in

BITCOIN MINERS HIT with MAJOR BLOW Pre-Halving!! This NEWS Changes EVERYTHING!!

VIDEO TRANSCRIPT

What’s going on, guys? It’s K-Dub here with another episode of Crypto Zombie. Welcome back to the Channel. Hope you’re having a great start to your week, although let’s be honest, every day pretty much just sort of blends and melts into the next day. There’s really no difference between weekends and weekdays. It’s quarantine. Hope you’re doing all right. That being said, let’s have a look at what is going on in the price. Now, we did actually have Bitcoin have a little bit of an interesting weekend where we got all the way up to basically almost seven thousand two hundred dollars. And then we fell even lower than we were yesterday. Now, what is going on right now? Well, I do want to talk about the fact that we actually have seen the previous support turn into resistance. So short term, this isn’t really looking too great. You are having a lot of bitcoin bears coming out saying we’re going to go lower. We’re going to go down to three thousand eight hundred three thousand five hundred. Well, I do want to get into all that today. One of the biggest complaints that you’re hearing out there is pretty much essentially that Bitcoin is just too correlated with the S&P. You could see this is the Bitcoin chart and this is the S&P 500. And if I go back and forth between them really quick, they do tend to look a little bit similar. Right. I’m going to talk about that. I’ll give you my opinion on that moving forward. I also want to talk about Ray Dalio. You may be familiar with him. He’s pretty much expecting a new world order for pretty much the world. And we’re going to talk about whether or not Bitcoin actually plays a role in that. I want to talk about one major problem for the Bitcoin miners. Now, this is something that not a lot of people are talking about. This isn’t the having this is in difficulty adjustment. This is an expensive mining fees. This is something very different, very new. And it could get out of hand relatively quickly. So I want to discuss that as well as obviously I do have some positives as well. At the end, we do want to talk about some Bitcoin adoption and how there’s still companies building in the background to basically make this crypto experience so much easier for newcomers. So lots to go over today. We didn’t make a video yesterday, so we’re going to make up for it double today. If that sounds good to you, you know what to do if you’re not subscribed. What do consider it? And without further ado, we’re hopping directly into the charts. Now, the one thing I want to point out is if we do put on this trend over here on the Bitstamp chart, if we actually look at just the solid parts of the candles, not the Wickes, you actually do notice that we are still being supported. Right. We actually whipped down to this line and we did pull back up. So this is actually good. This shows us that we’re still putting in higher lows and higher low. So essentially, we are still trending upwards. Right. However, a lot of people are comparing this to the S&P, for example. You actually have Larry sirnak over here. And he says everyone who’s longing bitcoin here is effectively along the S&P 500. There is some small divergence, but the correlation is undeniable. And no where close to going away, Bitcoin was even trading sideways over the weekend because it didn’t know what to do. Now, before we get into the rest of the chart analysis, I will give my opinion on this. And actually, while it does appear that Bitcoin is sort of essentially following it, if you actually look at the overall movements and the dates, if I just get all of this out of here, for example, you could see that Bitcoin had its biggest plummet right here on March 12th. And then we started a bit of the recovery. But if you actually look over here, you can have a look and see that the S&P had its lowest on March 23rd. So the question is, is Bitcoin following the S&P or is the S&P following Bitcoin? I. I beg to differ. Maybe it’s the other way around. Maybe it’s not. But what I am trying to say is, even if you look at the gains, for example, from bottom to top, you know, going down to basically this Wyk to the top right here, you notice that the S&P has had about a 25 percent recovery or actually if we move over to bitcoin from the bottom to the top of the Wyk right now, Bitcoin has actually had almost a 75 percent recovery. So while they are moving somewhat similarity, I would argue that Bitcoin is still somewhat uncorrelated granted. Yes, the situation is quite severe. I mean, we have seen the Dow’s best week since 1938 being, you know, basically promoted. At the same time, more than 16 million Americans have lost their job in three weeks. You could see 6.6 million in the week of ending April 4th. So this is not something to be celebrating, so. OK, great. The Dow had a good week, but we have all of this unemployment. So something is definitely wrong here. And we are going to get into this a little bit later in the video. Let me just finish with the chart super quick and then we’ll get to this so you can see that we have fallen below the previous support of this ascending flag, bear, flag, whatever you want to call it. So when you do have previous support, you know, we were bounced here, right? We bounced here, here, here. But then we fell below. And now that is acting as the resistance. That is not necessarily good for Bitcoin short term. But actually, if we have a look. If you look at the 50 moving average on the daily, it does appear that this is actually playing a very significant role in the bitcoin price, at least short. Term, if you could see right here, every single time we hit the 50 moving average, we got rejected, rejected, rejected. We even had a little bit of a wick up here yesterday and we got rejected again. Now, if I go back over here, you do notice that right before we had the crazy plummet right on March 7th, when we started to basically go into our multi-day descent, that was sort of the last line of defense where the bears were pushing down and that was the 50 moving average. So short term, I think that Bitcoin needs to get above this 50 day, which is currently sitting around the seven thousand two hundred dollar level. So if we can get above the $7200 level on the chart right here, stay above it, put in a nice solid daily close, then I think that would be a lot better for Bitcoin. And then we can head back up to my seven thousand eight hundred dollar level that I’ve been talking about for quite some time now. Have I gone bearish? No. As long as bitcoin can maintain within this green triangle, which I’m not gonna go into how we came up with this. We went into this weeks ago on the channel. But essentially, you know, I think Bitcoin, even if we were to fall all the way down to like the five thousand four hundred dollar level would still actually be pretty bullish for Bitcoin. Now, granted, you do sort of want it to maintain above the 200 weakly moving average, which I guess you could say that’s sitting at around the five thousand six hundred dollar level. So five thousand five hundred five thousand six hundred, give or take. But really, I would still be bullish. We would still be in an uptrend on the macro. Right. If you zoom out, that’s still good. However, we are noticing, for example, we have seen sorrow over here saying that he’s looking at a potential head and shoulders pattern. Now, we know that head and shoulders patterns usually mean that the trend is reversing. So an inverse would be going up, a regular going down. So he’s got some of these targets and having a look right here. You know, if you do have the shoulder, the head, the shoulder right here, then you could be looking to potentially come down maybe all the way to the five thousand eight hundred dollar level where we were putting in some previous support back here at the end of March. Okay. Also, I wanted to just one quick mention about the seemy futures. Not going to talk about a gap today specifically, but I do want to talk about the fact that we are being supported right here by the V.P. v.r. You can see right behind my head right here. And this is essentially the most accumulated level for Bitcoin on the CMU futures. This is a level of super high interest for Bitcoin. So I do anticipate there to be a little bit of a struggle around this level. I’m not going to go full bare just yet. You know, we could actually potentially have this sort of maybe double bottom out around the four thousand five hundred before having our blast off. Now, I’m not sure if we’re gonna go back down to the three thousand eight hundred dollar level. I’m just saying it’s a potential possibility. But that being said, if we do go down to some of these lower levels, I personally think it would be an amazing opportunity to accumulate bitcoin before the major blast off. If you do think Bitcoin is going to go to the moon, if you think that bitcoin is a piece of crap and it’s going to zero, well, you could always short it right over on something like by bit. If you’re interested in learning how to short bitcoin and make money, you can check out my tutorial above. I do have a link below obviously when you use it. It does support the channel. But guys, you do know that on the crypto zombie channel we are hollars of last resort. We do believe in bitcoin. If you don’t believe in bitcoin not to share while you’re watching this channel, maybe you’re just interested. I don’t know. But I do have to point out what Robert Kiyosaki has said. And recently he’s become a very big Bitcoin proponent. He’s been all over Twitter lately. And you can see he asks the question, is the Fed broke? Now, before you jump in, let’s hear what he has to say. He says, Hidden in the recent 2.2 trillion Congress rescue bill was buried, a $425 forgien $25 billion for the Fed. He says the Fed has been bailing out the world since 2008. But the question is, who bails out the Fed? Well, now we know we are. Why are the Fed and Treasury hiding this from us? Buy more gold and silver and bitcoin screwed. Now, let’s be honest, he does say that. Come on. The Fed can’t actually go broke, but he does add that it could lose the public’s trust or the population’s trust all around. The Fed cannot go broke in theory, but we can lose confidence, he says, when he talks about the four hundred twenty five billion that the U.S. gave the Fed secretly, he says that could expand to 4.5 trillion of fake dollars into the economy for over 9 trillion from fake Fed dollars. And when confidence goes game over, the IMF steps in and when the IMF steps in. Essentially, he says that IMF stands for I am literally asked if you know what he’s saying. If you get if you catch the drift right now. Here’s an interesting thing before we get into the big story of the day about something that could be quite detrimental for the miners. I want to talk about months ago when the stock market was actually setting all time highs. We did have Ray Dalio. Now he’s co-head of the world’s largest hedge fund. He came out with a bunch of sort of posts. Right. And they were a little bit shocking. The most popular one was called The World Has Gone Mad and the system is broken. You may have remembered that. OK. Now, interestingly enough, for things that he had predicted have actually come true, being number one, the Federal Reserve dropped its policy interest rate to zero percent. Number two, the deficits of government have skyrocketed, especially in the U.S.. Number three, sound finance has gone out the window as central banks have printed billions and trillions of dollars. And most notably, number four, there’s been a lot of controversy about the extent of the corporate bailouts, which many say is way too big compared to the measly twelve hundred dollar check that will eventually get. I guess some people that have direct deposits, it’s already showing up for the rest of us. We may have to wait up to five months. Now he is expecting a new world order. OK, and he came out and talked about this on a recent TED talk. So basically, could Bitcoin be the answer? Well, Raul Powell, he’s a former Goldman Sachs executive, by the way. He basically responded to the overall recent crisis in the global markets. And to quote him, he said, many of you don’t know it. You’re still debating whether Bitcoin is real or not. But there’s literally hundreds of thousands of people and billions of dollars of capital racing to build a new system, whether it’s a payment mechanism, storage mechanism, custody mechanism, a verification mechanism. It is all coming. And we’re going to get into some pretty good Bitcoin adoption news a little bit later. But here is the kicker. Here’s the big problem now. We know that crypto miners have to deal with the having. Right. That’s coming up. If the bitcoin having comes around and the price doesn’t go up. Well, they’re not going to be making enough money. We also have a lot of these newer, you know, ant miners coming out. They’re very expensive. Plus electricity costs. Well, if that wasn’t enough. Now, check this out. Crypto miners in Washington state have to pay what is referred to as evolving industry rates. Now, this goes back to twenty seventeen, OK? Basically, they claim that during the summer of that year, there was a huge influx of power request. Obviously, twenty seventeen was a pretty big month for cryptocurrencies. And this was they said that they were basically having requests from crypto miners to basically use their dirt cheap energy rates. Now, just to put this into perspective, requests from cryptocurrency miners in twenty seventeen totaled one thousand five hundred megawatts of new load, which is more than twice the district’s average load of six hundred million. This is Grant County, by the way. So to access how to assess how to cope with this surges, they basically put in what was known as an evolving industry class. They created a class essentially, and they put the miners in it. So if you fall into this category, essentially, you show high signs of risk regarding regulatory changes, business operations, sustainability and their reliance on large amounts of power over sporadic intervals. So this has led to an increase rate established for crypto miners under this evolving industry’s classification. So not only do the miners have to deal with energy costs as well as buying equipment to compete with each other. You know, a lot of these new miners are quite expensive. They also have to deal with the fact that they’re having is coming up. And they do need those prices to be high enough to maintain profitability. And now they have to deal with an evolving industries classification. Now, I know what you’re saying. Well, this is only in Washington. What’s the big deal? Well, it’s only in Washington now. What if the other states to adopt a start to adopt it? What if it starts to get adopted globally? And now we have everyone around the world basically having this evolving industry’s classification where they’re charging extra money for miners. And now miners have this extra cost on top of everything else. It could be detrimental and it could cause a major unforeseen setback. Right now, we do know that the bitcoin, you know, protocol is designed to have a difficulty adjustment. So it will factor this in over time as miners that cannot afford to basically mine, they will drop out and then it will become more profitable for the miners that stay in. I do anticipate it having a bit of probably thrown a wrench in the gear. Let’s just say that now talking about recently, some people are saying that while the Bitcoin cash having was a flop, it’s probably going to be the same for Bitcoin. You can see just two days after the Bitcoin having mining event, it wasn’t profitable. And actually some of the miners that were mining Bitcoin cash moved to bitcoin, which is great. But if it doesn’t work out for bitcoin, then where do they go? Right. Well, basically, if we have a look over here in case you weren’t paying attention, Bitcoin’s Bitcoin cash is having took place last week and there was a small bump in the price. But essentially those gains have been wiped away. And here’s the big kicker. Since April 6th, the hash rate has fallen 55 percent, basically to the same levels that we had around April of twenty nineteen. So the having seems to have intensified selling pressure from the miners. Some analysts fear that this is basically what’s going to be happening to the Bitcoin having, which is coming up in just a month. Now, according to a. Diction from Morgan Creek. They actually think that Bitcoin is going to go lower over the next month, leading into the having causing lower bitcoin prices. And we did talk about the conspiracy. Not really a conspiracy. It’s a more of a just a theory. But we could see the miners putting some selling pressure on the markets because they want to accumulate more bitcoin leading in to the having right now. If we come over here, our good old buddy, Matty Greenspan, he says that having a bitcoin is fundamentally different than that of Bitcoin cash in that bitcoin itself is the embodiment of digital scarcity, whereas Bitcoin cash represents free money created on the back of Bitcoin. So he says he views these two events as diametrically different from a token OMICS perspective. And a lot of people do say that, well, can’t you just keep forking Bitcoin and forking Bitcoin and forking Bitcoin? It’s like, well, you can, but you can also 51 percent attack bitcoin cash. I think it’s somewhere between $7000 and $12000, whereas it costs over half a million things like five hundred and eighty thousand dollars per hour to attack the Bitcoin network. So it kind of can’t compare the two, right? One is clearly more secure than the other. I’m not getting into fundamentals right now, but I think you can see that even though Bitcoin did have its crazy drop off right here around March 20th, it has literally been going up and up ever since. I mean, you could see we are actually literally we’re starting to curve. But for the most part, we’ve had a very nice recovery for the bitcoin hash rate. Right. So I do want you to basically let me know what you think about that moving forward. What I don’t know why I have this in the back. I was just really weird. It was like a error from coindesk. Look kind of cool. Anyway, let me know what you think about this moving forward. Do you think that this is gonna be a problem with the having? Do you think it’s going to act similar to how the bitcoin cash having, you know, was basically a flop? Personally, I could see prices going lower leading into it and I could see prices going sideways after it. Keep in mind that if we actually have a look at the previous havingthe they didn’t blast off directly to the moon. They actually had some redistribution. Rio cumulation, whatever you want to call it before then starting to take off. Now, for example, with Morgan Creek, they are still looking for a new all time high at the end of this year, but maybe not until September October. Of course, this does depend on what is happening with the economy, right? We have people still out of jobs. They need to pay bills. You’re going to see a lot more panic selling still happening moving forward. Now, I told you guys, I don’t want to just only talk about bad news. I do have some good news. In fact, if we come over here and have a look at this Forbes article, you guys might be familiar with it. They are a peer to peer exchange, something like local bitcoins, but they’re actually trying to do something way cooler than local big and local. Bitcoin’s actually been having a lot of problems lately. But basically they’re looking to expand by launching what they’re calling essentially a sky scanner for Bitcoin. So using a A.I., the platform is going to compare the best prices for bitcoin, aggregating the data pretty much like the Skyscanner does if you’re looking for flights. Not too sure who’s flying right now. But anyway, ineffect, crypto traders can save money by finding better deals. But that’s not even the biggest news. So recently they have partnered with Coinbase. I’m sure a lot of you out there use them and they’re using them essentially for the provision of a wallet and custodial services. But here’s the thing. If we actually look in the near future, they’re looking to integrate what they call an Two-Bit Pass, which is a digital I.D. that’s going to basically unify the know your customer procedure. KYC know that’s one of the biggest problems in cryptos. All of these different exchanges because they’re trying to have compliance. Right. You have to basically enter your information. And this is all done manually. This is a person in the back looking at your I.D., looking at your passport. And sometimes this verification process takes forever. In fact, to be honest, when I was trading a lot of old coins. I remember a new old coin would get listed on an exchange and I would want to hop over there. But the verification process would take multiple days and by the time I was able to get into trade, too late. Right. So you could see, according to essentially over here, the ADR, he says many of the users reached out to us with difficulties about going through the KYC process. So basically, they’re going to be using these military grade sort of like, you know, facial recognition and stuff like that. And these innovations are going to cut down the time required by the users in digital submissions as well as improve the accuracy. And these are like those ones where, you know, how you see people faking out, basically, like you can take a picture of somebody and then use that for a facial recognition. No, they’re actually going to need movement and depth. So this is pretty cool. Now, currently, I am going to admit that they don’t have a Fiat withdrawal option, but they are looking to integrate it into the future. But what they’re trying to do is become the merchant gateway to crypto exchanges. And actually, the chairman of Lubert says the data showed that the number one reason why most people do not even get involved is because of the complexity. My dad still doesn’t have a coin base account. I’m pretty ashamed to admit that, but, you know, he doesn’t want to go to the bank, you know, get his friends even use online banking and then set it up, you know, do the deposit check to see the difference, they deposit like 73 cents and all that. But currently you can see they’re also looking to do a crypto card for liquidating crypto assets, P2P atomic swaps, a fiat wallet. And yeah, I mean, they’re basically looking to also add altcoins into the system as well. Also, in other random news before we go, I just wanted to put this in the video. So apparently the Light Coin Foundation has acted as an executive producer for the heavy metal horror flick. We summon the darkness. Now, I heard it was just one person. This article says it’s the foundation as a whole. But regardless, like Coin is somehow involved in this heavy metal horror movie. Now, here’s the interesting thing. It actually stars ALEXANDRA daddario, Amy for Sife and Johnny Knoxville. Funny enough, I was actually watching the old some of the old Jackass movies there on TV. I was really cracking up. But yes, apparently Johnny Knoxville is in this movie as well, like KOIN is involved in it. Not sure really how much or the validity of that, but I just thought that was interesting. And apparently I did check it out. And we summon the darkness is available to rent or purchase right now digitally. So check it out. Let me know if you saw it. I’m not guaranteeing that it’s going to be good because Litecoin was involved. Looks like kind of a B rate horror film, but just wanted to kind of throw that in there for some fun at the end of the video. And essentially, that is it for me today, guys. So thank you so much again for coming back to the channel. You guys do rock. You are the reason that I try to make videos as friendly as possible. I do appreciate all of your support in this crazy time, and that is why I continue to be here for you as well. Because let’s be honest, this quarantine is getting kind of boring. Actually, did anybody see did you see Saturday Night Live? Anybody that was so weird, they were like doing it from their homes. The news from their houses. You have late night TV shows from home. It’s just totally like a twilight zone is actually what it feels like. But yeah. Anyway, let me know how you’re doing. Hope you’re doing well out there. Stay safe. Be well, of course. Definitely get subscribed. If you have enjoyed the Free Cryptocurrency Telegram Group, if you want to talk to a bunch of other like minded individuals about bitcoin and cryptocurrency. That’s it for me today, guys. Definitely consider getting subscribed. My name is K-Dub. This is Crypto Zombie. Until next time, stay crypto and of course, peace out.

Report

Ledger Nano X - The secure hardware wallet

What do you think?

Comments

Leave a Reply

Leave a Reply

Loading…

0