prices in the u.s are soaring at the fastest pace since 1981 and it's the federal reserve's job to slow it down so yesterday jerome powell at the european central bank forum gave us a little bit of insight on what's going on he stated i think we now understand better how little we understand about inflation it seems like to me it looks like the us government is finally coming to their census and acknowledging how bad things are well in today's video we'll cover how the market reacted to a not so confident jerome powell and we'll also be giving you an update on some breaking headlines regarding block fi celsius and ftx if you are liking these daily market updates don't forget to drop a like down below subscribe to the channel already and let's hop into the computer and see what's going on in the market for today so bitcoin and ethereum experienced a flash crash overnight with bitcoin dropping as low as eighteen thousand seven hundred fifty dollars and ethereum reaching nine hundred and ninety dollars currently at the time of filming this video the global crypto market cap is down even more about four percent sitting at 860 billion dollars while bitcoin is currently trading at 19 000 and ethereum is still sitting at about a thousand dollars wall street indexes also are down they all decline with the s p 500 preparing to finish its worst first half since 1970. the s p 500 is currently down 1.5 percent the dow jones is down one percent and the nasdaq is down about 2.5 for the day now on the four-hour chart the rsi is sitting at an oversold level of 24 and in this bear market we've seen that bitcoin's four-hour rsi reach as low as even 11 so there is still some more potential downside current support levels for today sitting at eighteen thousand six hundred dollars and also eighteen thousand dollars and if bitcoin does drop below the eighteen thousand dollar mark once again i'd expect a retest of this market low at seventeen thousand five hundred dollars now the weekly charts the rsi is back to its all-time low of 25 and while things are still continuing to move downwards if we take a look at other all coins within the market we're gonna be seeing some weird green we have amp up about 35 in the last day but taking a look at some of the biggest losers like i mentioned in yesterday's video whatever goes up usually comes down well tara classic is down about 27 we have steppen gmt down about nine percent and other all coins averaging around the eight to ten percent downward mark now ladies and gents i know things aren't looking the best here but i will want to reiterate in this statement the fact that we are still seeing some tremendous buying opportunities right now with a lot of these projects now although it seems like for the past week or so bitcoin and other all coins have been able to do decent if we take a look at the last seven days those consolidating it looks like we had formed a little bit of a foundation before having that drop off if you're asking yourself the question how come the markets are crashing now let's break it down real quick so the federal reserve chairman jerome powell yesterday told a conference of central bankers in portugal that failing to restore price stability would be a more considerable risk to the global economy than a recession triggered by rate hikes powell even said here and i quote i think we really understand better how little we understand inflation well pretty much what we're seeing right now is jerome powell doing something called what we know as the flip-flop he's going from one stance saying okay we got things under control going to the other side saying you know we have no idea what's going on at all and anytime we see low confidence coming from the head man himself then we usually see a reaction within the market keep in mind a month ago powell said that he didn't believe we'd even enter a recession even with the monetary policy tightening but now he is hinting at it pal seems like he's losing a lot of confidence and the u.s markets are freaking out this morning as economists are becoming increasingly worried about stagflation risks if you don't know what stagflation is pretty much just the easy definition is a persistent high inflation combined with high unemployment and stagnant demand in a country's economy to break that down even more if we continue raising interest rates at 75 basis points each month the gdp will decline and possibly end up in a recession with an even higher unemployment rate now what makes stagflation more unique is if the monetary tightening doesn't control the inflation and the prices continue to rise it could mean we could see a worse time even more than any type of a traditional recession that we've seen in the past while risks of recession are rising in the u.s countries in europe like spain and portugal are also announcing decade high inflation numbers spain's inflation rose to a 37-year high of 10 and portugal's inflation also rose to 8.7 for the first time since 1992. now to make matters worse we also have some increased risks of even world war three earlier this week so a close political ally of vladimir putin has also warned london that they will quote will be bombed first if world war iii breaks out yesterday u.s president joe biden pledged more american troops warplanes and warships for europe as nato agreed to the most significant strengthening of its defense systems since the cold war in response to russia's invasion of ukraine on top of that if things don't seem pretty bad we even got some more worse news because uh michael bury from that infamous movie uh the big short if you guys heard of it where he predicted the 2008 crash said back on tuesday that the u.s labor market is about to be sliced in half with blue-collar workers remaining a sought-after commodity while white-collar workers see job losses and falling wages now this year was a pretty interesting idea just because higher paying jobs that require degrees and more educations aren't usually the ones that get hit harder it's usually people who are working the blue collar jobs um doing physical labor that often lose job and not have more work we're seeing a lot more people with those education degrees actually getting hit either worse or just about the same i know i sound like a broken record out here but in times of fear and uncertainty the whole reason we have to accept even just the down times and you know the negative news is because it's in times of fear where investors still need a stick to their dollar cost average strategy not get overwhelmed with all the fear in the market and understand that we're still within a bear market cycle and things will get better recessions wars rampant inflation you know all this it sounds terrible and i know it these are all events that have happened before in the past and the economy has always recovered we've had talks about a world war iii before we've had talks about terrorism we've had talks about other countries invading other countries we've gone through recessions we've gone through rampant inflation this time around it's nothing different yes it was stimulated by external factors black swan events that not many people expected the us has gone through this plenty of times and guess what we've come out higher every single moment and if i had the capability of being able to invest in the market when we were at recessions before keep in mind i was like 12 or 13 years old i did not legally have the capability of being able to work and then you know being able to invest in the market but i will say and this time around if you are watching these videos and you are educated and you know that things are not looking good keep in mind these are going to be the most amazing investment opportunities for anyone that focused on the long-term vision now on top of that we got this one breaking headline today stating that ftx is to buy block fi for 25 million dollars or a 99 discount from the 4.8 billion dollar series evaluation in back in july of 2021. on top of that we also got a blog post reporting that ftx walked away from a deal with celsius after seeing its state of its finances one source had told that celsius had a two billion dollar hole in its balance sheet now if you guys didn't know celsius is still pretty much in the mud right now people are still not able to withdraw their funds and it looks like block fi hopefully they are not going to be up next but things are not looking good especially when we get these huge devaluations of the company now for me personally i've worked with block fi i've had their money in my blockfy account and i'm making sure i take my precautions because i actually went ahead and moved my blockfy money out of my account i'm moving it over into i would say triple a tier exchange i would claim ftx to be on that level if you are within any of these exchanges that have told you you can earn interest there's all these products there's all this apy please be careful move your funds accordingly take action because you do not want to be in a situation like i was where my money was stuck in celsius and i still can't get it out as someone who uses anywhere from six to no i think i even have more than i think i have like 10 different exchanges that i've used make sure you consolidate and if you want to protect yourself the most out of everything use a cold storage wallet i don't have one on my desk usually i do this is just a pen but use a cold storage wallet plug it in move your crypto over there especially if you're going long just to make sure that you are protected if you guys don't have a cold storage wallet you want to get started i did have a discount code before people keep dming me asking me if i have it again i don't i said to you guys that one time it was a one-time thing and until ledger reaches out and they tell me they're gonna do it again i don't have a discount code the link for alleged device will be down below in the description as well as a full guide on how to use it as well now on top of that i wanted to talk about the current status of grayscale's application to converting gbtc into an etf now brett harrison the president of ftx went ahead and talked about his main reasons on why it wouldn't be a good idea for the sec to reject this bitcoin etf now before even going into his points there were great valid points i will say before the deadline has even been reached we actually got a tweet just yesterday that the sec has denied greyscale's proposal to convert gbtc to an etf jake cervinski stated the point of the sec is to protect investors and an etf is unquestionably a better product for them he states this decision defies both common sense and federal law and i hope it quickly goes to court now wasting no time this story has already progressed pretty fast but grayscale has already sued the sec now guys with all that bad news you would imagine that we should be seeing extreme fear like i want to see us to see extreme fear one day that's bad where we hit one or zero because i believe that's going to be a confident level for someone to really be able to time the bottom i could be wrong just because the crypto fear and greed index is not always a stamp if it goes to one it means that's the bottom if it's 11 it's you know not near the bottom that's not how it works but i will say the more fear we have in this market the better opportunities invest for anyone trying to enter now guys you know today's market update i would say we definitely got the bad juju in the champ we got the bad juju going on in the market things just have not been looking good things are not always going to be down like this forever look at these like opportunities keep moving forward keep staying educated because i hope you guys are firm believers too crypto is a long-term hold crypto is here it is the future it is not going anywhere and this is where the great projects are going to continue to get built now although i don't predict this to possibly be the market bottom just yet i think there could be a little bit more bumpiness in the road coming up this year if you plan to hold some of these assets for the next few years or even onwards i do believe you're gonna find yourself very happy to be investing into the market when things seem to be going down things seem to be going haywire and these are really once-in-a-lifetime opportunities if we're able to recover out of this and never see a dip like this happen once again now guys if you are trying to go long on your crypto don't forget to check out the links down below in the description recently we've been talking about a crypto roth ira if you guys want to get yourself involved if you want to invest into crypto for the future without having to pay taxes check out the link down below you can also get a free 100 by signing up so i trust capital is the number one crypto ira platform and they also have a ton of different assets with over 4.5 billion dollars in investments from over 10 million users on their accounts check that out down below follow me over on twitter and on instagram using the link down below in the description as well and on top of that if you guys want to join our patreon and our discord the link for that will be down below in the description as well the secret code word for today's video is going to be a vines comment down below vines if you guys made it all the way to the end thank you all so much again for watching have an amazing day and i'll see y'all soon peace.

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