 Welcome to digital asset news to get top stories and crypto and bring out a bite-sized pieces today Just like the thumbnail suggests it really does come down to 10 days as far as a long-term investor And there was an article that I never forgot about and it talks about how bitcoin historically generates its yearly gains in 10 days And we're just going to take a look at this nice little piece of information And it really does hit home if you were a long-term investor and if you've done some funny things Along the way as far as trading crypto bitcoin and cryptocurrencies and digital assets So we'll take a look at that on top of the facts Of course we have to talk about the short squeeze that is going on because we just went up massively in 24 hours So I want to thank all the traders and the people who thought they were smarter than the market and who got liquidated It sucks, but uh, you know what you guys drive The market higher so thank you and then also want to take a look at a little bit of some negative news As we see that executives at tether world's third largest crypto reportedly face criminal probe For misleading banks. I know people have been talking about tether for quite some time now But this takes a little bit deeper look into the history of tether not what it has actually backed And then finally we're going to take a look at Some other kind of bad news is that ethereum eip 1559 the triple halving may be postponed until potentially Early 2022 going into 2023 so we'll take a look at all those articles and things that are going on at first take a look what's going on the market So hey, it's a great day It's a pretty good day. Look we hit 1.6 trillion and we were flirting with like 1.2 1.22 some around there a trillion market cap and in 24 hours We are up 12 percent So it's one of those things where I know people I mean everybody thinks that they're smarter than the market even me I mean, let's just let's call it spade a spade. I think I think that uh, you know, sometimes I can get ahead of it But when I try to do a lot of you know different crazy things out there, which I don't really do too much honestly doesn't end up working out for me and uh, it just seems like sometimes the most simple things that you Can think about are the ones that actually work the best so just real quick. We'll take a look at some prices Bitcoin itself is up pretty massively We're at 38 000 at one point it hit 40 000, but then it it ticked back down So we're up 13 24 hours Ethereum's up tether some people care apparently finance coin everything's up 11 percent for dogecoin watch out 10 percent for polka dot. Where's xrp nine percent for xrp watch out At cardano eight percent 17 percent for chain. Wow 17 percent polygon 19 percent So now all those times when people were buying the dip. Hey, it's a good day for you Anyhow, that's what's going on the market if you want to take a look at some projected ranges Take a look at trade the train links in the description And we're looking at between with 90 percent accuracy negative 1 percent to plus 32 percent. What is this linear? Injective protocol origin trail or yeah swiss board alpha finance audience vthor chain and zero x so Take a look at those. Let's just uh, let's get away from what's going on In these little little sub sectors. Let's break into today's what I call the top story and it's just a great reminder 10 days and to me As a long-term investor, I mean it really does hit home because a lot of the time it just kind of sucks And and sometimes that there's everything just moves sideways and it's very boring in the crypto market I know people like they like exciting, you know, either way it goes me personally I think it's exciting when things move sideways because for me those are the great days to dollar-crossed average And then this was an article I never forgot about 10 days is really where all the gains come from bitcoin This isn't actually old article 2018 and uh, I'll just I'll just take you down a trip down memory lane And hopefully it'll hit home with you So bitcoin generates all of its yearly performance gains within just 10 days Missed those 10 days and your average is 25 down annually since 2013 tom lee from funstrat Uh had this interesting statistic and he has this nice little graph and it's kind of lays it out in 2013 if you would have taken your bitcoin out for a specific 10 days When all these days were like the most gains you would have been out like 200 plus And if you would have left it in you'd have been up 660 in 2014 76 in 2015 84 in 2016 101 in 2017 1136 Wow, and those are just the days we're like you just I mean think of it 10 days 355 days out of the year you're solid and you miss these 10 days and you're out that much percentage So I know when people talk about like I swear I think people try to make things more complex than what it is Because then people will buy into their program or do whatever that you know They're selling and and they're like I can make you a millionaire sure you can pal and uh to me it's just like It's like Warren Buffet. You know, he just says you know, if you If you're not going to try to like super superly superly outperform the market Just get into an index and just be a long-term investor And uh off you go now you don't have to do index here with crypto I mean you just buy and hold Some of the top ones and on this channel not investment advice just investment opinion I can't give you any advice. I was telling you what I do and I just dollar cost average and hold And that's really what it comes down to then 2018 70 percent. So uh, again, this is uh, it's an old article But I think it kind of hits home to what we're trying to do here, which I know people again It's funny because like when when the market is all over the place And people just think that they know they're like, oh, I know where it's gonna go and and some people I mean, they're pretty good at it. I'll be honest with you But for the majority you're awful. You're awful at timing the market. You're awful at predicting things You're just not that good at it. And I hate to say it to you, but someone's got to tell you and uh In all honesty, if you're sitting right there today and you're like shoot I shorted this or I did this and I should have done this then just take it and again I can't tell you what to do But just take a real step back and go what works for me What doesn't work and is this in my best interest to keep doing these types of things This is my best interest to to do leverage plays at 100 x or 50 x It is my best play to keep shorting or you know, even do do long so whatever else it is Maybe it's just uh time to take a deep hard look at just being a a boring simple Dollar cost average or investor can't tell you what to do just telling what I do And that leads me uh to my next point as we've closed out talking about the 10 days Is the short squeeze and I think this is really what it comes down to Is that a lot of people? I mean Behind the scenes I hear things and I hear a lot of the people that are In the public eye They will say one thing and they will do something different and they will talk about how great a specific asset is I won't name that asset and they will short it like crazy Uh behind the scenes and I just think that's so unscrupulous to do and I don't know why people would do that Uh, first of all, I don't I just don't think it's gonna work out for me So I don't I don't short and uh seems to work out for me in that regard. So here's what's going on right now There was two big things first of all rumors of amazon expanding its crypto asset presence sparks FOMO That's why we see like this big run up. But again Really what happened was there's a ton of shorts bit coin shorters people who short lose their shirts in liquidation land Uh bitcoin news reported on a possible short squeeze on july 12th when bitcoin shorts were starting to stack up And again people were like look, we know exactly what's going on the market We know that bitcoin's going and you've heard these people you've heard these people They're like bitcoin's going to 26 bitcoin's going to 20 even I look even I said if bitcoin does go down I might go on 26, but it'll rebound. I true. I did say that I did say that but i'm not going to be here Like i'm going to short the market at 26. I'm just like it goes down it goes down I think the worst one down was like 28. So Well, it wasn't too wasn't too bad But uh, some people are like it's going to 20. It's going to 18 and you got uh, even uh Guggenheim cio scott minard. He thought it was going to 15 000 and uh, hey years not over Who knows? I have no idea But uh, these people were like I know what i'm gonna do I'm gonna short the mark because everybody says it and what happened is in a very short amount of time you had uh Over one billion dollars worth of uh people get liquidated on their shorts And and just as a quick recap shorting is like hey, I think bitcoin's going to 20k. Okay. Well, we're gonna give you You're gonna sell it essentially first you sell first on a short They're going to give you that uh that money to you and like you know, give us back our bitcoin Uh, you know if you want to short it down below a certain price. Sure. I think it's going to 20 Uh, we'll sell it right now with 30 and uh, no worries. I got you and then of course when when the price goes up They're like holy smokes. I owe this Essentially, I always think of it like like like a bookie. I owe this bookie like uh, like one bitcoin And uh, I told him I'd give him one bitcoin But I thought I was gonna go to 20k and now it's up to like 40k I better buy some and then people start buying and they just get squeezed before you know it The price goes way up and that's essentially what happens because everybody thinks they're so smart Yeah, anyhow, so to uh, to finish up this this nice little story here Other analysts and traders assumed this market play was in the cards close to 900 million in short positions were liquidated In a 12 hour time span as bitcoin spiked 15 percent in value rather quickly Who would have thunk it hasn't done anything for like two months and all of a sudden 24 hours. Bam By bid data shows a great number of traders were wrecked by the short squeeze and 24 hour liquidation stats now measure $1 billion And then this was interesting bitcoin's yearly cycle the ceo at trading trading bot firm Christopher rude felt camp Explained that all the market action is simply part of bitcoin's price cycles And it's amazing how like once we start to see these big fluctuations people like cycles and before it It's like those don't exist Okay, and he states at a superficial level the current bullrun resembles that of 2017 though That's technically absurd. However, if this continues it would mean that bitcoin should soon reach 50k again He states the market has been Consolidating for some time and an upturn was expected by many in late summer Or early september as this is part of bitcoin's yearly cycle In addition the decision by amazon to hire a crypto team and tesla accepting bitcoin again Have given the necessary spark to fire up the crypto market once more and here's the thing Um, you know analysts are out there and and there's some good analysts There's some good people with ta and I like it how how cj said it over a market rebellion give that guy a follow over at on twitter That cj rickle I'll put it in the description, but he says he goes ta isn't really that great for predicting where the where the market's gonna go It goes it kind of tells you he goes But I use it more just to see where I can get in and out of of uh entry and exit points And that's pretty much it and uh, I'm like that makes a lot of sense because I mean you can kind of get there and get Out you can look at the mac d you can look bolinger bands look at the rsi and just kind of go from there So I kind of agree of it on that uh level but to predict where things are going It's kind of tough and nobody knows where it's going Not even me because I am not nosdra damas anyhow, let me what you think about that in the comment section Let's move on to our next piece. We'll be talking about some bad stuff tether What the heck is all this so? We covered this yesterday actually and I'm so sick of the of people asking me about I'm like I'm just gonna put a video out I was gonna direct into this video all the time and we took a look at tether and it was a good one by zero hedge An article that was written and uh, basically this comes out of this if if tether isn't backed one to one of the dollar Do I think that it's like a hundred percent not backed? No, I don't I don't think that they put zero money in Right, I think they put some money in do I think it's a hundred percent? No, I don't Do I think it's like 90 80 70? Yeah, somewhere around there and uh, that's it. I mean I honestly I I think the tether worked a little bit fast and loose But do I think it's going to crash the entire ecosystem of crypto and digital assets to zero? No, that's ridiculous Do I think it could be a black guy? Sure But first of all You have to do an audit and you have to go through and me personally I think they probably have enough cash flow and slush fund to kind of get this thing going for a while if it is What it is and it's like, you know 40 or 30 percent Um Backed but I don't think that is I think if you had to if I had to guess I don't know Somewhere around 75 percent and they're they're probably fudging the rest, but don't sue me. I'm just guessing So here's what's going on in this article And I wanted to read this article before I get a bunch of questions and a bunch of like I told you Toe's going is he's going to crash everything. It's not what's going on. Here's what's going on Uh and good job by Robert Hart forb staff guy. I did a great job here Executive of tether world's third large crypto reportedly face criminal probe for misleading banks. All right, so A years long federal investigation is closing in on potential criminal charges for execs at tether What's going on the department of justice is investigating whether executives at tether committed bank fraud Oh, no the doj is exploring whether tether hid from banks The fact its transactions were linked to cryptocurrency. Why they do that tether, which was launched in 2014 Is tied to the u.s. Dollar to maintain a consistent value and still need banks to store and transfer Which some were reluctant to do why? uh tether told bloomberg It routinely has opened dialogue with law enforcement agencies as part of its commitment to cooperation and transparency So here's probably why they had to fudge it with the banks because back in those days 2014 or so banks didn't like to deal with crypto So they were probably like nah, nah, nah, it's not it's not totally crypto is uh some of the stuff in there some and no don't worry about don't worry about it and they Who knows they might have fudged a little bit and uh, they may have litmus led some banks So they could get into cryptocurrency. Here's a secret I also do the same thing With with one of my banks that I got rid of because they were asking me. I remember they they asked me in 2017 Hey, are you using an exchange? No and uh, like okay, and Let me go through with it. Now. We just use usAA love that bank And this was a separate bank. I just got rid of them. So yeah, maybe they did and then right down here It says tether told bloomberg It routinely has opened dialogue with law enforcement agencies as part of its commitment and cooperation and transparency That kind of sounds like the mob when they're like, yeah, we all we also keep an open dialogue with the police Because of course, they're not doing the uh, the the greatest up and up thing. So here's the thing This isn't about, uh tether being not Are not having uh enough of the of the tether cryptocurrency Uh Staped to the actual dollar of what is supposed to be pegged to that's not what they're saying here They're just saying that tether back in the day may have misled some banks. So what will probably happen? There'll be a very long investigation. It'll be very pricey for tether I would assume and then they will probably pay a fine just like all big banks do because nobody goes to jail When you have a bunch of money. Sorry. That's just how it is and that's probably what's gonna happen And uh, we'll see how it goes from there. Now. We're still waiting on an audit from tether. Um, but again, there was a audit before Seemed to be okay. Is it on the on the perfect up and up? Yeah, probably not But uh, again, when we talked about this in yesterday's video and I was talking about tether If you're so concerned about tether, uh, just do the entire market a favor and just get out of tether I know people like well, I can only I can only stay in tether in my exchange. No, you can't you there's a I guarantee There is an alternative to a stable coin to whatever it is usdc die uh, there's some other options you can just put into cash if you really want to and uh, And if you don't like it then just get out because in my opinion personally, I never used tether ever Uh, I use boys all the time, which is I just I just use usdc Usd is backed by circle. It's also was was picked up by visa So I will just use that and I just don't have a worry about things crashing to the ground and going We weren't uh, you know, we weren't at net actually a pegged anything and we're you know 70 80 percent or whatever else it is. So that's just my two cents. Don't do what I do This is just investment opinion not investment advice. Let me understand the comment section. Let's get on to our next piece which Kind of a bummer, but uh, maybe it's not so bad Anyhow, uh, ethereum triple having may be delayed because of security concerns, which I'm glad that they found this So ethereum london hard fork scheduled for august 4th, which was pushed back from july something or other Now it got pushed back to august 4th. Now we push back again Maybe delayed due to security concerns. I have no problem with that. I'm glad they're pushing it back The improvement proposal 1559 or eip 1559 was discussed Key to the triple having event. We'll talk about that in a second developers from the east two research and development team stated that the merge Is more feasible in early 2022 to be confident Of finishing the required testing in time. What is going on? Well, the team ethereum team found a bug in the code and fixed it However, the hard fork made likely be delayed in case of for the security concerns tim Biko baco, uh, we'll call him baco core developer of ethereum discuss. What's next after releasing eip 1559 He stated that the transaction fees from the priority fee Would be rerouted to fall on validators not miners and really what it comes down to is this Eip 1559 people are talking about how it's going to reduce the fees. I don't think it's going to reduce them that much Really what it's going to be it's going to go from the miners to the validators. That's great. There's going to be a base fee That's fantastic. They're going to burn the transaction fee like 70 percent of it, which is even good because it'll make a deflationary but again If you want to have a faster transaction, you're going to have to tip you have to tip the miners Which just sounds so weird. I'm going to tip the miners like tip of my uber like hey, I want to get there fast Go, you know, here's 20 bucks and um, I don't know if it's supposed to really Change the gases. I think it's still going to be kind of crazy And that's what we got So that is the first part here So you know that that is what's going on and then this little graphic kind of got me concerned because you're looking at Going from proof of work to proof of stake and as far as like sharding You know, which is where they kind of like just separate every little little part of a theorem into a shard Uh, you're looking at between 2022 and 2023 data sharding and then eipa 1559 and all that stuff maybe early 2022 so That's a bummer But I did say the merge Is key to the triple halving and most likely to curl in early 2022. What is that? Well, let me tell you what that is And this does sound pretty exciting So the triple halving Uh is really eipa 1559 combined with the transition of proof of stake Is considered to be the equivalent of a triple halving. What is this? So The network update will introduce a base fee for transactions to be introduced in a block Users who wish to prioritize their transactions will have the option to add a tip like I was talking about Or priority fee to incentivize miners for including their transactions in the next block The higher the tip the bigger the chances for the transaction to be processed if you don't tip Well, maybe we'll just take a longer time Much longer eipa 1559 does not directly intend to make gas cheaper The base fee will fluctuate by up to 12 and a half percent after blocks and more than 50 full Which makes transaction fees predictable and transparent to prevent users from overpaying Among other changes that result from the eipa upgrade 700 transaction fees on the ethereum network will be burned. So that's what I was talking about, right? We'll be burned looks pretty good and the rest of it's kind of whatever else is So this is the the part where it it talks about The three halving events and this was from some twitter handle squish chaos And he says with the eipa 1559 and the and the sharding or proof of stake That is the equivalent of three halving events for bitcoin because it is going to Drop sell pressure And people are going to hold on more which is equivalent to three halving so i'm like Debatable very debatable. We will see I know people are betting big on ethereum for it to be the next big thing And uh, I mean I hope it is too because I have a lot of ethereum. I am biased But on top of that, I also open up on a bunch of cardano I also own a bunch of avalanche I also open a bunch of own a bunch of salana. So Which everyone makes it I really don't care. I just want one of them to do it and uh, Maybe like I've said before it's not going to be a winner take all maybe it's going to be a winner take a lot And then uh, second place take a big other chunk and then third place take another big chunk. Who knows But uh, this honestly When you see these pushbacks it's never a great thing and it Seems to really not really bother ethereum because a narrative out there is still people are gobbling it up. So We will see but um, you know There's a lot of people a lot of different projects on their heels And um, when you have these types of setbacks In crypto things move pretty fast. So we'll see if it maintains or it flushes everything out Anyhow that is it for today. So look, I know it was a lot of information a lot of things are going on If you've made it this far, thanks for sticking with me I appreciate it if you like this type of video go ahead and give it a thumbs up consider subscribing I think we talk about in this channel are very time sensitive all new stuff and then uh, dan clips is more of the Advanced stuff which you can find in the description. So that's it. Thanks so much. I appreciate it And I'll see you on the next one