Shiba Inu Crashing Bitcoin!!! [HUGE Crypto News]
Also, some big news coming out of brazil, big news from the fdic and big news from mastercard so make sure to stick around until the end of the video to get all of the goods. My name is lark. Every day i make videos talking about cryptocurrency investing. So if thats a top youd like to learn some more about, maybe to stay up to date with, i think you should definitely subscribe to lark davis channel. Also, you take quick second tap on that thumbs up button for the youtube algorithm thatd be super amazing. Obviously, anybody who wants to get a notification when i put out a new video should click on the notification bell. Now, if you are a trader, you want a great place to trade. A wide range of cryptocurrencies, bitcoin, ethereum solana, chain, link cardano. You need yourself an account over on femex. You can long, you can short, they even have a zero fee. Spot market use the link down below to start your account. Youre get 10 off of your trading fees and up to 1200 dollars in trading bonuses. So go ahead and check that out. If you are a trader now lets go ahead and get into the charts here. This is bitcoin bitcoin, us dollar. We can see, of course, this bitcoin uptrend that weve been in since uh. The end of september has finally been broken, so were go and go and go im going and we lost it here back on the 21st.
We have since then been struggling to maintain ourselves above 62 000. Now that has previously been a very, very key area of price resistance, as you can see right here again, acting here as price resistance failing to hold as support on both of the re tests. We had a re test here to see if we could hold two thousand dollars as a line of price support, flipping that old resistance into support to be very technically bullish thing. We did not do that. We fell below it here. We had another attempt at a breakout above that resistance here again that failed. Now, look obviously were very, very close to this line right now, so things could change very very quickly. All it takes is one bullish news story and things to get us going again for right now we are in a downtrend for the price of bitcoin, so we are putting in lower peaks right now, so we got just got our second lower peak in here. We can see here, of course, this is our downtrend line. We need to see the price breaking back above, well, sixty two thousand dollars where we, these two lines are currently converging. So, of course, that is the area of key resistance, as well as where our down trending line is coming into play here. Should we get any further downside price action? Obviously, 58 000 is the next key area to watch. Is it still possible? We come back down here to 50 000 at some point to retest the mega mega breakout of the mega downtrend weve had in place since april anythings possible in crypto, but uh we could break out.
There quite quickly depends on, of course, the news events over the coming days, so when we start to get the second and the third and the fourth and the fifth bitcoin futures backed etfs doesnt, really matter, the only person winning here with these futures etfs is the Cme because theyre the ones who are hosting these garbage paper contracts theyre making a killing, but it doesnt actually do anything good for bitcoin. Spot bitcoin etfs would totally change the picture, and that is not what we have right now again. Hopefully, the futures etfs end up becoming a gateway for a spot etf at some point in the not so distant future. But those are the current levels that im watching right now. A breakout, above this line, backed up by some volume, would be certainly an interesting area to go long on bitcoin dip, buying opportunities course down here at key areas of support. Now we are also, i want to point this out, because this is one of those canary in the coal mine kind of things. Open interest for bitcoin has reached its second highest level ever back here just a couple of days ago, so we can see. Of course, the highest level ever was back here on the 14th of april weve just reached the second highest level of open interest ever for crypto for bitcoin. So you think about that. What happened the last time? The open interest went this high. So this is derivatives, market, uh trading volume right what happened the last time it went this high.
Well, you can see 14th of april was our peak price for bitcoin before things started slowly coming back down now, im not saying that were going to enter into a new massive bear trend, just the way that the 14th of april led us into a new massive Bear trend, but when we do see these incredibly big spikes in open interest. Well, that tends to be a time when we do see a correction coming in to the market. Essentially, what youre going to see happening and it may we may pump higher the open interest. May go higher, but what youre essentially going to see happen is a lot of people who are going long and went long at the top. They went long at sixty five thousand dollars. They went long at sixty six thousand dollars. It went long at sixty seven thousand dollars, essentially the late longs right. The people whove been long since thirty thousand forty thousand fifty thousand. They were cashing out at sixty five, sixty six sixty seven thousand dollars when a lot of new money was coming in and longing the top essentially now what will happen is of course, a lot of those longs will end up getting washed out bitcoin being transferred over From uh the inpatient, the impulsive traders to the patient traders, essentially, so that is something to keep an eye on right now in terms of whats, going on the open interest for bitcoin, i think the it being at the second highest level ever is something to keep In mind for traders now lets talk about shiba inu, the dog, meme of dog, memes man, holy cow and look.
I know i know i know: shiba inu is not just a meme coin, but its a meme coin guys come on its got its got a dog as its uh name right and as its symbol, its a mean coin, but its a mean coin, thats doing stuff. It does have all kinds of various utilities within the sheba platform, so i i get that guys. I get that if youre a big shiba inu fan dont worry, i understand, i understand its, not just a meme but its also a meme, its also a meme and people love memes. People love me, especially the dog, memes man, holy cow and, i know, were seeing a lot of new dog meme coins coming on. A lot of them are bringing in utility with them as well, whereas, like dogecoins, just a simple payments coin, you really cant do much with it all these other coins are trying to build on top of that theyre building out defy ecosystems and bringing in nfts and All that kind of stuff right but heres, some information shared from uh, delphi, digital. They said dog coins are mooning again, which has historically been a pretty good indication of an over heated market. Now its not a perfect science right, but the broader crypto market has always had a bit of a mixed relationship with these dog coins in specifically dogecoin, of course, the og dog coin has often been a sort of an oscillator for for um altcoin uh taking off And stuff like that, and then of course, whenever it uh starts to pump shortly thereafter, we do get, of course, a lot of interesting price action happening, but as delphi is pointing out here that when we have seen them pumping so in april we saw massive uh Dog coin pumps: in september we saw another big dog coin pump and then, of course, market cooled off deep de leveraging, which were just talking about the open interest rate.
So a lot of those uh people who went along at the top are gon na start getting washed out as the price comes down. A lot of money, of course, flowing around into the dog, mean coins right now. Its actually im blown away im blown away by how popular shiba inu is its its crazy man. It did over 10 billion dollars in trading volume today now to put that, in reference. For you, shiba inu today did more trading volume than solana, cardano, dogecoin and xrp, combined about half the trading volume of ethereum and about a third, the trading volume of bitcoin thats, crazy man. That is crazy, of course, its showing an absolute uh, just frenzy of traders and retail buyers piling in to shiba inu right now, which of course is in a bearish uh divergence, which we talked about yesterday. At some point, gravity is going to catch up with the the doggiest of dog meme coins, but again just something to keep in mind just because its happened before doesnt mean its definitely gon na happen again, but as a um potential idea to keep in mind open Interest near record highs, dog meme coins, mooning tend to show an overheated market so something to keep in mind for anyone, whos thinking about rushing out – and you know going crazy with buying up cryptos right now. You may get some better buying opportunities in the coming days or weeks. Obviously, i always look to buy on the dip.
Situations always sends me a better time to get your positions in hand. Now lets get into the news. Real quick brazilian ride sharing app 99 with 20 million monthly active users by the way they are going to enable the buying and selling of bitcoin in their app thats totally random, and i love it and i freaking love it come on man. Imagine if uber was to do this, in fact, maybe uber will do this now they see another ride. Sharing app. Do that or maybe like go jack big southeast, its the uber of southeast asia. We could see these other guys hopping on board, but the brazilian one has done it so now, with your ride sharing app wallet, you can also buy and sell bitcoin, which gives exposure of bitcoin to another 20 million active users. Now this is great because its a beautiful fiat on ram, because you can already easily get money into your ride, sharing app and now this this is crazy. All of these people can buy and sell bitcoin via this app. Now, how many are gon na? Do it? Who knows that remains to be seen, but its pretty damn cool, just no ones bullish enough, no ones bullish enough. Look at all the stories weve had this year about new fiat gateways, new people getting in new markets really coming to life. The brazilian cryptocurrency market has really come to life. I think in 2021, obviously theyre the second country to launch a bitcoin etf and, unlike the us, which is offering gutter garbage etf products with their futures, etfs, brazil actually launched a bitcoin spot etf, like canada, did much better product.
Weve also seen a lot of venture capital going into brazilian exchanges, weve seen a lot of rumblings with uh in the brazilian political class, about uh, making more regulatory clarity around cryptocurrencies and now, of course, we have this big ride, sharing app bringing out bitcoin for their Customers, i love it. I love it. So cool lets talk about the fdic four letter, four letter organization – i love it so the fdic chair has said we need to allow banks to hold bitcoin and that theyre working on a way to allow for banks to be able to custody crypto assets. Thats massive. Now the fdic previously came out uh, maybe two weeks ago, approximately talking about how they were looking at bringing fdic insurance in for stable coins as well to allow banks to offer those products and then to have it, backed up by fdic insurance. Now theyre talking about bitcoin, the fdic is talking about how to make it possible for banks to custody, cryptocurrency assets, massive news, massive news and look the regulatory scene in the us, its so back and forth, and all over the place you know sometimes theyre just going So heavy handed against different cryptocurrencies, sometimes theyre doing regulations like wow. That actually makes a lot of sense, thats, something you should be doing. You should be working on how to integrate the digital money of the future now right. So this is pretty cool. I mean, obviously, the implications of this are massive, absolutely massive, that the fdic is involved in trying to get some kind of regulatory clarity and find ways for u.
s banks. The custody, crypto assets. Weve talked a lot about u.s banks this year and their adoption of cryptocurrencies. The new york digital investment group theyve cut multiple deals this year, which basically are going to allow for nearly every bank and every credit union in the usa to be able to offer bitcoin buying selling in custody to their customers. And then here comes the fdic saying: hey we see whats going on here. We want to be a part of this action too crazy man. Had you told me earlier this year that the fdic was going to be getting into the bitcoin game. I would have said that youre crazy man thats never going to happen its happening, its happening final story for today, mastercard. This is massive news. Uh mastercard teamed up with backed theyre, going to basically be allowing for any merchant and any bank to offer bitcoin and cryptocurrency services. Incredible incredible were talking about thousands of banks. Millions of merchants that can start integrating cryptocurrencies into their products were reaching mass adoption right now. At least the rails are being set for mass adoption to happen, not everyones, going to start paying with crypto right off the bat. But just imagine that the cultural significance of when you start walking into stores and its just yeah. You can just pay a bitcoin here and when you get it on the screen, it says mastercard pay with bitcoin visa, of course, also getting big time in to the cryptocurrency game.
As we mentioned the other day um, i think american express they dont want to get into the cryptocurrency game, theyre anti crypto. They think its not a threat to their business model, which is exactly why mastercard and visa are like going all in on crypto. At this point, because they know they know whats coming, they see whats coming they dont want to go out of business. Mastercard and visa are playing this very smart. They are adapting to the new realities of payments and theyre getting ahead of the curve. Here they are trying as hard as possible to roll out all these different services to their merchants to their banks to their partners. Crazy again, no one is bullish enough because, in order to see the whole picture, its just so many stories, hundreds of stories at this point many thousands of stories ranging from just little places, accepting cryptocurrencies or buying cryptocurrencies right up to the biggest players in the world. The paypals, the visas, the mastercards, the jp morgans, the the the big commercial banks all over the world, the big social media networks – everybody is getting into crypto right now, man, everybody and its gon na be up and down and crazy and volatile, as crypto always is. But zoom out see the big picture realize were going to be in a market cap for crypto by the end of this decade, in the tens of trillions of dollars, currently around 2.5 trillion thats big man that is big anyway.
Just my two satoshis for the day, your question for today. What do you think about this whole thesis from delphi digital, that dog meme coins pumping, tend to indicate an overheated market and that maybe a correction is in store.