Bitcoin chart we have had a crazy downwards move for Bitcoin and this is
something we were talking about once we broke this Orange Box you can see how
much The Orange Box was trying to hold up the Bitcoin price but as soon as we
broke down from it it was all always looking likely for us to have that crash
down to the next major support level which was down here at the next Orange Box
which is of course where we are finding support right now so here is the thing
we are under massive pressure right now this is why I was telling you that this
was looking likely to go down because we were under massive pressure and really
the signs were on the walls if we look at some of the previous videos we had
whales selling .
we had several whales taking action in the market also we had
actually the U.S government starting to dump Bitcoin as well we had Celsius we
had all of these things which you know if I if you've been watching my videos
but also yesterday we were talking about the major move coming within
24 hours it actually happened faster than that so why did we see this move down
well this is where you need to pay attention because this is an industry why
not even industry-wide this is a massive Financial strain going on right now
which which I am going to show you so first off this is not particular to
crypto you can see also that traditional markets have seen a pretty juicy
downtrend here as well so traditional markets are going down but key things
happening we know that the US they are kind of attacking crypto right now we
are seeing operation should Point 2.0 so that is one side of it you can see
that the US government as we reported or as we talked about in a video a couple
of days ago there were spooking investors by selling some of their 1 billion
dollars worth of crypto that they have to uh to their name so they have one
billion dollars worth of bitcoin they transfer 200 million so that spooked the
market what happened thereafter they said that they are going to propose a 30
tax on crypto mining firms so this was also something that pushed down the
market and all of this came within a very short span of time and what else well
we did have the New York attorney general actually suing kucoin and more
importantly actually alleging that Ethereum is a security so this is a huge
deal and honestly considering all of this came within a few like yesterday
basically it's a surprise that Bitcoin is still holding up
pretty well to be honest yes we did see a dump here from twenty two thousand
dollars down to 20 but Bitcoin is still holding up pretty well considering the
barrage of bad news that was posted yesterday and that was not all because also
we have another Well it's a bank but it's a crypto focused Bank as well in the
sense that they are serving a lot of crypto companies and they are also under
attack they are seeing a bank run right now and that is actually svb Silicon
Valley bang so their shares have gone down 60 percent losing nearly two billion
dollars but that's not all the four biggest U.S banks together uh lost over 52
billion dollars in market value yesterday so you can see that this is something
different this is not like every other just crypto crash this is
kind of like uh a systemic risk right now which people are
fearing because also some sub customers are struggling to wire funds out of
their bank so they are not getting those funds which they own in the bank they
are not able to withdraw that and guys this is a regulated Bank in the US this
is not an exchange on you know a four or five Tire exchange which is not
allowing you to deposit or withdraw sorry they are not like that this is a
massive regulated
Bank in the US and looking at some of the details silver
bank has 200 billion dollars in assets of which 116 billion are securities but
here is the thing and this is where we get into some trouble because it
looks like the 150 billion of the deposits are uninsured
that means those people could lose everything if it goes under they have an
incentive to run so this is why people are withdrawing money like crazy from
this bank usually I would expect a bank like this to get some emergency
liquidity from the lender of next to Last Resort but the federal house sorry
the federal home loan Banks which are usually the lender of Last Resort they
are probably not going to borrow this Bank any more money because they're
already borrowing 15 billion dollars that is equal to their capital and I'm
guessing they may have trouble borrowing more so you're seeing a good old Bank
Run on this uh Bank guys and
this is a systemic risk to all banks whenever a lot of
people withdraw all at once because they are not holding banks are not required
to hold all of the funds but when people withdraw on mass so when people
withdraw funds like crazy all at once well they get into liquidity issues which
they have to solve and I really hope that they are able to solve that because I
do not want to see another crypto focused Bank although it.
is a regular bank but which is serving a lot of crypto
companies I do not want them to collapse I do not want that that is not good
for the industry so we're keeping an eye on that guys but just know that this
is bigger than just a regular crypto crash and we already had silverware
collapse a couple of days ago and remember how this all started it started with
silverware delaying their annual report so this is how it started the later
annual report and then they collapsed and then now they are in liquidation.
one crazy thing happening right now is that credits use
Swiss one of the largest banks actually in the world they're also delay in
their annual report after an SEC call and their Shares are also dropping so
just like I said you're seeing a financial wide strain right now not particularly
into crypto but crypto because it's a risk asset it's more illiquid than other
assets it is feeling it much more than than the traditional market so to
speak or whatever it may be and the
crazy