And most of wall street are trading higher today ahead of the federal reserve rate rate increase. The feds today were expecting to announce a second consecutive 75 basis point hike. Which some investors claim is already priced into the markets. Whether they've been correct or not today is a day where we've been seeing a bit more volatility and we should expect to see heavier volatility for the remainder of the week.

Because especially tomorrow. We're going to see a day for the official release of the quarter. 2 gdp report is the us. Economy in a recession already or will it be prolonged well in this video.

We're going to be talking about that in today's market update to stay tuned if you guys do appreciate. These daily market updates be sure to like this video down below subscribe if you haven't done so already and let's see what's happening in the markets for today alright so the us markets are heavy in the green this morning with the s. P 500. Up 17 the nasdaq up.

25 and the dow jones also up about. 05 now bitcoin is up over 465. In the last 24 hours. But they're still down about seven percent for the seven day charts.

So. Although the week has been read if we take a look at what's been going on in the last day. Bitcoin was able to hold that support level of twenty thousand seven hundred dollars yesterday and has now been slowly moving upwards from last night through to this morning on the four hour charts. The rsi is at 44.

Pretty neutral levels and bitcoin is still below all relevant emas and the trading range right now that you should be on the lookout for is anywhere between twenty thousand seven hundred dollars to twenty two thousand three hundred dollars with the fed decision that was made today and even at tomorrow's gdp report. We should definitely expect to see a lot more volatility like we mentioned at the beginning of this video. Taking a look at the crypto fear and greed index today. We are sitting at a 28.

So moving more towards the neutral levels. Even though we had a bit less fear last week. Just because of that rally it still looks like things are shaping up now regardless with the crypto market cap still being right under the 1 trillion. Mark.

We are a very very long way from where we were previously in the bull market. Where we even saw. The global crypto market cap exceeding that 3 trillion level. Now keep in mind.

A lot of the liquidations come from even things like the terra luna incident and some of these exchanges halting their money but overall it really is a lot of the market caps for basic all coins. The top 100s that are still reducing in price now hopefully if the price action is able to maintain it's able to hold steady and we do get some further volume especially with bitcoin because we still see the flow of all coins. The flow of money going through crypto happening. Naturally.

That is when we should expect to see not only the global crypto market cap increase. But when that does happen we would see all the other assets within the crypto space going up too now in the last 24 hours. We do have a variety of cryptocurrencies that are pretty well in the green. We actually have ethereum classic up 22 today we have ldo up.

23 we have uniswap up 159. Polygon matic up 12. So generally not bad at all within the markets today so according to historical data from glass node. It's actually shown here that the bear market could last longer than anticipated so what you'll notice on your screen.

Here is that the duration of previous bear market low divergences has always ranged between 288 days. And even 575 days. And the most recent one back in around 2019. We saw that lasting about 248 days in the current cycle that we're going through right now we have seen a divergence going on with a long hodler's price and also bitcoin's actual price.

Which has only lasted for about 17 days during this period. So to break down this chart just a bit more the blue line on the graph is the cost basis for long term hodlers and this shows investors holding on to bitcoin for at least 155 days. The orange line on the chart is very simple. It's bitcoin's realized price or the cost basis of all bitcoin holders and in previous bear market cycles.

The long term hodler cost basis has always surpassed bitcoin's realized price to around 248 days to over 575 days. Now with the recent indicator crossing for the first time since 2019 and showing that this cycle has only lasted about 17 days something doesn't add up so far in the most recent cycle. We were able to see the divergence happening once again but the red flag here is that it only lasted for 17 days now what this could here indicate is that we are just at one spec during this previous bear market cycle. The one that we're going through right now and if we are able to see history repeat itself.

It's not natural for us to see a 17 day bottom. This is why many people are assuming that if we are in a true bear market. This would extend for a bit longer in the past. We've seen time taken to bottom about two days first time in 2012.

We've seen it take 77 days for 2015 to over 2016 and then from 2019 to 2020. It's always taken around 68 days. So the question now is how long will this bottom take now going back into some macroeconomic updates. Let's quickly talk about the feds.

The big stock companies. What the earning reports started to look like for this day. And let's also talk about a quick mortgage demand statistics so to start with the feds they pretty much wrapped up their two day policy. Meeting.

Today and the federal chairman. Jerome powell. Had spoken earlier this morning and stated that there's going to be no fomc meeting for august. So the next time we could see a rate hike.

After today is gonna be in late september on top of that we have the tech giants. Which are missing their earnings. But regardless. We're seeing some resilience happening within the market so microsoft and google both reported their earnings late yesterday that showed that resilience to the current market conditions and while both companies missed those revenue goals.

The earnings showed that the tech giants are still relatively stable now the tech earnings have largely contributed to this morning's relief rally which spread into the crypto markets too and the earning reports that investors are now looking for is going to come from meta and amazon. Which is happening after market closed. Today. And the apple's earning is going to come tomorrow.

So regardless if you're investing into crypto or stocks. I do think there's always some place to be made especially around during these earning report times on to the mortgage facts we got news from the mortgage bankers association from a survey stating that mortgage demand fell lower for the fourth straight. Week now total volume was down about 18. Last week from the previous week and loan applications to purchase a home fell about 18 lower from the same week.

One year ago. Now this here is really concerning just because real estate agents going through the 30 year fixed mortgage rate process putting about 20 down has now showed that there's a decrease slightly from about. 58 in applications to about 574. Now moving forward.

We also got a coin at base stock update. So we have coinbase exchange. Because they went public during the pandemic. We also have their stock price.

Which is pretty much crumbled and we got more news after that so in the aftermath of the. Sec now investigating coinbase for allowing people in the us. To trade tokens that are considered to be unregistered securities. We have arc invest coming out with their hammer and saying all right we're going to go ahead and dump not just you know a couple hundred thousand shares they went ahead and dumped 14.

Million shares so that right there translates to over 75 million dollars worth of shares for the ticker symbol coin of coinbase now arc. Invest was known to be buying up. Coinbase stocks. Since the stock's debut on the nasdaq back in april.

2021 and ark invest. Was coinbase's third largest shareholder. Now coinbase's stock price has resulted in closing out. A third day red in a row since yesterday and is now down 30 since friday.

So i think one of the reasons. Why they're just letting go is not only because of the sec. It's also because if crypto tends to be in a bear market for a prolonged period of time. I just don't know how an exchange like that would be able to continue making money if they're not able to get new users.

If people are not actively trading for companies to protect themselves. If they were invested into say coinbase they're going to be pulling out their money. They're going to be keeping it out on the side and maybe even reinvest later on but for now. It's just showing that many companies do not have faith in certain companies and exchanges related to the markets.

Now now. Coinbase is not the only exchange in the news for today. We got the us office of foreign assets controls stepping in and starting their own investigation for allegedly violating us sanctions regarding kraken the other crypto exchange that is pretty popular in the us. So what happened here is that kraken was providing some services to users based in iran and other countries that the us does not want to be associated with just to give you a bit of a refresher the us has upheld economic sanctions against iran since 1979 it's been around for a while it didn't just come out out of.

Nowhere and this means that there's no businesses based in the us. I can buy or sell goods to anyone in that entire country now some of the other countries that kraken decides to operate in includes syria and. Cuba some other countries that the us. Has split off from so it looks like the ofac is now looking to throw some fines on the exchange and i want to remind you guys because some people ask me how come kraken's not involved in my top exchange video for me.

I just personally never used it and also they've had some issues before in the past which i think is a good reminder to you guys as well back in. September the us commodity futures trading commission went ahead and fined kraken 125 million dollars for listing illegal off exchange digital asset trading and failing that were not registered they were not putting them up and just not being transparent at the time now with them currently violating the sanctions and getting what i think is going to be another fine only time will tell if they're gonna actually remove their user base. But what's really interesting is kraken only has a total of six million users. So i'm not really sure why they see so much value in operating in countries.

Where they clearly weren't able to unless. It was an issue that maybe they weren't aware of in the first place all right so real quick last headline for the news. A month has now passed since a bridge exploit had happened with the cryptocurrency harmony. Getting hacked for over a hundred million dollars worth of ethereum and now as a result.

The harmony developers they stepped in and they have now begun looking for ways to reimburse a community for their lost funds. So for this they have two options proposed one of them is an estimated 100 reimbursement with a minting of 497. Billion harmony ones and this would not be great because right now if harmony one goes ahead and just unleashes a massive supply in order to reimburse our users. We could definitely see a more fall in the price and for any hodlers of harmony.

One people are not happy. The community is coming out and they're striking a lot of backlash. The second option that they're proposing in order to get money back to their community. Because a lot of people lost it from that hack.

Which had nothing to do with them they're trying to estimate a 50 reimbursement with a minting of 248. Billion harmony ones. Now unfortunately. I'm seeing a lot of resemblance here with what we saw exactly with the terra luna team this here is an inflationary tactic in order to just raise the supply reimburse their users.

But when you have this many cryptocurrencies. It's often hard for it to recover. Because you just have so much supply sitting around people over on twitter for the crypto. Twitter community.

They're pretty much pissed. They're all on fire. They do not want this and a lot of people are even stating that this proposal is disappointing. It's not looking out for the full community that has been around and i'm not sure how it's going to play out.

But if this ever does pass. I could definitely expect to see a huge huge massive sell off and hopefully harmony one gets it right because i am an investor. I did buy in much earlier on and if they do decide to go out this. Route.

There's a very strong chance that even as a hodler that i would consider selling off my positions just because of the direction. They're going now that right. There is just a benefit of being an investor within the crypto space. If you don't like the decisions.

The project is making maybe you like the fundamentals maybe you saw the vision. But now they're moving in a different direction as an investor you can always choose to voice your opinion through your actions by either selling or investing into another project. So. That is going to be the update for today.

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If you guys made it all the way till the end. Thank you all so much again for watching and until next time peace out.