What an absolutely train wreck of a day, as you can hear, my voice is still absolutely terrible. So please bear with me while we get through this video, and i explain to you why the market has dumped. Now i found a couple of reasons why the market is down, so were going to go ahead and hop right into it, but but, like fencewitz said, this was not supposed to happen today. Absolutely unheard of at 53 000 to drop to 43 000, a 10 000 loss in a single day. That is definitely unseen of so lets go ahead and talk about why now ethereum, classic here, climbing and struggling currently trying to make its way up to those 60 dollar price point levels, but it all depends on bitcoin, most definitely so thats. What were going to be paying attention today, bitcoin now, if we take a look at the whole cryptocurrency market, capitalization 300 billion dollars just exited out of the cryptocurrency market, it went from 2.3 trillion yesterday to 2 trillion today, so that is absolutely insane. Now. The overall market is red because of this, but if you could see, the volume is still there for dear classic, but its definitely on the bearish side, which is not a good thing currently, but at the same time as long as these transactions are happening, it means A lot of these coins are alive. Theyre not gon, na die anytime soon. So for those of you who are jumping ship because of this scare, then jump at your own will now.

I was currently paying attention to whale alerts because i want to see what sort of whale activity was happening behind the scenes regarding bitcoin, and i only saw one major transaction that caused the alert to go off and it was 2 500 worth of bitcoin, which is Equivalent to 128 million dollars transferring from a wallet over to finance, meaning he sold his bitcoin. Now. This doesnt necessarily cause the whole entire market to fall, but it goes to show its not much of the whales doing because i definitely do believe some profits were taken off the table. But if you see a lot more whales are scooping up on the dip. 3. 000 bitcoin scooped up by this individual here from coinbase to an unknown wallet, so that is a purchase transaction there of 142 million dollars worth as well. We have 5′ bitcoin, which is another 27 million dollars transferred from coinbase to a wallet which is a purchase on the market. Now what actually caused this devastating drop? If we look at here, we have 3.2 billion dollars worth of liquidation in longs. So what does this mean? All these leveraged traders were betting bitcoin to reach and hit these expectations of fifty thousand to fifty five thousand dollar price range, and it didnt hit that range in that date, which caused all of these overly leveraged individuals to just get burned out and absolutely wrecked. All that buddy just got transferred over to the shorts pockets, and if we take a look, a majority of these individuals have turned around and started placing long bets on a lot of these coins.

Here. If i keep scrolling and scrolling a lot of people are placing longs because it looks like we bounced off of some resistance levels, so it seems well be climbing our way up. But this was a massive, devastating blow weeks of games taken in a single day. So its going to take some time to recover from that now. On top of this, if you guys didnt know, bitcoin became legal tender as of today for el salvador, and they just bought an additional 200 new coins. Now they are holding 400 coins as a country, and this law means every company corporation set up in el salvador has to accept bitcoin. For an example. Mcdonalds is even accepting bitcoin in el salvador, but its absolutely crazy timing that as soon as they accept it as legal tender, we see a massive dump. So its pretty much making the country look bad and, as they are being the first country to adopt bitcoin as legal tender, it seems the power at br making this as a huge opportunity to make crypto look worse than what it really is. In order to gain that control now, if we look at this, it was released by crypto whale who is a huge pessimist and a bear on the crypto side. Like i said i like to follow individuals on both ends of the stick, and if you see here, the government has full control, they can turn on and off anyones wallet whenever they want.

So because of this massive situation that caused a bitcoin to absolutely plummet. We had the el salvadorian government holds the chivo wallet, which is the wallet used by the citizens to transact bitcoin. So pretty much. Everything is at a pause at the current moment until we see a slight recovery for bitcoin, because this was definitely not expected by the el salvadorian government, so it seems in a way they are trying to help out their citizens because it seems they were personally attacked. Now, if we look as well, nfl has barred all teams of members from crypto related sponsorships and advertisements, as well as nfts, which are non fungible tokens, so it seems fud is being pumped out left and right. So may this be a scare for the current moment, a shake off before the next takeoff. Is this the start of a crypto winter im definitely still going to be maintaining on the bullish size, as i still have those price targets which is not impossible or out of the reach temporarily. Now we have a strong support here at this 46 000 level. Strong support because we could dip right under it, but we always bounce back up and recover before days end. So we have to see how the day is going to end. I know a lot of you enjoyed buying this massive dip opportunity at these 50 dollar price points for ethereum, classic so congrats to you who are able to scoop up but keep in mind.

This is the unpredictability that comes in the world of crypto, as individuals are extremely over leveraged at the current moment, so its pretty much a transfer of wealth from the from the impatient to the patient as the long run goes as the time goes on. In the long run, but in the short term we have shorts attacking, bears fighting at each others, throats hoping that bitcoin hits a certain price point by a certain amount of time, and if it doesnt hit their targets, then they overall affect the entire market. So the lower bitcoin drops the stronger the liquidations are going to be, which overall ended up creating this massive cascading effect that we saw for bitcoin. Now, if we dont hold these forty seven thousand forty six thousand eight hundred dollar support levels, then we are going to free fall to our next support, which is forty, four thousand six hundred dollars and thats, definitely not going to be good for the ethereum classic holders. As it could drop to the lower 50s if possible, but i do believe we will be climbing our way back to the 60s as time goes on, and this is definitely just a test to el salvador to see how this situation is handled on their end.