Bitcoin Good & Bad News As Solana Flips!
Also, some solana news with some interesting details about solana – maybe flipping ethereum some day so well, get into that as well. My name is lark everyday. I make videos talking about cryptocurrency investing, so if thats, something youre keen on learning more about the kind of content that you appreciate, then i would massively value a quick thumbs up on the thumbs up button. That would be amazing, shows me and youtube that you enjoy this kind of content by the way, if youd like to earn a safe and simple passive income on your cryptocurrencies, you should get yourself an account over on celsius. You can earn six point two percent on your bitcoin five point: three percent percent on your ethereum great rates on alt coins and stable coins as well use the link down below to start your account and youll get a 50 bitcoin bonus, so go ahead and check That out, if you want to get started, earning some passive income, now lets go ahead and get into the news. First off id like to point out to the awkward news of the day. This is bitcoin versus the s. P 500.. You can see s p 500. Had a nice little rally here, s p 500 corrected here. Well, look! What came down right along with it bitcoin did come on bitcoin. What are you doing here? Man? It feels unfair to be so correlated sometimes with the stock markets with the equity markets, because they just hit a new all time high this right here by the way that was a new all time high for the s p 500 index, we didnt get new all Time high for bitcoin bitcoin was down like 35 at that point, but they got a new all time, high its not fair, its, not fair man.
Anyway, of course, we remain a risk asset class, and so when there is a perceived potential turn in the markets, investors drop crypto pretty quickly. Most of these guys are just in bitcoin or ethereum, but all the alt coins get dragged along into the mayhem of a bitcoin dump, simply because the liquidity and the pairs and stuff across the market for bitcoin are so interconnected with the alt coins scene. That one goes down the rest of them tend to go along with it, not just, of course, the uh s – p, 500, the nasdaq 100 also, which is very tech stock. Heavy looking rough today, still investors out, there being afraid of the federal reserve raising interest rates. I mean come on guys come on. The federal reserve is going to raise interest rates like 0.25 percent. Oh no, so scary were still at a real negative rate, even once that happens of like 6.6 seriously inflations out of control. Yes, the feds raising rates, but theyre not going to raise rates like 10 by the end of the year we might be up to 1. Maybe maybe – and people are freaking out, come on guys what is going on here? That is redonkulous, but again we have an entire crowd of investors here that are looking at crypto as a risk asset. When tech stocks start to start going down, we do have a strong correlation generally with tech stocks. When tech stocks start coming down, crypto tends to get hit along with it.
Unfortunately, so, hopefully, people chill out about the whole federal reserve thing. Yeah theyre, going to raise interest rates, weve known this for a long time. Yes, theres tapering weve known this. For a long time, yes, inflations out of control, these are all known things, yet the market still gets jitters about it anyway. So thats the kind of awkward news today, our unfortunate level of correlation right now with the uh equity markets, but heres, some good news for you before we get some more bad news, heres some good news for you, its a its a bad news sandwich with good Stuff in the middle, i think thats, not how youre supposed to do it, but anyway thats how were doing it today. Tonga is going to copy el salvadors bill, making bitcoin legal tender says a former mp former mp, so hes not currently in government, but anyway. This is, i think, been the plan. I know theres a lot of people um, who have been talking about tonga tongas been talking about it. Basically, ever since el salvador did it here, it is in the news again theyre saying that their country could adopt bitcoin by november, which is a long time guys come on. You can move a bit quicker than that, but you know its tonga. Things move slowly its a super super laid back pacific island nation. So you know i guess november thats fine thats, fine. We will take it ill, take it by the end of the year.
Thatll be cool guys, but this would obviously be a massive massive deal and i know look. Tonga is a very small pacific island nation, but el salvador was just a small central american nation. The thing to understand here is that it all builds up into a big picture once tonga has done it well, then we now have two countries where bitcoin is legal tender and then whos next, because there will be a next and before you know, weve got 20 30, 40 countries by the end of the decade that made bitcoin into legal tender that that is freaking crazy when that happens. Tonga, of course, a great potential candidate for bitcoin legalization, because it is a country that depends very heavily on remittances and so its a country that has basically been getting screwed for decades by these remittance companies taking huge percentages of these peoples money. So yes to bitcoin. In tonga, good news, please do it guys itll be awesome. Itll be good for tonga good for everybody. Lets lets get it going now for some more bad news. I guess weve gone from the awkward to the good to the bad, its open faced sandwich news today. Pakistan plans to ban cryptocurrencies as their stance hardens, so a central bank government report recommends declaring all cryptocurrencies illegal. Another one come on pakistan. What are you doing man? What are you doing? Thats, ridiculous one i just when a country says they want to ban cryptocurrencies.
It just says you have no idea what cryptocurrencies are youre, never going to ban them. Oh youre gon na make it illegal to do payments, which is you know, ridiculous youre, going to make it illegal for people to have trusted on and off ramps to. Basically, all that pakistan is going to do just like all that china has ever managed to do by the way is create a big freaking black market thats. It thats it thats. The only thing pakistan will accomplish by trying to ban cryptocurrencies theyll make a black market for cryptocurrency just the same way. China has just the same way. Anyone who has cracked down on cryptocurrency has cryptos not going away. Pandora is out of the box. You cant put her back in chaos, has escaped thats it man thats it thats it wtf and were at a time when most countries are actually going in the opposite direction. We see a lot of countries trying as hard as possible to say: hey. We want the cryptocurrency business to come here, texas. We want the cryptocurrency business to come here, spain. We want the cryptocurrency businesses to come here, lots of other countries. Yes, yes, yes come to us cryptocurrency businesses. We want your business. We want your money in our country, pakistan, taking the opposite route saying get out of here, guys, not a good decision. Pakistan. I hope cooler heads will prevail in the end and that pakistan will not try to ban cryptocurrencies.
It would be bad for the pakistani people. Of course i want everybody to have access to cryptocurrencies so yeah. I hope they get it right, but pakistans big country, big population, would not be good to have them taken out of the equation. We want them in the equation: everybody in the equation, man, because crypto is the future. Now lets talk about so lana. According to a bank of america report, solana is primed to beat ethereum and to be the visa of the digital asset. Eco system, big big call from the bank of america big call indeed now weve seen a lot of interest into solana, a lot of applications building on solana, and i think that the massive scalability at layer, one for solana, is something thats very very attractive. For the wider market, now you have to understand. Ethereum still has the massive developer lead um, the massive application lead, the massive total value locked lead. They are heavily in the lead right now and everything, except for i guess i guess theyre winning the fees right. They have the biggest fees theyre number one for fees, which is not a good thing. You do not want to be number one for the most expensive fees using solana costs a fraction of a penny. Using solana is pretty enjoyable, its pretty easy to do, but ethereum man ethereum, can cost stupid amounts of money. If you guys have used ethereum, you know exactly what the heck im talking about.
So i think, right now we are at a stage where, whether its going to be solana or another blockchain, like you know, avalanche or phantom or whatever, were at a stage right now, where there is a lot of pressure being put on ethereum from the competitors. Who are hungry for market share hungry for recognition and who have good technology that actually works today i mean, i know solana goes down from time to time, but you know for the most part, it works totally fine, with really really cheap fees so interesting to see Bank of america, looking at other blockchains and saying yo ethereum whats going on here man, you got some good competitors and theyre coming for you. You can see, though, um solana not actually at the top of the price mover list this week. In spite of the positive nod from the bank of america, weve seen oasis network near uh protocol as well, among harmony all these other layer, one block chains are getting a lot of interest from the market, especially the ones outside of the top 50 weve seen oasis. Go from like number 100 up to number 80 already this week near has gone from 24 to 16 in terms of place in the market cap harmony as well rising. We have all these great layer, one block chains with cool applications, huge incentive funds for people to come in and take advantage of the the gauntlet has been laid down.
The competition is on right now for ethereum to put up or shut up, and, of course, we have proof of stake coming mid year, but thats not gon na help the fee situation. Unfortunately, in the meantime, you can use all these other blockchains for a fraction of a penny. There you go. We also see phantom on the up here: seven billion dollars total value locked up 20 this week looking to come for uh solana. Potentially i mean if it keeps on this trend. Solana, total value locked down 10 this week, phantom up 20 money moving into the phantom ecosystem, big incentives program, of course, as well as um andre krohn, launching a very exciting new application, which has implications for users of most of the top phantom applications. So, no wonder we see that money flowing into phantom this week, so we could see phantom flipping solana as well, so solana might flip ethereum phantom. Might flip solana whos going to win in the end in the game of blockchains its exciting times? Also this week we saw massive amounts of total value lock flowing into the oasis network, which of course was the biggest gainer of the week from the layer, one blockchain space, but a big big amount of money flowing in into the oasis network applications. They just announced a 200 million dollar ecosystem fund, backed by binance, so i think were going to see a lot more people talking about oasis and network.
Again we havent talked about oasis network on the channel for a while. Now we talked about it a bit last year, but now theyre really starting to do things. People will start to pay attention to oasis network and what theyre doing, and i think were going to hear more about them as they continue to build out and release new applications on their network. Final bit of news for you from today mark cuban billionaire mark cuban has come out and said that 80 of his new investments are in to crypto, which is pretty big. Pretty big, i mean thats uh assumingly mark cuban is bringing a decent amount of money into the market when he talks about new investments right well, he is investing into the crypto space, another shark tank guy, just like kevin oleary, another shark tank guy too, who was Doing some crypto stuff last week or something i saw these guys getting in to the crypto game in a very, very big way, 80 of his new investments are going in to crypto, which i would say would probably be around. I think what a lot of uh crypto investors would be into right me. For example, i also buy stocks. I have got a stock portfolio going so im, not a hundred percent of my funds going into crypto.