Crypto Will Crash To HERE! 🚨 I Was WRONG About The ETHEREUM MERGE! 🚨
Today we are looking at the cryptocurrency market im going to keep it short, but im going to show you some of the key metrics that you need to be watching. I also want to talk about a couple big pieces of news, something thats coming up in just a few days, and i want to talk to you about something that i had wrong. Its a massive event. Thats happening in the future and ive been wrong about it. For a while – and i think its actually good that i was wrong – not not because i got it wrong, but because the news or the the way that this is actually going to work is going to be good for a lot of crypto holders. So i want to talk about that and ive seen a lot of other people be wrong about it as well. So lets talk about a lot of this stuff. If you guys dont mind hitting the like button in the subscribe button, i really appreciate that theres also a link down there to ftx.us. I would highly suggest trying it out theyre one of the best platforms out there, if not the best. They allow you to buy crypto for really cheap. With that link, you get ten percent off these. You get ten dollars a free crypto and you trade a hundred dollars. They allow you to buy crypto nfts stocks in the future and they will allow you to do this all on one platform, which cant be said about any other platform.
I believe at this point also the founder is giving away the majority of his wealth so definitely check out that link underneath the video i would highly suggest and its a crypto broker that i use a lot. So we have the crypto market looking pretty bad today. This might be the lowest market cap ive seen 1.1 trillion over the last few years. I could be wrong. We might have fallen down a little bit further than that when bitcoin fell to 25, five or so a couple weeks ago, but so many altcoins are down on the 24 hours ethereums down. Almost eight percent bnb is down eight percent cardanos down almost under 50 cents, down 12 percent for the day and the bitcoin dominance is just rising. You can see 48.4. This is what happens in bear markets, we do see, bitcoin dominance go up and you can just see a steady increase in it, because everything is bleeding against bitcoin. Now one really good thing is: we are getting closer to the 200 week, moving average thats right around 22, 400 or so right now and were at 27.3. So this is something i was like looking at because in bear markets. Typically, this is what we touch and then were down here for about a week, and then we go back up, so you can see down here two weeks back in 2020, even in 2019, we barely touched it actually right at the end of 2018 2015.
We were right around it touched it just for a few weeks, then bounced right off of it. So this is a good thing. If we fall down and touch it, we probably will be going back up pretty shortly thereafter and well be in the accumulation phase kind of stay down kind of sideways for a while and then come back up now we would see most likely a little bit of A rally just to get off that line, we do have the fed meeting too, so maybe this could be what causes bitcoin to go down and im, not trying to play anything short term. We just know that theres a lot of fear in the market right now and with the inflation data coming in higher and higher after one month of actually falling lower. And the fact is, we have supply issues and we have demand issues because there is still a lot of money, so theyre trying to theyre trying to change the demand side by raising rates. So i wouldnt be surprised if they gave some kind of inclination or some kind of some kind of plan for whats going to happen in september. After saying that, theyre going to reassess, then they might just say: hey were gon na do another half basis, point rise or 50 basis, point rise, then or hey were going to raise by 0.75 because thats on the table right now. So its going to be interesting to see what happens now, one of the things that ive been watching is ethereum.
We did a video on ethereum yesterday. It is the reason that a lot of the crypto markets hurting right now, because theres a lot of fear and that we talked about this yesterday over lido staked ethereum. It is supposed to be pegged exactly with ethereum its under 1400, while ethereum is 14.50. So the fact is that something thats supposed to peg exactly to it. Isnt and a lot of people are getting worried about that they are held or they do hold ethereum one for one but theres. A lot of fear that theres gon na be a death spiral with more liquidations ill put the video on the end screen uh. What im talking about here, because i did a full video on it yesterday, but this has been causing some people to get wrecked in ethereum, so a lot of people were looping like i said they were depositing and then withdrawing borrowing against and then depositing again just To continue to get higher and higher leverage, we have 131 million dollars worth of ethereum liquidated in the last 24 hours, 85 million worth of bitcoin, so a decent amount of a decent amount of crypto has been liquidated over the last 24 hours, especially in this market. So thats, why were seeing a lot of red here now? We also have to talk about something i was wrong about. I was wrong about ethereum, so i had thought that when the merge happened, which is set to be august, i thought that we were going to have an unlock of all the ethereum 2.
0 contract. So i was thinking we were going to have over 12 million ethereum. Just unlocked and a lot of people would sell it because look when they started, depositing ethereum was just 600 500 and then, as time went on, you can see the ethereum price went up, so some of these people might not sell, but some people just want to Take profits im, sure or they want to sell out, and they want to reposition in the crypto market into bitcoin or stablecoin, or something like that. So i kept on thinking that were going to have this massive unlock, especially in a bearish market. A lot of people might just sell off now i didnt realize – and i probably should have and ive seen a lot of other people getting this wrong too. That were not going to have a massive unlock of ethereum right. When the merge happens, the merge wont enable withdrawals. This is planned for an ethereum upgrade 6 to 12 months after the merge and even after that happens were still going to have a slow withdrawal. Slow withdrawals allowed theres going to be an exit queue that will take more than a year in the worst case scenario or several months in a more realistic one, the release will be slow, so were not going to see the kind of selling pressure. I thought wed see its still going to be a significant amount of selling pressure, but if we are looking at august right before the merge happens and then six months after that were looking at 2023, the market might return and people might want to hold on to Their ethereum they might want to continue to get yield from it.
Now thats going to be montauk in the future that we determine what we want to do with our ethereum, because i think ethereum merge will be quite bullish because it will actually turn ethereum deflationary and will help with scaling up and help with transaction fee issues. So i think this will be really bullish, even more bullish than i thought now with ethereum merge. So thats going to be interesting to see what happens and where the markets at when that actually goes through. Now we did get one piece of news on dokwan, so supposedly some people are thinking that hes cashed out about 2.7 billion dollars. They think hes been draining about 80 million dollars every month for nearly three years, so thats a pretty big allegation. He said for the last two years: the only thing ive earned is nominal cash, salary from tfl and deferred most of my founders tokens because he didnt need it and he didnt want to cause unnecessary finger. Pointing of he has too much, even if he held on to a lot of that, the fact is: hes probably made money right, whether hes staking and taking profits, and even if he didnt take out a lot of his tokens. If he took just a small percentage. Hes going to be really wealthy, even if some of his crypto fell down right and he sold ust at a couple cents right hed still be very wealthy. I think that this is just going to be a crazy saga.
Dokuan has continued is going to continue to get a lot of heat for what happened and how he how he dealt with it. I think theres a lot of fear in the market right now, so just be careful out there dont do anything. Stupid dont go on extreme leverage if youve never used it before or try to loop, something or you know start getting into really risky crappy coins, of course isnt financial advice. But in my opinion again this is not financial advice, but i dont think this is the time to go and start buying. Alt coins heavy. Yet i dont think theyve seen all the pain that theyre going to see, but i could always be wrong. We could always see a market bounce. I have been buying bitcoin, religiously continuously buying in and making sure that i have enough money to do that for a while, because i realize bear markets can last a while im still excited to buy at these levels. Because, honestly, we are close to the 200 week moving average and keep in mind too. We can fall lower than the 200 week like we bounce off this or we fall below it for just a week or two, but a couple of times in the past when weve hit it, we have gone significantly below it like just on the week. Here. You can see here that we were around fifty two hundred dollars or fifty five hundred dollars for the two hundred week moving average, but we fell all the way down to thirty nine hundred and weve.
Seen that a couple times where we can fall ten. Twenty thirty 30 below just for a very short amount of time and thats when you load the boat in my opinion.