with u.s consumer confidence declining and the risks of a recession rising the market fudge feel like it's almost nearing its all-time high bitcoin is still struggling again to hold that 20 000 support level and all major wall street indexes are in the red this morning now today's video will explain why the markets are dropping today and why some billionaire investors think you should remain calm on top of that we've been covering some third-party exchanges and we're also going to be talking about the future liquidation crisis on what's next to come if you are liking these daily market updates be sure to like this video down below and subscribe if you haven't done so already with that being said let's hop into today's market update all right so yesterday was pretty much a horrible day on wall street the s p 500 ended up closing for two percent lower the nasdaq dropped three percent and the dow jones had a slight gain of 0.5 percent too so in the past 24 hours bitcoin is currently down about 3 and is trading right above the 20 000 level earlier this morning bitcoin dropped below the twenty thousand dollar support level but quickly rebounded and the rsi on the four hour chart is 37 still nearing those oversold levels now i will say the daily chart is looking pretty ugly with bitcoin on track to close its fourth red candle in a row the rsi on the daily chart is at a 31 and if bitcoin drops below the 20 000 level we could definitely see the rsi under 30 in oversold territories now if you're asking yourself this why are the markets in such horrible conditions today well there are a few reasons for that so on tuesday the conference boards consumer confidence index went ahead and showed another fall in june coming in worse than expected to hit a 16-month low of 98.7 now the index fell to 98.7 which is down about 4.5 points from 103.2 back in may and now stands at its lowest levels since february 2021. now for those who don't know this monthly report details consumer attitudes buying intentions vacation plans and consumer expectations for inflation stock prices and interest rates these are pretty much the categories of a lot of what consumers are interested in and if we're able to get any type of data getting an idea of what people are thinking for this upcoming year that will help us get a better gauge at least on what the markets may respond to as well now there is still some positive news amongst this bear market we actually got some pretty influential people within the space not only having success in their own fields but also having a majority of their positions still invested into the market starting with michael saylor coming from microstrategy who went ahead and purchased another 10 million dollars worth of bitcoin over the past two months this news here was announced today this morning that he purchased 480 bitcoin for about 10 million dollars at an average price of 20 817 per coin from may 3rd to june 28th this here is pretty much showing us that michael saylor is among the few that is doubling down on his positions and is still keeping the long-term vision for bitcoin now we also have mark cuban explaining why he continues to hold bitcoin he quoted i own it since it serves as a superior value store when seeking to diversify your portfolio because i have no idea where it will go or how low it will go i know that once there are applications with smart contracts that regular people use across crypto rather than just on bitcoin they will take off justice streaming was a better way to get audio and video than traditional media it will take off when there is a better reason to use crypto applications he also continued to state i always compare bitcoin to a better version of gold and i sincerely think that this is a digital representation of gold now mark cuban here raises up a few good points just even talking about the utility behind crypto and this is something that we've discussed plenty of times on our channel when we get to a point where it seems like crypto and decentralization of technology is still going to be more convenient more faster and even some ways more secure than traditional forms of communication or applications that we have then that is when i believe we will truly see the innovation and adoption of crypto which will thus push the prices of the asset up on top of that we also have kathy wood stepping in and saying that crypto revolution will not be stopped she said in an interview with cnbc kathy woods arkhanvest is also convinced that the metaverse and the nft market represents the next generation of the internet and this revolution is still in its infancy now although kathy wood has not had a great year at least since the huge tech growth spurt that we had back in what 2020 2021 when all the stimulus is coming out i do say we still need to respect her knowledge and i think that she could be on to something that if nfts and the metaverse is coming up next now if the metaverse is something that you don't believe in i'm telling you there are companies like apple and facebook which is you know changing their name to meta that is still developing this technology where i believe one day we're gonna get news it's gonna come out from maybe the next apple uh conference where they're talking about the iphone 17 the iphone 18 and then boom we have more technology putting us in synchrony with the metaverse or the digital world i believe with the current circumstance of not being able to see the full utility or how much this could improve our daily life there's still going to be a lot of skepticism and i don't think the metaverse is something that's going to be easily adopted i think it's going to take a lot of time but i do see a lot of these companies that are way smarter than we are moving forward putting billions of dollars into this now let me know how you guys feel about the entire metaverse space because it's really times like this where the market's down people aren't really excited but the building and the developing of these type of assets are going to continue to thrive if you guys are one of the many few that believe crypto is still here to stay it's not going to be irrelevant it's not going to just get washed away then don't be discouraged by the current market circumstance because we are still in a bear market cycle but all cycles come to an end and eventually we will see the green we will see the bull market return now going back into the topic of yesterday's market update we talked a bit more about coinflex one of these exchanges that looks like it's holding people's money not allowing people to withdraw very similar to what we're seeing with the celsius exchange and some more news on what's going on next so in a tweet published yesterday lamb stated that roger ver is the person who owns the exchange a sum of approximately 47 million dollars and this is the reason why coinflex has been forced to pause withdrawals for its users after ver's account went into negative territory now if you guys don't know who roger ver is he's a well-known figure in the crypto industry and he was one of the first advocates for bitcoin back when just a handful of people actually knew about it he has been referred to within the space as bitcoin jesus and he's also been involved in making youtube videos on bitcoin a long time ago before bitcoin was even at a dollar roger versus also been involved in many projects including bitpay kraken and even bitcoin dot com now more recently roger ver has lost popularity because he gave up on bitcoin and invested heavily into bitcoin cash and since then it looks like he's only been a shill for bitcoin cash because it brings him more money and trying to just pump up his own portfolio so in this instance it looks like he got way too greedy and people saw right through the bs and according to lam coinflex wrote a contract where the company obligated ver personally to guarantee the repayment of the negative equity in his account but noted that he has already defaulted on this agreement and has now been served a notice of default now a lot of this is happening over on twitter so ver came out and responded in a tweet that rumors concerning his default on a debt to a counterparty were false and backfired by stating that this is the counterparty probably referring to coinflex who owns him a lot of money now we then got another response tweet from the ceo of coinflex stating that he is denying that the debt pertains to him and so we felt the need to clarify to the public that yes the debt is 100 related to his account and roger vera citizen of the european union who we believe has significant assets in the us uk and other relevant jurisdictions so it was just yesterday where mark land decided he didn't want to name the individual they wanted to keep it anonymous but ever since this morning came maybe he slept on the wrong side of the bed but he decided to bring out who this individual was just like we mentioned to not many people surprised it is someone more important within the space it is considered a whale someone who's been here a long time and it looks like now things are getting a little bit more aggressive on the social media side now looks like both parties are in denial right now both of them are just pointing their fingers at one another and the reason why this is still pretty important to cover in my opinion is just because even if we get the market to go down just a slight bit i would say any type of liquidation to this extent involving an individual and then exchange this level could have another doppler effect within the market when i say doppel it's just brian jung's word for bad it's gonna have a bad effect on the market we're gonna bear market i'm just making up words at this point now in terms of the next headline we also have the developers of axiomfinity announcing that the ronin bridge is finally back online after three months since it was initially hacked for more than 600 million dollars for those who didn't know or have forgotten on march 29th 173 600 ethereum and about 25.5 million dollars worth of usdc was drained from the bridge after a north korean hacker group called lazarus managed to gain access to private validator keys to regain customer confidence after this hack the ronin bridge went ahead and did a few things they had three audits one of them was internal two of them was external they had a new design and then they also compensated their users for the stolen assets now as part of the revamped bridge design sky mavis has updated the smart contract software to enable validators to set daily withdrawal limits with the initial amount set at 50 million at this stage on top of that the team also introduced a circuit breaker system that breaks down the monetary value of withdrawals into three tiers the way this works is tier one is for withdrawals less than a million dollars and requires seventy percent of validators to sign off tier two is for amounts greater than a million dollars and requires ninety percent of validators signatures two or three is for withdrawals for the mega whales over 10 million dollars and requires a 90 validator sign off a small transaction fee and a seven day review process now although i'm not an expert when it comes to it or anything at scale trying to talk about the circuit breaker systems from my eight brain i believe that this tier system sounds pretty good it's an excellent idea it's a way to prevent large scale hacks like they experienced before and i would hope to see other protocols follow suit and implement withdrawal restrictions like this in order to be able to protect customer funds now it is incredible that the axi team has been able to rebound from this through a bear market and after a 620 million dollar hack and was still able to relaunch this bridge now a question i got within our discord this morning was brian do you think it is time for us to start moving our money back into the axing staking protocol the reason why this was so significant and many people are attracted to this i myself include is because you can get up to 73 percent back on staking your investment now amongst this bear market where exchanges are pausing withdrawals and keeping customer funds and we don't know the direction where this market is headed next sometimes staking does make the most amount of sense especially if you're trying to survive a prolonged period of a bear market just because you can earn additional cash during this time but i will say whether it's centralized exchanges or dex is going down we know that right now other companies other teams may be going down too and the last thing you want is for you to have another trouble being able to withdraw your money from an exchange although this year is a fantastic comeback story anything right now with high apy i would act with caution just because of the state of market we are currently in right now now currently the crypto market is still in the extreme fear we're sitting on the 13th today uh the global crypto market cap fell under 900 billion dollars and on top of that bitcoin while we're doing this update sliding down underneath 20 thousand dollars ethereum is down about 7.4 percent at eleven hundred dollars and it looks like most all coins in the market are having a bit of a pullback too now with that being noted i will say in the last seven days tara classic usd or ustc is up about 813 in the last seven days or up about 93 in the last 24 hours now this article here pretty much sums it up the best on why we're seeing a huge boom this is actually coming from the trading volume behind ustc and l-u-n-c and this is actually originating from the exchange kucoin which is a centralized exchange platform reportedly operating from chile's so kucoin is also lead backer in neo global capital and this is a singapore based venture capital firm and it's also exposed to financial platforms like fable finance or babel finance and also coin flex now basically we're just seeing a lot of other exchanges coming in here and using it the reason for them using terra classic usd is still quite unclear but it might be due to insolvency issues or some more debt on the back end now guys just because we're seeing a little bit of liftoff coming from terra classic usd police don't think this is a reason to ape into this coin anytime you see huge amounts of growth happening within the market you're seeing 800 900 returns that is not sustainable it doesn't mean it's just gonna keep going so amongst this bear market i know opportunities like this can look attractive but please refrain yourself from making any type of bad decision and just continue to stay reasonable logical within this market dollar cost average slowly here and just act with patience all right so that is going to wrap up today's market update if you guys did enjoy today's video don't forget to drop a like down 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