Welcome back to kryptos ross, I am George, we’re all George, so today i want to talk about. What’s going on with bitcoin, of course, and talk about this one moment, that’s coming, that could be the turning point for bitcoin an entire market. What is that point? Well, let’s discuss thanks for tuning in, as always smash up the like subscribe to the channel two streams. Almost every day, 11 30 and 8 30 p.
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Welcome! Hopefully, you guys are hanging in there doing well Today, hopefully uh you could see that bitcoin is still around 42 000 uh. The altcoins sold off a little bit today, so btc dominance definitely did go up today. You can see up right on top here. Bitcoin dominance jumped above 40, so there is a lot of fear, unfortunately, and there’s still a lot of people that are panicking about what’s going on whether or not the market will ever recover.
So let’s talk about what is going on with the market and what this turning point could be so today I think the big story is there’s no economic reports, although there’s a couple things coming out tomorrow about jobless claims and also existing home sales. But today what went up is the 10-year treasury yield. The bond for 10 years now went up to 1.9, and this always this always shocks me because just by moving up one basis, point uh like point: one percent somehow caused the market to go upside down whatever the 10-year 10-year yield goes up just by 0.1 percent.
I don’t, i don’t even know how anyone could think that’s a good thing, how ridiculous it is to earn 1.1 percent more, but whenever this tends to happen, you get a lot of traders, selling off selling off risk on assets and going risk off assets, including the 10-year yield, which at 1.9 i mean with bitcoin and crypto 1.9 is like every minute right. It’s just! It’s just one of those things, so, of course, this is happening because again, people are trying to anticipate what the fed will say next week and what they will do for the remaining of this year.
So there is still a lot of speculation. A lot of reactive selling right now, i believe, and it’s just the traders and wall street uh. You know trying to guess. What’s next a lot, a lot of people uh are trying to guess. So you can see here.
Rising interest rates keeps uh a choke hold on tech and growth stock and unfortunately, bitcoin has been placed within that tech sector. We know it’s a technology, but it’s a lot more than that and i’ve said this many times it’s a store of value right. You can’t you can’t judge bitcoin uh based on tech stocks. The two just doesn’t work. It’S like judging microsoft, uh, judging gold based on microsoft.
Right it doesn’t work. It’S a digital gold. It’S a better version of gold, it’s a store of value, but you can’t judge it against tech stock. It just doesn’t make any sense right. So unfortunately, that’s what’s happening right now, what’s happening right now.
Now that one turning point, i talked about what could be the turning point for the entire market is what comes out of the meeting next week. So the fomc meeting, the one that everyone is looking forward to the federal open market committee, where chairman powell and other uh fed you know governors and and board members they get together and they talk about what they’re going to do. Of course, we had one in december and they already gave hints on what they plan on doing. But what will they do? Well, that will be determined next week and many people already speculated what they’re going to say most likely uh jerome powell is going to be conservative and basically say: okay, we’re going to raise rates, maybe three or four times this year.
We will start in march, we’ll go start tapering, we’re going to start doing a lot of stuff to kind of curb, are buying and uh, and hopefully that helps with inflation right. So that’s what their ultimate goal is to try to curb inflation. At this point, however, some of these economic reports – that’s been coming out since last week and this week have been negative, so that may make chairman powell even more conservative because of the fact that he was judging that the economy is strong. That economic reports were will come in strong and they haven’t been so that could offset things in a good way. So we’ll see what happens!
This is coming up next week and basically, everyone right now in wall street is trying to anticipate what’s going to happen, which is why you’re getting this risk off asset purchasing risk on selling and somehow bitcoin and crypto is associated with both. But here’s the thing and i’ve made this argument many times and i will continue to make this argument. Bitcoin is not a tech stock, maybe crypto all coins. You could make an argument yeah it’s more like more like tech companies which it is, but it’s building out web 3.0, which is very different than what most of the big tech giants are doing these days, although they’re trying to transit like facebook and microsoft, but uh.
Ultimately, bitcoin itself is not a tech stock and i’m not the only one who thinks so so mike mcglone from bloomberg who’s a very, very big bitcoin bull, i should say at least he likes bitcoin, but he’s very involved with all things: commodities and just economics, uh Um, you know reports in general. He believes that these guys, that are transitioning off from risk on assets will eventually transit to bitcoin, which is why he still feels like bitcoin will go to a hundred thousand 2022
Because he also thinks that it’s a mistake right now: they’re treating bitcoin like a tech or in the tech sector as a tech stock, and that’s the mistake: it’s not it’s a risk-off ass, it’s a non-correlating asset, at least that’s how it was until maybe about later Half of 2021, that’s when things kind of changed, but ultimately we need to remember that gold, right and bitcoin. These are considered hedge against inflation, hedges against inflation – i should say, but gold has unlimited supply. Bitcoin does not. Bitcoin has a set supply.
Bitcoin is governed by code, which says there will only be 21 million and 90 percent of it has been mined already. So everyone is fighting for the last 10. It’S going to get more and more rare and it’s just harder to get overall, as accumulation keeps going on right. So i’m not alone and i’m glad to see mike mcglone share the same viewpoint and basically saying that these traders they’re going to come around they’re going to be the ones that’s going to be full moving in when bitcoin starts rising again right. That’S the difference between traders and investors.
Investors see the opportunity they get in when everyone else is selling and panicking they get in low and they hold it and they keep seeing their assets appreciate. While traders try to be very reactive, try to guess day to day week to week, what’s going on and a lot of times, they’re guessing wrong and then and then it leads to panic. It leads to emotional distress, emotional damage and it causes them to get flooded out in the market right and that’s what i don’t want everyone to do. I don’t want everyone to try to try to time the market top or bottom, but more focus on the future and why bitcoin will stay around and why it should not be treated as a tech stock and why it will continue going forward right. So that is the turning point.
I believe it’s going to be next week. Let’S see what happens with this fomc meeting, what comes out of it if it turns out that whatever jerome powell is going to do is more conservative than what wall street thinks then i think the markets will rally hard and i think bitcoin and crypto will rally Hard because of it now, if they come out more aggressive, which i don’t think that’s gon na be the case, it may cause more volatility, in my opinion, so we’ll just have to see. So that is the turning point i’m looking forward to, but in the meantime we still have a couple. Economic reports like i said tomorrow and we’ll see what happens after they get released all right, but ultimately, long-term bitcoin is the way to go now. Besides all this economic stuff, i just mentioned, are there anything else about bitcoin?
That shows a turning point is coming yes, a lot of things, for example, if you like it, take a look at this. This is comparing realized profit, basically how many people have sold okay and how many people that continue to not sell. So, basically, just talking about retail people, basically panic selling and now there’s no more selling and the blue is measuring that point. So we had that point back in july when bitcoin hit a low about 28 000, and now it hit that same point right around 41 000. Right again, this shows you that basically, retail is not selling anymore because they are done.
Selling the whales and holders are not selling so who’s really selling. At this point, so the chances are there’s going to be mine coming up and reversal. So a turning point could be around the corner and also this indicates kind of the same thing: short-term profit, holder, short-term holders that are in the profit, just measuring how many people that bought recently, whether or not they’re in the profit or not, and right now you Can see, there’s not a whole lot of people that bought recently that are in the green. But, however, if you chart it out, that’s actually a good thing, because again it shows you that a lot of retail people have stopped coming in stopped. Buying they’ve been frustrated out or flooded out in the market, and that’s usually when a reversal happens so again.
A couple matches that does show bitcoin is oversold at this point and that turning point could be right around the corner right. So, there’s that and also what i find interesting is all the recent evaluations and fundraising – that’s been happening recently right. Some people argue yes, we’re. Definitely in a bear market i would say you could argue that maybe we’re in a bare trend, but definitely not a bear market, because if we were in a bear market, you wouldn’t get all these giant. Crypto companies they’re very, very invested in crypto.
Getting huge funding rounds and getting huge evaluations right, it wouldn’t happen. So that’s the thing we’re seeing a lot more of it. So i mean just to give you a few examples. This came out last month, ny dig, which is one of the biggest bitcoin brokers out there. They also offer custodian services and they help a whole bunch of institutions get involved.
Mass mutual bought their 100 million dollars in the bitcoin through nydig, but they went through a massive 1 billion funding round which evaluates them as 7 billion dollars right that happened last month. What about this month? Well, i just covered this yesterday animoca brand, which is a powerhouse when it comes to nfts and play to earn games well, they’re evaluated at 5.
5 billion dollars they just raised 360 million. This just came in right now right, so you could see that there’s a lot of money being thrown into this space, regardless of the price volatility we’re seeing the the the vcs the investors.
They know that this is the future and they’re not giving up. That’S why they’re putting so much money into these companies and even my partner, i trust capital. Just did the same thing. They just raised 125 million dollars. This was just released not too long ago, and this gives them over one billion dollar evaluation.
These are all b’s, not m’s b’s, so every single these every one of single companies are now evaluate over billion dollars. I mean it just kind of shows you that uh, that money is still flowing in this ton of money flowing in – and this is this – is the investors getting in at the ground floor getting in when others are fearful right. So this is my my analogy that yeah these guys are growing, because there are people that are trying to invest and they’re, not trying to trade unlike wall street, which is trying to trade right now, and these guys are doing it right. Right and speaking of i trust capital with this huge raise, what do they plan doing? Well, they plan on boosting their infrastructure and adding more coins to uh to their service and in fact, they just added decentral land, the biggest metaverse out there right.
But in addition, they already have many out there, like cardano cosmos, algorand matic right. Every single major major uh crypto is within their portfolio. So if you want to trade tax free – and you don’t want to worry about paying taxes until you retire with your ira and 401k well check out, i trust capital all right check them out now. What else is there? Well, there’s just a couple.
Other all coin news i just want to share right today. If you look at all coins, some are clinging on to green. Some are clinging onto green, but most are in red right now, but the one you know that everyone is trying to pay attention to is cardano, because the sunday swap is uh is coming up. But one interesting fact about cardano is their nft marketplace. Cnft is also blowing up, in fact, according to this analytics page, which really sucks it’s a whole, i don’t know why they have all this dice and casino.
I guess that’s because of their uh their sponsor, but this does show you. The ada volume exploding recently, obviously because of sunday swap and interest in them and cardona in general, but also nft volume, has been slowly and steadily going up too, because cnft is the biggest marketplace on cardano and they are utilizing smart contracts now so uh sunday swap Won’T be the only project, utilizing smart contract, in fact, many others are turning on smart contracts as well. So that’s good overall, that’s good! Overall! Now, besides cardano just going down the list, there are a couple other standouts too, for example, theta went up.
Finally, data has been very, very stagnant over last few months right, but they are starting to come up again a couple interesting things. I didn’t know this, but you know what theta is releasing another token called t drop, so they already have t fuel. They have theta, which is a governance token. They have t fuel which is used for transactions, but now they’re, coming up with a third token in 13 days, called t drop and it’s used because they want to get into nfts. They want to dive more into it and they want to offer decentralized storage, because, right now, what they’re doing is they’re concentrating on the platform right, the video streaming platform, but they want to go beyond that.
They want to get involved with nfts and digital collectibles, and focus even more on video on demand so recorded videos, which is something that data tv doesn’t really have much of right now right, so they feel like they do need to introduce another token that will be Used for this and and uh it’s going to be it’s going to be based on a new tnt, 20 token and uh, and the target for the drop is february 1st 2022. So it’s coming up. This is pretty big for them and, in addition, they also have their own swap too, which actually has over 100 million in tbl, so you’ll be able to use a swap to go between theta and t fuel and t drop right. It’S a three token economy. I don’t believe i know of any other crypto projects that have three tokens two.
I know there’s many to have two but three. I can’t think of another one, but you know what, if this helps them move forward right and get more involved with nfts and everything that else they want to do. Well, that’s fantastic! So there you go so they are moving somewhat today. Also cosmos.
A lot of people are fans of cosmos, im2, their osmosis decks, it’s expanding, they’re, utilizing gravity bridge, and now they can talk to ethereum right. That’S one of the exciting things about cosmos. Is you have this whole ecosystem of dapps? That’S talking to each other, but they’re. Also, building bridges to talk to other chains too in this case ethereum, and they already have one internally with tara, so terra ust is also involved with osmosis, but pretty soon osmosis dex will be able to have um uh uh.
What is it um, erc20 tokens right, or at least wrapped versions of them within osmosis? So that’s pretty cool, that’s pretty cool! That’S what cosmos really need right now is more more liquidity needs more dexes, but osmosis is leading away. So it’s very very good for them very good for them. And finally, i know some of you guys are always looking for updates to say kadena, so i saw this they just posted this under twitter.
This is what they want to accomplish in 2022 and there’s a couple things that are very big that i think, will definitely help them in the future. So there’s a lot of things that is for uh for increasing or uh bettering the platform in terms of upgrades and so forth, but in terms of the ecosystem. What i’m really looking forward to is the cadx dex, which is in beta right now, that’s going to open up a brand new amm dex, fully functional decks on kadena. Of course, i talk a lot about tvl, that’s going to be happening right and also just a way to be able to trade in a decentralized manner very easily, and then, with that you’re going to have rap tokens, that’s going to be coming aboard! That’S pretty cool!
They’Re also launching marmalade, which is their nft standard, and, of course, the nft marketplace, and something else that’s not even mentioned in here is cadex is also working on a browser-based wallet which i think they really need too, because there’s not a whole lot of wallets. That’S available for cadena, but there’s other things that they want to do, including a bridge to cosmos and terra. So that’s gon na bring more liquidity to the ecosystem as well. So there’s a lot of big stuff. That’S that’s happening with cadena right now.
I know recently. They’Ve come back down a little bit and that’s actually a really good time to pick up while they’re still cheap, so um there you go, that’s pretty much it outside. Of that i mean. Overall, you got some green. You got some red today’s somewhat of a recovery day, but not really, and all eyes are just waiting on what’s going to happen next right, but that turning point could be coming sooner than we expect.
So there you go. Let’S do some q a yes uh daniel says that fomc meeting is coming a week after an annual options expiration the week of the highest uh options. Expiration of the year coincides perfectly with the meeting, and many technical indicators are implying. This is the bottom. Yes, you apply it all together.
The metrics have been showing already implies that we are at that point where we need to turn right. If you look at a lot of techno indicators also looks like we’re ready to turn that we have formed the bottom and bitcoin has been too oversold, but you time it with the foc mlc meeting right, which could be very positive. So i think that could be the turning point for the market, but even if not even if not, i think overall bitcoin will be seen as the best hedge against inflation there’s just there’s just nothing better right overall, i think, even though the traders may not realize It now they will realize it later so um, let’s see here fundraising, um all right when in doubt zoom out quote best quote from george. That is true. That is true.
I can’t i can’t argue against that. Um, let’s see 10-year yield. Imagine earning 1.9 in d5. I mean that that’s the thing you know i’m talking about uh.
You know anchor providing almost 20 and most crypto that you stake you’re getting anywhere from five to ten percent, sometimes even higher fifteen uh. Eighteen, twenty percent, i mean that’s the power of d5 right. It’S just it’s still funny to me that you know in traditional markets, um that traders and funds and uh and any of these investment companies are all like licking their chops when it comes to like 1.9 yield compared to what you can make in crypto. So that’s why a lot of them are starting to turn to crypto.
That’S why you got some big investments into these crypto companies. It’S because they realize okay, maybe 1.9 percent is not that appealing. Maybe we need to look at something that yields a lot better um. Let’S see here, sir uh sergey, i think i don’t know if that’s how you say it, i also have three tokens but they’re all down a tray.
Just hang in there hang in there um. Let’S see what else is there lakers nation? I do appreciate that um, hey tim duncan, that’s good. For me, too tim duncan. I don’t even remember any of his highlights because he’s just like so non-flashy, but he is one of the greatest power forwards of all time.
Love joe says, love the sticking videos. Will you do a classic top 100 review uh for best staking option for each that’s gon na be hard, because i’m not even aware of every single sticking option. I mean most of the dexes out there do give you a lot of options for liquidity, pools and almost every single project have their own native staking, but in terms of creative stuff, that’s gon na be hard to go through all all of them. Uh. Could you look at united finance on harmony, still very young?
I don’t know which one it is. Is it just united? Is it just this one uh? If it’s this one, i’m gon na say no, it’s just it’s probably not this one, but volume is 883. Uh.
Sorry, i don’t know which one you’re referring to well, i guess i’ll. Just look at the url, then first algorithmic stable coin of harmony, packed to one via uh. I don’t know a sign ridge, so i mean the these basically they’re they’re able to provide 1000 apr because they’re using their algorithmic stable coin, but i don’t know how how they’re doing it. So i don’t know i can’t i can’t discount it. Since you know, terra is also algorithmic, but they have a really unique structure where they burn terra or luna.
This they’re not burning they’re, not burning one. So i’m not sure i have to know more about it, get a foam roller for your workout recovery. That sounds like a good plan. I’Ve used it before when i attended pt, but it you know it’s more, my like knee area. So it’s it’s hard to like roll that out.
You know uh, but i appreciate it. I mean i think i just need to strength. Train it more so i’ve been hitting the gym more just doing more leg exercises and hopefully that’s the right path. If it really still doesn’t work out, then i’ll go back to pt, but i think i just need to strengthen the leg. More uh will dot lag against ada sole eath uh.
You know what there’s no guarantee of that. Dot is still doing well and there’s a lot more pair chains. Now, there’s also concentrating on nfts and d5 right. So you never know especially engine. They have a whole chain dedicated out of teas and games.
So you got to be you, you just have to be patient right and uh. I don’t think, there’s anything wrong holding dot. At this point, i want to move from one from binance to steak and d5 kingdoms, but one withdrawals have mine has been disabled. What can i do? There’S nothing?
You could do get another exchange, that’s really it get it from kucoin and sometimes google coin uh disables withdrawals and then get it from gate. Io patients, not simply the ability to wait. It’S how we behave while we’re waiting choice mayor. I guess that makes sense. I don’t know if i completely agree with that, but it makes sense you can still be patient and just behave horribly, while you’re being patient, so i don’t know um what’s happening with crypto in canada, specifically ontario and binance.
I have no idea what you’re talking about. I just know wonderful from mr wonderful uh: he bought that exchange, but i don’t know what’s going on in ontario in binance, if you can’t use it, you can’t use it. You just have to find alternative, i mean nowadays, there are a lot of alternatives that that you can use. I mean kucoin is great gate gate, dot. Io have come a long way, so i mean they’re, really good finance alternatives.
Uh, do you believe comey is a hidden gem? Not really it’s not a hidden gem, because it’s already above 1 billion dollars. Can it continue to go up? Yes, i still think they have a lot of promise. They move to immutable, uh immutable acts so they’re in within the ecosystem of ethereum right now, but right now i think the way their vv app works.
You know it’s still kind of like a closed ecosystem and primarily all their nfts is based on, like cartoon artworks kind of 3d animation right, and they haven’t really gotten away from that, even though they have a licensing with nfl like it’ll, be cool to have some Nfts, based on real, you know, pictures and, and games and stuff like that um it seems like they haven’t, taken advantage of that. Maybe eventually it will. But right now they haven’t uh late day hurts i hate squats i’ll, tell you. I can’t even do squats right now, because how bad my knee is, i have to do it with just a bar and no weights uh, i mean if i’m just swat squatting, even with no bar, it hurts so i i always always hated squats. Maybe that’s the reason why um paribus is breaking out.
Please review it. Okay! Is that just it’s not really breaking out man just having a little day, 13 million market cap really really early, invest and d5 redefine your yield yeah. I remember about this on cardano um. Well, we’ll see we’ll see if sunday swap is, is a big success.
I could say i could see other projects like peribis and meld uh all doing very well. In fact, i’m just curious what meld is at uh. I think it’s, this nope didn’t even show up. So i don’t know what it’s worth: uh kodi is the same way. They just released the update about djed, which is uh.
You know the algorithmic stable coin for cardano, so i mean they’re in the payment system. They are also the backers or the makers of ada pay. So as long as cardano does well they’re going to do well and the same thing with nervous, i just covered them yesterday. They’Re i mean they have a relationship. You know nervous is still doing their thing, but you know they have a huge bridge um that they’re working on with cardano, which will allow cardano to bridge to ethereum and binance smart chain and possibly other chains too in the future uh.
I don’t really like qrado. It’S just not my thing: it’s like a d5 layer 2 that you can put on top of chains. So just not my thing, connor says i always hated squats too. I forced myself to do legs yeah. I just i hate.
I hate leg days. I’Ve always naturally had big legs and in high school and college. They served me well because i i love basketball, even though i’m pretty short at 5 10, but i can back when i was younger. I could rebound like no tomorrow because i had really thick legs, but i always skipped out on leg days, but maybe that’s uh. That’S a mistake.
Now, um all right. I think. That’S it. Don’T miss cardio yeah. I try to get cardio in uh v chain.
I mean people are still waiting on v chain. I am too right. It’S just a matter of patience when it comes to v chain, they’re building out they got their new stable coin. They got a new metaverse. That’S coming out!
Someone send it to me. I think they’re still is still very early uh, so there you know, there’s a lot of dapps. That’S coming board, i’m waiting for v chain to come up with like a fun. You know so like some of these other projects – maybe a hundred million two hundred million three hundred million dollar fund to draw on that makers and get more consumer-based stuff. That’S what’s exciting!
That’S what people want to see you got to have defy and value locked in with liquidity pools. You got to have some cool fancy. Nfts, you know collections dropping within right. You got to have a good marketplace. You got to have a lot of stuff.
You got to have the new generation of playtorn games coming aboard right, the consumer-based stuff, uh, that’s! What’S driving, you know, prices up, so i want to see v chain do that next and maybe they’re thinking about it. I you know i actually have sunny on uh. I talked to him before on twitter. I should just suggest that to him and see if i get some inside info, whether or not something like that is coming, um meld is coming 31st.
That’S good, be pro! You know what i don’t know. What’S going on b, pro um, i i mean i do and i don’t. Basically, they need to get more people to use their code base. I know they’re cash flow positive already, so as a company they’re doing fine, but in terms of their tokens, not a whole lot of people is buying them right now right, so i think they go.
They’Re gon na need to figure out a way to get more people to hold on to them right now. Basically, they tell their partners to use, be pro tokens to get access to the service, but once you get a certain amount, that’s it they don’t need to get anymore right. So i think they’re gon na need to figure that out, but i still think they’re doing good uh timothy. Thank you jasminecoin. I just never liked it too many shillers at the beginning.
I don’t know why cisco, i don’t keep up with cisco anymore they’re pretty old. I don’t hear a lot about them. Is it best to hold eath and steak and e210? I i would say right now: just don’t stake an e 2.0, because you might get frustrated that you can’t take it out.
If you have eth just hold on to it or stake it put into blackfy or something get your five percent and just wait. Wait it out until the beacon chain is out um domi. Okay, should i hold hn uh t since i’m mining it? It’S not really up to you. I, like hnt, i mean helium, has done very well over the last year, so they’re they’re huge they’re in the top 30
Or they were close uh we’re where they go.
Uh they’re on top 50. yeah they’re, still they’re huge 3.1 billion at one point in time. I think they were like four or five billion so uh. I think overall they’re in a good space 5g is a hot space.
It’S hot space. All right, i think that’s pretty much it x-ray. I s p for cardano. Sorry, kevin never heard of it. So can’t comment all right guys.
That’S it overall! Bitcoin is still kind of stuck where it is right. The market is still a little flaky, because you know the traders are still doing wonky things really reactive. Today the yield went up a little bit, so people are like panicking over tech right, but ultimately we know that bitcoin encrypted will turn around right. You can’t treat a tech stock they’re not like tech at all or not like tech stocks at all, but they are tech and they’re building out web 3.
. So it’s very exciting um, but next week we do have that big turning event. Fomc meeting right. I think it could be a big turning event and even even outside of that, all the metrics show that the turning point is right around the corner. You just got to be patient.
You got to be an investor and not a trader to win at this market. All right smash the like subscribe to the channel i’ll, see you guys to tonight 8 30 p.m. Central standard time. All right take care Bye-Bye