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 less. I want to give a big shout out to sponsor of the channel ok coin, a global cryptocurrency exchange that is fully regulated in the us, which i like a better way to bitcoin, join the fastest growing global cryptocurrency exchange with the lowest fees around and that’s true. They do have much lower fees than the competition.
In fact, if you want to break down on exactly how this works, we did an interview with ok coins, head of listing called the number one crypto exchange with the cheapest fees, really valuable information link down below, and i guess to finish up the two other big Things that also really separate, ok coin is their selection. They have a wide selection of higher cap altcoins like right here as well as they’re, always adding newer altcoins like right here and number two. They also have 100 percent feeling staking, so you keep 100 of all staking rewards, earned so check it out, link down below that’s altcoin, daily, ok, coin link down below 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.