 What's up guys today on Bitcoin daily? We are covering this big move By Bitcoin and also we are covering CEO of bitmex stepping down and also Other news stay tuned right now What up? What up? What up ladies and gentlemen welcome back to Bitcoin daily today? We're jumping back into some more news because a lot of things have been happening in the last two weeks And we want to keep you guys Updated so first things first let's go ahead and take a look at the market see what's going on today See where it is as you guys know Bitcoin and the majority of the market is in the green today If you if you just scroll down here the last 24 hours, you will see a lot of green Lots of green. We love green. Don't we so Bitcoin is up two point two nine percent and went up as high as a brown Let's see the high Ten thousand nine hundred and fifty dollars yesterday It was trading around the ten thousand six hundred range and we told you guys Ten thousand six hundred was a minor support where we were looking for entries That was our first entry for support and then our second one was ten thousand four hundred so We did take trades here at the ten thousand six hundred mark. Oh, you guys can't even see hold on there You go. Sorry. Apologize about that So yeah, so ten thousand six hundred was where we were entering our trades Ten thousand eight hundred was our first target which as you can see we blasted through And it was also part of this Fibonacci level right here And then up now it looks like we're at the top of this trend as you guys can see that we drew here As you guys can see this trend line starts all the way. I just moved a support by mistake Guys look how far back this trend goes all the way to the bottom of March 13th That was a day of COVID where everything crashed, right? So that trend line that's when we started that trend line and look at how far we got to go to even catch back up to this geez Well, let me make this smaller So I can why where where's the market here it is. I was like, where is the market app? So these guys can see It used it used this trend as support right here Used it as support again, then we fell below it. We broke through when we broke through we blasted off We used it as support again, and now we're using it as a resistance So this is a level that we're currently watching and looking at and That's where we're currently Facing resistance and getting rejected at so That plus it's correlated basically with the next Resistance zone, which is 11,000 as we guys always tell you Psychological resistance because it is a big whole number But yeah, as you can see we hit that then a theorem back to 350 XRP back to 25 cents Bitcoin cash at 234 Chain link almost back above ten dollars up six percent today polka dot up seven percent today Like coin, you know, like coin doesn't really like to move much. So Let's jump right into the news So the first thing is as you guys know, we told you guys that Trump basically Trump's tweet Dropped the price of Bitcoin. So as you guys can see here data shows the single Trump tweet marked the local Bitcoin bottom So bitcoins price has Let I'm gonna read this and let me highlight it here for you guys Bitcoin price has lacked Directionality throughout the past several days and weeks with both buyers and sellers reaching and in past This has come about as it continues trading squarely in the middle of its long-held trading range between 10,200 and 11,200 Despite being close closely correlated to the stock market yesterday's intense equities rebound was not enough to pull Bitcoin higher The cryptocurrency still remains below multiple key levels one Analytics firm the still believes as traditional markets overall trend is critical for that of Bitcoin They noted that President Trump's recent tweet regarding a potential second round of $1,200 stimulus check Marked a local Bitcoin bottom Bitcoin and the entire crypto market are continuing to lack any momentum Which is damaging investors sentiment and making it increasingly unclear as to where it may trend in the days and weeks ahead This is certainly this certainly isn't the first time cryptocurrency has seen bouts of sideways trading this intense But without fell each one typically results in a massive swing that being said It's own it may only be a matter of time before Bitcoin makes a massive trend defining move where it begin Where it begins trending next may depend on the progress surrounding the second round of stimulus in the US as data shows That developments surrounding this are having massive influence over Bitcoin So you guys can see there That that stimulus in the US is Definitely something that is affecting Bitcoin's price. So as they go back and forth in negotiations It is affecting Bitcoin's price. So you have to guys be sure to use a stop losses You want to make sure that when you're in profit like right now for anyone to enter these trades Make sure you're taking profits and make sure you're using stop losses here You don't want to get greedy and then lose out on those profits So that that was one of the the things that we're looking at today and well the last couple days as we mentioned yesterday the next thing in news is Bitmex CEO Hayes steps down following US criminal charges Now this is about the CEO of Bitmex Arthur Hayes He had he is now stepping down following the charges that we told that we told we reported to you guys last Friday was it Where you know, they got hit by US prosecutors and and by the CFTC and the DOJ So Arthur Hayes chief executive offer officer of Bitcoin derivatives exchange Bitmex It's stepping down from his position a week after US prosecutors filed criminal charges against him Hayes is leaving together with other top executive Executives who are facing similar charges? So it looks like some of the people at Bitmex are stepping down We don't know what type of effect. This is actually going to have on Bitmex itself But we do know that a lot of people are pulling their money out of Bitmex currently More than as you can see down here More than 37,000 Bitcoin worth around 387 million left the exchange just 24 hours after the charges were announced So and then over the weekend that became even more they had a drop of about 30% of their Bitcoin Holdings on their on their exchange about 30% of people on the exchange pulled out their money So this is the statements given by some of the Executives and some of the people still in working on Bitmex It says these changes to our executive leadership mean we can focus on our core business of offering superior trading Opportunities for all our clients while maintaining the highest standards of corporate governance. So that was by David Wong They also said we have an exceptional senior leadership team who are all well-placed to continue the growth and development of the 100x group Including completion of the Bitmex user verification program So as you guys know, they they are implementing a KYC basically For Bitmex for so for anyone that's currently in Bitmex I think it's going to be implemented in the next six months. So because of these charges by the SFTC It might speed that up. So Yeah, because of that, I've pulled my money out of Bitmex. I am as a disclaimer I no longer have been trading on Bitmex for the last couple weeks actually Once they made the announcement about KYC, I pulled my money out and Looks like I was ahead of the curve next The aftermath of CFTC's charge against Bitmex math massive withdrawals Fake quotes and more legal action. So this is remaining on the subject of Bitmex So following the charge against Bitmex and its operators the US DOJ filed their own charges against the exchanges for founders and executives for violating the Bank Secrecy Act Immediately after the charges were brought the crypto industry became ablaze with conspiracy theories about why the charges were brought now With fake quotes from Arthur Hayes Bitmex's CEO or ex CEO only adding fuel to the fire as a press time around 25% of the exchanges Bitcoin reserves have been withdrawn. So This number is higher now and probably after this news with CEO stepping down it will get only higher So yeah, as you can see, you know, this is all basic with the same thing the CFTC announced yesterday that it filed a civil enforcement action charging five entities and three individuals that owner and operate Bitmex With operating an unregistered trading platform and violating multiple CFTC regulations Just hours after the announcement The DOJ came out with its own charge against the executives claiming they violated and conspired to violate the Bank Secrecy Act So, yeah, so this just continues on all of that The next thing was the fake quotes and massive withdrawals. So there were a bunch of withdrawals like I said over 30% And and data from SKU indicated that long futures positions on Bitmex have also began unwinding So it's definitely More and more going on with all of that Adding fuel to the fire. There was a series of fake tweets that basically it showed Arthur Hayes telling the CEO of Binance and the CEO of Alameda Research and FTX that the CFTC was coming for them next. So those apparently were fake tweets so Then continuing on the same thing basically the DOJ takes aim at privacy in new crypto framework So the DOJ is basically putting trying to put together a team to figure out. I guess how to regulate crypto Which is kind of what we're all against because they just they're trying to get their hands on on everything basically, right? So in short much of the first section of the report simply provides an inner an overview of cryptocurrencies blockchains Distributed ledgers more broadly and how they've been used over the past few years The report distinguishes between virtual currencies, which are a digital representation of value and the end cryptocurrencies, which it Describes as a being in a subset of virtual currencies that are decentralized and based on blockchains It goes on to explain while its miners and other aspects noting that while some transactions are private and easy to query on the Blockchain some cryptocurrencies emphasize privacy and the DOJ does not appear to be a fan of those currencies obviously So yeah, so that that's basically What's going on there? They're trying to figure out, you know how how to how to regulate and and basically be able to Regulate everything that's going on because they want control obviously as discussed as discussed in part one or what right range of criminal activity may involve or be facilitated by the use of cryptocurrency on numerous occasions The DOJ has used available legal tools to pursue successful prosecutions of such activity It summarizes the US government's actions over the past few years in addition to criminal cases brought by the DOJ civil cases brought by the Secretary and Exchange Commission and CFTC were highlighted such as SEC's case against Telegram which raised 1.7 billion in an ICO but ultimately had to refund investors so Yeah, so this is basically saying that They want control. They want to be able to control everything. They want to regulate everything And I mean for for some of the reasons I understand So further the reasons of security, you know Because a lot of most of Investors in crypto or retail investors and they don't really understand it. They don't know how it works They're basically a lot a lot of people are investing because of height, you know, people are doing crazy stupid things like taking out mortgages Taking out loans You know taking out loans on there aren't on their assets to invest in brick and Bitcoin And a lot of people are losing money because then they don't know what they're doing. So I understand that aspect of it Of course, there's always gonna be criminals that are gonna use anything, you know to conduct criminal activity That's a given But don't just, you know, say that, you know, Bitcoin and cryptocurrencies are just, you know, being used for criminal activities because you have to look inside the financial institutions themselves which conduct criminal activities all the time as we reported a few weeks ago that there was a huge report where Banks, right? Banks were laundering money for terrorists So I mean until you figure out your own thing and within where you have control and you can see everything Like don't eat don't try to come into cryptocurrencies because you can't even figure out your own You can't even handle your own criminal activities So how are you gonna try to come in and try to use that as a reason to regulate cryptocurrencies? So that's where I don't agree with them. I do see both sides of it, but I'm not buying it Now another report As we as we know the UK banned derivatives Exchanges and trading on derivatives exchanges So there's a report that says 97% of people consulted by the UK financial Regulated regulator opposed crypto derivatives banned and It says the financial conduct authority ban on crypto derivatives sells to retail investors has set tongues wagging It is no mystery after a consult consultation process that closed October 3rd 2019 with 97% of Participants opposed to the prohibition the UK financial regulator still proceeded to issue the ban completely disregarding the overwhelming public input so As you guys know UK is banning Retail clients from trading on crypto derivatives exchanges beginning January 6th 2021 And it looks like they did a survey and 97% of people that was consulted by the UK Financial regulator opposed that yet they continued and went forward with it basically It said that they couldn't they concluded that crypto assets are complex and unreliable as reference assets for investments for retail consumers In other news And these are more bullish news, right? The market reacts to squares 50 million Bitcoin by so It looks like square put 1% of its treasury assets into Bitcoin a special breaking addition of the breakdown follows a market's reaction He also discusses a market the market reaction from Coinbase Yeah, that doesn't matter. So it looks like square is which you know, you can buy and sell Bit Bitcoin on their platform, right? You can actually invest in Bitcoin on squares platform Looks like they have actually put a bet a bullish bet on Bitcoin themselves with a $50 million purchase of the Bitcoin asset And then last but not least Bitcoin options volume on CME jumps 300% as traders take bullish bets So it looks like the trading volumes for the CME Bitcoin options surged as traders made Bull call spreads anticipating a rally. So those are two very bullish things in the market, especially this one as people are expecting and anticipating a Bitcoin rally and You know to kind of go with that you see that Bitcoin was green today It is green today and it's pushed up today. So we're gonna keep watching this. We gave you guys A bit of a breakdown on Bitcoin's price and tomorrow we will do a market analysis to see where we're at with that So that's pretty much it guys. We covered all the news we have for you today Tomorrow we will get back to you With a market analysis. I know this was kind of long didn't expect this video to go this long But there was a lot to cover Thank you guys though for watching stay tuned for tomorrow That's basically it guys peace and love as always