So over the weekend, bitcoin closed out another red candle as it dropped 22 and broke below key support levels that many considered as the market bottom. Now, today's video we'll discuss exactly why bitcoin experienced a flash crash once again over the weekend and missed this bear market. We'll cover the new updates regarding celsius network and also provide some insight into when the usdd algorithmic stablecoin will regain its peg. If you are liking, these daily market updates, don't forget to drop a like down below and subscribe if you haven't done so already with that being said, ladies and gents, let's hop into the computer and see what's going on in this bloody bloody market for today, all Right, first of all, crypto fear and greed index, seeing extreme fear, seeing a nine on the scale, nothing different going into the crypto market cap, seeing a little bit of increase at one percent, and that is because bitcoin did have a bounce back up after going under The 20 000 levels now outside of crypto, we have other equities, including the u.s stock and bond markets, which are closed today, monday june 20th, in observance of the june 18th holiday and over the weekend, bitcoin officially falling under its 2017 previous highs as it broke below Its twenty thousand dollar support and made a new bear market low of seventeen thousand five hundred dollars for the first time since november 2020..

Now guys, if you didn't know, according to data from glaston, we actually got reports that investors exited bitcoin positions worth a record. 7.3 billion dollars over the past few days, amounting to the most significant us dollar denominated loss in the assets history. Now, by the way, a realized loss is the sale of an asset below the price it was acquired. So what this means is approximately 555 000 bitcoin have changed hands between the prices of 18, 000 and 23 000..

The data also shows that there has been losses ranging between 1.5 billion dollars and 2 billion every single day. Now we have individuals who might be paper. Handing their investments or saying, okay, you know what i'm sick of it. I want my money back from this market or the little that's left over how about the long-term holders? How about people who have been invested into crypto for many many years? What are they doing? This data here indicates and shows us people aren't really thinking.

Logically, at this point there are people who entered bitcoin at some terrible, terrible price points or otherwise near as bitcoin's all-time high and deciding to sell it here. When we're talking about the psychology of investment charts, often times this here is actually another signal for the bottom. We have investors who bought at the near top and realizing okay, i'm getting sick of these losses. Let me start at the bottom and usually often times there's when a specific crowd of people tend to make mistakes is usually when we see a reversal happen now, starting this monday morning, bitcoin got a relief rally as the price went back over twenty thousand dollars, and Now, at the current resistance level, it's fighting gon na be 21 000 at the time of filming this video.

If we take a look at the four hour, charts, bitcoins rsi is currently neutral at the 53 levels and is now trading above its 20 moving average, which is that blue line on your screen on the daily and weekly charts bitcoin is just barely considered oversold. With an rsi of 29 on the daily and 26 on the weekly, taking a look at ethereum, still one of the assets that i'm having my focus on this year, still knowing we have ethereum 2.0 coming up right now, the weekly charts look very similar compared to Bitcoin's chart meaning ethereum dropped with bitcoin this weekend it broke that 1 000 support level. We even saw 875 register for this asset, but since then we're able to recover now it's back at over 1100. It's still trading way below it's 2017 highs of 1400, but this may actually be a good opening buying opportunity for any investor.

Looking to start their dollar cost average. If we take a look at some more data, according to glass node, there was somewhat early signs of a decline in ethereum usage and network demand. They state the daily transaction count, which is the pink and the average gas price paid, which is blue, have been a nearly six month macro decline, which suggests that overall, activity demand and utilization of the ethereum chain are now coming to a softening. Additionally, on top of that, with capital increasingly taking those risk off positions, the tvl on ethereum has now declined by 124 billion or down about 60 percent over the last six week.

Right now, driving down tvl to 81 billion dollars with less in demand and the overall flood in the market. Ethereum has now dropped over 82 from its all-time high. This past weekend now my thoughts on all the price action we've seen over the weekend, the buy entries that we're seeing with ethereum closing in on under a thousand dollars right now, the weekend's price action data may suggest that hodler's finally gave in to that market fud. Several analysts believe that bitcoin wouldn't ever drop below twenty thousand dollars, because hodlers would have just stayed so strong.

They would have clenched them diamond cheeks and they would have understood the long-term vision of crypto. But it looks like all that just got tossed out when we saw a bit more liquidations happening now. It's unclear whether or not hodler's liquidated their positions because they think the assets are going to go down even lower or if they need the money right now. But regardless i will say this is a rough weekend for the crypto markets, but on the optimistic side, whenever we see drops in prices and we see people selling off their hands, this is when new players come in and re-enter them as well, regardless, if not, whether This past weekend was the market bottom for anyone who did buy in and choose to work in the opposite.

When everyone's screaming running around with their heads cut off and they went ahead and bought the dip, you would have been able to see a positive investment back on your money. And it's these short-term wins. Alongside a bear market, where you can start adding up and making equivalent gains to as what you did in the bull market, it may not be as easy to make money in a market like this when everyone is losing. But if you are an active trader, you are experienced or you have life lessons tucked under your belt.

This is times where people who are good at trading, who are confident in their mindset in their ability to be able to find success in these markets. You should be able to do well. Volatility opens up doors which open up opportunities for you to ultimately get in and make money now going into some of the top winners. Believe it or not.

We have a synthetics, a crypto, random crypto up here of 54. We have one inch up 17. We have a step in or gmt up 13 and we're seeing a decent amount of green within the market. Since we've had that bit of a relief rally now keep in mind over the weekend.

It was not just bitcoin and ethereum going down. I was getting alerts triggered on my phone for 10 to 30 losses since saturday and sunday when most of the market was going down in price. Now last week we went ahead and covered how billionaire elon musk, alongside his company, spacex and tesla, were all being sued for 258 billion dollars in a class-action lawsuit for apparently being engaged in a crypto pyramid scream and pumping the price of dogecoin intentionally. Well, there are some new updates with regards to elon musk and apart from that 258 billion fine, the court case would prohibit elon musk from endorsing the cryptocurrency on any social media platforms and officially recognize doge trading as gambling in the us.

So, although the lawsuit on this is still very early, and it didn't really resonate with anyone in the crypto community, just because people think it's pretty ridiculous - the accusations here and coming from elon musk and the amount the sheer size of this just wild elon musk doubled Down on his love for the dogecoin ecosystem, with yesterday's tweet, he said i will keep supporting dogecoin with 344 000 likes, and then he even got a response from all coin gordon and he responded with. I am going to keep buying it now once again, as you can imagine, the musk effect was still here was still imminent, amongst this bear market and dogecoin pumped 22 from being at 50 cents to a high as 62 cents throughout the day. Let me know what you guys think of the entire elon musk pump, if you guys think this is any indicator within the market or if this is just some additional news, just swim by not really mean much all right. So if you guys have been one of the many people trying to buy up this dip - and you don't want to just get wrecked with all those trading fees that normal exchanges offer don't forget to check out our sponsor for today, ftx ftx is one of the Largest cryptocurrency exchanges in the world, and you can trade crypto and ftx with up to 85 percent, lower fees than their top competitors.

You have no fixed minimum fees, no ach transaction fees, and you can also set up reoccurring, buys directly within the app making dollar cost averaging within this market. A lot more easier amongst the time when certain exchanges are holding your money, they're not allowing you to sell off, ftx has actually been holding up strong they've been consistent, and even on top of that, they've been allowing our subscribers. Our followers for this channel to even earn an additional amount, just by using my link down below now. If crypto does scare, you ftx also has a stock platform that is coming out soon, so you can diversify your portfolio with them there, and on top of that they still have been maintaining a lot of their partnerships with a lot of the top athletes.

Steph, curry tom brady, they even have the ftx arena in miami. If you guys want to sign up and earn up to 100, just by trading with your account, don't forget to check out the link use code, jung so guys check it out down below. If you haven't done so already and word on the street, is the sign up bonus, the 100 thing it might not be around for a long time. So, if you guys want to check it out, link is down below so going back into the topic of usdd.

This may be another situation of what we saw with tara luna. If that happens, i can't imagine how much farther the market would go down. So let me give you just a little recap on what's going on in the market right now, basically, a month ago, the tron ecosystem released usdd as a competitor to tara's ust. Now traders are becoming even more concerned since last week that the tron ecosystem suffered a massive setback when the usdd stablecoin lost this one dollar peg, and it still has not yet fully recovered.

If you guys remember what happened the last time, stablecoin lost its peg. Well, this is the reason why people are freaking out. So, following the de-packing of the stablecoin, the tron dao has now increased its holdings to support the blockchain. The tron dao is trying to preserve their security of usdd by having enough reserves with a current collateral ratio of over even 300.

Now the dow went ahead and boosted its usdc supply by 300 million last week, and the total collateral value supporting usdd is currently at a whopping 2.34 billion dollars, consisting of 14 000 bitcoin and 1.08 billion usd dollars. Now the mark cap is currently sitting at 700 million dollars and on sunday, usdd fell to its new low of 92 cents before regaining the 96 cent level. Now keep in mind through all this. This is just another algorithmic stable coin, and it could have a same effect of what we saw over with tara luna.

This could be happening right now, just from the overall volatility within the market and the general fund that we're feeling right now. I think if usdd is not able to regain its peg within the next few weeks, it could be in a heap of trouble. Now, i'm not sure how many of you guys would have your money on tron stablecoin, but just in case you do, please make sure you're aware of this and you're taking extra precautions. If you don't have money into trons stablecoin.

This still affects us just because if another giant stablecoin with this much bitcoin goes down, we're gon na see another dip in the market. For the most part, you guys have to understand that, when we're going through a bear market, we're going to see a lot of companies go down. Unlike how i felt like how do kwan felt where he was finding all this entertainment and companies falling, and you know that evil line he had with that chess player girl we're not on that same situ we're not on that vibe like he is right there. We want companies to be able to survive, but naturally, during a bear market, they get wiped out a lot of low-cap projects.

A lot of crappy projects, they're gon na get wiped out completely, and it's during times like this, where we're going to regain legitimate good companies. That's going to carry you strong towards the next bull run. Now something we got to discuss is going to be celsius network because, as of now, most people still cannot. When i say most, almost everyone who has their money locked up with celsius still cannot withdraw their actual funds.

From this exchange we got some more shady stuff going on. Well, ceo alex machinski. He was supposed to have an ama talking about. What's going on with the market on friday, and then he realized right before a few minutes.

It was gon na start, they're, just gon na cancel it. So since last week's freeze and an announcement which was just very broad, not specific at all no clear instruction, not many people have been able to get their money out. It's still been the same. So last week people were concerned and questioning the entire mindset.

Whether celsius has the capability of surviving the crypto winter, and this week the crypto community has accepted that they most likely won't investors, including brian jung himself, i'm just assuming that the three four thousand dollars i had within celsius before the market did. It was maybe 10 14 000 - that's good to god. Good. To go gone for good bear market is so bad right.

Now i can't even english. Now i believe, out of all this celsius has taken the exact wrong approach on going silent and leaving their customer base. In the dark, i think it's a lot easier and would be better for both sides if they were just transparent about the situation when we could see a timeline, if the actual case that people would never get their money back is in fact, true in the past Week, the investors have stepping up by actually doing something, like short, squeezing their asset resulting from market manipulation and crypto whales, pumping up the coin, dumping it and trying to get as much money as they can away from this asset. Now, although, within the past 24 hours celsius has gone up 30, it looks like there is a lot of eyes on it, and people want to destroy their actual token to the ground.

If you happen to be a savvy trader, i think you will find a lot more opportunity with celsius at the moment, but i would say please exercise caution when you're looking at this crypto and they're exchanging hole right now, alright guys. So that is a majority of today's market update, not much else happening within the news. Just bear market stuff. I've been going to the gym a lot more.

Hopefully you guys are finding some activities within this time, but the stock market being closed. I think a lot of people are at home right now for holiday season too. Please make sure you guys are keeping yourself in check. I know how rough it can get within red markets.

Just like this. Just announcement to make. We may not have a market update for thursday friday, just a small chance. I'm gon na try my best to get it out, even if it's a small three to five minute update, we're gon na try to do something there, but i will be headed to new york this week for crypto nft week.

So if i run into anyone there, if you guys happen to live in new york - and you guys see me on the streets - definitely holler definitely say what's up, i love meeting you guys in person and amongst this time i don't think it would hurt to get A little bit of socialization happening as well. Now, like the usual, don't forget to drop a like down below. If you did find any value at all in today's market, update, don't forget to subscribe to this channel and check out the links down below for ftx and also follow me on twitter and my instagram. If you haven't done so already, if you do follow me, please watch out for impersonators and scammers as they will follow you and dm you trying to sell things as well, and please just be safe out here.

On top of that, i'm an exclusive discord group where you can get access to my buy and sell alerts. Technical analysis from some of the best advisors, as well as access to a community of other investors with the patreon link down below. Thank you all so much again for watching today's video. The code word for this video is going to be leaf, comment that down below, if you guys made it all the way to the end.

Thank you all so much again for watching and until next time, peace out.