Crypto News: Coinbase Hacked & 6,000 Lose Funds + BIG Bitcoin Short Squeeze Happening, $50k Target?
This gold token gives you all of the benefits of a precious metal or crypto asset, while maintaining the potential for price appreciation from both markets. Earlier this year, the aabb sold its mining operation to generate revenue and secure a significant quantity of gold boolean to back this token, 100 go to aab goldtoken.com for more information, its my two satoshis this, my two satoshis, who need two cents when they can get double From stacking toshis yeah, this much yeah support, crypto blood and welcome to another. My two satoshis weve got a short squeeze on our hands and man. Reddit is going crazy over this move up, theyre calling it october since its the first day of october and the first day of a new quarter. So are there some parallels there, possibly uh, but well, take a look at that we got. The stock markets are up today as well. They were down earlier this morning, but turned around fairly quickly and are going in the same direction as the crypto markets. So well take a look at the equities really quickly as well, but, as you guys can see here, crypto up heavy today bitcoin of 8.7 trading at 47 821 bucks, almost hitting 48 000 bitcoin on the way for sure ethereum is up. Eight point: three percent solona is up fifteen percent today i told you guys by salona about a week or two ago, with their blockchain being frozen because of a catastrophic issue.
Listen, you can fix these things right. As long as no money was lost, you can pause. It fork it and learn from that im sure theyre gon na come back stronger and better, so thats why i was telling people to go ahead and buy solono on that dip from that news good for those who did that, i think were heading back toward all Time highs with salona very soon in passing them as well, so something to really keep in mind doc is up 11.4 wow trading at 31. Ada is up five percent. I dont like that coin. Really at this point, well have to see what they do. A show improve time, but doge up, eight percent, so, as you guys can see, a commonality here is that most of these cryptos are up at least eight percent. Today, before we start, if you guys find these types of videos informative, make sure you like share and subscribe and click that bell to receive more videos like this and again, you might be asking like technically what does this look like for us? Since i last did a video on the technical analysis and someone came in to save the day, we have seen a full break out of the pennant and we are moving up aggressively by the f and dip. Well, maybe that guy from the other day, was correct. Ill say this: i do think we are turning the direction upward now. The probability is definitely heading in the direction of were heading higher uh to try to test this red line here.
The only last scenario you need to look out for – and you know this is a stretch but for possible head and shoulders thats. The only thing i can see left here, theres a head theres. The left side of the shoulder and here could possibly in this region, be the right side of the shoulder um thats, a classic move where you see us head back further down, but at this point its too early to even entertain that i need to see more Days of trading, and then i can maybe assess a new pattern evolving there. But at this point it is definitely bulls on risk on. It is going ham right now in the crypto market. So um definitely look to sell into this a little bit, not selling you to sell everything but sell a little bit into the rallies again you buy on red days, sell if you want to sell. If you have the inkling to sell anything, its always be on green days like this, so the markets are definitely overlooking what happened earlier. Uh, where we had a hack, occur over at coinbase, crazy situation here, because coinbase has one of the best infrastructures for security, even though its centralized exchange a custodial account managed. I tell beginners, you want to keep your money somewhere safe. It would be with a coinbase, but even they arent exempt from hacks. Ladies and gentlemen, there, no one is to be quite frank with you, so not your keys, not your cheese.
It takes more effort for you to hold your own private keys and take care of your own wallets, but this is what happens when you dont do that? Okay, coinbase says hackers stole cryptocurrencies from at least 6 000 customers. It looks like hackers stole from the accounts of at least 6 000 customers from coinbase according to a breach notification letter sent by the cryptocurrency exchange, the hack took place between march and may 20th of this year. So this is an old hack wasnt. Even aware of this, but it is finally pub being publicized unauthorized third parties exploited a flaw in the companys sms account recovery process to gain access to the accounts and transfer funds to crypto wallets, not associated with coinbase. So they said we immediately fixed the flaw and have worked with these customers to regain control of their accounts and reimburse them for the funds they lost. So this is one caveat or one good point to have your money with an entity like coinbase, because in cryptos once those funds are gone, theyre gone forever, cant restore them, theres, no real insurance, a global insurance program for something like that. You have to rely on your the entity thats holding your funds to have the proper insurance or enough cash to ensure something like this so looks like thats whats happening with coinbase thats. Probably why the markets arent even looking at this, because this hack happened many months ago, but its just now being publicized here and if you think about it, its a very small amount of users, 6 000 users versus how many users they have in total 68 million Users, rights from 100 different countries, so this was a drop in the bucket and its probably the reason why the biggest centralized crypto exchange hasnt had an impact on the markets like that.
But what has had an impact on the markets? Ladies and gents is a short squeeze that weve seen 270 million dollars worth of shorts liquidated because they thought that we were heading lower. I wasnt shorting. I was definitely in that camp as well, but i am not shorting bitcoin right only in very small amounts. If i were to ever do that be very careful with shorting bitcoin, you got to know what youre doing work, so we got a classic short squeeze. Will this short squeeze continue and last they typically dont theyre, normally violent moves, as you guys can see here. That is a violent move im just going to zoom in there. So you can see this. That is a violent move there in the span of literally out the breakout period, was over 12 hours, but we saw a move of over eight percent for bitcoin thats, a huge move in 12 hours to happen, thats. What a short squeeze looks like very violent and very short period of time. So for those who may not understand what that means for a person, thats going short theyre going short because they believe the markets are heading lower, they borrow from their broker and promise to pay them back in the future, hopefully at a lower price. So they keep the difference, thats, all the short is and so to protect your short right because you dont want eliminate losses there. You have a stop loss so that stop loss is essentially an order to buy back those shares or stocks or bitcoins cryptos, whatever at a particular price, and the act of doing that.
You have to literally buy back that particular asset that youre shorting, which causes even more pressure. So you got the people that are short that need to buy back and thats, creating by pressure and then those who are just naturally on the bull side theyre buying as well, so its a double whammy there for the markets and thats. What we have here is a classic short squeeze. How long will it last again who knows, but i would definitely say its given additional life to the markets and turned us into another direction short term. The only other area i have to target and watch would be 50 000 bitcoin range. That would be the only last thing i see in our way as far as a pattern being created for head and shoulders, as i just drawn here with those three circles. So this guy daniel joe illustrates it perfectly on twitter, with this picture of what a short squeeze looks like and what happened with bitcoin and the shorts that occurred. Bitcoins price just goes crazy. Btc short liquidations head up at the same time, so that gives you some correlation uh with the price move up. So that is why we saw that move now. The question is really just about whether or not the markets can sustain. This move up is to be seen. I cant give you a year or nay again. The only target i have for resistance at this point will be around 50 000 and we will see what happens there if it blows right past 50 000 and we take out 53 000 bitcoin, then we are for sure for sure, in a new pattern on the Way back up towards all time highs, but if we cant get past 50k we could be setting up for head and shoulders, as you guys see on the screen.
These patterns are typically not a good sign, so well, just have to see what happens and before we get out of here. I do want to show you another bullish or potentially bullish sign for cryptos is that the sec? I talked about this the other day, the sec just extended four bitcoin etf deadline, 545 days um. So that is to me a good sign, because that means theyre actually thinking about it. Instead of just literally saying decline. You know we wont do another crypto bitcoin etf, which that was the action you saw them take years ago, back to 17 18, all the way up until now at least theyre extending deadlines. So that means theyre really thinking about it, so well see what happens with that as well. Im gon na leave yall with this tweet. For today, this is pretty neat. Most of us believe that cryptocurrencies with an actual use case, slash utility will go parabolic this month. It all starts with bitcoin thats, so true, unfortunately, its not even a good thing. In my opinion, ive been saying this for many years like i wish that the use case, utility crypto tokens would decouple from bitcoins price action if there literally is no reason for it to be tied to bitcoin, but it is so. We have to wait for big moves like this by bitcoin to usher in even bigger moves by the altcoins, all right, thats, pretty much it for today.
Look at bitcoin still climbing is up 9.6.