Hey so i'm done guys any time we see the price of bitcoin or crypto going down. We see so much negative sentiment. We hear the usual bitcoin is finished. Crypto's a scam, crypto moves in cycles when things go up, they go down and vice versa.

When things go down, they are bound to go back up when we see the price going down. This is when you should be really excited. If you're, not panic selling, you haven't lost money. This is what separates good investors from the bad and where the market goes down, you continue to steer the ship across stormy waters.

Now, in this video i'll share an important message to all of my fellow jungies on how you can protect yourself and make as much money as possible, no matter what happens with bitcoin before we do a lot's been happening in the past few weeks and even days, Contributing to the mass crypto adoption that we've been waiting for so in today's video we're gon na be going over some of the major headlines in this market right now and tell you exactly what you need to know next, if you're 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. So the global crypto market cap is sitting at 1.80 trillion dollars. Currently with the price action of bitcoin sitting at 39 000. It looks like we are seeing a bit of a bounce back in the market.

In the past 24 hours, bitcoin even got as low as 38 000 and it didn't go below our critical support level. Of that 37 600 zone, which we discussed in last update the april 26th. Sell-Off that we saw yesterday in the price of bitcoin had led many analysts to reiterate that we're headed right now for a bear market bottom now. Other analysts disagree since bitcoin has been making higher lows, which we also discussed in yesterday's video.

We take a look at the image on the screen by wrecked capital. You'll also notice. This trend line right here, where it even shows those higher lows happening every time where initially the first one was at thirty one thousand five hundred dollars. We then had thirty.

Six thousand dollars, and now we're at thirty seven thousand dollars as well. Now bitcoin continues to hold the ascending support line while remaining below the 200-day moving average, which is this current blue line right here you can see the gap between the 200 moving average and the support line is also getting smaller and smaller breakouts, where either line could Be huge now bitcoin were to break the 200 moving average, which is currently at 47 000. It's likely we'd then see another retest of that 50 000 level. Keep in mind if we hit 50 000.

That is going to be extraordinary, because this is a price target that we have not yet seen since 2021.. Now i will say there is still some worrying there, because the chart looks similar to the 2018 chart right here on your screen before bitcoin tanked in 2018. The price broke, the ascending support line and the line turned from support into resistance and when the line converged with the 200 ma, bitcoin's price dropped 30 in less than one month and about 60 within five months now i will say this: if bitcoin's charts were to Replicate the 2018 drop and the price does go below the 37 600 support level. We could also see bitcoin making a lower low between 28 000 and 32 000 as well as much as i'd like to think i'm.

This all-seeing market genius, i'm not i'm not a fortune teller and i can't guarantee, what's gon na happen with the price of bitcoin. Next, my only suggestion to you would be to make sure that you have cash on hand in case we do see that dip, because if you are playing this with a long-term run, the opportunities for you to make money are going to be there now you're, not Gon na find yourself becoming a millionaire overnight by continuing to dollar cost average into bitcoin, especially right now, with the amount of price action we're getting. But this is where we look into those other strategies where the high conviction all coins in the market, or even alternative ways such as nfts, will allow you to really reach those lengths. Now, if we take a look at the heat map, you'll notice that we're seeing red all across the market for today - and that is just because stock market goes down - bitcoin goes down.

All coins bleed as well, instead of taking a look at the end result of the domino which is you know, stocks boom bitcoin boom crypto boom. All coins boom microcast boom. Why don't we take a look at why even stock markets still affect bitcoin all right, so i found this really good twitter thread to at least give us an idea of what all this macroeconomics mean and the different type of equities in the market on how it Affects crypto, so this individual starts off by saying stocks up cryptos up more stocks down and kryptos down more that's the world we live in today, but not for long how? When and why crypto, it will decouple from stocks. So we start out with the basics right here, what is not correlated with equities? Well, we'll notice that mainly government bonds and golds.

The reason for this is that they give stability to investors, which desire that during turbulent times, which has really been throughout this entire pandemic, government bonds and golds are also retaining better purchasing power more than their peers. Now, most importantly, the key is here: the underlying intrinsic value of these assets doesn't depend on the equity markets for their return. Now, one of the main reasons we continue to see the correlation between gold and bitcoin is because there's always been this narrative. That bitcoin has been this digital gold if we take a look at what happened back during the pandemic, while gold fell off in the kovich sell-off and was flat during the most recent market drops in quarter one of 2022.

Now it stated here what's changed: well, inflation correlations are positive during periods of inflation above 2, and this is why institutions and others will consider alternatives like ethereum and bitcoin. Now. I do also want to make note that back in 2018 and 2019, bitcoin's price had little to do with stocks or even sometimes moved in opposite, where there was negative correlation. During that time, i will say going into the year 2022.

The stock market and crypto is highly highly correlated, keep in mind when we do have the support of the stock market and people are able to gauge a sense of what may be coming up where stock market is really influenced by a lot of the world's macroeconomic Factors that takes into consideration what may happen with the crypto markets next, as well now going into the top winners. For today we do have secret where bitcoin is going down and other cryptocurrencies, like even gmt, is back up about 14 percent. Apecoin is slowly creeping up. Currently sitting at 19.28 cents up 20 in the last seven days, and then we have a variety of other all coins in the green today.

Now, with all these other high cap, all coins hitting a lot of these resistance levels and getting banged out, i'm still taking a look at ethereum, which i believe right now is at a significantly great entry. If you're holding long. I do think if you are going long. This is definitely one of the safer plays, and then, if you have a lot of ethereum stacked up, you can always move those assets into nfts or other blue chip products, which i think will still hold value or be able to reap you a lot more passive Income now keep in mind guys.

Today the market is sitting in extreme fear sitting at a 21. We have seen this barometer go down even lower. We have seen massive extreme fear before in the market, but these are times where you want to follow. The principle.

Do not get fearful when everyone is fearful continue to stay the course. Don't get waving, don't get shaken up and follow your principles and invest through buy up the dips average in and make sure that you don't have a panic selling moment and end up, like most retail investors do now before we continue into the major crypto news 4. Today that we're going to go over real quick, i want to give a big shout out over to our sponsors at ftx, so with crypto getting more adoption worldwide on the days like this, where it's red. This is where you want to consider adding up those bags, but also doing it for a good fee without getting completely ripped off.

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Jung link down below in the description you'll find yourself earning a free sign on bonus of a hundred dollars, depending on how much you deposit into the app and for every 10 trade you make within their app you'll, also find yourself earning free crypto as well. Fidelity also went ahead and reported that they're gon na allow 401k retirement savings to happen where you can invest using bitcoin. Now, most of you guys should already know what a 401k account is, but just in case you don't. This is a plan in the united states to which employees can contribute income, while employers may match those contributions.

The benefits of this is that employees get a tax break on the money that they contribute and contributions are automatically withdrawn from an employee's paycheck and invest into the fund of their choosings. Now the reason for fidelity's move is simple: there's just a lot of high demand when customers want a product such as being able to invest long term into cryptocurrency, where people see this being the future where it may yield even higher returns than anything in the stock Market such as the s p 500. This is what people want now the fine line of this they said on their website retirement savers can allocate only 20 of their savings portfolio to bitcoin, without the need to open a crypto exchange account. Now, if i'm being honest, that doesn't really seem much, but if an investor is bullish enough to put 20 of their portfolio in bitcoin, then it's likely that they've already invested into bitcoin with a different exchange or wallet.

I think this is still a great way for us to get more of that money flowing into crypto and i'm sure when we get mass adoption or someone gets asked hey for your 401k retirement plan. Would you want some of it in bitcoin? I think if we get a lot of people answering yes and obviously the demand continuing to go up and people seeing oh wow, my bitcoin is worth even more than what the stocks would have been. Then we could see further adoption with this class. Now fidelities retirement accounts are big businesses, they aren't little shrimp.

They actually have estimated 2.4 trillion dollars in their 401k assets in just 2020.. Not only that they're, the largest provider of the 401k retirement plans and when more and more banks like fidelity are accepting bitcoin and crypto. This is going to give us indication that there is more pressure for the government to act when traditional institutions like jpmorgan chase goldman sachs fidelity 401ks. All of this get involved.

Crypto is inevitable. People cannot ignore it at a certain point, and this will continue to move forward in just the overall global adoption. Now following suit. After the fidelity news came out, skybridge capital, global investment firm that manages roughly 3.5 billion dollars, also announced that the company's retirement program for their staff will include at bitcoin as well.

Normally, i would say when we get news like this, especially back in 2021. I think we would have seen an explosion happen within the crypto markets, but times are weird right now. Crypto really just wants to sniff the booty hole of the stock market and when that's happening, i do think it is going back to the aero analogy. We pull it back, price gets lower, but it's going to fly forward one day in other news with regards to the 401k: not only fidelity and sky bridge is working towards this, but microstrategy is now also offering their workers bitcoin options in their retirement program as well.

Now microstrategy is going to be the first public company to participate in fidelity's 401k program, and it looks like this is just becoming a mass ripple effect. This is such amazing news, and even when things go red i just it's like. We cannot ignore the fundamentals of. What's actually happening within the world now, the next headline i wanted to talk about was with robin hood, which announced that they're gon na be laying off ahead of first quarter savings about nine percent of their full-time employees after declining users.

With the word of this coming out, the stock for this company hit an all-time low. It's been a while, since i actually checked how robin hood's been doing, but at the peak it was at 70.39 in the last year, they're down 72.80, and currently they are down to 9.47. Now i don't know if this is literally because you know the whole amc movement where robin had decided to shut down those orders and that just had the ripple effect and they could never recover from that or if it was from their ipo, where they just might Have gone lazy, they never fell through with their crypto plans and they just haven't been doing a good job in executing it looks like now. This is really affecting robinhood, where they have to now fire more of their employees.

Now, on top of that, we recently talked about australia's announcement in launching three crypto etfs, which was related with robin hood as well. Well about seven days later, the launch of those three crypto focused etfs in australia were halted in less than 24 hours before they were supposed to go live, and this was blamed on the broker. Who was yet to approve the products due to a delay in appointing a market maker as well? Now i think it's just a lot of bad news on top of bad news and a lot of people were using robinhood initially, but i think many people are moving into different apps and i think it's just a very strong uphill battle. If robinhood ever wants to even compete with any of these other larger exchanges, it's unfortunate to hear anytime, someone has to get fired just because the company is not operating in the right direction and hopefully a lot of these employees are able to find better opportunities elsewhere.

Now, in terms of the next major headline, central african republic was the first african country to legalize bitcoin. Now this follows suit. After el salvador went ahead and legalized bitcoin as well, while the central african republic is a much smaller country compared to that, the legalization of bitcoin in the first african country will transform the country's infrastructure and also facilitate the ongoing developments of blockchain technology in web 3.. When el salvador first legalized bitcoin their gdp, was at 24.64 billion dollars and the central african republic was at 2.3 billion dollars.

The economic state of both countries doesn't really qualify them for bitcoin legalization as a significant move, but what i foresee is going to be another domino effect where other countries may adopt this as well. On top of that, we also got the city of buenos aires to allow residents to make tax payments with their crypto. They stayed here. The crypto will be converted to argentine pesos by crypto firms before being given to the city said mayor, we're not even going to try.

So my fourth sense on all this is that, through everything, we've covered countries and institutions, all around the world are becoming more and more bullish to the acceptance of bitcoin and crypto as a whole. This is starting from major banks to other companies to 401ks to even full-on countries that are underway with legalization of this asset. With all this news, my question is: how can you not be long-term bullish on crypto at this point, when we now have cryptocurrency as legal tender in two separate continents? I just don't think this is grounds for us to experience. Another full-on bear market each day.

The world is getting closer and closer to accepting this as real currency, and i do think we're gon na get to a certain time where the price action of the markets will reflect that all right. So to wrap this video up, don't forget to drop a like down below if you did enjoy. Today's market update also be sure to check out the links down below in the description where you can also find my twitter and my instagram. If you do follow me, watch out for impersonators and scammers as they might follow you and dm you as well.

I also have an exclusive discord group where you get access to my buy and sell alerts, some technical analysis from some of the best advisors, as well as access to a community of other investors. If you want to see what that's all about check out, the patreon link down below as well one more thing, it's always great to be using a vpn, i partnered up with surfshark in order to give you guys 83 off in three months free. So you can secure your network as well. The secret code word for today is going to be mushroom comment that down below, if you guys, are watching this all day till the end.

Thank you again to ftx for sponsoring this video. Thank you to you guys for staying a part of the jung nation and supporting these videos as well, and on top of that, there's really nothing. On top of that. On top of that, there's nothing! On top of that i'll see you guys soon.

Peace.