 Welcome to digital asset news like a top stories in crypto and bring on a bite-sized piece So today quite an interesting day in the crypto market and the real question is why is there such a pullback in? Bitcoin and cryptocurrency, so we're gonna talk about five different reasons everything from maybe September is a bare month Maybe it's people taking profits and other things also There could be a connection between the El Salvador government making Bitcoin legal tender and also a little liquidation and panic selling and risk Basic all-in-all good old-fashioned manipulation and then finally we wrap it up with a little bit of good news So before we get into all that let's just take a look at what the heck is going on with the market So today as you may have guessed already We're looking at a mark cap of down a little bit of about 11% at 2.08 trillion Let me just take you back down memory lane and remember when we were at like 1.3 trillion just a couple of months ago 1.2 trillion and all of a sudden at 1.7 1.8 2 trillion 2.2 3 and 4 and now everybody's crying about a 2.08 trillion market cap look It is what it is It's very Volatile and that is what we are all into and I'm gonna talk today about why this actually happened and Some good news on the horizon. So just stick with me anyhow Bitcoin price is around 46,807 and which was down from I think around 50k 51 case around there But this is the big thing and we're using trade the chain which is sentiment analysis Which does all the scraping of all the different websites and and a direct API integration into Twitter and everything else and Disseminates all this information gives us a sentiment score And what we're looking at right now is an average daily sentiment of 42 over 100 Which is what it's been for like the last two or three weeks But I want you to notice something and this is what makes there's a big Disconnect here between what is happening and the sentiment going forward the Bitcoin daily sentiment is 81 over a hundred and again if you're looking to use trade the chain as a link in the description looks just like this Just click on there and you can check it all out So when we talk about this daily sentiment look at this this chart sentiment analysis And you can see the price is in blue here And then the green is the daily sentiment and you can just see over a day even over seven days The sentiment is still rising as things are going down. What the heck is going on? Well, really what it comes down to is that people believe that this isn't the right price And there's a lot of people out there that not only feel it but know it and understand it that this price is not correct And that's the whole beauty of cryptocurrencies and digital assets So let's just break into it huh and just talk about what is going on and why this all happened So first up we're gonna talk about this really quickly. We did a video a couple days ago Didn't wasn't very popular and Every time I every time I talk about something that's negative it doesn't get real a bunch of popularity and talk about hey Hey September could potentially be a pretty bearish month and and in the past Statistically historically that's exactly what we've seen and we took a look at just the the monthly Candles as far as what is going on as far as in September If we look all the way back here and let me blow this up so you can see what I see So we go all the way back to September in a very bullish year, which was 2017 It was actually a Bearish month, but then look what happened green candle month through candle month through candle on a wick all the way up to Almost $20,000 2017 now 2018 We also had a pretty darn bullish month in 2018 But it was it was a it was a bearish excuse me a bearish year because that was crypto winner And then we kind of flipped a little bit in 2019 where we saw it Go a little bit in the red and then green red red green kind of like not making its mind up then all of a sudden 2020 We had a green candle in July green candle August then another red candle in September of 2020 And then all of a sudden bloom off the races and the same things happening again And we're seeing that so that is just one little piece of the puzzle and we take a look at here And we see that yes, there is it was going along pretty well and then this big huge Red candle for the hourly and all of a sudden boom and then red again and wicked all the way down Gosh, that was pretty low and then it's just rebounded pretty well And then green candle a little red next hour green and red as we flip flop back and forth not a big deal And then real quick. Let me just pick take up and see where all the coins are and what is actually doing pretty well So a theorem is down at 3400 cardinals 240 in the last 24 hours looking at 15% for criminal 12% for a theorem everything's down except for Solana Just crushing it 8% not really caring what the heck is going on baller then everything else is just down around the board so That's essentially what we're looking at. Maybe it's just September is just one of those months What's going on, but I don't believe that's what happened and that leads me to my next point So I put it out on Twitter and I said, you know what maybe it's just a big profit taking day And I put this out in the very early morning before all this Massacre or reds red zone had popped up. I said look brace yourself Everybody's taking profits September is one of those months and then people in mass said no, this is not right It's not just people just taking profits and we're down two three five percent. We're down big time Supernova says and he just he gave a very good chart like look at this. This isn't taking profits That's not what we're talking about and then people talked about could be a coincidence El Salvador time to tax harvest They're trying to crash everything out and this isn't taking profits This could be panic selling not a good month for leverage positions everything card to come come about I'm like, yeah, that all makes sense. So could it be just one thing? I don't think it is But I think that there is a main indicator as far as what's going on which leads me to my next point El Salvador so in here This let me blow this up again. This is a I'm gonna always butcher his name. I am Bukali I think it's how I say he's the president of El Salvador and today is the first day that They're going to allow Bitcoin as legal tender and on this day and he went to the IMF and Said hey, I need you to help help us out Like nope. This is a bad policy. We're not gonna help you World Bank. Can you help us? No, this is bad policy and we've got a lot of connections. We want to do it We don't think this is wise and we're just gonna send the sidelines I don't think they really sat in the sidelines too much and The president of El Salvador comes out and he goes look Let me blow this back up again We're buying the dip. This is four hours ago We're buying the dip 150 new coins are added and then he goes on to say this this is pretty funny It appears the discount is ending Sad face thanks for the dip at IMF. We saved a million dollars in printed paper El Salvador now owns 550 not 400 Bitcoin now we own 550 and we'll probably buy some more So look if the president of El Salvador comes out and it's like look We don't know what happened here, but it could be this or this if the president of a country goes You know Something doesn't seem right and he says something. Maybe just something to consider so that could be another reason and then on top of that There was also this little nice little Snippet where I said this is from Alistar Milne says bitfinex I how I say his name bitfinex is down due to a huge DDOS on their services So there's orchestrated attacks that are going on for all these exchanges So even though the price is dropping you really can't get in and save yourself Because all these exchanges are being attacked for some reason and people can't get on what's going on So it's like you're getting hit from all different sides. Is this normal? Is this just people just taking massive profits and little stuff? No, probably a part of it But not a big thing, but if you add all these little pieces, it's looking a little scary about what's going on Not scary. I shouldn't say that I should just say it's looking very transparent about what is going on So we have those types of things and then we also have something that looks like this Flash crashes profit taking liquidations panic selling it all adds up to a loss overall The quill question is what are you doing about it? And this is from Friends of the show CJ CJ Reichel and he says this is total liquidations and right now It was over a billion dollars in long liquidations people do in leveraged trades and just thinking that they can beat the market And they want a little bit too long I don't know why you'd go along in September. I think it's kind of like up in the air I don't think it really work, but a lot of people got liquidated and You know since the exchanges were down It's kind of hard to do some stoplosses and all those things. Maybe they worked out Maybe they didn't but a lot of people lost a lot of money So this just kind of pushes people to this like oh cryptocurrency just off or whatever else It's not cryptocurrency. It's not digital assets It's people behind the curtain pulling little strings doing whatever they want to do because of what is going on now I'm not saying that that is what it is. I think it's a combination of everything I think you've got September just being a red month potentially. I think you got people taking profits probably I think you got people going just panic selling go holy smokes. What the heck happened over there? I got to sell Definitely and then I think you got these attacks against the exchanges going back and forth And here we have and then people get liquidated and then guess what all the different Bots on the exchanges that follow bitcoin Well now they have to sell because everything is going down before you know what it's a cascade effect And here we are so it really doesn't take a lot To sway this market in any way shape or form, which is why I'm not a big fan of trading I'm not a big fan of doing a bunch of things I'm just a fan of Dollar cost averaging and just being an investor just sitting back going You know what if it is what it is and if it goes down Well, I have my points where I think I should actually buy back into and that's Pretty much where we go to it from that on top of this. I will say this people were complaining about Voyager the voyager app going ah voyagers down again, even though it connects a broker connects a bunch of exchanges But what I did was I just updated the app in the in the app store and it worked just fine So if you were having problems with voyager to get in just update your app They had a they just push a new update to it and it works just fine As far as like the other ones What are we at? Bitfinex and some other ones. I think coinbase went down shocker Day it is what it is. That's how it goes So that is the bad news and I will I will leave it up to that for you to decide What you think it is, but these are all the things that could potentially be Do you panic? Do you look at it and go? Oh my god? I got to get out. No, and I'm gonna tell you why in a second but CJ there First of all, thanks CJ for Spelling out the liquidations. I'm gonna be on uh CJ Monty and John the gerian show the daily crypto bite tomorrow and the reason why I want to go on there So much so was because uh, it's not just the ta. I'm not a big ta guy But I like to to watch and see what's going on It's about john because I believe there's a little bit of manipulation going on and john here You're probably seeing him on cnbc on all the different uh talks Uh shows not talk shows but uh different financial shows where he just talks about options and trading and what's going on in the market Real smart guy. It's been around for a very long time sold one of his companies for like close to a billion dollars and uh John knows a lot of these big-time players. I'm not saying he knows any medium I am f for the world bank, but he knows a lot of things that are going on behind the scenes And uh, that's why I want to talk to him tomorrow about what he thinks about manipulation So if you would like to watch that, uh, it's over at uh, uh, market rebellion their channel And I will link that in the description also just follow me on twitter I also tweeted this out just set a reminder and i'll be there because I can guarantee All three of these guys know a lot of it. What's about what's going on now What's going to happen pretty soon and potentially what to do and nobody has a crystal ball But it's great to get the most information from everywhere. So definitely check that out, uh tomorrow. So that is Essentially liquidation panic selling a little bit of good news and there's a little a couple more things I want to talk about which was this first of all Thank god for solana and scent token. Uh, my portfolio has been buoyed by both of these now sentiment token. You have to understand I'm super biased and everything I talk about here because I own it on a lot of it. So uh sent in solana Yes, they did pretty darn good in last 24 hours Take a look at those then also there was a little snippet about seven places That uh want to want you to spend your virtual currency So when we take a look at these little price actions like in the grand scheme of things, who really cares look at I mean besides the l salvo I don't know what's going on there look in switzerland Uh in september they have other zug was the first and supposed to want to take tax payments in crypto Saying would accept bitcoin ether from 2021 also in miami. I mean mayor suarez He's uh big into crypto and is also doing a miami coin and he's also doing a lot of things for to help uh to pay workers For in in cryptocurrency Then in canada the town on innisville north of toronto became the first game of municipality To accept bitcoin as a method of payment for property taxes in 2019 If they held on to it. I can only imagine just how much they've actually gained just holding on to bitcoin since 2019 I can tell you it's a pretty good amount in the bahamas. They had this one thing called a sam dollar a cbdc china really doesn't count but they are doing the cbdc So I suppose and then in iroby, uh, kenya each week everybody's issued a virtual voucher with foreign kenyan shillings They can use to buy goods underpinned by a blockchain based currency on top of all the hedge funds and off of all the regular banks on top of like shop Dot com on top of paypal who's going to actually use cryptocurrencies for all their merchants who can spend it So there's a lot of good things going on in the crypto universe and just remember this And this is the last thing I want to talk about When in doubt zoom out and it's the basic thing that I I stole from diddy from the bitcoin family Go check out his his youtube channel But he says big rob he goes if you if you're stressed out just just zoom out right so this is what's going on right now Oh my god, it goes down and it goes up and down everything else right that's in 24 hours Let's take a look at oh, I don't know seven days looks pretty good Still got that blip right there, but now let's take a look at a year Just zoom out Look a year ago That's crazy $10,000 I had to really look at that. I'm like what 10,000. Yeah 10,000 bucks on uh, September 2020 So just remember that and then we had this big big Spike and down and up again and this little tiny spike or this little drop. That's what we're going through Now let's take a look at the max look at this Let's just go over here when bitcoin was a a whopping 1200 bucks in march of 2017 And then this was this huge run up when I got in and man We were excited and then everything went down and now we're all the way up here And down a little bit and then back up and then again This little tiny piece, which I can't even show you because it's so small That is what we're dealing with and that is what is going on And that is why there's no need to really worry when in doubt zoom out. So look, that's it for today So, uh, hopefully that eased some of some of the fears and the and the tensions. This is not financial advice or financial opinion I could tell what I'm gonna do just gonna hold on and uh, keep buying. Hopefully it goes lower But I who knows Michael or might not I could really care less and that's really it for today So thanks for watching all the way and I appreciate it. If you like the video give a thumbs up consider subscribing That's all for today, and I'll see you in the next one