While wall street's core indexes have all declined in wednesday's market, open bitcoin has made impressive gains as it steers away from its high correlation to the us stock market. In today's video we'll be analyzing some interesting data that gives insight into whether bitcoin's true market bottom could be here now. Also, yesterday, something significant happened. We had a major crypto bill that was introduced and we'll go over some of the major key points from that.

Like the usual, if you guys are enjoying these type of videos, don't forget to drop a like down below subscribe to the channel and let's get on with today's market update. So in today's market, open the s, p, 500 and dow jones both dropped point six percent and the nasdaq declined point four percent throughout the night and into the early morning, bitcoin has had some pretty volatile price action after hitting a low of 29 100. Yesterday morning there was a strong price rally as bitcoin shot up and touched its resistance level at the 200 ema, or that purple line we've been discussing a lot on this channel on the four-hour chart at the time of filming. This video bitcoin is currently trading at around 30 357 dollars and with that note, bitcoin has been unable to hold the 30 700 price level as support, which would be that top orange line.

So in the past few months, the biggest question that we've had within this bear market is, when is bitcoin's bottom settling in on one hand of the spectrum. When we have the entire population of all the investors seeming like bitcoin's bottom is going to come in into the next few months and we have even more pain ahead oftentimes. That usually means the bottom is near in now. Well, regardless of whatever psychological data point, we use, let's actually take a look at some real numbers here, to get a clear definition on what that realized.

Bottom could be for this year, so glass node, a very popular research firm within the crypto industry, has provided us with their realized price indicator that has been able to map the cycle bottoms before in the past. If you take a look at the chart, the blue line represents bitcoin's realized price, which is the estimated average cost basis of all coins in the bitcoin supply, simply put when spot prices traded below the realized price in previous bear markets. It was actually an indicator that bitcoin was reaching that market bottom. What we saw also is that the price for bitcoin dropped lower than the realized price in each crash, but it didn't happen by too much.

The realized price is currently trading at 23 600, and if history does repeat itself, we could see bitcoin hit this price level or drop down even lower. Once again now, i will make note here that no indicator can be right 100 of the time, and it's so crucial to continue just dollar cost averaging into the market instead of trying to time it all at once. The reason is, if somehow this here today is the day that we have the market bottom and you wait for the next crash. You could be missing out on the opportunity to get in at the closest bottom price to maximize your opportunity.

Now i will say even on a random day within the middle of the week, with cpi reports coming out in just about two days. I believe that we could see a bit more pain ahead. Taking a look at some articles, we are actually able to see that even this friday we're expecting a lot more inflation numbers to come ahead. They say to here: global food prices are up 30 year on year.

House prices have jumped the record 21 in that same period, oil has doubled and if you get the picture, wages paychecks are roughly 5 fatter in 2022.. On top of that, the street actually came out with a headline here today stating expect hotter inflation data this week. As analysts warns now, i don't know about you guys, but at least in the state of maryland, it still seems like gas prices are at an enormous price. Let me know what state you guys are from and what premium gas, or even regular gas costs here premium in my neck of the woods at least, is still around six dollars, which is nuts now real, quick going into the global crypto market cap, we're sitting at 1.24 trillion dollars not much change in this we've been seeing it hover under the 1.3 trillion dollar mark.

For quite some time now - and on top of that, although we're seeing a little bit of green in the market, i don't know how much this is going to hold. With regards to the cpi index coming out on friday. That report, i don't think it's going to look good and always almost always before in the past. Any time we get close to that date.

We see market volatility ahead now going to the crypto fear and greed index. Nothing too crazy here, as in not much has changed, we're seeing extreme fear boom boom boom, and that is just continuing to sit at a 17 for today. So i think it's safe to say that many investors who are proactive in learning more about this market expected some type of market correction. I don't think many investors expected a full blown out type of recession, deal that we are anticipating right now, with the job layoffs that we could be seeing soon since the start of this pandemic, which seems almost a while ago, it's been almost what two three years Since it first began, a lot has been happening within the markets and every day that we are going through, we are literally living through pieces of history.

One point that i want to reiterate time in and time out is the fact that bear markets are normal, especially under the circumstances of all the additional money that was printed before in the past, keep in mind. During that time we also had insane tech valuations. We had crypto markets hitting that all-time high and any time we got a bear market people often assume that this is terrible news. This is something that they don't want to be a part of, but this is really where you should be getting excited.

It's where you get that experience as an investor, and you can find yourself making insane amounts of opportunity. I know for many people it's hard to stay attentive to the markets, but i'm telling you if you have been waiting to invest into the markets right now i mean even close to this time period. You would be getting way better evaluations than you did for the last year and a half keep in mind by definition. A bear market is when a market experiences prolonged price declines, and it typically describes a condition in which securities prices fall.

Not five percent, not 10, not 15 percent, but actually 20 or more from recent highs. Amidst widespread pessimism and negative investor sentiment, it's been clear: we are within a crypto bear market and maybe not the stocks have gone into a full bear market yet because they're only down about 13 to 14 year-to-date, but with bitcoin currently being down about 36 percent year-to-date Crypto is in a bear market bearer markets are where opportunities are created and most all coins are down anywhere from 40 to 80 percent. This means the upside in the amount of return that you can get during the next bull cycle will be huge. If you don't know where to start - and you are still terrified of investing into the market - and i don't blame you - many people are many of the top banks.

Analysts, institutions and firms still are, but i will tell you that there are still some whales that are continuing to accumulate bitcoin during this time. If you guys are worried about a recession - and you don't like all this bad news and just talking about the bear market, i recently made a video talking about a full guide on my story and how you can get started in making the most amount of life Wealth i recently made a full guide on my channel, called how to create life-changing wealth. Through this recession, i've been getting so much amazing feedback from that i've been getting dms and messages talking about how that video is changing a lot of people's lives and if you guys, are very bearish about how everything is you're, just not in a good mood, and You need a little bit of inspiration and some real actionable steps from someone who's been able to quote unquote somewhat make it check that video out, because i put a lot of sweat and tears into it, and i think you guys are gon na find that massive Amounts of volume in there too now going back into the second point of this video. Let's talk about this crypto bill and how it's going to impact us investors.

So yesterday two u.s senators released the full version of their long-awaited crypto regulation bill on tuesday. This was a 600 page, build that highlighted the primary areas of concern for regulators, including d5 stable coins, daos and even other crypto exchanges. Within this build, there was heavy emphasis on user protection and policies intended to require any crypto platform or service provider to register. In the us legally, including dows, d5 protocols or any type of decentralized exchange, registration for this would require basic information such as the operation, location, information on the project's founders and the number of employees.

I will say with the hundreds of different anonymous crypto projects in the market today, this registration requirement would severely impact their ability to grow and progress. This also means that dexes, also known as decentralized exchanges, would need to register the same way like centralized exchanges would be doing this type of regulation and bill also would eliminate one of crypto's fundamental values of having that decentralized aspect from being separate from the government. Additionally, these exchanges would get registered and have increased compliance costs leading to higher exchange fees, and it's just one of the smaller points within this 600-page bill that they included yesterday that many people are pointing out now. The draft bill also tries to offer a bit more clarity on security laws related to digital assets, because this is a topic that we've been struggling with.

A lot within the entire industry are nfts a security which cryptocurrencies are considered securities. Because of this there's been a lot of confusion, there have been some people going to jail, other people who belong in jail that have not been in jail, and it seems like now that we're finally getting clarification. It could be a good thing for both the crypto community and also lawmakers alike. My four and a half cents on all this is that if the bill gets passed without any revisions, then we could see many crypto projects fall and even eventually getting dissolved.

It seems like now, regulators are coming after crypto, claiming that they have the intention of protecting consumers, while all at the same time, including a lot of different parts to this bill, that many people aren't expecting. There's also a theory that many of the crypto community investors believe regulators are also looking to have these type of bills in place so that they can start profiting off crypto for themselves and filling their pockets too. Now crypto regulation could bring in billions of dollars, but could also take away the money of other exchanges. I would say you know, regardless of the way you look at it.

This all just comes down to your perspective on it. Regulation is good, but when it gets taken too far, it isn't the best of what we've seen happen before in the past, especially when it involves the government right now. If we can get clarification on that, it should be able to speed up the process, and i do think the more regulation we get the more institutions are likely to get in and there are the ones that are holding those big dollars and hopefully that could force Us to propel us into the next bull market that would be the most ideal now to the next headline. I found this pretty interesting, but the american fast food chain chipotle goes ahead and embraces crypto payments in the u.s, so chipotle was personally one of my favorite restaurants.

It is always my go-to, i love burritos. I love burrito bowls. I have the salad dressing. If you guys know about the salad dressing key, you are hip, it's a little tip right there for anyone living in the u.s, so good love, salad dressing on my chipotle anyways chipotle is now collaborating with the flexa network to allow clients to pay their bills in Cryptocurrencies, so this is going to involve over 3 000 chipotle.

Restaurants in the usa and chipotle is even giving out 10 discounts for your first crypto purchase with them. So what this means is the fast casual restaurant is now going to accept 98 different cryptocurrencies, including bitcoin, ethereum and solana. So you can buy your burrito at chipotle. On top of that, we also have paypal, which is adding new crypto services, including transfers to other wallets.

So paypal went ahead and rolled out this new functionality for users of its crypto app. So what this means is paypal is now allowing you guys to pretty much just use their account and to send transfer uh crypto between those accounts. The cryptos that you can send are going to be bitcoin, ethereum, bitcoin cash and litecoin to any type of external addresses. Now all this is really good news, just because it's showing us the real world use case, especially within the spare market.

It looks like companies are not slowing down in their development. I think chipotle could have been like all right. Let's wait, till the price of bitcoin goes back a little bit higher and then we'll start implementing these changes, but they said nah. Let's just have it in now and see how it works and when crypto picks back up, i can imagine seeing someone in line buying their chipotle burrito with bitcoin.

Now bitcoin does ever go up to past two hundred thousand dollars and at the price. Actually it's at now it would be a very, very expensive burrito that you pay. I personally think, because crypto is still treated as an investment unless you're using a stable coin, that you somehow had money in and you don't expect that value to go up. I wouldn't be buying or spending goods with crypto.

I would just keep it as an investment and then still using cash, but that is just my honest opinion. I know i should be saying the opposite. As a crypto youtuber and trying to you know, impact and force more innovation, but let's just be realistic. I want you guys to optimize your money if bitcoin does go back on a tear and you only had ten dollars worth of it and you sent it on a burrito when you could have just used a credit card for it and there's better ways to optimize.

Your own cash, now last but not least, let's talk about this next major headline, which is the crypto ira company suing gemini over 36 million dollars of bitcoin that is supposedly stolen. So earlier this week, ira financial trust, a company that manages individual retirement accounts in non-traditional assets such as bitcoin announced a lawsuit against gemini. The ira financial was hacked for 36 million dollars back in february, and criminals stole 21 million dollars in bitcoin and 15 million dollars. In ethereum from retirement accounts that were involved in the hack, here's the key thing that ira used gemini in order to hold those cryptocurrencies.

So pretty much. To sum it up, the ira claims that the new york based exchange systems were at fault because they failed to freeze accounts within a sufficient time period. Following the incident, i will say, gemini has had a pretty bad week. So far.

Last week, the u.s commodities future trading commission filed an official complaint against the exchange claiming that they intentionally misled regulators. Before that, we even had some news just talking about how gemini was cutting off about 10 of their workforce and now they're getting hit with this giant lawsuit from another company now. What we can learn from this is that iras are definitely very important in order to still have the maximum amount of advantage in being able to keep your money when investing it into the market. I wish i knew this, but instead of just putting your crypto or buying stocks with as an example like your robinhood app or just a regular exchange, there are ways that you can still earn crypto and make these massive amount of gains for a long term period.

Without having uncle sam or the government taking a huge amount of taxes from it, a lot of you guys are aware of how annoying taxes are, but few are actually doing anything about it. So, unlike an ira that may lose all of your funds, there's actually another one called. I trust capital, which is one of the largest ira platforms that i don't think you need to worry about, having your money, stolen or lost with. I trust capital is a self-directed retirement account with over 30 available assets from crypto all the way to gold and silver 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 from an ira. If you didn't know, i trust capital has been trusted with over 4.5 billion dollars in investments from over 10 million users. They have no monthly fee, they only have a 1 crypto trading fee and they handle all of the irs and tax reporting for you. So it's a special deal for my viewers.

If you guys want to get started and create an, i trust capital account and earn a hundred dollars into that ira account just by signing up using my link down below check it out. Link down below in the description, and all you have to do is leave that account funded for just 30 days now on this channel, i'm pretty picky about the sponsorships that i take up. I trust capital has been more than a pleasure to work with. I went through their entire platform and i can vouch for it alright, so wrap this video up, don't forget to follow me over on twitter and on instagram, and if you do follow me, please watch out for impersonators and scammers as well.

On top of that, i have a private discord group where, if you want to join and 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, don't forget to check out the Link to the patreon down below in the description now, if you guys made it all the way to the end, for me to know that you are a real one, don't forget to comment down below the secret phrase word the end word for today's video, and that Is going to be stranger, i picked stranger because i've been watching stranger things, the new season season, four man. It is good man, i feel, like the new tv shows, the movies i even saw top gun. Like all of these latest things, they just been slapping they've been really good, so within a bear market find different things to do. If you guys are feeling a little down about the market.

There are some amazing movies and shows out right now, um, i'm currently on. Stranger things i'm watching ob1 as well, they're good. I love it. Thank you all so much again for watching today's video have an amazing day and i'll see y'all soon.

Peace.