all right welcome back everybody to altcoin daily my name's austin in a matter of minutes
we have just seen bitcoin crash and bitcoin crash hard bitcoin dumps over seven thousand dollars
to below a forty three thousand 000 bitcoin as billions of dollars were liquidated in minutes
and the big question is why because look at this this is bitcoin on the hour chart and
does this look natural to you no this looks like complete unhealthy manipulation slash suppression
and how do we know well first off if it was a natural sell-off it would look more natural it
wouldn't be sudden it wouldn't be violent it would be a gentle loss of interest as we see
the sellers start to outweigh the buyers nothing about this sell-off is natural it is meant to
scare it is meant to incite fear and i'll prove it to you it's one thing to say manipulation
but i'll prove it to you because on this channel the reason that you subscribe is we drop a video
every single day demystifying this cryptocurrency market so you can make the most informed decision
for you i encourage you to join us on a road to one million and a let's jump in number one
it is no coincidence in my opinion that all this happened today meaning over the last few weeks
we were seeing such healthy growth such healthy accumulation of bitcoin and then all of a sudden
drop well in my opinion this is not a coincidence and this happened on the exact same day
that el salvador officially recognized bitcoin as legal tender what many people around the country
are calling bitcoin day so we now know that what started as just a regular natural sell-off which
is par for the course very normal in bitcoin that led to a very violent series of cascading longs
that drove the bitcoin price down over seven thousand dollars most of the liquidations
reportedly took place on buybit and also the largest single liquidation order happened on huobi
and it had a face value of over 43 million dollars okay to me this is a little bit of a relief to
me and i get it i'm not saying days like this are easy i would rather see the bitcoin price continue
to go up forever but if there is a sell-off it's nice to know that the fundamentals haven't changed
and that perspective is always something i like to share no a liquidation cascade does not invalidate
macro on-chain supply dynamics it got the leveraged apes off our backs for now
fundamental investor activity still looks very strong in fact question for you when is the best
time to buy bitcoin well the best time to buy your first bitcoin is obviously in a bear market
the second best time to buy bitcoin willy woo makes the joke of before a liquidity crash
but we all know by the dips best time to buy is during the crashes of a bull market
but again it's one thing to say it but let me show you the data there's a lot of channels out there
that will just throw you the opium i always want to bring you the data and we are seeing the buying
coinbase's premium is now at approximately 200 that means there's some heavy buying
there that means there is so much demand to buy the dip we saw a huge spike in the premium
and guess who else bought the dip the country of el salvador added 150 new coins to their treasury
it was just a few days ago they bought their first 200 they have continued to add and now
although it appears the discount is ending el salvador now holds 550 bitcoin see here's the
thing if the sell-off was purely due to a lack of interest or worsening fundamentals
we wouldn't see the smart money step up but because this was due to manipulation billions
of dollars getting liquidated it created a great buy-the-dip opportunity and i do
want to share with you the latest news involving altcoins like solana like polka dot like others
but just know despite what the price does on any given day the fundamentals the network is only
growing larger el salvador's largest newspaper has just added the bitcoin price to the home page
and we can see that right here their most popular new site is now advertising keeping you informed
about bitcoin and why in full display on the newspapers homepage a live bitcoin price tracker
is visible in the upper right hand side of the screen this price tracker will be a convenient
tool for citizens now mandated to accept bitcoin payments as part of their business
a small but positive sign and next piece of news this one's even bigger the republic of panama
is now doing the exact same thing el salvador is doing the republic of panama has introduced a
bill to regulate crypto this is a major green flag and while we know that el salvador just legalized
bitcoin as legal tender for the country panama is saying that we want to make bitcoin and ethereum
and cryptocurrency legal tender in our country and why do they want to do this well announcing
the news on twitter panamanian pro crypto congressman gabrielle silva stressed that the
new legal initiative has the potential to generate thousands of jobs create new investment sources
as well as make the government more transparent i love it they saw el salvador and they say hey we
want that same opportunity according to the draft bill document shared by silva the new legislation
intends to recognize crypto assets like bitcoin and others as an alternative global payment method
for any civil or commercial operation not prohibited by the illegal system of the republic
of panama and in contrast to the government of el salvador which has required to local
businesses to only accept bitcoin in exchange for goods or services alongside the us dollar
panama's new crypto bill does not intend to force obligatory bitcoin acceptance instead
the legislation calls to establish freedom to use cryptocurrencies like bitcoin and ethereum
in panama give me your thoughts on this down below but adoption is growing on a nation-state level
for bitcoin and now for ethereum and next piece of news let's talk about solana because in a sea of
red bitcoins down ethereum's down cardano's down why is solana holding steady well check this out
you can now mint nfts on crypto exchange ftx and we know that exchange ftx as well
as altcoin solana have a lot of the same backers and why this is significant is because while the
majority of nft trading volume happens on the openc marketplace crypto exchanges are starting
to realize that they can directly offer a similar service to their millions of users so once you buy
your first piece of cryptocurrency why go to openc if you can just stay on the exchange you bought it
from and mint nfts this means that ftx users can create their own artworks and mint them as nfts
on the exchange to be sold within its marketplace this includes u.s users via ftx us and we know
that nft minting is obviously bullish for ethereum but it's also bullish for solana bankman freed ceo
of fdx noted that all nfts will be cross chain across ethereum and solana blockchains so we are
going to have to see how this affects openc and then now how much of this nft creation happens on
ftx on the ethereum and so on a blockchain and i will say it's not all the rainbows and butterflies
there are fees buying and selling nfts do not come cheap on ftx they do charge five percent
of the buyer as well as five percent to the seller so a total of a ten percent fee which to me this
is outrageous but what i will like to see or what i would like to see is as coinbase as in certain
exchange kraken as they all add these features as openc starts to get more competitive now that
they have more competition the fees i would hope would go down and next piece of news for polka dot
the former director of libra facebook's libra has now joined polkadot bertrand perez is joining the
web3 foundation as chief operating officer after resigning from the facebook linked dm in july
so the same person which was ceo for libra is now becoming ceo of web3 the company behind polka dot
perez actually wore two hats at diem one sco and the other as a managing director of the libra dm
association which he set up from scratch prior to spending two years at diem he was a senior
director at paypal for close to eight years so i guess polkadot wants to make sure they are staying
regulatory compliant whatever that means by hiring a person that came from paypal which came from
libra dm and now works for them in a direct quote from perez i got into blockchain back in 2014
while at paypal and of course i wanted to stay in the space and decided on the web 3 foundation
which has incredible technology and a great future so small but significant in my opinion
green flag for polka dot and next piece of news i was going to talk about cardano cardano plunges
as critics take aim at smart contract launch but you know what they'll always be critics
i do want to take this time to recommend you an interview i highly recommend you check this out
there's a link down below in the description we had a great conversation with elliot from the
youtube channel elio trades on the best play to earn cryptocurrency nft games on his radar
right now check it out link down below and that is the video my name is austin see you tomorrow
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