So yesterday the u.s stocks suffered their worst day since the early months of the cove pandemic. Falling the sky is falling, the selloff erased 1.5 trillion dollars in market value, and the s p 500 is now on track for its longest, losing weekly streak since 2011., with bitcoin's history of high correlation to the u.s stock market. The question that comes up is: should crypto investors be worried. Well in today's video we're going to answer that question we're going to talk about yesterday's market dump and we're also going to be covering some of the major headlines that is going on in the market today.

Real quick, if you guys, are liking these daily market updates, don't forget to like this video and subscribe to the channel if you haven't done so already with that being said, let's hop into the computer and see what is going on in the market for today. So the traditional finance markets all had some notable losses which included the s. P 500, the nasdaq, the dow jones all dropping to about five percent and keep in mind. This right here was the most significant loss that we've seen since the first few months of the covet pandemic.

Starting now, these losses happen for a reason, and it's because we are still seeing increasing inflation concerns happening from a psychological standpoint, and on top of that, we're actually seeing some more legitimate reasons where supply chains are still getting choked up and we're seeing the effect of That getting reported on a lot of these company earnings now michael metcalf, also made this quote here in response to this market downturn and he's actually the head of macro strategy at state street global markets, and he stated there's a beginning of deterioration in the economy. Growth story and it started to get picked up in its corporate earnings. Now, despite the past few weeks, where crypto's really been following a lot of the us, traditional markets, we didn't see, crypto have the immense dump off that we experienced within the stocks. I mean just real quick with what we saw yesterday.

Bitcoin actually had a brief dip down back to the 28 000 price range, but it had a strong bounce back up and currently today, it's actually up over thirty thousand two hundred fifty four dollars or up four point: five percent from the time of trading now the Crypto market did have a nice pump in today's market, open with bitcoin and the major all coins all in the green. Now, looking at the four hour bitcoin chart, there's actually been a lot of strong support at the 28 500 level. For this entire seven days, i will say once bitcoin did break above that price. On may 12th, it has touched, or nearly touched, that support level six times down, so the key resistance level being at the 50 ema, also known as the exponential moving average, which is the purple line down below bitcoin, hit that 50 ema twice in the past week And nearly touched it about three to four times before sliding back down.

Now we take a look at some of the other moving averages, we'll notice that bitcoin is significantly under most of them other than the five day, which is currently up just a slight bit right now, if you guys are new to technical analysis, ema's are just basically An indicator to give us an idea on the trend or the direction that an asset may be heading oftentimes, more investors, focus on the 20-day or the 50-day moving average, and for able to see the price of the asset be above these two levels. Here then oftentimes. We're seeing a more bullish market, obviously right now we're well under the 20-day moving average, but i don't think it's a possibility that we may never return to these levels. I just think right now, as the market continues to trend downwards, and we continue to stay in these oversold levels.

Depending on how you see the market, then we could see another opportunity for strong growth now this morning, bitcoin went ahead and broke past and is well trading well, above that 9 and 20 day moving average, but once it hit that 50-day ema level, it was unable To sustain it now, the last time bitcoin was trading above the four hour 50 exponential moving average. It was at the beginning of may, when the price was down at 39 000 now going into the crypto fear and greed index for today, although we're not seeing those single-digit levels getting hit, we are now at the 13.. 13 is still pretty extremely fearful within the market, and you guys have been waiting on that buy opportunity to pick up the dip a lot of people right now. What is going on, at least with more of the advanced traders and investors who have been in the market for a while? Just a lot of people are still sitting on cash.

A lot of people are waiting, and it's not one of those dips where we've seen before in the past, where bitcoin crashes and then almost immediately, it goes back up this time it's been a little different, even if i pull the price action of bitcoin into the One month, you'll notice that it's still been a steady residual decline back to the bottom, pulling it to the one year. It looks like even right now as soon as we hit this bottom, we have not been seeing that explosive upward movement like we've experienced before in the past right now. The biggest lesson and takeaway that i could say in this state of the market is to make sure that you practice patience. A lot of people oftentimes when they buy the dip are so reluctant of seeing an immediate bounce upwards.

But you have to realize when you do buy the dip, maybe sometimes it's healthy for you to even delete the app or not even check on the price of when you did enter those prices. So you don't beat yourself up on these entries that nobody can perfectly time if we end up sitting at these levels for the next few days next few weeks or next few months. It's times like this, where you're just creating more and more mental stress upon yourself that might not even be needed. I look at crypto as a long term investment as one of the best strong, viable growing sectors outside of all the other industries in existing right.

Now the analogy that i like to focus on just to make it a little bit easier to understand for any of our super new beginners is this during the pandemic, when we're getting all the stimulus money, the two trillion dollar packages and the tech sector stocks going Parabolic and even crypto breaking its all-time high with bitcoin reaching about 68 000. I would say during that time a lot of the markets were as if you were drunk, they were drinking they're on that bender they're having their partying time and right now. What we're experiencing is the aftermath of you know drinking too much, which is having a hangover in a market like this, when you're having a hangover we're seeing it affect pretty much everything stocks, like i said, are going down, crypto is going down and when you have A hangover you're recovering you're, coming down from that high that you're experiencing, but at some point i believe we're gon na sober back up where, in those levels the market will retain back to its value of at least an average of where we were at its high. Just like any bender that i'm sure most of you guys have experienced, it will take time for you to recover.

But once you do this is times where you realize. Okay, things are having a breathing room, but we will return back to normals and we will enter a period of growth once again, all right. So taking a look at the overall crypto market, we'll start with ethereum. For the past day, ethereum's been sitting at two thousand dollars going right under it going right above it looks like today, we actually had a pretty solid green candle, where uh, even ethereum is now up about 2.3 percent.

Even inside of a crypto like this, the number two crypto where the nft market has been slowing down in a lot of volume as well ethereum. A lot of these plays are coming up, but it seems like it's not doing much. The trading action is coming down. It's consolidating within a range, and it hasn't been too exciting, now pulling the charts to the last one year.

Don't forget that ethereum also did have its high point of hitting almost five thousand dollars where right now we're still less than half of that right now sitting at two thousand dollars at the time of filming this video now going to some of the other top winners For today we actually do have kyber network crystal up about fifteen percent gala games up seven percent x. You see up eight percent decred up nine percent. Now, if we pull it back to some of the losers for the market today, you'll notice that terror usd is still on here. It's still losing value, and now this stable coin or this algorithmic stable coin, which is supposed to hold a one dollar peg, is now even dropping more in value currently sitting at point: zero, eight cents on top of that you'll notice that axe infinity down here is Actually down about two percent and this segues into one of the headlines that we have that i wanted to share with you in this video now this one's pretty interesting just because axe infinity is one of those cryptocurrencies that in the previous bear market, it was an Exceptional token that actually did really well so when bitcoin and all other assets were going down, this was one of the strongest cryptocurrencies and during that first dip in the market.

It performed just really really well so axe infinity the popular play to earn non-fungible token game. Faced another attack on its discord server earlier on wednesday, when it got compromised by its misik spot. If you don't know what me six is i'm well, if you are into the discord servers, you'll know what mi6 is, but basically for anyone who doesn't know. This is an automating roles and messages, a tool and bot that's used with a number of different crypto projects.

So pretty much. The hackers in this case use the compromised bot to add permissions to fake jiho account and later issued a phony announcement regarding a mint. Now the developers managed to remove the compromise music spot from the main server and deleted the fake message, but it was already too late for some of the axi community members. Now there are reports of people losing their nfts in the domains, and the strange thing about this hack was that the official mesix discord, support, channel, denied allegations of any hack and claim that they had verified with their engineers and didn't see any unusual activity.

Now some people believe that the hackers could have compromised the admin account first and then they got access to the alternate admin account using me six, but regardless of whatever the case may be, axi infinity investors community is continuing to lose their patience, since this is actually The second attack, since the last one was actually known to be the 625 million dollar hack related to the ronin bridge, where it was ranked one of the top defy hacks that we've seen in all history now so far this year, there's been a new target for Hackers which has been really off of social media and instigating any type of issuance against crypto projects and a lot of these nft ones too. Now, in the second quarter of this year, the first to witness these type of hacks was the nft collection board bia club, where, after its discord was compromised and hackers managed to steal sixty nine thousand dollars worth of nfts. Now the same month board yacht club's. Instagram was hacked previously before too.

This is when the apecoin launch was coming out and just a lot of people assumed they were giving away even more money now guys just for anyone watching these videos. I just want to make a huge psa right here. Please be careful uh if you use twitter, instagram or you're part of any discord servers these hacks and these scams are so prominent within the space that we're seeing it happen all the time. Even if you have a twitter account - and you don't use it too often, you could still find yourself getting flooded with a whole bunch of fake scam.

Dms. Talking about how oh you just got chosen for a white list when, in reality it's just going to drain your wallet, make sure you guys practice extra due diligence within the space do not open any fishy, looking emails, and even if the email looks legit. If you have never recalled memory of you or yourself like listing something or you know just doing any type of active action, be careful there's just way too much scams going on, and i do not want any of my subs to ever get attacked now. In terms of the next major news, this one's pretty interesting, we have cz um, the owner of binance, who actually wants to apply for a crypto license in germany.

So binance has been in the news: a lot in expanding their territory to other parts of the world. The ceo cz confirmed on wednesday that binance has been in talks with german regulators and that they're in the process now of applying for an official license to operate its regulated trading platform in their country. Now, binance's plans to operate in germany comes as it's ranked. One of the most crypto friendly in the world and they're also the largest economy in europe.

Germany, if you did not know, accepts crypto investments as part of its domestic savings account, and it's also one of the few crypto tax-free nations now compared to the rest of the european nations. Germany actually has a unique approach to the cryptocurrency taxes that favors private investments. Now this regulation here protects bitcoin and other cryptos from capital gains tax, as it feels kept for more than a year, and if you swap the funds for fiat or any other cryptocurrency within that year, you're also free from paying tax. If your profit is less than 700 now in germany, crypto is classified as private money and therefore they are excluded from long-term capital gains tax and they aren't subjected to that during transactions.

Now the good news out of all this and what this means for us living, maybe in the states or other parts of the world, is that if this is approved, germany will actually be the second major european nation, and this could definitely expand the further developments of Crypto anytime, we have more exchanges offering accessibility for other investors to enter the market. This is just going to continue to help grow the entire space. Now also, this is not the only country that binance is expanding to earlier this month. The firm also secured a regulatory approval in france as well.

Now binance is already one of the stronger contenders within the crypto exchange industry and they lead it by trading volume. If they are able to add some of europe's largest countries into the mix, then we could likely see some additional volume going into the markets too. Now i don't think this would result in like any type of immediate pump, but it's just one of those things where, in the long term, grand scheme of the development for cryptocurrency as a whole, it just makes universal peer-to-peer currency happen. A lot quicker, and we could also definitely see more price action happening to the upside now in terms of the next headline.

For today, we actually have meta, also known as facebook, filing five trademark applications for meta pay, teasing a crypto and digital payment platform. So, according to records submitted to the us patent and trademark office, meta submitted those five trademarks, which appears to be some type of digital platform, dubbed a meta pay. The trademark applications filed on may 13th describe this as an online social networking service for investors, allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and then digital tokens and crypto tokens. Now, apart from payment and trading meta, pick could also include digital asset lending and other investment services.

This comes into detail with their next trademark filing and it's just fascinating to see how facebook really wants to expand into many different parts of the sector. This news update also means that meta, also known as facebook could expand to become a crypto exchange and offer some of their web3 wallets as another service to people using their social media platform. Now, back in march, meta filed eight trademark applications with the uspto related to metaverse and blockchain technology, and back on may 9th for anyone who missed this zuckerberg said that the company had begun testing digital collectibles on instagram signaling, a move towards nfts. Now, i think, personally, from my opinion, is what all this is lining up to.

Mark zuckerberg wants to really take over the world he's in competition and in order to do that, the best way is not to just have a social media platform, but it's to expand into all areas of life. They have the vr headsets they're, trying to do physical, digital applications. On top of that, they have meta pay, they might have their own exchange, then they're, linking it all into nfts. We might get to a point right now where social media might get completely monopolized.

By mark zuckerberg, because as quiet as he is right now, building all the things right now, this may lead into the next big thing. Now, who knows only time will tell what will happen, but i would place my money. I would place a bet that, right now, out of all the social media platforms, facebook, also known as metanell, is going to take the lead. My reasoning for this is they have the capability, they have the funding, they have the bandwidth and if they really wanted to, i feel like they could expand outside the u.s and really do what almost wechat or wepay did, where they're able to expand and become such A utilized part of day-to-day life for their users, the benefit for people like you, and i is that it could give us another revenue stream.

It could allow for easier accessibility for us to connect the nft crypto world to our day-to-day lives. So in terms of our next crypto news, while binance remains focused in europe, we actually have ftx.us making an aggressive push into the traditional finance ecosystem for this nation. Now brett harrison the president of ftx.us announced on wednesday that select customers can now trade stocks and etfs, making it the first native crypto exchange to offer equities within its platform. Now the new product which ftx has been teasing for the past few months, is now called ftx stocks and it's going to let users fund their accounts with usdc stablecoin and then still use that to purchase stocks in case crypto is not the move.

I will say, as a crypto youtuber crypto is never not the move, but i always believe that diversification, regardless of whatever industry you're in, is always a smart move to make as a long-term investor. So for now, ftx stocks is only going to be available to a small number of customers selected from a waitlist, but the company does expect to roll it out to all their users by mid-summer. Ftx stocks will also be offered through the ftx.us mobile app and it's going to route its orders to the nasdaq markets. What it looks like ftx is trying to do right now is go ahead with the robinhood approach, by offering no fee brokerage accounts and commissionless trading and fractional shares, and it's also going to require no minimum account balance to trade.

Now both robinhood and ftx has been in the news a lot lately, and this is because robin hood recently announced that they're going to come out with a web 3 wallet and then, on top of that, sam bakeman freed, the ceo of ftx went ahead and bought 8 percent of shares in the robin hood stocks of the company now pretty much. What you guys need to know is that, while markets continue to look slow, it doesn't mean any of these exchanges or crypto projects have just all went on vacation they're still building. They are still doing as much work as if we were doing it when bitcoin was reaching that previous all-time high. In this instance, a lot of things are getting marinated for the next time.

We do see a pump in the market. They will be ready to go. Innovation is continuing to progress, we're going to see developments continuing to further move along, regardless of how bitcoin and other all coins perform. The question i have for you guys to ask yourself is: are you going to be moving with the pack? Are you going to be moving with the whales, or are you going to be selling at the bottom with an 80 loss? You know i'm not here to be a financial advisor to any degree and i'm never going to tell you guys what you should be doing with your own personal finance.

But i will say this: whenever we get a bear market, whenever we get talks about a recession, whenever we see extreme fear happening within the market, these have historically been the best times to invest, just know that any time we have a more drier season, usually we See abundance following soon for any of our long-term experienced crypto investors, you guys know this is nothing new. The crypto winter actually lasted for a longer time. In this case, i think we have much more fundamentals. We have much more utility.

We have a much more stronger foundation in order for this crypto winter if it does happen to not last as long as it did previously before in the past. As a reminder, we pulled bitcoin out to the all-time charts right now. Yeah we're seeing a dip in the market, but even with the last dip we had, we saw bitcoin breaking all-time highs now guys to wrap this video up. If you guys are interested in signing up for ftx, it segwayed pretty well right there too, they have their stock trading platform.

You can also find yourself earning a hundred dollars by signing up using code john link down below in the description. Just a reminder: ftx is one of the largest cryptocurrency exchanges in the world and you could trade crypto on ftx, with up to 85 percent, lower fees than their top competitors, yeah no fixed minimum fees, no ach transaction fees - and you can also set up reoccurring, buys Directly within the app, so if you do want to buy up this dip and you want a dollar cost average in they make it automatic now, on top of that, don't forget to check out the links down below in the description, if you guys want to give Me a follow over on twitter and instagram and if you do that, make sure you do watch out for scammers and followers who are going to dm you and follow you back impersonating me. On top of that, i also have an exclusive discord group where you can get access to my research. My buy and sell alerts on what i'm doing during this market downturn, and also you can get technical analysis from some of our best advisors, as well as an access to a community of other like-minded individuals.

If you guys want to join check out the patreon link for that down below in the description and if you can't get in there's a free discord link where you can also apply to our whitelist there, like the usual. Thank you all so much again for watching this video. Hopefully you guys have an amazing thursday and in the meantime we got a secret code where i need to slap y'all with, and that is going to be skulls comment down below skulls. If you guys made it all the way to the end of this video, thank you all so much for watching and until next time, peace out.

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