So despite receiving some pretty solid economic data and positive crypto news for this week, Bitcoin is trading right around the same price as it started with earlier this week. Now, currently, at the time of filming this video, Bitcoin is at around that 26 000 price level. Ethereum was sitting at under 1700. We saw within that sixteen hundred dollar range it went up.

It's now back towards Seventeen hundred dollars, and there's a lot we need to cover today, which may determine exactly what might happen to crypto next. So first of all, closing in on the daily chart right now, the RSI is low at 41 and is nearing some oversold territories, and the support level for this week was around twenty four thousand Eight hundred dollars, with the resistance level being twenty six thousand one hundred dollars. but actually seeing a Bitcoin break past it right at the time I'm filming today's video. Out of all this, what's really important to note is that the trading correlation between Bitcoin and the financial markets like the S P 500 and basically stocks continues to separate more and more.

Currently, this is Bitcoin's third consecutive weekly loss and its lowest price since March, whereas the S P 500 has increased for five consecutive weeks now, and the NASDAQ has traded higher for eight consecutive weeks. Now, if I were to give you my thoughts on this, ideally whenever we see separation happening within the markets, you want to be careful about playing into the extremely greedy area where we're seeing stock markets flood more in towards that category, and we're seeing a bit more of a pullback within Crypto. So naturally it would make sense for people to move away from the crowd, move away from the herd, and invest into crypto. While things are still shaken up, things are still rather low.

and when stocks do happen to have a sell-off, you're gonna be able to see hopefully that crypto bag rise and thus being able to flip within the markets. I Know during a True bull market, we would normally see both stocks and crypto elevating at faster prices, but right now with things still looking pretty shaky in terms of inflation and what's happening during the middle of this recession, I would be preceding any type of investment With caution going into some of the big biggest economic recap news. Well, first of all, the U.S May Consumer Price actually went ahead and Rose four percent from the year earlier and this was showed through May's CPI report which was released on Tuesday showing that headline inflation has been cut in half since last year. and basically yeah, it sits around four percent now for core consumer prices for anyone who doesn't know, has increased by 5.3 percent from the previous year and it was up point four percent month over month.

If you don't know what this is, this pretty much excludes volatile food and energy categories. now housing used vehicles and food prices were the main drivers of inflation, while Energy prices declined by 3.6 from April. Now the Fomc meeting happened this past Wednesday Here's the recap on it pretty much after a strong CPI report showing that headline inflation went ahead and dropped, the Fomc decided to pause interest rate hikes in Wednesday's meeting, keeping rates at around five to five point two five percent. Now, it looks more towards the side that the pause might be short-lived temporary because the Federal government signaled a leaning towards raising rates next month if the economy and inflation does not cool down Further, The projections released by officials also showed expectations of two more rate increases this year, with some officials projecting rates to rise between 5.5 to even 5.75 or higher.

Now in that press conference, all you really know is that Jerome Powell had a very hawkish tone and repeatedly mentioned that core inflation has made little progress over the past 12 months. What this means is, please be careful about the stock market continuing to do well and don't think that this might be the start of the bull market I Hope it is, but it really seems like we are not out of this storm just yet because we are only in the middle of this summer, we're in June And until we get into July August September I think it's a little too early to say that we already went past the bottom of the market. Now the next Fomc interest rate meeting is going to happen on July 26th. We'll be giving you some updates on that on this channel, so be sure to subscribe grab if you haven't done so already so you guys don't miss any upload.

The next important piece of news that you guys need to know about is the SEC legal battle. So first of all, SEC Gary Gunzler. They have been all over Twitter They were trending pretty much all of last week and we even got some more official updates regarding the SEC and Ripple case in this development. It's actually good news for investors because it turns out the Hinman documents are gonna be unsealed and in that document they talked about how Ethereum is not a security.

So after months on waiting for these documents, we talked a lot about it on this YouTube channel too when those documents would be released. Finally, they have been made public. And for those who don't know, the Hidman documents reveal a 2018 speech by the former SEC director the one that took in charge before we had the uh, the interesting specimen that is in office now where he pretty much made statements that Ethereum was not a security and right now with the current SEC administrator, he is stating that it is. So the Ripple legal team has been fighting to make those documents go public as we have said, and it is definitely going to help their lawsuit.

So now by finally unsealing everything behind these documents, it could potentially undermine the future position of the SEC and this could lead to a massive legal win for Xrp in the Ripple Community. Now, according to lawyers, there are a lot of other crypto companies that have been facing legal action like Coinbase and Binance, two of the biggest exchanges to exist or they are getting sued by the SEC if you guys missed that video. Watch our last update from a week ago. But yeah, all this could pretty much help those cases develop and to help the crypto exchanges find justice as well.

Now, in addition to the Hidman documents getting released, there was also a video from 2018 that went viral showing the SEC chairman Gary Gensler stating that cryptocurrencies like Bitcoin Ethereum and Litecoin are not Securities. Indeed, the reason why this is important is because it contradicts Gensler's current position and critics of how he's accusing all of these cryptocurrencies to suddenly become Securities. In terms of more legal news, after the SEC decided to Sue Binance and Coinbase, the agency has also filed all the motion in court to freeze Binance's assets. So in response to that, a U.S District Judge actually stepped in and he said, you all need to work together on this and we're not going to be going ahead and freezing everyone's assets.

So for anyone who's been wondering what may happen with any of their Binance positions, it seems like so far things are looking good. But guys, I Made a post about this within our patreon I Pretty much moved all of my money out of Binance.us and into some of my other exchanges that I believe are more safer like coinbase in this moment, even though they're also dealing with some crap from the SEC. So at this moment you can never be too safe. But it seems like with what this U.S District Judge has put into place and seeing how the entire Binance situation has been unfolding I Don't expect a huge collapse, but you never know what happens with Crypto.

Just make sure that you at least protect yourself and keep yourself safe. The best way to do that? Check out Trezor. this is a cold storage wallet keep your money off of exchanges and if you guys also want to get an alert on any inside news that I get or any moves that I might be making. I Also have a link Down Below in the description description for our patreon I Went ahead and opened about 50 new spots.

If you guys want to go ahead and join, there's a ton of different benefits you get from having that and it's all for the cost of a Netflix subscription link Down Below in the description. Now Last but not least, this is probably the best and biggest news that we've got for crypto in all the recent months. And this is the fact that Blackcoin has now applied for a spot Bitcoin ETF which be the US's first if it got approved. For anyone who doesn't know what BlackRock is, No, it's not a black rock, It's not a rock that's black, It's a company.

It's a huge Investment Company and it's the world's largest and it would be the first crypto spot ETF that is huge. So according to the filing coinbase custody, Trust Company would be the custodian of the funds that Bitcoin's holding and banks of New York Melon with custody in Fiat. The SEC has never approved the spot Bitcoin ETF before, so this would be the first and the last time any type of investment firm has tried to go ahead with this is Kathy Woods, Arc Invest and European investment firm 21 shares which applied and they actually got denied three to four different times Now This could also be a good thing and a bad thing just because BlackRock manages over 10 trillion dollars in assets and the crypto market cap is at one trillion dollars right now. So there are some conspiracies that if BlackRock does get approved, this could actually help undermine the crypto markets even more by manipulating the markets and giving complete control over to other larger entities.

Now, some people are also speculating that BlackRock is applying for the Bitcoin ETF because they are expecting to get denied, which will then drive crypto prices down and allow them to buy up more Bitcoin and microstrategy stock on sale. Since right now it seems like there's been a ton of fun within Crypto. We have been seeing Crypto going down even more. I Don't think that's a coincidence at all and if we continue to get worse news: I Think this is just going to open up a better opportunity for people to buy in given my stance on the whole Space I'm still bullish long term on where Crypto is headed, but I will say I am definitely also seeing the flood that other other people are feeling right now whenever we have governments coming in and reducing the power of exchanges and limiting the amount that people could buy or even withdraw, it just seems like this is going to be even tougher for the industry to grow and for us to even get to a point where the previous Crypto Bull Market had taken place.

Either way, I See all of this as a big opportunity for us to still make money in the long term run and I Don't think Crypto could ever completely disappear at this current moment while we're seeing stocks continue to rise. I Think there is a moment for you to still find different ways to make money, whether it is trying to make these smaller swing trades within the crypto Market or just going into stocks and making that different type of long-term play. Right now, the best thing that you can do is to continue sticking with strategy either dollar cost averaging into the market on a consistent basis, keeping your emotions out of the trades and looking for a long-term Vision or if your place just sit out and wait for the market to confirm its Bull Run Once we know that we are completely out of this recession, I Don't think either one of those decisions is a bad one. Now what would be a terrible decision though, is for you to miss out on some free stocks guys because this is free money.

So be sure to check out the links. Down Below in the description for Weeble and MooMoo these are up to 20 or 30 free total stocks that you guys can get I Don't want y'all to miss out, so if you guys want to learn more about that, be sure to check out the link Down Below in the description that is going to wrap up today's video. First of all, if you're watching this for like the crypto news, the stock stuff I don't know, we make a lot of content credit cards. Let me know down below what video you would like to see next right now I'm brainstorming with my team at the next two months worth of videos of what we can.

plan ahead and if you guys want me to talk about other things mindset, entrepreneurship, business, whatever it may be, we'd love to go ahead and make some more videos here on this channel to help y'all inform y'all entertain y'all whatever it may be, so be sure to drop a comment down below as well for that. Now that is going to be today's update I Love you all have an amazing weekend! Check out the links Down Below in the description I'll see y'all soon Peace.