Bitcoin & Crypto Prices Falling!
Should you be worried, or is it time to consider buying the dip well in todays video ill, be exploring that also ive got some bitcoin adoption news, some cardano news, some solana news so make sure to stick around to the end of the video for all of The goods my names lark every day i make videos talking about cryptocurrency investing. So if thats a topic that you would like to learn some more about make sure you subscribe to the lark davis channel gently tap on the thumbs up button just for the youtube, algorithm and click on the notification bell, so that you know when i put out A new video now lets go ahead and turn over to the charts to get started off with. So we can see, of course, our massive flash crashed we had for bitcoin that did bring us down all the way to forty two thousand eight hundred dollars. Approximately some exchanges to gilbert lower but, as i was saying last week, these flash crashes that happen in the market. They tend to come before a further sell off, at least historically that has been the case. Our big initial sell off days are followed up by further sell offs. You can see, for example, here we had a 19 sell off on one daily candle. Then we actually ended up that entire market correction down by 26 and that just that story just repeats over and over again, most of the time.
Not all the time is not 100 of the time, but most of the time, what we see is a big sell off day, one bit of a recovery for a few days and then a further sell off comes into play where we end up a little bit Lower than the initial sell off now, our initial sell off here for bitcoin that massive massive rejection that actually brought us down by 19. Now that brought us right to a key area of price support at 42, 500 thats, our key price support area again, depending on what exchange youre looking at. We came right within that zone, our next major area of price support for bitcoin thats at 40, 000. Now that in itself would be a 23 correction, which would be very much in line with the kind of corrections that we normally see happening in the cryptocurrency markets. One big sell off the second leg of the sell off comes down a little bit lower, but you should be prepared that we could actually see the price during a sell off coming down within this purple box. This is a zone of support here. Weve seen a lot of bitcoin transacted on chain in that area, its a very powerful area of support, not just one single number within there, but that ranges all the way down to the lower 37 000 zone up to 40 000. So you could put bids in any of these areas.
Forty two thousand five hundred forty thousand. If youre, really one hey, im gon na get a better deal somewhere down there. Obviously look: this support could fail. You never know whats going to happen in the markets for certain right, but those are the two major zones of support that were looking at for the markets right now. If we do continue seeing the markets correct over the coming week, so thats just something to keep in mind. Historically those sell offs turn into bigger, sell offs. Before we see stronger market recovery and look the last few days have been totally freaking crazy for all coins. As well, theres been a lot of euphoria, a lot of greed in the market that tends to come before some significant corrections in the market. Now, what am i doing? Personally? Am i selling up all of my crypto? No, of course not. I am looking to buy on dips im, not buying right now, im not buying right now and look if the markets start pumping tomorrow and im wrong on my thesis here that what we historically see is one big sell off, followed by a secondary, sell off, which So often happens if thats wrong. If that doesnt happen this time the market starts pumping like crazy im. Fine, my bags are packed im ready to go, but if we do see a further correction, i am looking to buy lower, so i still have an order for bitcoin and at 42 500.
, maybe ill get one up for around ‘ 000. Just in case, if we see that kind of sell off happening probably be interested to put some alt coin bids in too and look theres, something that you should keep in mind as a crypto investor. These quick savage market corrections theyre the norm in this market because the high leverage things can move real, far real fast, so putting bids in at key lines of price support, whether that be 20, 30 or even sometimes, 50 percent lower than the current price of an Asset that might seem crazy, while everythings pumping. Surely this is never going to go down by that much again, but it always does go back date. The markets look historically. Whats happened. Look at the volatility of the corrections in this market. This stuff happens. So if youre looking to get good deals and youre willing to be a bit patient right, you have to rush into things. You can put those limit orders in to buy whatever stronghold coins that youre looking at look. You got to be going for quality right if youre, trying to catch the dips on some of these junk meme coins or whatever other garbage, is trading out there in the market. That might that dip might just keep on dipping until its worth. Virtually nothing were talking about the solid coins here, your strong layer, one protocols, your bitcoin, your ethereum, your strong applications, chain, link and stuff.
Like that. Those are the things you want to be accumulating for the long term, and dips are great opportunities to do that. Remember. Buy low sell high, not the opposite. Most of the market is buying high and selling low thats. Why most investors are not doing super awesome in the markets? Buy low, sell high, not the opposite. By the way, if you need an exchange account for buying low and selling high, then you need yourself an account over on binance. It is the best cryptocurrency exchange in the world, the biggest you can invest in cryptocurrencies, more than 50 different fiat currencies over here on binance. If you use the link down below in the description to start, your binance account youre gon na get 10 off of your trading fees and up to 700 dollars in trading bonuses. Now lets go ahead and get into the news. I want to share some pictures with you coming out of el salvador. Of course, el salvador a few days ago has finally legalized bitcoin within the country. Well, they legalized it a while ago the law went into effect a few days ago. Some nice pictures here of you know regular people getting on the bitcoin train, its pretty damn cool its pretty exciting heres, a grandpa learning how to use bitcoin. How cool is that? How cool is that heres people buying some buying some bitcoin? Of course, people also redeeming their free thirty dollars in bitcoin that the government gave to everybody.
So everybody got a thirty dollar bitcoin stimulus check from the el salvadorian government, heres theres, some mom buying some bitcoin using some bitcoin getting the bitcoin app downloaded on our phones. So its happening, its cool lots of people are sharing. You know going to starbucks going mcdonalds wherever else and buying some stuff using bitcoin in el salvador right now. So its a very exciting story and, of course, that story whats happening in el salvador is creating a spark in the imagination of people all around the world. As we covered last week, panamas just introduced a very comprehensive bill to regulate cryptocurrencies in the country, but nobody yet has gone the legal tender route. That is the big one thats, the big one that that gives bitcoin a legal status. That is much more just saying. Yeah people can pay for that. Legal tender status is very, very important and i think we will see more countries follow in el salvadors footsteps, especially now we can see its been live. Nothings exploded el salvador, hasnt exploded, everythings, okay, people are just getting bitcoin using bitcoin buying stuff selling stuff holding on to bitcoin, like a savings account heres some interesting statistics as well that have come out. So this one showed that 48 of brazilians want to make bitcoin a legal currency within their country 48. I know surveys can be problematic, but thats almost half the population thats almost half the population of brazil would be interested in seeing bitcoin become a legal currency within the country.
How big is that now? Obviously we havent had any bill or anything like that, introduced in brazil, but man, oh man, if we had a big country like brazil, actually taking that step, itd be massive brazil. Of course, the second country to legalize a bitcoin etf wouldnt be a far stretch of the imagination to see them doing something like that will be very exciting to see, of course, brazils, not the only one, although support much much less in america, 27 of americans support Adopting bitcoin as legal tender in the usa still a lot of love for the old dollar, but thatd be pretty cool. I think the us is probably one of the last countries to do it. Regulators are not super in love with crypto in the usa and obviously bitcoins a massive threat to the dollar, which is exactly why youve seen the imf issuing so many threats to el salvador. The u.s state department issuing threats to el salvador lots of global banking players. Wagging their finger at el salvador saying youre not allowed to do that, thats going to up turn the apple cart here or, of course, the story. The other day that came out where cnbc was crying some tears. Oh western unions, gon na lose 400 million dollars a year because people in el salvador are going to start using bitcoin. The story really should have been. People in el salvador are going to save 400 million dollars a year, thats not being taken by rapacious middleman, which of course, is western union a company that has been screwing the most vulnerable people in the world for decades.
Bitcoin literally right now, freeing people from that. Allowing for cross border commerce without restriction, its a beautiful thing, very, very beautiful thing by the way, another adoption news story here for you, uk post offices are going to let app users buy bitcoin nice. This is not the first post office service to let their app users buy bitcoin. I cant remember which one was the first. Maybe it was croatia. I know croatia did a few years ago. Austria theyre also letting people buy bitcoin via their postal services. France is letting you do it in the little tobacc shops and stuff like that, not post office, obviously but nice little adoption story anyway, post offices struggling to remain relevant in a modern era where people dont really send mail anymore, but hey selling, bitcoin that that could Save the post office maam that could save the post office. Nice adoption story the important thing to realize about all these little adoption stories. Why i share them all the time in order for prices to go higher? What do we need to happen? We need to have more money come into the market. How do we get more money into the market by making it easier for people to bring money in to the market? Every time we have a post office or a new company accepting bitcoin or a new financial service, or a new bank offering bitcoin to their customers, every single one of those stories is consequential because it builds an incredible base and it moves us one step closer to Mainstream adoption and moving us of course, closer to a bitcoin world so very exciting way to go uk way to go.
Uk big cardano news as well. Its happened guys its happened. Cardano now has smart contracts, cool cool man, cool holy cow, its been a while thats been a while, but its happened, its happened its here, its a go, its a go. We have smart contracts to cardano so exciting, so exciting. To see now, cardano has reached essentially the starting line. Now they can start building out the ecosystem in a more meaningful way and theres been a lot of projects, building getting ready for the smart contract release on cardano. So that obviously, is a great thing to see, because it means that, with this launch, we can now see all these guys deploy to the main net and people can start using defy and stable coins and all this kind of stuff in a meaningful way. On the cardano blockchain, i know weve already had nfts on cardano for a while and simple token transfers for a while, but without smart contracts. You cant have a smart contract platform. Well, cardano now has smart contracts is officially an operational death star, so that is very exciting to see now the next phase of cardano begins. Building out that ecosystem, getting the total value locked on chain to move up im sure well see it go from zero to a few billion in a very short amount of time, so very cool, very cool im, very excited to see the age of cardano. Finally, coming about so congratulations iohk for getting that out and the final thing i wanted to mention today.
I made this thread over the weekend about how to start using defy. I gave solana as the example blockchain, because its you know the hot trending blockchain right now. Theres, lots of cool solana farms, lots of great stuff, you can do in terms of earning yield and its dirt cheap to use. I think that this is a great thread for anybody who wants to get started on how to use defy really. I share some some good farms for you and im not going to go into all that in this video. I just wanted to to say that right now, weve got a situation where the vast majority of people who own cryptocurrencies have never used decentralized finance. The vast majority of people just get an exchange account on coinbase and thats, exactly where their crypto stays forever. Maybe maybe they take their bitcoin off the exchange and put it on their hardware, wallet, cool thats, a good thing, youre in charge of your own keys, but most people id say of all the crypto users. A single digit percentage of them have used decentralized finance stuff. Have got their hands dirty and actually started participating all this amazing stuff thats going on out there. The yields are crazy. You can make so much money getting into d5 or you want to get a token early. I know people are like, oh man, that that that coins not listed on coinbase. Yet where can i buy it? You need to go to uni, swap you need to go to pancake, swap you need to go to radium.
You need to get out there and start using decentralized finance or people like. Oh, you know, im in the us its not listed on my exchange use defy its borderless its borderless. Anybody anywhere can use it. You can go use it, you can go use it thats. The amazing thing about these protocols, these software programs theyre available for you, you can get out there and do it, and i think the great thing about this thread and really about trying out solana as a defy way to you, know tip your tip your uh. Your toes into the water is that you can literally come in with 20 bucks and thats. You know just if youre just starting out and you want man – i just want to figure it out and play around and not risk anything really well. Youre, going to risk 20 bucks, take 20 bucks, get your hands dirty. Experiment. Experiment play around a little bit: the fees are so dirt cheap on solana or you could go to polygon. You can go to bsc yeah. You can go to avalanche theres, lots of options. Im just giving you solana as an example because its such a cheap chain to use you can have the experience of what is d5, how to use a decentralized exchange and all that kind of stuff. You could probably do 20 30 transactions its going to cost you like a couple pennies, so you can actually do this.
You can experiment. So if you havent tried d5 yet go read this thread. Get your hands dirty play around, obviously, keep in mind. Theres smart contract risks. You can lose all your money, be safe, all that fun kind of stuff but play play, get out there be a bit adventurous. People are missing out on whats actually going on in crypto right now, because theyre just afraid to leave coinbase or theyre afraid theyre going to make a mistake. Well, thats, why you put 10 or 20 bucks in play around youre, not going to have to worry about im, going to lose all my life savings just 20 bucks, guys 20 bucks and play and play. Try it out right its a good way to understand what everybodys been talking about if you havent actually tried this stuff yet anyway, just my two satoshis for the day, your question: if we do get a further market correction, the prophecy comes true about september. We end up as a red month. Where would you be looking to buy forty two thousand five hundred forty 000? 37 000? Maybe youre not even looking to buy bitcoin right now, maybe youre looking to buy small coins and, if so, what alt coins and at what price very interested to hear that down below.