welcome back everybody to altcoin daily where you for daily artecle on everything going on in cryptocurrency you are being manipulated you are being fooled the whole cryptocurrency market
seems to be in today's artecle i'm going
to clue you in to the real reason why bitcoin ethereum altcoins crashed continue to crash now you might have an opinion on why the market is the way it is do you think it's joe biden do you think it's tara luna do you think it's the federal reserve tech stocks let me know in the comments below what you think the answer is to the real reason.
why cryptocurrency is crashing smash the
like button if you appreciate this kind of content and let's get into it let me clue you in dokuan and terra luna many people would say that the reason why bitcoin and even more so altcoins the reason they have crashed and continue to crash is because dokuan and tara luna's alleged rug pulled.
and you know what that might not be far
off from the truth it has been confirmed by the sec dokuan cashed out over 2.7 billion in the span of a few months prior to the luna and ust collapse i'll tell you something if i ever meet do kwan i'm gonna have a few choice words for him shake your hand so it has been confirmed that dokuan profited immensely and the sec has.
expanded its probe into terraform labs ust
marketing the marketing to retail investors the sec is reportedly probing terraform labs over suspicions of violating investor protection laws specifically the agency is interested in how the firm marketed its now crumbled ust stable coins to u.s customers the news comes a day after u.s court of appeals ordered quan and his company to.
comply with the sec's investigative
subpoenas there is no doubt that what do quan and taro luna did contributed to the cell pressure the downwards pressure on the cryptocurrency market from a narrative perspective regulators and people looking in see this see this and think damn there's a lot to be fearful of in cryptocurrency there's a lot of bad stuff in cryptocurrency however upon further investigation and.
chain analysis
tara's ust collapse was not the main factor in bitcoin and crypto currencies crash let's find out what the main factor was blockchain analytics platfor chain analysis has released a report analyzing the crash of tara's stablecoin ust concluding while it was a factor in the recent crypto market crash it wasn't.
the deciding factor
instead the report read quote the cryptocurrency market's recent downturn appears more closely linked to the tech market decline than to ust collapse according to chain analysis bitcoin's correlation with tech stocks is a relatively new development with the leading cryptocurrency i.e bitcoin maintaining significant price correlations to the nasdaq and the s p which has been falling greatly i.
attribute this
increased correlation to tech stocks nasdaq s p i attribute this to the fact that bitcoin is now a global macro asset and is being seen as such many people many institutions and big players consider it a risk asset and we are in a risk off environment now we say that the main reason for bitcoin altcoins ethereum crashing is because of the correlation to tech stocks which have also been crashing so.
whose fault is it if you said joe biden
if you said the fed if you said whoever is pulling the strings on our economy if you said inflation you are right they lied to us about this watch this i really doubt that we're going to see an inflationary cycle most economic analysts believe that it will have a temporary transitory impact faster than expected increase in some of those prices is actually a good sign the.
overwhelming consensus is going to pop
up a little bit and then go back down no one's talking about this great great you know this is something that will uh settle down transitory transit the data shows that most of the price increases we've see are were expected and expected to be temporary there's nobody suggesting there's non-sex inflation on the way it's on highly unlikely that's going to.
be long-term inflation that's going to
get out of hand i don't know anybody who's worried about inflation over the last couple of months uh we actually saw it trended downward president biden's chief of staff ron klein enthusiastically retweeted an economist who had said in part most of the economic problems we're facing inflation supply chains etcetera are high class problems what is the grand home plan to.
increase oil production in america
that is hilarious well the number one thing that the president can do is help get coven under control uh that we know is the root cause of inflation president biden this afternoon saying he thinkswe're at the peak of the crisis right now and that lower prices are on the way the inflation has everything to do with.
the supply chain make no mistake
inflation is largely the fault of putin i'm going to do everything i can t minimize putin's price hike here at home if you want to get rid of inflation the only way to do it is to um undo a lot of the trump tax cuts ever since you've come into office things are really looking up you know gas is up rent is up food is up everything.
the federal reserve the imf joe biden
janet yellen the people who pull the strings in our economy lied to us about inflation and now they're talking about it as if they never said otherwise inflation rose 8.6 in may the highest since 1981 i believe this isn't the true number i believe the true number is much higher the consumer price index rose 8.6 in may from a year ago the highest.
increase since december of
core inflation excluding food and energy rose six percent both were higher than expected and again i believe it's a lot more surging food gas and energy prices all contributed to the gain with fuel up over a hundred percent in the past yea and this is something that affects the
poorest the most but surely affects
everybody shelter costs which comprise about one-third of the consumer price index rose at the fastest 12-month pace in 31 years the rise of inflation meant workers lost more ground in may with real wages declining 0.6 from april and. 3 on a 12-month basis so
unfortunately the people who put us in this position joe biden the fed the
people pumping up inflation causing everybody to suffer all markets to suffer but particularly bitcoin and crypto so what am i doing with.
put out i tell you that the majority of
my portfolio is bitcoin first then ethereum and then altcoins and the name of the game is to accumulate bitcoin in my opinion because bitcoin was made to solve stuff like what we went over in this artecle bitcoin and cryptocurrency ain't going up any significant amount anytime soon i'm going to be real with.
you and all coins i think are going to
continue to suffer as bitcoin dominance goes up because bitcoin does better and bear markets obviously being in u dollars could be an advantageous move in the next few months as we're preparing for whatever the bottom is whether it is 25 whether it's 20 whether we have some sort of you know final capitulation.
before we head up just like what we had
during march 2020 i still believe in bitcoin i still believe in cryptocurrency and this is why nearly 66 of bitcoin has not moved in over a year marking an all-time high holders have never had more conviction this is bullish and in fact more people now hold one bitcoin now more than ever.
address is holding at least one bitcoin
hits an all-time high of eight hundred forty eight thousand eighty two what about ethereum well two million four hundred thousand plus ethereum have now been burnt since eip 1559 was launched that's over 4.2 billion dollars burnt forever this ethereum that's being taken off the market is more.
bitcoin than michael saylor bought
in except we're talking about ethereum so this is a bullish metric and i believe ethereum's never been in a better place in its whole history ethereum number of addresses holding 100 plus ethereum just hit a one-year high of 43 518 000. i'd like to take a minute or two and thank today's sponsor coins paid.
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cryptocurrency today who's worried about the bear market is stick with it stay with it keep learning on a daily basis or a weekly basis on a regular basis because the genie's out of the bottle this isn't going away bitcoin's having us coming up the us election is coming up i believe things will definitely turn around by then and thinking even farther longer turn out again the genies out of the bottle this is a natural iteration of the internet if you believe that things continue to trend more digitallet me know what you think about this in the comments below happy if you have your own opinions my name is aaron at altcoin daily see you tomorrow.
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