So two of the largest banks in the world have forecasted a U.S recession coming at the end of this year and into 2024.. Dutch Bank is so confident in their claims that they also gave a 100 probability of a U.S recession citing concerns over inflation, aggressive interest rate hikes, and the potential consequences of policy-led Boom bust Cycles British Banking giant HSBC Asset Management Also agreed with Dutch Bank and is warned of a U.S downturn in the fourth quarter and a subsequent year of contraction followed by also a European recession for the year of 2024.. So with what it seems like with stocks continuing to make some unprecedented Market moves and crypto not really doing too much this week, let's break down all the updates that you need to know moving forward also. yeah, Gamma T because ladies and gents, I don't know if it's like the Wildfire stuff.

Maryland Looks like it's in another huge fog in my throat. So anyways, it's been a slow week for Bitcoin as it's only about out point one percent compared to what we saw last week where Bitcoin actually spiked up about 20. Earlier this week, Bitcoin experienced some temporary dips below the crucial thirty thousand dollar support level on both Monday and Wednesday, but was able to quickly recover this week above that support level. So since Bitcoin's pump from 26 000 all the way to Thirty one thousand dollars, we saw a little bit of a pullback.

But right now I think this is a healthy pullback because we're seeing the price consolidating, especially after we saw heavy movement happening last week. In addition to that, though, we haven't been seeing too many other major Market movements happening from some of the other All coins. Ethereum is still sitting at around eighteen hundred dollars, and prior to this week, we actually saw Ethereum having a bit more higher gain, even approaching that two thousand dollar price level. Once again, going into the largest 24-hour Winners compound is actually up about 25 and going to the largest losers.

Nothing is getting wrecked today with the top 100. Nothing crazy, nothing parabolic like what we saw last week, so I'd consider that to be fairly decent news. So, as I mentioned earlier in this video this week, we've received conflicting information with some data suggesting that a recession is coming soon, While right now it's saying that some reports are showing the complete opposite. As an example: Dutch Bank is anticipating slowing consumer spending with a rise in the unemployment rate and no interest rate Cuts happening until March 2024.

In the midst of that, the recession is also hitting some companies sooner, where Robin Hood has announced its third round of layoffs in just over a year with a plan to remove an additional seven percent from their total Workforce This also comes after they removed about nine percent of their staff in April and 23 percent of their staff in August of last year to contrast that we actually had reports that the U.S GDP revised up to two percent in third estimate, exceeding its consensus. So back on Thursday we got a final revision for the quarter one GDP and it showed that the U.S economy had stronger than expected growth during that quarter, so they went ahead and increased it to two percent annual Pace from the previous estimate of 1.3 percent And the change came in large part because both consumer expenditures and exports were stronger than previously thought. So this revision here has brought some more optimism into the markets and among some economists and analysts claiming that a future recession might not actually happen or be as severe as it once was anticipated. So we're in a really interesting position with the economy right now.

we have as an example: Yellen Who says there's no recession and then the Federal government who's saying, brace for impact even just a few days ago Powell stated a recession is not the most likely case, though it is possible I Like what this one user over on Twitter called fluent in finance it stated and he said, are we headed for a recession the U.S economy is in a weird place. The leading indicators of a recession have been declining for 14 months, but the economy has not yet entered a recession and this has never happened before. Jobless claims, building permits and new manufacturing orders have been bad for a very long time, but we're still not in a downturn. The Dallas Fed's banking survey shows that loan demand is down.

non-performing loans are up, and jobless claims have been rising since last fall. Now I'm curious to hear your thoughts on whether or not the recession is coming up. It seems like right now we're really on a 50 50 split. People are not sure what to anticipate I could really see it going both ways as well at this point for me personally.

I Think this summer is going to end on a strong note with stocks continuing to rise up in price. but I don't doubt that Q3 and Q4 things could end up being a bit more different where I mean assets might plummet and we might see that market correction Now by the way, on Wednesday The Federal Reserve's annual Bank stress Test was done, and for anyone who is not aware of what this test entails, here's what it means: So basically bank stress tests have been carried out every year since the 2008 Financial crisis. And to do this study, they use hypothetical situations to see if a bank has enough money to handle a bad economic situation or another upcoming severe recession. In this year's stress test, the FED tested a severe Global recession scenario which would cause 40 percent of the commercial and home property to decline in price with a 10 unemployment rate.

According to this study, the Federal Government has determined that all 23 of the country's largest banks would go ahead and be able to survive a severe recession. But I think it's better for you guys to know the truth. So, although you might see a bunch of headlines on Google on Yahoo on CNN whatever, it may be that this stress test points out that we are in a good position, you have to realize that there are three reasons why this study is actually heavily flawed. So first of all, the stress test doesn't talk about small medium-sized Regional Banks This pretty much doesn't paint the full picture because if you look back at what we saw happening with the banking system this past year, it wasn't actually the huge major 23 Banks But it was a lot of these smaller, high profile Banks such as Silicon Valley Bank Signature Bank Silvergate, Bank First Republic Bank and three out of the four largest bank failures all happened within this year.

Now, these Banks couldn't even survive on their own. Now, why would I believe that these Banks could survive a severe recession with even higher interest rates? Now the past four months, it hasn't even been just like a billion dollars 10 billion dollars, but it's been a hundred billion dollars so far this year and propping up small and mid-sized Banks from collapsing. Out of all that, this stress test also only tests a hypothetical scenario which involves a decline in real estate prices. But if we look back at what we've seen happen with bank failures, it wasn't all just real estate.

We've seen a collapse coming from a decline in Securities and Rising interest rates and I'd be willing to bet that not all 23 major Banks would have passed this year's stress test if they gave a scenario of a 40 decline in say, as an example, stock prices. So I think this test was a way for the FED to instill trust in the banking system. It's kind of like for a teacher to give a test to the students knowing that the questions were super easy and that they would pass them anyways in order to report to the principal that things are going to look good and that the kids are still learning more valuable information. I Personally believe for this to be fair, the stress test needs to be updated to account for factors such as a decline, insecurities, crypto, or things you know just outside of real estate.

What's funny about this whole situation though is that the Federal government already knows this guys. and Powell even quoted yesterday quote, the bank runs and failures in 2023 were painful reminders that we cannot predict all of the stresses that will inevitably come with time and chance. We therefore must not grow complacent about the financial systems resilience. So pretty much he's saying that the stress test that they did doesn't actually mean anything.

Now going into some more broader news, beginning on July 15th, Kucoin is implementing a mandatory Kyc system upgrade to enhance compliance with anti-money laundering regulations. For those of you who are unaware of Kyc, this pretty much just involves the process of providing more personal information, identification information, and lately they do also facial recognition to make sure that it is you who is applying to use their brokerage. Now, Kyc has been around for a very long time. If you sign up for any brokerage, even within the stock market, you're gonna have to go through this process.

What's interesting about this story though is the fact that Kucoin primarily operated outside of the US. They weren't focused on this Market here at all, but in this instance, they're still moving forward with laws such as this governing the account security of other individuals. Now by the way, on the topic of Kyc and brokerages. If you guys also want to go ahead and pick up a bunch of free stocks and even use some of these platforms that allow you to trade crypto, check out Weeble and MooMoo link Down Below in the description.

Now by the way, this offer here from MooMoo ends June 30th. So depending on when you're watching this video, it might be too late. but right now you can still take advantage of getting 17 free stocks after depositing a hundred dollars. Now if you decide to put in more than that like a thousand dollars, you're gonna get 16 free stocks and 100 cash reward.

And if you happen to put in five thousand dollars, you'll get 16 free stocks, a hundred dollars cash, and also one free share of Tesla or Google Now MooMoo is in good standing with the SEC and Finra and is also FDIC insured for up to 250 000. Not only that, but Weeble is also offering up to 12 free fractional shares in stocks after you register and open a new account. For me, the gameplay here is simple: get these free stocks open in account since they're completely free anyways, and you can always cash it out and transfer your money back into your checking account if you happen to not use it or not like it for whatever reason. Moving forward over into some pretty solid news: Microstrategy led by Bitcoin Advocate Michael Saylor has now acquired an additional twelve thousand Three Hundred Thirty three Bitcoin bringing the company's total to holding a hundred Fifty Two Thousand Three Hundred Thirty Three Bitcoins This latest purchase was made at an average price of twenty Eight thousand.

One Hundred Thirty Six dollars per token with the company's Bitcoin stash now worth around 4.5 billion dollars. So microstrategies, Bitcoin's cost basis now stands at 29 000 at 668 dollars. And this means technically with Bitcoin sitting above 30 000, they are actually in the green right now. So with news like this I believe it's pretty good news.

I Remember during the Bear Market when Bitcoin was sitting around like that sixteen thousand dollar level? Wow, people were coming after Michael Saylor So you know for the good times and the bad times, you got to go through it and looks like right now he is still coming out as a winner and he is continuing to double down on bitcoin which makes me a bit more bullish on what's to come out in the future. Now pair that up with the next headline and it's the fact that Fidelity is now readying their new spot Bitcoin ETF filing So in last week's update, we talked about how Banks were fomoing into the spot Bitcoin ETF craze After what we heard from BlackRock Well just like what we predicted, we have Financial Giants Just like Fidelity saying all right, roll it up. Let's get in there. Basically now they are filing an application with the U.S Securities and Exchange Commission for a spot Bitcoin ETF This also includes other large financial institutions like Wisdom Tree Invesco Vanek Ark Invest and Bitwise, they have all filed applications as well within the past couple weeks.

Out of all those, Kathy Wood Arc Invest filed an application for spot Bitcoin ETF back in April but they went ahead and amended it to look just like the Blackrock's version so they can go ahead and have a greater chance of approval. This is good news and the one date you want to look out for is going to be August 13, 2023. Because this is the decision date for Arcs application to get approved, we don't have any other confirmed dates like for BlackRock, But if August 13th is going to be a day where we see Bitcoin ETFs getting filed, expect some volatility and maybe maybe a start to a new bull market? Who knows. Last but not least, Coinbase went ahead and seek dismissal of the SEC lawsuit claiming extraordinary abuse of process.

Now if you guys are watching this video, you'll know the SEC. We don't even have to say it all right. The SEC is the SEC. We need some more Justice Happening within the US government.

Basically a recap on the situation. We covered it. A few weeks ago, the SEC started a lawsuit against Coinbase claiming that they have 12 different unregistered trading tokens or Securities. This includes Solana Ada Matic known as Polygon Sand and a few others.

and Coinbase right now is arguing that the SEC is continuing to overreach its legal Authority They are violating the company's rights. They have also approved Coinbase's registration statement back in 2021, but now they're contradicting that, completely Saying that, Okay, you're able to approve it back in 2021. Now that they're saying we can't it's a whole bunch of bogus mogus dogis. What we know now is that the SEC and Gary Gensler has made it even more difficult for companies to find Clarity within this space.

Right now, Coinbase is trying to get this legal claim thrown out because guys, there's a lot of Injustice happening. There are a lot of lawsuits without Merit going on, and even with Coinbase I Hope that things are able to work out because we're continuing to push crypto companies and businesses further out of the U.S Now that is pretty much the main news for this week. Hopefully next week we get some more market movement happening. Just a reminder though, over this past week we opened up to 100 spots in our Patreon and it's been selling out every single time.

So if you've also missed your chance to make it inside our group, be sure to check out the link Down Below in the description to join our wait list right now. memberships are sitting at just 14.99 a month, but we will be raising prices soon in the future. and if you get in now, you'll be locking in the lowest rate it will ever be and you get full access to our Discord Community You'll also get exclusive Market updates happening three times a week, sent to your email inbox and notified into the Patreon app and you get a lot more than that. We also recently gave away over a thousand dollars worth of Trezor Cold Storage wallets away to our members and we'll have even more giveaways happening in the future soon.

So if you guys want to go ahead, pick up those free stocks and also secure a spot within our Patreon, be sure to check out the links Down Below in the description now! Thank you all so much again for watching and stay tuned for our next market update coming out every Friday on this channel base.