Wow! what another exciting week we've seen happen during this amazing historical bull Market. Well first of all, Bitcoin like the usual, taking L's left and right with its sixth consecutive red candle trading downward this entire week. we also have Pepe coin which really took off the last few weeks, but out of nowhere Coinbase started throwing a bit of shade which led to hashtag delete coinbase trend on Twitter and even the chief legal officer coming out with a public apology tweet. Not only that, but Elon Musk managed to pump another crypto coin up over 11 000.

But most importantly, some of the big news that we need to cover is the recent CPI data news that we got from this past week talking about current rate of inflation and something else we need to cover. Which is very very important is that looming debt ceiling which could further crash the markets to the likes we've never seen before. So first of all, Bitcoin is currently trading right below the 27 000 price level at the time of filming today's update and is down about 2.5 for the day with big coin on its six consecutive red candle like we mentioned earlier, so it's been trading downwards for almost an entire week. Last week wasn't so good either.

Now the RSI on the daily chart is at 38 which is showing we're in some oversold territories. We talked about this in last week's video, but just as a recap, if the 50 EMA support level broke, we would see 26 000 next, and if that breaks, then we could see 25 000 coming up soon. With that being noted, we have other cryptocurrencies all down in the red Ethereum, pulled right under the 1800 level. and if we go into the top 24 hour winners, not too much out here and we go into the losers.

Yeah, there's a lot more and we see Pepe I know some of y'all by the way saying Brian it's not Pepe it's PP or Pepe look I've already committed to pay pay. That's what I thought it was I Always thought it was like the pay Pay frog. So it's pay Pay on this channel and also by the way, pay not doing too well. Paypay is down about 27 for the day.

All right. So how come the crypto markets are looking like they aren't doing so hot? Well, one of the main reasons is because simply put, just the economy is not doing so good. April CPI Report which was released back on Wednesday showed headline inflation in the U.S easing to 4.9 percent for the month of April with core inflation which excludes volatile food and energy costs it Rose 5.5 from a year earlier which is a slightly slower increase than in March and with housing costs, used car prices, and an increase in gasoline prices driving up the cost of inflation for April. Now guys, my thoughts on this is that mass media is going to be more ecstatic to say oh look past Inflation report was looking great and things are looking better than ever before, but that's simply not the case.

Inflation, It still sucks. right now, it's actually the same. We just didn't rise up as much as they expected. Now, Core prices, which are a better indicator of future inflation, has also been increasing consistently throughout this year, So you normally want to look at core inflation to get a better gauge of how this year may look, and right now with it going up, it doesn't look too pretty.

Headline inflation has been dropping each month, but but it is still heavily influenced by the price of fuel and oil, which it looks like it's starting to increase as well. Now going into one of the biggest headlines for this week: the Marquee cap of the Pepe coin has now gone down about 1 billion dollars in five days. While other news reports are suggesting that some whales are actually still buying in just in the last week, Pepe is down about 63 since our last video went up and the market cap has now shrunk from 1.8 billion dollars to 600 million bucks. Now the decline in price started from paypay Traders selling large portions of their Holdings to new investors as the meme coin got listed on Binance.

Now we talked about this in our last video. We talked about it in the video before that one too. Anytime a new exchange lists a coin, we have one group of people getting so ecstatic that it's getting listened. They're like okay, it's about to blow up because more people are going to have access to buy it but on the other hand, at the more smarter investors who got in way earlier will use that new group of people who bought in with that exchange like Binance to use as exit liquidity so they could sell on them.

It also didn't help that Coinbase went ahead and sent an email out to describe Pepe Meme as a hate symbol co-opted by the alt-right and has sparked outrage among the Pepe meme. Community Well, the community. They were lit up and they said that Coinbase was just straight up lying about paypay and that they should be considered as a fraudulent Market manipulation moving exchange and that Coinbase was quote unquote dumb for sending out anti-paypee email because later delete Coinbase was trending with over 81 000 tweets and shortly after that, Coinbase's Chief legal officer made a tweet stating we screwed up, we're sorry And yesterday we shared an overview of the Pepe Meme coin to provide a fact-based picture of a trending topic and this did not provide the whole picture of the history of the meme and we apologize to the community. Look, if there's one lesson to be learned over the last uh, two to three years, it's you Know You Do Not Rally Against the memes.

You do Not Rally against the people because they'll come with pitchforks and flaming torches right at you and it looks like Coinbase got the brunt End of that. Now guys, is it still worth investing into paypay? Is it still pass possible for you to make money? So let me reveal to you the honest truth of what. I Think guys, we are going through one of the worst financial markets. Just the fact that a meme coin is blowing up right now and you think it's okay to spend the money that you should be putting towards your food bill on this.

It's not the smartest or the brightest thing that I think people can do during these times by investing into meme coins. You are straight up gambling. This is not what I would consider an investment if you do decide to buy into it. just look at how some of the other meme coins have performed in the past.

As an example: Dogecoin or Shiba Inu there'll always be a pump, there'll always be a dump that follows after, and usually we don't see the same amount of volume coming back into the crypto after that. I Personally think Pepe had its one big pump and after this I just don't know if it's gonna have another craze at once again. Hopefully I'm wrong because you know I would love for people to make money all the time. but at the same moment you have to realize with the current state of the economy I think there are better moves that you can make.

Now before we move out of the topic of trending meme coins, we had one meme coin called Milady which actually pumped about eleven thousand percent because Elon Musk decided to tweet a picture of the Milady Maker Nft collection. So what's really interesting about this story is that the Milady Nft collection had no connection at all to the crypto token ladies that started to pump. Regardless, I mean it went up, but for anyone who sees a pump and then you decide to buy after it, please do Not just put your life savings into these things. That's how you lose money very fast.

There is a proper method where you can find a lot of these meme coins early, but most of the time even with that, it's still like playing roulette. You're gonna have the ball hitting one of the numbers. you know, one out of 30 sometimes and you're not always going to get it right. But if you do hit it big usually, you could see a decent payout.

Now in my private membership group over on Patreon, we've gone ahead and created a full step-by-step guide on how to discover some of these meme coins early. if you guys also want to have access to that alongside some of our crazy benefits that we've added which I'll talk more about at the end of this market. Update: Be sure to check out the link Down Below in the description to sign up for our waiting list or to see whether or not you can join today. Now, the second biggest news that we need to talk about today is Binance closing Bitcoin withdrawals this week because we saw major congestion on the Bitcoin Network This tier was due to a large backlog of pending withdrawals due to its set fees, not anticipating its recent surge in Bitcoin at Network gas.

So pretty much break this down in layman terms: Bitcoin It's the OG cryptocurrency, but it's not the most efficient in trying to send money. This week we saw fees for a single transaction getting as high as 20 to 30 dollars, which was its all-time high since May of 2021 after Bitcoin had made a new all-time high price of around sixty four thousand dollars for the first time since 2017. Bitcoin Miners are now getting paid more to process transactions on the blockchains than they were ever rewarded for in creating new. Bitcoin So why is there all this congestion on Bitcoin's blockchain? Do they need a little bit of Mucinex So one of the main reasons why Bitcoin's congestion has gotten so bad is the rise of Brc20 tokens.

and this has to do with Bitcoin's own Nfts. That looks like it's hitting the earlier wave of crypto enthusiasts. In particular, there's a collection called Bitcoin Ordinals, which is needed to Mint Brc20 tokens. and basically a lot of people want to Mint those tokens.

And in order to do that, it's going to clog up the network. And that's why we've seen Bitcoin having some really, really expensive prices now in comparison to what we've seen with gas fees for Ethereum I Still don't think this is nearly as bad because if you guys ever remember when the other Deeds Nft project was minting and launching, there were times where the gas fees were like literally one to two eth in order to Mint one of those products I Remember even one time for a transaction to go through I paid 15 or 1600 in gas fees. The bull market will just make you do some crazy things now. Bitcoin Ordinals is something I Would definitely recommend you guys to look into if you're trying to find an earlier stage project and you feel like you've missed out on Nfts and meme coins and this and that because I still think this is a bit earlier on before we've had any huge Market pumps now.

Ordinals? really? We started at the beginning of this year, so it has been, you know, several months. Even with that said, there's a bit of opportunity here and compared to that risk versus reward level, you're getting some pretty decent odds. now. On top of that, we need to talk about the debt ceiling update.

So if you don't know, the United States could default as soon as next month If there's no deal made between Republicans and Democrats on the borrowing limit. This is because the US government reached its 31.4 trillion dollar borrowing limit in mid-January prompting the treasury Department to begin using temporary measures to pay America's bills. Just like most people in the US are debt. Well, this entire country literally the United States of America is in severe debt as well, and the only option that seems to be viable is to raise the debt ceiling.

So this isn't the first time because since 1960, the debt ceiling has increased 78 times and most recently it had happened back in 2021. now 49 of those increases were implemented under Republican presidents and 29 were under democratic presidents. What? I Found really interesting though was back in 2011 when Barack Obama was still in office. Congress reached a deal to raise the debt ceiling just two days before the date that the treasury estimated it would run out of money.

Well, you won't believe what happened next because this actually ended up triggering the most volatile week for U.S Stocks Since the 2008 Financial crisis and the Credit rating agency S P Global ratings went ahead and downgraded the United States credit worthiness for the first time and one and only time ever before. So here's what I believe: if Democrats Republicans can't put their head together and you know, raise the debt ceiling once again. I Think this could honestly be a catalyst for something terrible to happen within the markets. Regardless, I Think we're gonna have a lot more volatility up and within our patreon I Went ahead and also dropped the exact dates that eight of the largest banks think when a lot of this volatility will occur.

So be sure to check that out if you haven't done so already. So ladies and gents, if you did, enjoy today's market Update: be sure to drop a like down below subscribe to the channel as well share this with a friend who needs to get educated about what's going on in the world. Not only that, but if you want to have access us to view my entire crypto portfolio, view my entire Nft portfolio, my entire Investment Portfolio My top crypto and stock picks my buy and sell alerts my current market prediction strategies on making money throughout the recession. our private monthly q A our private Weekly Newsletter and access to a private Discord Community alongside a huge huge discount I mean this whole benefit thing that I'm sharing with you guys now was 70 a month.

during the bull market we're re-releasing it with a bear Market special for 14.99 Be sure to check it out link Down Below in the description as well. Thank you all so much again for watching this video. Have a blessed day! Love you all and I'll see you all soon! Peace!.