So the past several days has been some of the worst that the crypto markets have ever seen. Bitcoin suffered one of its worst price declines of the year. Following that we had ethereum down 20 in the past 24 hours. The s p 500 index dropping three percent.

In today's market open officially entering bear market territory as it's now down 21 year to date, so in today's video we have a lot to cover and we'll start with why the krypton financial markets have gone from bad to worse, and on top of that, we'll cover How you can protect yourself and, most importantly, how you can take advantage of these opportunities coming ahead now, if you guys are enjoying these daily market updates, don't forget to drop a like down below subscribe to the channel? If you haven't done so already man the crypto markets, they they have turned bad. So with that being said, yeah, let's hop into the computer and see what's going on for the market for today, all right, so the global crypto market cap is actually sitting at a 977 billion dollars. We are now seeing the global crypto market cap falling under the one trillion dollar mark. On top of that, the crypto fear and greed index for today is gon na show us 11, but the next time we get a refresh.

I think it's gon na go down. Even more than that, taking a look at the overall markets, bitcoin is down 15. Today, ethereum is down 17 today, and we are seeing a lot of other all coins in the market getting wrecked as well going into the top losers. For today we have about a 20 loss for most all coins, all around the board.

Now taking a look at some price action for bitcoin this weekend, the crypto markets was really where the whole entire meltdown began. So bitcoin is currently trading at twenty. Two thousand. Seven hundred dollars for the first time since december of 2020, which is now in official oversold territory, with a daily rsi of 24 and a weekly rsi of 27..

Now we've talked also on this channel several times about how the bitcoin price action is bottomed out around the 200 week moving average in the last two bitcoin market cycles, with the weekend's price action. Bitcoin is nearing that support level currently at 22 300, and it's important to mention that in the covet crash of 2020 bitcoin dropped an additional 30 from its 200 week ma. So don't think it might be a best idea right now to yellow all your cash in. If that 200 moving, average price has dropped again, just because bitcoin historically in the past, has dropped even more than that dropped about 30 percent, and this time it could follow similar trends.

If that is the case, the price level for bitcoin that we would be looking at would be at the 15 500 level. Now one crypto: i wanted to focus a bit more on in this video aside from bitcoin. It's going to be ethereum, because currently this asset is still sitting at around 1200 and it's also reached its 200 weekly moving average, where it has now found some support. The rsi and the weekly chart for ethereum is currently at 27, while the daily is sitting at a 21..

Now, let's first of all, just dive into the question, why are the financial and crypto markets going so bad right now? Let's talk about a few reasons. First of all, the overall sentiment within the entire market are bad. This is not just talking about crypto or stocks. This is pretty much the general u.s economy.

We recently got data that mortgage demand also hit the lowest level since 2001. credit card debt is now up about 20. Inflation is the highest since 1981, and average gas prices, as you guys know, is looking pretty rough sitting at about five dollars across the nation. On top of that, seventy percent of the tech sector has already entered a bear market and, with the two day federal reserve meeting starting tomorrow june 14th.

Investors are now even more fearful that the federal government may increase interest rates by more than expected, especially in the light of all of the negative news that we've received lately now to make matters even worse. On top of all of that, the main catalyst that drove crypto down was the fact that the major crypto lender celsius, not the energy brand, because i know some people will confuse it celsius. The exchange went ahead and caused absolute panic in the crypto market when they decided last night to suspend withdrawals. So anyone who has been using celsius, i got a little bit of money in there.

I got three or four thousand dollars. Luckily, it's not in their earned program, it's within their general account. I still can't get my money out. I actually tried last night once i got the emails thinking.

Okay, this can't be true, but it is, and a lot of people are freaking out and right now this might be a bad sign within the market too. We'll cover a bit more of that later in today's video, but first of all with all this bad news. What does this mean for us investors? What does this mean for you should be running for the hills? Should you be selling the little money that you have left within the crypto market and do you need to be picking up a second job or even maybe a third side hustle? What should we be doing to navigate through these very, very difficult times so guys? I know i say this often, but i need to say it again, especially when the markets go down, because it's times like this, where emotions tend to get the best of newer investors and really the general public. I think everyone right now is shaken up and even before in the past, whenever we have gotten certain dips within the market, we would get headlines from other companies like microstrategy, claiming that they would buy the dip or el salvador coming in and buying it up as Well, but it seems like a lot of the bigger players and whales have also been quiet, and that might be due to emotions, settling in and really putting into the landscape of the fact that things may not recover.

As quick as many people expected it's amongst these times, where we see 12 to 15 dips - and you have to ask yourself how much lower can it really go and how long do you plan on investing into this market for the most commonly used phrase within these Markets is time. The market will always be timing, the market, because no one will truly know where the bottom is. I still am a strong believer of that and if you plan to buy the dip you know a month ago and you put in all your money, then you'd be out of fire power. No one can really time the market and just because the markets go down.

15, it doesn't mean that it can't happen tomorrow, while at the same time i will say just averaging in consistently during these times and knowing that we are gon na get green at the end of the tunnel. We are gon na see light. Don't worry because many people are gon na get scared. Many people are gon na freak out thinking.

This is it. Crypto is going down even lower, but if we use even past data from historical bear markets, we can actually see that there is indeed some hope left within this market. Usually, what happens in these times is that investors continue to wait on the sidelines in every bear market hoping to predict the lowest possible price to buy in and what usually happens is we see a market recovery before you know it? On top of that, the quote by warren buffett be fearful when others are greedy and be greedy when others are fearful, is maybe something that you can at least get printed out and put over your bed too. The reason for this is because the long term, i'm still so bullish on the overall crypto and financial markets and the benefit of having a bear market like this, is that we're gon na see a lot of crypto projects getting wiped out.

We're gon na see some bottoms coming in, but one this is gon na open up some insane buying opportunities where we haven't seen these price actions for at least four years with certain assets, and on top of that, beyond our current financial and economic situation, this will Prove to you, giving you more experience through other bear markets and also showing you exactly which legitimate projects are here which are going to last us into the future. Keep that long-term discipline and the famous saying goes, everyone has a long-term perspective until they have short-term losses. My biggest recommendation out of all of this, ladies and gents, is to not fixate so much on your portfolio right now, stop looking at your 401 case, stop looking at your crypto wallet, stop tracking your losses, and you know your robinhood accounts just track the assets that You have long-term conviction in and when you're ready to invest, make that move, it's clear to say right now, we're in a market bloodbath and if you keep feeding yourself negativity, you can find yourself getting emotional and in a state of panic, pretty quick, especially when the Entire market is pretty fearful on top of that something i never really talk about. A lot on this channel is just using leverage.

I don't believe in leverage just because of times like this. If anyone was going long or they're, you know planning that bitcoin was going to go positive and they're using an absurd amount of leverage. These people are the ones that often times are going to get wiped out the most i'm sure about 80 to 90. Maybe even more percent of my followers right here on this platform aren't using any type of leverage.

So it's good because you do not want to take on debt to invest in a bear market where i believe that's going to be completely unnecessary risk where the upside is still strong. Just by using the cash that you have now. I know times suck and you guys are going to see me over time like getting more and more fit just because in a bear market i tend to change my priorities. I tend to focus more on health.

I tend to go to the gym more eat, more healthy, learn, some more recipes to cook and i would say, as you know, crazy of financial advice as that could sound, because it's not at all that's something that i think everyone could take a little bit of Hints from just because when the markets are sucky, when the markets are looking, dooky do poopity poo, whatever you want to call them find different things that you can do so you don't get sucked into that portal of negativity. Money is great and at the end of the day, i want everyone to win and to be able to make as much life-changing generational wealth as possible, but at the same time focus on your health. And if you find yourself getting into that, a terrible mindset go outside, go for a walk, go, get a gym! Membership focus on different priorities for the time being, because if this bear market lasts, there's no need for you to be under constant stress for the next 12 to 24 months of your life. All i see is the crypto markets move up their crypto markets move down.

We go in cycles, but at the end of the day, this is still here to last and i believe we are still very very early in the overall adoption and over time as things move forward, we're going to get the other side's game coming out. We're going to get web 3 projects coming out, we're going to get more metaverse projects coming up. There's going to be so many more developments that i think is going to push us to get that next pull cycle. But at the meantime, while markets are down just make sure that you're very conscious and you're self-aware about how you're feeling as well now before we move into the next major headline, which is going to cover celsius, pausing those withdrawals and talking about when we should expect To see our money coming back from this exchange, i want to give a quick word from today's sponsor public, so getting started in investing can be really intimidating, especially when the markets are like the conditions there are now, but public is here to make it easier for You to get started so public is an accessible mobile, investing platform designed to help all investors from beginner to an expert learn to be better investors overall on public, you can build a portfolio with a wide variety of assets from stocks and etfs all the way to Crypto and soon even nfts and other collectibles public has thousands of stocks and etfs on the platform, as well as over 30 cryptocurrencies public offers some of the most popular cryptocurrencies like bitcoin, ethereum and cardano, just as an example, given the current turbulent market conditions for both Stocks and cryptocurrency - i also like that public has an interactive social community where you can go ahead and share and chat with millions of other investors talking about the state of the market, or maybe some of the purchases that you are looking to invest in.

On top of that, you can also create group chats with friends, family or any of the three million community members over on public, so you're not alone in the investing experience. So, if you guys want to head and join me in the community to see what market trends i'm following, don't forget to use the link down below in the description where you can also get up to a thousand dollars to invest when you sign up and make A deposit now that being said biggest headlines to cover right now is going to be that crypto lending firm celsius went ahead and tweeted yesterday that it would pause withdrawal swaps and transfers on its platform, as well as coming out with an email for many of their Users, so a day before announcing the whole celsius, users on crypto twitter were already complaining that their withdrawals weren't going through what happened after that was that the ceo of celsius, alex amachinsky, started beefing with the crypto investor and co-founder of the block mike dudas by tweeting. Mike, do you even know one person who has a problem withdrawing from celsius? Why spread fud and misinformation? If you are paid for this, then let everyone know that you are picking sides. Otherwise our job is to fight trade fight together.

This conversation here just shows that machinski didn't know what was actually happening with his own business and platform, while at the same time, just shortly after that, celsius has locked it down. So people are not able to withdraw their money from this exchange. On top of that, over this weekend, we also got speculation that the decline in lido, wrapped ether, also known as st ether, saint eath, would be relative to eth, would put significant stress on celsius which ended up actually holding a large amount of that same heath position. I call it saint eath by the way it could just be st eth or steath.

Maybe you guys called different things, but i've been calling it saint eve. So shortly before the halt announcements celsius went ahead and sent about a hundred ethereum and 9 500 wrapped bitcoin over to ftx, suggesting that the platform may need some more quick liquidity. In addition, many withdrawals from customers have been severely impacted due to celsius's liquidity, including myself. Now, if you guys didn't know, celsius actually has their own crypto token, and this has plunged more than 50 since the time of filming this video.

Now, on top of that, it's not just celsius but binance went ahead and temporarily halted their bitcoin withdrawals amidst the market mayhem as well now, aside from celsius which actually didn't give us a date on when they would allow for this liquidity to come back. Cz. The founder of binance went ahead and rest assured users that their funds would be safe, claiming that the suspension of withdrawals with binance was coming from a linked backlog caused by stuck on chain transaction, and this was something that the binance team was currently working on. A solution for and that it would take them anywhere from 30 minutes or just a little bit more according to their twitter, so it gave us at least an expectation, unlike what celsius has been doing so.

My thoughts on all this is that the celsius news added fuel to the fire with uncertainty, and this is definitely going to give more power to lawmakers in fighting to regulate crypto and centralize all projects and exchanges. I would say even earlier, in the past few weeks when we had the terra luna collapse, that was really one of the setting stones of the bear market and now right here, whenever we get a large exchange like this coming out with real fud within the markets, Then we get another leg down now, something that tara, luna or ust and celsius also had in common, was the fact that they both revolved around the promise of super high yields to keep demand high and during this market crash. Especially, we've learned that that system is not easily sustainable, so if you guys have any money in some type of apy yielding earning program - and it sounds a little too good to be true, please be careful. Keep your money in a well-vetted exchange or a platform that has money, because at the same time, when the entire market is going down, you want to make sure that you're protected now.

Also, if you don't trust any type of centralized exchange, one of the other things that you can do is use something called a ledger: nano or a cold storage device. I have mine right here. It looks like a little uh usb flash drive and i went ahead and got an email coming from ledger stating and believe it or not. Today, i actually got an email over from ledger stating that they're offering 20 off their devices uh for the next few days.

So i will have that link down below in the description now, if you guys have no idea how a cold storage device like this works and why i chose ledger, i actually made a full review video talking about and unboxing and going through the setup process. For this on my youtube channel, so make sure you guys watch that video at the end of this market, update too now in terms of the next headline, the long-awaited ethereum merge, update, which was launched on the robston test net. Earlier this week, by ethereum developers went ahead and had a little bit of a difficulty bomb raising some concerns within the ethereum community. So if you don't know what a difficulty bomb is, it's just a specific code that raises the computational complexity of mining ethereum on the ethereum blockchain network.

This is intended to force miners out of the ethereum blockchain and it actually prepares the network to switch over to what we've been waiting for, which is that proof of stake network. Now, according to the lead developer on this tim, we should expect to see an additional delay of two to three months, and i will say: ethereum was the first significant, all coin, to drop over the past weekend when this news was released. On top of the celsius incident on top of bitcoin going down, so ethereum has really been breaking a lot of that strong support that we've been establishing and it's just been going down and down and down. I think it is definitely on the table and a strong possibility that even for ethereum, we could see a buy opportunity opening up under the 1 000 price level keep in mind.

These are some lows that we have not seen in a while, and the last time we tracked ethereum going down was about january 2021. So definitely some time since then all right guys. So while the markets aren't looking necessarily the best, i just want to say: keep your head up. Keep your chin up stand strong, because it is times like this, where truly the best investors are going to get built.

The reason i say best investors is because most people who end up seeing a loss in their portfolio are just gon na wrap it up and quit and sell off their positions and then return back when it's too late. I still see this as being one of the strongest opportunities to create generational wealth and, even for me, i'm looking out for the next chance to buy into the market, regardless of if the market is up or down. I'm gon na be continuing to follow my strategy and i am a strong believer within the entire space, all right so to wrap this video up, make sure to head down below and like this video, if you guys did enjoy today's market update, don't forget to follow Me over on twitter and my instagram, and if you do follow me, please watch out for impersonators there. I also have an exclusive discord group where, if you guys want to check it out and join the link for that will be down below in the description as well.

I know it's times like this when the market's going down it's scary and if you have no one to talk to, might as well stick with the community of people who know what they're doing check out the link down below in the description. If you guys want to have access to that, so the code word for today's video is going to be corgi because they're cute they light in the mood and the market is just in a terrible place. Comment that down below, if you guys, are watching this always till the end. Thank you all so much again for watching this.

Video, like always have an amazing day and i'll see y'all soon. Peace.