The week is coming to an end bitcoin has had its best performing price action action since march and is on track right now to close out a weekly green with more than 10 in gains in this video. We'll be going over bitcoin's new price range and some bullish news for its long term recovery on top of that we've also been getting a ton of headlines with regards to coinbase insider trading and we'll also talk about the three ac co founders which have resurfaced after five weeks of hiding now if you guys do appreciate. These daily market updates be sure to like this video down below subscribe if you haven't done so already let's hop into. Today's market update.

All right so. The three major wall street indexes today dipped slightly in today's market open the s. P. 500 and the dow jones both dropping about.

02. Percent while the nasdaq dropped the 07. At the time of filming. This video bitcoin is currently under the 23 000.

Level. But still up about 10 in the last seven days taking a look at the global crypto market cap. We are still above the one trillion dollar level at this moment now diving a bit deeper on to bitcoin's weekly chart action. You'll notice that bitcoin is currently back above its 200 moving average.

And if it's able to close this weekly candle above that price level then that would be a very good sign for recovery on the four hour chart. Though bitcoin may be entering a new trading range. And what we're looking for right now is anywhere from twenty two thousand dollars to the twenty four thousand two hundred fifty dollar level over this weekend. If bitcoin does continue to trade between these two levels.

I'd expect the price to be able to break out next week. And when we find out about the interest rates and recession fears. We may have the extra volatility. Helping us in our favor.

Now if rates are raised more than expected or if we are officially in a recession. Bitcoin could drop below the support level and vice versa as well at the time of filming. This video. The rsi is still closer to overbought levels at the 60 mark and the price has been consolidating for the past few days now needless to say though in the last seven days.

If we take a look at the top all coins. We are making some moves. So believe it or not we have ethereum classic up about 72 of bitcoin gold up 47 apecoin back on a little bit of a tear it's at six dollars 47 cents or up about 41 you know just looking at a lot of the top all coins. We are seeing some movement.

Which is not a bad sign at all taking a look at the fear and greed index right now we are sitting at a 33. Almost nearing those near neutral levels. Now ladies and gents. Although.

We are considered to be in a bear market right now it looks like the charts are telling us a different story. And something we've been talking a lot about is just to be careful about relief rallies about bear market rallies because these could be short lived. But there is definitely an undeniable amount of money that you could still make in this short period of time. Say you've been sitting on a lot of cash.

You've been ready to reinvest back in the market. It looks like right now we are seeing better signs for a positive bullish movement towards the upside. But please be careful for the upcoming week because volatility will definitely be rocking the markets. And even though we are seeing some green now it does not mean.

This is going to hold. But at the same time. I do think there are still a lot of short term profits that can be made within the next week. Now for this part of the video.

Let's just knock out some quick news that we're getting in terms of the headlines. All across the market. All right so to kick this one off. Nancy pelosi.

Went ahead and got a little bit of attention within. The news headlines. Because just days before the senate was to vote on a bill. Benefiting the chip manufacturing industry also known as the chip act bill.

They went ahead and found out that nancy pelosi's husband. Paul went. Ahead and purchased up to five million dollars of a stock in a top semiconductor company now. I'm sure even if you guys aren't really paying attention to the news.

You might have heard of nancy pelosi and some of the stock trading like the insider trading. This is just one of the examples that is coming up at the moment. Pelosi was asked about this in a press conference yesterday. If her husband ever did participate in insider trading and right now it seems like everyone is just denying it.

But when you look at the proof. It's hard to deny that as well now. The reason. Why we bring this article to attention is is because we need to talk about the disparity.

Happening within our country. While nancy pelosi has been gone free no fine or anything at all we then have the coinbase manager getting arrested and getting a serious serious fine. And maybe even more than that he might even be facing the possibility of jail time for actually insider trading within the crypto markets all right now before we go into more details about what's going on with some insider trading regarding coinbase as well we actually got word that following yesterday's quarter. Two earnings report.

The shares of snapchat. Felt 35 are now down about 77 year to date this year. Is showing us. An example of the brutality of the bear market and even amiss during these times while we're seeing some of the most highly traded companies going down in value.

It's showing up some of the opportunities that are opening up too while during the bull market. Many people are just so eager. So greedy to continue buying up shares of these assets. Now that you're getting a 77 discount.

It looks like people may not want to be buying now but hindsight it may show a once in a lifetime opportunity to continue doubling down on your investment and making sure that you're able to get a return even through these times on top of that we got the exchange blockchaincom. Which is now reported to reduce their workforce by over 25 percent. So yesterday morning was also confirmed a slew of many exchanges laying off their employees confirming that this exchange in particular had cut 150 people off. Which is about 25 of their workforce due to their 3ac exposure.

And the ongoing crypto winter concerns now this increase in layoffs right now is just another sign of the recession that i believe we're currently in right now and we will find out for sure next week on thursday. If we're in the textbook definition of the recession on top of that we got some more data with regards to ethereum and the fact that yesterday the ethereum that's currently held on exchanges hit a four year low following record staking figures on ethereum 20. So this means this ethereum. Which is held on exchanges have plummeted by over 10 percent in the past five days and additionally.

According to a report from glassnote yesterday. It was said that ethereum's exchange outflow volume. Just reached a 13 month high of 29 822 ethereum. This data here suggests that less interest among investors to trade or hold.

The asset on a centralized exchange is currently happening right now and whether people are selling them or they're moving them over into cold storage wallets to hold for a longer period of time. We are seeing ethereum not getting the demand that it has we're seeing an increase in outflow. But regardless. What is a really good sign.

Though is that ethereum still jumped over eight percent in the past 24 hours upon that news coming out and is still trading at above fifteen hundred dollars at the time of research. We also got a reported headline from fortune coming from vitalik buterin. Which is saying that ethereum will be 55 complete post merge now. It's quoted.

Even if ethereum right now is doing about 10 to 20 transactions per second following the merge ethereum's roadmap. It stated. Including a few more major phases will aim to show ethereum to be much more secure and decentralized and quote at the end of this roadmap ethereum will be a much more scalable system and by the end ethereum will be able to process over a hundred thousand transactions per second. Now all this is making me still very bullish on ethereum and i do think right now.

There is a much higher probability of going to the upside of seeing a higher price action than currently where we're at now by the end of this year. With ethereum hopefully i can go back maybe someone remind me or timestamp this video. And say brian you're either right or you're just very very wrong hopefully. I'm on the right side.

And i do do think indeed. And this is why ethereum was the largest position that i held during the bull market uh other than being able to use it for other utility for nfts and for the d5 market. It's because i'm still very long term bullish on ethereum even amidst these bearish times. Now going back into the coinbase fund that we have going on right now well so.

According to the doj and a former coinbase product manager and two others they pretty much ran a year long insider trading scheme that generated not you know couple thousand dollars. Not twenty thousand not fifty not a hundred they made over a million dollars in profits by working at coinbase and knowing. Which cryptos were gonna get listed and then knowing which ones to trade so according to the sec. The three defendants that were involved in this allegedly bought at least 25 cryptocurrencies.

Nine of which were securities and nine of them. Which were known to be amp. Rly ddx xyo rgt lcx power dfx and chrome other than about three of these cryptocurrencies. I've never heard of some of these other all coins before on the market and i think that actually shows the reason.

Why they were able to get away with this and why they're able to do it over 25 different times. It looks like the product manager formerly at coinbase was able to find a lot of these low cap market coins that were getting listed. Then had what you would see called the coinbase effect during the bull market where coinbase announces that they're gonna list a coin the price shoots up to the moon and they were able to sell now this story here is pretty interesting because it touches upon three different factors that have been widely debated within the crypto space. Number.

One what role should the sec have in regulating crypto should they be focusing on some of the whales. Maybe. We got pelosi out here still doing our little thing or should they be focusing on smaller fish within the industry within. What we would know to be an unregulated space.

Still another question is should cryptocurrency still be considered a security. We got this question coming up a lot. And it looks like out of the 25 cryptos. They only announced that nine of them would be considered to be those security and third the question to ask would be should consequences for insider trading on cryptocurrencies that aren't securities be just as severe as if they were now regardless.

I do think they're going to be a little bit harder on these folks just because they were tied to a major exchange. Which is a huge player within. The united states coinbase has had a lot of talks with the sec and different departments within the government in order for them to get to where they are now and i do believe they are not going to take this lightly and i do think we may see a very very harsh law getting settled on to the people who were involved in this scheme. So hopefully it doesn't end too bad for these guys.

But you know within the space. I think this is really where they're gonna try to make an example out of people and only time will tell exactly the direction that we had with the industry and how lenient we can get because i can tell you insider trading is still happening day in and day out and even amongst this bear market. I believe there are major institutions doing it it's just whether or not who gets caught any of you guys have any good insider information definitely let me know definitely email me because i don't have any leads on anything right now and it would be nice to uh get in on some of these cryptos real early on partly a joke half joke half not a joke moving on though ladies and gents. The three ac co founders.

They came out of nowhere. They resurfaced after about five weeks and right now they are denying their allegations and pretty much saying like they were just forced into hiding because of all the death threats coming in so suzu and kyle davies. The two founders of 3ac claim that they were being forced into hiding due to death threats. But they have also been communicating with all relevant authorities on the back end now.

The co founders did admit that the overconfidence born out of a multi year. Bear market. Where lenders saw their values decline up by financing firms like theirs led to a series of bad decisions. That should have been avoided.

But ultimately they're saying it really wasn't their fault. Additionally. Zoo acknowledged heavy losses with the collapse of luna kind of pushing the responsibility onto dokwan and saying that because of them because of dokwan. They went ahead and revealed even more vulnerabilities with three ac.

As well. Now. The question here for us is whether or not we should believe them because if they were receiving death threats. I would understand why you know you would kind of want to go into hiding.

But at the same time with our all the articles coming up and just all the on chain data. The research that many investors are doing it feels like there are still two different stories here. I think. It's safe to say.

Though regardless the crypto liquidation crisis has been a tragedy for the overall markets and i'm hoping that every current future exchange and lender. That survives this bear market will learn from them and not allow this to happen again if you guys ask me on my opinion. I think their cap. I think they knew exactly what's going on i think they got liquidated at this time.

And i do hope that we can see justice happening with them as well half the time. I am right half the time. I'm wrong i don't even this is a bear market too right now. Everyone's just all over the place.

We're gonna try it give you guys the perspectives on each of these stories. So you guys can take away your own thoughts on these as well now if you guys made it till. The end of this video. I wanted to give a big shout out here over to binance for sponsoring today's episode.

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If you guys made it to the end the secret code word for today's episode is going to be foam comment that down below at the end of this video. If you guys made it all the way to the end and by the way. If you guys have not followed me yet on twitter and instagram be sure to do that have an amazing weekend. And i'll see y'all.

Soon peace.