WHY DID THE CRYPTO MARKET CRASH!? – Is there more FUD coming?!? (URGENT)
Frank. The crypto puss is pretty mad that his bags are still so red. So in todays, video were going to be discussing exactly what happened yesterday were going to be going through. Some of the conspiracies were going to jump onto the bitcoin chart and find out what is happening in the whole world of crypto were going to be going through. A little bit more fun, which i think could affect the market, but were also going to be going through some good things. So if that sort of thing interests, you and you want to stay up to date with whats happening with crypto smash up that like button hit that subscribe button and if you dont know me already my names connor and of course i am not a financial advisor Im just a guy sitting in his room talking about different ways to make money online. So please do not base any investments on this video or any other video you see out there on youtube, go out! Do your own research and never invest any money into crypto that youre, not 100 happy or can lose. You know be safe out there dont do anything. Silly! The markets, crazy, dont, fomo back into the market because the price is down were going to be going through. Exactly what im doing to make the best out of this current market situation that were in so here we have the overall cryptocurrency market. We got bitcoin down 10 on the day: ethereum 13 cardano 15 bnb, 16 xrp, 22 dogecoin, 18 poke.
16 uni swap 17. Things are not looking so good for the overall market, you know. If we jump over to the bitcoin chart, we can see, we saw just an outrageous candle yesterday. It did 20 down on the day. Today we opened a little bit higher, but we are still in the red things today have gone down about two and a half percent, but theyre not looking great right, but what we have to look at right now is we have the 200 daily moving average, which Is very much an indicator of the bull market. We got the 50 day moving average here which joined with the 200 daily gives us. Our death crosses that everyone gets super scared about, but the price still goes up and we got our golden crosses, which everyone gets super excited about. Sometimes the price goes up. Sometimes the price goes down, but these are great catalysts to affect the market. So in a few days we could have the golden cross happening right here and that could send you know a bit of euphoria back into the market and send the prices up. But what we want to watch right now is that we do want to hold this 200 daily moving average. We dont want to close today below the 200 daily moving average, because that is indicators that we are back in a bearish trend. So what im doing is im staying very cautious right now i am getting involved in some coins.
I am dollar cost averaging into my long term, holds but im not dumping, all of my money into the market right now, because a lot of the time we see these crashes, they have a little dead cat bounce and then they continue to crash again in my Non financial advisor opinion, the best way to get into any cryptocurrency is laddering. Your buys right, dont buy everything all at once: dollar cost average into the market. Sometimes you can time it perfectly other times. You can time it really badly, but if you do dollar cost average that tends to work out the best over the long time. Remember on this channel. My investment strategy is very, very long term minded. Of course, i get into things i get out of things, but overall my investment strategy is long term. I am super long on bitcoin. Some other cryptos are creeping up right now. Bitcoin is 100. My you know strong titanium play, but long term mindset, dollar cost averaging thats how you keep yourself safe, ish in this market right so right now we want to hold that 200 daily moving average thats. What we want to make sure – and what i want to answer right now, is exactly what on earth is going on. So what happened yesterday was bitcoin became legal tender in el salvador and the price of bitcoin went down. So if youre used to the world of crypto youve been around for a few years, you know this is nothing new honestly im not too worried about whats happening.
But what did happen is something very similar to what we saw here in may thats. Why, im being very cautious with my buys, we saw a very dramatic red candle and that resulted into a lot more downward momentum. Now. What i think is going on right now, and what we can actually confirm over here is that 3.26 billion dollars of liquidations happened over the last 24 hours. So what i mean by liquidations are people getting long around here right people are longing bitcoin, longing larger cap altcoins. By longing i mean theyre, basically betting, on the price going up theyre going long long long and then what could have happened is a whale sold around here which started a domino effect right. Triggering cells triggering liquidations people got forced to sell their positions which triggered trigger triggered. Now this happened over basically the space of an hour and a half. You can see here in just this 30 minute period. There was 1.8 billion dollars of liquidations. Just here there was 700 million dollars and then the hour before that 131 million dollars, so we saw the majority of this 3.25 billion dollars happen in the space of around two hours, which is why we saw such a violent crash. Now there is a lot of speculation out there in the market that the reason this happened is basically the international monetary fund. The imf is not happy with el salvador, making bitcoin a legal tender. As you know, just yesterday they made this decision official in el salvador.
Bitcoin became legal tender and about one hour after the markets opened, we saw this crash, so the conspiracy going around the market is that whales were getting in. They were pushing up the price here, then retail fomo, retail fear of missing out was getting in massive long positions over the past week or so hitting this peak of 52 000 and then boom a whale sells. This triggers all of these liquidations and we see the price plummet in turn, teaching el salvador a lesson right now. If this conspiracy is the case, this tweet by peter chief perfectly sums up exactly what they would have wanted. The lesson to be to el salvador. So welcome to bitcoin el salvador, your national currency, just lost over 15 of its purchasing power in under an hour, get used to it. So that sums up exactly what they would have wanted to achieve from this. But it seems that the president of el salvador couldnt care less. We saw him actually by the dip. You can see this tweet buying the dip 150 new coins added, and you can see him nodding at this conspiracy right here. Thanks for the dip imf news, we saved millions in printed paper, so that is essentially whats happening, whether or not it was orchestrated by imf or large government based whales. We dont know, but there definitely was mass liquidations and definitely whale selling. At this point, so you guys can obviously make up your own decision there, but thats exactly what was happening right now now, in my opinion, im not too worried about bitcoin or cryptocurrency.
In the long run we could definitely fall into a bearish trend. Now, for a few weeks, we could go sideways for a little bit of time here. So what im doing is im simply hedging my bets, one of the things that i do, and one of the things that you need to get into the habit of doing is simply taking profits when we see massive green days. Now again, when i talk about bitcoin, i use the bitcoin chart because it basically controls the whole cryptocurrency market right so im referring to the whole cryptocurrency market when i point at these green candles. So when we see these, you know we saw solana up like 400. Those sorts of crazy green days, green weeks, those are the times where i look at my portfolio and go okay. What am i gon na shave off? I actually did take some profits on solana. Almost at the very very top. I took profits at 185. I got in at i think, 30 to 40 dollars. I took profits at 185 by no means my whole solana holdings, but i do always like to take profits along the way, because its basically like practicing discipline right its hard, its so hard to take profits when its green, because you want it to go higher right And i expect it to go higher, but i take profit practice that discipline and then i have money on the sides to buy the dip.
Luckily, this happened within hours of actually me taking profits. I took profits here and i managed to buy the dip very much here using those profits, so it worked out perfectly. It obviously doesnt always work out like that, but thats. My game plan long term holds taking profits on massive green days or green weeks. Reinvesting those profits when the price goes down, occasionally converting money into stable coins for long term holds so. I stake a lot of my profits that i convert into stable coins over here on crypto.com. So here you can see theres an earn feature right here. You can earn up to 14.5 on your stable coins. Now you can also stake bitcoin or ethereum and a couple of other coins. I choose to stake mainly stable coins here, because the return is so good, its so much better than cashing out into my bank account and then holding my money there here you can get up to 14.5 return. So, in my opinion, that is the best thing for me to do, given my current circumstance and also on top of that, you can get yourself a metal visa card. So not only does that look cool, but you can also use this card to take profits into the real world. You can convert cash into fiat and then you can use your metal card on apple pay or as the card that theyll send you, and you can use that as a way of taking profit.
You can buy groceries. You can do whatever you want with that money. So thats something that im doing right now and if you do want to sign up to crypto.com, there is a link down there in the description and you can get a 25 bonus when you do use that link. So if you fancy it remember its down there in the description so moving away from the reasons behind the cryptocurrency crash, we see a new threat on the horizon. The sec is now threatening to sue coinbase over the high interest crypto product, so the coinbase ceo brian armstrong, lashed out at the agency on twitter. He was basically saying that its unfair theres no written guidelines and if they do the sec, write some written guidelines. Hed be happy to follow them now. This is just something we have to get used to in the world of crypto. Regulators and regulation is going to come into the market and thats, just something we have to accept. So hopefully, this doesnt affect or create mass amounts of fear and panic within the market to add to the crash that we just saw, but that is definitely a potential again. Another reason why i practice taking profits. We never know when new articles, new regulations, new laws, all of that stuff may come into effect or may be released or announced, and therefore mass fear and panic hits the market and you could have turned that into a profitable experience and we can see here.
The ceo of ripple, making light of the situation saying welcome to the party, obviously ripple or xrp, is currently in a massive lawsuit with the sec. Hopefully they win that and that could be the catalyst we need to see the next leg up the next pump in the overall cryptocurrency market thats. Something im hoping for. I do personally myself hold xrp todays question is: are you holding xrp? Do you think xrp and ripple labs are going to win their lawsuit against sec? Let me know down in the comment section below im, really interested to hear your thoughts and opinions on whats happening there. So moving over to some good news, we have standard charter. This is a bank reporting that it structurally values ethereum at 26 to 35 000. So a report published by the british bank standard chart indicates the companys. Analysts are bullish about the crypto asset ethereum. The banks analysts think that bitcoin could reach 175 k and said structurally. We value ethereum at 26 000.. If you want to read this whole article ill, leave it down there in the description, but that is great. That is good bullish, news banks coming out and saying theyre bullish on bitcoin and cryptocurrency, its always good. In my eyes now i did speak about this in my other video just recently, but i do want to point you guys at google trends now. This is a great tool if youre in the world of e commerce, like me or the world of crypto, to see what people are thinking so we can see.
Basically, this is the popularity of the search term bitcoin over time. You can see here. This was 2018 massive spike in the search term and the popularity of bitcoin. We then saw it spike again, a few months ago, in the first leg of the bull run and right now we are sitting at relatively uninterested levels. Retail as a whole are basically uninterested in bitcoin people who are not nerds like us who watch who watch the charts every single day are not interested in bitcoin. These are the things that you want to look for. This is the reason why i do think that we have another leg coming in this bull market retail is not involved. Normally, the blow off tops that we see we saw a blow off top in 2018 and normally we see those blow off tops when retail get really really excited. We saw that basically, here retail got really excited and we saw the price of bitcoin and crypto absolutely pump. Then we saw a dump and now we are waiting for that next excitement. Will that come right now? Will it come in the next few months? It could even take a few years totally again thats why i have a long term mindset but thats what im thinking overall and also if we check out crypto exactly the same things happening right. We bottomed out after the peak in around july and now we are starting to climb back up.
Hopefully we see this absolutely pump that will, in my opinion, coincide with the next pump of the overall cryptocurrency market. So, just to close off this video, i wanted to talk about this post here by the bitcoin archive bitcoin protest. Look at the photo closely its literally just five people with nobody behind them. Why are they misleading people about bitcoin in el salvador? Reuters have a long history of propaganda. We saw a picture like this very similar when the first announcement came out about bitcoin being a legal tender in el salvador. I was worried about those protests and then i saw a picture from behind and it was literally the same thing. Maybe five or ten people protesting, and that was it, but it was, it was shown to us like. It was a massive protest and i see this narrative spreading around twitter that uh people in el salvador are actually really upset with whats happening now. Obviously, i have no connection to whats happening over in el salvador. I dont know anyone whos there. So if you are there or you know someone out there, i would love to hear your opinion down in the comment section as to whether or not people in el salvador are happy. I really would like to hear first hand experience as to whats happening. Is it easy? Is it annoying uh? Do people hate it and everything like that? I would love to hear your opinion down there.
So please, let me know down in the description now thats everything i have for you today. Hopefully i provided you with a little bit of value if you want to come over and join my community, the link to my patreon is down there in the description were growing an awesome community over there.