Also bitcoin mining news with the usa, taking the lead in the bitcoin mining hash power race, my names lark. Every day i make videos talking about cryptocurrency investing. So if thats a topic, you would like to learn some more about, maybe just stay up to date with then you should definitely subscribe to the lark davis channel. Also, if you take a quick second to tap on that thumbs up button, that would be super. Super awesome, and obviously, if you do want to know when i put out a new video, you should definitely click on that notification bell by the way, if you want a place to buy the rumor, buy bitcoin buy ethereum, buy polka dot. Whatever your heart may desire, you get yourself an account over on binance. It is the best cryptocurrency exchange out there. You can buy crypto using about 50 different fiat currencies, use the link down below in the description to start your account and youll get ten percent off of your fees and up to seven hundred dollars in trading bonuses. When trading futures over on binance now lets talk about the technicals real, quick, not too much to say today, well, keep it short but looks like bitcoin is potentially making a break out here, an attempt, possibly to go up to 60 000. Now we are 20 hours away from closing this daily candle, so a lot can transpire in that time. Obviously, 58 000. This line right here, as you can see, has been some sticky resistance and look.

Look. Whats happened over the last two days. Weve had big sell offs both days as bitcoin tried conquering this resistance boom sell off concrete, trying to conquer resistance boom sell off each time. We get those sell off situations happening massive by pressure. Stepping in a lot of people are interested in buying bitcoin because they think its going to go up. They are expecting a bitcoin etf approval and for the market to potentially move pretty fast. So, every time we do see these dips – and these are small dips, but theyre getting bought up pretty damn quickly. Currently bitcoin is attempting to paint a daily candle above this area of resistance. If we do, if we do get this right here, then sixty thousand dollars is only a short hop, skip and jump away. Now, once we crack over sixty thousand dollars. I think that is a big big moment for bitcoin. I think were gon na see a lot of commitment from the market were gon na see a lot of people jumping in and longing bitcoin at. That point were going to see a lot of spot buying at that point, because once we hit 60 thousand dollars were just getting a new all time high its going to come like that, its going to come like that, it can be so so quick were so Close right now i mean just just for perspective here just for perspective here lets go out to the weekly just to make this a bit bit more apparent.

Look at how close we are right now to getting a new all time high for bitcoin were literally, like you know, just a few thousand dollars away the all time high here, of course, 65 000. Just put that on there, 10 10 were 10 down. Bitcoin can do that in a single freaking candle. You realize that right, a single daily candle can knock out a 10 move for bitcoin and when we get that bitcoin etf approved, whether its in four or five days, right thats, when the first uh bitcoin futures etf approval is coming up or not. Maybe we see it happen later in the year whenever that comes, things are going to move really really fast, so very interesting, its no wonder. We see, of course, people buying up these daily dips that were getting also, you can see here on chain activity for bitcoin. I think its a very important one to share with you here, because what have we seen weve seen this massive sell off. Of course, back here the the low point in july at 29 000., you guys remember, buying bitcoin back, then those are good times. Those are good times i miss those times very reminiscent of the march sell off of 2020.. We had this big drop in the market and we see on chain activity. Thats active addresses, thats, active entities, thats transaction counts. Look at this were right back level wise. So you can follow right across here level.

Wise were back to like may 2020. after a major correction were starting to build up again now what happened to may 2020. Of course that was the round the bitcoin. Having happened right around here sometime and then we just started building and building and building and building and building and building. Of course, until we got a price crescendo happening in april of 2021 on chain activity peaked for the most part around uh january 2021. So that could be a situation were looking at right now, with steady growing on chain activity, which will obviously end up getting to new all time highs if we do get new all time, high prices for bitcoin following along. So this is just showing that were seeing the on chain movements to back up the fundamentals that were seeing potentially the bitcoin ecf and, of course, the technicals that were seeing with this potential breakout beyond sixty thousand dollars. Just a quick, quick funny. One for you were not gon na spend much time in this cook, quick, quick, quick, quick funny. One inflation, inflations hilarious uh said nobody ever now. Look. What is funny is that here we go wall street journal, inflation likely stayed high in september. Well, news flash wall street journal: everybody knew this inflations not going anywhere except up, but remember back in the day when they said: oh inflation, its only transitory its only temporary its only a little bit of quantitative easing, oh its only a few percent price increases.

Oh, its only you know taking the dollar off the gold standard, oh its only this only that before you know it before you know it youre pushing around wheelbarrows of cash to buy a loaf of bread, the power of inflation, the power of inflation making you broke Since the 1930s inflation man – ah these guys anyway, its kind of serious news, serious news not like serious serious, face serious okay, so the us has dominated the global bitcoin hash rate distribution after the china crackdown this this just blows my mind, michael saylor, famous bitcoin, bull, Shared this fantastic uh infographic here, which just lays out the situation for you, you can just see how quickly and how dramatically the situation has changed. This is a massive geopolitical moment for bitcoin lets. Just go ahead and start playing this here. You can watch it play out in the background here while im talking, but just look at how quickly china lost all that hash rate power, so they went from being the kings of bitcoin mining. The us, of course, starting to come up in 2020 with all those big mines announced in texas and then, as 2021 starts to go along. Look at this boom done over whered china go to almost zero. Almost all the bitcoin miners have moved out of china. Now we have the usa currently with 35 of the total hash rate, thats incredible. That is absolutely freaking. Incredible, no longer are we going to have to deal with the whole.

Oh bitcoins, china coin narrative that some people were trying to push to disparage bitcoin and yes, of course, now the conversation will flip around to oh but bitcoins. Using up all this energy in texas that should be used somewhere else, sure sure bitcoin uses a lot of energy thats news to nobody. We all know bitcoin uses. Truckloads of energy depends on what kind of energy it uses now in texas, where most of the us mega mines have been going, its powered by solar and primarily powered by wind, its pretty interesting, actually that a lot of the u.s hash rate is renewables, its renewables. So thats really good to see uh. Kazakhstan has now become the second biggest bitcoin mining country and they are non renewable, its almost completely powered by hydrocarbons. There you go such things, russia. A lot of this is powered by hydroelectric dams out in siberia and central parts of russia, so thats helping our um renewable narrative for bitcoin canada as well, is going to be almost strictly renewables for bitcoin mining. Remember seeing a report that just the province of quebec alone just quebec could power the entire bitcoin network with you know its current energy requirements, obviously its only around 10 percent of the total. A lot of that will be in quebec, but um yeah, thats again a lot of renewables. There, ireland slowly sneaking up here thats kind of cool malaysia, germany, iran, three percent, which again is almost strictly burning oil to mine bitcoin, but the usa coming out on top thats going to make a lot of people very happy, because we were already starting to see These kind of bs narratives earlier this year late last year – oh bitcoins, blood coin, right its because its made in china and something something you know bad things happen in china.

Therefore, bitcoin from china is inherently bad. Well, the usa is now the biggest hash power provider for bitcoin major major geopolitical move there and um yeah its one that i like its actually much better distribution of hash power. Not what i dont want to see. I dont want to see the usa go on and have 75 percent of the hash power because it just it just defeats the whole purpose of trying to geographically disperse bitcoin mining, but right now were not doing too bad right now were not doing too bad. So hopefully that continues, as is texas governor also vowing, to make texas the number one state for bitcoin. Yes, yes, they want it. They want it nice to see jurisdictions that actually want to get on the bitcoin train that want that business. This was the dumbest thing. Well, chinas done a lot of dumb stuff lets, put it in their top 10 list, maybe top 20 list of dumb things that theyve done. I mean you know. I dont think we can compare banning bitcoin mining to you know some of the stuff that happened in china, but yeah well put in the top 20 anyway top 20 bad things that china did banning bitcoin well put that on the list. Okay now lets talk about the bitcoin etf, 72. Bitcoin futures surge could signal imminent approval of the first u.s bitcoin etf. We see the institutional crowd getting very, very bullish on bitcoin theyre piling in to cme bitcoin futures.

Now you have to understand this is institutional money? Your average joe is buying bitcoin on coinbase theyre, not buying bitcoin futures on the cme thats institutions, who are doing that: hedge funds, private funds, whoever else all these big financial, institutional players, these guys, are all flipping bullish on bitcoin theyre, expecting a bitcoin etf to get Approved in the not so distant future now here is some very important updates for you regarding a potential bitcoin etf approval in the next few days in the next few days. Remember we have our next deadline coming up on the 18th thats early next week. It could happen real, quick guys so eric um hes, a senior etf analyst for bloomberg. He said valkyrie just updated their bitcoin futures etf prospectus, which typically only happens when the ducks are in a row and ready for launch they added their ticker btf. Although no fee still cant say this is a done deal type evidence, but its a good sign. In my opinion, this is what this guy does, this guy analyzes etfs this guy understands that when we see these things happening, it is the final steps before we get an etf approval actually happening now. The valkyrie etf you can see here. This is their odds of getting approved and the type of etf, so they still think its a two to one chance that on october 18th, the pro shares bitcoin strategy etf could be the first bitcoin etf to be approved in the united states.

These are all futures etfs again weve talked about how they are an inferior product to spot bitcoin etfs but thats what its likely going to be the case. Um the valkyrie bitcoin strategy etf, four to one chance of getting first approved deadline for this is october 25th. So thats the one we were just talking about, thats, the one that is doing those inner rumblings of that looks like theyre about to get approved. Companies only do these particular steps when theyre about to have their product approved its not a done deal but its a very interesting little bit of information here for us now. One thing thats very interesting about the valkyrie bitcoin strategy etf, its futures. Only you see a lot of these bitcoin strategy etfs their cme bitcoin futures, but then they also talk about well, maybe were going to go to canada and play with some of their um bitcoin etf products as well, and the sec doesnt like that. They only want cme futures backed bitcoin etfs. Now the pro shares one seems to meet all of the requirements. They may have some trep additions. The sec, of course, may have some trepidations about them, not being a hundred percent cme futures uh bitcoin strategy so well see the guys at bloomberg are still giving them a two to one chance of being the first one to be approved in uh four days time, Which would be dramatically crazy, its just so soon it would be so soon the valkyrie one um coming a week later.

We could also see the invesco bitcoin strategy etf on october 19th, getting through here vanakkam galaxy, also having some ones coming up soon. I reckon that what were going to see is once we see the first one approved were probably going to see a quick succession of three four five of these being approved, because look these guys we have five of them, six of them, sorry, six of them. That will be approved potentially within a two week time period. Do you understand how bullish thatll be for the market? Thatll be insane thatll, be insane itll, be totally freaking crazy. Of course we have bitwise fi and arc arc, has uh put in a new bitcoin strategy. Etf application, as well so thats a deadline for december 27th. Man. If we get like four five six, if all six of these get approved by november 3rd, no ones bullish enough its going to be crazy, itll be totally crazy. The market will go insane, just one of these getting approved the market will go insane, all of them getting approved, half of them getting approved holy cow, holy cow. It would be nuts guys it will be absolutely freaking nuts and remember what we are going to see once these get approved. They dont start trading the very next day theyll get approved and then theyll get a launch date. Launch date could be a month or two months away. So what were going to see right now? People are buying the rumor.

Now you might expect. Well, once the approval happens, theyre going to sell the news. Well, probably not because the launch is going to be the sell, the news event now there might be a a pump and a move back um in terms of uh a breakout. You know coming back down. That might be what some people are going to call. Well, they see they sold the news. I dont think thatll be the case. I think right now. If we get these strategy, uh etfs approved itll start off a massive massive, crazy rally for bitcoin. Well see it go up 100k. We get 100k again in a very, very short amount of time, its really not that far away. Once you start having all this excitement, building all this money coming into the bitcoin market, things can move real hard real fast and if we are going to see a sell, the news event itll be actually on the launch date of the etfs thats. Exactly what happened when the cme futures launched back in 2017, we saw a massive rally spark just after the approval of that product december 18th marked the all time high price for bitcoin of the previous rally at twenty thousand dollars, and it also was the high water Mark the day afterwards, basically the bear market started well all coins rallied from the two weeks, but for bitcoin that was it, it started going downhill. We could see a similar thing with the launch date for these bitcoin futures etfs.

Now this is really one final. Important point here we probably will see a strong sell, the news on the launch of these bitcoin futures etfs, because these are fundamentally inferior, junky products. Yes, they will spark a market rally. In my opinion. No, it will not be a sustained rally once we have these products actually launching, because every single dollar put into these bitcoin strategy etfs into these cme bitcoin futures, its garbage money, its garbage money, because these are garbage bitcoin contracts, theyre just paper garbage thats, it thats It if we were getting a bunch of spot bitcoin etfs approved, i would say, yeah okay, on the launch of those theres, probably going to be a sell. The news effect, but its not going to be like dramatically bad, but anyway, the the launch of a spot. Bitcoin etf would be fundamentally different to these futures etfs. It would actually be a bullish thing would bring a lot of bitcoin, bring it into the equity markets. The futures are not doing that anyway. Your question for today do you think that we are going to see a bitcoin etf approved in four days time or no, its just not happening its all just a bit of whatever and were not going to see any bitcoin etfs approved for a very long time.

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