So in yesterday's fomc press statement, we received confirmation that jerome powell and the federal reserve will be raising the interest rates by 50 basis points for the month of may and reduce the size of its balance sheet by 47.5 billion dollars a month for three months and Then 95 billion dollars a month beginning in september now, if you're thinking that this news would immediately create fun and crash the markets, you're actually wrong, because the price of bitcoin rose about four percent after powell's remarks and surpassed forty thousand dollars. Now the cryptocurrency market gained nearly six percent in less than 24 hours and before the trading day came to an end. The dow jones was also up 2.8 and the nasdaq was up 3 in this video, though we'll talk about why the markets defied our expectations and why the rise in interest rates was actually a good thing. We'll also cover the top stories coming out in the market.

For today, so that you can stay informed on what's going on and what you should do next, if you are liking, these daily market updates be sure to like this video down below and subscribe. If you haven't done so already and with that being said, let's hop into the computer and see what is going on in the market for today, all right, so the global crypto market cap went down since yesterday about 4.52. Now we are seeing more volume coming into the market and this is actually happening because bitcoin had an incredible day, not incredibly good but incredibly bad day today, so pretty much opening market. This morning we saw massive declines, erasing all the gains that they made from yesterday.

The nasdaq today dropped four percent on post fed open. The dow jones is down 3.5 and bitcoin dropped as low as 8.5 since last night. All the way down to 36 529 so below, is the bitcoin four hour chart and that large green candle before the decline was during and after powell's fomc statement. Yesterday, overnight and into this morning, bitcoin went ahead and dropped more than three thousand dollars all the way from thirty nine point, eight thousand dollars to thirty six thousand hundred 500.

Now i will say this: the daily charts are looking horrible. Also now that bitcoin has broken out of that wedge and now below the support line. Now, in any case, i never want to sound overly bearish or overly bullish within the market. I just want to give you guys exactly what i'm seeing, but this is the first time since february that bitcoin has been able to get down this low.

Now. The dxy, also known as the us dollar currency index, did exactly the opposite of what happened to bitcoin during powell's statement. Yesterday, dxy price declined over one percent, but since then it's risen about 1.5 percent today. So far so pretty much yesterday, people were unfazed by the 50 basis, point interest rate hike, but the effects are now starting to settle in and the fud has returned.

The reality of the situation is this: bitcoin is down big and the dollar is getting stronger. Taking a look at the crypto fear and greed index, you'll notice that today it is a 27 within the market. Now i will note that even with bitcoin going down we're actually not seeing huge liquidations happening over into the d5 space. If we take a look over at d5 llama and see the total value locked, it wasn't a huge decline.

Yes, we did have a drop down below in price, but still it is fairly high since the start of the past year now going into some of the top winners. For today, we actually do have certain cryptocurrencies that are still up, despite bitcoin being down a drastic amount. One of those is going to be anchor protocol, which is up about 11 for today now, just yesterday, anchor protocol actually hit a value of 20 billion dollars locked on their protocol. Out of all that, 14 billion dollars were in total deposits and then about 5.9 billion dollars is in total collateral now with bitcoin going down in price.

Naturally, if you guys have been within the markets, you know what's coming up next and that results in a lot of all coins getting slaughtered as well. Now, while certain individuals may see the bear market or crypto going down as a complete disadvantage, this is very beneficial for anyone who's been waiting to re-enter the market. Even as one example take a look at solana we'll see that right now, they're sitting at 82, where, even just in the month of april on april 1st and 2nd, we even saw the cryptocurrency for this hitting 140 pulling it to the all-time charts. You'll obviously be able to see that we are hitting another bottom here if we're able to get any type of similar movement that even happened in april you'll notice that this would still be a good amount of gains reflected back onto your investment.

Now, in the last seven days, there are still some winners: tron is up. 15 xdc network is up 12, but if we look at the losers, you'll notice that there are many other all coins that have been getting slammed. This is going to include some of the top winners, which now seem to be getting a strong correction. Apecoin is down under 14 step in gmt, is down to 2.67 cents or down about 30 percent.

In the last seven days, cava is down 27. We also have chronos or cro or the crypto.com token down about 28, so it looks like a lot of other. All coins are continuing to go back down in price, but here's what i always say these are where the opportunities lie and if you have been waiting on the market, these are going to be great great buying zones. If, if we take a look at the market in a long term vision - and we imagine that things are still going to go up despite the short-term volatility, there shouldn't be anything new to investors - something i do need to mention constantly in this channel is timing.

The market can often be difficult. I know a lot of people end up fo mowing near the top. They don't end up taking profits because you want to get more greedy within the market and it's natural human tendency. You can't fault yourself for that, but i will say this as we continue to move through the different cycles that we see within crypto.

Please use all these different moments as learning lessons so that you're able to continue making more money in the future. If we do get another bull run now, even with all coins going down without having to short any positions, i'm telling you there are still so many opportunities within the crypto market and some of the articles that we'll cover in today's episode is really going to cover. Just a lot of the mass adoption that we've been seeing now before we do that, let's actually break down one of the key reasons why the market has been acting. A little strange things just got out of hand.

Doctor strange is coming out: i'm a huge marvel fan if y'all see the thanos glove. Obviously you guys can tell, or i mean if you guys have been watching my content for a while y'all know that i'm a huge marvel fan now. One of the reasons for the insane market volatility is because of the federal hike rates at fastest pace in 22 years. According to this article here now, jerome powell yesterday stated that inflation is much too high and we understand the hardship it is causing.

He said we're moving expeditiously to bring it back down now the 50 basis point interest rate hike comes at no surprise since chairman jerome powell also hinted at the possibility of a more aggressive rate hike than the usual 25 basis points. Now. Investors and traders, however, were waiting for a more detailed plan on how quickly and vigorously the central bank would shrink its balance sheet and bold holdings scrolling down scott mcdonald also stated, if not handled agitly could result in deeper disturbances in the bond market. So here are my thoughts on this whole central bank policy and the current inflation rates.

I believe that bitcoin didn't drop because it already suffered the damage from the rate hikes, if you think back to when we got the announcement, that rates would be going up in november. Bitcoin's price has still been fallen over 40 since then. Now, since we do know and are expecting the interest rates to go up by 50 basis points each month when it actually happens, this type of news may not be necessarily impacting the market specifically, but i do think it can still stir other larger whales up and It could also cause that volatility. I do want to say that this year seems to be much more different, though we have so many big institutions just waiting for these larger dips to occur, and when the price of some of these assets go down, i'm telling you just look at microstrategy.

As an example, there are many companies still looking to add bitcoin on their balance sheet and, if they're holding it for two to five to even 10 years. This is still very, very bullish. Long term for crypto in terms of next news, coinbase also went ahead and opened up their nft marketplace to everyone. They actually came out this tweet that you see right here.

It's all happening and we're super excited to announce we're opening up, coinbase nft beta up to everyone, and you can go up and set your own profile at nft.coinbase.com. So the coinbase nft is going to look to take a chunk of that market share from the nft marketplace. Kingpin open c coinbase reported that it plans to grow its user base in part with a series of nft collection partnerships tying back to the platform of which one is a board ape yacht club film trilogy to debut at the nft.new york city event in june. Now, if you haven't heard about the board ape yacht club film that they're working on, we actually talked about this in one of our previous uploads, but here's what you need to know.

Basically, this is going to be a film trilogy with crypto exchange coinbase behind the camera. They stated the first of three installments for the series of animated short films titled. The dj trilogy will premiere in june now, although many details about what the movie is going to entail hasn't been released. We also did have a lot of information early on about how you could get involved.

If you were a member of the boarded yacht club, the board, a yacht club owners were invited to submit their apes for consideration as characters within the trilogy. Now i'm really curious to see how a movie like this is going to pan out, and i'm also just very curious to see how this is also going to impact the nft market. Although it finally looks like coinbase is getting into the nft space. A lot of people were anticipating that many new users would start getting more into nfts because they are making it easy and they have so many newer investors on their platform.

Only time will tell if this would ever trigger any type of bull run, at least within the nft market, but i can tell you this based on the data that we're seeing within nfts right now, we are still continuing to see excess volume moving into different blue Chips, if we even take a look at the last 30 days of volume and notice that we're up about 53 we're seeing 1.57 million dollars in each now. Although we're not anywhere near the huge pump that we had back in august of 2021, we are still seeing similar effects where we're actually growing up in value. We're also getting some additional data that the amount of users going into nfts is increasing per week. We're seeing this also translated into the transactions per week, and one of the reasons why i believe this is happening is because of the other deeds nft.

Now the other deeds volume has been crazy and it's just been continuing to rally up the reason why i believe many people are continuing to buy. This is because the ethereum floor on that is still fairly low and you'll notice that whenever we have projects that are still under about three to four ethereum, it still opens up a big majority of people to continue to get in now. Although we have not heard about any news regarding how this all works, what any of these codas mean, or the value of some of these land plots, i'm seeing so many board ape community members or people who have been making six to seven figures within the nft Market for the past year, all doubling down on this. The analogy that i've been hearing is that the other side is very similar to when mutant apes were back at two to three east.

Where, currently, right now it's sitting at over 25 eighth floor, you don't have to be a rocket scientist to do the math on that and realize just how extraordinary the gains are. But i just want to reiterate right now, even when bitcoin goes down and other all coins seem to suffer, there are still so many opportunities for you guys to be able to make money. So, while coinbase has been investing into their own nft marketplace, their top competitor binance is actually making investments of their own. We got word that binance invested 500 million dollars into elon, musk's 44 billion dollars, acquisition of twitter and, according to the ceo of binance cz stated, this is a small contribution to the cause.

Binance is now the fourth biggest contributor and binance is one of 18 co-investors. In this acquisition, alongside major crypto industry, players like sequoia capital fund, fidelity management and a research company, the venture capital, firm, sequoia capital, also committed 800 million dollars, and the list of investors interested in this continues to grow. Oddly enough, we also found out that elon musk received some funding from the saudi arabian prince who's promised to commit a total of 1.9 billion dollars worth of shares to back elon musk's proposed buyout. Now, before we continue into some of the next headlines, i did want to give a quick mention to our sponsor for this video ftx.

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Now, if you didn't know the digital asset service provider, registration in france is actually a key milestone for the trading platform. The registration represents the first one in all of europe, further demonstrating the commitment of binance to be an exchange platform that prioritizes compliance above everything else. Since binance has launched out of shanghai in 2017, with the ceo cz who now states, he was grateful for authorities to showcasing their commitment to innovation, making it possible for the trading platform to navigate its way through the process. This really just shows us the immense leap and the growth that they've also had as a company.

Now i'm sure, through this other european countries are sure to follow suit in the coming months and the years and as we continue to see other european nations just coming on board. This is when we see massive global adoption happening with crypto with us, helping the price of the markets continue to go up, so we also got word from california, governor gavin newsom, which actually signed an executive order to spur crypto industries into the state. Now, what tech investors and businesses in california have been getting into crypto well over for a decade the governor of california gavin newsom that oversees the state with the largest economy is joining the party. So what actually happened was back on wednesday or yesterday, gavin newsom went ahead and initiated this executive order, which would lay out a roadmap for regulatory and consumer protections, and also it examined the ways that the state can take advantage of blockchain technology and digital assets.

He states, california, is a global hub of innovation and we're setting up the state for success with this emerging technology, spurring responsible innovation, protecting consumers and leveraging this technology for the public good. The governor also stated too often governments lag behind technological advancements, so we're getting ahead of the curve on this, laying the foundation to allow for consumers and businesses to thrive. Now the reason behind an executive order like this is just plain and simple. California, right now is too expensive.

The taxes and regulations are too high and california right now even has a 38 higher cost of living than the average city in the united states. With this being an attempt to bring large crypto companies into california and to become the main hub for crypto, like california, was for tech, where you saw it with silicon valley, looks like governor newsom is trying to take more of an offensive stance. Now my personal opinion, i do think if he wants crypto companies to go to california. He can start by solving the issues that many people had which led them to leaving the state in the first place, and then he could also incentivize other crypto companies with things such as tax benefits, because i can tell you this, i don't think many people would Be interested in moving to california, even though the weather is nice and the food is good and you know the people are lovely for the most part.

I just don't think it is enough for people to pick their bags up, move to a state only to just get taxed more now. Let me know how you guys feel about that as well and before we wrap up this video. I wanted to come out this one interesting headline which is coming from starbucks and the nft space as well. So starbucks had a headline that stated they plan to bring a global digital community around the coffee world with an nft loyalty program.

So the cmo brady brewer also cool, like that last name: starbucks coffee, brewing bruin, mr brady brewer, was he born for this anyways. He explained to investors during their quarter to 2022 earning presentation that the coffee company will add new concepts such as ownership and community-based membership models that we are starting to see develop in the web3 space. Imagine acquiring a new digital collectible from starbucks where that product also serves as your access pass to a global starbucks community, one with engaging content, experiences and collaboration all centered around at coffee. Now this plan is going to roll out some kind of digital collectible.

Enhanced loyalty program powered by last year's buzziest term, which is nfts now so far. They say that the company doesn't know which blockchain it may use, or if it's going to use multiple at once, but just the fact that i know a lot of people have the starbucks app people are still using them when they're on their way to work or Going to school, if we see them really just democratizing what nft's use case could be. I do think this could even open up a flood of other new individuals into the space just about a year back, most people didn't even understand what nfts were they didn't know. What a non-fungus token thing was: they thought it was just a disease or a piece of bacteria nowadays we're actually getting the right termination, we're getting non-fungible tokens, we're getting people to understand, get educated within the space and we're also seeing a lot of these other companies.

Like starbucks and a lot of major players within the space entering the nft market, a lot of this is great stuff, and this is why i continue to think that pivoting and knowing how to make those adjustments within the space is key for you to continue to Stay relevant in being able to make money at the same time, it's never impossible to make money within crypto. I just think when it's a bear market, it is a bit harder, but it is not impossible because there are still many tools that you can use that allows you to capitalize on times like this all right so to wrap this video up, make sure to head Down below and like this video, if you did enjoy today's market, update, also be sure to check out the links down below in the description where you can find my twitter and my instagram, and if you do follow me, watch out for impersonators and scammers, they are Crappy, i don't like them, you guys shouldn't like them. Either we all don't like them. They they will do weird things and dm.

You were just y'all, know, y'all know what happens now by the way we've been getting a lot of dms and requests for people wanting to get into our private discord community through our patreon right now we are still sold out on spots, but this weekend we are Planning to open up a hundred spots for new members to join in so, if you guys, are interested in being a part of this exclusive community where you can get access to my research special whitelist, my buy and sell alerts, my portfolio technical analysis from some of Our best advisors and a warm kind-hearted community don't forget to check out the link down below for that as well. Now, that being said, it's always a great idea to check out a vpn if you guys still haven't done so already. I've said it. I've probably said it a hundred times now, don't forget to check out the link down below for surf shark vpn, where you can find yourself getting 83 off in three months free.

Just a reminder. Thank you to ftx for sponsoring this episode as well check them out. If you guys want a hundred dollars using code jung, we got to do today's code word. Today's code word for this.

Video is going to be a dolphin comment down below dolphin. Let me get a cool little dolphin noise and i appreciate you guys for watching today's video, like always have an amazing day, take care and i'll talk to y'all soon, peace.