- 00:01 – Introduction
- 00:29 Prices Are Falling
- 01:24 I’Ve Sold Most Of My Cryptocurrency
- 02:16 Why I Have Taken My Money Out
- 02:54 Examples Of The Fall
- 04:48 Bitcoin Cash
- 05:22 Ethereon
- 05:55 Icx
- 06:43 Xlm And Trustcoin
- 07:38 Tether
- 08:50 Bitfenex, Tether And Its Effect On The Cryptocurrency Markets
- 11:39 Why The Market Is Falling
- 13:36 Other Reasons Why Cryptocurrencies Are Falling And The Role The Regulators Are Playing In The Fall
- 16:22 Support For Cryptocurrency
- 16:57 Why I Sold, Again.
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00:01 – Introduction
Hey guys what’s up, it’s Dan again from cryptocamacho.com, where each day I help guide you through this crazy cryptocurrency revolution. Today there is a drop-in price in the cryptocurrency markets. Bitcoin is falling, Ethereum is falling, many, many, many of the altcoins are falling and I want to talk about the dip, I want to talk about buying on the dip and I want to talk about the future of the cryptocurrency markets and what is making the markets drop today.
00:29 Prices Are Falling
so, I’m sure you guys have all noticed that today, on January 30th, there has been a drop in the price of Bitcoin which is led to the drop of the price of many other altcoins Ethereon, Litecoin, you name it. Everything is falling today and right now you can see that Bitcoin is trading at about $10,142, earlier this afternoon it dropped under $10,000, it’s about $9,800 approximately and we’re not really seeing any signs of recovery any time soon, you can see there’s been a little bit of up and down, some people trying to buy on the dip but really, ultimately, we’re going back down and I expect that the price is going to continue to keep going down for quite some time now, and I’m not prophesying this, I’m not predicting this per se, but I’m just looking at the trends and considering what has happened and what is currently happening in the market and I definitely feel that the price is going to continue to go down.
01:24 I’Ve Sold Most Of My Cryptocurrency
I actually sold the majority of my cryptocurrency last night right before this dip, I just kind of feeling reading the news about what was going on with Tether, with a variety of things which I’ll get in here in a second, and so I said most of my possessions of cryptocurrency last night, I think I still have about $20,000-$30,000 left in cryptocurrency, some of that is in Tether, some of that is actual cryptocurrencies that have gone down, but for the most part I’ve taken out all my funds, all my earnings and everything. Up over $100,000-$150,000 which I had, I have taken out because the market has been too uncertain for me and the time it takes for the prices to fall have been happening very, very quickly and so I’ve taken my money out.
02:16 Why I Have Taken My Money Out
That does not mean that I’m out of the game and that does not mean that out of the market, it means that I’ve taken the money out so that I can buy on the dip when the price goes down to the bottom or to the floor where I think the floor is going to be, I’m going to scoop it back up, I’m going to buy a lot of cryptocurrency when the price gets to the bottom and keeps falling. It’s uncertain what’s going to happen, it’s uncertain when this is going to happen, I think the price is going to keep going down but then it will definitely rebound, whether that’s you know a rebound in a day or two, whether that’s a rebound in a month, it will rebound but I want to get as close to the bottom as I possibly can so that I can make the biggest earnings that I can.
02:54 Examples Of The Fall
And you should also do the same thing, let me give you a few examples here, so first before I even get into that was just look at what’s actually happening. So, on December 17th, we were at an all-time high, about $20,000 for a bitcoin, then around the end of December, we see a huge drop from the top, we see a drop of about 45% with bitcoin, we see a little recovery, a little shoot up right here, but then we’ve recently seen another fall that’s even lower than it was before. The last bottom in December was about $11,000, just under $11,000, then the most recent fall price was about $9,000, the bottom was about $9,000. Now we’re approaching $10,000, we’re at $10,000 right now and I can see this bottom being broken again, this $9000 could easily go down to $8000, it could easily go even further than $8,000, down to lower levels and really where the floor is, the absolute floor, the bottom-bottom, in my opinion, is around $5,000. I don’t think bitcoin would drop below $5000. Could be wrong or right, again not a prediction, not a prophecy but the floor is really $5,000. If you zoom out and you look at the same chart, the bitcoin chart, $5,000 is pretty stable, it’s really, I guess, really around $3,500 – $5,000, between this area, right here is really where more stability hits right and let me change this chart a little bit to a day chart, and you can see, more or less, that’s kind of where the floor is so I’m not, again I’m not saying that bitcoin is going to go to $5,000 but I’m saying I would not be surprised if bitcoin does go closer to that mark, looks closer to that $5,000 price point and, let me just delete all that, and that’s because of everything going on in the market.
04:48 Bitcoin Cash
And bitcoin is not unique to this, we’re seeing falls all over the bitcoin cash is down at $1,400, very, very low right for bitcoin cash but, again, kind of the floor, we see $1,000, or more around like $1,400 is kind of the floor for Bitcoin cash. I can definitely see it going down to about…I’m sorry $1,000, between $1,000 and $1,500 is about the floor for bitcoin cash. I can definitely see bitcoin cash going down to these levels, even down to $1,300, even down to a thousand, can’t see it going to much lower than a thousand, if it does I’m going to be buying it up like crazy.
You jump over to Ethereon and you see a similar trend, maybe not quite as harsh as Bitcoin, but the same thing right in December, we saw a drop right about 40%, little lower than bitcoin, and then most recently, in the middle of January, we saw for about 45% and we’re starting to see another fall. Right now, it’s only gone about 15-20%, about 18% and I can definitely see this going down further. Ethereon hasn’t been hit quite as hard as bitcoin and some of these other altcoins.
And another one here, ICX, has not really been hit that hard at all. If you look at ICX, it’s actually still almost at its all-time high. The all-time high is that ninety-one, a hundred and we’re only at eighty-two, eighty-three. So ICX has definitely been a safe haven for people that have been losing money in bitcoin, Ethereon and other altcoins, and that’s because there’s a lot of positive sentiment around ICX. A lot of strong, I guess, market indicators in the social sentiment realm, the traffic realm, the trends everybody’s talking about ICX, everybody’s calling ICX, so it doesn’t surprise me that the price is being held up by the anticipation of the price is going to go up based on all the hype that we’ve seen for ICX.
06:43 Xlm And Trustcoin
Let’s look at a couple others here, XLM, what I wanted to show you here, that is actually going to be a very, very good buying opportunity soon here is Trust. So Trustcoin, it’s fallen significantly, just since the all-time high, which the all-time high was December 15th, so literally, in the last two weeks we’ve seen this fall all the way to 50% and it hasn’t happened all at once, and it is starting to drop even more, but I think that the potential for this one is actually pretty high that it’s going to go up. It’s going to keep going up and that’s because it’s fallen down pretty significantly, and I do think there’s going to be room to bounce back up. XLM, same kind of thing, it’s fallen but it hasn’t fallen too hard yet, so some of the altcoins are maintaining their value, even though they are going down. They’re not going down quite as far and quite as deep as Bitcoin and Ethereon.
So, what is actually driving these down trends of all cryptocurrencies, Bitcoin, Ethereon, all these altcoins, what’s actually driving this downward trend? Well, a very big one is that Tether (USDT), which you see on you know a Bittrex, Bitfenex, a lot of different exchanges and it’s essentially holding cryptocurrency, which is supposedly attached to the U.S. Dollar, that’s what tether is and that’s exactly why I’ve actually taken most of my money out of the cryptocurrency markets, because often I have attached them when I sell them from an actual coin like Bitcoin or Ethereon or whatever, I’ll typically buy Tether or USDT, I’ll typically buy that and hold large amounts of money in tether in the form of tether cryptocurrency, but what’s happened with the news is not encouraging, and it actually is scaring me a little bit, which typically I’m not that scared, but there are some big things going on with Tether that make me think I better wait out or weather this storm out and see what’s going on with Tether before jumping back into cryptocurrency knowing things are going down, knowing this is going on with Tether.
08:50 Bitfenex, Tether And Its Effect On The Cryptocurrency Markets
So basically, cryptocurrency exchange Bitfenex reportedly subpoenaed by the top prosecutor, let’s check, by the top regulator, and that’s because Bitfenex owns USDT, they own tether and so a top prosecutor, I’m sorry a top regulator in the F.C.C. I’m sorry F.T.C., The Federal Trade Commission, has issued a subpoena to Bitfenex about the exchange, about Tether, about the company and about their liquidity around that particular digital asset. You can just read it right here, ‘the currency exchange Bitfenex reportedly subpoenaed by top regulator’, ‘the Commodity Futures Trading Commission has issued subpoenas to Bitfenex Cryptocurrency Exchange and Tether, the company behind a digital coin that claims attract US dollar’ Bloomberg reported. Tether recently sever ties with an auditor, Bitfenex and Tether, which share a C.E.O., have been accused of fraudulent behaviour.’ That’s one article of many articles coming out, that now the government the US government is getting involved and they are questioning Bitfenex and Tether, they are questioning the integrity of that digital asset and they are questioning whether or not it’s an actual Ponzi scheme or not. Does Bitfenex, does Tether actually have the liquid US dollar assets to pay back or to back up all of the cryptocurrency investments that are being taken place in USDTether, into the Tether digital asset? And there’s speculation on whether or not tether can actually pay back the funds or not which is why I got out, because Tether has typically been a pretty stable cryptocurrency that’s attached to the US dollar, so it holds one dollar for one Tether, that’s typically how it works. They did have an auditor come out to actually, the government actually sent out an auditor, an independent auditor to audit Tether, to audit Bitfenex, to see what type of liquidity they actually had and Tether confirms that their relationship with the auditor has been dissolved, so that actually didn’t go very far, something happened there, something fishy happened there so I don’t know what happened. “So, here’s how the Tether situation,” “without this bitcoin, price would actually collapse, fears grow over Tether.” Let’s just read this right, “Fears grow over Tether ‘printing press’ as auditors part ways,” so people are scared that Tether is printing money like the U.S. government, which is kind of funny, actually not funny but interesting, that that Tether is now printing money similar to the way that the U.S. Treasury prints money, but they’re not legally allowed to do that like the government, the government is allowed to do that. ‘Tether issued its two billionth U.S.D. token’ and ‘little-known token may be fuelling bitcoins rise,’ so there’s all these questions and speculations around Tether. ‘Tether continues printing US with no proof of US dollar backing,’ so this is really coming to a head at this point and regulators are now investigating and that is what’s affecting the cryptocurrency markets.
11:39 Why The Market Is Falling
That’s not everything affecting the cryptocurrency markets, here are some other things ‘why is it Bitcoin dropping?’ ‘Bitcoin’s price falling below $10,000 amid wider Crypto drop.’ ‘Bitcoin price latest updates, cryptocurrency value plummets as South’ Let’s read this one ‘as South Korea begins crackdown.’ So again, back to the South Korean crackdowns, ‘Bitcoin drops 10%, falls below ten thousand amid broad cryptocurrency sell-off.’ So, people are selling cryptocurrencies, including myself, and it’s been happening in the entire month of January, more or less. People are a bit scared, they’re nervous, they’re hesitant, they’re sceptical, about what’s actually happening, what’s driving these prices lower This is not doom and gloom, this is not an end all be all, this is not something to be extremely concerned about. although I would definitely watch it and I would cover yourself. I would be in a position where you can buy back on the dips, you could watch the fall take place and you could buy back on the dips. I think the dip is going to go, for Bitcoin, it’s going to go below or to at least $9,000, maybe even below, so that’s the price that I’m looking at. On Coinigy, I can set an alert and I could say OK when the price gets to $9,300.00, alert me, that’s what I want it to do because I want to know if we’re approaching the bottom there so that I could put potentially layer in buy orders down when it drops to this base, because what you want to do is, once we crack $9,000, you have about a 10-15% window right here, and it could sometimes bigger, you have about a 10-15% window here to buy. So imagine the price here goes all the way down, let’s say it went to $7000, all of this is buying area, and if it does go down to $7000-$8000, you better believe that it’s going to bounce back up, so once it goes down here it’s not going to stay down there very long so putting your buy orders, because it’s going to bounce back up fairly quickly. The same thing goes for any of the other altcoins and other cryptocurrencies that are experiencing these dips and these drops.
13:36 Other Reasons Why Cryptocurrencies Are Falling And The Role The Regulators Are Playing In The Fall
So, number one. always get out before it drops too deep, I’ve learnt that the hard way. Right here, on this big drop in December, I did get out, but I didn’t get out until midway down, I didn’t get out until I lost a bit of money. I don’t want that to happen to you guys as well so get out while you can, it’s likely that this is going to fall down even further until some of these rumours go away, so that’s what I’m looking out for and I hope you do the same, I mean I hope this was helpful for you guys, I just wanted to give you some thoughts on the recent drop, why things are dropping and what’s actually happening in the market, it’s because of this fear, uncertainty and doubt that cryptocurrency markets are going to recover. Everybody thought “oh, it’s going to recover!” and we see a big boom here and then it didn’t recover, and we saw a big drop right here. The same thing is happening and now there are other allegations, other speculations coming out. I think this is being fuelled by government, I think this is being fuelled by regulators, I think this is being fuelled by nervous banks, I think this is being fuelled by all sorts of, however you want to put it, elites in the government and regulatory positions to further time down the price of cryptocurrencies because they do not want to give legitimacy to the Cryptocurrency and blockchain revolution that’s happening right now. They have acknowledged it, they do you know acknowledge it to some degree, but they want to control it, they want to regulate it, they want to tax it. How are they going to do that? I don’t think they know yet, they’re working that out now, they’re working on it, they want more and more people to sell and go back to fiat currencies until they figure out how they’re going to manage this revolution. This change in society that’s happening right now, they don’t fully know how to handle this, in my opinion, I don’t think they only know how to handle this. Regulators I mean when you think regulators, go to the D.M.V., go to your local government, go look at these people, go talk to these people, the vast majority of US and other regulators in the government are not technologists, they are not technology experts and they do not know the first thing about technology, let alone blockchain, let alone cryptocurrency, let alone how these things work, let alone decentralized a distributed network works, they do not understand this, they do have advisors that do understand this of course, but in their minds, in the top regulators minds, they’re trusting their advisors, they do not have first-hand experience into how these things actually work and so they don’t fully understand it so they can’t fully regulate it, they can’t fully understand how to regulate it if they don’t understand it. This happened before in the 90’s with the Internet with HTTP, HTTP, HTTPs protocols, with FTP protocols, with e-commerce, with social media, you name it, this has happened before, it’s happening again, we are repeating history with a different market, a different industry, this is happening again though.
16:22 Support For Cryptocurrency
what is encouraging is that you’re seeing resistance, I’m sorry, you’re seeing support at different levels, you’re seeing people support the downward trends and you can see that here with Bitcoin cash, here’s some degree of support, going up, support, support, support, there is a lot of support even with Ethereon, there was support here, there’s been support all the way down but we’re still falling right and we’re still falling and still falling. So, you may take this as kind of advice, as a recommendation, don’t take it as financial advice, take it as just advice in general and cryptocurrency, what’s happening in the market.
16:57 Why I Sold, Again.
I would love to know your thoughts on this again, I’m not panicking, I’m just being cautious I’ve sold because I want to buy the dip. I was so invested in cryptocurrency, all my money has been in crypto, most of my money has been in crypto, and when you have that much money in crypto, when there’s a dip, you can’t actually buy new crypto on the dip. I took my money out because we were recovering to the levels I wanted to see so I took it out knowing there was going to be a drop, now I’m waiting for the drop to fully materialize and play out so that I could buy back on the dip. So, if there’s one word of advice I could leave with you guys before you take off and before you leave this video, that advice would be: buy the fucking dip! Do not miss out on this opportunity guys, buy the dip when we’re at the bottom. Set alerts, watch it guys, buy on the dip and make money on the rise, it’s coming guys
I’m Dan from cryptocamacho, if you haven’t subscribed yet please subscribe to my YouTube channel by clicking on this little pretty red button right here guys. I will talk to you next time.