 Welcome to Digital Asset News to get top stories in crypto, currency and digital assets and bring down to bite-sized pieces today. It has been a wild ride over the last seven to ten days and this is a new article from Crypto Briefing and talks about does Chainlink scream sell despite all the new highs? We'll get into that in a bit also. Gold and Bitcoin prices pull back as US jobs data beats expectations and this was actually coming but the real question is can we trust it. Also Coinbase has a little bit of a glitch which leads to massive gains and a new wrinkle in the quantum computing and the article asks will this quantum computing break through save Bitcoin and cryptocurrency? This one gets wild but it's pretty interesting. So we'll get into all that but first let's take a look at what's going on with the market. So today it is August 9th it's about 12 o'clock high noon in Texas time. It looks like Bitcoin is indeed has retraced a little bit 11.5 down about a percent seven days but over 2 percent down Ethereum 387 just really couldn't hit that $4 mark I was kind of hopeful but here we are XRP 28 cents watch out tether is tether chain link I don't know what the hell's going on here because because you got tether here and then chain link at six and then Bitcoin cash at five I'm not a genius but I think it goes one two three four five six but what are you gonna do coin get a little bit of a glitch so Bitcoin cash hey maybe that's a fifth maybe the sixth I have no idea Cardano 14 cents up about 0.3 percent and they are going over the whole staking thing over the weekend moving over that proof of stake so hopeful about that but we will see Bitcoin SV sure like coin Binance coin crypto.com pretty much straight across the board except for tasos tasos making a massive run here 14.3 up 22 percent for the week so congratulations like a tasos holders not too shabby and then wow V chain is up another 7 percent and they are looking at over two cents there was an article we talked about yesterday which went over the fact that V chain has partnered up with Italy's big huge pasta manufacturing and how they're doing things with the with the virus and regulation and they're using V chain so pretty big pretty big news in that in that realm and yeah cosmos 24% cosmos holders congratulations to you I don't know any cosmos but I mean someone a lot of you must because you're in the top 20 and not too much down here Digibyte 7% look at almost three cents wow congrats digi bees and the band protocol makes another massive run 20% 262.4 percent for the week and I took a look at band because people kept talking about you know it's another Oracle just like chain link and so on and so forth but I gotta tell you it's it's got three smart people that is the team that I can see I'm not gonna take anything away from they look super smart MIT grads and all those things but it takes more to really make a fantastic business it's not just an island so we will see how it all works out and maybe who knows I don't know if it's actually in production has a main net or just a white paper but a lot of it is speculative I'll just leave it at that anyhow let's break into today's top stories so first up chain link screams sell I mean come on I think we saw that coming there's been a huge massive run-up that's what people been talking about even people that aren't cryptocurrency actually text me like hey man what's up with this chain link I'm like what the heck usually people talk about Bitcoin but here we are so what's going on despite new all-time highs different on chain and technical metrics show that link is ready to retrace and yeah I mean I think it's going to as well am I going to sell and play around no I'm not data reveals that the number of link-related mentions on different social media networks surge dramatically the number suggests that the market has entered FOMO around chain link and I got to tell you I put out a little commentary on the community tab and I said hey you know chain link is one of those projects that it's great to invest earlier on so if you're looking to to get in right now and you really have to get in right now that is a definition of FOMO and I know some of you are like who cares who cares if I get in right now because I know it's going to a hundred dollars five hundred dollars a thousand dollars well maybe maybe it is I don't know but I can tell you just from experience back in 2017 I thought the same thing about everything I was like you know what it's going the moon you can't stop me what goes up stays up and forget all that other stuff I I know what I'm doing and it didn't work out I'm just giving you caution and I know I can be a wet blanket to the party but it's just because I just don't want anybody to you know sit around going man what the heck happened all my money so you can get into it it's all you but I would just tell you what I do and that is just dollar cost average in and I'm pretty boring that's just just how it works this is one of those days when I'm happy that I dollar cost average in months and months and months ago so that's just how it goes moving on the high level of notoriety is not necessarily a good sign according to Dino Ibis Begovic head of content and SEO at sentiment and he states within the next 12 days after a coin claims a top three position on our list of emerging trends its price drops by an average of 8.2% so in the next two weeks he's saying you're going to see on average a drop of about 8% and chain link right here is number one and further into it the analyst what he's talking about there maintains that when the crowd pays increased attention to a cryptocurrency in line with pumping prices then that movement is usually followed by a steep correction and that where we get that 8.2% so we will see and then further down we get the TA so I think if you've been in the channel long enough you know I'm not a big TA person but it is interesting I mean it's interesting they're they talk about the near term future does not look good for the bulls and I gotta tell you not even knowing TA if you have this kind of parabolic spike there's gonna be a correction at some point do I know when that's going to be no the TA people know what's going to be no but they can make guesses and they have percentages and it may be 52 percent yes and 48 percent no so if you're in a TA fantastic just not my thing and a lot of some TA people are really good at it and they're fend and they get you know crazy predictions and they make them right but I'm just not into it any I'm moving on in the event of a correction into the blocks global in out of the money model reveals there is a crucial supply wall underneath this token that could hold falling prices at bay roughly 27,000 addresses had previously purchased nearly 30 million link between $7.60 and $9.70 so what he's saying is that there's a huge support level right now at around $7.60 that's when people you know figured it out and kind of got into it and I'm gonna say I mean I got in there before there before that time when it was the boring time the boring time is when no one's really paid attention to it you're like I think this is going to go well because of all my research and actually one of those things that worked out for me now have I made 100 correct calls absolutely not I have made some losses I have made mistakes and that's just how it is I'm not perfect no one's perfect but I will tell you this I think my good choices will outweigh my bad choices by a factor of who knows 100x 1000x and that's the big thing just find a project you believe in that you believe in the community you believe in the message you believe in the team that's behind it and you believe in what is actually trying to solve and go with that it doesn't I'm not a person that wants to put all my eggs into one basket I diversify as much as I can in the cryptocurrency space and those are the ones that I have actually purchased Bitcoin, Ethereum, Chainlink, Cardano, EOS, VeChain, Pezos those types of things and I've talked about why but that's just how I have it. Anyhow moving on the GIOM cohorts show that the next considerable support barrier lies between $370 and $4 here over 26,000 addresses are holding roughly 15 and a half million Chainlink so you're looking at $760 have a drop below that now we're looking at around you know $5 $4 $370 and I got to tell you this is the power of dollar cost averaging you just like I said you get into a project that you believe in you don't dump everything into it at that point because you never know it could go you know massively down and I bought at around $3 and if I could have dumped all into that but it went down to like $245 and then I you know next week I bought into that and it's the same thing every single week on some cryptocurrencies I buy them every single day on others I buy every three days and others I buy every seven days it just depends and then right now I will probably scale back a little bit as the parabolic you know rise goes up but I will always DCA and that's about it and then people say you know well you should we should sell and take some profits well I could and I could do that and I definitely might think about it but right now I'm just focusing on the long term where are we going to be in the next year to three years and that's my vision and I will and of course I'll say this it's a lot less pressure I mean it's a lot less pressure when when you dump everything in because you're like okay I think this is where it's going to be I mean you can dump in $500 a thousand $10,000 $100,000 and just hope it goes up but when it doesn't you're like ah man and there's that feeling that pity your stomach like shoot I should have done that and I've been there and I know it so that's why I don't do it anymore that's it so to finish up it says still there's another crucial fundamental metric that indicates trouble and this one was concerning the number of new daily wallet addresses joining the network has been declining while prices have been trending up so what's going on there and here's my final thoughts maybe these new wallets are not being created but maybe it's like people like me dollar-cost averages who are slowly accumulating more chain link more cardano more what a potato foot whatever it is and you know like I said like we're buying it every day every three days every seven days or whatever else it is and our wallets say pretty much stagnant and because I mean we're not creating new wallets I mean I could but I don't see the point so that's one of those metrics but it could be the same thing where hey you know people are just buying this up we're not getting new people in and we will see how it all works out so let me just think of the comment section let's move on so next up this was uh concerning but it made sense gold bitcoin prices pullback as us jobs data beats expectation so at the time of the writing this is from frank chaperot at the time of writing gold was trading at 2000 over 2000 dollars an ounce down from 2100 on thursday after the release of better than expected jobs data the us labor us labor department uh non-farm payroll report noted that us or the us added more than 1.7 million jobs surveyed economists by Reuters expected 1.6 million new jobs to be added as reported by the ft so they were expecting 1.6 they got one they got 1.7 i gotta tell you i don't see how this is possible i just do not see it how this is possible in the economy that we have we've had like between 33 and 44 percent of small businesses either saying that they are closing or will close because they cannot deal with what is going on with the current economic situation so if you have all these small businesses closing where the jobs coming from i just don't know and the department of labor has done some tricky stuff in the past so i'm just not sure that i believe in those reports wholeheartedly that's all i will say on that moving on traders have been piling into gold as fears stemming from uncertainty around the global economy and mounting central bank debt make inflation hedges more attractive as for bitcoin it's down more than 2 percent after closely touching 12 grand late on thursday and i gotta tell you this is what i've always kind of seen it as the economic downturn happens and we have this this economic prospect of the of the quack economics or what is known as quantitative easing or money printing and the policy is just totally out of whack and if we and if we go down that rabbit hole and we keep printing and printing and then we maybe even go to like negative interest rates i see that as a huge huge advantage for golden bitcoin because people need some kind of stability and like well this is crazy this makes sense over here i'm gonna get golden bitcoin silver and i can see that why i can see why that that would happen so when all this all these things were happening it was awful to see you know some of my friends get laid off some of my friends businesses closed down but i mean it is awful but on the flip side i mean i saw all of you do very well in this cryptocurrency market because you invest in the right things so that's how i feel but it's not just me it's also you know pretty smart guy in the space mike novogratz and this is from i always play this uh clip if you if you've heard it just fast forward like two minutes but this is from unchained podcast this is laura shin she is a legit journalist she has a lot of smart questions and she is in my recommendations and in in my uh the description of every one of my videos i have a recommendation for all the different channels that i recommend and right now or get a little bloated i've got six so far but unchained is definitely one of those that i definitely recommend so i mean she's got a lot of great information a lot of good people on her show and is it's one of those ones i try not to miss and she's had some great guests so on this one she's got raul pal she's got mike novogratz and uh she asked she has a pretty smart question like so what's it's going to take for bitcoin to really go up but i'm wondering like so what is it that's driving those decision makers um like what is it about bitcoin that makes them think that this is the investment to make now during the time of the coronavirus is it just as simple as like bitcoin is scarce and we're about to see unlimited quantitative easing or is there anything kind of more it's just that so people ask me all the time i bought more gold yesterday even and so i hope i own gold and silver as well but why bitcoin versus gold if you want to buy gold there's 16 different ways to do it it's very easy and you to pick up a new buy an etf and so there's no adoption curve in gold where bitcoin they're still an adoption curve right a small portion of the institutional world has participated yet and so as that adoption grows you've just got to jacked up upside versus gold you've got to jacked up upside versus gold meaning that bitcoin or um digital gold is uh the whole thing behind that so uh yeah i think the more unfortunately the more economic problems we have the more different failed or or horrible policies that we start to create and i don't know if they're horrible but uh i mean the future can't be great so i see more people getting into bitcoin and gold as those things start to regress so speaking of bad policies let's go on the next article so this was actually sent to me a couple different people had said hey coin bases having problems right and uh first i want to say thanks to xrp crypto wolf he's one that sent me the one about gold bitcoin and economic policies so thank you so much for this one so jimmy g said hey there's another problem with coinbase and this is more my my complaints about coinbase is that uh they seem to break down at the most inopportune times uh one of these times right now is uh when chain link was going up dramatically and that's a bummer and this also happened in march when there was a big dip and it seems like when when bitcoin or some other type of big cryptocurrency starts to make a move it's like ah sorry we can't do that so i don't know how many billions of dollars you need to fix that glitch but i think coinbase has more than a couple of those so hopefully they can get that under control but what had happened was as chain link was going up the price on coinbase stayed at the same so it was around eleven dollars even when chain link was like twelve dollars and something cents or thirteen dollars or whatever it was and that is a huge advantage for people who want to play arbitrage so they'd actually bought that they bought chain link they pumped it off of of the exchange into someplace else and then sold it like crazy so yeah that's a bummer so that's not good uh coinbase i mean i always talk about this in my um exchange google spreadsheet these are all the ones that i use and i can only tell you that coinbase i will only recommend them as an off ramp when things get crazy for the parabolic bull run so as these things start to happen hopefully they can get under control but uh yeah i don't it keeps happening so what are you gonna do anyhow just be careful out there and uh stay safe and last up well this quantum computing breakthrough save bitcoin and cryptocurrency this is from the delhi hodl i like their their website but i hate it because i cannot do any kind of markup so i'm just going to read this as a as i remember it there's a new computing breakthrough that just may save bitcoin this is what's going on researchers are following the development of a new measure known as latice-based cryptography that promised to make crypto technology more quantum proof reports mit tech review and listen to this this is where it gets crazy latice-based cryptography may neutralize the massive compute computational capabilities of quantum computers by hiding data inside complex geometric structures that contain a grid of infinite dots that are spread across thousands of dimensions that sounds like a great dmt trip but apparently it is science and technology so there was always this this big conversation about well you know when quantum computing comes in it's just going to break uh bitcoin and cryptocurrency assets because it'll be able to just you know unlock everything and my argument was this uh if that actually happened and quantum computers were like normal like a uh you know just like a tablet uh the the least we'd have to worry about is digital assets that would mean that all the different banks thought the entire globe would just be open because everyone like well don't need to use their password because we have these quantum computers so here we have a situation where there's something on the horizon and this leads me to my point about what we will see as far as cryptocurrency assets moving forward i always go back to the internet because we if we look at the internet days we can take a look at what's going on here back in the 90s when i was in high school because remember i'm old i can just tell you this uh when the internet came out we had no idea what it was uh we had no we knew it was all about information sharing information but we never thought that the governments would let it happen we thought that the governments would shut it down because if we had those information at our fingertips then you know the all the governments would crumble and and it would be like peace on earth and everything else well that didn't happen but i will just say this that is that when you have these different aspects coming about as far as the future people don't know what's going to happen like can you imagine in 1993 if someone put a post for a job like we need someone to do seo services and we need someone to do google ad words and we need someone to do uh you know facebook advertising they're like what the heck i wouldn't know what any of that stuff is that makes no sense it's the same thing right here with crypt with cryptocurrency assets all the things that we there's so many things are going to change that we don't even know what they are yet so i mean people can they can kind of guess at it and see what it's going to be but we don't know so the best thing we can do is just kind of take a look at all the different assets out there and go okay what does this solve and what can i'm doing in the future but i can guarantee my bottom dollar that one of the biggest digital assets probably hasn't even been created yet and it's just on the horizon and we won't know it until it pops up so you know we'll see what happens but that's it for today's video so i want to say thanks for for hanging with me if you've noticed in uh a description of my videos i've had my recommendations and uh i added one more uh today uh it's a alex uh mascule if you guys don't remember alex mascule i had covered him in one of the coin desk articles where he talks about this was the occ uh this is about uh you know what a couple weeks ago or so about uh crypto custody as far as like uh banks go it was really good and i was looking for uh his youtube channel and i came across this one which i'm going to share with everybody the rise of stable coins uh with with thai.io ceo josh frank and it's a really good uh video i actually post this in one of the community tab so if you have time take a listen to that uh i think alex is one of those guys that he's one of those institutional guys who bring some of the smartest people into the space just like laura shinn does so i'm going to definitely recommend him and then go from there i gotta tell you this recommendations uh list is uh is getting pretty bloated so uh somebody may drop off but all these guys right here on gal's uh i listen to uh at least every couple days or so so if you got time check those out i'll link with the very end and also i want to say thanks to all my members who have signed up if you don't know there's a join now tab at the bottom uh you don't get anything special when you join it's just kind of like a tip so it's like a buck 99 and everybody signs up i used to random shout outs uh i used to charge more but i thought that was just stupid so uh random shout outs elie karchoff lentel zapien david davin griffis sam keats and sergeant crypto who also has a youtube channel check it out and also dj dj hauser that's a good one crypto swords stevia jono and uh paul jordan so for everybody who has signed up i want to say thanks and uh that is it for today's video if you like those types of videos there's gonna be two ones gonna pop up on your left and right also i have no control over the scam ads or ads that you see so do not blame the messenger you have a problem go to youtube uh because i have no control of the ads they pick them uh they're in control and that's it for today so thanks a lot for watching see you on the next one