Don't Panic… Crypto Market Dip and News
The markets are dipping a little bit further. We are getting close to testing that 55 000. So i do want to talk about that. Go over the bitcoin chart as well as go over some big news in the crypto space and some interesting stuff uh with ethereum that i do want to talk about so before we get started. I do appreciate if you guys liked the video subscribe to the channel. If you havent already and hit the bell to be notified for regular videos, Music, alright, everyone, so we do have the markets dipping a little bit further bitcoin down around six percent ethereum down around seven percent enb over eight percent. Some all coins even more like solana, down eleven percent ship down uh, nearly twelve percent lots of all coins basically being dragged down with the market, except these crypto gaming coins that continue to surge decentralized, mana passing four dollars of 25 sand. Uh is now uh past. Four dollars as well axe infinity holding up. We have sand up 20 today that broke four dollars and fifty cents new all time high today for the sand. Token uh, like i said in yesterdays, video, very bullish on these type of coins and uh pretty much one of the coins im most bullish on in the entire crypto space for the long term. So i will be doing another video going over an assortment of different crypto gaming. All coins i have been looking at as well, some other all coins, uh that i am invested in for the long term.
So uh in this video were gon na, be focusing on crypto news and uh, where the markets are headed in the short term, so with bitcoin down six percent. We are getting close to that. Fifty five thousand uh support level. So we have been talking about this over the last couple weeks. Uh big cup and handle uh pattern here is playing out as we can see uh. This did break all time highs getting to 68 000.. Now we are having a correction that is overdue since uh, we havent had a real correction here since end of september, where we were at forty thousand dollar bitcoin. So this is actually playing out quite well from uh what we talked about: uh retesting around fifty five thousand support uh. We just broke below the 57 to 58 000 major support and i do believe uh. We will bounce from here at some point and start moving upwards towards new all time highs towards a hundred thousand dollar bitcoin by end of year uh. If not, i do think it will happen sometime early 2022., so this is generally a very bullish pattern and uh. This is playing out quite accurately, definitely a bullish signal for end of year, so uh bitcoin falls to a one month low after a six percent. Uh dive drops bitcoin price to fifty six thousand six hundred dollars. So uh things are looking somewhat bearish right now, uh. We are having a correction.
This is causing a lot of new people to the space to panic, but if you are new to the crypto space just keep in mind, this is very normal and this is healthy and uh. These type of corrections have to happen in order for us to continue going upwards, keep in mind people that invested not long ago when bitcoin was just around thirty thousand dollars when the market did bottom in july, uh theyre up over two x. So some of these people are going to be taking profits, especially as things start uh dropping a little bit. People will take profits, try to buy back in at the major support levels and write it up to a much higher level, so uh. That is normal for the markets. If you are holding long term, you have nothing to worry about. I dont think this was the peak of the market, so uh going forward, im, still very bullish on bitcoin and the crypto space as a whole. Im much more focused on all coins, though, and nfts, because thats, where youre gon na get the higher return on investment, bitcoin being the highest market. Cap crypto its the safest, safest investment in the space, but at the same time, youre not going to get as high of uh return on investment, as you are with some very high potential small cap, all coins or new blue chip, nfts, so traders say bitcoins. Uh drop to 57 000 is an attractive entry for holders, so i would agree were getting to that zone where uh.
This is a pretty good entry for those trying to hold bitcoin for a hundred thousand dollars, so uh anywhere between 55 to 58 000 in this zone. I think uh is a better entry if you are looking to accumulate in dollar cost average. So we pretty much are entering that zone here. Of course, if there is some really bad news that does break in the markets, that could cause us to go further down temporarily but uh. If we do uh touch the 50 000, i think that will be temporary and we will continue moving back upwards. So while we do have a cup and handle pattern that is playing out, it is important to also pay attention to current events and the news thats going on with bitcoin in the crypto space. Anything that causes mass panic is gon na cause. A lot of these new retail investors to dump uh at a loss so uh we can crash just as quickly as we can be moving upwards. We do have to keep that in mind. Personally, i just look to dollar cost average. I buy all the major dips on all the coins. I believe in for the very long term that i trust theyre going to have a massive user base in the future, like i did talk about with sandbox yesterday, so bitcoin holders who bought at twenty thousand dollars refused to sell bitcoin at all time highs latest data. So thats a good signal that uh everyone sees a much higher price coming and theyre holding for that much higher price before they start taking big profits.
So thats another thing: you should have a good exit strategy be prepared to take profits on the way up, because no ones going to be able to predict the exact top and more likely than not when we do hit a top is when everyone thinks were going To do another 3x, so more big news for bitcoin fidelity clears regulatory hurdle to become canadas; first institutional bitcoin custodian, so whether were in a dip or not uh, no matter where the markets are mass, adoption for crypto bitcoin and all coins continues uh playing out day. After day, huge things continue happening, even when the market crashed and bitcoin was around thirty thousand dollars. We still had so many huge things and developments happening. Uh, like i have been saying, the fundamentals are always rising, while the prices are always going to be changing and fluctuating so uh. Definitely some great news here, another step towards mass adoption. So personally, i am much more bullish on ethereum than i am on bitcoin for the peak of this current bull market uh, just so much stuff happening for ethereum theres big upgrades on the horizon. Uh institutions are gon na start buying ethereum in the masses and uh. We do have uh the ethereum london hard fork uh that did happen beginning of august, that does uh mean ethereum is being burned with every transaction now. So we do have this article. Today, traders expect ethereum price to drop further ahead of fridays, 550 million options expiry.
So more often than not these options expiry predictions dont play out. We see these type of articles all the time. I think whats much more important is where the markets are at uh. If a correction is due, whats actually happening in the news and where were at in the current greed and fear index. So even with this predicting a bit further of a crash for ethereum, which i do think is very possible for the entire market to go down. A few more percent before we do start recovering, i am very bullish on ethereum for the long term, with the uh major eth2 upgrades coming, and something else i do want to talk about here is the amount of ethereum being burned after uh, the ethereum blended, hard Fork upgrade that we did have beginning of august, so we now have 940 000 ethereum that has been burned in just the last three months at the current market, value of ethereum, that is 3.7 billion dollars. That would have been over 4 billion at the peak price. That we just had over the last week, we have eight ethereum being burned per minute: thats thirty, one thousand dollars current market value of ethereum being burned every single minute that goes by extremely bullish for the long term uh, since this basically just started three months ago. So uh in the long term uh, if you consider nearly a million aetherium being burned every quarter. Of course it is going to vary depending on how bullish the markets are, how many new investors are getting in, but um.
I do think over the next couple quarters. We will have a similar total amount of ethereum being burned. We have 4 million ethereum being burned in 2022, thats going to be insane over 10 billion dollars worth of ethereum. So if the value of ethereum does go to 10 000 or more, you can double that 20 to 30 billion dollars worth of ethereum being burned in one year in 2022. If this does play out, that is insanely bullish, especially with eth2 upgrades rolling out, which is why i do hold more ethereum than i do. Bitcoin. Of course, i do hold uh more in various all coins than i do in ethereum as well, but uh. If you do want to play it safe, i think out of bitcoin and ethereum. Ethereum is the better bet for the long term uh you could be staking and earning passive income on it as well. So if you guys do want to earn some passive income on your bitcoin ethereum and stable coins and some other top all coins, i do recommend getting signed up with block fi uh. If you use the link in the video description to get signed up after making your initial deposit youll start earning interest, uh that is paid out regularly its not locked up and you could get up to a 250 bitcoin bonus by using my link. It does support the channel as well, so i do appreciate that thats just block fi.
com jrny there are other useful links in the video description as well. So we do have an update on the infrastructure bill that had everyone panicked and worried a couple months back uh. Very important fixes do need to be made to this, so u.s lawmakers introduced bill to fix crypto reporting requirements from infrastructure law. The bill proposes pushing back the mandated reporting requirements to 2026, as well as changing the definition of broker. So this would really give us a few years before this even goes into effect and changing the definition of broker, and that is very important as well so uh. This did have a lot of people panicked, but with how long its going to take to go into effect and uh the changes that can be made, in the mean a while uh, definitely nothing to be worried about, in my opinion, for the short term. Of course, this in the long term can have a huge effect on the overall markets in the crypto space. So last article for today, vr metaverse comes closer to reality as meta previews haptic gloves. So there was a video on this a couple videos of people testing. These gloves out very interesting, uh being able to actually use your hands in the metaverse, so this is only the beginning of development on the metaverse in virtual reality, its gon na be insane when we jump five years down the line, and we see how much further We are uh developed along in virtual reality in the metaverse uh its gon na be insane.
I think social, the future of social media is in the metaverse and in virtual reality its gon na be awesome uh once this is further developed, which is why facebook is going all in on this and they change their company name to meta as well as uh. Pretty much every other social media platform is also going all in on crypto nfts in the metaverse, so big focus on the metaverse uh metaverse crypto. All coins are pumping like decentraland and the sandbox personally im most bullish on the sandbox, but it is at an all time, high, so be very careful buying these coins at all time highs when theyve already pumped over 10x, its more likely than not uh the hype. On the metaverse will die out since uh theres gon na be years of development still before this goes mainstream and in the uh that time, where things do die down a bit, there will be great opportunities to buy in on these metaverse coins uh at a much Better entry rate, so just keep that in mind, have a good entry strategy. If you are interested on getting invested in metaverse coins, so thats it for todays video, i hope you guys found it useful um. I wouldnt be too worried about the markets uh. This pullback is healthy and it is necessary, in my opinion, for us to move forward and get up to a hundred thousand dollar bitcoin a ten thousand dollar ethereum, a ten dollar cardano thousand dollar bnb and so on, so im still very bullish, especially on 2022.
I do think the peak of the bull market will be sometime at mid to end 2022 and i do think uh. The current uh crypto cycles are going to be much different than previously, where we did have extended bear markets of three to four years. I think theres too much mass adoption happening for um for us to enter an extended bear market like that ever again, so thats it for this video. I hope you guys found it useful. Like always, i appreciate, if you guys, liked the video comment below and share the video anywhere on social media or with friends and family. That may also find this type of content, useful and dont forget to subscribe. I am donating 25 cents to charity and 25 cents back to the community for every new subscriber. So i do appreciate that and you guys helping spread the word again.