Bitcoin FINALLY Good Crypto News!
The price is moving up a bit, along, of course, with altcoins, which are going crazy on the back of good news around the evergrand story: good news around the chinese banking system. More broadly, good news from the federal reserve, interesting stories as well from all around the world to share with you in todays video, so make sure to stick around until the end. To get all of the news, my names lark every day i make videos talking about cryptocurrency investing. So if thats, a topic you want to stay up to date on 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 if you do want to know when i put out A new video – you should also click on that notification. Bell and youll get a notification from youtube telling you that theres, a new video out from me, which will be super awesome, now lets go ahead and turn over to the charts to get started off with today. We can see here, bitcoin has bounced very very nicely out of our support zone down here around forty thousand dollars to thirty eight thousand dollars its kind of come up very nicely out of that. We do have a bullish engulfing candle on the daily here, so thats potentially signaling a strong reversal for the markets here, even if the price is looking a bit meh at the moment.
Maybe we get a re test of 42 500 before pushing higher and getting some recovery, assuming of course, we dont get any more dramatic news stories this week about the sky falling, but nice nice little pump here to see coming back up. It was definitely a pleasure buying bitcoin at 42 500 and some more bitcoin at 40 000. During this market correction. I still believe we are in a bull market. I still believe the end of the year is going to be absolutely crazy for the cryptocurrency markets so accumulating a little more bitcoin for my stack at these levels, totally fine by me. Next up, we do have to break, of course, now through all of those areas of resistance. Once again, so we got ta work our way back up to moving higher breaking through, of course, forty eight thousand dollars again breaking through fifty thousand dollars again breaking, of course, through fifty three thousand dollars again its the game, its the game, dont dont hate it love It guys its what we do around here by the way, if you want to trade, some bitcoin, some aetherium, some dogecoin, some cardano, whatever you might like to be trading by bit, is the best exchange for longing and shorting. A wide variety of different crypto currencies use the link down below to start your account over on buybit and youre, going to get up to 600 dollars in trading bonuses. So go ahead and check that out using the first link in the description now lets go ahead and get into the news because theres some great news to talk about today, china has decided it is not going to let the banking infrastructure fall to pieces over this Evergrand story, so not only did we get the news yesterday that evergrand was going to be able to pay its interest bills today, but also that chinas central bank is injecting 120 billion yuan, which is about 18.
6 billion us dollars into the banking system. After concerns over a debt crisis at evergrand royal global markets, essentially chinas stepping in and saying well were not going to bail out evergrand. They havent announced anything about that, yet they may let evergrand fail. Maybe they dont want to set the bad precedent that the u.s set when they said yeah lets bail out the banks. You know theyve theyve been gambling at the casino lets, give them some more chips. China may let every grand go down. Maybe maybe theyll announce a bailout who knows but uh at this point, what theyre doing is, instead of giving money to evergrand theyre, actually giving money over into the banking system so theyre, ensuring that the fallout of evergrand doesnt take any lenders down with it so thats. I think a pretty serious statement from the chinese government that they are not interested in letting the financial system come crumbling down. Theyre throwing money at the problem usually fixes most financial problems. So there you go, i think thats a pretty serious indicator for the markets that china is not going to. Let the ever grand crisis become something that does turn into a global contagion event. So markets reacted very positively to that. Bitcoin went up almost as soon as that news was announced yesterday. Next lets talk about the federal reserve, so the federal reserve could taper soon and also maybe get some interest rate hikes in next year. So this is what we learned today.
The u.s federal reserve said it will keep interest rates near zero percent and continue to purchase bonds at the same 120 billion a month pace it has been doing, but the market now has clarity on how the central bank will start to unwind or to taper off Its pretty seriously big stimulus program, central banks, monetary policy said wednesday in a statement that the tapering the bank spawns purchases could be warranted soon because the economy has made progress towards its goal of maximum employment. So this is a really important thing: theyre not doing it. Yet tapering has not started. We still dont actually have a definitive date on when tapering is going to start its just soon. They did say that they would hope that the purchasing program, the stimulus program that theyve been doing, will have ended by mid to late next year. But we dont know when the tapering is going to start when theyre going to start drawing down that 120 billion dollar. A month program for now it continues, so the market is being pumped up to the 220 billion dollars a month by the federal reserve. At the moment, theyre also going to keep interest rates near zero percent for a long time. They said most likely were not going to see an interest rate rise next year. The interest rates may only be put up in 2023. Inflation staying high, so inflation around 4.2 percent at the moment, which is dramatically higher than the federal reserve, would like it to be so right now.
Tapering is not stopping until soon happens. Interest rates remaining very low inflation remaining very high. That is a situation that bodes very well, i think, for the cryptocurrency and really the wider global markets with that kind of situation. Continuing, as is so more basically business as usual from the fed, were still just in a wait and see coming soon to a federal reserve near you, so nothing big, nothing big. Actually, this is obviously something market had been looking at with a bit of anxiety, because when that tapering program does start when they start drawing that down, it again brings in uncertainty into the markets, markets, dont really like uncertainty. They like certainty like to know that, every month the federal reserve is going to do this and sometime soon, theyre gon na start not doing that, which is also certainty, because when they do say that while theyre gon na start drawing this down well know for sure Whats happening then, but we dont have that yet so still to be announced from the federal reserve. Next up, a dutch football team psv has confirmed, is now holding bitcoin on its balance sheet just another in the long list of those buying and holding bitcoin on their balance sheets as a way to get out of cash. This is really cool. I think youve seen actually a lot of interesting adoption by um the sports industry of crypto, more broadly weve, seen them getting pretty big time into nfts weve seen you know, players getting paid in some teams with crypto.
This is pretty cool. Now, theyre actually going to hold it as a strategic reserve asset on their balance sheet. I, like that thats cool and look its not going to be tesla levels of purchases, its not going to be micro strategy levels of purchases. But the fact is its another company buying and holding bitcoin. Remember, theres only 21 million bitcoin max ever about a third of those have probably been lost under the waves of time. Forever. Exchange balances continue to drop every time a company comes out even if they bought 10 bitcoin, which they probably bought more even if they bought 10 bitcoin lets, say by 100 bitcoin thats 100 bitcoin thats on somebodys balance sheet and probably not going back to the market. Any time soon, unless, of course, these guys are hard up for cash, they can always sell theyre, not buying and holding forever potentially, but here we go another company, another football team, somebody else getting in to bitcoin, i love it. Every single one of these stories adds up every single one of these stories has impact because theres a lot of football teams theres a lot of small companies, theres a lot of different players out in the world who are going to want to have a piece of The bitcoin pie and theres just not enough pie to go around for everyone. Next up, a brazilian investment bank b, t g pack dwell, has announced the launch of a new cryptocurrency platform enabling their customers to directly invest in bitcoin and ethereum, with the intention to launch support for additional crypto assets in the future.
This is pretty big weve actually seen some really big adoption stories out of brazil over the last year. Remember theyre, the second country to do a bitcoin etf, for example. Now we have a massive investment bank actually offering bitcoin and ethereum directly to their customers. This is awesome. We just keep seeing these banks adopting cryptocurrencies and starting to offer it to their customers. Now i like this story more than a lot of the us stories that i cover, because its available to a broader base of their customers, whereas in the us, what do you see its almost always the case where its just only the most elite of the elite Customers are allowed to invest in crypto via the banks, but were gon na see the u.s banks also eventually offer it to a wider base of their customers as well. But here we go another very cool adoption story. Another big bank hopping on the bitcoin bandwagon also, of course, selling ethereum to their customers as well again, every single fiat on ramp. That comes every time. It gets a little bit easier for a new group of people to buy bitcoin to buy ethereum to buy other cryptocurrencies. It brings more money into the market, allows money to come into the market in a more uh easy way and that helps lift the market up. What do you need for a bull market to continue? You need more money to come in whats this story.
Doing letting more money come in every one of these banking stories, letting more money come in thats how we go to the moon, thats, how we get our hundred thousand dollar bitcoin, our ten thousand dollar ethereum and beyond the more money that comes in for to get These scarce assets, the higher the prices go and the final story. For today, this one is out of dubai dubai to allow bitcoin trading within tax exempt economic zones, not just bitcoin bitcoin other cryptocurrencies. Now this story struck me because what do you have happening in the usa? Right now? You have regulators just trying to crush basically the cryptocurrency industry theyre, passing all these bad regulations, theyre, threatening lawsuits to everybody, theyre going after users, theyre passing stupid, broker laws and all this stuff. Meanwhile, you have other countries that are trying to innovate and attract that business. The us is trying to push that business away. Saying get out of here. We dont we dont want that innovation in our country. We want to find every single way. We can to corral that control that crush that make it less accessible to people. Meanwhile, you have other countries that are saying: hey actually lets do a tax exempt zone where people can come and do crypto stuff. How cool is that dubai, of course, already has zero percent taxes, which is why you see a lot of cryptocurrency influencers moving to dubai because they want to get out of getting taxed a third of their income, so theyre getting out and going to these low tax Zones, but here we go dubai officially allowing tax exemptions for cryptocurrency trading within their tax exempt economic zone, dubai, of course, uh the uae, not the only place in the world innovating.
When it comes to this weve seen, a lot of other countries offer some very favorable policies towards the cryptocurrency industry. France, i think, was back in 2019 early 2020. They were doing some great legislation to invite the cryptocurrency industry in weve seen it come out of malta. Weve seen it come out of switzerland weve seen it come out of singapore. Lots of other countries are happy to take whatever business. The usa doesnt want the only one that the usa is hurting by forcing developers out making it harder for users, etc, etc.