Ladies and gents, welcome back to another Crypto Market! Update: Where here we go over all of some of the biggest headlines happening within the market as most of you guys should be aware of, we had the whole meme coin Mania but it looks like it's finally dying down. On top of that, we have the popular Cold Storage wallet device company called a ledger having some additional fear, uncertainty and doubt within the market. and right now we have looming information with the debt crisis and we also have more talks going on right now about just how the broader economy looks and whether or not interest rate hikes are still on the table. Now towards the end of the video, I'm gonna give you my honest thoughts on what I believe is going to happen to the market where I think the price action of Bitcoin is leaning towards and I'm also going to be going over some other major important headlines now ladies and gents before we get into today's market.

Update: First of all, are you guys doing good? Are y'all doing okay? You know I Feel like I don't talk to my audience like the way I used to let me know Down Below in the comments how y'all feeling if y'all are not doing so well, you know it's okay to be honest about that. We all have our good days. We'll have our bad days and real quick too before I go into anything yo. our patreon's been lit.

There's no other way to say it. We've been having a ton of people joining our spots, have been selling out every single time we're opening it. and I would love for you guys to join because right now I'm hitting you all with that bear Market special I'm coming down from 70 a month all the way down to 14.99 And if you guys are able to join next Wednesday I am having a one-on-one live stream. You can ask me about crypto about stocks.

you can ask me how Astros doing my dog he's uh, he's sleeping right now. he's making a mess somewhere. Be sure to check out the link to the Patreon down below where you can get an idea of all the array of different benefits we have to offer. All right to kick this video off before we go into all those headlines because there is a bunch we need to cover right now.

We got Bitcoin sitting at about 26 600 and for the majority of the last few days we actually saw Bitcoin having a lot of volatility trading between that 25 000 to 27 000 price range. Now the RSI on the daily chart is at 42. This means it is quite a bit oversold, but if we take a look at Bitcoin's current resistance level on the daily chart, we can see that it's within the 50 EMA or that yellow line. And to give you guys a little bit of an idea, Bitcoin has been stuck under this resistance for about 10 days now and it has tried to break through about five different times, but it failed to do so.

My quick little Bitcoin prediction: if we are able to break above the 50 EMA and hold it as support I can expect to see a quick move up to the 30 000 price level, but if Bitcoin does tend to fluctuate underneath the 26 000 level, I can expect for us to see twenty five thousand dollar once again. Now one major Catalyst to be on the lookout for is the debt ceiling negotiation between Republicans and Democrats I Believe this outcome here is going to be a catalyst for further volatility and could cause either a huge pump or a huge crash for Bitcoin I Think you can go both ways at this point, but I'm urging that you guys played a bit more conservatively or if you do enter the markets, played a bit more tight until that day comes up. In terms of some other news, the National Association of Realtors reported that existing home sales fell to 4.28 million in April which is down about 23 from a year earlier now. The decline in these sales can be attributed to clearly right now, the rising mortgage rates that we're getting from those Feds continuously increasing interest rates, making home purchases less affordable for buyers as well as less cash in home buyers.

Pockets Due to high inflation and a weaker economy, I'm seeing this happening within my own neighborhood too. I Remember when I was getting these New Home builds guys. It was like it was a war we had like pitchforks and people. Just there was like a wait list and you know for you to even have an opportunity to buy one of these new homes you would have to bid on the land which already had a thirty thousand dollar premium.

And right now I'm seeing four sale signs pop up everywhere. Talk about you know, timing the market terribly. But for anyone who has been interested in buying a home sometime in the future, this is good news for you because if you are a prospect active home buyer I Believe in the next few years, you're going to be able to get a pretty significant discount based on current circumstances. Going a bit more into it that whole debt ceiling talk ladies and gents, this here is so important because right now the treasury Department has reiterated warnings of a default if that debt ceiling is not raised by June 1st.

So pretty much at the time of filming this video, there's still just about a week and a half left for them to figure out what they're going to do. Now it seems like right now, both Democrats and Republicans like I mentioned, no one's seeming to budge. But hopefully within the next week or so, we're going to be getting some more news on what happens next. Last but not least, with regards to economic news after the Last Fomc meeting, the general consensus was actually that there was going to be no more Federal rate hikes for the rest of this year, But it looks like things are looking much more differently now.

Federal Reserve Officials indicated that the decision to raise interest rates at the next Fomc meeting in June is shaping up to be a closer call. Several officials are prepared right now to lift the rates by another quarter percentage point because they claim there isn't enough evidence that inflation was on track to reach the Fed's two percent. Target There's also a tool called CME Fedwatch, which shows you the probability of another rate hike. in June's Fomc meeting.

Right now it's at 33, but just about two weeks ago, the probability was only at zero to five percent. So as time goes on, if you guys want to actually get a better idea of interest rate hikes which we have normally seen in the market taking an account for. So if interest rate hikes decide to go up, we usually see stock markets and crypto going down. Even further, you can check out that tool.

it's called CME Group.com Market slash interest rates Now by the way too guys, if you didn't know right now we have the Bitcoin conference going on and clearly, uh, you can tell I'm not at the Bitcoin conference this year. If Bitcoin was doing a little better, you know I'd pull myself out there. have a little bit of fun, but your boys in Bear Market recession mentality right now keeping expenses low, we're just grinding away, you know, building up the foundation of the Uh, the company right now. I Had a theory that this year crypto markets would crash Bitcoin would crash even further just because a Bitcoin conference was happening right now.

And historically, in the past two years we've went, we've always seen Bitcoin declining a significant amount during this time. But I guess history would not be repeating itself this time around because Bitcoin Yeah, it did climb down from 27 to 25, but right now it's hovering within that amount and it's in the middle of the conference. going back into more. uh, I would say factual news.

We have Ripple and Xrp right now where the Ripple case is making some developments because the SEC hiddenman documentations could become public by June 6th. So just a bit of a recap for anyone who may have forgotten what's going on with Ripple. Basically, the SEC accused them of selling Xrp without registering it as a security, leading to a very, very long legal battle. Now, Ripple has been fighting to make secret documents public that summarize former Sec's Director Bill Hinman's 2018 speech where he expresses and explains his views as to why Bitcoin and Ethereum are not securities.

As of this week, a judge has denied the Sec's motion to seal the Hinman documents because the SEC is doing everything in their power right now to make sure that crypto continues to stay underneath them. And even guys, if you remember our market update from three to four weeks ago when Gary Gunzler was getting grilled by Congressman it seems like there's still been no true developments being made within the space. Look, I'm not gonna go as far as to say that Gary Gensler and the SEC are a bunch of rats. I'm not saying that you guys said that.

We're all saying that I get I don't even know, but listen. Okay, whatever you guys are thinking. whatever I'm thinking. we all know the facts.

The SEC has not been helping out crypto one bit and I Don't know if they've been helping us in any way because we've had Terra Luna collapse. We've had FTX collapse all underneath their belt. and at the same time, this is a government entity that was created to protect the people. Yet we've seen more people get hurt within the space over the past few years because of their lack of protection and their lack of capability and taking responsibility for really just their lack of doing their job.

Furthermore, to just follow up on that story if you guys remember, back in April, Coinbase filed a legal action in Federal court seeking to compel the SEC to provide a simple yes or no response to a petition that the Exchange has had pending since. July That petition was all about the SEC needing to answer a total of 50 Questions concerning the regulatory treatment of digital assets. Well, on Monday This past week, the SEC finally responded to Coinbase's petition. and to no one's surprise, the SEC pretty much argued that Coinbase's request to their questions is just too complex and they have demanded it within an unreasonable short time frame.

that Coinbase is going to have to provide a formal response next week. And whatever they say, I'll keep you guys updated in next week's video. Now two more major stories to cover. First of all, like I mentioned earlier, the release of the popular Cold Storage wallet device Ledger went ahead and sparked huge controversy after releasing a new update called Ledger Recover where basically members of the crypto Community by paying 9.99 a month for Subscription Service would offer an additional layer of protection by dividing the seed phrase into encrypted fragments and then sending it into three different companies.

So if you ever you know, forget your seed phrase, you would be able to hit them up and then they would be able to get your account back for you. Ledger's whole argument is that this will emphasize the feature in keeping a lot of enthusiasts safe because we've heard many horror stories of people forgetting that seed phrase and being locked out to you know, hundreds if not thousands of dollars worth of crypto, and this year was supposed to be a solution to that. But the fact that this was available is just mind-blowing right now because Ledger should never have had an option like this. And if they're able to go in and recover people's accounts, a lot of people are worried that hackers are able to do the same thing too.

It also doesn't help that ledger doesn't have the safest track record. A few years back, they actually went ahead and had a huge data breach, so a lot of people's information got completely spread out to the interwebs. and the fact that this upgrade here could put more people at risk. Looks like a lot of people are questioning whether or not Ledger is a Safe Company to stick with.

So personally for me, I'm not going to be updating my ledger anytime soon and I'm not going to be signing up for that Subscription Service either. Now I Really think a lot of this got blown out of proportion, but if you happen to be more on that risk adverse side, you can always go with a competitor. And this actually worked out perfectly because I reached out to Trezor the next day and they basically hit us up with a few messages. one saying Brian Let's do a giveaway.

We're gonna do that for our patreon members only. Second, they got us some discount codes. Check it out. Link Down Below in the description for 15 off I Feel like it's gonna last for the next few days maybe? And on top of that, they want to do a little bit of a partnership which I think is good because like I said guys, I've worked with Ledger for a while I was shocked to hear the news I'm still using my ledger at the moment, but the best thing that you could probably do right now is to mitigate your risk by using different devices.

Or if you are thinking you know Ledger they've stepped on one too many toes and you really just don't support the decision that they made with it. You could just completely move over and to another cold storage wallet device and Trezor is a great choice. Last but not least, guys, if you had any money within Voyager right now, customers May recover about 35.7 of their funds. The U.S Bankruptcy court has now approved Voyager's bankruptcy plan and it's finally allowed them to proceed with the distribution of its assets to its creditors.

Now this year is really good news for a few reasons: just anytime. First of all, a major exchange is finally able to get money back to the people. I think that's a win for everyone. But second, I know there are a lot more other exchanges that have pause withdrawals and that have completely halted I got at least a couple thousand dollars stuck within at least Celsius I've been waiting for that one to come unlocked too, and they're not as far ahead as Voyager has been, but a voyager has been able to do this.

I Wouldn't be surprised while the economy maybe is able to, Rebound in the next few years that we're able to see some of our funds back coming from some of these other exchanges now. I'll keep you guys posted if there are any other exchanges announcing that they're going to start another fund recovery program for anyone who has lost money. Now by the way, if you guys do want to pick up any free stocks, MooMoo and Weeble are having some pretty solid promotions, you can get in total up to over 20 free. Stocks by checking out the links Down Below in the description Boom! Free bread On top of that patreon openings.

check out the patreon link Down Below in the description I Would love for you guys to be a part of my inner circle. Community I Appreciate you guys I Love you guys! Be sure to follow me on Twitter Instagram and I'll see you all soon! Peace out.