So, if you're thinking to yourself, i just can't do this anymore, then make sure you watch this video till the end. The current reality of the situation is. This bitcoin has officially hit the 20 000 level for the first time since 2020 and even broken a critical support level that has been an indicator of bitcoin's market bottom in the past. The global cryptomark cap is still just under the one trillion dollar level, and we even have reports today that coinbase one of the largest exchanges based out of the us will be laying off around 18 percent of its workforce or another thousand employees.

With all this bad news within the market, let's talk about if bitcoin has reached its lowest point for this market crash. If you are liking, these daily market updates, like the usual, don't forget to drop a like down below subscribe to the channel. If you have not done so already with that being said, let's round it up hop into the computer, let's see what's going on in the market for today, all right, so bitcoin has continued to trade lower this morning after dropping 15.5. Just yesterday so keep in mind that last night bitcoin reached the 20 000 level for a short moment and is currently trading at 22 000.

Now, for the first time since the pandemic, bitcoin is trading now below its 200 moving average support level. Now, through my non-financial opinion, i do believe that anytime, we see a 200 moving average support level getting broken, especially with what we're seeing with bitcoin. This would be a pretty solid spot to start dollar cost averaging with bitcoin sitting in the low 20 000 or even the high 19. Thousands now this is all gon na just depend on what your time horizon is and how much ammo you got packed in that arsenal, because in the past few days, bitcoin has also had over 1 billion dollars in liquidations and now has lost over 2 percent.

In its bitcoin dominance measurement the reality of the situation is this: there's really no way to sugarcoat it, and it's pretty crazy and scary to believe that bitcoin is now back at twenty thousand dollars. But i would say this here is still going to be a fantastic buying opportunity if you are genuinely bullish and long-term invested into crypto as an asset now tradingview, which is one of the most popular and reliable, charting software's to date, to do any type of crypto. Ta has bitcoin charting data starting from 2014, with the rsi literally showing that it's at an all-time low on the weekly time frame. This means for the past eight years that bitcoin has been around.

It's never been considered as oversold as it is right now i went ahead and even zoomed in onto the weekly rsi for you on this screenshot and drew a horizontal line for you to see. If you do this with the same monthly time frame, you would see that the rsi is still sitting at all-time lows. If some of you guys don't know what rsi means just for our newer investors, it's simple as this rsi is going to be that momentum indicator used in a technical analysis that measures the magnitude of recent price changes to evaluate whether an asset is oversold or overbought. Now, investopedia states here some traders consider the rsi to be a buy signal where, if the securities rsi readings move below 30, based on the idea that the security has been oversold and is therefore poised for a rebound.

They do also note. However, the reliability of the signal will depend in part of the overall context of the market, and if the security is caught in a significant downtrend, then it might continue also trading at an oversold level for quite some time now. They ended this by saying traders in that situation might also delay buying until they see some additional confirmation signals. Now, with all that being said, i'm not going to sit here and tell you that we're currently at the market bottom or that the rsi is going to be an indicator of the reversal to happen either today or tomorrow or even anytime.

Soon. I don't know when that reversal is going to be, and i don't think anyone in the world can time that right now, either with the current circumstances of the recession and looming interest rates coming up right now, even crypto has taken such a significant hit where the Stock market has also seen some downside that consumer sentiment, regardless of how bad the consumer sentiment may be because of the current macroeconomic circumstances. I don't know how much sentiment, changes or being oversold could actually change in terms of reversal for these assets. Now the facts are: if the correlation between bitcoin and the s p 500 continues to remain high because it has before for the past few months, then we could see bitcoin drop into even lower levels, because the s p 500 doesn't seem to show any type of Slowdown with its downtrend as well now, i know we're going to sound like a broken record on this channel, but this is why i mention it time and time again and it's so important to dollar cost average not trying to time the market every time, because if You bought in any time for the past few weeks.

You would be down significantly on your investment as well. Dollar, cost averaging is a simple but yet very effective strategy amongst any bear market, because you can continue to invest during these times and not have to worry about buying at the absolute bottom or where you buy in, and it just continues dropping down even more. In terms of actionable steps on what you guys can do in order to make sure you capitalize on this moment - and you want to still dollar cost average - which i believe is the best strategy, all you have to do is set aside money every single month. However much money you want where you can afford to invest and divide that number by four or by the weeks and then invest that into a weekly amount.

Some people choose monday. Some people choose friday. Some people choose sundays. This all just depends on when you decide to do it, but i will say this right now with the current circumstance of the market.

I don't think we're going to have too many different days where, if you buy on a monday versus a friday, you're going to see any type of huge difference at all. Now, on top of that, i came across this tweet earlier today. Just talking about 14 different bottom signals now, according to this, about four of them out of the 14 has hit, and until we get all 14 getting checked off on this list, we may not even see the bottom of this market just yet. This is why, when you see a lot of investors right now, holding off and you're asking themselves how come they're not buying in right now it comes down to the concept of trying to catch a falling knife.

In this example, you know what i think, we're visual learners we're on youtube. We got a camera, here's a knife right. If this knife is falling, the chance of me catching it right on the pointy side is going to be about 50 from the blades edge right here, while the markets are going down. While this falling knife is going yeah, you might have a chance of catching it at the handle recovering and being able to make those gains, but also the off chance that you catch it right here by the blade is still pretty significant right now.

I don't want to be catching a falling knife and i don't know if you should be either. But if you are going long, if you are holding crypto, because you still believe this as an asset which i do, i believe that crypto will be around and when we get the next bull market, it is going to be insane. That is when you want to continue to dollar cost averages. The market, like we just said, but also it doesn't ever hurt for you to continue investing near what bottom signals we're able to get with what we have on the screen here are 14 of them.

It's gon na be big funds, get blown up which we're seeing right now. This is max boredom happening within the market, which we haven't really gotten, there's still people who are actively trading, and on top of that we get across the weekly 200 sma next on this list is going to be loss of retail interest. Right now i would say retail is still interested. I don't think this bottom signal is ever going to truly go away.

I think there's just too many people still invested into crypto just because we had mass amounts of users buying into it within the past two years, but something else on this list is going to be quiet, crypto, social media crypto. I would say right now, in terms of social media has gone down in engagement. We've seen this reflect all across the board, so i would actually indeed put this as a green check. We also have disappearance of web 2 integrations, which is not yet fully happening, but i will say i don't know if this right here would be considered.

A bottom signal indicator just because web 2 integrations and web 3 are just going to continue to build, and even if they go quiet, i don't know how likely it is that they're going to disappear or just shut down now. The monthly rsi has not been oversold for several months. It has just been reoccurring over the past few weeks, but i will say we are still seeing a bit more silence coming within the market now without going through the entire rest of this list, because some of this is a bit subjective. I would say that there are still some things on this list where i would check off as a bottom signal.

There are other ones that are a bit more subjective, like no one shows up to conferences or talks of an enterprise blockchain. I would say right now, within this market, we are getting pretty much everything happening across this list and there are some things that aren't just not going to happen. Keep in mind, that's just an opinion piece. You got to take a look at what your bottom signal would be, because everyone's is different.

Some people like to go to the nightclub and see how many people are throwing dollar bills there to see if that's the foretelling of a recession or how the other investment markets would do for me, i actually have data on youtube. How often people like to watch these videos? How often we're getting new and returning viewers, and from this i can get a gauge too, on whether or not we see the market sentiment changing as well. On my end of the data, i don't expect us to see any type of significant liftoff happening anytime soon, but i'm still very bullish that by the end of this year, maybe even going to quarter. Fourth, that we're able to see some type of explosion happening within the market.

We've been stating this for months now, yeah, even if we're within this bear market. I do think a relief rally which i personally believe has not fully happened yet could occur, quarter three or quarter four. When we are flat for so long and we get a little bit of extra green momentum, we could see recovery happening. Then now, who knows i said in the beginning, i don't know i'm sure most of you guys don't know either only time will tell what will happen in the markets.

Now real, quick before we go into the celsius update. I want to talk about a message from our sponsor public, so getting started. Investing during these times can be really really intimidating, but public is here to make it easier for you to get started. Public is an accessible mobile, investing platform designed to help all investors from beginners to experts, learn and be better investors on public.

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Also when you sign up using my link down below you, can get up to a thousand dollars to invest where you sign up and make a deposit as well. Now, thank you to public for sponsoring this video and back to the content, all right so with regards to celsius. Let's talk about where the problem started, how it arose and then the current state of celsius's finances and what their plan of action is next. So all this pretty much started when staked ethereum, which is one-to-one pegged with regular ethereum, lost its peg and began to tank hard stakes.

Ethereum represents the ethereum locked in the ethereum 2.0 beacon chain and can be utilized as collateral to borrow more ethereum on other d5 platforms. As a result, when staked ethereum lost its peg, the position that had borrowed ethereum using staked eth were also liquidated. Now what happened was this field, the panic selling, especially within the ethereum of crypto markets, and then we saw yesterday ethereum just tanking as well. Now celsius was impacted by this pretty harshly just because they were locking customer funds into stakes ethereum and when the token lost its peg.

There was a huge liquidation crisis. The protocol went ahead and nearly lost 73 percent of its ethereum locked in staked ethereum or staked ethereum 2.0, making it nearly impossible to withdraw until the merge. Now. What happened is this made celsius functionally insolvent on their ethereum position, as only 27 of their ethereum was open to sell? Now the market conditions led to substantial ethereum withdrawals that spiked as high as 50 000 ethereum per week and celsius didn't have enough open ethereum to meet the demand for withdrawals.

Therefore, as you guys know, what happened next was celsius halted, transfers and withdrawals from its platforms, citing the rough market conditions. Now, celsius has gone through a series of unfortunate financial events in the past year and many believe they are now on the verge of bankruptcy. The platform went ahead and lost 35 000 ethereum when the d5 protocol steakhound lost its keys, also back in 2021, and celsius lost 50 million dollars in a 2021 hack where they lost then even more money from ust and luna crash, and then now with the latest. Ethereum, depending which they have now lost at least 120 million dollars of user funds.

With that being said right now, the crypto community is continuing to be left in the dark and celsius even had this pretty pathetic tweet. In my opinion, just stating that they're gon na come out with some info, but they don't know when that's gon na be celsius, also made some moves like exiting its d5 positions and replacing them with stable coins like usdc, and also the network, also went ahead and Sent 320 million dollars in ethereum to ftx just before the announcement now the move remains unexplained, but analysts and experts believe that celsius network is currently working hard to tackle the current situation and rise above the present liquidity crisis. Regardless of what their intentions are. Here's the worst case and best case scenario, so worst case scenario is anyone who has money locked up in celsius.

I got my funds locked up in there too. I can't get it out. It would be gone for good. Now, there's always the possibility, the sec or some insurance being able to come in and kick in and be able to reimburse investors money that they lost, but we're talking about crypto here we're talking about celsius and we're talking about a market right now, where no one Has really expected this steep of a decline? The best case scenario for all this is that celsius is able to get their liquidity back after a few days, they're able to resume a bit more withdrawals.

People are able to get their money back and i don't know how relevant they're gon na be. I don't know how much people are gon na be able to trust celsius after this, but i would imagine that to be best case scenario, where they're able to recover. Maybe over the next year or two people start to reinvest back with them, and then things just continue back to normal, regardless best case worst case scenario. For me, brian jung, as soon as i have the ability to i'm gon na be transferring my money out of celsius as soon as i can it's unfortunate too, because at the bitcoin conference i met them and i met like six or seven people on their team And they seem like genuinely nice people, but i will say with times like this: it doesn't matter how nice you are make sure people are able to get their money back and i'd be so so disappointed i'd be pretty pissed.

Actually, if other individuals aren't able to get their money that they worked hard for back from an exchange? This is why it's so important for you to choose investment platforms, that you can trust, and this is why, on our channel, we're gon na be coming out. The video talking about the top five ones that you don't have to worry about, going down, losing your money at all within a market crash, stay tuned for that video and, if you guys, are looking for it drop a like down below on this episode as well. So, in terms of the next headline with the latest crypto market crash has seen the stocks of crypto related companies taking a deep dive as well so microstrategy stock led the sell-off yesterday. Dropping 28 in yesterday's trading this year is the most significant drop in the company's stock over the past five years, and for those who didn't know, microstrategy ceo michael sailor, which is one of the most prominent bitcoin advocates, has now invested billions in purchasing bitcoin holdings, which Has now gone significantly down in price, keep in mind, they have 129 000 tokens and thousands of their bitcoin holdings were actually purchased on leverage and investors feared that michael saylor would receive a margin call if bitcoin continues to drop to the price of 21 000 or Below for anyone, who's new to investing margin call is usually just an indicator that one or more of the securities held in the margin account has decreased in value and when a margin call does occur, the investors must either deposit additional funds or marginal securities.

In that account, or some sell-off of those assets would occur now we're getting some memes like this coming out on twitter, someone check on michael saylor, because uh you know he is not going to be in a good place right now, especially with how much his stock Is down and how much the price of bitcoin is down to now, despite the margin call, the criticism and all the fun michael saylor has still been calm and still been sharing his thoughts over on twitter. Yesterday, michael saylor tweeted, when microstrategy adopted a bitcoin strategy, it anticipated volatility and structured its balance sheet so that it could continue to huddle through adversity. He also created a pretty sweet new profile, pic showing intense laser focus as well. Several other vocal bitcoin supporters have also added laser eyes to their profile pictures in the past to show their support of the cryptocurrency, including el salvador, president naib bukley, senator cynthia, loomis and also representative warren davidson.

Now, on top of that, we also got the recent crypto liquidation crisis happening, where two stable coins also recently lost their peg. So at the time of this research, usdd is trading at 98 cents and usdn is trading at 96 cents. This is going to come from the trx stablecoin usdd, which is also algorithmic stablecoin, similar to what we saw with tara, luna stablecoin and even right now, with the slight d-pegging. We actually got some word from the tron founder justin sun, stating this usdd's d-pegging happened because of large numbers of short sellers targeting trx and the network's native token on crypto exchange binance.

He added that the tron that dow reserve would pledge as more than two billion dollars to fight the short sellers. Now, in the past 24 hours, the tron dow reserve has purchased around 850 million dollars in usdc in three separate transactions, bringing their total usdc reserve to 2.5 billion dollars. Now. My thoughts on this is that, after the entire ust luna crash, i can't look at algorithmic stable coins.

The same, i think most crypto investors have trust and faith in stable coins that are pegged to fiat currency and, as a result, find them safer. I personally wouldn't choose to hold any algorithmic stablecoin over something like usdc or usdt at this time, and even right now we're getting some word where usdt may also have a little bit of risk too. At the current moment, usdc is where i'm holding a majority of that, if you guys are part of the patreon or within my discord, you'll have a full access to my current holding and even the amount of stable coins that i have as well now. During this time, i think it's better to be safe than sorry.

I think the last thing many people want is for them to lose any more additional cash, all right guys. Well, just in time my camera literally just died. If you guys did enjoy this video, don't forget to drop a like down below subscribe. If you have not done so already check out the links down below in the description for the patreon and some additional links like a ledger, nano s device where you can get that on sale.

And if you guys don't know what that is, don't forget to check out our videos at the end screen of this as well. Now the secret code word for today is going to be sailor, comment that down below, because i think michael saylor is going to need all the support that he can get and if michael saylor goes bearish, i think that's not going to be any type of good News for this industry at all, we don't need any more fun. We need as much support as we can get guys. The next few weeks might be brutal.

The next few days might be brutal too, but i will say, keep making sure that you have the faith. Move forward and we'll get through this together. Thank you all so much again for watching this video and until next time, peace out.