Yo, what is going on you guys and welcome back to another episode in this video we're gon na be going over some major crypto news that you need to know about. In addition to answering some popular asked, questions from you guys like whether or not the crypto market is gon na, have any more life. Why bitcoin is still trading sideways and if all coins are still going to have the firepower to be considered a good investment for the year of 2021? There are a lot of things going on in addition to the market being pretty red because of this one reason that we're going to be going over in this video so guys, if you are returning subscribers, welcome back to another video hope. You guys have all been doing well and for any new subscribers.

Welcome to the jungle all right, guys, let's hop into the computer and see what's going on for today. So the global crypto market cap is at 1.33 trillion dollars or a 2 decrease over the last day. If we take a look at the crypto heat map and for anyone who doesn't know what this is red, not good green we're seeing some positivity you'll notice that for the overall market, we're seeing everything in the red today. So why is this? Let's first start off so the u.s june consumer price index actually rose faster than expected and we had the release of that report earlier today.

So anytime we have the cpi index report coming out. We always see a dip in the price, whether it's permanent, whether it's a temporary dip. We always see some type of negative correlation with regards to reports coming out from the government. Now you might be asking yourself.

Why is this? Why does a simple report have an influence on the price of cryptocurrency? So most of you guys should know. Cryptocurrency has been known to be a hedge against monetary inflation or the value of the dollar that is weakening every single time. We get reports of this now. It is odd that we do have the reduction of cryptocurrency, because if this is supposed to be the hedge and we get more news stating that inflation is coming up, it should be the opposite where people pour their money back into cryptocurrencies.

But it looks like it has been the opposite. Ever since we were on the bowl run that we had towards 60 000 with bitcoin. It is definitely a mystery to solve, but sometimes you just have to put two and two together and realize. Look regardless of the exact reason on why this may be happening.

We have seen this happen many times before in the past, and hopefully using this type of data. We can predict whether or not we have more buying opportunities, or this could also be some type of data that we can use as newer investors to gauge what our next move may be. So going back into the top 100 cryptocurrencies. You guys will notice that for the day we're still down about one to three percent and in the last seven days we are down anywhere from five to 17 percent, with ethereum back under 2 000.

Now this is going to open up some more buying opportunities, but it looks like a lot of retail investors are holding off on their investments. I know many people did soak up their purchasing power and even at this point where many people have held off on investments, it looks like many people are not reluctant to invest in this market right now, because there is still so much fun going on. There is a lot more volatility and with bitcoin. Most importantly, we have to discuss this.

Bitcoin's price range has not been appealing to many new investors, so if we go into the seven day chart for bitcoin you'll notice that we might have had a little bit of a peak right under 35 000, but quickly, we returned back under 32 000 back on July, 8th, we started to go back up, start to accumulate a bit more and then pull back down and you'll notice that we're still within this very tight range anywhere under 35, 000 and above 32, 000. So what we have to know about this is any time we get this type of consolidation, and then we see a look at the on-chain analysis which is actually showing us which we'll talk about later in today's video. How much money is coming in how many more whales are accumulating? Bitcoin, how many times we're seeing the change in hands from paper weekends over into the strong long-term hodlers? This is often times when a breakthrough happens, so we are going towards the mid week of july. This is usually the times where things get exciting: things start picking up in the crypto market and right now, with everything being down, not even just crypto, with stocks being down too, i believe, as things start to progress, and we start going into quarter three, we will Start seeing some additional movements, but i'm still very hopeful that something happens at the end of the week.

Even if we break down below, i know, that's going to be another buying opportunity for investors like me, or if we go to the upside, that's still going to be good news, because you can continue looking at your investment and get more hopeful on the fact that We may have a promising future and that all hope is not lost so guys. On top of what we're seeing on a very, very standalone, general technical aspect, you have to realize that with cryptocurrency we're still getting a ton of great fundamental news now before we get into what that news is going to be, i did want to do a quick Rundown of some top 24 cryptocurrencies harmony, one is up seven percent today, axi infinity still crushing it absolutely crushing it and within our inner circle. I did mention this on our watch list before this weekend happen and if you did act on that, you would have gone a little bit of an increase in the price. Now axiomfinity is one of the most popular cryptocurrency games that you can play right now, so there is a lot going on in the space.

Let me show you what the website looks like bicycle bicycle. Not a bicycle. Is that a bicycle kind of looks like a bicycle? Next bicycle: bicycle: uh! That's a motorcycle! Bicycle bicycle verify all right! So here's axe infinity, here's one of the more popular games and it looks like they're reaching the price peak of their market, which is very, very surprising because you would not expect an nft or an ethereum related uh rpg game to start blowing up like this. In the middle of a, i would say, bear climate that we're realistically in right now so you'll notice that with axia infinity, they started to take off right before july and for anyone who was invested you'd be experiencing some very significant gains.

Regardless of how down the market is, so this is just another testament to the overall adaptation of what cryptocurrency is experiencing, and it's also just another proof that we are still seeing many other investments and many other projects really just gaining that amount of traction. During this time, so i really wouldn't have a whole negative sentiment about the overall market because within the stock market within the crypto market, you're always gon na find these gems here and there. And if you know that this project as an example fundamentally at sound, more and more people are gon na start adapting themselves into where video games are changing, they want to play more. They want to build up their characters.

That is not going away. I think that we're going to get more and more people into video games, that's why i'm a huge believer in things like esports. So that's why, as an investor, you always have to be open-minded and you have to do your research and keep up to date with different opportunities, just like this. In addition to that, i want to show you guys some more additional data about on-chain indicators, so this states that we're continuing to point towards an ongoing bitcoin accumulation.

So, as of the last week's close as per glass nodes data entities with little history of selling continued piling up bitcoin from weaker hands, like we mentioned earlier, while net exchange flows dipped into negative territory, suggesting that traders have been withdrawing their bitcoin from trading platforms to Hold will clement iii an independent market. Analyst says retail has been buying heavily for weeks now, but we finally got the uptick in wales that we are waiting for so bitcoin supply held by wales with a balance of 1k to 10k spiked as bitcoin trades near 30. 000, this is really good news, because, anytime, we get an indication that whales are buying up the dip and they are continuing to average into these different type of investments like bitcoin, like any other all coin listed on the market. This is oftentimes in preparation for another jump in price.

Now, as i mentioned before, on this channel, what we really need is for more etfs to form. We really need more larger institutions and we need more approval from institutions, regulators and even the us government, and that way we can start getting more big money entering these trades as much as retail investors love a cryptocurrency, we're not going to see that huge price action Spike unless we get more types of different money flowing back in now, the good news is anytime. You consolidate for a long time like this. The volume isn't that high and we're seeing the average market cap still hovering under about 1.5 trillion dollars.

It means most. People are saving their money they're holding on to it anytime. We get a little bit of momentum. It's going to be good news because that's when that money starts pouring back into cryptocurrency and that's when we start seeing the ball rolling in so unfortunately the truth is well if you're watching this video.

Fortunately, the truth is, you guys are all going to be prepared, but for the most majority of retail investors, people who don't know about cryptocurrency, it often sucks, because these are going to be the people that end up investing into cryptocurrency because they fomo into the trades. When we start picking back up - and this is often times where, when crypto does correct, that's when they sell and then they lose their investment, they lose the money that they made and you really have to work against that because at a certain point you have to Realize that whenever you are making money from cryptocurrency, if it's buying and trading within one another based on the perceived value of what that project could be, someone oftentimes is losing out on that investment and it's usually those beginner investors. So it's very important for you guys to continue educating yourself on content like this continue to watch videos, research, uh, learn about how cryptocurrency works and learn a little bit more as a trader on how you can improve as well. But for the most part, if you feel not as confident in your ability as a trader, especially in a very difficult climate like this, the best decision that you can make is to continue averaging in accumulating long periods of time for these type of investments.

Because out of all the ones that we have, i do believe this is much more superior. What you should do is to just consider hodling huddle onto your investment hold on to dear life, while we go through these changes, because at the same time, even though the price does not reflect it, we are still getting so much incredible news which segways into our Next point, so lately we've been talking about how grayscales has a huge involvement with cryptocurrency, and the reason why this is such good news is because this is going to legitimize them. This is going to give more confidence to larger institutions or whales who are trying to follow a lot of the guidelines that they have as a larger investor, and this is really going to legitimize the pathway for a lot of these hedge funds or any type of Whales to start entering these trades now, on top of that, we've been getting a lot of news from different banks. I call this like bank week or something because i pulled up literally six or seven articles all within the last day, all right.

So on one side of the spectrum, we have other institutions looking to hire their own crypto branch. We have bank of america establishing their crypto research team and, on the other hand, we have bigger banks like jp morgan, which states they are struggling to see any tangible economic benefit associated with adopting bitcoin as a second form of legal tender and just commenting on the World circumstances of the developments we've seen happen recently now out of all the news regarding banks. I think this one's the most interesting, so this is with wells fargo and they actually announced that they're closing down all personal credit lines. So wells fargo has not had the prettiest uh history before in the past.

In 2016, wells fargo got into trouble over fraudulent bank accounts, in addition to charging unwarranted fees on mortgages and auto loans that resulted in a three billion dollar settlement to the sec. In addition to that, they've just had a lot of different issues that we're not going to touch upon in this video, but we should also take a look at why they're doing this, why they're closing down personal credit lines and how this could be a benefit to The overall crypto space, so it looks like wells fargo right now - may be preparing for some type of impending doom that they may be seeing or they may be working on a settled lawsuit that may be coming up or maybe they're. They just got exposed and they know that they're gon na need this cash on hand right now, they're trying to free up their own capital, for whatever reason may be happening within the walls of this bank. Now the story like this, it gives us more confidence as investors to realize that the crypto space is going to protect us anytime.

This bank decides to make a decision and turn down our personal lines of credit. Imagine if you had no other credit cards, you had no banks and you only used a wells fargo card and then they announced hey, uh, yeah you're, not gon na have a personal line of credit anymore. You won't be able to use it and we're not gon na be able to offer you any more money. This is why there are so many other d5 platforms, ave as an example where you can get peer-to-peer lending using liquidity pools and not having to use these banks that are already having a history of malpractice before in the past.

So for the overall crypto industry. I think this is really good news, because it's showing how the importance of centralized money is always going to be tainted and you never want to rely solely on these entities. So moving back into the point, we're getting other uh, more interesting news, so fidelity, if you guys didn't, know they've been one of the most, i would say, largest uh investment funds. If you guys ever use a 401k or a roth ira, they are very well known for that.

It's really great to see that fidelity is stepping in and saying hey. We know where cryptocurrencies headed we're seeing pretty much the development of this area and what we need to do is increase our staff, so they are ready. So it's really interesting because they actually announced that they had an interest in bitcoin for some time now and that they've been mining bitcoin as well, and that they're, seeing all the type of institutional demand going on and they quoted we've seen more interest in ether. So we want to be ahead of that demand, implying that they're talking about ethereum the price rises of that so anytime.

We get news like this. It's just a strong indication that crypto is continuing to grow and a lot of these smarter institutions with real big money are learning to get into this and they're trying to position themselves in a place where they can support the overall adaptation of cryptocurrency. Now bank of america also established their cryptocurrency research team and this new crypto team will be led by al-kish saha. I apologize if i butchered that name - and this is a founding member of the data and innovation strategy group at bank of america.

It will report to michael morris, who leads the bank's global, fixed income, currencies and commodities research. Besides cryptocurrencies, the team will also cover technologies tied to digital currencies. Candice browning, head of bank of america's global research, said in a memo. Cryptocurrencies and digital assets constitute one of the fastest growing emerging technology ecosystems.

We are uniquely positioned to provide thought leadership due to our strong industry, research, analysis, market leading global payments platform and our blockchain expertise. So this is just the news that we need to hear, especially during this time when the market's been going such sideways, where a lot of even these banks are saying, hey, we need our research teams, we know we have the capability, we know we have some smart Eggs in-house, why don't we put these eggs to our use where we can all make money together? So anytime we get banks stepping in and saying, hey is about to go to the next level. It's really good news, because this is when you want to consider investing. This is when you want to consider really dollar cost averaging into your investment, so that you're ready when all these banks decide to pull the trigger and allow other clients or customers for them to really start investing into cryptocurrency, or maybe they have an etf where they Manage your investment and they decide to put a portion of that into some type of cryptocurrencies.

I believe, when things pick up, it's going to happen very, very quick and we're gon na quickly be back to where we are, and i believe strongly that we are nowhere near the peak or the top cycle where crypto is headed, because right now, there's still so Much opportunity in the space, even though it can be very disappointing, to see the market in the shape that it's in now. I am very hopeful and hope you guys can see the future of this as well too. Now, on top of that, got ta give some news from our south korean bank. So worry just compare that to like bank of america or even jp morgan chase, maybe maybe a step above that they state, while south koreans have traditionally been attracted to cryptocurrency.

Their regulatory framework forbids them from relying on exchanges for custody. This has spurred interest from banks in stepping in and including cryptocurrency custody in their services. However, from a legal standpoint, banks cannot offer these services independently and need to enter the market via joint ventures, and that is exactly what they are doing with their partnership, which is going to be another joint venture called coin plug. Now, on top of that, you guys i want to talk a little bit more about the ppp.

I was having a conversation with some friends talking about how you know, whatever happened to all that ppp money or this additional round of eidl, that some restaurants are getting, and there was actually a recent article that caught my attention. So california man was arrested for using government's coven 19 ppp loan to buy cryptocurrency and tesla. So this guy got arrested and he is going through court right now and it's really crazy to hear how much money he took. So, according to the article a 40 year old man from san jose california submitted at least 27 ppp loans and at least seven eid loan applications on behalf of multiple persons and business entities.

In this indictment, it alleged that this guy tran sought in excess of eight million dollars in pbp and eidl loans and obtained over 3.6 million dollars in illicit loans, and he proceeded to ultimately net over two million dollars from the scheme. Bran and other used. This illicit loan proceeds to make purchases at restaurants and retail stores make the bosses into personal investment accounts, buy cryptocurrencies and, in one instance, to purchase a 100 000 tesla from a luxury car dealership. He allegedly used false and fictitious information and documents, including falsified, employee information, fictitious or grossly exaggerated payroll figures and fake tax documents.

Tran is charged with six counts of wire fraud and three counts of bank fraud. If convicted, he faces a maximum penalty of 30 years in prison to each count of bank fraud and 20 years in prison as to each count of wire fraud. So if you do the math, i mean 30 times 6. That's a long time, i'm not sure if our buddy tran is going to be able to live that long to serve his sentences.

But i'm also going to be very curious to see how this plays out, because i do know that with the ppp and the eidl i i just know for a fact that we got those fake, instagram, uh flexors, just getting money like this. Investing that into crypto investing that into other assets - and you know i've always wondered if people like that are gon na get caught, because there are people who really needed this money that couldn't get it, because there are people who are fraudulently applying for the ppp loan. Uh, so we'll keep an eye out on it. I think it's really really cool to see that this guy decided out of all the investments he wanted to put it in crypto uh.

It did backfire because it looks like he did get caught and if he wanted to invest into crypto for the anonymity or he thought it would just be the best investment out there. Hopefully he made his money back, but it's definitely not worth going to jail for uh and spending your life in prison. So hopefully this works out for this individual, but at the same time, if you're going to go ahead and try to scam the government out of its money, you know it's subjective. So definitely let me know how you guys feel about a story like this.

Should an individual go to jail for taking advantage of all the stimulus money, or does the government have enough money and this guy, maybe he should get just a little bit of slap on the wrist, but he shouldn't be sentenced to multiple multiple years in prison. Now, on top of that, you guys the social nft project nifty raises 10 million dollars and partners with giant warner brothers. So this is really good news because, as you know, nfts, even though it's been relatively flat, there is still a lot going on in the market. As well as many different partnerships that are getting formed, so if you guys don't know what an nft is, i would highly suggest looking into that now, while the market is flatter before it starts picking back up again, because with all of this news at some point, When cryptocurrency picks back up, i know that we're gon na get an amplified exponential reaction in the nft market and just like how it was earlier in january, with everyone talking about it.

I can see this becoming very popular again. Many people fo mowing into it, and if you want to make money in the nft space, the time you want to invest is when people are not talking about it. People are ignoring it and it seems like the overall sentiment is down, which i would say is about right now. So definitely do your own research, but this is really good news and this is going to be just another reason why nft's ethereum as an example as an investment and other large cryptocurrency involved in the smart contract space are going to continue to grow all right.

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