As we're approaching the end of the month, bitcoin is now down 23, since the beginning of may currently we're days away from watching bitcoin close out their ninth losing week in a row which would be its longest streak in history, while the world's most popular cryptocurrencies are Continuing to decline week after week, what the institutions and big banks are telling us is a completely different story. Even recently, jp morgan has given hope to the crypto community talking about why it remains bullish on bitcoin long term. Now a lot of stuff has been happening in this episode. We're pretty much just gon na be doing a recap on everything and we're also gon na be covering what is going on with luna 2.0 and whether or not this is going to signify any type of change with that project.

Now, if you guys are liking, these daily market updates, don't forget to like this video down below subscribe, if you haven't done so already with that being said, let's hop into the computer, see what's going on the market for today. So in today's market, open the stock market continued yesterday's upward momentum with this s, p 500 up about 1.5, the nasdaq up about 2 and the dow jones trading. One percent higher now bitcoin continued dropping last night and into this morning, but it has rebounded slightly and currently it's actually trading at 29 000. In yesterday's market update, i did mention that bitcoin's most recent flash crash broke below that strong support level of twenty eight thousand.

Six hundred dollars, but quickly rebounded above it earlier this morning, bitcoin's price dropped and retested that same support level, and this time it held the line. It's worth noting, when charts perform this way, it can be confusing and difficult for traders to know whether that support line is still strong or not. If we take a look at this, the chart is looking weaker just because it broke far below the line, even if it was just for an hour, but at the same time it's stronger than it was yesterday, just because it rebounded quickly and successfully retested the support Level now, as for the usual through my non-financial opinion, the support level that we're seeing is holding strong and the bitcoin flash crash was nothing more than false. Breakout to the downside, please keep in mind that every trader can analyze the same chart in different ways, and some ta analysts would even consider that support level is completely invalid.

Now the biggest thing to note for any of my new investors watching these type of updates is that there isn't any perfect answer or prediction, because every chart is unique and it acts differently. It's all about just taking different opinions, doing your own research and then coming to the conclusion on your own as well. While, if you guys are viewers of my channel, i'm gon na do my best, though, to break this information down. So you guys are best prepared for the markets to make sure that you're able to make some money as well.

Ideally, if i can get you guys making bank, that would be my ultimate goal. Now we had this excerpt from coindesk, where they stated that most of the commonly analyzed technical and macroeconomic indicators look neutral over the short term, but bearish over the long term, which means upside is limited from here on out. This is one of the reasons why people aren't really buying up the dip right now, just because people, a lot of investors, are predicting that this market dip that we're seeing might even go down even lower. Now, although coindesk seems to be much more bearish on the long term outlook, i will note that jp morgan, one of the number one largest investment banks on wall street - disagrees with them flat out.

So, despite dramatic sell-offs in the crypto market, strategists from the jp morgan research team claim that bitcoin's fair price is 38 000, which is 29 higher than its current level if their estimates are valid. This suggests a significant upside for bitcoin in the short-term price action. On top of that, in their reports released earlier this week, jp morgan said that cryptocurrency had replaced real estate as their preferred alternative asset. For those that don't know, alternative assets are investments that don't fall into specific categories.

Like stocks, bonds or cash investments considered, an alternative asset could be real estate, are gold collectibles and the bank strategist wrote in the note quote the past month. Crypto market correction looks more like capitulation relative to last january february and going forward we see upside for bitcoin and crypto markets more generally. Their fundamental reasons for these assertions are that the market sell-off had hurt cryptocurrencies more than other alternative investments such as private equity, private debt and real estate. This also suggests that there's way more room for crypto to rebound relative to other assets within the market.

Right now, vc funding continues to flood the crypto market, which in turn usually helps avoid us a long crypto bear market cycle, and it's only a matter of time, which i believe, where that outlook of a bright future is still coming ahead. They wrap it up with this quote here. Our best guess is the vc funding will continue in a long winter. Similar to 2018 to 2019 would be averted.

They do also mention, though, if the funding does dry up a long winter could be on the cards. Now. What's really interesting about this entire week is the fact that, even though crypto has been following the same trajectory of stocks for the past few weeks, the stock market has been going up the past two days, yet we haven't seen crypto rebounding as well. That points to two lessons that i learned, which is one the idea of decoupling, which is always a good start.

Decoupling happens when we see two different assets diverging from one another. If stocks go up and crypto goes down, that gives us the arbitrage or the opportunity within other markets, because if stock market goes down once again, then the opposite of that would happen where nfts or crypto anything related within that market would begin to move up as Well now, before we go into some of the major headlines to finish off this video, i wanted to give a quick message from future old brian. I'm so glad that i started planning for my retirement and investing into my crypto ira early now i have eight hover cars and a private rocket to go to mars. Whenever i want wait so future brian.

By the way, you look pretty good for the age of 50.. My question is: how can i make sure i get all of those benefits? Well, i trust capital, of course, so guys, if you didn't know, i trust capital is the number one crypto ira platform in america and with them you can set up a fully self-directed retirement account with over 30 available assets from crypto all the way to gold and Silver in comparison to a 401k you're in full control of your crypto ira little rhyme there now contributions are also tax, deductible and all transactions. The ira account are tax, free, meaning you can invest for your future. However, you want with crypto and not ever have to pay taxes on those trades now investing into crypto in your ira account is a great way to plan long term for your future, as well as benefiting from the tax savings of an ira account.

So i reached out to the itrust capital team and they were actually really really nice, so nice that they said brian we're gon na hook your viewers up with a special deal and if you guys use my link down below and create an i trust capital account. You can earn a hundred dollars into your account just by signing up using my link down below and leaving your account funded for about 30 days. If you guys want to get started, don't forget to check out the link down below in the description. Thank you again to i trust capital for sponsoring this video and back to the content, all right guys so before continuing on the global crypto mark cap is actually taking a pretty severe dip.

We're seeing it down now about four point: four nine percent bitcoin is sitting at twenty eight thousand three hundred thirty one dollars. Ethereum broke the support of eighteen hundred dollars, we're seeing it fall down to seventeen hundred dollars, and then we just have some of the biggest losers today. Tara, usd down an extraordinary amount, even more today, down about 38 celo down at 16 and then most other all coins within the market, especially the top 100, are all down in price. The crypto fear and greed index is showing us still yet extreme fear.

Nothing new. Here and if we go into defy llama to see how much total value is locked within our protocols, we're actually seeing a little bit of a dip within the market on this fine friday day as well, all right so major global cryptocurrency exchanges have now announced that They will be supporting the upcoming relaunch of tara following the passing of a proposal to launch terror. 2.0 exchanges, including binancecrypto.com kucoin and ftx, began voicing their support for tara 2.0 within minutes of the proposal passing. So the revival plan was supposed to go live today.

May 27th and eligible holders of l, unc and ustc and ust would all be airdropped luna on the new chain. Now it looks like things never go to plan for tara luna, because early this morning, terraforms labs made an announcement that it would now take place on around may 28th. Now a lot of people within my community have been asking me brian. Well, i want to be eligible for this airdrop brandon, who doesn't know.

Airdrop, is literally free money, and here are the details. If you've been wondering the same as well as stated by terraform labs, you will be eligible for the luna airdrop. If at the pre-attack snapshot you held luna less than five hundred thousand dollars of it, or even you had ust deposited in anchor and or at the post-attack snapshot you held luna or any type of ust, the distribution investing of airdropped luna also depends. On the wallet token type, the number of tokens you had and whether you acquired the tokens pre-attack or post attack.

So when it comes to the details for this airdrop, let me just break it down really easy for you guys to understand. Will this be a significant amount of life-changing money? No, it's not, but would this be some free cash that maybe could be worth something in the future if this project is able to get it together? That is a possible yes, when it comes to airdrops. This is literally what it sounds like it's like when you're using the airdrop function on your iphone, except you know getting a file you're getting free, crypto airdrops work just like that. You would open up whatever wallet you have uh.

If it's based on any of the exchanges that i mentioned earlier, or even if you're on an off chain exchange, there are a chance that you could still be eligible for the airdrop, where literally you do nothing at all and you're gon na find yourself getting the New tara on the chain, so i want you guys to. Let me know if you're looking forward to this airdrop, because to me free money is free money at the end of the day. But you know if that free money is not worth anything at all, and this even opens up more people to getting scammed or you know, maybe they get a fake airdrop by some, whatever chance and people end up losing more money. I personally just see this as a last-ditch effort right now from tara to try and get a little bit of community rally once again, but i just don't know if this may backfire or if they're gon na have more severe delays.

It's just gon na be one of those things where only time will tell. I think in the best case scenario, if tara luna was somehow able to reimburse everyone who lost their money at least their initial deposit back, we could definitely see a little bit of momentum. Stirring back towards a promising future now i would not have your hopes too high on that just because of how negative the sentiment and the bear market already is, but just note that there are always crazy possibilities of anything happening within the crypto space so guys. Thank you again for watching today's video, if you guys did enjoy, don't forget to drop a like down below and check out the link once again down below in the description for i trust capital.

On top of that, don't forget to check out the links down below, in my description where you can find me on twitter and my instagram, and if you do follow me, please watch out for impersonators and scammers across those platforms. I will not be emailing anyone or messaging you on facebook or whatsapping, you telegraming you or just i don't even have a tick tock believe it or not. There's a fake tick, tock account where they buy followers and impersonate me. I don't do any of that.

So please be careful now, it's the end of the month and usually in the beginning of the month, is when we decide to open up some new spots for our discord community. Be on the lookout for that, because i have an exclusive discord group where you can get access to my buy and sell alerts, technical analysis from some of our best advisors as well as access to a community of other investors using the patreon link down below now. Today is friday: we, you know in the state of maryland, we've actually gone like four tornado warnings this week and there hasn't been a tornado yet, but then this morning the wind and the trees, the tree was doing this crazy thing and i actually thought maybe a Little mini tornado is coming around so because a tornado might be coming and the weather's been all funky comment down below squirrel at the end of this video, like the usual. Thank you all so much again for watching have an amazing day and i'll see y'all soon.

Peace.