Bitcoin & Crypto Critical News Updates!
s infrastructure bill set to be voted on this thursday ill break down in this video. What that means, i also have some funny news stories to share for you about the hypocrisy of the system, silly economists and much much more, also taking a look at the technicals, seeing what bitcoin is up to today my names lark everyday. I make videos talking about cryptocurrency investing, so if thats a topic, you would like to learn some more about make sure you subscribe to the lark davis channel and if you gently tap on the thumbs up for the youtube algorithm. That would be super super awesome. Also, you can click on the notification bell so that you know when i put out a new video by the way, every single week, my team and i produce wealth mastery. This is a cryptocurrency investor report. Basically, the next best thing to have me as your personal cryptocurrency coach, every single issue, youre gon na get a deep dive, altcoin report, a step by step defy tutorial top tier technical analysis, token, sales, airdrops interviews, my portfolio updates and much much more. All of that for less than 10 bucks a week, click on the link down below. We can learn more about becoming a member today. Now lets go ahead and take a look here at the technicals bitcoin just keeps putting in lower peaks. The downtrend continues for bitcoin. You can actually look back here and um the situations a bit more dramatic when you scale out here back all the way to april this was our peak.
This is our second peak, obviously a lower peak and uh. Basically, now we have this trend line here. The green trend line here – that is what bitcoin needs to break above until we do that bitcoins in a downtrend, the uptrend will restart once we reconquer this green line now currently thats around fifty thousand dollars tricky area of resistance. Anyway, simply by being such a big round number also, there is an incredible amount of bitcoin that was transacted on chain in that area, meaning thats a major zone for people who might want to be selling right when the price comes back up there, theyre thinking, oh Gosh i got to get out of bitcoin im just going to try to break even or take a very, very small loss im going to sell my bitcoin here once we pass that level. Of course, it then flips around to be a strong area of price support. As all those people are then in profit and potentially a lot less likely to sell, but its a pretty important area for us at the moment, so lets see how we play out over the next few weeks here, but even looking closer in here, we can see Again that we are just continuing to put in those lower peaks for bitcoin, we really need to have a decent rally here to break out of that cycle now, if we do, of course, get lower prices well, i think well start continue to see that strong buying Pressure coming in weve seen really a lot of that recently now.
Whats really interesting here with the buying activity thats gone on recently, is that basically its been accumulation right across the board ever since we topped out here at 53 000 and had that massive massive rejection, we saw the buyers starting to step up. Wales drank deeply of the dip, especially early on into the dip, the accounts with 10 000 or more bitcoin. You can see here dark blue thats, heavy accumulation right there, but it was accumulation at this point right now across the board. Basically, so we can see all the accounts here in light blue darker, blue for those with less than one bitcoin now whats really encouraging as well. Is that strong retail accumulation in here in order to have a good bull run? You really need to have retail involved in a very serious way: thats a smaller account holders mega whales. They can really move the markets, but in order to define a trend, you need to have the retail buyers on board. We can see those with less than 10 bitcoin and those with less than one bitcoin, definitely stepping up the buying. Ever since that dip situation started to transpire, particularly those with less than one bitcoin. They have been stacking sats, adding to their long term stacks trying to get up to their golden ticket of having one bitcoin. That is a fine goal for any cryptocurrency investor. If you ask me now, i have also been buying bitcoin during this dip.
As i mentioned, i bought some bitcoin at forty two thousand five hundred dollars. Again. I also bought some bitcoin at forty thousand dollars. Now i do have some buy orders in lower. I have a bitcoin ordering at thirty eight thousand dollars and i have an ethereum buy order in at twenty five hundred dollars. Now those orders just gon na sit there. Maybe they get filled. Maybe we get some more fun. Maybe people start panicking about something else. In the market, prices go down, remember were still in a downtrend until we break fifty thousand dollars. So a lot can happen in a downtrend right. We need to actually have a good price breakout to start establishing a new uptrend havent quite got there. Yet until that happens, i will keep those buy orders in now. If those buy orders fill sweet, if they dont feel also sweet, because that means the prices are still maintaining some strong momentum and that everything is good with the market and if the market dips beyond those buy orders, and it goes down even lower well, i will Probably buy some more at that point. This is a story. Next up. This is a story i feel pretty conflicted about. To be honest, jamie dimon, the head of satans bank jpmorgan uh hes out there saying that the price of bitcoin could 10x in the next five years. Ah, i hate to say it. I hate to say it, but i agree with him.
I agree. Does he agree with me? Hes come to my position, thats, what im going to say! Hes come to my position. I have been saying that the price of bitcoin came up to the market cap of gold for years, jamie dimon, so watching the lark david channel, thats whats going on, but its pretty interesting, though, to see these giant banking players. These super big institutional players out there flipping their opinions left right and center. On crypto i mean jp morgan, jamie dimon in particular the biggest bitcoin hater. You can imagine. He was just famous for 2016, 2017 2018 for just bashing on bitcoin bitcoins trash ill fire. Any of my traders that are trading bitcoin now, of course, jpmorgan has a bitcoin trading desk offers it to their institutional clients, does custody for companies like or does not custody, but uh does banking for companies like coinbase and now jamie dimons out here saying the bitcoin? Could 10x in the next five years, hes not wrong its, not wrong? Bitcoins going half a million dollars its just a question of when thats going to happen next five years. That sounds about right. Considering the adoption curve that cryptos going through right now, just a matter of time, guys just a matter of time, i feel dirty though i feel dirty having to say this, but yeah there you go jamie diamond. What are you going to do all right next up? This is a very interesting story because i just think in light of everything, thats been happening with the sec recently with them coming after crypto theyre coming after exchanges, theyre coming after developers, theyre coming after stakers, they come after miners, come after users, theyre coming after stable Coins theyre coming after everybody out in here here is an incredible story where the sec just whoop, looked the other way to a massive insider trading scandal.
So a few of the heads of the federal reserve got caught doing insider trading. Basically, they knew which assets the federal reserve was going to buy in advance, and then they personally bought those assets front running the market using insider information to do insider trading. Thats illegal now, whats interesting here is that neither of these guys, of course, are going to be investigated for this. Neither of these guys are going to go to jail for this theyre, not gon na get fined for this. In fact, theyve, both retired one of them, says: oh, this whole insider trading, disclosure distraction, thing im, so distracted by the story. I have to retire come on. Man come on. This is just one of those stories that its its one rule for them, its a different rule for everybody else, think about it. These criminals get to do insider trading and they just get to retire. Nothing will happen to them. Nothing will happen to them, but if you were to forget about 50 of a bitcoin trade, the irs is going to come, crush you if youre a developer, deploying software the sec is coming after you theyre trying to crush regular users. Meanwhile, if youre in the club, you can do whatever you want, george carlin said it very, very well its a big club and you aint in it its so true these guys who are part of the elite federal reserve chiefs, bankers. Politicians i mean come on the insider trading in the u.
s um congress is insane. Those guys are the best traders in the history of the universe, because they all get insider information and they trade on it and its disgusting. But all that stuffs legal in this case. Well, the fed chiefs. What they did was illegal and nothing will happen to them. Nothing will happen to them. It reminds me of this story that i covered back in that must have been 2019. Basically, the irs came out and said that theyre not going after big fish, big financial criminals, they just dont, go after them. Basically they go after little fish. They go after regular people because regular people, when they get a letter from the irs saying, hey youre under investigation, they tend to panic. They dont have a lawyer. They just say: oh my gosh, yes, irs ill pay, whatever i need to pay, whereas if you go after the big fish, they got lawyers, they got time, they got money, they have resources to fight the irs and the res. The irs doesnt have the resources to fight with these people, but they can intimidate little people its a rotten system, the systems rotten man. What just? What is this? What is this? This is ridiculous. This is ridiculous, its its scandalous and its obscene and thats the way. The system works final story of the day. Speaking of the scandalous in the obscene and the ridiculous. The infrastructure bill is about to go through this week, or at least the speaker of the house.
Shes come out and said that, yes, they are confident that its going to pass this week, theres going to be a vote on it this thursday, now back when it was going through the senate. This infrastructure bill got a lot of attention in the crypto space because its a bad bill. It has bad legislation for the cryptocurrency industry in it. It basically is going to redefine the definition of a broker to mean that anybody who stakes or mines or issues software, so any developers looking to develop cryptocurrency technology, because this financial technology will need to go, get a broker license, which is completely unworkable for all of Those groups, a regular user cant, get a broker license a a node operator or a miner, or a software developer, its just ridiculous theyre trying to apply laws from the 1930s on to crypto today its ridiculous, its bad legislation. They fought it in the senate. There were some very vocal senators who were out in front fighting this legislation proposing their own legislation that would have fixed the bad wording of this language. It was shot down. There were no amendments added and they rammed it through the senate. Now, its over in the house now once that passed the senate, there was a few rumblings of people saying well were going to try and rework the wording here and then us treasury came out and said: look we know that we wrote this legislation, we handed it To our patsy – and he put it in the bill, but dont worry were not going to enforce it in the way in which we wrote it.
You know it is bs and i know its bs. The us treasury department inserted this into the bill because they know damn well what theyre doing, and they know damn well how they intend to interpret it theyre, not making a mistake. If they had wanted different language in the bill, they would have put different language in the bill. Its that simple now look. I dont want to be too dramatic about this. It is a bad thing for u.s legislation. I think if this passes as it is, which it seems to be that its going to pass as it is and yeah its going to be a couple years before it comes into force, i get that i get that but im a long term investor, so im Interested in things that happen long term for the cryptocurrency industry and look maybe by the time it actually gets enforced, there will be amendments to it after the bills passed or gosh knows what, but i know what were seeing right now. This is whats happening. This bill is likely to be passed in its current form. Now the silver lining of this crappy legislation, thats, probably going to push developers out of the usa thats going to make the situation even suckier for your average u.s investor, who will probably be not able to stake on exchanges anymore, for example, etc, etc. All of this stuff sucks, but the silver lining of it is that it is finally regulatory clarity, its the most comprehensive crypto bill ever to be passed in the usa, its just unfortunate that its not a real bill and that its just some crap attached to the Back of the infrastructure bill, which of course, is going to pass so theres no debate anymore on the crypto segments of this, its just been swept under the rug.
All the industry leaders who are championing this cause a few weeks ago, everybodys stopped talking about it, its not important anymore. This is just whats happening now. Yes, we will get regulatory clarity. Yes, wall street will like that. Yes, some of the institutional players will like that, but its not good for the average user, which doesnt make me very happy. Oh well looks like the us is deciding that they dont want to be the leaders of the global cryptocurrency movement and that theyd like to miss out on the next internet like opportunity, politicians, man, what are you gon na do anyway? Anyway? Your question for today do you think that theres gon na be some last minute saving movement here to get this bill amended or is it basically just gon na go through as is, and if it does go through, as is, is it even gon na matter? Is it going to end up having any kind of negative effects on the cryptocurrency industry, or is it gon na be a big fat? Nothing burger.