Today's market open. The major wall street indexes are all in the red with with both the s p. 500 and nasdaq down to over one percent and the jones industrial average. Dropping.

07 however today's big headlines is going to come from us. Stocks. And it's going to come from more specifically with coinbase. Which has seen a 15 drop in the past 24 hours now in today's video.

We'll be explaining the reason behind coinbase's price crash. We'll also talk about why the markets are all in the red today and finally go over how the sec may also be coming for your crypto. Pretty soon few things to go through but like the usual if you guys are appreciating. These daily market updates be sure to like this video down below subscribe if you haven't done so already and with that being said.

Let's see what's happened in the markets for today all. Right so bitcoin today has dropped over 45. In the past 24 hours. And is right now trading beneath the 21 000.

Mark the global crypto market cap is now under the one trillion dollar levels and we're seeing an overall 45 decrease through the markets too volume is still pretty low in comparison to what we experienced during the bull run. But we are still seeing about a 13 increase today focusing a little bit more on bitcoin you'll notice that on the charts. The rsi for the four hours has dropped below oversold levels and bitcoin is trading below all relevant emas earlier. This morning.

Bitcoin also made a low of 20 000. At 788 dollars. And almost tipped its support level of the twenty thousand seven hundred dollar range this year is going to be that bottom orange line that you see on your screen. And the current price range.

That we're getting is between 20 000. To 700 and 22 350. Now. The weekly charts of bitcoin is pretty much just erased.

All the gains. It went ahead and made last week. And now is showing clear resistance at the 200 moving average. So the reason why the market has dropped so much on a day like this is just because of the current market sentiment and still the looming macro economic factors that will just continue to play out of over the next week in order for bitcoin to improve.

We need a certain factors to get better. This is either going to be inflation coming down or maybe interest rates not going up as much or even. The stock market getting a small rally. I think those are all factors that would help the price of the crypto markets.

But right now pretty much on a day like this we're all in the red. Now that being said the rsi today is sitting at a 31. Which is showing some more oversold levels for the week. So even with bitcoin currently being at its price range right.

Now let's talk about where you should consider buying in what the next levels are and whether or not we may. Even. See bitcoin dipping as far as down as even 15 or 10 000. So earlier this morning.

I was able to find an article with regards to glass node showing that there is right now extreme demand at the twenty thousand dollar level for bitcoin. Now. This 20k region. Has attracted a large cluster of short term holders with their coin.

Volumes. And you'll be able to see this with that big red bar chart on your screen. Now the short term holder demand can also be seen at other psychological price levels like at thirty thousand dollars. And even forty thousand dollars as well keep in mind when it comes to crypto things are pretty easy.

When you round the numbers up whether it's ten thousand twenty thousand thirty thousand forty thousand even fifty and sixty thousand dollars. These are all big psychological price points. But they do have an impact on the market and we've seen from the data and from the on chain analysis that a lot of these companies are reporting that people tend to buy up the dips near those levels with the current price volatility. Though.

The short term holders could be looking for right. Now a quick profitable swing trade because optimistically just knowing how much people are trying to buy in at the twenty thousand dollar level. We may not be able to sustain that for a very long time what that means is if everyone's trying to you know look and lurk out for that twenty thousand dollar price level and they're saying okay. This is the time to buy in this is going to be the next dip and usually it doesn't really come as quick.

The big idea to note. Here is because if we can all agree and i hope we can that macroeconomic factors impact the crypto markets. The stock markets pretty much all the asset classes this may not have a drastic impact on the price action of bitcoin and we could still be just sitting in these chill in levels like we have been over the past month. Now on top of that we got some more data.

Today we found out that the us. Consumer confidence fell for a third straight month in. July. So the conference board reported that the cci dropped.

27. Points bringing it to about. 957 throughout this. Month before that the previous cci was at.

984 and this month was expected to drop only by 14 points with a medium forecast of 97. But right now we're showing that there is worse than expected. Cci reports. And this number is due to the inflationary concern.

The rising gas in food prices and the additional rate hikes that are coming this week. And miss that information and your neighbors literally just all of our friends. Everyone knows that the recession is hitting hard people are having you know a pullback right. Now.

Everyone's finances aren't looking as great compared to what it was during the skittle stimulus day days. When everyone's getting some checks by the government here's what we're seeing so yesterday even at the biden administration went ahead and escalated a campaign to convince american voters that even if the q2 gdp report comes back negative. We still have technically not fallen into a recession. Now we've been talking about how that's actually not true if we get two consecutive gdp reports that we are in the negative that is in fact just by traditional definition of what a recession is so here are the facts.

Though the bureau of economic analysis will release the second quarter's gdp numbers on thursday that's two days from. Now the gdp in the first quarter was negative. 16 and the new data is expected to show that the us. Shrank again in the second quarter even with that being said amongst the white house press secretary right now we're getting claims that the us.

Quote is not in a recession. Because of low unemployment continued consumer spending and business investments now to just give you guys my seven and a half cents on this topic pretty much right now you have to realize that the presidential midterms are coming up and the current administration is not going to want to know that we're in a deep recession. If this week's gdp numbers return negative. Which they will the white house.

I don't know if they're going to be claiming that this is confirmation and they may be able to push it out even further for me. I just like looking at the facts. We have a 40 year high inflation. We're seeing an even lower consumer confidence index companies are still undergoing mass layoffs.

The mortgage and even the auto industry are in these massive bubbles that look like it can pop at any second when we do get word that our second consecutive negative quarterly report is coming out i think it's undeniable that the recession has been here earlier this morning. We even got word from a cnb study that revealed with high inflation. Hitting a 40 year high in june. That americans are now struggling to even keep up with rising prices and are putting less money aside for their emergencies or long term financial goals on the side of youtube.

I'm seeing you know less demand and for these type of videos whether it's business videos. Personal finance videos. When we're seeing a steep decline even on the youtube side of things. It's just showing us that people are struggling people aren't really interested right now in trying to invest when they don't even know what's going to happen tomorrow.

This report really confirms that and it even shows that nearly 40 percent of consumers right now claim that they can't put any money into their savings and about 19. Said they had to reduce their current savings rate on top of that the second quarter of 2022 48 of consumers said the rising cost of necessities impacted their family's lifestyle. Which is a steep jump from about 39 back in quarter. One so it looks like over half.

The people right now in the united states or at least whoever participated in this survey is watching out for their finances. If they're going out to the bars. If they're trying to eat out maybe they're cutting out the guac on their chipotle burrito. Maybe they're not ordering that extra appetizer or the dessert because right now people don't know what's gonna happen next.

And there's even more data that 4 43 percent of americans right now expect to add their debt in the next six months. So it's shown that the overall satisfaction with people's financial condition is now standing at a 12 month low when we compare even that crazy bull run. We had to what we're experiencing now i can definitely see why people are more conservative right now and are feeling a bit more fearful within the markets. So i think we can all agree upon this data.

And this is just the general consensus of how the americans feel. But when we have an administration that isn't putting this into confirmation and they're not realizing that this is the actual case. Because of what elections coming up it may do more damage than good regardless of that though when it comes to retail investors. When it comes to you and i and the things that we can do i keep it simple try not to add any new liabilities cut down on your expenses.

And even do things as looking into starting your next side hustle or showing your employer that you have value that you want to get promoted that you're ready to take on more responsibility. If you are being able to diversify and increase your income come during this time is going to be one of the safe gates to protect yourself from the inflation and all the rising costs when it comes to investing you're still going to be able to find some crazy good deals and here is pretty much how i'm playing over the next six months for my own personal finances with the amount that i had invested back into the crypto markets. I'm just going to continue to build new businesses. I'm going to continue to invest throughout these times.

If things start picking up it's going to be good my accounts will continue to rise. But at the same time. I'm going to make sure that i do play a bit more conservatively. I'm not going to be going out buying some extravagant purchases this year.

I'm at least gonna try to dial that back down a lot more even doing things such as taking like a crazy crazy vacation in a timer recession. You don't know what's going to happen next. It's better to play it safe. It's better to cut back just a bit and when things get better.

Which they will the light switch will turn on and everyone is then going to experience the next new feeling of just greed in the market. Wishing that they had put even more money. I think things are going to change pretty quick. But i think it's going to take time for it to happen regardless just follow the principle.

I made a video talking about how to profit in this recession. I made an updated one that's going to be coming out later this week so subscribe to the channel. If you guys don't want to miss an upload on that either now moving on a coinbase. Oh they are back in the news well right now they are facing a new sec investigation on whether let americans trade digital assets.

That should have been registered as securities. The current sec investigation that was launched about a week ago is related to that one regulator who started to dive a bit deeper into coinbase's former employee of doing that insider trading. So the sec didn't mention any wrongdoing by coinbase initially. But they did determine that nine of the tokens traded by the individuals accused of that insider trading were technically considered to be securities.

Now. I know the definition of what a security is can get kind of confusing. So the sec uses something called the howie test to determine whether or not something is a security for anyone who doesn't know the howie test is a set of standards. That an investment must meet for the agents to consider it a security and then regulate it to break that down even more in layman terms.

This is pretty much where a token if it is a security. It would need to involve investors pledging their money to fund an enterprise to then go for a profit from that organization's efforts now. According to the cornell law. School if we take a look at the official us.

Code definition of what a security means. It is noted that it also involves any type of note. Stock. Treasury stock security future.

Or a security based swap a bond. A debenture. A debenture debenture evidence of indebtedness certificate of interest or participation in any profit sharing agreement i mean it goes on and on pretty much a lot can be labeled as a security and it looks like right now within the crypto markets. The sec is dialing down especially right now with some of the bigger names including coinbase.

It's also worth noting that coinbase has been pretty proactive before in the past in working together with the sec to develop a workable regulatory framework for digital asset securities so even though that they are a bigger crypto exchange they wouldn't get slapped on the wrist. They knew exactly how to navigate these waters. But it seems like there's a lot of hypocrisy right now and this is just because the sec regardless of coinbase's allegiance and trying to work with them and saying you know we got the white flag. We got the sign of peace out here they're still trying to make these different lawsuits and accusations and requests.

And it just seems like over time. We don't know how much the sec is going to step into the boundaries of these exchanges. But it may still bleed into our own portfolio at some point. I think it's clear.

Though that this story shows within the crypto community coinbase is still simply trying to follow the rules without getting bullied by the us. Agency and we're going to continue to see the government's just abusing their powers. And i do think for us. It's very important to make sure that you know what's going on you're staying up to date with the news.

Because you don't ever want to be involved into a big story or some lawsuit like the one we're seeing now other way to just protect yourself is in case. The sec does slap something or make something untradable always move towards some of the top well known assets. Within the crypto space like the top 100 all coins or even some stable coins. If you're trying to be conservative and then if you want to even take some more protection there just because some exchanges get fined and you don't know if they would pause withdrawals like we've seen happen over the past few months.

What you can always do is to look into a cold storage wallet move your crypto over there and have full control over your keys. Now if you guys did enjoy. Today's video don't forget to check out binance listed down below. In the description.

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If you guys made it to the end follow me over on twitter instagram if you haven't done so already please watch out for impersonators. Please watch out for scammers within the comments and uh just take care during these times. Alright guys. I'll see y'all tomorrow in the next update take care and peace out.