Another Crypto Dump Coming?? Important News
Crypto in this video were going to be doing a quick update on the crypto markets. Some major news over the past couple days, as well as an update on the nft space and some things going on right now. So before we get started, i do appreciate if you guys, like the video subscribe to the channel, if you havent already and hit the bell to be notified of videos Music, all right guys. So we did see a pretty good flash crash in the markets over the past couple days. Bitcoin did drop to around forty four thousand dollars now on a steady recovery, some all coins uh doing much better than bitcoin polka dots starting to move up up. Fourteen uh, we also have solana continuing to surge as well now at number six on coin market cap is crazy. This did pass 210 dollars yesterday, so this just continues climbing. Hopefully we see uh the entire crypto market start moving, like solana has definitely a great pick over the past couple weeks. Next to eight it as well, ada is struggling, though we are getting close to the launch of smart contracts in the next few days. Here uh. It is up four point: eight percent, though um i do think uh. This does have the potential to get back to three dollars, but unless we see bitcoin and ethereum really starting to surge, i think its gon na be hard for ada to break three dollars again.
So i do expect after smart contracts, after a lot of this is cleared up depending on how things go, thats really going to determine what happens to the price of ada. A lot of people probably did buy the test net to sell the maintenance as well. So i wouldnt be surprised to see a decent dip for ada uh the following couple days after smart contracts, so i do think its likely well see one more decent size dip in the markets overall, before we really start moving upwards uh back to previous bitcoin. All time highs, i think ethereum will break previous. All time highs before bitcoin does ethereum has been holding up very strong. Lots of ethereum has been burned over the past couple days. Uh, the ethereum gas fees, if you guys have seen, is just insane right now, but a lot of people are paying for it anyways because they do want to pick up the dip and a lot of people are transacting with nfts and everything so uh. The more days that ethereum is over a hundred dollar transaction fee with gas uh, the more attention solana, cardano, polygon, matic and other competing blockchains – will get so uh. We do have ethereum two in development as well, but thats gon na roll out in multiple phases and that will likely take uh the next year to two years, so anything can really happen in the markets. I really think its gon na depend on overall fear in the markets.
If we get any more really bad news that can definitely cause another dip, but im still very bullish for end of year. I do think its very possible. We pass a hundred thousand dollar bitcoin, which would mean huge profits for a lot of uh other cryptocurrencies as well so uh. Something i do want to point out. Uh is bitcoin, does have a golden cross coming up when the 50 day crosses the 200 day moving average and just the opposite. That is a death cross, which we did have uh june 19th here, which did follow in more downtrend. Everyone was calling for. Another 50 drop, though uh when we did have the death cross here, so the opposite of the death cross is the golden cross which, as you guys, can see these lines are about to cross here and usually after a golden cross. The following few months does uh result in a huge uptrend, so this upcoming golden cross is definitely a good indicator to me, uh that we will be on a uptrend towards end of year and the golden cross does uh play out more accurately than the death cross. Does uh death cross tends to be a lagging indicator as well as you guys can see. The markets had already crashed before we did have the death cross, which didnt happen until a month into the accumulation phase that did follow by more downtrend here, but that did end up being the y cough accumulation schematic where we did hit that spring on july 20th And have been in an uptrend since then, so a decent size correction like this uh isnt, so surprising.
To me, i do think its healthy, especially with so many huge things coming by end of year that are gon na aid in mass adoption. So, im still very bullish for end of year uh these big market crashes. I just take this opportunity to dollar cost average. I did buy some all coins uh the other day when we were in that dip. So uh, if you guys dont, have a good entry and exit strategy. I do recommend going over to my channel watching uh the pinned video here, my crypto strategy for huge profit and long term success. This is a pretty detailed video uh, where i do go into uh, more information on my entry and exit strategy and how im successful in the crypto space in the long term. So i have a much more long term approach uh to cryptocurrency. Basically, i dollar cost average on any huge dips, and then i do sell small profits on the way up, so definitely check out that video. If you do want to check out my entry and exit strategy compared to yours, uh be ready to execute when the time does come, so you can have optimal profits in the crypto space. I also have a cryptocurrency guides playlist on here around 20 videos, great value uh, going over different topics related to cryptocurrency investing uh, even some nft guides as well. I do recommend sending this to anyone. You know thats new to the crypto space, the more educated we do get as a whole.
The more successful the crypto space will be in the long term as well. We have too many people jumping into the crypto space that know nothing. They go all in at one price: uh pretty much at peak fomo is usually when they get in, and then they end up dumping when theyre down 20 to 30 percent, so uh, the more educated we get as a whole uh. The more successful will be as a whole as well so bitcoin on the stock to flow model is still far below the stock flow line, which is around an 80 000 bitcoin. If this does play out accurately to previous bitcoin havings and bull runs uh, we would see a minimum of 130 000 bitcoin by end of year, so another interesting chart. I did see on twitter today, um, basically showing the price of bitcoin every december uh. The purple lines here are the previous bitcoin havings. So this does show were still early to this current bull market and that we will be peaking out here sometime end of year or even early 2022 at a much higher bitcoin price. So i could definitely see this playing out somewhat accurately, but i dont think history is going to repeat here: uh with bitcoin, havings and peak bull markets, where we do have a bitcoin having followed by a peak bull market around a year later, uh dropping into a Bear market for an extended two to three year period of time.
I think uh that phase of bitcoin and cryptocurrencies is over and i do think uh things are gon na happen, much more quicker moving forward where we do have temporary bear markets, uh that last a few months, maybe to a year or two at max, and then, Where we would uh well have much longer bull markets as well, so its gon na be very interesting going forward, especially with all this mass adoption uh. Once all these companies get in and bitcoin becomes accessible to the entire world. Basically, things are definitely gon na. Be much different going forward so since the ethereum london hard fork, weve now had 263 000 ethereum burned and removed from circulation, definitely very bullish for ethereum, which is uh. One of the reasons why i think its holding up stronger a lot of people are really pissed off with these gas fees. No one likes gas fees over ten dollars and uh ive seen a couple transactions in the past couple days over three hundred dollar gas fee. So especially, these uh nft projects that are launching uh when you have 20 000 people trying to mint an nft all at once. Uh the gas prices go up to over a thousand dollars, even uh gas prices of one ethereum and more, which is just insanely ridiculous. So definitely need a solution here, but regardless people continue using the ethereum network, so burn rate in the last hour is five ethereum per minute uh, which is seventeen thousand five hundred dollar usd value in ethereum uh, pretty crazy.
A total of two hundred sixty three thousand ethereum and thats uh london, hard fork didnt launch that long ago. So yesterday we got news of yellen stating the u.s is on track to default on national debt in october, coming up very quickly, so i dont know uh what theyre gon na do um and what results is gon na come out of this. A lot of people assuming theyre just gon na print a lot more fiat currency which will cause more inflation, which is good for cryptocurrencies in the long term, but will be bad for the economy in the short term. I do think its possible more stimulus packages are coming since cobit picked up again uh we are coming up on the holidays, also and uh. We did have coveted peaking around christmas last year, so i wouldnt be surprised to see cases peaking once again, uh towards end of year and more stimulus packages coming around that time also, so this article does state if the treasury department runs out of ways to stave Off of default, without borrowing more money, the inability of the u.s to pay its debts could send debilitating shockwaves through the entire financial system. Yelen has urged lawmakers for months to raise the debt limit before it was reimposed in august. Warning that a delay could cause irreparable damage to the us economy in global financial markets, so definitely not good for the economy, but anything like this uh that does cause fear in holding fiat currency will have a lot of people looking for alternatives and putting more money Into cryptocurrency also the results of inflation, which is kicking in uh very rapidly right now, uh.
This does over time, increase the price of cryptocurrencies also because it does reduce the purchasing power of fiat currency, which then uh and then uh takes more fiat currency to buy the same amount of cryptocurrency. So bitcoin is now legal tender in el salvador and were getting a lot of interesting news out of this uh. For instance, mcdonalds now accepts bitcoin as payment in el salvador, so every company and business in el salvador does have to accept bitcoin as payment legally. In the country, so this is forcing a lot of companies like mcdonalds and other uh mainstream companies to now accept bitcoins payment, which does mean that mcdonalds does know how to do this, so its gon na be very interesting what they do uh with the bitcoin. They do accept his payment. Are they gon na keep it or theyre gon na instantly, convert it to fiat currency. Is mcdonalds gon na be looking into rolling this out, uh in other countries and uh their other locations so very interesting? This is forcing a lot of companies to look into bitcoin. I do think more countries will follow uh. We also had charles hoskinson uh creator of cardano state that more countries will follow el salvadors bitcoin move. I do think it will take time to play out once other countries see the benefits that el salvador is seeing from making bitcoin legal tender. I do think more countries will follow. So we are getting a lot of great media out of el salvador, making bitcoin legal tender.
It was interesting, though, because the day that this uh did go into effect with bitcoin as legal tender and el salvador, we also saw that bitcoin flash crash, and we had el salvador actually buy the dip for that as well uh a couple days before that they Did acquire 200 bitcoin and they are air dropping 30 worth of bitcoin to every el salvadorian citizen. That does make a bitcoin wallet so that will get millions of people actually using bitcoin and understanding it, which means a lot more people on the bitcoin network and getting into cryptocurrency in general – and this is just the first country to do this as well. So we had el salvador adoption a coming of age for bitcoin, says fidelity exec uh, pretty huge that uh fidelity is getting into uh cryptocurrencies pretty heavily now, and i think that will only continue. We are getting other companies starting to follow as well. So el salvadors largest bank partners, with flexa for bitcoin payments, so uh everyone in el salvador is basically being forced to adopt bitcoin right now. Every merchant uh legally required to accept bitcoin is payment. Now so big news here we did have mastercard, acquire major crypto forensic outfit cipher trace the global payment giant plans to incorporate the crypto intelligence project into its digital currency expansion plans, so mastercard getting into crypto services and pretty much every other major competitor visa paypal um. We also have apple and amazon, exploring cryptocurrency, so uh the rate of adoption, i think, is going to snowball and, i think, were at the very beginning here i definitely dont think were going to be entering an extended bear market.
Like many people are saying that this was just a dead cat bounce. I really dont see that happening with this level of adoption on the horizon. So we did have the sec threatening to see coinbase over crypto yield program. It considers a security. They refuse to tell us why they think its a security and instead subpoena a bunch of records from us, stated their ceo brian armstrong. So i have no idea where this is headed, but this did add some extra fear and panic into the markets uh causing more selling pressure as well, which is one of the reasons why we had the flash crash. But regardless. I think this is just temporary panic and well see how this plays out in the com uh upcoming couple weeks, and i do think uh bitcoin cryptos will be on a steady rise, even if coinbase is being sued by the sec. So we have some huge news here: ukraine passes legislation to recognize and regulate crypto. Definitely great news. Ukraine is hoping its new digital asset regulations will attract foreign crypto exchanges to set up shop in the eastern european nation. I do think this will become more of the norm where we will see countries adopting cryptocurrencies rather than fighting it over the next couple years, because uh mass adoption is basically here at this point and any countries that fight this will just push these companies and this Revenue out of their country and uh push them to other countries that are actually adopting it and encouraging it.
So definitely a good move here by ukraine and i do think other countries will begin following, and this will all aid in crypto mass adoption in general. All right guys, so a quick update on the nft space. Before i end this video, as you guys know, board api club was in that auction. A hundred and one board apes being auctioned as a lot, and there was a few gold apes in here. A few psychedelic ones, so a lot of these uh in this set were worth a lot, but this entire lot ended up selling for 24 million dollars total, so that does average each ape around 240 000. So this is huge for the entire nft space uh. Seeing whats possible like this with these nft sets, of course, youre not gon na get a name brand like board apes. Launching every other day we have uh pretty much. Five nft sets launching per day right now, which is part of the reason why gas fees are so high. A lot of these sets are bad art. They dont have a good team theyre, just basically cash grabs in nft space, just like all the meme coin hype. Um after saturday night live uh around the time the markets crashed were now getting a lot of uh people trying to launch nft sets and a lot of these investors dont know better and they do buy into these sets that are just going to die off and Not appreciate in value over time, whereas sets like board ape, are going to continue appreciating in value its a name brand set at this point.
So it is hard to find sets like this, but more sets that do have results like board. Apes will come along. We just have to keep our eye out and know what to look for. I do recommend having an entry and exit strategy for nfts, also, unless youre just a collector and buying a couple of these, that youre planning to hold very long term. You dont care about the short term prices, but if you are flipping i would have a similar uh entry and exit strategy that you do have uh for your crypto altcoins. So this is huge. We do have board apes going to christies auction for the first time. In a few days also definitely some huge auctions that are good for the nft space as a whole, so we have space punks club launching their dino egg nfts tomorrow these will be hatching on sunday. I do think the rare ones will be going for a lot during the first week, so something else interesting, space punks club is doing staking for their nfts basically stake one space, punk club nft and one dinosaur nft together, and then you will be earning a small Percent of the revenue that the project makes on commissions on openc, so im sure this wont be a lot of uh revenue at the beginning, especially if youre just taking a couple of these. But if you do have a big share of this and the sets uh gets pretty popular, they start doing a lot of volume in the long term, thats.
Definitely some good revenue and passive income. You could be making, while youre waiting for these nfts to appreciate in time anyways, im, sure theyll be doing future nft drops and other stuff in the metaverse uh. That does increase the value in the long term, so i do think the board ape kennel club is undervalued right now with the floor price of three ethereum. This is actually the board of yacht clubs. Uh set with the least amount of nfts nine point. Six thousand compared to boarded yacht club, which is ten thousand, and then the mutant apr club, which is up to twenty thousand, even that with up to twenty thousand nfts, has a higher floor price than the board ape kennel club right now. So this was a free airdrop to the og ape holders and i do think uh. These are undervalued right now and theres. Just not a lot of attention on these. I do think the board abr club will be giving these some more utility in the future, possibly an airdrop for these doge holders. I could see uh happening at some point in the future, so um, if you are looking to get into the board of yacht club. This is definitely the cheapest option. Out of their three sets right now, so thats it for todays, crypto, news and market update. I hope you guys found it useful. I do appreciate, if you guys, like the video comment below and share the video anywhere on social media or with friends and family dont, forget to subscribe and hit the bell, and you can also follow me on twitter at jrnycrypto, where i do more frequent updates.
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