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Video Outline:
0:00 Intro
0:43 Market Analysis
7:50 Ethereum 2.0 Merge Incoming
10:41 OpenSea Seaport Announcement
12:15 Panama Crypto Bill Cancelled
13:28 Crypto Education Programs
16:05 FTX.US
16:38 Outro
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#Crypto #Bitcoin

So, on friday, the s p 500 briefly fell into bear market territory declining by more than 20 from its record high in january, and as of this morning, bitcoin has officially recorded eight consecutive weeks of losses for the first time in its history, the bearish news seems To be more and more common within this market, but i will say there are still amazing developments happening within the crypto world that were announced, especially this past weekend, ethereum 2.0, an upgrade that we've all been waiting for since 2019 is set to launch this summer and A new exchange system has been introduced to the nft community if you are liking. These daily market updates be sure to like this video down below and subscribe. If you haven't done so already and with that being said, let's hop into the computer and see what is going on in the market for today, all right. So the global crypto market cap on this fine monday afternoon is at 1.31 trillion or about a 2.4 percent increase over the last day.

Now the crypto market volume is actually seeing a bit of an increase opening this monday up about 25, going into the crypto fear and greed index. Today we are actually seeing a 10 on the scale where extreme fear last week was all 14 last month. We're still seeing extreme fear all over the market, and even though we aren't seeing the lowest lows, it is still pretty bad when we see a 10 on this barometer here now, it is worth noting that bitcoin and ethereum, and most other major cryptos, actually did improve Over the past weekend and in today's monday market open taking a look at your screen, you'll notice that most cryptos are actually within the green. For this day now, over the past few weeks, bitcoin has lost nearly 36 percent of its value, currently trading, just above the 30 000 level.

Now it seems like in the one month scale if we pull back a bitcoin to its lowest date. It was at 26 782 during the 2 a.m morning. On the 12th of may now, according to on-chain data from the crypto quant provider, bitcoin's 56 fall from the previous all-time high was followed by an increased hash rate on the network, which could be a worrying sign for investors. For anyone who doesn't know the hash rate of bitcoin's network should often follow the price swings, which is not the case during this correction.

So this time around, the rise in the hash rate contributes to the increase of supply concentrated in the pans of bitcoin miners and, despite relatively low distribution rates, the miners funds will be realized inevitably, as there is still need to cover their mining expenses. Now, to pretty much sum all of that up, it means when bitcoin miners begin their bitcoin sell-offs. The market usually experience even more selling pressure in the future. Now, although this idea worries many short to midterm traders, the long term bitcoin of fundamentalists see nothing but positivity from a divergence between those two metrics.

According to you, today, mining interests actually remain high, even though it still has become unprofitable after bitcoin dropped down below the 32 700 level. Now, there's also an indicator called the bitcoin production cost indicator from trading view, which suggests that bitcoin has just entered that unprofitability zone, which has not happened since october 2020, back when bitcoin was trading at around twelve a thousand dollars. So so far everything has looked pretty bearish in the short term. But if we take a look at the four hour charts, it actually shows a little bit of a different sign.
So last week we covered the key support and resistance zones for bitcoin's four hour chart. Now a quick recap on this: if we take a look at the resistance level, which is the 50 ema or that purple line last week, we broke past this level, but we haven't been able to hold it now. The second level of resistance is going to be the 30 700 level or that top orange line you see on your screen and the support level that we found was the twenty eight thousand six hundred dollar level or the bottom orange line. Now, in the past 24 hours, bitcoin has finally broken above the 50 ema and has actually held that level.

Now this is the first time since the beginning of may or may 5th that bitcoin has opened a candlestick above that 50 ema. On the four hour chart. Now, what this means is just a few possible scenarios that i'm gon na list here, if bitcoin retests the 50 ema but doesn't hold the support level. Extremely bearish news is looking to happen.

If that happens, i would expect bitcoin to trade below all emas and look to retest that bottom orange level of support, which is the 28 600 level we just mentioned now: bitcoin retests the 50 ama and claims it as a support level. Bitcoin could also be seen trading higher and go past the 30 000, a 700 level, which is right now the top level of resistance. Now, while currently the global macroeconomic environment still doesn't look too good. There is still a bit of optimism despite this really gloomy outlook.

Right now, bitcoin is on a considerable divergence on the daily chart, and the last time this occurred was in 2021 right before bitcoin's price actually broke out. Now. The big question here that we need to ask ourselves is whether or not bitcoin can turn the resistance zone into a strong support level and historically, 30 000 has been a critical level of support for bitcoin before in the past. Now i do also want to mention that, right now we are also at a time where, anytime, we get significant downward movement or we get a lot of bear market action.

We get something called a relief rally coming now. Relief rally, also known as a bear market rally, also known as a dead cat balance. Often times happens when we see that downward pressure like we've been experiencing and then oftentimes just because we are so oversold in those levels, investors tend to buy up the div and then consider actually moving the price back up for a temporary period of time. Now, even in this investopedia article, they state, the dot-com crash in 2000-2001, saw the nasdaq mount eight bear market rallies of at least 18 percent, including four gains of at least 30 percent and one 56 advance, all of which ultimately prove temporary.
Now, in the case of crypto, if we do see bitcoin starting to rally once again, many people are going to assume. This is exactly what happened about a few months, back pulling it to the last few months when bitcoin's sitting at 36 000 and then we rallied up to 47 000. This is what i would consider a possible relief rally or dead cat bounce, because shortly after that, we saw the market continuing to spiral downward. Now, if we do get another experience of what we had just a few months back, this could also be another temporary increase in price.

So if anyone is trying to enter some swing, trades or you're trying to liquidate positions, you never want to do it at the bottom. You want to consider doing it when you do get maybe a 15 to 30 upside within the market. Now for me personally, i'm not trying to liquidate any positions at this time, even when we're considered to be in this bear market, because i still have a lot of flexibility with my own portfolio being the age that i am. I'm gon na continue to invest into the market dollar cost average in and buying up the dips.

For me, whether bitcoins at ten thousand dollars or if it's at fifty or sixty thousand dollars, it really doesn't matter because i believe fundamentally long term bitcoin and other cryptocurrencies, including ethereum, are still going to have a very bullish price point in the long term run. That means i'm gon na hold through the dips, and even if it's three years, five years or ten years from now, i'm going to continue to play these positions long, because i believe these investments are going to be creating that generational wealth for a lifetime. Now, going back to some of the top altcoin winners, surprisingly, we actually have terror usdt coming up just a bit. It is still down a significant amount, so don't even be surprised about this, but they are currently sitting at six cents from that one dollar peg.

We have bitcoin gold. Surprisingly up 42 percent. Today we have loop, ring up 28 ave up 17 and it looks like we are still seeing a little bit of a bounce or some green movement happening with some other cryptocurrencies. Now, when it comes to all coins, we still haven't seen that huge rush back into the market, and it looks like we're still sitting at similar support levels since we got when tara luna actually had its collapse right now, the total value locked is sitting at 114 Billion dollars - and although there is a bit of green coming within the market, it still isn't any type of notable, significant difference now to kick off this video's market headlines.
Let's talk about the title of this video, which is actually going to be relating to ethereum 2.0. Upgrade now the long-awaited ethereum transition moving over from proof of work to proof-of-stake has been pushed back again and again, but according to ethereum core developer preston van loon, the date has finally been fixed to august of this year. If everything goes according to plan now, he announced this while speaking at a panel during the permissionless conference, and things have not gone according to plan for a while for ethereum. But it looks like this time around.

It could be a little different ethereum, co-founder vitalik buterin. Also reiterated this stance during the ethereum shanghai summit and also gave room that potential hiccups could be on the way but saying the merge could also be on route not for august, but also for september or october. Now, if we take the median of the three dates that we got, that would obviously be september and i'd rather play it in the middle of all these date rather than too early and as far as everything that we know august. If it goes to plan, we should begin to see that ethereum 2.0 upgrade taking place now.

The difficulty bomb is an intentional process. That's embedded into the ethereum code that eventually slows down the network. The dev team went ahead and incorporated for two main reasons: to encourage developers to push the proof of stake transition and to also make it harder for miners to remain on the proof of work chain. Following this event, now it's worth noting that, although the difficulty bomb has been postponed several times to make sure the network continues to function correctly, the team wants to avoid another delay this time and complete the merge before the blockchain does slow down.

So they say it on their website after the merge. This will signal the end of proof of work of ethereum and start the era of a more sustainable eco-friendly ethereum, and, at this point, ethereum will be one step closer to achieving the full-scale security and sustainability outlined in its ethereum vision. Now i highly recommend all of you guys to check this out when you have time - and this is one of the main reasons why i am so personally bullish on ethereum now personally. For me, i do expect for us to see an increase in the price of where ethereum is, and hopefully we get to a point where ethereum never even touches the levels of two thousand dollars.

If we take a look at the all-time charts for ethereum you'll notice that before in the past, the price of the highest point for ethereum was sitting at 4 800. Now. This shows us that there is still a lot of strong potential for ethereum and although we were never able to hit 5 000, i do expect us, at least in this lifetime, to see us breaking an ethereum all-time high. Ethereum is still the main cryptocurrency of use for most d5 and nft projects, although we do have some other alternatives, such as solana and cardano.
Coming up. Ethereum continues to be the main cryptocurrency of use with these upgrades coming out, regardless of, if we're in the worst bear market of our life or not. I am a strong believer of this long term and that's why i continue to average this up more than any other crypto going into the next headline. The world's most popular nft marketplace.

Openc went ahead and expanded its operations to launch a brand new platform. So openc went ahead and introduced a barter system for nfts and other features, including a facility for tipping. Now they say the core smart contract, for this is open source and inherently decentralized with no contract owner upgrade ability or other special privileges. Openc does not control or operate the c port protocol.

We will just be one among many building on top of this shared protocol now for anyone who's trying to figure out what this means. The new offering called seaport pretty much just allows users to pay for nfts with other nfts. So an example of this is, if you wanted to purchase a board ape yacht club nft, and you only had a limited amount of eth, you could go ahead and add in different nfts that you may own to add that into the offer for that asset. This is pretty much just implying a bartering system or a combination of tokens as a payment method, so it makes buying other nfts a lot easier.

So you don't have to liquidate positions on nfts that you might not want and then be able to buy the ones that you do now. I believe that this could benefit the nft community just because the new system eliminates a lot of the redundant transfers. It'll save people in gas fees and it'll allow for other people who want certain assets that may not have it to have easier transactions happen. Now i will say, although openc has not made some good practice moves before in the past, something like this system seems to be pretty good for the crypto space and i do think long term people are going to find value in this now in terms of the Next headline panama, another country went ahead and pulled it back on legalizing crypto, because the president wanted to comply with aml laws.

So, on april 28th, a congressman from panama presented a crypto bill that would allow citizens to freely use crypto as a means for payment for any transactions. Normally, this would allow digital asset companies to establish operations in the country and it would treat crypto assets as a foreign source income which under panama's territorial taxation system, means no taxes on capital gains. Originally, the bill was approved in a 40-0 vote by the legislative assembly team and only required the signature of the president to put into law now. Recent update on this is that the panama president, cortezo on wednesday, said he may veto the recently approved bill, even though the bill was a good law.
Now. The reason why the president decided not to give a signature on this is because of the law's clauses related to money laundering activities or anti-money laundering activities that weren't put into the bill. He noted that his country has been trying to get removed from the financial action task force gray list, and this would actually make them still stay on that list because of laundering concerns, terrorist financing or other proliferations to finances. Now, in terms of other headlines, we actually got crypto education programs coming from argentina and switzerland having a stronger involvement so last week, a source from msn shared results from their survey detailing that the number one reason people are hesitant to buy crypto right now is due To a lack of knowledge, now that survey is a good representation on why most people aren't getting into crypto.

Then education like this would be an immensely great start. Argentina has been a country, that's been one of the most active latin american countries in terms of bitcoin and blockchain technologies and is now making a move towards crypto education. The way they're going to do this is, with the start of 4 000 students who are going to participate in the school and bitcoin educational project, which is going to learn about the advantages and disadvantages of decentralized financial systems based on blockchain technology. Now, on top of that, switzerland's southern city of luguano will also host a blockchain and cryptocurrency focused school as part of a partnership between the local government and tether the stablecoin.

So, back last week, on thursday, an announcement with tether and luguano said that they're going to be launching the plan b summer school in an effort to bring blockchain and crypto education to the masses as well. According to the school's website, the two-week program is going to run in july and feature speakers, including block stream, ceo adam back and tether and bitfinex chief technical officer, paulo ardano. Now some of the topics that they're gon na discuss in this is gon na be introductions to stable coins and cryptocurrencies. And how now i know most, you guys might not care what other countries are doing in terms of their crypto education, but realize just how important this is because imagine you're going to school or your kids are going to school and they're able to take a class On learning about crypto and they're able to take class on learning about how the blockchain works, i think this is a start and it would be amazing to see if we even get a degree in blockchain work or if people are able to learn more about just How the general crypto technology field also happens to work.

These developments are still so great amongst even a bear market right now, and everything at the end of the day starts with education. It starts with education on a lower level. It starts with education on an international scale and if we're able to see more and more countries step up, it may also influence and impact countries like the us or other top remaining countries all around the world, to continue this type of movement as well. Just like how you guys watch these type of youtube videos, if this was presented in a school system or an education class, i do think we could see more and more people realize that crypto is not as scary as it seems, and yes, the price of it Goes up and down and it can be volatile, but this general technology can have such good and powerful positive use for many different communities.
Now guys, if you are looking to buy up the dip during some of these red markets, don't forget to check out the link down below in the description for ftx. Ftx is one of the largest cryptocurrency exchanges in the world, and you can trade crypto with them. With up to 85 lower fees than their top competitors, you can also get no fixed minimum fees. No ach transaction fees - and you can also set up reoccurring, buys directly within the app making dollar cost averaging totally easy.

Don't forget to check out the link down below in the description as well, where, if you use code junk to sign up, you can also earn up to a hundred dollars, just by trading with your account now to wrap this video up. If you did enjoy today's market update, don't forget to drop a like down below like the usual and don't forget to follow me over on twitter and on instagram linked down below in the description as well. If you do follow me, make sure you watch out for impersonators and scammers as they will dm you and they will impersonate me, and i do not want you guys to get scammed on top of that, if you guys are looking to join a private community. I also have an exclusive discord group where you can get access to my buy and sell alerts.

My research technical analysis from some of our best advisors, as well as access to a like-minded individual of community members within the patreon that like-minded individual community. You guys know what i mean anyways. Thank you all so much again for watching and today's code word for the ending of this video is going to be window comment down below window. If you guys are watching this till the end.

Thank you all so much for tuning by. Hopefully, you guys had an amazing weekend and this week. Hopefully we get some good action in the market and with that being said, i'll talk to y'all soon, peace.

By Stock Chat

where the coffee is hot and so is the chat

16 thoughts on “Ethereum 2.0 release date”
  1. Avataaar/Circle Created with python_avatars D M says:

    Team Jung

  2. Avataaar/Circle Created with python_avatars kookoo says:

    thanks for the update daddy

  3. Avataaar/Circle Created with python_avatars Erick Castro says:

    ๐ŸชŸ

  4. Avataaar/Circle Created with python_avatars Royal Q says:

    thanks for the update

  5. Avataaar/Circle Created with python_avatars Royal Q says:

    1st

  6. Avataaar/Circle Created with python_avatars Magdy says:

    WINDOW

  7. Avataaar/Circle Created with python_avatars Vignesh Annadurai says:

    Any update on luna bro ? How are you Brian

  8. Avataaar/Circle Created with python_avatars Toukour mohaman says:

    I mean one of the firsts.

  9. Avataaar/Circle Created with python_avatars Texas Cryptonite says:

    good update

  10. Avataaar/Circle Created with python_avatars Gadx says:

    Last

  11. Avataaar/Circle Created with python_avatars Toukour mohaman says:

    I mean 2nd one.

  12. Avataaar/Circle Created with python_avatars Niq says:

    Thanks for update

  13. Avataaar/Circle Created with python_avatars Toukour mohaman says:

    1st one

  14. Avataaar/Circle Created with python_avatars Medรญ Colas says:

    First?

  15. Avataaar/Circle Created with python_avatars Erica Johnson says:

    Second

  16. Avataaar/Circle Created with python_avatars SxeatyBeanDip says:

    First

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