Right now, weve also had the chairman of the sec. Let go of some very strange statements, and so we surely have to see what the implications of that are going to be for crypts that we know and love like xrp. Having said that were also going to take a look at what the crypto market is doing as theres a couple of statistics and analytics that i want to showcase to you guys to hopefully get a better grasp of what the action is looking like and to hopefully Get a good grasp of what we think the best choices for our portfolio are right now, all right, so first of all, crypto market is down five percent over the last 24 hours. Bitcoin hovering right at about 20 000 uh minus 4.7 on the daily etherium is down another 10 percent hanging at around hundred and eleven dollars. Right now, xrp is down seven percent hanging at 32 cents and cardano is down 4.4, the worst one in the top 10. Again is solana, which is down 12 over the last 24 hours at 34.6 dollars in regards to price action for bitcoin weve actually just hit a very juicy bottom, and this is the newest pattern that im actually looking at right now for bitcoin. So, just to give you guys a reminder, we were actually saying: okay, the moment that the inverse had a shoulder pattern pop for us. We open up a long position, hopefully all the way towards 25 000.

Unless we see some rejection, we saw some rejection at our previous resistance, roughly at around 21.5 thousand weve been seeing that resistance time and time again and right now back down to the bottom that we saw basically a week ago earlier and that bottom we previously cited As one of the most important supports – and actually we cited before that the moment that this panel right here breaks were going to be shorting, it all the way towards 19.9 000, and that has now been validated again to add some fuel to the fire. Though i also told you guys about our most recent move from swing high to swing low, we took the fibonaccis on that and we broke through major support yesterday and right now, its looking as if were going to get some confirmation, which is leading me to believe That we might actually go ahead and head even lower, then again on the short term. This is actually what im watching for this triangle right here, waiting to see where its going to break out towards, but this is looking like the upside – is most likely also just looking at a support and resistances. Once more again, i told you guys the moment that we break through 20 000 to get some confirmation. I want to open up a short all the way towards 19.1, but its looking as if its gon na take a bounce and maybe actually reverse and come right back up to 21.

5 k now guys. I cant stress this enough. If youre, looking for a crypto platform to trade on make sure you check out buybit a link is down below its the platform. I almost always use for all my trades and right now theres an eight million dollar competition, but you also get four and a half thousand dollars worth of bonuses just for signing up and if youre looking where you can find those go to this little button over On the top left and then go ahead and go to rewards up and youll see exactly what you need to do to get. What, because theres multiple different rewards that you can get. But i can guarantee you that by using the link down below you, get the highest amount of bonuses possible all right, one more thing before we move over into our actual news for the day. Is this right here? So let me show you guys uh. This is the adjusted sopr for bitcoin and what this basically showcases is how many people are realizing their loss or their profit, mostly loss for bitcoin, and what it showcases right here is that we have a downward sloping trend right. You can all see that the moment that is below z, uh one people are basically selling their losses, which is not that good and the moment that you see this as time goes on. It basically means more and more people are starting to sell at a worse spot, and that is usually a really bullish.

Sign, because the moment that it turns around people are going to start cashing out better and better profits. And that again, ultimately has to mean that they bought cheaper and then sold higher, which ultimately means that the price is going up from at least some point right. So an uptrend is what you like to see. You can also see it just from i guess. March 2020, up to i guess later on, like december of 2020, so for the entire year of 2020, you can see it was an upward sloping line which goes together with the bitcoin price, going up as more and more people are cashing out a profit and then From lets say, for example, here october 2021, on forward, you can see that the price was in a sloping downwards line, and so was the adjusted sopr as people are more so cashing out their losses and apparently, at some point, not apparently logically theres going to be Some inflection point, but let us dive right into the news, so theres a couple interesting pieces. First of all, ftx ceo, sam bakeman freed warns that some crypto exchanges are insolvent already and more will follow. This is a very big warning for everybody in the crypto space right now, theres a couple of exchanges that i trust mostly and that is binance by bit – i think thats about it. The reason for that is because ive worked with them for so many years.

I know them personally so well, and even though that doesnt mean too much, i know their financial situation is extremely good. Then again, dont trust. My words on that im. Just saying those are the only two exchanges that i had personally have a good chunk of money on. I took everything out from coinbase and i took everything out from most other exchanges that i can remember, and i put it onto my ledgers. He says. However, i guess ftx is also one of those thats pretty well set up, but i dont use that personally ftx through alameda research, their vc provided block, fi and voyager digital with a 750 million dollar credit line after three euros. Capital defaulted in payments, bankman freed names, one asset that will survive the crypto winter. All hes trying to say is that the smaller crypto exchanges are already seeing a ton of trouble, but the medium sized crypto exchanges might soon also come into trouble, and i think a lot of that is based upon the whole luna situation. They were lending out money to, for example, vcs that were lending out money onto, for example, tara and since its kind of a deck of cards its also so in the banking ground. But with crypto. It went a little bit quicker because the players didnt all get bailed out. Well, i guess alameda is doing a little bit of bailing out if they didnt this would have been an even more catastrophic uh fall.

History said one interesting thing that the fear fudd regarding tether is actually baseless and theres. Something to be said about that. You know, as i said before, im not really a big fan of usdt, mostly because the commercial papers over in china that ive heard about. But again, i cant confirm that, if its honest truth that they dont have commercial paper in china, its actually backed one to one again, i cant confirm, but if thats the truth, then yeah. What are we afraid of with usdt, except for the fact that, for example, the cto also said that theres some really big action against them and will also try to take them down and thats? Never a really nice thing. Usdc is even more properly backed, though, whenever i think about it so thats why im choosing usdc over usdt, but i mostly have both – i just have more usdc than usdt and again. The message right here is be warned. Take your money off exchanges put it to somewhere, where you can have full control over it, as you guys all know, recite it with me all right, not your keys, not your coins thats the most important thing in crypto. By far not your keys, not your coins, and that basically means if its onto an exchange, they can decide. Whats you with your coins, not you a good example of that is with an airdrop. They receive the airdrop. You cant do anything about it.

If they decide to not give it to you, good luck, getting it and if they ever go bankrupt, your assets are in their platform, so theres a good chance that that might go to the one that it belongs to most and funny enough. That might not be you. Coinbase has said that before theyre, not in a situation where they are likely to go bankrupt, but the moment they do, your assets are taken up. That is different. However, if you use a specific wallet of theirs, where you have control over your own keys, this is just if you use the exchange feature and lecturing your money into the exchange wallet, basically thats different than keeping it onto a wallet that is built by the exchange For example, all right regarding coinbase right, shiva inu, is one of the few coins on coinbase that actually is still in profit, and this leads me to believe one thing. A lot of freaking funds are in trouble all right again. A lot of it is based upon the whole lunar situation, the lunar crash, but a lot of funds that have invested into things are in crazy amounts of losses and that yet again, things might only get a lot more worse. If the crypto market doesnt turn around like crazy, rather soon, you might see the irony in one of the most shitty coins shiba inu, even though i hold it and im kind of a lover of it, because the the memes i like that, but its still kind Of a shitty coin being in the most amount of profit, or at least one of the women wants to sell in profit.

Its kind of ironical, because we often say in in dangerous times, buy the most fundamentally set coins. And she definitely is one of those. But, oh boy, oh boy, does this look sad? If you look at the performance of most cryptos right here, it is crazy, sad and one of the only ones thats doing good is, i guess, its chronos, maybe crow gala, maybe but apparently icp internet computer is down 98. Damn all right. Moving on to that luna story that i just talked to you guys about right were going to go into xp by the way as well. I have a little bit on that. Luna classic and usdc showed double digit growth and made crypto market drop whats wrong with them. Another article that ive read was saying this: over 530 million dollar inflows terror classic in four days, whats behind this curtain. So at first i thought it might be wall street bets and even as at this point i dont honestly know, a lot of people have said that its going to be because of anonymous in their plans to deep uh, basically get all the secret out there. A lot of others are saying that dokuan is actually still working on it to make it better. A lot of others are saying that there were a couple of wheels in that basically pushed the price down more than it should have gone down because of the supply and demand, and then theyre trying to buy back up now to basically manipulate the price.

Because people will get excited again and get a little just manipulation, basically heres. What a sumo said. A hypothetical whale play from a month ago buy eight to ten billion ust for a penny, buy fifty percent of luna classic at zero point. Whatever for 200 million dollars burn the ust turn the ust to luna, swap back on ust re pegs and off, we go, it didnt happen, but its an interesting thought. There were a lot of people before that said: ust might actually peg back and fun fact. I didnt actually sell my ust so right now. I guess i made a made a good fortune in the last couple of days, because i thought it was lost. However, im not really keen on selling too much of it. Just quite yet because, as i said before, i think even selling it for one tenth of what it was worth is kind of like to me id, rather just wait until its either worth 30 percent or nothing. I know its kind of greedy, but its also just the predicament im in im like well theres, a good chance that eventually, some meme is gon na go around where my usdc actually comes back up to uh, like 30 cents 40 cents. Maybe if something crazy happens, but even if it doesnt ive already like written off all the money that its lost me so im, not really too bothered by me not being able to cash out anything i cashed out about.

I guess i cash out two percent every day of my ust. Well, i just did two percent yesterday and two percent today and i might catch up two percent again tomorrow: wow right to get some profits, but, generally speaking, im too scared to do the majority of it. Moving on there was this very interesting statement that the sec made earlier. If you guys remember, gary gensler basically said this: some like bitcoin and thats, the only one im gon na say my predecessors and others have said they are a commodity, the rest of the crypto. He added should be classified as securities and regulated by the sec quote. Many of these financial assets. Crypto financial assets have the key attributes of a security. The investing public is hoping for a return just like when they invest in other financial assets. We call securities and a couple of things are fun about that. One is that bitcoin is being bought for the exact same purpose, but theres nobody to sue um, but john deedon said thats, not what he said, which is referring to bitcoin magazine who said sec. Chair guess who said bitcoin is the only crypt that is a commodity. John says thats, not what he said he said. Bitcoin is the only one he is willing to say outright isnt a security but hes absolutely wrong. A court decides what is or isnt a security. Not a career, bureaucratic hack and what he means right here.

What john deed means is that the court will ultimately decide what his security is and whats. Not he can try to grab for power as much as he wants. He could try to bolster his career as much as he wants by taking it all under them, but it doesnt mean too much because if you guys remember if youre going to say bitcoin, for example, is fine. You got to base this on one set of rules that its distributable over. I guess every single crypto out there, or at least it has to be some consistency because lets say we point out six different categories or six different points. Uh the makeup. Sdy bitcoin is not a security. Well then, if we go over those six exact same points, another crypto, and they follow the exact same set of points so to speak, exact same set of rules. If they come to the same conclusion of both of them, they should both have the same sort of um. I guess qualificat name they both should basically be a commodity at that point, but if youre, just picking and choosing and saying that one commodity that was security, why i dont know i just thought about it that way that doesnt make a lot of sense and hes Willing to say, bitcoin, thats, fine, the rest, we we are saying its the security at point blank. It doesnt really make a lot of sense, mostly because its now going also against ethereum or hes, not willing to say that that one is also fine which is kind of contrary to what some of the sec members have said before.

But i guess all i want to say about that situation. Is i honestly think if the judges take a good look at a lot of these cryptos theyll come out to be non securities like, for example, xrp and the moment that it happens? I think xp is going to be the first one to get the proper regulatory clarity and i think its going to be an easy still like 30x or so maybe 50x. I just said before, when it was its, i think, 17 cents or so that i think, is going to be a 100 x opportunity. That means 17 eventually, and i still agree with that point – im not exactly sure how long its going to take right now, its 30 cents, though so its about double. So i can easily call out for a 50 x, but even to go to 10 thats. Like 33 x from this point, still pretty reasonable guys, but let me know down below what is your xrp price prediction? If we get this settlement and again i base it upon the fact that gary gelser is not deciding to say it or not. Dare to say it, but it doesnt really matter its gon na get the justice all right. It might take a year might take six months. It might take seven months but its going to get some decision from the court and from that point of forward he can try some stuff. But as of this point, his words mean nothing.

I personally think xrp is going to get the proper regulatory clarity, be deemed not a security, big middle finger to the sec and were all going to rejoice. I, however, am just a tiny observer in this big scheme. Well have to see what comes out of the lawsuit but im pretty damn excited about it. That was it for todays video guys. Hopefully you all enjoyed it.