Hey everyone welcome back to another video, so we got a lot of important updates to share in this episode. First of all, jerome powell and the feds came out with a recent update regarding interest rates, inflation rates and the overall state of the us economy. We're going to talk about how that affects the cryptocurrency market. In addition to that, there's a lot of crypto news we need to discuss.

Nfts have been on the die down lately over the past few months ever since it had its recent craze earlier this year, we're going to be talking about some good bullish news, indicating that nfts may be having a little bit of a comeback and we're also going To be talking about polygon, ethereum and some additional bullish news with regards to where this may be headed in the next few weeks, due to a recent announcement that we heard from another project. So a lot to cover in this video. If you guys are new to the channel, welcome, my name is brian, if you guys have not yet smash that like button go ahead and do that that really supports this channel. One more thing don't forget to check out blockfy listed down below in the description where you can earn up to 250, depending on how much you deposit and you get up to 8.6 8.3.

You get over 80 interest rates right now on your current crypto holdings, so check that out listed down below in the description and other than that. Let's get started with this video, so first of all bitcoin, currently at thirty, eight thousand eight hundred seventy four dollars today. The global crypto market cap is at one point, sixty one trillion dollars or a six point. Six percent decrease over the last day.

Bitcoin's dominance is currently at 45.23 or an increase of 1.54 over the day, so with bitcoin ever since they broke that resistance level of 40, 000, even kissing 41 000. Over the past few days, we have seen them struggle a bit come down a bit and consolidate pretty heavily so they've been moving towards a very tight pattern, just in the last 48 hours, and ever since we had the announcement of jerome powell's news, we saw bitcoin. Take a little bit of a dip, but nothing too drastic, at least in this window right here. So hopefully you can see bitcoin bounce right back out of this hole or at least have a breakthrough to the upside.

But at the moment it looks like we are still seeing some pretty sideways action with bitcoin ever since they did break the resistance level. I've also been doing a lot of reading on the death cross and i don't want to talk about it necessarily yet on this channel until we get more further confirmation exactly what may happen, but right now. Here's what i'm going to say in terms of technical analysis and reading charts. A lot of this is still up in the air, meaning the accuracy of people's predictions is not that high, just because of the graph and the data that we're seeing with cryptocurrencies, especially like bitcoin, is really just thrown up in the air.

Since we haven't seen these type of scenarios before in the past, yes, we've had market dips. Yes, we've had the crypto winter, but we haven't had a significant pullback, like we've had so far in the past few months. So what you guys have to realize, with cryptocurrency like bitcoin, is that people are still very unsure of the direction the market is going to head. This is why we're seeing a lot of stable coins getting more and more action growing their market cap growing more volume.

Every single day and a lot of people are just waiting on the sidelines to see what the next move may be. I am still very optimistic right now of bitcoin and the upside that we do have in the next few months, and i wouldn't be surprised if we do break 43 000 and then we hit a new upward trend of hitting resistance levels of 50, 000 or even 60, 000 of where we were just a month back, so it was a hundred thousand dollars for bitcoin, still very possible. I would say yes, it is still very possible. Yes, we are still on track and we're just gon na need a little bit of momentum.

A little bit more good bullish news and i believe we can get right back on track, hopefully to some of the bullish movement that we saw earlier this year when bitcoin was really ramping. Up now before we talk about the federal reserve statements, i did want to just go over the market prices for today, so we're seeing a little bit of red in the overall market keep in mind. Yesterday was a pretty green day. So it's just natural to see these type of pullbacks uniswap 22 dollars, polka dot, 23.

dollars, cardano 1.52 cents, dogecoin still hovering in the 30 cent range, and we have solana chain link back down to 23 and 75 cents polygon holding steady right now, a dollar 54. Today, alongside theta 8.87 down six point, sixty percent and then stellar xlm down 3.68 - let's see if we have any top winners for today, so amp is still continuing to crush it. This week, up 83 in the last seven days, alongside quant up 11 for today and horizon up 7 for the day for the losers, we should have a decent amount, pulling back so icp, breaking additional support levels again, going back under 55, alongside tara luna who's. Having a seven percent pullback today, but not too bad, because in the last week they are still up 9.78 for the week now, it looks like even with the all coin market, we're having a pretty strong consolidation phase, where a lot of these cryptocurrencies are trading within A five to ten percent range and not doing much bursting out of recent highs or recent lows.

So if you guys are interested in investing into any all coins, i would possibly wait off at the moment until we get any further dips in the market and then continue to average into these investments. If you got that firepower left. So, in terms of the bullet points for jerome powell's statement earlier today, all you have to know is this: the u.s federal reserve keeps key rates unchanged and maintains a 120 billion dollar bonds buying pace, meaning they're going to keep their buying they're going to keep printing Their money and they're not estimating this to slow down anytime soon, the u.s federal reserve holds rates at zero, but also projects, two hikes by the end of 2023. We also are going to talk a little bit about tapering what that means and what you should expect for.

Anyone who doesn't know what tapering in the financial economic definition means it's pretty much them reversing the amount of money that they're pouring into the economy. That they've been doing, for, i would say, almost it's been about a year right since the start of this pandemic. Jerome powell also mentioned how the vaccines continue to support the return back to economic normalcy, and he talked about how the economic indicators continue to strengthen business. Investment increasing at a solid pace and risks to the outlook remain now.

In addition to that, the federal reserve did sounded like they were changing their tune and they were signaling higher inflation rates this year and faster rate hikes. So the fed's big changes today: 3.4 inflation this year. As you guys know, if you have been keeping up with these updates, we did go over that inflation report uh we're having a 3.4 inflation this year to a prior forecast, a 2.4. So what does this all mean for the overall cryptocurrency market? In my opinion, i see this all as good bullish news only because interest rates are still holding steady.

They aren't talking about tapering at this exact moment now and yes, inflation rates are going up, but brian. Why do inflation rates going up have a positive impact in cryptocurrency anytime? We see the dollar getting devalued. I believe more and more people are gon na look to alternative assets or ways to hedge against the us dollar and that's when cryptocurrency is still gon na step. In with the recent spike of all the meme coins dogecoin having its spotlight of fame, i believe more and more people are aware of cryptocurrency and, as this problem continues to grow, where inflation may continue to rise up more than the feds are stating in their press Release or predicting will happen.

I believe cryptocurrency is going to be that asset that will continue to grow over the next few years. So overall, i believe, with the mention of all this. It's not bad news at all, but let me know what you guys think down below okay, so on top of that guys, the kyber network also announced today that polygon integration and liquidity mining program. So this is also called the rainmaker program and it aims to bring more liquidity to ethereum and polygon based d5 ecosystems.

The kyber network announced that it's going to expand to polygon on june 30th. So at the time of this recording it's going to be a few weeks from now they quoted through this partnership. Polygon's, vibrant ecosystem will gain access to the highly capital efficient and flexible kyber dmm protocol, co-founder louis lou of kyber network, said in a press release shared with coindesk. We believe this will empower more liquidity providers, traders and developers to effectively engage in the world of decentralized finance.

The rainmaker program aims to bring more liquidity to ethereum and polygon based ad5 ecosystems by incentivizing kyber dmm liquidity providers with 30 million dollars in rewards over three months. So this is all really good news for the overall d5 space and other larger projects like polygon. That we've been talking about in the past few months and programs like ethereum. Hopefully this is going to give just a little bit more support to some of the d5 products that have been sleeping ever since bitcoin started to take that tumble.

I do believe that this is going to be overall good bullish news and prepares anyone for the re-entry of any positions in the ethereum smart contract or d5 space. Now, on top of that fox entertainment, like fox the tv network, they actually went ahead and invested. A hundred million dollars in making nfts despite the market crash, the network is staking its new nft business unit. Blockchain creative labs, with a 100 million dollar creative fund announced tuesday.

The move comes on the heels of a recent market crashed in the nft space with transaction volume, plummeting 90 in april, since the crash came in tandem with a rough 40 drop in bitcoin prices. The way fox is doing. This is they're partnering with bento box entertainment on the project and has now named bentobox co-founder and ceo scott greenberg. As ceo of the new company blockchain creative labs will build, launch, manage and sell nft content and experiences and fungible tokens as well as digital goods and assets.

Bcl's first focus will be creating nfts for rick and morty co-creator dan harmon's upcoming ancient greece set animated series. Crapopolis from day one and right up through premiere night in 2022, crapopolis is billed as the first animated series to be curated entirely on the blockchain, with nfts of one-of-a-kind character and background art and gifs, as well as tokens that provide exclusive social experiences to engage and Reward super fans so for anyone who believes that the nft space is dead, although there is not as much volume right now, we are still seeing some record-breaking news. Crypto punk nft sells for 11.8 million dollars at sotheby's on top of that, the doge nft also sold for four million dollars just in the past few days. So what you have to realize out of all of this is that, regardless of what you may hear in terms of the fud from media and other news outlets, there is a lot of activity.

There are still whales purchasing giant amounts of nfts, which are just another branch of the ethereum ecosystem. What we can take away from this is that the space is not dead at all. Yes, we have seen the bubble pop. Yes, we have been in a cool down period, but i do believe this is during the times where you want to consider researching more into the space, because you're going to be able to pick up art nfts anything you want in the defy space at a significant Discount right now, gas fees for ethereum and prices have seemed to really cool down, so for anyone who wants to beat the hype train, which may return indefinitely in the near future, you're gon na have an opportunity to really seize the moment.

With regards to all the price action that you can get on discount for certain commodities and assets like nfts now, i do believe the next few weeks within the cryptocurrency space. It's going to be really interesting, but if we are still following along the wyckoff pattern theory you have to realize that we are still going through the transition of stronger hands holding these positions while it shakes out anyone impatient in the market now guys. Thank you all. So much again for watching today's video, don't forget if you are inner circle members tonight we have our meeting with a cpa, certified expert.

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