Well would you look at that!?
Bitcoin decided to show signs of life & awaken from the bearish grave being dug!
The Bears thought they had control, they thought they had won...but one BIG green candle has
pushed them back into their caves.
This sign of life signals to me, this aint over...we are moving into the last hoorah
So are you ready to hoorah with me for the next 10 minutes...because it’s time for
Chico Crypto!
Well let’s just first dive into the volatile price movements which for the 1st time in
a long time, are UP!
Yes, shiznit got real on the exchanges, and Bitcoin broke out.
Buys and positions escalated pushing BTC past 36k, past 37k, past 38k, and even further….
on Binance, past 39k, past 40k...shoot the buy wick got all the way up to 48k!!
What did this do!?
It REKT the bears, the shorters!
Checking out BYBT for liquidation data, we can see over the past 24 hours, 1.17 billion
was liquidated which came from over 102 thousand traders.
102 thousand bears are crying right now...saying what the freak...you were supposed to crash
down to 20k!
Now I’ve been saying that this is a TRAP, the Great Bear Trap of 2021...since the crash
began!
Multiple videos explaining why I think this, although I did think this Trap was going to
end a tad bit earlier, but now it does look like it’s finally ending!
And that means….the last HOORAH!!
So what is the last hoorah!?
Well, it’s a term for this cycle’s last push up!
The last PUMP and bull cycle until we actually do turn full on bearish, and go into a true
bear winter!
This has happened time and time again for Bitcoin throughout it’s 4 year cycles, with
the last 2 cycles having the hoorah come at the end of the year.
And if you’ve watched my channel, you know what I think is the peak for this one.
We are going to get to $100k, maybe a bit above, maybe a bit below or maybe right on
the dot.
But in my opinion, for this last one we are getting there!
But why do I call this one the LAST hoorah and not just a hoorah!?
Well because I think this is the last one where we will see Bitcoin move like this...and
because this one is much different than any cycle before!
Why?
One world….REGULATORS
They are mounting up!
And coming after key pieces of how the crypto markets currently function!
Going right after the plumbing which keeps liquidity pumping through the pipes and volume
flowing.
They are going after Binance and Tether USDT!
So let's just 1st start out with the Nance as some suspicious things have been happening
lately!
Over the weekend it was announced from Binance and CZ that they would be reducing leverage
on their exchange down to a max of 20x in the name of Consumer protection!
Like they are doing this out of the kindness of their hearts to protect their traders!
Well don’t believe that for a second….the Binance twitter has tweeted about their leverage
before, basically bragging that 60 percent of traders use over 20x leverage, and 21 percent
use 125x leverage!
They like high leverage and they like it a lot.
The only reason for them doing this?
To hopefully save their butts from the regulators breathing down their necks!
So...let’s just use google and search by binance 125x leverage.
Number 1 result is a blog from Binance itself on this product and it’s launch.
Well clicking into it...it’s been deleted by Binance!
Wonder why?
Well using wayback machine we can see what the blog said.
This 125x leverage product had built in risk controls for traders...Much safe, such wow!
It says in the blog “Its platform uses a unique setup for calculating leverage that
enables continuous margin without any jumps, and ‘mark prices’ for preventing unnecessary
liquidations and combatting market manipulation.”
Then CEO of binance said this below “Further, the performance of the Binance Futures systems
far outstrips many other platforms in the market, giving users a smooth trading experience.
The market has been demanding a product with superior stability and performance; now we
are providing one.”
They were seriously promoting this as “SAFE” and back then they didn’t care about Consumer
protection, as the market were demanding a product like this.
So again I don't believe this is due to Binance thinking in their customers best interest.
This is obviously a regulator appeasing move.
More evidence of why I believe this??
Well another exchange right before, the day before... did the same.
FTX first cut their leverage down to 20x!
Now if you didn’t know, FTX has been getting in BED with the US...they have their US based
exchange, FTX.US and they even entered into a partnership with the Miami Heat, and the
Heat's arena will be named FTX arena.
But this article proves FTX is in talks with regulators.
Just 4 days ago Coindesk posted this article “FTX CEO Says US Is Next Big Target Market”.
In the article CEO, Sam Bankman said “When you look at FTX US, there’s an enormous
amount of potential growth in the states.
There isn’t nearly as much business going on right now as you would expect given the
size of the economy.
A lot of that is regulatory.
It’s something that we’re working on there.”
A lot of that is regulatory.
It’s something that we’re working on there.
In the US!
FTX is in close conversations!
So basically, to appease the americans...FTX lowered leverage on their main exchange!
This message was relayed to Binance...aka, they told Binance...if you don’t want to
get bum fricked by regulators, you better lower leverage.
Which makes sense...Binance and FTX were strategic partners, and their number 1 goal with the
partnership.
From the blog release...
Growth of Crypto derivative markets!!
Well recently a breakup happened between FTX and Binance.
The FTX exchange bought out Binance's investment in them...releasing all ties between the entities.
Decypt covered this breakup, and said this in the article “It's what Bankman-Fried
said next, when asked for his take on Binance's recent string of regulatory problems, that
is most telling: He said "It's been quite the barrage.
I'm not involved in the conversations between them and regulators, and so all I can do is
speculate, but something I'll say is that we try really hard to be as cooperative as
we can with regulators…
I think that when you don't do that, and when you sort of appear less flexible or responsive,
I think that’s more likely to lead to cases where regulators might feel like they have
no choice but to start bringing the hammer.”
Later, he added, "I think there are some differences between how we run our businesses.
I think there are ways I would have reacted, responded, and run things differently."
Decrypt continues..Bankman-Fried is being careful not to say he bought out Binance's
shares in order to distance his company from Binance.
So I'll do it for him: that's obviously the reason.
Even Binance’s longtime partner knows things are not looking good!
They are distancing themselves.
So be warned Binance users!
Especially if you are US...Binance is being probed by the CFTC in the United States, which
has been ongoing since March of this year!
We haven’t heard anything yet regarding this, 5 months in!
Remember Bitmex was probed and investigated in a similar fashion...just an announcement
of if they allowed US traders to trade on their exchange.
It was about a year before charges were brought against the founders as they did allow US
traders.
Everyone knew that.
Binance took over where BitMEX left off, taking over leverage and allowing US traders.
Everyone knows that!
Binance is just one piece of the last hoorah puzzle!
If CZ is going to face the wrath of regulators..in my opinion, why not pull off a last hoorah
and pamp those markets!?
But there is another piece of this last hoorah.
Tether USDT!!
They got a probe of their own.
Yesterday it was announced that Tether Executives might be facing a criminal probe into Bank
Fraud!
From the article the probe is coming from the Department of Justice and it said “Federal
prosecutors have been circling Tether since at least 2018.
In recent months, they sent letters to individuals alerting them that they’re targets of the
investigation, one of the people said.
The notices signal that a decision on whether to bring a case could be made soon, with senior
Justice Department officials ultimately determining whether charges are warranted.”
Shoot a criminal case announcement against Tether could be coming soon!
We are 5 months from the start of the Binance Probe...wouldn’t that be crazy if charges
were announced and brought against the two around the same time...say towards the end
of the year!?
So….it’s nice to see the PAMP!
But be careful and don’t get too caught up in the coming BULL hype.
The ole bitfininex’d put out a tweet showing PUMPs usually come, after BAD Tether news.
He said “Dec 6th, 2017; CFTC subpoenas to Bitfinex.
Dec. 7th, 2017: Bitcoin up 40% in 24hrs March 28th, 2019: Bitfinex figures out NYAG
going to spill beans on $850 million dollar loss and cover up.
April 1st 2019: Instant Bull Market.
April 25th: Sued.
Plenty more where that comes from.
And there is….March 12th, Binance probe is announced...in the days before and after
to the 13th, Bitcoin pumped from around 48k to over 61k, a PUMP of over 27 percent...even
at those HIGH, high numbers, which takes a lot of liquidity to move that price!
Realize that Binance & Tether are like 2 peas in a crypto pod.
Going to Tether’s rich list, Binance is the largest holder of Tether out there!
By a long shot...Binance is a facilitator of Tether and a cooperative “partner”
or they wouldn’t have a wallet of that size!
So if you have been following the drama whatsoever, in Tether land, you understand things may
be coming to an end, not only from the outside with regulators.
But from the inside, with what back’s their asset.
We know now, it’s not backed by dollars...but “commercial paper”.
Bitfinexed tweeted July 23rd “I hope this isn’t Tethers commercial paper.
See how it’s important to know what kind of Chinese commercial paper Tether owns?
Makes you wonder why they won’t say.
They refuse to deny holding Chinese commercial paper and a picture of Chinese companies market
caps, getting absolutely obliterated last week.
If Chinese commercial paper, from a bunch of China hustle companies is what back Tether.
All I have to say is YIKEs...get ready for the last hoorah.
Cheers’ I’ll see you next time!