Crypto markets and wall street indexes are heavy in the green this morning as we we begin this week with some stronger bullish momentum. The high trade volume from the has put the crypto market cap back over the 1 trillion. Mark for the first time. Since june 13th.

And currently the leading cryptocurrencies bitcoin and ethereum went ahead and broke some key resistance levels over this past weekend alright so ladies and gents in this video. We'll cover what caused this relief rally that we're experiencing right now. And we'll also be explaining why ethereum happened to skyrocket close to 50 percent over the past week you guys do appreciate these daily market updates be sure to like this video down below subscribe to the channel. If you haven't done so already and let's get started with today's update.

All right so the wall street went ahead and opened up in the. Green this morning with the dow jones up two. Percent the nasdaq up 15. And the s p.

500. Up about 1 as well so as you'll see the global crypto market cap is at 102 trillion dollars. They're seeing an influx in the crypto market volume up at 83 billion or up 35. And an overall six percent increase for the last day.

All right so bitcoin is currently trading at 22. 000 at 208 dollars up about 45. In the past 24 hours and 8 in the past week on the 4 hour charts. You'll notice that bitcoin is trading above all the relevant emas or that exponential moving average.

Which is the 20 the 50 the 100 and even the 200 the main thing to note is going to be the purple line that you see on your screen. Where bitcoin is now trading above its 200 ema for the first time since april. The rsi on the four hour chart is nearing overbought territories and is currently sitting at 67 and while bitcoin is trading above the 22 000. Level.

It still hasn't been able to fully sustain it for bitcoin to continue trading in a higher price range it needs to claim 22 000. As support and not as resistance taking a look at the weekly chart though bitcoin's rsi is at 32. It is still showing that it is very oversold and there is still very heavy resistance at the 200 moving average. Which was widely considered to be at bitcoin's bear market bottom before as shown in the chart below bitcoin is also trading right now below that 200 moving average and has touched or near that price level for the past three weeks.

Now. We actually got a tweet from glassnode that over 80 of the total us dollar denominated wealth invested in bitcoin has not been touched for at least three months what this year. Signifies is that the majority of bitcoin coin supply is dormant and that holders are increasingly unwilling to spend at lower prices additionally on chain research from coinbase analytics. Suggests that recent bitcoin selling has been carried out almost exclusively by short term investors.

This is huge news here because most long term bitcoin holders have not been selling into the market weakness and they've still been going on strong usually if these people were convinced that crypto were to go down. Even further they may be capitulating. They may be selling they may be saying all right i'll give up my investment now. But i will enter at a future time the fact that currently these holders who own a highly concentrated amount nearing 77 of the total supply down about you know three percent from the 80 last year it's showing a huge positive sentiment indicator.

The message here that we're seeing from these type of chart and data points is that bitcoin holders who are going long are still holding on during turbulent times. Now going into the crypto fear and greed index for today. We're actually improving a lot better on the scale. And i do think in about a day or two we may see ourselves coming out of extreme fear.

And going back into just a little bit of regular fear compared to last month. Where we saw six and a lot of single digits. We are now at a 20 which is a huge immense a positive gain now the crypto fear and greed index has been an indicator that we used on this channel to figure out just an easy simple way to see whether or not we may see the market conditions improve the more out of fear. We get usually the better the prices of these assets become and when we start going into the green.

Where people get greedy. That's usually where we see these huge market influxes now that being said wow big big gainer within the last week is going to clearly be ethereum so even amongst this bear market times. Where a lot of people have been slowing down the purchasing. I have stuck with my strategy and even mentioned earlier this year's talking about how ethereum would still be the biggest gainer.

So if you're asking yourself well brian. How come ethereum is now pumping. What is going on in the news and is this something that we could expect to sustain throughout this next year well the price action came from the ethereum beacon chain community manager's tweet that the network is expected to merge from its proof of work blockchain to the proof of stake network on september 19th. Now.

This was initially supposed to happen in august. It got pushed a little bit more. But this tweet here is solidifying. The change that we are seeing with the networks upgrade on top of that it wasn't just a tweet like a buy the rumor sell the news type of event.

But we actually got some more details in there outlining and following some of the steps. Including a final trial on the last ethereum testnet. It was stated that the testnet offers developers a test environment to trial. New updates and changes to a blockchain network without the risk of collapsing.

The said network or causing disruptions for users as ethereum's buying pressure has built up futures attracting ethereum has over 230 million dollars in losses within 24 hours out of those numbers 137 million dollars in shorts and 93 million dollars in longs were forcefully liquidated due to a partial or total loss of the trader's initial margin now. According to coin glass. It was also noted that since ethereum's big price push on thursday over 337 million dollars have been totally liquidated on a related note. We do also have some other all coins having a pretty insane rally.

We have polygon up in the last 24 hours up about 25 and up about 62 for the week in one of our most recent updates. We talked about could the bottom be near could the crypto markets finally start having its recovery well. I do want to caution up my fellow viewers here because one of the reasons. Why crypto is still rallying and going up today is because the overall stock market indexes are also in the green.

Some better news would have been if the stock market was going down and crypto is independently going up so i would expect that if the stock market does happen to take another dip. Which it will we will see another red day. The crypto markets may have a pullback too regardless though through the ups and downs. Pulling the charts.

The one year mark. You'll notice that even within the past a few months. Where ethereum was sliding under a thousand dollars. It looks like right now we're having a bit of that recovery and hopefully hopefully right now that was the entire bottom of the market and now.

This is going to be the sign of momentum moving us forward. If you guys are excited to see any type of green action. Within this market or if you think this is all just a fake relief rally. A dead cow bounce.

Um and just you know another way for people to get even more money sucked out of their wallet. Let me know down below. In the comments. What you guys think now going back into why polygon might be pumping.

This is not because ethereum is going up. This is also because there is one piece of news world stated that disney yes walt disney itself chose them to participate in an accelerator program. So this program here in a nutshell is just designed for discovering and supporting projects that work on augmented reality. If you guys heard of that term just think of even like the metaverse concept nfts and other innovative entertainment technologies.

And it looks like this here has pumped up the price of the asset as well now big piece of news for today. We're going to start with coinbase. Where rumors surfaced friday night that coinbase could face liquidity issues. Following leaked emails.

Stating that it would suspend its affiliate program. Now business insider. Received emails stating this has not been an easy decision nor was it made lightly. But due to crypto market conditions and the outlook for the remainder of 2022 coinbase is unable to continue supporting incentivized traffic to its platform.

All right so a few days back one of my good friends nato brian went ahead and posted this tweet as well and pretty much he described his thoughts. Exactly what i was feeling. He stated here yes. This could simply be a result of cost cutting efforts and that would be very likely.

Just because we're in a recession. Crypto market's not growing new users aren't coming in but they stated. But they aren't willing to even pay five dollars for a new user instead they're completely shutting down the program. Which is indeed a red flag nate says what's their ltv of a user ltv stands for lifetime value and that means if a company is willing to just pay five dollars to acquire a new user over time through the transaction fees and some of the other products that they would go into they would be able to make more money or at least break even from that amount unfortunately enough it does seem like a pretty odd play that they would cut off their affiliate program.

Completely in entirely and this is where people are wondering whether or not coinbase is having any type of liquidity issues. So following friday's rumors believe it or not around 50 of stable coins on coinbase pro went ahead and left the exchange. According to on chain data keep in mind. This story is entirely speculation right now.

But it is true they are cutting out their affiliate program. But many people are now wondering why they are doing that on the off chance. Though if you do have money with coinbase. I wouldn't be too worried right now just because they are a publicly traded company.

They are making some more you know questionable moves during this time. It was shown on their balance sheet. That things were looking healthy and unless. They had some huge huge equity or stake.

That you know maybe into luna or something that no one really knew about that they were hiding. I do not think that they would go completely dry like we've seen with voyager or celsius. It was even stated by krakens at director. Which is another exchange leader stating on twitter quote no coinbase does not have a liquidity crisis because they shut down their affiliate program.

But there was a response to that tweet stating as a guy that literally set up the affiliate program in 2019. Shutting it down has nothing to do with liquidity now regardless of whatever the reasons is my big big key point and takeaway out of all the moves that we may see leading up to this year. Is even if a company may not be running out of money now. If the bear market does extend we don't know what may happen by the end of this year or if the bear market ends up lasting even a longer time than that what would happen well.

I'm not here to take those chances and hopefully you guys don't either. If you don't have a decentralized wallet. Or a cold storage wallet with added security. I highly would recommend you guys to get one.

Now. The cost of spending money on a cold storage wallet in my opinion is totally worth. The entire risk opportunity of you losing your entire crypto portfolio due to another liquidity crisis. It's important now if you are going long to safeguard your crypto more than ever.

And you just do not want to lose the opportunity of seeing a market rebound where an exchange happens to go down right before that too although these accusations that a liquidity crisis is on the way could be you know a bit more on the bearish speculation side there's still no harm in protecting yourself from any possible damage my personal opinion like i said i don't think coinbase has any type of liquidity or revenue profit issue. But either way i'm personally safeguarding my funds because i have been wrong many times before and with the crypto market. You never know what's going to go on and if you guys want to make sure that you're protected too. I do have a link down below.

In the description for a ledger wallet as well now in terms of some pretty cool news. We actually had yuga labs opening their other side for their first trip in the board. 8. Metaverse.

Now this has been a highly anticipated event. Even amidst these bear market times. And yoga labs went ahead and invited 4 300. Players on saturday to get a first look tech.

Demo and tour. The online platform now all 4 300 players who took part in yesterday's digital excursion to the biogenic swamp that constitutes the center of other side. We're owners of other deeds and they also showed just a lot of future potential with this game. Now i do hope that with the success of the first trip.

We're able to see this expand into ways that we never could have imagined this even starts with in game. Economy. Ways that you can monetize yourself or find yourself to involve and immerse yourself. In a completely new experience now although even something like this doesn't seem to be completely new just because games have been around you can play what is it um runescape minecraft league of legends i don't know there's just been a lot of games.

That you can play even call of duty right now. It's nothing new. But for the crypto community. Where this opens up the possibility of you being able to make money and use your nfts with true utility.

This is where that shines now in terms of the next headline. We do have russia back in the news. Where on friday russian president vladimir putin went ahead and signed a national ban on using digital assets for payments. So this action.

Here comes after the russian government and central bank. Have long debated. What they are gonna do for the cryptocurrency world for those of you guys who might have forgotten earlier in the year. The bank of russia.

Almost had an outright ban on crypto for payments and investments. Now. The recently signed law allows russians to invest in crypto. But prohibits using digital assets to buy things now you know even with some news like this the markets did not respond any negatively and people have also noted that according to on chain data just seeing where most wallets are located russia.

Isn't a huge player within the crypto game. Yeah. They've been involved in a lot of hacks and you know crypto in the bad way but in terms of retail investors coming from their country. I don't think.

This is going to be a huge huge movement maker into the overall crypto market price. But only time will tell exactly how this will last for us all right now with the crypto markets going back up. If you guys are looking to get started and investing into the crypto market all completely tax free because i just think that is one of the best ways that you can get started don't forget to check out the link down below in the description for i trust capital. With irs capital you can invest into crypto with your ira.

Account. And this is probably one of the best ways to invest long term. At this moment as a special deal for the jung nation you can create an account with irs capital and find yourself earning a free 100 into your account just by signing up using my link down below. And leaving your account funded for 30 days now on top of that if you guys made it all the way to the end of this video.

The secret code word for today is going to be lightning comment that down below. If you guys made it till. The end and like always don't forget to check out the links down below in the description follow me over on twitter on instagram and if you still have not yet done so already make sure to subscribe to this channel drop a like down below on this video. And i'll see you all soon have a great day peace out.