So yesterday turned out to be a crazy day with tara halting their network for a second time and the price of bitcoin getting hammered down to the 25 000 level, where the bulls returned and drove the price all the way back up to 30k. We're now seeing many all coins actually making an incredible recovery, so in today's market, update we'll cover some of the latest news on. What's going on with tara luna talk about bitcoin's price action and also go over some of the all coins that are making that reversal. Now i know a lot of people are wondering if this market reversal is even what we call a fake out or if it's a legitimate bounce and whether or not the bottom is settled in so i'm gon na do my best to break down this info.

So you guys at least have a good idea on what is happening in today's market, like the usual, if you guys are enjoying these type of updates, don't forget to drop a like down below and subscribe if you haven't done so already and with that being said, Let's hop into the computer and see what is going on for today, boom boom boom, so the global crypto market cap for today seeing a 1.31 trillion dollar value or a 5 increase over the last day. Now taking a look at the total cryptocurrency market cap chart. This just reflects all the money that is going into not just bitcoin, but all the other all coins and different currencies within the crypto space. Pulling this to the one year, charts you'll notice that yesterday seemed to have been a bottom indicator where we saw a 1.19 trillion dollar market cap where previously before this seems to be close to the bottom of what we experienced back in july.

Now, if we do pull it back to the all-time charts, you'll notice that we did experience multiple bumps in the market and the last time we did expect to see anywhere close to the levels of the previous market caps. We saw what we experienced this huge upside now, all across the board. We are seeing some green within the market, and this is the first time we have seen green. I would say this whole week, especially since we've seen this straight up massacre within the space.

Now, in the last one day, bitcoin had hit that bottom of even below 28 000 with the upside today a rolling high of even going towards 30 814. This has resulted in about a 10 increase over the last day for the total price of bitcoin, and not just that. But if we go into some of the other top all coins for today, you'll notice that even within our top 10 winners, we're seeing all across the board about a 10 to 20 recovery. Now, although this is still a far ways off from the 20 to 40 percent loss that we're still seeing in the last seven days, this is still really good news.

Just because we are now seeing a little bit of that green within the market. Pulling the charts to the last 24 hour increases we're seeing gala up 54 gmt of 46 mana or decentraland up 42 uh xec up 40 harmony, 1 up 32 and then a variety of other cryptocurrencies looking to be in the green. Now, if you guys have been watching any of our updates throughout this week, i've been mentioning this and stressing this exact point right here. A lot of the all coins that were going down in price did not go down because they had any fault.

They didn't go down because gala had some massive hack or some type of security breach or someone on their founding team uh. You know caused about three different rug, pulls they all went down because the overall price of bitcoin went down. They went down because of ust. What happened with luna and at some point it is inevitable for a lot of these cryptocurrencies to only be suppressed for so long.

So what this means as soon as we're able to get a little bit of recovery or stabilization, especially with the price action for bitcoin, that is when we would see that arrow getting pulled back and then launched forward. What i'm noticing right here with the top 100. All coins is that many of the top winners are actually metaverse or gaming. Related gala is one of our top picks.

That is gaming. Related that's up, step in or gmt is another cryptocurrency and project that allows you to download an app on your phone. Go for a walk and find yourself making anywhere from 10 to even a couple hundred dollars a day, literally just by walking. On top of that most you guys should know about decentraland.

They are the cousin of the sandbox, both within the same sphere of being in the nft metaverse and gaming related market. Now, to answer probably the most popular question: i'm getting right now, brian, is this all a fake out? Should we, you know, still be kind of concerned, should i now be investing into the market since we are seeing a little bit of a bounce? Is this a start to the recovery and the next bull market? First, let's see what's happening with bitcoin, to get an idea on what the charts are showing so on a daily chart. Yesterday's candlestick had a range from twenty five thousand dollars and thirty thousand dollars where it found that heavy resistance level the hourly chart below actually shows the resistance. Turning into support, which is showing a lot of good news.

So yesterday's candlestick is what you call a doji candle. This happens when the candlestick opens and closes at the same price or something extremely close to it and makes the candlestick have no body to it, and it just has two long wicks on the top and bottom now, typically, doji candles are candles of indecision in the Market this doji candle is also more in the shape of a dragonfly doju, which is a t-shaped candlestick. Now the dragonfly can mean a few things. One is that the bears were able to press prices downward, but an area of the support was found at the low of the day and buying pressure was able to push prices back up to the opening price.

Now i will say that the bearish advance downwards was entirely rejected by the bulls and that's why we're continuing to see that market recovery. Today, after downtrend, the dragonfly doji can also signal to traders that the downtrend could also be over and the short positions could potentially start to get covered. Now. I also do need to mention, because you know, if you're wondering brian, what's up with the doji and the dragonflies.

This is all a part of technical analysis and, although technical analysis is not 100 accurate, this can still give us a bit of a better indicator or paint an accurate picture to the best of our ability on what a market reversal could look like if we do Take a lot of that still out of the equation, regardless on hindsight what we're seeing on the paper. It is great news that bitcoin's price recovered that quickly and strongly with the recent fall now on top of that. Looking at the rsi bitcoin is technically not oversold. Just yet we were able to get very close to it with the current rsi sitting at a 32 level, i will say once the rsi does drop below 30.

That's when analysts would consider bitcoin being oversold now here in this hourly chart. You can see that once bitcoin broke past that 30 000 level, the price level has turned from resistance into support. Additionally, this chart looks like it may be, forming an inverse head and shoulders pattern now, for anyone who doesn't know the head and shoulders top is used to predict reversals and downtrends, but the inverted head and shoulders pattern is actually used to predict and signal a bull Market now, this pattern might not hold any validity, since this is on the one hour chart and not the daily or weekly, but regardless. This is still a very good sign now.

I do want to make note, because we are still considered to be in a bear market and still in the low 30 000 price level for bitcoin, it's important to manage your expectations and still be prepared for another dip in the price action. Many investors and bitcoin analysts still believe that we have not yet reached the bottom of this fair market and could see a bitcoin crash, the 20 000 to 22 000 level. This even includes a robert kiyosaki, the author of rich, dad poor, dad, who stated bitcoin crashing great news. As stated in previous tweets, i am waiting for bitcoin to crash to twenty thousand dollars.

We'll then wait for the test to the bottom, which might be seventeen thousand dollars and once i know bottom is in i back up the truck, because crashes are best times get rich and he says, take care. I will take care, mr kiyosaki, and we appreciate your thoughts on that. I will say when everyone is expecting a certain bottom. Usually it never hits that point.

Just like the inverse of that, where everyone thought you know, dogecoin was going to hit a dollar or apecoin was gon na hit 40 50 anytime. The entire mass public has a certain expectation of a bottom, and that is the mass public opinion. Usually it will never hit that and it actually goes slightly above or below that amount with robert kiyosaki having about 22 000 likes on this thesis that we're gon na see a 20 000 to 17 000 bottom. I would imagine it being much higher than that, but this is all still predictions and it's just getting a gauge of what the market may be doing so binance went ahead and also warned thursday that it would de-list the luna tether trading pair if luna's price fell Below the .005 uh usd tether price point or about half a penny which ended up actually happening last night shortly after that, binance sent its original tweet about this story and tara shut down its entire network for the first time during this market crash and left the Entire circulating supply of luna in limbo, and then about a few hours later.

They went ahead and turned it back on. This is really important because binance actually lists more than 600 different cryptocurrencies and it's seen about six billion dollars worth of luna trades in the past 24 hours, accounting for about eight percent of all the trades. In that last day, now binance did have this announcement. Tweet right here stating updates notice removal for some margin.

Spot trading pairs at 12, 40 am utc, and in here we would go ahead and see tara, luna being removed as well. Now, tara then again proceeded to halt the network once again for the second time during this market crash and this time the halt lasted for over nine hours. Now, according to block research, the circulating supply of luna surged to more than 6.5 trillion by the time the terra blockchain was halted for a second time in an attempt to salvage the collapsing ecosystem. If we take a look at the line coming from the block research with tara, luna circulating supply going to the absolute moon, we can see them having that attempt and trying to solve the issue now.

Cz also known as the binance ceo also went ahead and tweeted. I am very disappointed with how this ust luna incident was handled or even not handled by the terror team. We requested their team to restore the network, burn the extra minted luna and recover the usc peg. So far, we have not gotten any positive response or much response at all.

He said on twitter at the time of filming this video luna did work. Oh just refreshed it at the time of filming. This video luna is currently at point: zero, zero, zero, zero, eight cents open just lost uh micro center right there. It is at point: zero, zero, zero.

I think i missed one more zero, seven, five, eight four cents. You know in all my four months of being on crypto youtube. I've never seen any remarkable feat just like this, and it is truly truly uh saddening, i would say to say the least. A lot of stuff has been coming up on dokwan and just how he talks to the community calling people poor and just you know, having entertainment and watching companies fall.

You know i never wish anyone's project to ever go bad because at the end of the day, it's our money, investors, money people who have done no ill intent at all. But for someone like that, he was just such a poor representation of the entire crypto community. He has not been on twitter, he's completely disappeared and i'm just curious to see how he's going to respond or what his next plan of action is going to be, especially knowing that tara luna almost looks like it will be in recoverable at this point now, if That wasn't bad in regards to other, more terrible news for the terra ecosystem. The anchor contributors consider cutting the ust yield from two percent uh coming from the 19.5 yield that it actually gave investors now.

A large depositor within the anchor protocol was actually the crypto lending service celsius, who had at least half a billion dollars of funds invested into anchor protocol, and they were among the investors that actually pulled all of their funds out. What we saw with the on-chain analysis was that, while it's controlled by celsius sent at least 261 000 eth or 535 million dollars at current prices to anchor protocol over the past five months now, the contributors of the terra based d5 protocol anchor have proposed cutting those Ust rates in order to salvage little of what they can. There is still an attempt right now in order to protect that ust peg in order to bring it back, and that is one of the reasons why luna continues to go down in price, because they're, printing just so much supply for that crypto now anker became the Biggest d5 application on tara, but with the most recent depending of ust anker's core feature, has been practically erased. Any asset that is d-packed from being one-to-one.

It's not going to be made up from an 18 yearly apy. At this point, the ust stablecoin forterra has lost its trust from the public and the people, and at this point i really don't know how much else they can salvage. In my personal opinion, luna and ust seem to be doomed whether they figure out a viable solution or not. Now the current proposal is undergoing a governance.

Community vote. That's gon na end on may 18th, which is about five to six days from now, and so far majority of anchor holders agree that this is the right step in the next direction. If this proposal does pass the targeted four percent rate on all ust deposits will be implemented on anchor and still it's still not to have that fixed yield. But it's going to be depending on the demand for the service and the amount of yield reserves that, by the way, would range anywhere from 3.5 to about 5.5 percent.

Now, with that being said, the tether cto also says that the usdt dollar remains strong. Amid all this stable coin of fud going around now, i will say as a black swan event. I did want to prepare for the worst and that would even be ust coming down to a mere loss in their peg or similar to what happened with tara as well. Now the cto of tether went ahead and said that the one dollar peg currently remains strong.

Despite recent events - and he also points out that they've been able to maintain stability through multiple black swan shifters and higher volatility markets, never refusing redemptions with them either. Now he continues to state this and quote: tether continues to process redemptions. Normally, amid some expected market panic following yesterday's market, in spite of that, tether has not and will not refuse redemptions to any of its customers, which has always been its practice. He then went on to explain the technical differences between usdt, which is based on those one-to-one reserves and the algorithmic stable coins, which has shown to collapse now.

Overall, this black swan event was a chance for tether to boost its stablecoin stability and trash the algorithmic stablecoins and show that what they have down is still the way to go. Now with that being said, the ethereum gas prices went ahead and soared as a lot of traders actually headed for the stable coin: exits back on tuesday to wednesday, ethereum gas prices doubled and right now, they're on track to double again per the data from the blockchain Explorer ether scan now, while normally gas guzzlers for the ethereum gas fees are related to nfcs. This time it is coming from the major use of stable coins and many people trying to park their money into safer assets. Now, even yesterday, the cost of a tethered transfer got as high as 20 on thursday, and just shy of 22 billion dollars in usdt was moved on ethereum yesterday as well, which was the highest amount by the way since may of 2021..

Now, on top of that, jeanette yellen says, the stablecoin market is still too small to pose any type of systematic risk. So, in a thursday hearing of the house of financial services committee on the financial stability oversight, council's annual reports of the congress yellen hinted that the stable coin market was not yet at a size in which ust dropping to under 40 cents and usdt, the world's largest Stable coin by market cap briefly, de-pegging would create any type of real threat to financial stability she quotes here, although i can't say that they've reached the scale right now were there. A financial stability concern we're seeing tara having broken the buck and tether under some pressure. As well, i wouldn't characterize it at this scale as a real threat to financial stability, but they are growing very rapidly and they present the same kind of risks that we have known for centuries in connection with bank runs now, following the 2008 crisis, congress introduced the Legislation that recognized certain large financial entities, including banks, such as aig as posing that actual systematic risk to the u.s economy and post a series of oversights, including higher capital reserves on their business operations.

But right now, stable coins don't currently meet that systematic threshold. But that could change in the future, based on everything we saw just happening within this week now, what's still on, the table is a cbdc also known as a central bank, digital currency which could mitigate some of these concerns, depending on its design. According to yellen, the federal reserve continues to examine the pros and cons relating to issuing a digital dollar backed by the government. Overall, the questions about stable coins that got brought up on thursday during the congress hearing reflect a large push by the white house and our government in imposing new regulations for the entire crypto industry.

I just want to say if we do get some crazy crypto regulations from all of this. Everyone go thank dokwan and thank him just tell him. Thank you now also jungies keep in mind. In march, president biden also issued an executive order calling for better coordination among agency when it comes to cryptos right now, at the time filming this video there are still several bills in congress that aim to provide clear rules for the industry.

I will say: mass crypto regulation is imminent and with this recent crash it is almost inevitable. Now now going back into some of the assets that have fallen over this past week, we actually got kathy wood back in the news right now, with ark, invest purchasing about three million dollars in coinbase stock, so coinbase, america's largest cryptocurrency exchange, released its q1 earning report. On tuesday posting a quarterly loss of that 430 million dollars, and it looks like right now - kathy wood saw that as an opportunity and is buying up that dip. What we saw was coinbase's stock, actually plummeting from 73 to as low as 53, and things got so bad that there were even rumors of coinbase going bankrupt and people worried that if you had your money stored and locked into coinbase that it would be gone forever.

Now, since then, the ceo brian armstrong went ahead and eased everyone's concerns. He came out the string of tweets and he further, you know, made sure people knew if coinbase does go bankrupt, we're not going to be taking your money and running off with it. You guys are still safe and protected. Now, if you guys are unfamiliar with who kathy wood is uh, she is she's someone who actually had a lot of good credit during the height of the pandemic, but his tech stocks have been getting slaughtered.

I don't even want to check where the arc invest index has been doing, but she was known to be extremely smart and a lot of people still do respect her, but as ark invest in a lot of the of the stocks that she invested into and believed. In completely went down just because of the recent crash that we're seeing across all equities, a lot of people started to kind of not like kathy wood anymore. I'm seeing a lot of sentiment changing towards that. So it's interesting that she still comes up in the news and you know just seeing her actually doubling down on some of these plays.

She has really got to be a genius or she's. You know she made a mistake with her research thesis and now it's her ego carrying her you guys. Let me know what you think about that at the moment you know i'm just i'm just telling y'all, what's going on, at least within the market, now to wrap today's video up with cryptocurrency now having some opportunities within the market where people are looking to buy it. If you guys are trying to use one of the other larger cryptocurrency exchanges in the world check out ftx listed down below in the description with ftx, you can trade crypto with up to 85 lower fees than their top competitors.

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If you did enjoy today's market update, don't forget to drop a like down below on this video subscribe. If you guys are new and don't forget to follow me over on twitter and on instagram, where the links for that are down below in the description by the way guys lately, the scams have been increasing at a rapid rate even across my youtube videos, those whatsapp Scammers, i block them. I report them. I do everything they always come back.

They make like 10 to 15, like free, fake new account. I don't even know how they're doing it just be warned. There are people impersonating me on tick, tock, twitter, instagram, facebook, emails, uh youtube and on discord, i'm getting impersonated everywhere. So if you guys see a brian jung account messaging you, it is most likely a scam, and just please be careful of that.

On top of that, a lot of you guys have been asking when the next spot for the discord will be opening up. I may be opening up some spots over this weekend, so if you guys want to have a chance of joining where you can get some buy and sell alerts, technical analysis from some of our best advisors as well as just an amazing wildcat community, don't forget to Check out the link for that down below in the description as well. Now we usually do a secret keyword at the end of these videos and for today's video we're going to be doing the code. Word.

Jungle comment down below jungle. If you guys made it all the way till the end guys, i know the market has been. You know rather crazy lately and a lot of you guys are still in that panic mode, but i just want to say we're seeing the recovery happen in the market today we're seeing a lot better news coming in, and it's only a matter of time before we Start to see better improvements happening within the space, keep your chin up stay tuned for some additional updates, and i can rest assure you i'm looking forward to better days - and i think you guys should be too in the meantime - have an amazing day have an amazing Weekend and i'll talk to y'all soon, peace.