This morning has been a pretty crazy start to the day first. The prime minister minister of the uk. Boris johnson officially announced his resignation. After 60 individuals working under decided to quit and then we received reports that layoffs hit a 16 month high in.

June while us. Weekly job claims rose by 4 000. So in today's video. We're going to be covering why bitcoin may experience a massive short squeeze pretty soon.

And we'll also be talking about the recent announcements with regards to shiba inu and of course go over some other major headlines within the crypto markets to give you a better idea on what might be happening next if you guys are appreciating. These daily market updates be sure to like this video down below subscribe if you haven't done so already with that being said. Let's hop into the computer. See what's going on in the.

Market for. Today ladies and. Gents the global crypto market cap up about 377. Sitting at 941 billion dollars.

Taking a look at the crypto fear and greed index still sitting at an 18. Not too. Many changes here we are still within the extremely fearful zone. But on top of that because we are seeing a little bit of growth happening with bitcoin.

We are seeing other all coins in the market having a rise ethereum is currently at twelve hundred dollars up about seven point nine percent for the day or up about eighteen percent for the last week. Taking a look at the biggest 24 hour winners. We do have ave store. Jay icp icb.

We have not seen this crypto in a while down to six dollars alongside many other cryptocurrencies. Which looks like it's having a bit of a green day so far so taking a closer look at bitcoin in the short term on the four hour chart. It looks like the rsi is getting closer to those oversold levels. Once again currently sitting at a 62.

Now the last time bitcoin's four hour chart had an rsi of over 70. This actually happened about one a month ago. When bitcoin's price was still over thirty thousand dollars. Bitcoin is currently trading above.

It's a hundred ema or that blue line for the first time in a month and a hundred emas have always been a strong resistance level for bitcoin's four hour chart now earlier this week. We also covered that bitcoin's shorting reached historic highs. As the pro shares short bitcoin strategy. Etf was also introduced in yesterday's update.

We talked about how there was about 64 million dollars worth of inflows for digital asset products. Between june 27th and july 1st with bitcoin short funds representing 80 of that figure. So according to data from arcane research. The shorting trend has only accelerated in july with bt's a short exposure jumping over 300 in days after becoming the second largest bitcoin etf in the us.

After only about four days of trading. The net short exposure has now grown further and increased by more than 300 since last week. So for anyone who doesn't really understand the impact of shorts piling up pretty much just know that bitcoin has still been trading almost up 10 higher even though these short positions. Which is supposed to reduce the price of bitcoin and bank that it's gonna go down even lower it seems like everything is happening in the opposite in more favor of the bulls.

So bitcoin continues to rise higher. We could also see an epic short squeeze happen in the future and this is where if the price action of bitcoin goes up. But shorts continue piling on usually we see something called short squeeze or even a gamma squeeze. Which has happened many times before in the past.

If that does happen we should expect to see a pretty strong green candle for bitcoin and i would not be surprised. If we see bitcoin returning back maybe. Seeing a 22 to 24 000. Zone.

And this would still be on track for what i assume is going to happen at some point this year. Which is going to be a relief rally. Where bitcoin does get a little bit of growth. All coins get some growth back in the market before we get to see some more pretty bad levels for the asset now at the same time keep in mind.

I'm just a regular guy on just regular platform of youtube. I do not have a crystal ball. I don't know what's going to happen next in the future. But i just want to make sure that you guys know all the different possibilities that may play out.

And i'm just giving you an idea of what i think is going to happen even though. I don't know what's going to happen next now on some more news. We actually got ftx ceo sam bankman freed which is known for his charitable donations and pledges earlier this week. Bankman said ftx had a few billion dollars on hand to shore up struggling firms that could further destabilize the digital asset industry.

Now although we did discuss this yesterday so we're not going to go into the full details. I want to reiterate the point here. Where the market in the near term it looks like even sam bakeman free believes that crypto prices are near or at the bottom. But broader.

Economic factors are going to continue to affect the industry right now with crypto for as long as we've been hovering around the same support levels. I do think it seems like we have been at these oversold levels for a pretty long time but keep in mind there are still much broader economic factors that will affect the entire industry if stocks get slaughtered even more if we see another downtrend. I do see a possibility a very strong one indeed where crypto goes down even more on top of that bloomberg's senior commodity strategist mike mcglone went ahead and stated in a tweet that the price of bitcoin could be set for a bullish rebound this year. As the current market shows similar signs to the bottom of a 2018 crash.

This individual here. Saw positive signs in the data with bloomberg's galaxy crypto index and the 50 week and 100 a week moving average for the price action of bitcoin and he states that the bcgi is designed to measure the performance of the most significant crypto assets to confirm a general view of the market's overall performance mclone also predicted in a follow up post that bitcoin is either on track for one of the greatest bull markets in history at a relatively. Discounted price to start 2h. Now.

A lot was said. Just now pretty much what all this data. Means is we could either see a bitcoin shooting up very quick happening with a little bit of a gamma squeeze a little bit of a salt on that mix or we could just continue to see another slow downward trend. Now going into the meat of this video.

Something i wanted to talk about was actually shiba inu. Now we haven't really talked about this crypto in a while. But it looks like shiba inu. The developers have at least announced a plan to launch a stable coin for the entire shiba.

Inu ecosystem. And have a reward token and a collectible card game for its metaverse all right. So let's break this down first of all why is shiba inu coming out with a stable coin. Why do they have a reward token and why are they even trying to come out with some type of game amidst these bear market times.

And could this actually do anything for the token itself. So the reason. Why it looks like shiba inu is moving over towards a stable coin is just because of their concern. After watching other stable tokens.

Collapse and billions of dollars. Getting wiped off. The market. Kafka.

Tara. Luna. Now. The sheba unit developer.

Teams. Believe they can also create an issue free stablecoin and it looks like though however on the contrary. They may be considering an algorithmic stablecoin. Which is the same formula that also messed up uh teraluna and some of these other stablecoins.

Too now it looks like the shiba yunus stablecoin will be launched at some point this year. Even though there is no specific date mentioned on top of that they're trying to come out with a reward token called treat. And the purpose of this is to help balance the shiba inu stablecoin and derive reward to the metaverse and the blockchain version of the shiba collectible card game called shiba woof. Now although they don't really have any information released on this game.

They did describe it as the best collectible card game on the planet. Now going through the previous bull runs and seeing all the uh different play to earn games coming up. It's really hard to say whether or not this is going to have any impact on the price of the token. I think the biggest thing here is a mrs bear market not many people are going to be too interested in playing these card games people are more focused on working right now trying to make sure their bags are going up.

And at least. Staying educated within the market to know what's going to happen next now my humble opinion. I still personally don't see any massive utility or anything new that they offer taking a look at their crypto currency i mean even with the market going. Up they're only up about 34.

If we take a look at the all time charts. They still got wrecked pretty hard. If anyone bought in near the top you would still be down a significant portion on your investment. But at least since the first pump that they've had it looks like prices have at least been able to hold a little steady now keep in mind this doesn't mean.

It's because it's such a resilient crypto project at all just anytime. We're in a bear market. We're going to be seeing less volume less volume means less buying selling and sometimes even less liquidity. So people who do want to sell just realize hey.

It's not even worth it if my investment is down. So much now on the topic of meme coins. We actually have elon musk's boring company. Which is talking about accepting dogecoin for their las vegas loop.

Now just to remind you guys the boring company that elon musk is also an owner of is an infrastructure and tunnel construction company with projects designed for intra city transit commute so back on friday. They announced that dogecoin is a new payment method for using the vegas loop system as of now. If you guys don't know. The loop consists of passengers traveling in a tesla vehicle that humans drive at about 35 miles per hour.

But the company's goal here is to eventually have automated driving and even travel with speeds as much as 150 miles per hour. So the las vegas convention center loop has three different stations at exhibition halls within the las vegas convention center and one day looks like they will provide an underground connection to the resorts with the world las vegas. It looks. Like elon.

Musk. Also has a dream and a vision to eliminate traffic and enhance tunneling speed so in this case. If we're able to see him expanding this way and people are using cryptocurrency even if it's dogecoin to have access to some of his companies and to some of these uh tunneled vehicles. I think.

This is still going to be beneficial long term. But it just shows that even for mentions like this or even articles. I really think it comes down to the ease of use if it's gonna be a lot easier to use crypto it's safer. It's faster.

The transaction speed is still quick compared to you know using cash or still using credit card or even you know using your credit card putting it down. And there's the um near field communication or the nfc technology on it i think that is when we could see a bit more evolution happening into the crypto space. But until then until crypto becomes even more accessible. I really think stories like this is good to know.

But it's not going to be anything catastrophic. That's going to you know bring the crypto market back to a boom. All right guys. So i just want to remind you all that even a.

Mrs bear market. A lot of these projects have not been on pause. They're still building and we even got some announcements that clone metaverse is coming out where even by taking a look at this gameplay you can use some of your nfts that you may have bought at the top of the bull run. I will say that was part like i you know i i was part of that train too granted.

I am still in the green with some of my projects. But just like many y'all. Who have maybe bought a certain project. We're seeing some of the implications of being able to use them in a lot of these games and keep in mind with games.

The one variable that it takes for them to get built is time it takes time no matter. What goes on in this market. We're going to be seeing the evolution of the market happening in addition to that we also got news that the other side meta is coming out july 16th. And they say here that there's gonna be thousands of players interacting at the same time.

There's also in game. Voice chat with audibility. There's impressive real time rendering and physics and mass simultaneous game objectives. So many people still don't know exactly what the other side meta is going to entail a lot of people do have high expectations.

Though and if it somehow comes out to be a disappointment in any way. I do think this could further be you know a little bit damaging to the market. Just because this is one of those things where a lot of people are still looking forward to it if it does do well maybe. Just maybe we could get a spark back into the markets.

Too just mark in your calendar. This day july 16th. And as someone who still owns a number of a lot of these blue chip nfts i'm still really hopeful and just crossing my fingers at least that we're able to see the value and utility coming from these projects. Too all right ladies and gents.

If you did enjoy today's video don't forget to drop a like down below subscribe. If you still somehow yet have not done so already and on top of that comment down below the secret code. Word. For today.

That is gonna be raspberry comment down below raspberry. If you guys made it to the end follow me over on twitter and instagram. If you still somehow have not done. So already join that jungle gang and on top of that.

If you guys want to check out the link down below in the description for investing into crypto tax free. We have i trust capital down below. It's really easy to get started they have all the support that you need and if you're trying to get started and buying up this dip. This is one of the best ways that i recommend you to at least check out soon so with i trust capital.

You can also earn a hundred dollars into your ira account. Just by signing up. Using my link down below. And leaving your account funded for 30 days.

Now on top of that i did open up some spots for our discord group. If you guys want to check that out uh. The link for that will be down below in the description. Too in the meantime.

Thank you all so much again for watching have an amazing week and a little off topic minions movie is out apparently. It is really good. I'm seeing a lot of memes on it and they're breaking some numbers and we got thor. I'm a huge marvel fan.

I'm sure some of you guys hopefully have noticed we got the thor or the whatchamacallit. The infinity gauntlet in the back marvel is out. I'm excited to see it. And if you guys are fans too don't spoil anything.

But just let me know if the movie that is coming out tonight is any good now my jungle nation hopefully you guys have an amazing week so far i will see you all tomorrow in the next update. Yeah peace.