Worst Bitcoin Data Ever Recorded!
Today we have to talk about all the news in the market and why the markets down right now, you can see that the indexes are down almost three percent cryptos down im going to talk about why thats happening now, but also what we have to be looking Out for over the coming weeks, because uh there are some negative things that could happen, but i think if we see them coming and if we know what were looking for itll make it a lot easier for us and make it easier to deploy capital. I also want to take a look at like i said some of the top news from a large institution selling to also kpmg making another big splash. If you dont know theyre one that major for accounting firms theyre putting money aside to learn more about crypto, and i also want to talk about a couple other revisions to things ive talked about in the past and some just cool news and hilarious news in general. So if you dont mind hitting the like button and subscribe button, i appreciate that im not going to have any sponsor in this. I just want you guys to know there are links underneath the video in case you want some free money, uh and theres a link down there to the patreon in case you want to know what i am buying and selling. Now i am going to make a video on all my portfolio and my positions coming out.
I think this weekend i already gave the patreon early access to that, but i just know that that will, i think, provide more clarity on where i think the markets going to go, but you can see that the market is down a bit here today. Down 2.7 percent in crypto another day where we are flirting with that twenty thousand dollar mark just right in between twenty and twenty one thousand uh a lot recently, a lot of people are expecting us to fall lower. I would not be surprised if that happened, but uh you can see that the macro is pretty bad. You can also see that the nasdaq down is down almost three percent today after we were actually up almost a percent in the morning. So almost a four percent swing throughout the day this is coming after a consumer confidence survey came out and it showed that theres very low consumer confidence. This is at a time too, where wall street really hasnt downward revised a lot of earnings. So a lot of wall streets still expecting earnings to to go well over the next month or so were about a month out. I believe from some of the major tech, earnings and uh, i think, theyre starting to factor in the fact that maybe we wont have the good earnings that they were expecting and we just have to see where were going from here. A lot of people assume that, with that lower uh confidence that consumers probably havent, been buying as much either now we also have some news on ftx.
They say that there are no active talks to buy robin hood. This is coming from sam bangman free. This happened like an hour or two after i made my video yesterday talk about how those were uh. Those were the rumors at the time, but they are talking about how they can work together and partner with them. A lot of people are also saying that this might be fdx trying to go after coinbase, because coinbase is more of the retail investor. While ftx has been a lot for the um, i dont want to say more educated investor but larger investors. Now there is a link to ftx underneath the video in case youre interested in that, but uh you can try it out for yourself, i really like and thats, where im moving some of my crypto as well. Now compass mining loses facility, after allegedly failing to pay a power bill. Now, if you dont know what compass mining is they sell and resell miners and they also will hold the miners for you now. The owner of the building publicly took to twitter and talked about how they were not getting paid from compass mining, and this is a pretty big deal like compass mining is pretty well known. I actually did an interview with them on my channel. It was not sponsored or anything, but i was thinking about putting a minor with them myself, because it sounded really attractive, like the rates that you could get were quite attractive now what they say here, dynamics alleges that the power bill was 1.
2 million dollars because they Didnt pay it for several months encompassed it only paid around half of that now. Compass says that they will fight the battle in court, not on twitter, and then dynamics said back as that. All you had to do is pay 250 000 for three months of power. Consumption and that twitter is the voice of your customer base, not the courtroom, which is true because uh right now, a lot of the people that have minors with compass are losing out on being able to mine bitcoin, which kind of sucks. Now i i thought that this was a really good deal. If youve ever looked into compass mining, the cost of it was basically just the cost of electricity, which i always thought was a little bit odd, that they didnt charge more because it was like 150 a month to post it there. But electricity on some of those miners is around 140 a month or 130. So i thought that the hosting fees were too small, but maybe it was just the fact that they were making the majority of their money by reselling miners and then having installation fees. That was kind of my thought process behind it was that they were just making a lot on that, because they could charge one to two thousand dollars uh and they would up charge you for old miners essentially, but maybe they just didnt have enough miners that were Being resold right because bitcoin was falling so then no one was really buying new miners or selling their miners just because theyre going to hold on to it, and maybe that was the problem that they ran out of money thats.
Just my speculation im, not exactly sure. Maybe its just some miscommunication, but it doesnt really seem like that. Now, moving on crypto is now more popular than mutual funds among millennials. This is coming from a new survey that shows that 40 percent of millennial respondents have invested in cryptos. This is larger than the percentage of millennials who own mutual funds. This is kind of surprising. To me i mean i guess some millennials probably dont know that some of their uh, some of their retirement funds, are in these kinds of mutual funds. Uh. One other thing about this is the report highlights that 70 of millennials, who own crypto and have an ira, hold digital assets in their ira. That seems really fishy. I i dont know that many people that actually have that, of course, there are some different companies. Like choice and like, i trust that allow you to invest crypto in your iras, but i dont think theyre that popular the people have done that and i could understand maybe some kind of crypto related stock like coinbase or microstrategy. But even that seems surprising to me. So uh, this is pretty interesting, though. Obviously, a lot of millennials will be getting money from their parents and from other family members when they uh when they eventually die and then pass their wealth down, and a lot of millennials probably will put that in crypto or a portion of that in crypto. So it will be interesting to see if, if crypto can definitely take advantage of that and have a lot more invested in it from the retail investor.
As time goes on, some news on kpmg theyre entering the metaverse and theyre investing 30 million dollars into web 3. Employee training now weve talked about kpmg before. Obviously, kpmg is one of the largest accounting firms in the world and theyre in the top four – and i thought this was a great thing when they announced that they bought bitcoin and ethereum and then an nft as well. I think theyre really trying to be the one stop shop for their uh clients to be able to come to them and ask them: how do we actually hold digital assets? How do we get them where to restore them? That kind of thing, i think, theyre definitely going to help facilitate more companies starting to buy crypto, and you can tell it part of this is just to make more money on the back end, not necessarily because they love crypto or anything like that, but because they Have a lot of clients that are asking about it now, what theyre gon na do is theyre, making a collaboration hub that will connect employees, clients and others with web3, and i think the interesting thing about this is, and the important part to remember is too that 30 million dollars doesnt seem like that much compared to a lot of other a lot of other funds, but i think this will be better spent because its an actual company thats deploying this capital theyre, going to have checks and balances and hopefully be able to monetize.
This, in a way, too, that will make them more money and want them to make them want to continue to invest in it. Now, moving on to the digital asset fund flow report, this is where we look at what institutional investors are doing and they had the largest outflow ever and by a wide margin. You can see 423 million dollars coming out last week. This is actually happening back on june 17, but they were reflected just in last weeks. Numbers due to some reporting lags, but the majority of money came from purpose and weve talked about this before theres some news on purpose. They had a large outflow of bitcoin from their etf and you can see 453 million dollars coming out of bitcoin a little bit going into these other assets, such as ethereum, even short, bitcoin and cardano, polkadot, etc. So a lot of money flowing out a lot of it coming from canada, really all of it coming from canada, but we actually have 41 million going into digital assets here in the us kind of an interesting dynamic there. But you can see that uh about 25 000 bitcoin flew out of purpose, bitcoin etf, and then we also had a lot coming from three iq coming out as well about about 11 500 bitcoin, and this shows that there is some kind of tie here. I believe um some of this could be just due to liquidations and uh, some, not not having liquidity in some of these markets and also.
The fact is that there have been a lot of companies that have been possibly insolvent, uh, three eros capital celsius. A lot of these companies are all tied together, so that could definitely be part of it as well. Now, speaking of insolvent, tether, cto refute stable coin fud as short seller circle. I think this is something you really have to be careful of, and i made my video on this yesterday with tether. If you hold any tether, ust usdt, i should say i would sell it into usdc or us dollars. For the time being, there seem to be a lot of people that are trying to short uh usdt and trying to bring it down, make it lose peg. And this has happened in the past as well. We can actually see that back when luna was falling. The whales manipulate this down to 94 cents, and a lot of redemptions are coming in right now: theyre losing theyre losing their market dominance, and i just be careful. I think whenever theres someone thats like defending viciously and trying to refute the the um claims brought against them recently, those have been people that had to basically change their tune a day or two later, because whatever theyre refuting actually turned out to be true. So a lot of people have been worried about tether for years, and i think that is probably well. I dont want to say anything, but i would not keep my money with them long term at all, and i think that the last couple companies again that had leaders that were talking about how crazy people were or that they were idiots or that they were wrong About uh fear, uncertainty and doubt those companies collapse just days days later, like dokuan and luna three errors: capital celsius.
You have to be careful, especially now theres no reason to take extra risk when its not needed. Then gary gensler talked about bitcoin and how it might be the only how it might be one of the only commodities he says, some like bitcoin and thats. The only one im gon na say are commodities uh, while other crypto assets. He wont really talk about a lot of them. He says, are securities and that people buy them for the expectation of profit down the line. Now, with all this being said, right, we have company earnings coming out soon. We have inflation data coming out in just a few days. We have the tether, fear, uncertainty and doubt where could we fall from here? Well, i think its important to take a look at the bitcoin dominance. Weve actually followed a lot here over the last couple days. Weve fallen from about 49 to about 43, and you can see that were kind of bottoming out here were pretty much at the same that we have been for about five days, so the whole market is moving in unison right now. I would not be surprised if this dominance went up and i think that would be expected, especially in a bear market, that we would start getting into that high 40s low 50s, maybe even mid 50s range, which is why im not buying alt quinns right now and That doesnt necessarily mean that bitcoin is going to go up, but if we fall down, i wouldnt be surprised if a lot of other altcoins bled against bitcoin um – and maybe we dont, see the dominance that weve seen in the past 60 70 percent, and i dont Think that would be really expected to get as high as we were in the past, just because there are a lot more crypto projects, a lot more holders, theyre just going to hold long term.
But we have to realize that while there is more utility in the rest of crypto like defy a lot of those, a lot of the utility has been kind of been out of the market recently and even things like nfts, which have held up decently, you have To remember that, if the economy is really going into recession, other things are going to be on peoples minds than holding nfts. Now, where could we actually fall? Well, obviously, we could talk about all different levels. We never really know, but i would think we would hold that seventeen thousand dollars six hundred uh seventeen thousand six hundred dollar support. If we break through that we could fall back down. You know to 13, 14, 15, 000 and uh. I think that would happen if the tether flood is real and if tether really does go down, lose peg, that would be devastating another top staple coin. Actually, the top stable coin in all of crypto falling would be devastating uh, not that we couldnt get past it, but it would definitely hurt over uh the short term and probably for months and months now will clemente still is reminding us. Bitcoin is cheap right now, its only traded, this far below its 200 day trend and its aggregate cost basis for three percent of its total existence. This is actually yesterday as well when we are just slightly higher so uh. This is definitely a time to be accumulating and at least dollar cost averaging, in my opinion, but im not putting all my money in and again ill post that video here soon on how much cash i have on the sidelines, how much i have in stocks and Crypto, but i just want to give you guys these updates, if you dont mind hitting the like button and subscribe button.