Right now were seeing institutions come out with major announcements regarding nfts bitcoin miners, the metaverse crypto in general. Yet the market is not reacting positively to all this news, so todays video. I wanted to take a minute to talk about whats going on in the market, important things you need to be aware of, and were also going to talk about, some big things going on with coinbase, mastercard and some institutions in general. So if you enjoy this sort of content, please be sure to like the video subscribe to the channel and lets hop right in so right now. Overall crypto market is sitting right around that two trillion dollar market cap and, as weve mentioned in multiple videos right now, bitcoin is approaching a very key inflection point where price has had this falling wedge pattern over the last two to three months and were finally seeing It come to an end where bitcoins price is either gon na have to break out above this downward trending resistance or its gon na break below it most likely pushing it to that 30 to 35 000 per coin range. But the good news is that overall crypto market were seeing the crypto fear and greed index in extreme fear and whenever we have seen it in extreme fear, it doesnt last there too long. So when we look at the overall crypto fear and greed index historically over time, weve been in extreme fear for almost just over a month now and every single time we have been in the extreme fear territory.

For that long, its always followed by a massive rally. You can map the crypto, fear and greed index over the bitcoins price movements, and you can see whenever were in extreme fear. That is when we saw that big correction take place. We consolidate before we see extreme greed, which is followed by a big rally and thats. Exactly where we are right now, but the interesting thing going on with the overall market before we get into some big news from mastercard, coinbase and institutions is going to be that right now i want to quickly interrupt todays video to bring you a word from our Brand new channel partner, the presidents nft collection – this is by far one of the coolest nft and play to earn nft game collections. I have seen yet the presidents is an exclusive nft and game fi collection powered by the binance smart chain. So it has much lower fees than other projects out there. The worlds first presidential contains 20 000 president portraits that can be minted. On the platform for just 0.3 bnb using metamask wallet, a person wholl be lucky enough to mint. The president number 19978 will get a 10 000 offer from the presidents team after the collection is fully minted. The cool thing is youll: be able to compete for 250 000 in the play to earn nft game war of morale to participate. You will have to form a team of allies from at least three president nfts that have four main skills: offense defense diplomacy and luck combined.

All these skills become the presidents morale or health. In addition, the project has a very cool referral program, something that ive never seen with any other collection out there. This with this referral program, it lets you earn 10 on the purchase of your invitees, so anything that they purchase you get 10 back as well as cash back pools through which the project will return up to 600 bnb to its users and fans of their contributions. Currently, the presidents nft has a giveaway that is launched on gleam ill put. The link in the description and 1500 people that participate in the competition will receive a free president nft if they meant two nfts or more so, basically for every two nfts that someone mints they will receive another one for free, so make sure to participate. As this is a great discount, its not gon na last forever ill put the link in the description check it out today. The deal starts on the 25th of january, and the list of 1500 people is almost full, so make sure to grab a spot using the link in the description and lets get back to the program. 43 of bitcoin trading volume is taking place during u.s market hours. According to a research report that just came out – and the interesting thing about this – is that u.s market hours – you know when the stock market is open, just makes up a small portion of the total day.

It makes up like seven hours of the total day, yet 45 43 of all bitcoin volume, like trading volume, takes place in those seven hours every single day. So why does this matter? Well? The important thing here is that, right now, bitcoin 90 day, correlation to the s p 500 is currently at its highest level. Since october of 2020 were seeing, the volatility is low, and what this means is that every single time that this has happened, it has followed by some sort of spike in volume, some sort of big event that comes out that catapults bitcoins price in the overall market. Higher whenever we see that tight correlation between bitcoin, the crypto market and the s p 500, that means you know its a period of low volatility in the market were seeing lower volumes in the market and typically its followed by one single event that catapults bitcoins price Higher and right now were just waiting were consolidating waiting for that either whale account that big announcement to come out, thats going to catapult bitcoins price higher because it never stays correlated to the s p 500. For that long it it comes in waves, it happens every so often, but it doesnt stay. That way for very long and right now were at the highest correlation between the bitcoin between crypto market and s. P, 500 that we have been since october of 2020, and we all know october of 2020, was right before we saw that massive rally putting bitcoins price up over 1 000 percent.

So that is all very positive with the overall market were coming up to a very key inflection point. Its going to take place in about january 24th were seeing crypto, fear and greed index were seeing the correlation between the s p, 500 and um. The overall crypto market, but the important couple things i want to talk about, is first going to be with polygon polygon, one of my favorite cryptos by far in the entire market. If you like, ethereum, you might as well bet on polygon, because polygon is just a leveraged play in ethereum, meaning when ethereum does well. Polygon is going to do better when ethereums doing poorly polygons going to do a little bit worse. But if you believe in ethereum long term, you need to be able you need to have exposure to some of these layer. Two solutions like polygon and recently polygon just came out with a major announcement that in a major upgrade where eip 1559 officially introduced the same fee burning mechanism to polygon. If polygon had that same upgrade that ethereum had about six months ago, and why is this important? Well, six months ago, ethereum had this eip 1559 upgrade basically making it. So ethereum was starting to get burned every single time it was mined, and what we could see is that, since that has happened, about 1.5 million ethereum have been burned, totaling about 4.8 4.9 billion dollars at the current ethereums price. This is important because it essentially helps to make ethereum supply decrease, making it almost a deflationary asset and theyre predicting that when uh eath, 2.

0 and ethereum emerges – and it becomes a proof of stake network – then were going to see. Ethereum supply slowly decreased every single year becoming deflationary thats important because it makes every coin that you hold more valuable. But the important thing here is that were seeing the same thing happen with polygon and right now, according to how much matic is going to be burned. Every single day, from this new upgrade its going to make a theory, a polygon deflationary, with 0.27 percent of the total supply being burned every single year and polygon has a fixed supply of 10 billion matic tokens right now, 6.8 billion are circulating, but this is going To be very important, because not only is it going to help um with fees for polygon, but also it makes it so. Every single coin that you hold is becoming just a little bit more valuable because now polygon is introducing this deflationary mechanism into its protocol. Last thing i want to talk about is going to be one of the biggest announcements of the day, and that is with mastercard, because mastercard struck a deal with coinbase coinbase has had a lot of big announcements, come out recently about their plans to release and roll Out an nft marketplace of their own theyre, trying to make it like the instagram um, like combined instagram with nfts. The way it looks is its just like a profile where you can see your personal profile with all the nfts you own and theyre, trying to make it much more interactive for people.

I think this is gon na be huge for nfts in general, especially because many crypto investors use coinbase, now its going to be easy for them to buy nfts theyre, going to have their own profile like an instagram sort of model. And the key thing here is that now mastercard announced on tuesday january 18th, they signed a deal with coinbase that lets customers use mastercard credit and debit cards to make purchases on the upcoming nft marketplace that will be rolled out by coinbase. So this really changes the game for nfts in general, because everyone is talking about nfts and how we need to see more use cases with them. We want to see them more integrated into day to day life, and how is this going to be possible? Well, you need to be able to buy them with fiat currency, you need to be able to buy them with a credit card, a debit card, and that is exactly what mastercard and coinbase and their partnership is gon na. Do for the nft space so im expecting big things to come for nfts in general um, and this partnership with coinbase and mastercard is really a big deal. So right now, where we stand with the market, is that were seeing all of these big announcements come out. We had a big announcement from intel about bitcoin miners. We have coinbase and mastercard having a partnership, were having big announcements, come out with walmart that theyre looking to possibly introduce their own cryptocurrency were seeing all these big announcements come out, but the market has not yet moved yet.

So what i am thinking, what im seeing with the market is that right now, all of these positive announcements are coming out, but we just need that one event that massive whale account that big event thats going to catapult bitcoins price out of its downward trending channel Out of this falling wedge pattern that we have seen as soon as this happens, im expecting a very fast rally to new record highs, because theres been a lot of positive news come out and the market is very healthy, were seeing a lot of good developments. Come out were seeing more mass adoption take place and its really just a matter of time before we see that breakout happen. So right now is the hardest time to continue holding your positions to even add more, but this is where people really make the big money. This is where people become rich from crypto is when theyre buying when the market is down when theyre buying when everyone else is extremely fearful and right now. That is the perfect time, its a perfect time to be doing that so thats going on the overall market.