Give away the crypto lark.

This is where you subscribe for all of the hottest and the latest happening in crypto land.

By the way, if you are new to Krypton, you're still trying to wrap your head around all of the crazy that goes on in crypto, even just the basics like how to buy a Bitcoin, how to send bit going, how to store Bitcoin, how to mine Bitcoin or even just what the heck Bitcoin is.

Then check out my beginner course called crypto currency explained it will take you from absolute zero to knowing the basics of crypto so that you can confidently make your first steps in to crypto.

There's a link down below where you can learn more, so let's turn over to the charts first.

It has been a brutal day for bit Quinn.

Really?

The markets globally as Ah whole Bitcoin just sunk massively dumping around 13% in the last few hours.

Savage Bitcoin Absolutely savage.

Bitcoin has been having a damn tough time breaking that resistance at the $9150 level and staying above it, which, looking back, has really proven to be a tricky zone for Bitcoin over the last few months.

Our next significant zone of support is around $7650. 00:01:58.680 --> 00:02:2.310 So do keep that mind if we keep falling. 00:02:2.420 --> 00:02:10.970 But that being said, basically every relevant trendline has at this point been broken for Bitcoin and that 200 day moving average.

Oh, that is a long way away at this point now, if the price continues like this that we're on the real possibility of even seeing Bitcoin move back into a death cross just before the having the Mac D on the daily is looking quite bearish at the moment.

It had been looking like we might be moving towards a more bullish crossover for the Mac D, but the market has rejected that quite firmly.

Now, on the weekly, the Mackie is closing in on a bearish cross as well. 00:02:46.700 --> 00:03:1.050 So that's not super awesome as the longer term trend looks, signaling that we might moving back towards the Bitcoin, having with a lot of bearish indicators set up leading us into that having event. 00:03:1.160 --> 00:03:6.460 And it looks like we just got confirmation of a head and shoulders on the daily as well. 00:03:6.700 --> 00:03:21.360 Now this, in case you're not aware, is a bearish chart pattern and could send the price of Bitcoin much, much lower than we're currently seeing, possibly even down to the lows of late last year.

Tread lightly out there, guys.

It is very stormy weather in crypto land.

I have course remain, as always, long term bullish on Bitcoin.

But short term, we might be in for some pain.

And of course, this chance to accumulate bit queen at lower prices always welcome.

So thank you, whales.

Thank you.

Now that's just the technicals.

But I want to actually pass that to see just what is going on out there.

Why is the price of Bitcoin tanking so damn hard? 00:03:49.940 --> 00:04:1.100 Well, a big suspected reason is that the plus tokens scam seems to have deposited around 13,000 Bitcoin to a mixer, according to reports from Blockchain research firm Air Go. 00:04:1.850 --> 00:04:5.130 That is around $117 million in Bitcoin. 00:04:5.330 --> 00:04:9.490 Now, the long term effect of the plus token scant man has been some crazy stuff.

Essentially, we have this giant super scam whale out there just continually unloading huge amounts of Bitcoin after every decent move up that we get.

The good news is that they should be running short on their Bitcoin.

The bad news is they're probably not out of Bitcoin yet.

Now, in total, the scam is thought to have netted.

Ah, 180,000 Bitcoin.

A lot of that has already been sold, but it is hard to track exactly how much is where, since the scammers have transferred the Bitcoin more than 24,000 times using more than 71,000 different addresses, and that's old data now. 00:04:53.840 --> 00:05:5.750 So it's probably much more than that by this point, and the use of mixers has made it incredibly hard to keep tabs on where all the plus token Bitcoin is going. 00:05:6.440 --> 00:05:13.650 The scammers are thought to potentially have tens of thousands of Bitcoin is still left in their possession.

So anyway, it's not a coincidence that the scammers moved 13,000 Bitcoin and then the price a bit queen dumped the way that it did.

The operators of the scam have been selling on and off really every few weeks since August of last year.

It is important to note, too, that the rate of selling has declined quite significantly in recent months, but sadly, it is not over yet.

And while in the big picture of the daily crypto market volume 13,000 Bitcoin may not seem like a totally insane amount, but it is definitely significant, since the scammers they just unloaded as quickly as possible.

When they make these decisions to sell.

Now that's some slowly sold over time that wouldn't have such a negative market impact. 00:05:58.850 --> 00:06:6.530 But this short term pain that they're causing it is very definitive in the way that they're selling their Bitcoin long term. 00:06:6.530 --> 00:06:12.440 Though we're still all good, we're still all good now, force that is just one piece of the Bitcoin puzzle.

Today, the Bitcoin Fear index is down at around 33 which is definitely not good, not as low as it can go still have lower to go on the fear index.

But this is all happening as global markets continue.

Just have massive hits based on fears around that Mexican beer themed crisis that we see going on the oil markets in particularly oh man, they took a big upset today.

I mean, seriously, if you think that 13% drop for Bitcoin was brutal, oil opened at a 30% loss today, That's crazy is not just oil markets are just getting crushed across the board in the U.

S.

The 10 year Treasury yields on pace to hit a record all time low of 0.5%. 00:06:57.630 --> 00:07:5.880 Maur rate cuts by the Federal Reserve are a near certainty, and the market is already starting to price Those in more and more. 00:07:5.880 --> 00:07:11.060 The word recession just keeps getting floated around, which means that it's coming.

And to add to the fun of the beer crisis, it seems that Saudi Arabia has just decided to start a massive oil price for right Is the global economy is on the brink?

Thanks.

Saudi Arabia appreciate that they're preparing to flood the markets in order to crush Russian and American oil producers, which, while doing that will also crush economies all around the world that depend on oil exports.

Were talking Africa.

We're talking South America.

We're talking producers in Southeast Asia.

Sure, it's going to get cheaper to buy a leader of petrol at the pumps, but no one is going anywhere due to the fears of the growing pandemic, good times, cheap oil and nowhere to go. 00:07:53.620 --> 00:08:7.950 Now I bring all of that up just to really underline that it's not just Bitcoin is getting hit at the moment, but that there is a massive global economic event unfolding right before our eyes, and that is like blowing it way worse before it starts getting better. 00:08:7.950 --> 00:08:9.390 Obviously, I don't hope for that. 00:08:9.520 --> 00:08:11.250 I'm just looking at This is what's happening.

So that is something you need to factor in to your Bitcoin calculations when thinking about the markets these days.

And the final piece of the puzzle is the bit coin miners.

Now the soon to pass Bitcoin having is making something of a perfect storm situation in a bad way for minors in China, who are in dire need of more powerful Riggs to be profitable post having.

But the Mexican beer crisis has made supply shortage of miners much more acute than they were already Ex demanded.

Already super high demand remains high, but they can't get their hands on them now.

Of course, that's just putting more financial pressure of minors houses, all particularly due to the massive quarantine we see happening across China right now. 00:08:59.530 --> 00:09:5.690 So mining rig manufacturers like Beijing based bitte Mein and Shen Zen based microbe E. 00:09:5.690 --> 00:09:6.310 T. 00:09:6.530 --> 00:09:13.750 They have been unable to ship new equipment toe mining farms across China and across the world.

And there's also a very big shipping delay right now of these seven nanometer chips from Taiwan based chip manufacturers.

Crazy.

So what we're looking at is if the price of Bitcoin stays flat, where if it drops further than mining will become increasingly less profitable for a wide range of minors, likely putting terminal pressure on a lot of smaller mining operations miners who are unable to upgrade in time they're going to be put out of business.

While some may try to hold their Bitcoin until after the having those who are trying desperately right now to stay afloat as the price drops and they can't get that new hardware. 00:09:58.000 --> 00:10:4.250 They're gonna be burning through Bitcoin trying to keep their farms running. 00:10:4.760 --> 00:10:4.880 Now. 00:10:4.880 --> 00:10:8.340 This will likely mean that a farther concentration of mining power is going to happen. 00:10:8.340 --> 00:10:28.810 Since only companies like bitte mein are going to be able to remain competitive in a situation like this, especially as the hash rate continues to hit new all time highs and the difficulty of mining Bitcoin continues to move up as well.

The network itself.

It's stronger than ever, and it's continuing to grow stronger.

The same cannot be said for a lot of smaller mining farms.

Anyway, in spite of the generally not good feeling in the markets right now, I just want to reiterate I remain a long term Bitcoin bull. 00:10:50.740 --> 00:11:3.550 If you ignore this temporary price action that we're seeing and you look at the fundamentals, then you will quickly see that Bitcoin and the wider crypto markets overall, they're still kicking butt. 00:11:3.930 --> 00:11:11.260 Just check out the story from two days ago, a French commerce court has classified Bitcoin as currency.

During a recent trial, the court decided to qualify Bitcoin as a fungible, interchangeable asset that is not individualize a ble just like Fiat money.

Now this was ruled as part of an ongoing dispute between an exchange and investment firm and in order to resolve the legal dispute, the court actually to sit down to address the exact legal nature of Bitcoin. 00:11:43.740 --> 00:12:5.040 Now, the scope of this particular decision in France is quite considerable because it essentially allows Bitcoin to be treated like money or other financial instruments as well in France, and thus this opens up the door at a legal level for things like Bitcoin lending or Bitcoin repo transactions. 00:12:5.440 --> 00:12:24.060 Now, these kinds of legal precedents, they're super important, so obviously very impactful to see this happening in this announcement from France, it really just tops off what has been just an amazing few weeks for Bitcoin and for crypto currencies.

In the past two weeks, we have had important pro crypto rulings out of Germany, where crypto was officially recognized India, where we saw the Supreme Court shoot down the R B.

I feel band so that all people across India 1.3 billion people can now go on by crypto Australia had an important announcement equipped it was accepted as security in a court case in South Korea.

They just passed a new pro crypto bill Now to go back to the earlier topic of price.

Don't get shaken out. 00:12:58.720 --> 00:13:0.470 Look at what is happening. 00:13:0.480 --> 00:13:1.690 Open your eyes. 00:13:1.690 --> 00:13:3.950 Open your eyes, Filter out the noise. 00:13:3.950 --> 00:13:6.630 Play the long game. 00:13:6.630 --> 00:13:9.840 The Bitcoin having it is closer and closer by the day. 00:13:9.840 --> 00:13:12.400 We're on the verge of the next super cycle.

For Krypto, the crisis won't last forever.

They never do.

Zoom out.

Nothing has changed in the fundamentals of Bitcoin or of the entire crypto economy.

The government.

It's still totally dysfunctional.

Inflation continues rate cuts, air heading towards negative territory.

Basically everywhere, banks are hopelessly corrupt and in big trouble Because of their bad betting, the economy is on the brink by and hold Bitcoin, that is all.

And chill.

Don't forget the chilling part Stack SATs and second part got chill, guys.

Okay.

And finally, for today the winners of the cool wall it s give away.

So let's start off with Twitter and told we had 100 and 50 entries. 00:13:57.670 --> 00:14:2.790 Let's pop that into our random number generator and the number is 32. 00:14:2.800 --> 00:14:5.240 Who is Aundre and a grace. 00:14:5.910 --> 00:14:7.600 Congratulations, Andrea. 00:14:7.660 --> 00:14:11.120 And then over on Facebook, we had 61 entries in total.

So who is it going to be?

Number 34.

And that is Jeffrey Miller.

Congratulations, Jeffrey.

And congratulations to both the winners.

And, of course, a massive thank you to everyone who participated in this giveaway.

I will be doing another giveaway soon.

We got lots more wallets down here to give away.

So those are all coming soon.

So stay tuned for those next honestly done on YouTube.

YouTube Exclusive giveaway.

Now your question for today.

What do you think about the price of Bitcoin?

Why is it tanking so hard?

Is it about any other reasons that I gave here today?

Or is it something else Completely that I totally missed?

I would love to know your thoughts on the topic down below in the comment section.

Stay strong out there, guys.

Price actions only temporary. 00:14:57.900 --> 00:15:1.300 Hope you have an awesome day in spite of the red mark. 00:15:1.300 --> 00:15:1.820 It's out there. 00:15:1.820 --> 00:15:2.450 Everyone. 00:15:3.040 --> 00:15:9.760 Thank you for watching today's video as always a massively, massively appreciate your time coming over here watching these videos. 00:15:9.760 --> 00:15:10.670 Listen to this dude.