On october 1st, as in at two minutes, bitcoin went up by 2 300 and by the end of the day it was up nearly 5 000. It hasnt done that in a long time, so were going to talk about. Why that actually happened? Who did the buying and what happened to xrp during that time frame? Also gon na talk about a little bit about what could happen by the end of the year, specifically about some bitcoin etfs. I have some news on that that just came out the other day and if you remember me covering solana a few weeks ago, because they were skyrocketing to all time highs pretty much every day. Well guess what they are back at it im gon na tell you about what salon is doing price wise right now. Also on friday, there were some very cool things happening on fox business. John deaton, who is an outside attorney, who is representing 22 000 xrp holders, was on fox business. Talking about this case, im gon na tell you my thoughts on it. Hey everyone. My name is randy and welcome back to the late night ride and right now on this channel, we are covering the case of the sec versus ripple, along with other cryptocurrency news, investment markets and personal finance. So, if any of those topics interest you and you want to follow along make sure you hit the subscribe button, click the bell notification icon, so youtube will notify you when i release a new video and i believe that people in the crypto space theyre some of The most generous people on the planet, so, if youre feeling generous today id really appreciate it.

If you do two things number one smash that thumbs up button and number two watch this video all the way to the end. Those are really the two best things that you can do to support a youtube channel. So if you do that, i greatly appreciate it and before we move on, i wanted to mention that im looking for sponsors for this channel. So if you guys know any that might be a good fit well, if you would drop a comment down below id greatly appreciate it all right guys lets jump into it. So real quick! I want to talk about solana because it was leading the pack a couple of weeks ago, setting new all time highs every single day. Well, it kind of uh went into a consolidation mode and had a pullback just like the rest of the market did, but it started climbing again a few days ago and now that bitcoin hit its big green candle. Well guess what solana started its growing ways again? It rose again by about 25 dollars in the past day or two. It is currently at about a hundred and seventy two dollars as as of uh this time im making the video now keep in mind in january of this year, solana was one dollar and fifty one cents, so sometimes it pays to keep an eye out for small Projects that youve never really heard of okay, now back to bitcoin and really the rest of the crypto market that what happened on friday.

What spurred this massive upshoot of bitcoin price action – and why did it happen so extremely fast? Well, theres kind of an easy explanation for it. Well, most likely there was a coordinated uh buying attempt by well pretty much everybody and thats the strange thing most likely it started with whales. But what happened is that as prices went up shorts, meaning people that were looking to short, bitcoin betting, that the price would go down once the price started to go up high enough exchanges saw that and wanted to cut their losses, and so what they do is They liquidate everything that you have in your account, if youre in a short position, and they go ahead and take everything from you. Well guess: what early friday morning, eastern united states time they took 47 million dollars worth of bitcoin shorts. 47 million were liquidated in about two minutes, hence the price going up about twenty three hundred dollars during that two minute time frame. Now, over the course of the day, it went up nearly five thousand dollars in all and when looking at some of the on chain metrics, i wanted to find out who was actually doing the buying. So i went to some of my trusted on chain analysts that i watch that i watch and follow along with to see some of the charts and the analysis that i knew theyd be putting out about this, and it looks like the whales of course were doing.

The buying the whales, meaning those that have more than a thousand bitcoins in their account, those addresses were absolutely buying on friday with a major uptick but heres. The thing accounts with less than 100 bitcoin were also buying during that time frame and heres. The other strange thing on friday accounts with even 1 to 10. Bitcoin were also doing massive buying on friday, so it just seems like the people that already have a lot of bitcoin were doing the buying, not just the whales. It was pretty much everybody across the board and, of course, we can continue following this story as if you continue to look at the on chain data. The amount of bitcoin that is on exchanges is still at extremely low levels, its at its lowest point. In nearly two years – and it continues to drop so all the whale, so a lot of the whale action and a lot of the mid sized buyers, what theyre doing is theyre buying their bitcoin and theyre, taking it off the exchange. This is why a lot of speculation is that once volume starts to pick up and demand starts to pick up, that price is going to go wild because theres, just less and less bitcoin available to actually buy, and so i wanted to compare the on chain analysis Of whats, going on now with the supply shock, ratio, thats absolutely getting squeezed even more, which means less bitcoins available and combining that with some of the with some of the technical analysis and some of the fibonacci retracement levels and things like that, where it could go.

Ive seen one or two guys now, basically looking at the retracement levels and comparing it to the last two bull runs and if it plays out like it did in 2013 and 2017, and what some of the on chain data is actually suggesting right now, bitcoins price. At the end of the year, between 250 and 300 000 – and i know theres some of you watching right now that say yeah thats. What im expecting and some of you others are saying you are out of your mind. It is going to get nowhere near it. It might get close to all time highs again. It might even break all time highs, but its not going to get anywhere near it and, of course, theres other people watching that says yeah it might get there. But i think its going to take a lot longer than the next three months, which is kind of the camp that i sit in ive, seen a few fundamental analysis and some technical analysis that show that this is an elongated market cycle. I think its going to be more like six months till its till bitcoin reaches its peak, and so one of those things that could absolutely make bitcoin and the rest of the and the rest of the crypto market hit that fomo hit that retail market, not just In the us, but everywhere else is bitcoin etfs. Well, the sec just announced the other day that they are actually delaying decisions on four bitcoin etfs for at least 45 days.

They basically just said we need more time to make a decision, so the first one that theyre going to be deciding on actually wont happen until november 21st. The next will be december, 8th december 11th and december 24th. Those are actual bitcoin etfs, not futures, etfs futures etfs. It is speculated that those will be much more easily accepted uh by the sec. In fact, head of the sec, gary gensler has said twice now and just once about two or three days ago, reiterating the fact that he is uh that he is much more much more receptive and much more open to a bitcoin futures etf than an actual bitcoin Etf, so give me a comment down below in the comment section why you think they actually have that delay for that specific time frame, because if you want to get into conspiracy theories well lets not get into conspiracy theories. Its just really really interesting timing and, finally, to the case with ripple versus the sec and actually whats going on well, the sec seems to know that, at least in my opinion that they dont actually have a good case against ripple. So once again, they filed a letter with judge nepern, asking her to order ripple to actually go through all of their recorded meetings, which the sec found that they had a couple of months ago and to review them and turn them over to the sec. It doesnt exactly sound like a very strong case, if youre still looking for evidence by asking the people youre trying to sue to turn over any recorded meetings that you have actually had.

So meanwhile, they actually filed something else with judge netburn asking for more time. To answer a bunch of questions that ripple wanted them to ask ill, be at 29, 000 of them doesnt exactly seem to be some good blood between them, but nonetheless it is now being covered by more and more mainstream media. So john deaton, who is the outside attorney covering this case and who represents 22 000 xrp holders seeking to intervene in this case versus the sec because theres at least 22 000 people that want to take it to the sec for causing price suppression, but nonetheless, john Dean was on with charles gasparino on fox business. Talking about this case and to me, and i will put a link in the description down below uh, you can go watch it its on crypto laws channel, which is john deans youtube, channel ill, put a link on in the description down below you can check it Out there, but it was really interesting to me to see what they talked about. Wasnt anything earth shattering and groundbreaking, basically uh john talking about representing xrp holders in this case, because there seems to be a lot of conflict of interest, thats kind of where it got interesting because, as john started to lay out all the different conflict of interest and Potential corruption, it looked like the anchor on the show started to get a little flustered now, maybe they were just running out of time and you can be the judge of that, but it seemed like she was trying to just push them off and say: listen.

You can have this conversation on twitter and the rest of your audience. You can follow them on twitter as well, but it was almost as if she was kind of hearing this information for the first time like it was like earth shattering and groundbreaking. Of course little does she know theres dozens of channels that cover this on youtube every single day for months and months on end, but nonetheless it is finally getting that mainstream coverage, which i think a lot of xrp holders have won for some time now so, like I said ill link that video in the description below, so you can go ahead and follow uh charles gasparino and john deaton on twitter. By the way, john thanks for the follow on twitter, appreciate it and to the rest of you guys. If you want to follow me as well, you can always do that with the link in the description below and if youre new to the channel you want to follow along with any and all of these topics make sure you do. Two things subscribe: hit that bell notification icon. Follow me on twitter also hit the community tab. I put a bunch of polls up there and go check those out as well see what other late night grind. Community members are actually doing, and if youre seeing two videos right here, it means youtube, thinks that you would enjoy any one of those two so go. Click on it and check it out, thanks again for watching all the way.

https://www.youtube.com/watch?v=6QO_84WNnpE