I Didn't ever try to commit fraud on anyone. Where are there things I Wish I had done differently as numerous articles and stories are still coming out every day. What we know right now is just how much fraud has been going into FTX and how much they've been covering up. It looks like the store is still far from over because even right now, the New Jersey Crypto lender block fight earlier this week had filed for chapter 11 bankruptcy, something we called out in our previous video.

But with all these exchanges and crypto platforms now going bankrupt, going to the who we are now actually seeing an unusual pump coming from Bitcoin where we saw a bottom about sixteen thousand dollars in support, even testing the resistance of seventeen thousand dollars. All right. So in this video, there's a lot we need to go over I Feel like it's been a little bit since we actually did a full market update? So not only am I going to be going over what's been going on with FTX we're going to be talking more about the block by bankruptcy. We're going to be going over some warnings on what you should be expecting next within the crypto markets and also just cover some more interesting stats as the end of the year is approaching to kick this off real quick, the Wall Street index is within the stock market are up just a little bit with the S P 500 up about 1.5 percent, the NASDAQ up 1.6 and the Dow Jones dropping just a little bit 0.4 percent, but still fairly in the neutral zone.

Now one important figure to note is just Bitcoin's Movement We saw about a three percent Gainer happening since last night and it's been really struggling right now Bitcoin trying to break through the key resistance level of seventeen thousand dollars according to the charts Bitcoin had attempted to break past that resistance level of about six different times earlier today Bitcoin did break past it for about a split second and made a daily high of about 17 072. Now, although this video is going to be a bit more focused just on review and things to expect regarding crypto news in my upcoming video. I actually want to talk more about some of the moves I'm making the predictions I have coming up within the market because there's still so many correlations we're getting that are happening within the inflation rates interest rates that are still going up I Know this number took a little bit of a break, but using this data I Really think that we're going to be able to plan a lot more better on how you can make money and when you should start investing into the crypto markets. If you haven't done so yet, make sure you watch my video that I posted recently on my channel just going over the key steps on how you should plan on investing into the market before you buy any more crypto.

There are certain things that you should do. It'll save you money, It'll make you a lot of money. and that video is probably our worst performing video yet, but we worked hard on it to make sure you guys got proper and good info going to this year. so check it out after this video is over.

Now as most you guys know though, Black Friday Weekend Shopping is officially closed since we're pretty much at the end of the week and we got stats that Americans had spent an average of about 325 dollars on holiday purchases, which is still up about eight percent since last year. The question though is are people spending more this year because they're making more money or is it because of some other reason. We also got some stats that more Shoppers flock to stores over the Thanksgiving weekend compared to last year, which is also another sign that many consumers are returning to their pre-pandemic shopping. Behavior The number of Shoppers choosing physical stores surged from last year up 17 while the number of online Shoppers Rose two percent after Black Friday though Cyber Monday continued to run its biggest day for online spending annually as sales Rose 5.8 percent.

So this is about 11 billion dollars according to Adobe analytics which goes ahead and tracks spending that happens on websites. Now with this data, I'm really questioning whether or not we are in a true recession, but data is still showing us that Yes, indeed, there are people who are struggling and a lot of Americans are racking up more credit card debt than we've seen in decades. Did people end up spending more money this year because inflation caused items that they normally would have bought to go up in price anyways? Or are people just ignoring the fact that right now things are not looking good, but people want to buy? Let me know know your thoughts on that down below. But moving on.

we actually got word too that the U.S Private Sector on Job Growth went ahead and slowed down to its lowest level since early 2021.. according to today's ADP employment report, we got private hiring slowing down sharply during November, which is a sign that the historically tight labor market right now is coming to an end. and companies were shown that they added about 127 000 new positions for the month, which is a massive reduction from the 239 000 figure ADP reported for October and well below the estimated consensus of 190 000 jobs that economists were predicting. So I do want to mention that there is good news out of this step? We have to take a look at it.

Objectively, you might be saying Brian What in the world, What could good news be coming from people not getting hired and trying to find jobs trying to find work trying to make money? Well, it was historically shown that high unemployment actually comes towards the middle and end cycle of a recession. so this report might be showing that. Look, this recess might not last as long as many people had predicted. That's something I wanted to also talk about I'm not sure if you guys are into homes if you're trying to move out of a crib, going into apartment.

Well, something I'm dealing with right now is mortgages. My house finally got a close date. I've been in the process of building this home for over two years. I think we're approaching maybe two and a half years.

It is crazy because normally if you're trying to get into a home and they're building it up, it takes on average about six months to build depending on how big it is. I ain't got a crazy Mansion or anything like that. But here's what I'm dealing with: I'm dealing with mortgage rates that are still going up. Over the last month, mortgage rates did soar over seven percent, but since then, luckily, thank the Lord Right now, it has actually fallen down about more than half a percentage.

Point Upon doing more research, we're getting word that December might actually cool down. It might drop just a little bit more because of what Federal Chairman Jerome Powell had said last time. But even though rates right now seem to be coming back down, the demand for mortgages is still dropping signifi. Secondly, statistics are showing that mortgage loan application volume is now down about point eight percent compared to last week according to the Mortgage Bankers associations seasonally adjusted index.

Obviously, the demand for mortgage refinancing is even worse. I Don't think anyone was able to get a worse rate than this. and if they did, they would have refinanced a while ago. So if you are someone who's interested in buying a home I mean for me, like if I could redo the timing.

Ladies and gents, I would probably have waited off just a bit more. But even for me, my rent in my current apartment is crazy. Now that I'm getting closer to the date when I'm going to lock in my mortgage, I'm on a month-to-month cycle with my apartment. and guess what? they added 20 to my monthly payment.

So before it was like four thousand a month, now it's 5 000 something. I think I'm doing the math right on that. It might be even more than 20. It's just a ridiculous amount.

And I know a lot of other people are dealing with this situation right now. Um, with just everything moving up in price. A solution though, if you are looking into getting a home, just know that there are different plans available. like an arm an adjustable rate mortgage where you can lock in a temporary amount and then you could refinance later down the road.

I Think it's going to be a little bit until we see interest rates actually coming back down. I Predict maybe in the year 2023, we will see a little bit of slowdown and I feel like we truly haven't gotten that relief rally happening yet. So if our time Horizon moves forward for the year of 2023, going into 2024 I Do think you really got to stretch how long you can withstand being in this market. Now there are some remaining dates to look out for, which is going to be Friday December 2nd where we're going to get November's a job report which we'll be covering in the next newsletter.

so we'll start posting on the newsletter. Ladies and gents, if you all have not yet signed up for the newsletter, I'll be posting like you know just anything that's going on. really. I Want to give you simple, easy to read news things that we'll cover anyways in this video and also give you a little bit of an update of stuff that's happening in my personal life.

so if you guys follow me on the newsletter you'll know home stuff is is coming along. We actually made a new hire for this YouTube Channel Creative Director Super excited getting him all situated in here. but if you guys want to have a more in-depth look into Brian Jung's life, that is also where you guys can check out uh, what we're doing as well. All right! So with all that being said, Wow! okay FTX Block Fight.

Let's start covering some news here because a lot of stuff's happening this week. All right. So on Monday Blocked by filed for its petition for the Chapter 11 bankruptcy. Keep in mind the reason why a lot of companies go towards this way is that they get protection so they're not getting sued.

There were some articles talking about how Steph Curry even like the Miami Heat stadium they were trying to sue FTX at one point as soon as a company files her chapter 11 they pretty much have like this court order this protection where they're losing a lot of their assets and they're not going to be picking up new lawsuits. This might be another reason why Sam Bakeman Freed is still out. There's no pending judgment against him right yet, but you know I think things are going to start piling up and even though a company filed for Chapter 11, a company is not going gonna get one of those Monopoly get out of jail free cards. Anyways, with Block Fight, during their first day of hearing, they came out with some really crazy news.

It was the fact that the company had showed that they owed FTX and Almeida not just a million dollars. 10 million dollars I Mean that's still a lot of money. They owe them more than one billion dollars. So the detail of this is outlined with 671 million dollars that is owed to Alameda I know I called them Almeida before I'm trying to do right and also they owed a 355 million dollars in Frozen funds that are on the FTX exchange which is one of the reasons why Blockfi is now unable to operate and you are unable to withdraw your money.

It was also showed in more detail that Blockbusted that its average monthly wage and benefit obligations are six million dollars and that it owes workers right now two million dollars. Block Five is most likely going to remove a large percent of their remaining staff and on Tuesday a blocked by attorney confirmed that Warren notices which are legally required ahead of mass layoffs were issued to about two-thirds of their company. So according to an article it would show that they have about 292 of remaining employees. And guys you know I know like there are people right now still getting laid off.

We had Amazon laying off about 10 000 people a lot of these big tech companies. Everything that happened with Twitter A lot of families who had reliable income just got shut off right before the holiday seasons. This is just a moment if you're listening to this. If you have a job guys, please just be grateful for being able to have income at this time because while we're going through this recession, they're going to be even more families getting hurt.

They're going to be people who are going to be unable to pay bills and then companies are not as hiring as much so it is good. Okay, and if you happen to be one of those that cannot find a job right now, just know that there are opportunities and by being proactive, I do think you're going to be able to pick something up soon now out of Block fight dealing with all these issues. What's really interesting is that they've now decided to sue FTX Founder over Robinhood shares which were promised as collateral. Now this involves Sam Bakeman free because because he invested a huge portion into Robin Hood's stock and apparently that money was supposed to be blockfized just in the case of something happening and with that money being gone, it looks like Block 5 is now trying to contest getting those assets back under their agreement.

What's really crazy about all this is just how much debt. We're starting to learn that Sam Bakeman Freed had with Ftx's entire year buying up so many different companies and now that money being worthless, we're just seeing the effects of how one man was able to pretty much crumble an entire industry. Now Guys, that is pretty much just gonna wrap up today's update. If you did enjoy this video, be sure to drop a like down below comment down below the secret word.

We have not done secret word in a while and they come to me guys peace because I think we all need a little bit of peace in our life as we go into the end of this year. Ladies and gents, if you all have any other video suggestions, if you have certain topics that you want me to cover, definitely let me know down below. Thank you all again for watching this video! And one last thing, there is one platform that has been giving me proper email updates that they've been doing well. Their assets are not affected by the crash going on and this is a way that you can also invest without ever having to pay taxes.

This is by utilizing your 401K retirement accounts or your Roth IRA check out my last video I Go in depth onto that. but if you guys want to check out I Trust Capital link Down Below in the description. you'll also be getting about a hundred dollars when signing up, so not a bad promo. Save some money if you're trying to invest in the long term, this is the best way to do it right now.

like always. If you guys want to follow what I'm doing on a day-to-day basis, check out my account on Instagram check me out on Twitter and like always, thank you all so much again and I'll see you all soon! Peace.