WHAT'S HAPPENING WITH CRYPTOCURRENCY? (BE VERY CAREFUL)


welcome back everybody to altcoin daily

my name's austin in today's video i want

to update you on the latest news

involving bitcoin involving ethereum

tokens involving polygon cardano and

much more

if you're interested in making money

with cryptocurrency click subscribe

right now we drop a video every single

day demystifying this cryptocurrency

market

let's jump in starting with

where we stand right now with this

crypto market as a whole

listen to brian brooks explain why the

price of bitcoin is dipping in the short

term why are we correcting and then also

listen to the follow-up question asked

by this anchor what about ethereum what

about web3 this is about a two and a

half minute clip watch this

so bitcoin goes up like 500 from

november 2020 you know to march or so of

of last year in a few months time um and

so we've given back some of that and is

it just that you know crypto overshot to

the upside along with a lot of other

assets that are tied to this sort of

technological future or is there

something else going on that we should

be concerned about in terms of the

health of the the kind of crypto project

yeah mike these are great questions i

mean look in in an efficient market

buyers and sellers are doing so for a

reason and there's some things going on

right now short term that are that are a

little bit negative for bitcoin but only

short term so for example the fed is

announcing uh you know some mild

inflation fighting strategy for 2022 and

one of the things about bitcoin in

particular is it's a hedge against

inflation so if you think inflation is

going to go down that will have some

modest negative price effects but mike

the really really interesting news here

if you're looking medium term instead of

short term is the goldman sachs report

that just came out a few days ago

showing that bitcoin is now 20

of the total global store value market

compared to gold

20 percent of the gold market that

that's insane and what that predicts

according to goldman sachs is a future

where bitcoin price in the medium term

hits a hundred thousand right as as it

achieves parity with gold as a store of

value so most most of us in the sector

remain quite bullish

well if that's the case i mean and that

certainly has been one line of reasoning

that it is essentially a digital form of

gold a perhaps less correlated asset

that maybe protects against you know

central bank mistakes or inflation or

something like that however when the

when bitcoin and other cryptos were were

shooting higher we were told by many

that it showed that there was all of

this real world application excitement

over actual development it's going to

create a new version of the internet and

that's what the prices were telling us

not that it's just a store of value as

an asset

yeah well so look this is where i always

tell people if you're new to this space

that there's bitcoin and then there's

everything else so you know bitcoin has

some really interesting things happening

on it but the real

web 3 stuff that's happening elsewhere

that's happening on ethereum and solana

and the cardano ecosystem and with nft

platforms and things like that and for

that you know all i can tell you is if

you look in the history of the really

innovative internet stocks you know even

google in its early days they had

periods of time where they fell by 50

because it was a new technology that was

achieving adoption first among hobbyists

then across mainstream users and finally

mass retail we're still new to web3 it's

a new concept and yet development

activity is enormously high so yeah

there are a lot of things happening all

at once some of them have to do with

stock prices some have to do with

inflation others of them have to do with

new internet technologies they just all

happen to be in the same broad category

at the same time

all right

very interesting

give me your thoughts on this down below

brian brooks is essentially saying that

prices right now are being suppressed

because of the fed's announcement that

they will be tapering rates in the

coming months hasn't happened yet but

it's essentially being priced in

according to brian but much like the

internet revolution dips are normal and

the fundamentals of the network is only

growing larger

hey and by the way if you appreciate

this information like the video like the

video we drop a video every single day

keeping you informed but next up let's

go a little deeper in analyzing this

bitcoin correction that we're seeing

according to crypto analyst techdev this

correction has actually been happening

for the last 12 months relax

in my opinion bitcoin remains in its

running correction with volume declining

since february 2021 last year between

the same log fibonacci levels bitcoin

has always seen a run in correction with

volume declining

interesting so let's unpack this and if

we look at the chart this is separated

bitcoin's price history separated by

each different having we can see bull

markets in green bear markets in yellow

and crab markets slash times of

consolidation in red

zooming in to where we are right now the

analysis is that we have been in

consolidation for the last almost 12

months in between these fibonacci levels

and price has maintained in these

fibonacci levels which we have seen time

and time and time again

so what's the takeaway

well my conclusion on all this is

bitcoin could dip even lower to the high

around 20 000 levels and that dip would

still not invalidate the broader trend

give me your thoughts on this down below

how much credence do you put in to

fibonacci levels when analyzing the

bitcoin price let me know

okay next up let's talk about altcoins

making news starting with polygon the

associated press has just announced they

are launching an nft marketplace on

polygon to support journalism the ap

associated press

is launching its own photo nft

marketplace which will feature pulitzer

prize winning shots

so the ap is turning their large

collection of historic photos into nfts

set to launch on january 31st the

marketplace will feature an array of

photos including some that won the

pulitzer prize

as well as digitally enhanced depictions

of photographers work the not-for-profit

news cooperative ap

their marketplace will run on polygon

and will be built by blockchain

infrastructure firm

zua

i love this the associated press has a

huge collection of these historic photos

and they're now all being minted as nfts

on polygon

each nft will feature detailed metadata

or stored information about the shot in

question and according to the release

the metadata will feature information

about the date time and location of each

photo

along with the equipment and camera

setting used to capture the image

so very cool for history very cool for

polygon i'll keep you

updated and next up in 60 seconds or

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okay next piece of altcoin news kim

kardashian floyd mayweather as well as

basketball player paul pierce are being

sued over their ethereum max promotions

just as a reminder ethere max was a hype

coin a coin designed to pump and

kardashian mayweather and pierce all

promoted the emacs token in some form

during may and june of last year

and as of now emacs has lost most of its

value since hitting a high on may 31st

so here are the details

now all three celebrities are being sued

by an aggrieved investor who alleges

that those celebrities colluded with

emacs co-founders to pump the price of

the token and then dump the token

leaving average investors huddling the

mostly worthless bag

so i believe what this is alleging is

that those three celebrities held some

of the emacs token maybe got paid in

some of those emacs tokens and then

dumped on their followings shortly after

their promotions

that is the allegation we will have to

see how this plays out but emacs has

lost its hype down 97

since those celebrities promoted always

be careful always do your own research

and next piece of adoption news for

bitcoin

nba players klay thompson as well as

andre iguodala to get paid in bitcoin if

you are a fan of the nba you obviously

know those names and nba players clay

thompson and andre iguodala will take a

portion of their next salary in bitcoin

as well as donate 1 million dollars in

btc to fans pretty freaking cool

in a direct quote from thompson

i'm with bitcoin because i believe it's

the future of money in a direct quote

from iguodala bitcoin is the future klay

thompson and i are both believers

awesome to see those two players have

huge followings so it's always cool to

see the adoption

and the details on how this all came

about how they're able to receive a

portion of their salary

in bitcoin

is

that thompson and iguodala have both

partnered with cash app the money

transmitting and bitcoin buying

application to facilitate their salaries

conversion love it so thanks to the cash

app they're receiving a portion of their

salaries in bitcoin

next piece of quick news for cardano

cardano reaches their goal of planting 1

million trees

so the cardano foundation is

spearheading land restoration

and local ecosystem development

activities using the cardano blockchain

here are the details in a direct quote

the cardano forest is 100 funded we've

reached the 1 million tree milestone

all trees planted will be recorded on

the cardano blockchain for enhanced

transparency and serve as public proof

of land restoration activities so all

public all verifiable on cordano and

this is happening in places like kenya

and how they were able to do this

the cardano foundation partnered with

crypto startup very tree for the

planting effort

very tree uses blockchain technology to

record the supply chain of tree

plantations for its users

allowing for a verifiable tracking of

such activities what do you think give

me your thoughts down below but that's

the video my name is austin like always

see you tomorrow


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