 Welcome to Digital Asset News. Take a top story in cryptocurrency and digital assets, and break them down into bite-sized pieces. Today, it's super red day, and I'm not going to lie a little bit tough, but there are some pieces of information to glean from what is going on. And we're going to take a look at potentially what could have caused this domino effect, China getting into the fray yet again. And we're going to see how it's a polar opposite to what is going on in the United States as the U.S. seems to be embracing things on certain bank levels and also on larger bank levels, such as Wall's Fargo, as this article just came out. We're going to take a look at just some musings that I think about what is going on in the market itself, the history of different aspects of the Internet and how it relates to today and how things actually have rebounded quite nicely. And then finally, we'll take a look at corrections, just how bad they can get. So we'll take a look at all that. But first, let's take a look at this awesome market and see exactly where we're at. I'm not here to blow sunshine. I'm here to be honest with you and here to tell you straight. And right now, not a great day. Let's just be honest. This is probably, I think, one of the biggest dips probably I've seen in quite some time. We were just at almost 1.5 trillion. Now we're at 1.46. It's been fluctuating 1.36, 1.37. We lost about a trillion dollars in what? Two, three weeks? Trillion. So here we are. And it sounds awful and it is awful. Let's just be honest. And the reason why I titled this, You Should Sell, is because if this is too much for you and what you're doing, it probably should sell. Now that is not financial advice, it is financial opinion. For me personally, if I couldn't handle it, then I would be out of crypto because it is so volatile. And there's also another issue that has come up, which is people talk about, well, this is totally different because of institutions and blah, blah, blah. It's going to stabilize. Stop. Stop. As long as there is greed, and there is people who want to manipulate the markets and there are whales, it will never be different. It will always be the same. And this is just proof of that. So again, this is too much. And you think you should have sold? You should sell. Here's what we got. And I'm going to just show you what I'm going to do. And of course, your goals are not my goals. You're free to do what you want to. But I'll tell you today, still buying if I can get the darn apps to work. So we'll first talk about this. SmartCap is 1.46 trillion. And let's just do this for a little bit of hindsight later on when we move forward. I think in September, October, November, much different. But Bitcoin today is at below 34,000. They get slipped all the way to 32. And who knows and go to 28. That's what some of the TA people are saying. And I could see that definitely 28. The real question is you and all your friends are just me and all my friends who say that. I can tell you that everybody talks a great game about, oh, you know, when it goes down, I'm going to buy. But how many of those people actually do buy? And that really comes down to it. Are you one of those people? You're not one of those people. And again, that probably comes down to this whole thing of you should sell. If Dips aren't your thing, then it's just not in the cards. And again, not here for Sunshine and everything else. And that's going to show you what we got. So Ethereum, well below the high of 4,000 at $2,300. Binance coin, I mean, just look at the percentage. Wow, 34% in 24 hours, 33, 30, 37 for Polkadot. 41% for Bitcoin cash, almost half. Wow, that's a lot. 20%, anything massive? 42% for VeChain. It's bad and the pie will get worse. That's just the truth. So let's just break into what's going on. So China, everybody's favorite country. Do not be a fan of, comes out and says, hey, looks like we're going to crack down on crypto. This is what's going on. And you've probably heard about this story. And I think since the market's open, not the markets, but I think it has really set in and people have really formulated the plan. I think there's a lot of things going on and play over there. Could be that, could be Elon Musk and his tweets, but they don't really do too much. This is the real new thing. Also, you have to understand that whales behind what's going on, they could just use this to dump like crazy and just like, you know, we'll just hide it with that. And that's going to be what it is. Who knows. This is what's going on for sure. Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to crypto, making a fresh crackdown on digital coins. Fantastic. New rules expand on previous restrictions and the crypto and closed loopholes. This is the big thing. They closed the loopholes where people were actually able to transfer to actually pay crypto or trade between crypto to crypto. And they were doing that in China and they're trying to close that down. Let's see. This is going to include banks and online payment firms, not to offer clients any services involving crypto such as currency exchanges, registration, trading, clearing and settlement. So they're not going to be able to trade Bitcoin for Ethereum or B chain or tomato coin, whatever else. That's done. And they're going to try to crack down as much as possible. Can they do it? Well, they're China and they can do a lot of different things that different countries can't. So we'll see. Institutions were prohibited from providing crypto savings, trust or pledging services and issuing financial products related to crypto. Crypto related information services, insurance and derivatives trading are also banned. So pretty much as much as they can get their hands on and to stop, that's where they say they're closing loopholes. Firms were also urged to step up monitoring of money flows involved in crypto trading. I remember it is China. So that's what they want to do. China banking system does not accept crypto or provide relevant services. And then to finish up, Tuesday's industry directive, Warren speculative Bitcoin trading has had rebounded infringing the safety of people's property and disrupting the normal economic and financial order. So again, this is China coming down and saying, you know what, we're not going to allow this to keep happening and we don't want people's safety to get involved. So that's why they're like trying to get it. That's just one of the reasons why they're saying it. But I personally believe it's because the digital you want is coming out and the country wants to maintain control over all of its citizens in every way, shape and form. So how do you do that? Monetary policy and just going, hey, these cryptocurrencies, we're not going to let you do that. And we're going to do this. And that off you go. Many Chinese investors now trading on platforms owned by Chinese exchanges that had relocated overseas included Gobi and OKX. As over the counter market for crypto has become busy again, all once dormant trading chat rooms on social media have revived. And that was one of their issues. They're like, well, all this isn't going to revive. We got to shut these down. And that's what they're doing. Fresh crackdown makes it difficult for individuals to buy crypto using all these different payment platforms and could impact mine or his business by making it harder for them to exchange crypto for you on. And that is interesting to me. So as we talk about how everything people always talk about Bitcoin and the mining, there's so many different mining operations and it's like 60 or whatever percent it is that's mined in China. Well, guess what? If you're mining Bitcoin in China and that's what you're using to actual fund your operation, what do you do now? You can't sell it in your China. So you're going to shut down. These are interesting times. And this is pretty big. So let me just think about that piece. But it's just odd how one government is like, we're totally going away from this because we need to control it as opposed to the U.S. government, which I thought was falling behind. It's like, no, this was an article we've covered a couple weeks back under the U.S. banks to allow holding and trading Bitcoin. And this was all perpetrated or perpetrated, perpetuated by NY Digg. And they were trying to bring these banking institutions into the fold to go, look, we need someone to hold Bitcoin, trade Bitcoin, and allow your customers to use cryptocurrency, not just Bitcoin, but cryptocurrencies and assets because we want to help you guys thrive in the new economy. They're like, let's do it. That is what it's all about as far as innovation. So you see the dichotomy here between a communist China nation, and then just going over here to go on, you know what to America, I'm like, let's go forward. Let's go full tilt. Who's going to win that battle? Interesting to think I am glad I'm in this country. I can just tell you that. And this is actually new. This was just put out today, about a couple hours ago. Well, as far as become the way it is banking giant to make foray into crypto. And it's going to add its own crypto strategy for wealthy clients by mid June. And you know, once that starts, they're going to roll it down to the not so rich because they want to bring people in who are institutional investors or accredited investors so they can take more of the risk because it's a risky proposition, as we see today. Darrell Crunk, the president of Wells Fargo Investment Institute, claims that the bank now views crypto as a viable investment asset. We think crypto space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investment asset. They're in the final stages of doing due diligence. So this is going to drop in about a month and a half, about a month. Yeah, a month and a half because it is May 19th and June's just around the corner. So hey, before I give them this next piece, as the market starts to crash, people say it's a dip and it's a retracement. No, no. That's more of a little bit of a crash. Let's just be honest. I don't care what you want to call it. It is what it is. So I mean, when you see something, when you see a trillion dollars in a couple of weeks, that's not just a slight pullback. That is big. And again, not here to show you the credit, but as I talk about things, I think this is where millionaires are made, quite honestly. And this is where I want to do most of my buying. I know it's a weird thing to switch your brain, but I think that's how it is. And I wrote this in Twitter. I said, hey, you're not a victim of circumstance. If today's dip makes you uncomfortable, you got to think for yourself, how can I make this work for me? We have never, ever had a dip that did not rebound. And don't tell me that you think that Bitcoin is going to zero. It's not going to zero. Crypto is going to zero. It's not going to be like this huge major, major crash where everything goes to like Bitcoin to 500 bucks or something like that. It's not going to happen. There are too many big players in the game, too many institutions getting involved for them to really rewind time. We knew China was going to do this. We knew China was going to be and go down this route. I'm just surprised I took them this long to say what it is. So I don't think that this will actually go away. I think there's, again, too many people coming in. These are the days that make millionaires. So again, take a look at everybody involved. If you got like a Wells Fargo, if you got a Mass Mutual, if you got a Liberty Mutual Insurance Company and all these different banks and big institutions coming in, do you think they're just going to be like, we're okay. I think this is just a bump in the road. And that's really what it comes down to. And then I'll say this. When people were telling me all day long that these institutions, I said, it was different, Rob. You don't understand. It's different because the institutions, the institutions are going to make everything great. They're going to stabilize the price of Bitcoin and altcoins as well. And you just don't understand. Nothing changes. Nothing changes. Sorry to tell you this. And I think that's why people are selling so much right now because they were disillusioned by the fact that that all these institutions would save them and it would be just not a big deal. But it is a big deal. And at some point, there are going to actually sell a little bit. I still think Tesla sold. I know they said that they didn't, but we'll see in the next earnings call. And that's just what it is. So this is really where the rubber meets the road. Maybe you should sell if you think that this is going to zero and it makes you uncomfortable. I like to say it's not financial advice, but for me, it is what it is. That's all I'll tell you. For me, I'm not selling. I'm actually buying. As soon as the Aston, I just write Coinbase, totally down. I just write Gemini, down. I just write Voyager, down. Everything's down today. And that's really what it comes down to. Down to. So let me blow this up so you can see it. Here's just a prime example of what I'm talking about. This was a newspaper article from quite a long time ago. These things called newspapers. And it talks about Internet may be just a passing, a passing fad as millions give up on it. What I really like about this is it kind of shows you that the Internet back in the day, if you're old enough to remember when it actually came about, was really just that, just a bunch of nerds sitting around and going, this is the future. This is the future. And I was like, okay. And people just missed the boat on it. Then all that dot com, the companies came in and there was a big crash as everything kind of got filtered out. And then there was a big resurgence. And here we are. So if you take a look at what's going on back then to what is going now, it's the same thing. History just continues to repeat itself. And it's the people that I can tell you right now a lot of people would wish they could go back and invest into Google and hold it. Wish they could go back and invest in Amazon. Wish they could hold it. Wish they could go back and invest in Facebook or PayPal and they could just hold it because they would be so much better off. So again, like when people are talking about, you know, like, you should sell and everything I just say, like you should sell. For me personally, I think it would be the dumbest thing I could possibly do right now is to sell with what's going on. I just, I'm not in the business of losing money. I just think that it would be a travesty when I look at something like this or when I look at something like this, let me blow this up as well so you can see it. This was a nice little article which talks about Jeff Bezos when he gave a presentation at Harvard Business School. And they just said, hey, you seem like a really nice guy, so don't take it wrong. But you really need to sell the bonds of noble and get out now because it's a worthless business. And Jeff Bezos was like, okay, kid, well, I'm just going to keep doing what I do because I think Amazon's going to be huge because I have a vision for it. And then of course, what happened to that vision? Well, Amazon lost more than 90% of its price and it went down to almost nothing. And you were stupid for holding Amazon at that time. But guess what happens? It rebounds and it's in the top. It's like one of the five companies that makes up the top 20% or the top 20% of the S&P 500, Microsoft, Apple, Google, Facebook, and whatever, Apple. So I mean, right now, if you take a look at that, well, seems like kind of legit. But as time goes on again, I'm not selling. I don't see the point. And actually, I wish I could have gone back in time and bought Amazon when it was 90% off as part of the discount. And finally, well, two things finally, first of all, no one ever goes broke taking profits. And I remember when I sold a little bit of my Ethereum because I said that was my plan. My plan all along was to hit these price points, the dollar cost average in, wait till it goes up, dollar cost average out. And people are like, you're an idiot. Why would you sell anything because the price is going to go so much? Because of days like this. Because of days like this, because we never know what's going to happen. So you should have a plan in place. But I'm never going to sell all of it. And I didn't even sell that much to begin with. But in all honesty, I mean, the majority, I still holding on to the majority of it. And it's because it's things like this, where I see as a refresher in my mind as far as history, about what went on. Let me blow this up as well. And this, maybe even better. So I take a look at this, the dips, the resets, all those things. You look at an average of 30 to 40%. This is in 2017, when things really were taken off. And you can see like right here, when is this? Right before April, you saw a big dip of almost 30%. And then look at this one, 40% right around the same time from June to the middle of July. And then it went up massively. And then another big dip of another 40% that came down. It's been a big up and down to 30%. And so on and so forth. So we know that this market is extremely volatile. So why is it shock anybody when we have like this much of a pullback? It's already priced in. I'm not pricing. It's already been in the history. We know it's going to happen. We know China, I knew China was going to pull this. And they should have pulled it a long time ago and said, we're not going to do this because we want to do the digital you want. I mean, people held out hopes that it's not happening. They're going one way. America on the rest of the world is going another way. And I personally believe the country, the entity, the institutions, whoever it is that controls two things will control the world, artificial intelligence and blockchain. Those two things are the key to the next industrial evolution. And those are just my two cents. So again, I don't want to beat a dead horse. But if this brightens you and it shouldn't be there, then you need to take a look at it. But if you take a look at the history and you see where things were, see things how they actually came about and the actual future that we can potentially have, there's another choice out there. I am not here to make that choice for you. It's up to you to make that choice and do your own research. And just remember that all this stuff I talk about, it's not investment advice, it's investment opinion. Me personally, I feel long haul and I think it's right place, right time. Now if the apps work, I'll probably buy some more crypto today. And that's it. So look, that's all I want to talk to you about today. Thanks for stopping by. I appreciate it. If you liked the video, found a little value, give it a thumbs up. Also consider subscribing. Do a lot of different things about news and whatnot on this channel. And then over on the news clips or digital asset news clips, we talk more of the advanced things and talk about more about projects. So check that out. That's it for today. Thanks so much. See you on the next one.