 What is going on ladies and gentlemen happy Monday and welcome to another episode of let's talk crypto this is episode 26 and We have a lot to talk about last week We kind of didn't do an episode. We'll get it. I'll get into a little bit of that But first let's welcome our co-host for today and every day that we do this the BTC queen How you doing today queen? Hey, doing well doing well. Can't complain. It's a beautiful day here in Medellin, Colombia I took a trip this week So get a good view of the mountains. It's a beautiful city overall. So it's it's really nice here actually There's actually a bustling crypto community There's there's this place called the Hash house and they have this this thing on the wall and it says crypto the real crypto valley is in Medellin It's actually really cute. There's a lot of people who are interested in impacting the world with cryptocurrency and Sustainability is a big thing here. So it's actually pretty cool. Nice. That's amazing. Are you practicing your Spanish or crypto Spanish over there? Well, no, he mostly will ask me from Colombians like they're like, oh, are you from here? I'm like, no, no, I'm Dominican Yes, I guess I mean, you know, we did our Spanish show, right? We speak Spanish like relatively well I think just sometimes the that's why I asked words Specifically is like wait a second. But yeah, for the most part, it's it's pretty straightforward conversational Spanish is Not that hard. It's funny. There's a lot of expats here. There's a lot of gringos Right, they like to call it even though a lot of Colombians are light of course because there's a lot of European influence here But there's Spanish schools everywhere. There's like hostels and co-working and it's quite funny So it's very modern. It's a very like popular city for you know, people to you know, come and Live and it's like it's office. It's beautiful. Like it's it's It's definitely received one of the top cities in my book, you know, Miami is home But at the same time, it's not this. Yeah, that's that's amazing. Yeah That's that's why I was asking though because that's we did the Spanish show together last year Which was pretty fun, but it was a Eye-opening experience. I think for the both of us. Yeah when we tried to like Explain crypto in Spanish and use those technical terms and all that like it was like learning another language for me because I Literally had no idea. I had never used probably a lot of those terms before those technical terms So I think it was a very eye-opening for both of us So I wanted so I was asking if you're using some of that those skills that you acquired That's awesome people understand very well, so right it's it's good. That's amazing. That's amazing Yeah, so so if you guys don't know last week I was out of town and I made a big mistake unlike being unlike the BTC Queen who is as you guys can see very well prepared I Packed up my laptop last week because I was planning to be able to you know to work while while I was away And I packed it up. I put it on the couch and As I was rushing I walked out the door left the laptop packed on the couch with I left it with my phone charger my phone charger was in there my Watch charger was in there My my cologne was in there like it was a multiple things It wasn't just my laptop, but everything that I put on the couch. I basically left so because of that Yeah, we weren't able to do a show last week. So I definitely apologize and I really wanted to because The week before is when we had that massive massive drop in Bitcoin where it dropped 17% in a matter of an hour It did it has retraced a bit and we'll we'll get a little bit more into it later on but right now Looking at the price of Bitcoin currently sitting at twenty six thousand one hundred and fifty dollars Let's see if maybe while we're live here with the show We can help pump out pump up that price a little bit So so yes on today's show We're gonna be covering a lot of different things including the news of what the BCC with the BTC Queen of course a market analysis with myself and We're just gonna kind of take in over Overall look at Bitcoin see what's been going on in the markets overall in the last seven days And kind of catching up with that. So let's go ahead and dive right in as we As I switch my monitor here Hold on. I'm a little rusty as you guys can can see there we go So as I switch my monitor over currently looking at the weekly time frame here and here you can see the massive massive move down on Last not last week the week before so two weeks ago. We had the massive move to the downside which broke the big trend line that we were following since all the way back in November, so We'll talk a little bit more about that During a market analysis, but you can see exactly here what what played out what occurred here So let's take a look at the rest of the market and see how that's been going how it's been affected as well As you can see here over the last seven days Most most things over the last week have been flat for the most part. You'll see a couple things up But I don't think there's anything crazy here at least from the top 25 standpoint Let's go ahead and look at the top winners and losers the top can gainers and losers from the past week So the biggest gainer is roll bit coin here Up 19% over the last seven days ton coin that's up 11% Dydx up 10% Sui up 6.3% and near protocol up 5.8% And then on the biggest losers we have Pepe down 16.9% so there's been some drama in Pepe like I think I feel like there's always drama in Pepe But it's been some drama in Pepe I heard that one of the original holders That invested in the project cashed out like 54x or something like that. Yeah Yeah, so I heard quite quite a bit there and I'm just like Yeah, there's been some some crazy some crazy drama that I saw that I saw on Twitter You know regarding Pepe so I think that's for the most part why it's down here 17% over the last week. We also have Caspa down 16.2% Thor chain down 12.7% and Q coin down 9.4% looks like prices dropping on Q coin I don't know if you I think you know about it that they're going to be a restricting the users now you're gonna have to Basically, you know reveal who you are. You can't just be anonymous anymore So I think that's what I'm doing that in January like January 27th I'm not mistaken. That was like the last time you can do transactions without the KYC on wild Yeah, so I take this into anywhere in July. Yeah, so this was the second month ago I think there's some sort of deadline because I keep getting emails from them saying that I need to KYC by The 31st of this month, so I know I've seen So I don't I don't know if it was for like level one or maybe there's a another level of KYC I'm not sure I have it because I've been so busy. I haven't really read their emails But I remember looking we're just kind of skimming it over, you know anytime I get an email from exchange I'm like, oh what's going on? So I just kind of skimming it over and And it's saying, you know By the 31st I had to I don't know what so I mean like I like I told you before I have I have documents as a resident from a different place the digital document the digital passport So I'll be able to to KYC using that But but yeah, I got to look a little bit more into it this week to see exactly what it is that's going on there So, um, yeah, so it looks like real quick Yeah, because on July 15th is when they had released the policy originally saying that it was like mandatory for KYC it may have been like for new users anybody who starts signing up as of July 15, but now it seems that Effective on the 31st, okay, they have their Enhancements to do identity verification procedures that seems like maybe it's for being like cold users as well So Yeah, that's that's what it seems Yeah, that's what it seems that so it looks like if you had tried to sign up for Kucoin as of the 15th You were subject to KYC and if you're a Previous user as of the 31st of this month They will be required to submit Identification and Face verification so they have a face verification thing now kind of like my name for you take a picture And you do the thing with the date Yeah, that's what it seems like it is so on top of sending your Information Like your passport or whatever you also have to send face verification. Gotcha. Gotcha. Okay. That is definitely good to know I will definitely have to be doing that If I if I decide to continue using Keep calling but I hate KYC. So we'll see we'll see what happens there So, yeah, so let's let's let's continue looking here at What else we have so let's move on to the economic calendar And on the economic calendar this week, there's nothing that I would call crazy that could break The markets the biggest things here. We have the jolts the job opening report tomorrow You know, I don't think it's gonna be too much is gonna make too much of a difference as far as you know movement in the market We have the core PCE Again, I don't think unless it's something crazy I don't think this will bring too much volatility into the market or you know anything insane And then on Friday, we have the unemployment rates and non non-farm payrolls So again, none of these events are going to be bring huge volatility into the market Now the one event that will it will be in two weeks September 13th. So that's when we get our nicks and our next really big Event on the economic calendar, which is of course the inflation rate What is going on with the inflation rate and then because that of course is gonna directly affect September 20th when we get the Fed interest rate decision on that Wednesday, so September is definitely going to be an important month for for us Coming up here, and we only have four days left in August. So Yeah, we gotta we gotta be watching what happens during starting with the inflation reports because that's going to probably You know dictate what might happen then with the Fed interest rates right now if we look at the target rate probabilities the market is expecting 80 percent chance of Interest rates staying still And being being paused for September, but you know that could change depending on that inflation report So that's something to definitely keep an eye on that now that won't be for another two weeks. So We just got to kind of wait and see what happens there During that time. So let's go ahead now and jump into the the news with the BTC Queen Awesome. All right There's there's quite quite a bit of news that you missed last week because we didn't do our show including like Jay said the 17% drop in Bitcoin There wasn't too much crazy stuff going on except for the market dumping things like Elon Musk Supposedly selling off a bunch of shares and reasons as to why these things could have happened now In recent news Which is I think one of the more important things So we've seen pretty much what's happened with tornado cash and things that have led up to it There has been another co-founder Arrested which is now released on bail Roman Storm has been arrested on the 23rd of August and was released on the 27th The government is saying like hey, you were helping launder money So the DOJ is on him for Reportedly laundering or helping launder over one billion dollars in elixic funds now the interesting thing to note here is that The two main I guess developers that were gone after Which was you know now storm and before that we saw in the Netherlands His colleague was arrested There's only been two developers that have been pinpointed, but we're talking about an entire team of devs here Which is like wildly unfair. What's what's happening and how they're getting pinned all the blame now of course, you know You start with the people who have the idea, but you know, this really brings into question like Our developers responsible for making tech Is this their Fault, you know It's it's quite interesting, you know I was like thinking about these things whenever we would see like Mark Zuckerberg or You know Jack Dorsey and court and you see them on the DOJ and they're like hey your social media platform Like somebody can't just kill themselves on there and live streamer and it's crazy how these guys get they I mean they try to implement You know artificial intelligence for the most part to try and catch some things keywords blah blah blah because there's Millions of users on these platforms and it's like kind of insane and that's that's basically the same the same things that you apply to like these Basically decentralized platforms It's just it's just absolutely wild. So I I'm really interested to see what kind of like comes from these cases what gets deemed as the overall I guess verdict when it comes to developers and Their ability to put stuff out there without we scrutinize or will they be scrutinized and will they have to Not build Cool things anymore Yeah, so so really really interested to see what happens there because it's it's quite the Quite the scene what's happened so far in other news There is going to be a new crypto tax filing in the United States. Yeah, of course It is called form 1099 da. So the idea for this form is for Individuals who are reporting on taxes to make sure that they are in fact reporting the correct information and that they are not Avoiding any tax reportation. So basically we saw that in the past if you had cash out or moved around $10,000 on a crypto platform exchange That information was reported IRS well now for the most part Any new information on users and sales and exchange will be reported Doesn't matter how much it is it seems So this is this is something that goes back to 2001 there was a Infrastructure investments and job act which was basically expanded to include this new Ruling that would subject digital assets to reporting the same information as stock brokers do for stocks and bonds. So this is pretty much Same things that are applied to the stock market now bleeding into, you know crypto and blockchain technology So I mean that's that's pretty much it for the most part and supposedly this will help them Generates I think around $1 billion in revenue Now this Rule and you know thing Goes in effect for 2025 for the 2026 filing season, so it's It's being I think it's being pushed right now. I don't think it was like quite past but the idea is to implement it moving forward Which I mean it seems okay It seems like it will give sufficient time for companies that are doing these things to like actually, you know get their things together Because I'm sure there are is going to be different platforms and things that need to be implemented to like actually like push this forward But yeah, supposedly it will also help people Not have to do complicated Computations when coming up what's owed for taxes supposedly So it seems that it seems a little broader than just like hey make sure you pay us It seems that they're gonna make exchanges implement certain programs and like things in the back end to keep track of You know basically like the buys and sells properly without having to look at everything on a transaction for transaction basis. So That's happening That is that is definitely It's getting it's getting wild You know, I I'm just I'm interested to see how how they're able to keep up with it if they can barely keep up with You know everybody that doesn't Disclose their taxes You know outside of crypto right just working people are just working regular jobs and not disclosing taxes all these people Getting paid under the table not disclosing anything. So I mean, right Yeah, we'll see what happens there Definitely interesting. I mean for the most part because this stuff is in fact Done on centralized platforms It is much easier to pinpoint these people because it's already like, you know, you got to do KYC It's a centralized platform, etc now, I think I think the work around this and I've had I've had a Friends who have told me this, which is you know, I think is crazy And I would never do this personally, but I know people who intentionally put their Private information like social security numbers and all this kind of stuff on the internet For it to be exploited and used So that when they do sell off their crypto That wasn't me. I don't know who that was. I don't know who's using my information. There's a bunch of people using my information That wasn't me It's it's insane, right? It's like how do you it's just like you have like the worst credit ever because I mean There's just people trying to make credit card fraud on you like left and right right like, you know It's it's like you can't even buy a house To like subjugate you to those standards But of course if you're just operating and like let's say cash all the time then I mean these are things that you know I don't know they start to get questionable because if you just have a bunch of cash Or if you're buying things in like Bitcoin like you still have to you know put in certain information down when you're buying a house so it I feel like You know activity like this would be caught up eventually to anyways because it just it's just not gonna add up over time You know, it doesn't make any sense So, um, yeah, I thought that was insane. I heard over her to conversation one day and I heard someone saying that I'm like, are you nuts? Yeah Yeah, I don't know about that. I definitely I definitely would not do that No, don't do that. Nobody do that. This is not financial advice for the little guy. Don't do that Yeah, no, it's like it's like you can't function as like an individual, you know Like like the world pretty much revolves around a credit score and You don't have one and you don't claim anything ever and it's it's just like some someone's gonna launch an investigation into eventually and like You're gonna end up going to jail Those are my thoughts, but yeah, any who don't do that guys so moving on to black rock which has been deemed as a Wolf in sheep's clothing For the most part in the industry most most people have been reminding Individuals in the crypto industry, you know, this this black rock CEO is coming in and he's saying all this nice stuff But remember he is not one of us So there's their latest stunt black rock is a major shareholder in four out of the five largest Bitcoin mining companies Which would include riot blockchain marathon holdings Cypher mining and terror wolf which Hey, I'm very bullish for that because these these market caps Um are actually like quite small for what they could be, you know in the future all these mining companies have under a two billion dollars worth of Holding which is really really low considering that the stock market is a multi trillion dollar market And now these big players are getting a piece of the pie on the stock and bonds side. So You know again These are major mongols We're very strategic and investing So please do watch out And I agree with a lot of the people's, you know outlook on saying hey, you know, these people are not our friends Like yes, it's great that they're looking into, you know, bringing in new money bringing in new clients. How Um, you know, it's that's great. But at the same time, please do remember these people are not our friends And um, you know, I I say that whole heartedly because we've seen so many con artists within our industry So many have come in and out and and have like just like It doesn't make any sense. Everyone was super happy when Gary Ginsler was coming in because oh, he was an MIT professor and he was talking about blockchain in his class malarkey Yep, okay. I remember those days You know, it's it do like like please be cautious about who we evangelize with me in the industry because it's not top It's not great when things go wrong and hit the fan. So just please be mindful of this again Welcome black rock. Thanks for for, you know pumping our bags, but We'll see So, yeah, the newest uh lawsuit by the sec, which is kind of funny So the sec is through your company for selling NFTs Claiming that they can be classified as a security uh I never thought I'd see the day But uh guys man, this is why verbiage is so important and this is why lawyers Have degrees because what you think something means doesn't actually mean what it means. Um, like laws are very Specific and manipulative in the way that they use a lot of this verbiage. So it's very very very Very important to be careful with what you say and for the most part We've seen that if you say anything like promising gains or return or insinuating profit These things are extremely harmful to a project and Are grounds and legal cause for you to be sued So in this case, um, there was a Entity called impact theory who is supposedly violating violating the securities laws Because they are selling NFTs without proper registration Where and they don't have exemption By you know the sec or whatever to sell you the NFTs. So they raised about 30 million dollars and These NFTs were pretty much like founders keys. Um, as they said this was back in 2021 And basically these NFTs were going to provide exclusive context content and benefits From impact theory. They were claiming that they were going to be the next disney yada yada yada So pretty much the sec is saying that they were promising investors that they will profit from their purchase if the company is successful Um, you can't say that, you know, like You can't promise people gains and that I think that is very very very clear Now I'm sure I don't know who impact theory is but I'm sure That this was, you know, some company which they're out of Los Angeles some newbies who said Oh, we gotta, you know come in and we're gonna do whatever And they were just nonchalantly releasing willy nilly If they if they got a lawyer to look at this then I mean they gotta they gotta get their money back because it just insanity um Yeah, you just you just can't do that guys. Um, very very it's very very clear whoever came in and did this They were a bunch of crypto nubes because I mean I I feel like people who know have been here long enough just to not Not entertain that stuff. So friendly advice not financial advice Do not launch anything and say that your investors will profit Um, without it being a registered security because We're not gonna do that Um, it's funny. That's like I I feel like I haven't seen any I guess younger labs labs was getting sued But not necessarily for the sale of NFTs more for like, uh, I guess price inflation or or manipulating price So I haven't seen a lot of any NFTs companies being accused. So this this was a pretty unique case Um, yes, the first one I see like that. That's crazy Yeah, I know I haven't know it's that was like, all right. This is cool So, um, let's move on to not so great news Um, but you had fair warning. So on uh, august 23rd Balancer the d5 platform had informed its users to withdraw money from a specific pool because there was Vulnerabilities and there may be an exploit. So a couple days later Um, aka last night or yesterday depending on where you are in the world Um, nearly one million dollars were extracted from these places that they say hey, there's a vulnerability Um, so unfortunately, uh, there was about a million dollars loss I don't know if they can uh back trace it or you know, figure it out for the most part Um, but it is kind of crazy that uh, even if you're I I guess Exchange d5 pool provider tells you hey remove your money people will still just Eat their money there now to be fair. Maybe these people Didn't know or they didn't hear about it. Maybe they didn't see the email Yada yada yada This is a very good example that goes to show that whatever you have your money invested anywhere It doesn't matter where You need to pay attention. You can't just leave it there. You can't just forget about it. You can't just be like, oh whatever you can't do that because You are at much higher risk of Losing it if your money is not in a cold storage wallet You mean to be on top of it. This is why people have asset managers wealth fund managers People who are actively washing their money because If you're not going to do it somebody does and that is The bare minimum, you know, you can do when when doing this kind of stuff so Sorry for those who lost their money, but you should have been paying attention um So this one's real quick ftx has uh removed. I guess there are claims portal. Apparently there was a breach by one of their compliance Slash people who check their things called uh parole um It's really funny how How there's always like a everyone wants to you know Okay The internet is very unsafe And like the more I see these things like hacks and breaches and I mean companies from ftx all the way down to like Excedrin and Expedia and all these others like it's everything is just super hackable Banks even get hacked all the time. Um, it's just it's actually just kind of wild It's kind of wild. I find these things funny, but um, if you had access to that portal, you are no longer able to use it And last but not least, um, major crypto players are sending it. Um, aka JP Morgan is calling a bearish Stock market. Um, and they're saying that the bitcoin dips will not last very long That there is a very bullish market ahead. Um, yeah, I was like, all right, uh, that's Different. I mean, you know Despite the fact that JP Morgan has their own blockchain and their own, you know token that's launched. Um on their private chain They've always been very bearish when it comes to reporting things about the market. Um, and now They're trying to pump it Which is kind of funny. Um, and you know makes me wonder if it's further wonder why They're trying to bring in customers or if they're trying to You know, I don't know what's going on there, but uh, yeah I thought it was quite funny, but uh, yeah JP Morgan is trying to pump the market along with black rock and uh, everyone else it seems. Yep Well, I have some uh, some somewhat of breaking. I don't know how breaking it is, but it's breaking to me Some breaking news So, um, I just I just saw this. Um, just in youtuber bit boy Ben Armstrong has been fired from his company bit boy crypto Citing financial damage and substance abuse What? Yeah Yeah, I've heard about this. Um, you know, bit boy actually used to be a junkie like a long time ago. Right. Um last time I saw him I And you know, it might be because of all the stuff he was facing with court and all this kind of stuff He looked a little neurotic. Um Overall, he's a pretty like nice guy, you know, he has a family etc. But you know when people are under pressure That can cause him to crack. Yeah for sure. I wouldn't be surprised if That in fact happened. Um, if he was under a lot of pressure and it caused him to go under Which is actually kind of sad. Uh, and this is this is the hard part about being a mainstream influencer Being somebody who is online all the time being somebody who is, you know, always adhering to their fans um, it's really tough And that that's one of the reasons why I kind of like backed off from influencing one because I was kind of Weirded out by people like saying big like Queen and public in the middle of like a shopping plaza I was like, whoa, um, and then to You know, just the scrutiny that people are you know Put under the pressure It's it can be a lot and you really need to be prepared for those things and have the ability to kind of like disconnect From, you know, I guess what's real and what's not. Um, and a lot of people You know, they take the internet very seriously And yes, there's other people on the side of those keyboards and other people on the side of the things that you know Are being said but at the same time you can't let those things affect your personal life um Yeah, it's I'm not surprised and honestly, so I I saw two things. I saw that he left and I saw that he was fired um It doesn't matter which one's right. What I do think is is that he stepped away and I hope that he Continues to have some distance while kind of um, I guess going through whatever he's going through In efforts to Find some sanity Yeah, I saw um, I'm trying to find it What what what was that? Um That he had like a there was um Yeah, there was this token that I don't know about this token because I saw that there was this thing about um Controversy around a supposed token there. So there was this bend point. Yeah, so I found it. I just found it here. Yeah Yeah, it wasn't made by bit boy, right or it was made by ben. It was made by another someone else, right? And He was basically trying to buy out the tokens market cap. Right. Um with that bend not to rub The entire thing and for it to fall back on ben armstrong, right? Um Because I it's something about them launching it together. I think was was the the deal So like I don't know what's been the latest on that But there might be a possibility that it's correlated to um, you know, a rug pole or you know, just misunderstanding around Um the token So I I would speculate that much. Yeah, so so he so there's another page called join ben coin And uh, and he tweeted as a reply He said this is ben tj shed and justin williams have attended a coop at my company just confirming what is going around It's true. There has been a mutiny at bit boy crypto and hit network, but it won't work They have no leverage until they can clone me. I have nothing to worry about. That's what he tweeted So tj. Oh, yeah tj and justin tj was one of the um, I guess he would be like his like, uh, camera slash uh Manager kind of guy um Yeah, I don't know what's going on. I mean, they were all buddies and I you know for the most part um from what I know about ben um Because he is who he is and um, usually people become prideful sometimes and um I don't know he again that pressure that pressure becomes a lot. It's just crazy I don't the part I didn't understand is how can he how can he Be kicked out of his own company like did he was he not the majority? Depending on how it's you know set up, right? Did he did he not have majority ownership of his own company? Like that's Potentially. Yeah, that's kind of that's kind of weird So like the thing is like hit network for example. Um So like bitwise his brand which that that itself is a little strange and like if he decided to monetize it And uh put equity behind it and all that, you know, whatever. Um, but hit network is a Multi conglomerate network with different influencers and and stuff around, you know, cryptocurrency in general So that one I can see that one makes sense. Um The same saying that Ben Armstrong has been kicked out of bit boy. That's that's a little walkie. That's exactly That doesn't make sense, right like so they have control They just have control of his twitter his youtube like all these things that he created himself He built from scratch from nothing like That's very He's always had like people managing him though, right? Um for the longest uh when I when I met him before, you know, he was big He he had his little posse like so I wouldn't be surprised if it's just been set up this way from the gecko, right? Yeah, well, that's definitely some strange news, but uh But yeah, that's that's something that that could happen. I guess If you don't have complete ownership of of your, you know, everything that you're doing So something to definitely to to, you know, pay attention to if there is anyone out there, you know Trying to create a brand or anything like that Make sure to To always keep Ownership because I know they're saying things about the substance of abuse which could be true But again, we don't know the story that that could easily easily be a way to turn, you know, the audience and his own, you know Audience basically against him. So his own community, right? So, um, So I don't know. I'm not gonna, you know, we're we're gonna we're never gonna really know probably what the real story is There so I just hope If he is going through any uh issues like that, um, you know, I just hope the best for him that uh, he gets resolved if not I still hope, you know, the best for him and and hopefully that that those things get settled um, but uh Oh, this is this is kind of breaking as well Apparently if you have a coinbase account your wallet may show up as zero. It's just a bug. They're working with it. Okay There you go guys breaking news. Well, we're live, right? All right guys, so um, so I think we're we're done with the news. Um Now we're going to jump into a market analysis Now however before we jump into that if you guys have any questions about anything that we've either covered today Anything crypto related make sure to drop it in the comments If you're watching live right now and we will go back after the after the market analysis We'll we'll read those questions and give give you guys some feedback or some answers on that if we have answers for you If you're not watching live if you're watching this after the fact or if you're listening on uh on the podcast No worries. You guys can still get your questions in every sunday afternoon. I'm put on posting up on Instagram bitcoin.daily um for you guys to send in your questions so you guys can uh do it that way and uh Then when we do this the live stream podcast, then we we go back take a look at it and answer some of those so No worries. You can whether you're watching live or after the fact you can still submit your questions So, um, let's go ahead and jump right into the market analysis here that we're um Excuse me that we're doing today. So Um, we're let's start off here on the weekly chart as you guys know We've spoken about this a couple times here and we're we're gonna start here um, but the the main thing here and if I swap over to This one here is that we this is one of the scenarios that we looked at here um, which was a double top scenario And I told you guys if you know as long as this scenario was valid Right, um the double top target was around $23,000 And we went down uh during this last drop depending what exchange you look at it at We went down as well as Almost exactly $24,000 Um, just above it. Um, but if you look at some other exchanges, there's there's I know that bybit went down to $23,000 below 24,000 because of there were so many liquidations and all that that affected the price of bitcoin. So Depending where you're looking at it. Um, this is a scenario that we spoke about a few weeks back If you go back and look at those videos of those live streams, we did talk about this one. So That's why we always try to try to look at every different scenario from every standpoint, you know Even though we are overall bullish on crypto long term It is good to to be able to see all the different scenarios. Um, that's going on within the price chart Because you never know what could happen that could send the price, you know on a downward spiral like this one Um, so if if you don't know why exactly what triggered this, um, there were two things that happened On the day that this happened on two weeks ago, right? So, um, the first thing was Evergrande, I don't know if it's pronounced evergrande evergrande. Whatever it is Basically, uh, the biggest real estate developer in china Uh filed for bankruptcy. So that's the first thing, right? And this this is not too much to do with crypto per se, but this is more, um For the overall economy, right the macro economy That this was already affecting the market, right? So this was already putting some selling pressure on bitcoin and then what basically, um What was the last straw, right was there was a report On an article from the wall street journal Saying that they they looked into space x's with space remember spacex is a private company company Is a privately owned company by uh by ilan musk They said that they looked into Uh, spacex's financials and that they saw that spacex sold over 300 million dollars worth of bitcoin Now this has not been confirmed Um And it has also hasn't been denied So we don't know what the truth is and we probably won't really find out unless ilan musk himself or you know Someone from spacex comes out and you know confirm or denies this story But this is what the story was and basically what ended up triggering this this massive, uh drop to the bottom so Now I don't know what the idea behind selling after the fact that you know If let's say if it was true that um spacex did sell over 300 million dollars in uh bitcoin What's the use of selling now that they because because that means that they already sold What's the point of selling at this point, right? So I don't know that that's just kind of weird. Um It's always weird when there's a report that oh x company sold this amount of money Then everybody like oh my god if they sold I should sell too, right? Like You know, it doesn't make sense But that's pretty much what happened. Uh, there's a big push down and then what happens when there's a big push down There's basically a cascade effect for liquidation. So people that that were in long positions got liquidated and that You know sped up basically the the cell pressure And uh is what causes a massive meltdown of of this Basically dropped 17 in an hour before we're tracing back up a bit So, um, that's the main thing here that happened over the last two weeks Which causes massive massive, um hit on bitcoin's price. So Currently we're sitting at $26,165. Um, and we're closing out the month of august, right? So for the month of august right now, we're down 10 10 and a half percent. So we're down 10 and a half percent for the month. Um last month in july We were down 4 percent, right? So, um, now we're entering september and now With september, it's always been tricky for crypto and for bitcoin if we pull up Historically, um, what's happened during um, septembers in the history of bitcoin? Um, let me pull it up here Here it is. So let me just pull this chart up really quickly This is september over here. It might It might be a little, uh Pixelated but um, just focus more on the color than anything else And you'll see that, you know, if we're looking at bitcoin's entire history since 2010 is when this chart started tracking it September has always been a Pretty much a red month for bitcoin. And if we look back over the last one two three four five six years It looks like it's been a red month for bitcoin overall. So, um Pretty much, you know, we have to prepare for Possibly some further downside, right? Um, if we look at, uh, this chart here You can see bitcoin monthly returns again same thing. Um over the last one two three four five six years We we've seen september has been read for bitcoin overall Um, and on average bitcoin's price moves down five percent during september Now there has been some months where there's been massive moves to the downside like um in 2011 It went down 37 percent 2014 down 19 percent. So that kind of skews it off a little bit I don't think we're seeing massive massive movements like that right now. Um But you know, just kind of to get an idea, you know last year we were down, uh three percent in september Right the year before that in 2021 down seven percent in 2020 also seven percent So just kind of to get an idea. I think if we have a down month, it could be somewhere in that range where, um You know, we could potentially have, you know, a five percent month like this this month remember we're down 10 Oh, it looks like I disconnected Oh, it looks like we're back. I think, um Um Yeah, you had to cut out for a little bit there. Yeah, it looks like I got disconnected and then we came back Sorry about that But basically what I was saying here, um if if bitcoin's price closed out right now, um the month where we're currently sitting at And we went down the average five percent that'll put us around that 24 to 25 thousand dollar range Um for bitcoin So I mean it is possible because what usually if there's a move down Usually what happens is similar to to the one that we just saw Where there's a big move down and then it retraces back up, right? There's like that relief rally Which is basically what's happening right now and then consolidation period. So, um, are we gonna get another big move down? I I don't know. I don't think so, but it always is a possibility Because if we're taking a look at the liquidity levels right now, there's massive liquidity levels to the downside as well And they're sitting at that 23 thousand dollar range So that's something else to keep in mind because That down there is not only the the uh double top target Uh for this pattern, but there's also the majority of liquidity right now is to that downside and as you guys know Market makers and the price loves to go to where there's the most amount of liquidity Because if they're trying to fill their bags without Without moving the price too much. They're going to be looking at To get the best price by moving prices down towards the liquidity areas. So, um, that's that's It's a it's a big thing that we're going to need to be watching there to over the next couple weeks and going into in september most of all and You know, that's probably going to be driven depending on what happens in the next few weeks with as far as news Any current events? Unfortunately, we cannot predict them Uh, the other thing is going to be uh That economic overall the economic calendar. What's going on? So the inflation rates and all those things and then the final thing is uh fed They're going to be talking throughout the month leading up to um the interest rate decision Again, that could you know lead for a possible move to the downside if they do decide to raise interest rates again So that's something that we need to really be paying attention to over the next few weeks here so Looking uh for what we could possibly see as you guys can see we lost a big uh The big trend line and the only way to gain it back We'd have to basically close above 29 000 at this point Which could happen, of course, but um, you know, I I'm thinking we're going to be consolidating here for a little bit um, what I'm what I've been watching here As far as to play is in that 25 000 range There's been a lot of support. So if you're looking to take a long possibly in that 25 k range Uh as close to 25 000 as possible Um, I would probably be starting orders around that 25.5 k range. So 25 500 I probably open an order a long order there Then uh, if we got close to the 25 000, I'd probably open a second one And then I'd have my stop loss probably just below 25 000 around 25 000 750 ish or so um, depending You know what what's going on with the price action overall. So um, that's probably a Long short term day trade that I'd be looking to take. Um, as you guys can see when it's hit that 25 000 area The price has been bought up and once again here been bought up Um, if not, and if we get a push to the upside the reason I'm not I'm not looking for shorts right now Is because we've pushed so far down That I don't want to take a short here after this massive move down Right, we could see some type of relief rally to the upside here Then if there's a push to the upside to a resistance area, then I might be looking to um at that point Um, you know short, but right now there's I don't think there's any any good short opportunities Currently where we're sitting at um this this right here. There's 28 000. It's $26 000 area That was uh, that's a Fibonacci level Uh, it was a previous support could be could be playing as a resistance now here Um, so we'll have to watch that then that could lead to you know to a drop down to this level down here So, um, these are all things that we're watching but right now for me, um, the only play really if you're really and this is again This is not a high probability play either. Um, you know, you're you're gonna be taking, um, you know that risk for There's not a lot of upside right now unless we break up above this 26 300 Range that we've been kind of stuck under. Um, so if you're buying at 25 500, you know, you're you're pretty much aiming for Um, a five to eight hundred dollar move there Um to be taking profits at so Again, not a big move. So if you're taking any risk on this probably very very small risk here, um I would more likely be uh, using this time here anytime. There's big moves like this My my the best thing that I think that you can do is kind of is uh dollar cost average So dca So I think that's probably the best thing to do with with these massive massive moves to the downside I love at these times when everybody is afraid everybody's screaming. This is the end Etc etc. Anytime there there's big news events that drives prices down This is my favorite time to dollar cost averaging um to my positions to my for my long term bags because Eventually this will probably is going to bounce back up and then you're gonna look back and be like I wish I would have bought at that price. So again, this is not financial advice. This is just what I'm personally doing myself um because this is These are my favorite times to buy is when there's big a lot of fear coming into the market when there's a lot of you know people selling When there's a lot of that doom um Kind of sense within the the markets. Um, it is my favorite time to buy for sure for my long term bags Now, of course, I'm not putting huge lump sums in. I'm just uh dropping dollar cost averaging weekly at that point. So um, that's pretty much how what I'm seeing in the market right now how I'm playing it and what I'm going to be doing this week Of course, if you guys want, you know Day by day what I'm doing, uh, you guys can join the discord. The link is in the description below. So now, uh Let's go ahead and talk about Let's do the q&a guys. So, um, I asked you guys to send in some questions I'm gonna take a look here at uh at the comments to see if we got any questions And I'm a look of course at instagram where I posted uh for some questions as well So let me pull that up really quickly All right, so I pulled up instagram. Let me take a look in the comments here to see if we have any questions Let's see, um all right, so Of someone called forex trading asked Do you have a telegram uh group or channel? um So I used to have a telegram channel, but I moved it to discord. So um right now I I've been getting reports and messages and dm saying that um that there's a telegram channel Currently running under the bitcoin daily brand. Um, and that is not my channel guys. That is not me So if you guys are in a channel where you're getting updates from someone called bitcoin daily on telegram right now It is not me So, um, I did get a yeah, I did get a few people. Um Asking that that brought that to my attention. So, um, if you're in anything like that, it is not me Um, let me see. Let's take a look at what else, uh, what other quest? That's the question we had here on the youtube comments If anyone is watching live right now, feel free to drop another question in there I'm gonna take a look now at instagram um So someone asked Rodrigo asked why is bitcoin following the stock market instead of being a different value reserve as it was intended btc queen, uh, you have any any thoughts on that? um, so guys, I think we need to remember for the most part, um In terms of like finance and like total like market cap value uh, bitcoin is still relatively small And everything follows each other in this sense. Um, there has been Several instances where, you know, bitcoin hasn't followed the stock market Even though technically like has like, you know, we talk about covet and we talk about, um, you know, like what happened in 2020 when bitcoin ran up And uh, eventually hit um that, you know, 60 thousand dollar range Um, but there was also stocks like zoom that went up very very high. Um, so because of the, um, money being, uh, you know Being heavily concentrated in certain places slash, um, the money moving between the asset markets, uh, and, um, markets like, you know, bitcoin and, you know, everything kind of revolving still around, um, you know, banks These things will correlate um, and that's just how it's going to be until, um More money is going more money ends up in the bitcoin market for a long term. Um, so that's just how it is It is this way because it just is Yeah, and and also remember that, um It is still a it is still considered and in the basket of a very high risk asset, right? So the the thing is with high high risk assets are very volatile, right? So, um The way that investors and institutional players the way that they play the game is that when There looks like there's going to be downside when things are looking very risky They take they pull their money their funds out of high risk assets that could lead to um and and High risk assets is anything from things on on the stock market like tech, right? Like tesla, for example Um and things like crypto and bitcoin. So, um, you know When they're when they as they pull out money from high risk assets The the prices tend to fall and that's why then when when things are looking good for high risk assets They tend to put money back in it. So, uh bitcoin tends to also flow with the overall economy Because again, it is part of an it's in an economy, right? It's part of an economy. Um, and because it's very volatile It's a high risk asset. So because of that when people put money in or out of high risk assets It affects the price of bitcoin as well. So hopefully, uh That helped and that answered that question Let's see. Um See what else here? Um I saw one that I wanted to to say here. All right. Here we here we go. We got, um From OHP guy. He says, when do you think we'll go from consolidation to bull run? What do you think? One more time. What was it? When do you think we will go from consolidation to bull run? Ha, that's a good one. Um So definitely not before the halving. Um, we still got some time before we see like major moves happening So the halving as of right now is uh targeted to be April of 2024 Um, there's going to be the slight, you know price increases and the Uh positive direction for the most part. Um, that's usually what happens historically. Um, followed by, um, you know, massive sell-offs and Um, accumulation periods from these miners and um, then that pretty much triggers things from there so And you know something interesting is happening. So did you see that they were uh, did you see that? COVID is picking up again, Jay? Yep Yep, I saw that. So they are remandating. Um, I think minus is what it is and I honestly I wouldn't know about this unless like Like my brother sent me this and somebody else told me and I'm like, what is this? What is this nonsense? We're probably going back to this. Um, so Yeah, there there seems to be Between that and the upcoming election season, there seems to be a notion of civil unrest coming soon. Um, supposedly Now these are things that are, um, I guess Grounds for People to lose trust in the government currency and lean on alternative currencies, which is also something that can signal a run So there's there's a there's a few things in play here. Um, I think between the years like late Mid to late 2024 into 2025 that's going to be when we're gonna see some stuff like really pop up um, so yeah, that's that that's my uh That's my um range for where I'm targeting. Yeah, I'm pretty much the same thing Um, I think we're just gonna probably continue consolidating. Um, you know, maybe towards the end of the year see see a move up Um, you know, nothing nothing crazy yet, but see some sort of move up back into the 30 000 range potentially into Past where we currently have been that 31 000 dollar Potentially up as high as I think I had my resistance around third between 35 to 38 000 dollars Was was a big zone of interest a big point of interest So I think between now the end of the year that is an area that we could potentially move up to But for like to actually like break up and break out to the upside. I think uh, yeah, that's gonna be next year 2024 2025, um, you know Going up to the halving and post halving And uh, and that's historically what bitcoin's done. So I think 2024 2025 That's when we need you need to have your bags loaded by then Because if you decide to buy if you're waiting for prices to go lower and they don't and you're gonna be You're gonna be looking silly in a year from now. So, um, I think it's a great time to dca personally my personal opinion Um Because it's it's only a matter of time before things take off and you already know when bitcoin takes off It takes off So, uh, you've I know a lot of you guys have been around long enough to know that to see that But if there's any newer viewers on here that are newer to to uh, the cryptocurrency space and bitcoin Yeah, when when that thing starts moving it is going to move. So don't sit there and wait for a breakout to to happen Um, I would say dollar cost average and just sit back and relax. Enjoy the ride Don't try to focus too much on trying to time the exact best price to buy bitcoin and focus on us What what's that saying? I'm trying to think of the same Timing the market versus time in the market. So, um, I think that's that's definitely something to to keep in mind Um, so we have we have we're going to take a few more questions here from uh on the in the comments Um I we have j money. He said, uh He was oh, he was asking about a bit point a bit boy. What's the height behind? I saw he was going to Dubai I'm not sure. Uh, what all that was about. I did hear I did hear something about that He was going to move his company over to Dubai. He was moving to Dubai. Everything was going to Dubai Obviously, there was already something going on with the brand at that point. Um, is what it looks like, right? Yeah, that I had read. Yeah, I don't see his family just moving to Dubai. Right, right, right So that was that was one of the things he was tweeting. I remember a few weeks back Um, he was probably there was probably already Already things going on within the brand is what I'm thinking Um before he got removed or fired or whatever the case is Um, so we have uh 300 rivers here. We're going to take two more questions one from 300 rivers I appreciate you tuning in this guy has always tuned in here and uh, and then the last one from jay money. So Uh rivers says Can you touch on the topic of white papers and how to read them? I get dizzy every time that I attempt to get through one So, um from your experience or do you have any tips or Anything like that? Uh, when when diving into white papers. Have you done that a lot? Yeah, you're back. You're back Did did you hear what I said? I've heard some about white papers. Yeah, so he uh rivers asked Uh, can you touch on the topic of white papers and how to read them? I get dizzy every time that I attempt to get through one. So, um I want to I was asking you You know, if you have any tips for how to dive into a white paper because I know that can be Overwhelming. There's so much words, right? Um, so many things so many details so much weird language. I think as well Um, and have you do you have have you, you know, do you often read white papers or anything like that? Yeah, so I one I try to go to the light paper if they have one because white papers can be uh overwhelming and over consuming Now, uh in the world of chat gpt Did you know you can just plug in a white paper into chat gpt and tell it and tell it to dumb it down for you Yeah, um, there's very specific things that you should look like look for when it comes to white paper And that would be a token distribution um, I guess Roadmaps in terms of the technology and like what the technology is like looking to achieve and looking to pinpoint Um, some people like to look at the team and see uh, you know, if that team has any connections to Uh, whether it's you know government officials or um, you know previous like, you know experience at google stuff like that because Now that expands the network Of uh possibilities for partnerships and different things in between when it comes to white papers So I those are probably the things that I would focus on um, and I would look for things That um are kind of just like red flags in society today like promising You know profits and like stuff like that because that is a likelihood for a company to one be a scam or two Be subject to uh sec scrutiny or whatever in the future. Um, even if it's not within their jurisdiction because we let we we know that um The sec uh goes Has has no borders is what we'll say. Um, when it comes to these things because apparently US customers get into every asset everywhere So those are probably the most important things that I would say you should look for when it comes to white papers And reading them, you know, just initially You can look at the white paper, but um, obviously try to find a white paper try to identify the tokenomics And try to identify things like the team their affiliations and uh, so on and so forth. Yeah for sure I very pretty much the same answer. Uh, more or less Um, the first thing that I'm looking at when I'm looking into a project is, um, what's the utility of the project? What's the purpose of the project? What space is it in? Is it an upcoming space? Upcoming trends is it something that's kind of already been passed on? You know, is it at the end of it? Is it too late? Um, what's it its competitors look like? And again, what's it it's real world utility, right? Um, so so first it that all has to make sense then I'm looking. Okay. So, um, what's the team right who's behind it? Who created is the team anonymous is the team? Um, you know ky seed, right? Um, is a team, uh, what's their background? Like why are they Why would they be a good team, right? So I'm looking, you know, what their previous experiences if if they've worked on previous projects How have those projects done? How, you know, have they been successful? So those are a lot of the things I look at. Um, I think when I'm looking into a white paper And then after that I'm looking at, uh, uh, again, uh, token distribution Um, and utility, right? How how is the token being distributed? Right? Was it a pre-sell was a a, um You know back then it used to be, uh, what what were what were they called? I don't remember anymore When they used to do the pre-sells Ico's there we go. So back back then it was Ico's. Um, now now they're they're doing like, uh The fair launches, right? So you got to look at all those things. See how See how much is being distributed to the team? How much is distributed to its partners or or Serious a series b investors series c investors and then what that token unlock schedule looks like right? You want to know when when are those token unlocks going to be available? Because there might be a lot of selling when there's token unlocks I'm looking at your at your camera right now and you look like an angel with a light. You're so bright. It looks like the sky's just Yeah, so so you you definitely there's a lot of things that you want to look at Um, and I think the main thing that that that I usually focus on is token utility um the team And token distribution and and and all of that like uh market cap as well is very important Is it a is it a token that is going to that has inflation or deflation? Those things can be very important as well because if it's a token and a lot of tokens work this way where they have inflation Then you know, the the token is going to basically be unlimited if it's unlimited That means over the long term it's going is going to be going down So um, we've seen that in a lot of projects. So um, that's what you got to be careful with all those things. Um, and uh, and see how See how that all works out and that that's basically how I start When i'm looking into a white paper I want to know those things first and then from there on then i'll start looking at you know The rest of the project, you know, depending on what it is is going to have a lot of different things going on. So um And and partnerships is another thing, you know, if they have big partnerships or big backers big investors back in the project Um, that's always been a telltale sign as well um of a put a potentially really really good idea a really good project, right? If they have like a team like binance or coinbase ventures or um a 16z, you know, they have one of these really really big companies, uh um, and I did a video on this That um, that is made an investment in in one of the investing rounds That's usually also a good sign. So I want to look for for those things because these companies these hedge funds have Successful track records as well. So um, these are all things that I kind of pay attention to when i'm looking at a new project so hopefully We were able to answer your questions and give you a little bit more uh an idea of what to look for I think I think the main thing you should do just set up like a checklist type of thing to try to try to keep yourself organized Set up a checklist of exactly What what it is that you're looking for? Um, and set it up like that, right? Like okay utility of the token. What's the utility? What's its real? Real world use case Doesn't make sense to you, right? So kind of take note on that then the next thing, you know, okay Token distribution. How was it token? How was the distribution of the token? You know, then uh, the team who's the team behind it then the next checkpoint, uh investors Who's invest the investors behind it and kind of, you know, go like that And I think that will make it a little bit easier to break it down for yourself And the other thing that she mentioned chat gpt Man, I use chat gpt is literally my personal existence. I use it for everything So, uh, definitely recommend you to play around with it if you haven't done so yet There's actually plugins as well for crypto now on chat gpt if you have the the monthly one There's no one you got to pay for them. Um, but there's uh Things like that as well. So The the sky's the limit which sky with uh chat gpt for sure Hopefully we're able to to answer your question. I appreciate you tuning in All right, um the last thing We we're already over the hour time. So So, uh, I want to just kind of rapid fire here Try to give a answer in one minute or less or less. I know that we we kind of, uh We kind of tend to go on on rants So let's let's try it. Yeah. So let's uh j money said so bitcoin is the one to follow But since it's almost sold out and mined by and mined by black rock isn't Uh, isn't ethereum the one to follow from now on since things are being built on ethereum and bitcoin is simply gold sitting Did you understand? I told you that all the bitcoin was mine first of all. Um, so no, uh Okay, so so black rock invested into a lot of mining companies Um, but they themselves, I don't think are mining bitcoin and um, bitcoin is set to be like basically mined out in the year like 21 46 or something like that like it's not it's not anytime soon. Um, yes, there's a lot of bitcoin that's mined on the market However, not all of it is mine mining is still a very profitable industry. There's a lot of people who invest in mining What you also have to realize is that miners also validate transactions. So transaction validation will continue to be Um, something that people make profit off of every time there's a bitcoin transaction a miner pushes it through and it gets a reward Um, so no, I I wouldn't say that you know ethereum is the one to follow um Now now bitcoin is still the dominant thing that pulls the market. Yeah for sure. Um, I think what ethereum is is a more volatile Um, you know, it's a more volatile coin investment overall I I I agree that a lot of things are being built on ethereum, but bitcoin is still You know, I I like to compare uh to the stock market bitcoin is a s and p 500 versus ethereum being like nazdaq nazdaq is like more tech Right, uh s and p 500 they they have like the bigger companies that that are you know, they have a lot of banks and stuff like that So, um, it's more stable usually right while while the nazdaq is more volatile. So I think that's similar with bitcoin Um, I think ethereum for the most part will always just follow bitcoin And it's just going to be more volatile than bitcoin whether bitcoin moves up or down Uh ethereum for the most part is going to be following it exactly with more volatile moves up or down. So, um As far as the mining, um Like like she said, uh, Bitcoins they're still going to be bitcoin for another hundred years plus, right? So i'm not worried about that. Um, and the the less bitcoin there is The higher the value is going to be because the more scarce it is, right? So, um, again, i'm trying to keep this uh answer as as uh, as short as possible But um, but yeah for the most part like like I I say build your foundation on bitcoin And uh, and then you can go ethereum as well to give your portfolio a little bit more volatility Um, the last one. What is your close prediction for bitcoin for the month of august any possibility of moving up Before another push down. Do you think it is the right time to dca more on cardano? Um dca always is yeah Yeah, yeah for sure. I agree dca. It's always I I dca weekly regardless of price But I especially love to dca when there's a a lot of moves to the downside. So Um, I think it's it's a great time to dca. Um For the rest of the month, I mean, there's only four days left What without counting today, there's three days left in the month There's a possibility that we get some sort of of a relief rally, but I think it's more Um, more likely that we get consolidation In this range. So That's gonna wrap it up for us guys. Um, I thank you all for tuning in I thank you guys everyone who sent in questions as well Everyone that was participating in the chat. I see you on the rivers j money Um, oh la lay. I'm not sure if that's how you pronounce it. Oh la lay or la Lie or la lay. I don't know. I'm not sure how to pronounce your name But um, I appreciate you all as well. Uh sending in the questions We had some people from instagram as well appreciate you guys. I think it was a oh hp guy And rodrigo, uh, we're two of the questions that we answered from instagram Appreciate you all will be live again tomorrow. I mean, I'm sorry not tomorrow next week At 1 p.m. Eastern standard time as long as everything as long as it's nothing crazy Actually on we might have to move next weeks to tuesday because next monday Is actually my birthday. So, um We might have to move it to to tuesday. Thank you. Thank you. Appreciate it. Um, so so yeah, so 45 Yeah 45 No chill out. I'm not in my 40s. I'm in my 30s guys I'm in my mid 30s, and I still say that i'm 30 years old until I get to 40 I will always be 30 years old. So, um, I don't count any of the numbers in between. So Thank you guys. I appreciate it. Um, I'll see you guys next week. Um, and yeah peace and love