Things are Changing.
Why a record hitting outflow rate of 150 000 bitcoin on crypto exchanges during june is actually great news, as well as provide an update on voyager and go over some of the major headlines in the market right now, all right! So if you guys are enjoying these daily market updates be sure to like this video down below subscribe to the channel, if you havent done so already and with that being said, lets hop into the computer and see what is happening in the market. For today. All right, so the global crypto market cap is up towards 900 billion dollars so closing in on the one trillion dollar mark overnight. We did see bitcoin returning above the 20 000 level. We see theorem here still rather in the green at eleven hundred dollars and we take a look at the crypto fear and greed index for today. Youll notice that still sitting at an 18 still within the extremely fearful category. But we are seeing a little bit of an improvement within the market now going into the charts for bitcoin youll notice that bitcoin had a strong rebound yesterday back above the twenty thousand dollar level. The high mid was at twenty thousand seven hundred dollars and on the four hour chart there is still strong resistance at the 100 moving average or that purple line you see on your screen now. Bitcoin has also been fluctuating between the price level for about 40 hours. Now i went ahead and drew an ascending support line, which is the yellow line you see on your screen and thats been holding since the beginning of the month.
Bitcoin right now has slowly been forming into a wedge pattern, and if this trend line continues to hold, we could be seeing a little bit of a breakout. Now, the rsi on the four hour chart is closer to oversold levels currently at 57. Today, now, on top of that, if we take a look at the us dollar currency index, right now continues to increase, as it reaches a 20 year highs. So the monthly dxy chart shows that the dollar index has not been this strong since october 2002., as the federal government continues to raise interest rates by 75 basis points, we can expect this index to continue its upward trend. On top of that were getting some more data that bitcoin exchange outflows are surging as not your keys, not your crypto idea comes back into fashion after getting a whole bunch of news, especially since the one that we covered yesterday with a lot of these exchanges cracking Down not letting people withdraw their crypto now, as per the latest weekly report that we receive from glassnode data shows that bitcoin saw the most significant monthly outflow from exchanges. This june, as 151 000 bitcoin flew off from centralized wallets now with platforms like celsius, halting withdrawals and similar exchanges beginning to put limits on those accounts that users can withdraw their own funds from the desire to regain personal control of crypto assets has become a major Concern for holders – and this is why were seeing a lot of this money, getting moved over into cold storage now, on top of that, its pretty important to note where exactly all these coins are going so for the largest outflow of bitcoin on record is complemented by The largest e liquid supply change since june 2017.
. Now, if that doesnt really make sense its okay, let me explain it here its pretty simple: when we talk about e liquid supply, this indicates that an asset is relatively difficult to buy or sell due to little supply. So if the e liquid supply surged, while bitcoin, was leaving exchanges at a record pace, this suggests a large scale movement of coins towards wallets with little to no history of spending or trading. So this shows two different sides of a story. One is extremely bearish and the other is actually more bullish. Lets start with the good news. Bullish action from this would mean that it can be seen as positive for prices because in the long term, as the likelihood of further capitulation decreases, when tokens are locked in cold storage and not readily available to sell on exchanges, it can be a sign of long Term accumulation where people are now holding more crypto and not wanting to sell it off for those short term profits now. This can also be bearish on the idea that, right now, when investors are moving their money into cold storage, it also shows that they dont have much faith within exchanges, and mass withdrawals could also lead to bank runs and if a central exchange also happens to be Operating poorly once again, we could see some more frozen at customer funds. Now the public figure jordan belford also went ahead and advised investors to consider bitcoin a long term investors.
He believes those who hold bitcoin for over 36 months will at least make some profits and he also states. If you take a three or maybe five year horizon, i would be shocked if he didnt make any money at all, because the underlying fundamentals of bitcoin are still very strong. So in terms of some additional news, we got some more word from voyager. So, first of all, let me know if you guys have any money using voyager. Weve never really talked about them on this channel, but i do know that they are still one of the larger exchanges that some of you guys may have used. What happened was late. Last night, voyager digital became the latest crypto company to actually file for a chapter 11 bankruptcy joining the singapore based three arrows capital. If i said singapore, i meant to say singapore, a little bit of my korean coming out now. The new york based firm and its two affiliates, voyager digital llc and voyager digital holdings, took the step in the southern district of new york according to a filing, and this pretty much comes after a few days after the company halted trading deposits and withdrawals on its Platform so last month, voyager revealed it had a 661 million exposure to 3ac a crypto hedge fund that failed to meet margin, calls from several lenders and eventually filed for bankruptcy back on july, 2nd. Now, although we did get some word from the ceo stating, there is going to be a plan to resume account, access and return value to customers, keep in mind right now.
It doesnt look too good for anyone who may have had their money with this exchange. Now, with this news, the voyager otc stock also standing for the ticker symbol, vyg vf a little bit of a handful. They actually went ahead and dropped about 12 on the news. Now, on top of that, we also have some data that voyager only owns about 110 million dollars in cash, which is supposed to be used for day to day operations during the bankruptcy process, against their 650 million claim against 3ac. Now, if you try to do a little bit of math, see that their stock market price is going down too, things are just not looking good and hopefully it pans out because as bad as this bear market is, we dont want it to continue to get worse. Now voyager also talked about their proposed reorganization plan, and this is pretty much where theyre saying in a more political standpoint. So people are a little bit more calm during this market that theyre going to be creating a brand new company with new shares and they arent allowing their customers to withdraw their funds and theyre also going to be reimbursing a small portion of what they held in Their accounts, now it looks like voyager, is making sure they have the means to stay afloat with their new company, while giving insufficient reimbursement to customers and clients. This plan still requires approval before it can happen, so we will see in the upcoming weeks what it will happen in order to take place now, in terms of the next headline, we actually have tara, luna investigation continuing to operate where korea and the united states are Now teaming up doing a little wombo combo against terra.
Now, since the brilliant mind, doe kwon decided to you know, go a little awol and, and you know, have a lot of people losing money. Everyone knows whats going on with tara luna. It looks like right now. South korean prosecutors are looking for several charges, including fraud, market manipulation and even tax evasion. Now the cooperation between the two nations could be the first of many, as crypto related crimes have recently become the focus of a lot of regulators within the space. Now, for me, i think this is awesome news, especially when we get a little bit more of collaborative work within a lot of these nations, especially the fact that dokwan went ahead and screwed pretty much the entire crypto market over as a fellow korean. I am ashamed of this individual here. We do not claim him as a korean right now, with the way things are panning out. I just hope that were able to get some type of justice now. Some good news, though, out of all this, is that the cryptocurrency exchange ftx, someone that weve actually partnered up with a lot on this channel talk about how they have two billion dollars to backstop the crypto industry. If its needed – and this is coming from the ceo sam bankman freed, so according to this, it seems to state that the worst appears to be over for the liquidity crunch in the cryptocurrency industry. But, as you guys know, i do think if we get an additional dip within the market, we could see some more further pain now with regards to ftx and even whats, going on with centralized exchanges.
I do want to make note that the ceo of ledger went ahead and tweeted that they teamed up with ftx in order to make sure that people can swap their crypto even within their cold storage. So, as you guys know, im pretty involved with ledger, they went ahead and blessed our subscribers with that 20 discount code a little while back, and they even flew me and my team out to go check out the ledger. Little setup they had in new york city, and i will say they have a lot of amazing things coming up now. This video here is not sponsored by them at all, but i will say, as someone whos been using the ledger product for many many years. The fact that theyre allowing this to come out is simply great theres, been a time where ive tried to swap my crypto, that is already held on cold storage, and i wasnt unable to do that. The fact that theyre using ftx in order to swap this crypto with very low fees is still a huge win. I think for the entire crypto market, if you guys dont, have a ledger device by now and youre, watching the entire crypto market come to a crumble check out the link down below pick yourself up a crypto, cold storage wallet. I choose them: theyve been working great and theyve had some amazing collaborations before in the past too. Now guys, thank you all so much again for watching todays video, like always, if you guys want to check me out on instagram or twitter, you guys want to give me a follow there.
The link for that will be down below in the description. If you do follow me, please watch out for impersonators and scam accounts trying to act like its me, but its not me that follow you back and then dm you for money. On top of that, if you guys also want to go into crypto, invest in the market start your journey now and miss these troubling times, and you want to go tax free check out. I trust capital link down below in the description theyre. The number one crypto ira platform in america and with them you can set up a fully self directed retirement account with over 30 available assets from crypto all the way to even gold and silver. By checking them out and using my link down below, you can also earn 100 into your ira account just by signing up for it and leaving your account funded for 30 days. Now, on top of that, we usually do a code word. I dont need to say i feel like if you guys are watching this at the end. You all know what the routine is comment down below at the end of this video museum, if you guys are watching this, thank you all so much again for watching.