While the month of june was rough for crypto and traditional markets. Some essential indicators indicators are proving that bitcoin support and accumulation are reaching all time highs. We'll down why a record hitting outflow rate of 150 000. Bitcoin on crypto exchanges.

During june. Is actually great news as well as provide an update on voyager and go over some of the major headlines in the market right now all right so if you guys are enjoying. These daily market updates be sure to like this video down below subscribe to the channel. If you haven't done so already and with that being said let's hop into the computer.

And see what is happening in the market. For today. All right. So.

The global crypto market cap is up towards 900 billion dollars. So closing in on the one trillion dollar. Mark overnight. We did see bitcoin returning above the 20 000.

Level. We see theorem here still rather in the green at eleven hundred dollars. And we take a look at the crypto fear and greed index for today. You'll notice that still sitting at an 18 still within the extremely fearful category.

But we are seeing a little bit of an improvement within the market now going into the charts for bitcoin. You'll notice that bitcoin had a strong rebound yesterday back above the twenty thousand dollar level. The high mid was at twenty thousand seven hundred dollars and on the four hour chart. There is still strong resistance at the 100 moving average or that purple line you see on your screen.

Now. Bitcoin has also been fluctuating between the price level for about 40 hours. Now. I went ahead and drew an ascending support line.

Which is the yellow line you see on your screen. And that's been holding since the beginning of the month. Bitcoin right now has slowly been forming into a wedge pattern and if this trend line continues to hold we could be seeing a little bit of a breakout. Now the rsi on the four hour chart is closer to oversold levels.

Currently at 57 today now on top of that if we take a look at the us dollar currency index right now continues to increase as it reaches a 20 year highs so the monthly dxy chart shows that the dollar index has not been this strong since october 2002 as the federal government continues to raise interest rates by 75 basis points. We can expect this index to continue its upward trend on top of that we're getting some more data that bitcoin exchange outflows are surging as not your keys. Not your crypto idea comes back into fashion after getting a whole bunch of news especially since the one that we covered yesterday with a lot of these exchanges cracking down not letting people withdraw their crypto now as per. The latest weekly report that we receive from glassnode data shows that bitcoin saw the most significant monthly outflow from exchanges this june as 151 000.

Bitcoin flew off from centralized wallets. Now with platforms like celsius. Halting withdrawals and similar exchanges beginning to put limits on those accounts that users can withdraw their own funds from the desire to regain personal control of crypto assets. Has become a major concern for holders.

And this is why we're seeing a lot of this money getting moved over into cold storage now on top of that it's pretty important to note. Where exactly all these coins are going so for the largest outflow of bitcoin on record is complemented by the largest e liquid supply change since june 2017. Now. If that doesn't really make sense.

It's okay let me explain it here. It's pretty simple. When we talk about e liquid. Supply this indicates that an asset is relatively difficult to buy or sell due to little supply.

So if the e liquid supply surged. While bitcoin was leaving exchanges at a record pace. This suggests. A large scale movement of coins towards wallets with little to no history of spending or trading.

So this shows two different sides of a story. One is extremely bearish and the other is actually more bullish let's start with the good news bullish action from this would mean that it can be seen as positive for prices because in the long term as the likelihood of further capitulation decreases when tokens are locked in cold storage and not readily available to sell on exchanges it can be a sign of long term accumulation. Where people are now holding more crypto and not wanting to sell it off for those short term. Profits.

Now this can also be bearish on the idea that right now. When investors are moving their money into cold storage. It also shows that they don't have much faith within exchanges and mass withdrawals could also lead to bank runs. And if a central exchange also happens to be operating poorly once again we could see some more frozen at customer funds.

Now. The public figure. Jordan belford also went ahead and advised investors to consider bitcoin a long term investors. He believes those who hold bitcoin for over 36 months will at least make some profits and he also states if you take a three or maybe five year horizon.

I would be shocked if he didn't make any money at all because the underlying fundamentals of bitcoin are still very strong so in terms of some additional news. We got some more word from voyager so first of all let me know if you guys have any money using voyager. We've never really talked about them on this channel. But i do know that they are still one of the larger exchanges that some of you guys may have used what happened was late last night.

Voyager digital became the latest crypto company to actually file for a chapter 11 bankruptcy. Joining the singapore based three arrows capital. If i said singapore. I meant to say singapore a little bit of my korean coming out.

Now. The new york based firm and its two affiliates voyager digital llc and voyager digital holdings took the step in the southern district of new york. According to a filing and this pretty much comes after a few days after the company halted trading deposits and withdrawals on its platform so last month voyager revealed it had a 661 million exposure to 3ac a crypto hedge fund that failed to meet margin calls from several lenders. And eventually filed for bankruptcy back on july 2nd.

Now. Although we did get some word from the ceo. Stating. There is going to be a plan to resume account access and return value to customers keep in mind right now.

It doesn't look too good for anyone who may have had their money with this exchange now with this news. The voyager otc stock also standing for the ticker symbol vyg vf. A little bit of a handful. They actually went ahead and dropped about 12 on the news now on top of that we also have some data that voyager.

Only owns about 110 million dollars in cash. Which is supposed to be used for day to day operations during the bankruptcy process against their 650 million claim against 3ac now if you try to do a little bit of math. See that their stock market price is going down. Too things are just not looking good and hopefully it pans out because as bad as this bear market is we don't want it to continue to get worse.

Now voyager also talked about their proposed reorganization plan and this is pretty much where they're saying in a more political standpoint. So people are a little bit more calm during this market that they're going to be creating a brand new company with new shares and they aren't allowing their customers to withdraw their funds and they're also going to be reimbursing a small portion of what they held in their accounts. Now it looks like voyager is making sure they have the means to stay afloat with their new company while giving insufficient reimbursement to customers and clients. This plan still requires approval before it can happen so we will see in the upcoming weeks.

What it will happen in order to take place now in terms of the next headline. We actually have tara luna investigation continuing to operate where korea and the united states are now teaming up doing a little wombo combo against terra now since the brilliant mind doe kwon. Decided to you know go a little awol. And and you know have a lot of people losing money.

Everyone knows what's going on with tara luna. It looks like right now south korean prosecutors are looking for several charges including fraud market manipulation and even tax evasion. Now the cooperation between the two nations could be the first of many as crypto related crimes. Have recently become the focus of a lot of regulators.

Within the space. Now for me. I think. This is awesome news.

Especially. When we get a little bit more of collaborative work within a lot of these nations especially. The fact that dokwan went ahead and screwed pretty much the entire crypto market over as a fellow korean. I am ashamed of this individual here.

We do not claim him as a korean right now with the way things are panning out i just hope that we're able to get some type of justice. Now some good news. Though out of all this is that the cryptocurrency exchange ftx. Someone that we've actually partnered up with a lot on this channel talk about how they have two billion dollars to backstop the crypto industry.

If it's needed and this is coming from the ceo. Sam bankman. Freed. So according to this it seems to state that the worst appears to be over for the liquidity crunch in the cryptocurrency industry.

But as you guys know i do think if we get an additional dip within the market. We could see some more further pain. Now with regards to ftx and even what's going on with centralized exchanges. I do want to make note that the ceo of ledger went ahead and tweeted that they teamed up with ftx in order to make sure that people can swap their crypto even within their cold storage.

So as you guys know i'm pretty involved with ledger they went ahead and blessed our subscribers with that 20 discount code a little while back and they even flew me and my team out to go check out the ledger little setup. They had in new york city and i will say they have a lot of amazing things coming up now this video here is not sponsored by them at all. But i will say as someone who's been using the ledger product for many many years. The fact that they're allowing this to come out is simply great there's been a time where i've tried to swap my crypto that is already held on cold storage and i wasn't unable to do that the fact that they're using ftx in order to swap this crypto with very low fees is still a huge win.

I think for the entire crypto market. If you guys don't have a ledger device by now and you're watching the entire crypto market come to a crumble check out the link down below pick yourself up a crypto cold storage wallet. I choose them they've been working great and they've had some amazing collaborations before in the past. Too now guys.

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