him on cnbc on all the different talks shows not talk, shows but different financial shows where he just talks about options and trading whats going on the market. Real smart guy has been around for a very long time sold one of his companies for like close to a billion dollars and john knows a lot of these big time players im not saying he knows anybody on imf or the world bank, but he knows a Lot of things that are going on behind the scenes and uh thats. Why? I want to talk to him tomorrow about what he thinks about manipulation. So if you would like to watch that its over at uh uh market rebellion their channel, and i will link that in the description also just follow me on twitter – i also tweeted this out just set a reminder and ill be there, because i can guarantee all Three of these guys know a lot about whats about whats, going on now, whats going to happen pretty soon and potentially what to do – and nobody has a crystal ball but its great to get the most information from everywhere so definitely check that out uh tomorrow, so That is essentially liquidation.
Panic selling a little bit of good news, theres a little a couple more things i want to talk about, which was this first of all, thank god for solana and send token my portfolio has been buoyed by both of these now sentiment. Token, you have to understand im super biased in everything i talk about here because i own it on a lot of it. So uh sent solana. Yes, they did pretty darn good in the last 24 hours. Take a look at those then also there was a little snippet about seven places that uh want to want you to spend your virtual currency. So when we take a look at these little price actions like in the grand scheme of things, who really cares, look at i mean besides the el salvador whats going on there look in switzerland uh in september, they were there. Zug was the first and spokesperson to take tax payments in crypto saying would accept bitcoin ether from 2021.. Also in miami i mean mayor suarez, hes, a big into crypto and hes. Also doing a miami coin and hes also doing a lot of things for to help uh to pay workers uh for in in cryptocurrency, then in canada, the town on innisfil north of toronto became the first game in municipality to accept bitcoin as a method of payment For property taxes in 2019, if they held on to it, i can only imagine just how much theyve actually gained just holding onto bitcoin since 2019.
I can tell you its a pretty good amount in the bahamas. They had this one thing called a sand dollar a cbdc. China really doesnt count, but they are doing the cbdc. So i suppose – and then in nairobi uh kenya. Each week, everybodys issued a virtual voucher with foreign kenyan shillings. They can use to buy goods underpinned by a blockchain based currency, on top of all the hedge funds and off of all the regular banks, on top of like shop.com, on top of paypal, whos going to actually use cryptocurrencies for all the merchants who can spend it. So theres a lot of good things going on in the crypto universe, and just remember this: this is the last thing i want to talk about when in doubt, zoom out and its the basic thing that i i stole from diddy from the bitcoin family. Go check out his his youtube channel, but he says rob he goes if you, if youre stressed out just zoom out right, so this is whats going on right now, oh my god. It goes down and it goes up and down and everything else right. Thats. In 24 hours lets take a look at. Oh i dont know. Seven days looks pretty good still got that blip right there, but now lets take a look at a year. Just zoom out look a year ago, no way thats crazy, ten thousand dollars. I had to really look at that im like what ten thousand dollars yeah ten thousand bucks on uh september 2020.
So just remember that and then we had this big big uh spike, then down and up again and this little tiny spike or this little drop thats. What were going through now lets take a look at the max look at this lets just go over here when bitcoin was a a whopping, 1200 bucks in march of 2017, and then this was this huge run up when i got in, and man were very excited And then everything went down and now were all the way up here and down a little bit and then back up and then again this little tiny piece, which i cant even show you, because its so small. That is what were dealing with, and that is what is going on, and that is why theres no need to really worry when in doubt zoom out so look thats it for today so uh. Hopefully that eased some of some of the fears and the and the tensions. This is not financial advice, theres a financial opinion. I could tell what im going to do just going to hold on and uh keep buying. Hopefully it goes lower, but i who knows might go lower might not be careless and thats really it for today. So thanks for watching all the way – and i appreciate it like the video give it a thumbs up – consider subscribing thats all for today and ill see.