So, with a brand new start to the month of may, bitcoin starts out by showing some green in the market. Historical data has shown that may has always been a typical strong month for bitcoin with gains averaging 27 over the past 11 years. Now the s p 500, which has also been correlated with the price action of the crypto market, has either held its own or yielded a positive return between the months of may and october in each of the last five years, including an almost 16 return. During the time of 2020 and a solid 4 return just last year, so although the past isn't indicative of the future and every year is unique, it's worth noting that sometimes just being patient can be better than trying to execute market timing.

If you are confused about what is going on, what might happen and what you should do, you're in the right place in today's video, we'll take a deep dive into the current state of the us markets, as well as everything that happened over this past weekend. With what is being reported as the largest nft mint in history, now, if you are liking, these daily market updates be sure to like this video down below subscribe. If you haven't done so already to make sure that youtube algorithm also continues to recommend videos, just like this now with all that being said, let's hop into the computer and see what is going on in the market for today. So the global crypto market for today sitting at 1.74 trillion dollars or a 0.9 percent increase over the last day.

Bitcoin is currently sitting at under 39 000 at about 38 655 at the time of filming this video. So during the past weekend, bitcoin dipped just below that key price level of 37 600 inching closer to that ascending support line, but it immediately jumped back up now taking a look at this graph. You'll notice that this is going to be the second consecutive weekly close below the cloud, so it's very likely that we could experience a breakout rather soon, just because of all the volatility and short-term range we've been experiencing, but either way i do think we are still Seeing more bearish signals at the moment so that breakout could go both ways now we'll continue to monitor the bitcoin charts and provide an update to you guys once either key levels have been broken. Now after having a bit of analysis with bitcoin.

I know one question that a lot of you guys might have is brian what the heck is going on, though, why is bitcoin still flat, and why has the price been dropping? Well, there's definitely a lot of contributing factors to this, and i want to start with the federal government, so the feds are expected to raise interest rates and shrink the fed's balance sheet with the next fomc meeting, which stands for the federal open market committee. This meeting is supposed to occur on may 3rd and 4th and we're anticipating an aggressive interest rate hike coming from federal chairman reserve, jerome powell federal reserve pal jerome, the fomc meeting and chair powell, jerome they're all expected to announce a 50 basis points rate hike. So generally, when the federal reserve raises interest rates, it does slow down growth within the economy. Consider that when companies have to spend more money to get the funding they need, it can cause a decrease in production, which also results in decrease in profit margins, which sometimes even result in worker layoffs.

Now, while these results are pretty undesirable for most people, they're necessary to accomplish the fed's ultimate goal of reducing inflation to that targeted rate now, the central bank has to be careful in its rake adjustments, because a hike too large could cause these conditions to swing too Quickly and throw the entire economy back into a recession, i will say this: there is a lot of fun right now that the fed will not get it right, and this may cause more panic and uncertainty within the markets. Veteran investor warren buffett also said that he wouldn't buy all of the cryptocurrency, even if it was at 25. Whenever you get one of the most respected investors within the space telling people that he still wouldn't buy bitcoin even for 25, it can lead others to have a more bearish outlook now, while at the same time, i don't think warren buffett's headline caused a catalyst for Crypto to actually go down, it does suck to hear this type of news. If you told me you own all of the bitcoin in the world - and you offered it to at least me for 25 - and i wouldn't take it that just doesn't really make sense.

Buffett mentioned this at the berkshire hathaway annual shareholders meetings. Now, whether it goes up or down in the next year or five or ten years, i don't know he states, but the one thing i'm pretty sure of is that it doesn't produce anything now. Let me know how you guys feel about warren buffett's statement, because at the same time, i do think, even though he has been well respected within the space. This kind of just reminds me of that old meme from malcolm in the middle fun fact.

Brian jones favorite show used to be malcolm in the middle. I used to watch every single episode, all the seasons multiple times back when i was growing up, and it was the one meme where they're playing basketball against the dad and then the kid dewey. I think he's like the old the the future is now old man, that's kind of how i feel, but let me know, let me know anyways on top of that we also did have some pretty not so good news, and this is going to be solana. The second largest smart contract platform by market valuation suffering yet another outage over the weekend now.

This also resulted in a seven hour dark period, which was terrible for solana, especially because this was happening during ethereum's transaction fees going through the roof, where the anticipated virtual land sale of the hugo labs metaverse was getting minted. Now we will talk more about that in detail later on in today's video, but before we do, i wanted to get back into some of the other all coins that have been making some moves within the market at the time of filming this video ethereum's. Currently, at 2 800 over the past weekend, ethereum did actually have some movement where we even saw a touch down below 2735 dollars as well. I think right here, anytime, ethereum is under three thousand dollars.

If you're going for a long-term hold you're stacking that eth, i think right there, that is still a great fantastic opportunity if you're trying to make some short-term profits with eth. I do think anything within this zone like even right now at the time of filming this video, i think 2800, is definitely a solid entry keep in mind. None of this, like the usual, is financial advice, just trying to give you guys at least my thoughts. So i can help anyone make more money within the markets if we take a look into d5 llama, we'll notice that we have 198 dollars in the total value locked at the moment when it comes to ethereum's money, locked we've been seeing it going down in value, But this hasn't been really reflecting a lot of the d5 or even the nft projects as well.

What this means is, even overnight. We actually got word that we had the biggest increase in floor happening within the past 12 hours, starting with doodles up 2.46 eath azuki up 2.35 ringers up 177. moombert's up 1.67 eath as well, and this is just showing us how much of that volume is actually Still going into nfts, which is having to use ethereum as that token of utility, now, regardless, whatever your strategy is, if your cup of tea is micro caps, if you like nfts, if you like, yield farming whatever it is, i think the longevity of the crypto markets Is still here, there are still a variety of ways for you to make money and we do not need bitcoin to be tearing up towards a 65 000 uh near all-time high price target. Again, we could still be within this flat market and still find yourself making tons of money within the space.

Well brian. How do we do that? I want to do that. That sounds great to do that. Keep following these updates stay involved within the community and something we've also been doing within our discord over the past week is really diving deep into a lot of these nft projects.

Talking about some of the other all coins within the market and even ways that you can earn passive income using d5 moving on, i do want to mention for the top winners. For today, it's nothing drastic within the markets. We have helium up about five percent. We have okb up about four point: eight percent menos up four percent and a lot of the winners still up within the three percent range going into the top losers.

For today, we're actually going to notice kyber network having a pretty strong pullback, even within the last seven days as well, believe it or not. Chronos or cro actually went down about 10 in price as well. Today, if you didn't know why crypto.com went down below in price well, that's because crypto.com announced that the visa card rewards are gon na, be abruptly abruptly slashed now personally. For me, this is definitely bad news, just because i did went ahead and staked my cro in order to get that frosted a rose gold card about a few weeks back so with the recent move, the rewards will drop from eight to five percent for obsidian members.

It'll also go from five to three percent for icy white frosted rose, gold members and then three to one point: five percent for royal indigo or jade green and then from two percent to point: five percent for ruby steel and from one percent to zero percent for Midnight blue now tell you this. The crypto community did not respond well to this. I saw a lot of flame for it over on twitter and you could definitely tell within the price action of people dumping their cro, not too happy with this at all. Now, although i did go ahead and stake that remaining amount, i did catch a break in the win, because, just on the 19th or a few weeks back of april, i went ahead and rebalanced my portfolio which, where cro was actually a majority of my portfolio, and I went ahead and completely turned that into ethereum, so right there, i just had a really good position and being able to save my money from that anticipated cutoff as well.

I personally think the reason that cro went ahead and did this is just because they may not be as profitable as many people thought they would be with no new investors coming to the space, i'm sure they flatlined a lot in revenue and they're just going to Ham with the expenses also, it's worth noting that a lot of the other exchanges, in particular the ones that we work with we're able to raise a lot of money through venture capitalist funding. I'm not sure if crypto.com did that, i think they're really reliant on how cro was doing as a token. So i'm really just curious to see how this exchange and this company in whole is operating now that they are cutting those expenses back. Taking a look at the past few months, it hasn't really been tanking going down, it's actually been holding within these levels and even with the news of today, and that sell-off this could actually be another buying opportunity for anyone.

Who's been wanting to get back. In now. The lower the cro amount is the cheaper. It is for you to still get any one of those visa cards.

If it does appeal to you, one crypto i want to talk about was going to be apecoin. This definitely got the highlight over the weekend, and this is something that we focus a lot on within our discord community as well, so ape coiner ape the governance and utility token of the board. 8 yacht club went ahead and crashed about 40 to 15. Perhaps in a classic sell the news move now i will say: apecoin's.

Price volatility is some of the craziest that we've seen in a while where, over the past weekend, we saw a coin reaching near that all-time high of 27 before it went back down in price. Reaching 19 having another explosion up to 25 before crumbling back down to where it's at right now at 14.88. Now, if you guys have been following along on this channel - or you guys are members within the discord community shout out to our inner circle members, i made a call within a private zoom call too about selling near this stop right here. So we've had instances of this happening many times within the crypto market.

This is why we talk so much about taking profits, never to get greedy, and luckily enough we were able to get so many discord, members actually locking in those profits near that top. Now, if we take a look at dogecoin, pull the charts to the all time, we'll notice that many people who are anticipating a one dollar plus dogecoin, were able to make huge huge gains that they're at least able to sell near the top, which is 70 cents. During this time, if you've never heard of the term buy the rumor sell the news. This is something that happens quite often within the crypto markets.

In the instance of apecoin yuga labs, the startup behind the border yacht club, that's valued at 4 billion, had an highly anticipated other side or other deeds, metaverse mint on saturday night. Now this mint was so enormous that it clogged up the entire ethereum main net, as if i had a huge dookie after a week of constipation in less than 24 hours, yugo labs had generated more than million dollars from the other side's nft sales. There are about 55 000 nfts that were minted at 305, each which also means that each nft for the other side or other deeds also costed about 5 800. Given that eight coin was approximately nineteen dollars at that time of mint, so yugo labs raked in hundreds of millions of dollars, 318.7 million dollars to be exact and according to data from crypto slam, other deed already had seen over 242 million dollars in total secondary volume.

Traded now, due to that extremely high demand that we saw happening within ethereum on saturday night, we got what was called an ethereum gas war. Now, when we're talking about gas wars within the nft space, this is unlike two frat bros with ibs drinking beers and eating taco bell at 3am. Instead, this is when the demand to mint a new nft collection is actually greater than the networking process. The winners claim their nfts and the losers are left without their nfts, but still have to pay the gas fees for the failed transaction.

I will say this: gas wars can occur on the proof of work chains like ethereum, when a sudden increase in demand for fast transactions clog that network. This ends up sending fee soaring as users try to cut to the front of the line. Now i will say this: initially: yugo labs had the plans of doing a dutch auction sale, which was an attempt to prevent gas wars, but what happened was actually way worse than that this. This actually made the gas way worse, and i'm telling you guys from experience if you follow me over on instagram, which, if you haven't done so already, you should definitely be doing.

I went ahead and paid about seven to eight grand in just gas fees. That's right! That money went to nothing, it went to the shadow land of the ethereum miners, it it was just nuts, so it wasn't just me who had to pay that much money. It was many other investors, some people who just had that much amount in their hot wallet, and it was really unfortunate to see now i will say this: yugo labs also came out the tweet 22 hours ago. We are still working on refunding all other deed mentors with failed transactions.

Their gas note that you do not need to do anything, we'll transfer it all back to your wallet and announce when it is complete and don't click on any links. While some were able to get their transactions processed within a few hours during the mint for a couple hundred dollars in gas fees, others reported paying upwards of over four thousand dollars on average. If we take a look at this graph from the ethereum gas price charts, it just made no sense. You'll notice, the peak of all mother of peaks happening right here before it.

Slowly came down now before we go into the next headline, which involves actually a pretty interesting report coming from goldman sachs. Once again, i want to give a big shout out to our sponsor of this video, which is going to be ftx. So with ftx you can trade crypto with up to 85 lower fees than their top competitors. There's no fixed minimum fees, no ach transaction fees and you can set up reoccurring, buys directly from within the app now personally.

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Once again, thank you to fts for sponsoring today's video and then back to the update, which includes mr goldman sachs, making its first bitcoin backed loan and the global investment bank also allowed a borrower to use the cryptocurrency as collateral for a cash loan. So goldman sachs within the past few months has been getting a lot of involvement within the crypto space. We saw their news report, we even mentioned them last week in the market update and now we have them operating and offering even more bitcoin-backed loans. I will say it is very cool to see a traditional bank like this, which really opposed crypto in the beginning now offering different services, which commingle tingle do the dilly willy whiley with their traditional money.

You got bitcoin and they're mixing it in now, although it is awesome that they are offering this, i don't know if i would still recommend people to collateralize their bitcoin on the off chance. We do get some type of incident or the markets go down even more. You don't want to be in a situation where you end up losing your bitcoin through a margin, call or just some type of other issue. The good news out of all this, though, is we are still seeing major mass adoption, and i do think whenever we get mass adoption coming from traditional finance institutions like goldman sachs, like the big banks.

That is such good news within the space now the next headline. We have is panama, also saying yes to bitcoin and cryptocurrency as congressional bill passes. This latin american country of panama is the latest to give legislative approval to bitcoin in what is fast becoming a trend in this region. Keep in mind the bill doesn't allow for any crypto to become legal tender like we saw with el salvador, but it also makes possible free use of crypto as a means of payment for any transaction.

So panama went ahead and joined the gang of brazil and honduras as the latest latin american countries to a signal strong pro crypto sentiment now with el salvador and the central african republic remaining the only countries to have legislated for bitcoin as legal tender. This still is the first step towards regulating the use of bitcoin and other cryptocurrencies within the space, with panama, going ahead and doing this i think it's incredible news and this will also allow for issuance of tokenization payments and other provisions related to the crypto space. My thoughts on this is that panama, which has been known for their beautiful country and beaches, their awesome tourism. You can now also look to them as a beneficial crypto country, with this brand new start to the month of may and bitcoin, starting out showing some green in the market.

Historical data has now shown that may will be that typical strong month for bitcoin, with gains averaging over 27 in the past 11 years. We mentioned this earlier, but i do want to say it again: the s p 500, which has been heavily correlated with the price action of what bitcoin's doing what the crypto markets are doing, has usually held its own or at least yielded a positive return between now. For the month of may and going into october in each of the last five years, including an almost 16 gain during that time in 2020 and a solid 4 just last year, now i'm still more bullish than ever. Even when we have people freaking out, even when the markets seem boring - and i do want to mention that even with bitcoin not being able to hit those all-time highs, the opportunities and being able to make money in this space is still here.

So i also went ahead and posted on twitter just some lessons. I learned growing a zero to million dollar nft and crypto portfolio in the past few years in there. I share a lot of the lessons and i do want you guys to know that i've been most bullish or i've been able to make more money during this time than i have been in the previous bull run for the crypto market. Let me tell you: if i'm able to do this, i know a lot of you guys have been too, and i know a lot of our members.

Even within our discord are making money, while others continue to sell, sell, sell, take those losses and make even less money than they ever would just by panic selling and not knowing what to do in these markets. Now that doesn't mean you can't get started today. We have all the resources available for you, and i really hope that, at least with these market updates, it still gives you that mindset that you should be holding on to for long-term vision within this space now to wrap this video up, make sure to head down Below and like this video, if you did enjoy today's market, update, be sure to check out the links down below where you can find my twitter and my instagram, if you guys want to give me a follow, keep in mind if you do follow me, this is Not a test, this is all facts. If you follow me, a scammer impersonating me will follow you and dm you some weird things.

I also have an exclusive at discord group where you can also get buy and sell alerts access to my portfolio. My research notes, you can get access to me. We recently did a zoom call and we just been having a blast within the community. I have closed off spaces for the past few weeks and i'm actually looking to open up spaces soon.

Here's what we're gon na do friday, saturday sunday, i may be opening up some additional spots then. So, if you guys are looking to be a part of an amazing community and you want more access to me check it out be tuned for that there. The reason for me and not opening up spots is just because i want to make sure all of our current members are getting tended. I want to make sure our current people are making money, i'm building those relationships.

Let me just continue this with this camera here, because my main camera overheated - because this is the second recording for today's market - update because the first time this mic was not actually plugged in so i was getting way too many beginner questions. I was getting overwhelmed with trying to make content growing my team and it led me to overall just getting burned out from wanting to even go in my own discord. I've taken that back a lot. I've scaled it back tremendously.

So for me now i'm able to spend more time and i do not want to get an issue where last time i had too many members this time we're moving more at a reasonable pace, and i like it and that's why we have been locked now. We've been getting a ton of great feedback over the past week, a lot of our community members have been loving it, and it's during those times where i really like to be able to promote something that i'm proud of that. I know people are able to find a lot of value in if you invest whatever the membership rate is currently at the time. I want you to get 10x value of that within a month.

At the end of the day in me growing my business, i want you guys to keep finding value and to keep staying happy as well enough of the chit chat there. Thank you all so much again for watching today's update sorry, my camera died and i'm on my macbook camera right now, uh. We usually do a code word at the end of the video and for this word let's do throat, because my throat is hurting from talking. So much and recording twice in one day, comment down below throat, if you guys made it all the way here.

Thank you to thank you to ftx for sponsoring today's episode and, like the usual, have an amazing day and i'll talk to y'all soon, peace.