 What is going on ladies and gents welcome back to Bitcoin daily today? We're gonna be doing a market analysis Well more more like market news and an update on what's going on today on this bloody bloody Monday as you can see here So let's just jump right into it the crypto market lost 22 billion in the market cap today with over 90 of the 100 top Crypto assets plunging in price and going red The price of Bitcoin fell under ten thousand four hundred, but it's currently bounced back up nicely here But we did get a decline of about four and a half percent within the last 24 hours Before this bounce back where it now it's down only three point sixty nine percent I know a lot of you are gonna be anxiously looking on with March 12 On the in the back of your minds at that time Bitcoin suffered a two-day price plunge That saw crypto assets lose over half of its value in two days The Black Thursday market crash was not only felt in the crypto community But throughout traditional stock market and equity markets as well And it was in large part due to the surging in COVID-19 pandemic now a similar trend is appearing to be playing out today with the Dow Jones and The S&P 500 falling due to fears over the ongoing pandemic in a potential second wave So you guys can see here. This is Dow Jones. It is down today 629 points or 2.28 percent and The S&P 500 is down 57 points or 1.74 percent Um, so you can see all the news here on you know what people are reporting Dow tumbles 800 points as corona fears mount Um, and then also this is the other thing we're going to cover stocks tumble on big banks roll In a money laundering report So and then also fears of stimulus delay So there's a lot of things going on today guys on this Monday and that's why um, it's been such a red day today, so um Earlier this month bitcoin suffered one of its biggest slumps since march while it recovered a bit since then It appears now that the last few days of the month may be as ugly as the first of the month for crypto If not worse. So as you can see here the beginning of this month Where are we? This was when the drop so september 3rd was the big drop right here And then we slowly just kind of you know bounced around here until we finally started moving on up and then now boom another drop So, uh, we'll get more into that in a bit As far as technicals go bitcoin failed to break through the 11,000 resistance After finishing near 11,100 on saturday Um, it's been downhill since then for bitcoin over the last day though the the it is still over 10,000 which is a very main support level and we're also using the this fibonacci retracement support right here at 10,400 All right, so Now you guys already know as bitcoin since it is the king of the market As it goes so does the rest of the crypto market So the rest of the crypto market is similarly suffering today ethereum the second Largest crypto asset by market cap fell by more than 10 percent Today before stabilizing around 345 and it's currently down only 7.40 Newcomer polka dot also Dropped about 14 percent today earlier today. Not only down 10 percent. It did drop below that four dollar mark It's currently at 412 Other than that, uh, finance the finance coin dropped about 10 percent today So each coin is currently at 23 dollars And which is about 12 less than a day before Uh, it's current it's currently at 10 percent though So it has the market has been slowly bouncing back a little bit. Um, but we're still pretty big Uh on the red side right now If we look at the defy market Um, let's look at some of these here Uh chain link one of the hottest coins of the year. It's dropped by 11.6 percent Um, year in finance It's down 14 percent right now. It was down as much as 25 percent earlier today Uh, it went all the way down to 21,900 Uh, um a and av both down about 20 percent today And uh uniswap, which is a new popular coin. Everybody's talking about right now It's the the hottest thing on the market for the past week Uh, it's down about 12 percent and it's evil clone sushi swap Uh, it's down about 11 percent. So they've all Uh climbed back up a little bit, but still all in double digit losses Um, just like in march the crypto market slump appears to be highly correlated with traditional financial markets Panicked investors caused the Dow to drop by almost 800 points earlier today While the s&p and nasdaq dropped over two and a half percent Both indices are currently at july levels. Uh, so that's key to know right now Why let's go jump back over here While a variety of factors may be affecting the market two important ones may be responsible first is the Boom this right here We have we've been getting news today About COVID-19 That there is a surge in cases and That it might prolong the global recession overall. So, um, this is this is one of the things that uh Was it has been affecting the market overall today um, and the second thing If we click over here, uh leaked documents from the financial Crimes enforcement network published by buzzfeed Has revealed the ways in which banks and federal us regulators have failed to prevent more than two Trillion dollars in dirty money from flowing through the financial system guys This is the whole purpose. See people say that bitcoin is for criminals guys Read this article. They say that bitcoin is for criminals that criminals use bitcoin No, um, the biggest criminals in the world are banks guys. You guys need to learn this stuff Um, so that's definitely the kind of thing that makes people a little nervous about where they're putting their money Um, and it's definitely affected Um, the prices in the stock market today, which also affects the Price for bitcoin. So as you can see here, if you scroll down this article money from drug cartels organized crime marines corrupt leaders Money that funds terror networks bloody wars and human trafficking all laundered clean The banks don't stop the money and the government doesn't stop the banks So If you guys go on to read this article It says thousands of secret suspicious activities reports offering a never before seen picture of corruption and complicity And how the government lets it flourish. So as you guys see, this is why bitcoin is needed so badly In this world because of things like this. They try to hide it Because they want control over the money and with bitcoin. They cannot control Uh, you know the money they won't they wouldn't be able to do these things with bitcoin um So as you can see here, if we look at the technicals of bitcoin for today As you can see we have gone up and uh, we dropped down to the fibonacci point six one eight level Um, and that is the current support for now If we do drop below this, um, there is no support until about 10 000 10 000 is the first main support and then after that is the next fibonacci level Which is 98 45 So those are the next levels to look for if we continue this drop Um, I'm hoping and I'm thinking that we hold here But as you saw before we can drop lower So you just have to be ready to play on both sides Regardless of which way the market decides to go just have trades set up in both sides If we do bounce back up then, uh, we're looking at targets of about 10 600 and 800 which is this fibonacci level right here Um, and if we go beyond that then we can look at targets where we were at before which is 11 000 and 11 200 So those are the levels we're currently looking at Everything else is red and I'm not going to go over all the other charts right now because we did that yesterday You guys can check it out. I mean yesterday's live stream. It is on our twitch channel. Um, I didn't post it up this week or today because Because we had such a big move in the in in this direction And I wanted to just kind of cover everything that was going on and why this move is happening right now so, um I hope you guys enjoyed this I wanted to make this video a little bit different and I want I I wanted to do some more editing in the video But my video editor isn't working. So I had to just you know Make it happen like this. If not, we're just gonna keep waiting until I could get that fixed Um, but that's pretty much it guys Uh drop any questions you have in the comments And I will try to answer them, but definitely check out those articles that I pointed out for you guys Uh, let's do a question of the day Let me see where where is my question of the day? page Here it is So as you guys know over here the question of the day Every video will have a random question about something in the video The question will always be in a random area of the video Find the question then find the answer post your answer in the comments for a chance to win a free month membership to our trading room But remember winners are only picked randomly once the video receives over 30 likes So we need to get those 30 likes guys. If not, we can't do the giveaways um So I did not write a question of the day Let's uh, let's see. Let's see. I'm uh, I'm uh, it's gonna be I'm gonna keep it simple What is the next? poor area for bitcoin below 10,400 very simple guys. That is a question of the day Just go ahead and drop the answers and that's it man. Thank you guys very much. Have a great monday peace and love as always