hey welcome back everybody to altcoin daily we have so much to talk about in today's video make
sure you watch the entire thing bitcoin has dipped below 35 000 for the first time in a long time my
question to you is was 34 000 the bottom and in fact i believe it touched 30 900 and we are
at the lows right now i'm curious to know what you think is happening in the comments but let's just
talk about reality bitcoin is now the lowest it has been in six months the cryptocurrency market
is plummeting ethereum solana hit four-month lows and metaverse tokens are tanking the market is
still bright red as bitcoin hits a six-month low and other coins suffer while metaverse and gaming
tokens are in free fall let's talk about what caused today's dip let's talk about my outlook
for the future where i see this space going based on what is happening today and what has been
happening over the past year or so i'm going to get into different alt coins before we get to that
let me just be real with you guys i was not expecting this to happen as in i didn't think
it was likely now at the same time i always knew it was possible if you never thought
this was possible then maybe you haven't been in cryptocurrency that long i suspect because
just tons of new people came into cryptocurrency in 2021 i suspect many of those people have sold
near the bottom have gotten out of the market and that's where we are today now those of us
who have been in cryptocurrency a while know that this kind of stuff happens all the time to be real
with you guys i'm numb to dips like this at this point and i actually did buy the dip i mean prices
just got so low relatively speaking that i did buy some more bitcoin bought some more more ethereum
bought some more quality l1s quality l2s even some of the uh gaming metaverse tokens which you know
fell quite a lot i'm taking the risk because i believe this is a long game bitcoin cryptocurrency
are not going away this is the first cycle where people realize that bitcoin and cryptocurrency is
here to stay so i did buy the dip if you bought the dip or or let me know what you're doing did
you sell did you get into stable coins let me know what you're doing in the comments section below
smash the likes guys if you appreciate us coming at you on a daily basis and to start off let's get
into what caused this major dip now one of the first things is that the stock market has been
really tanking lately i mean netflix more volatile than bitcoin right now the stock market went down
bitcoin and cryptocurrency are still correlated especially on shorter and midterm time frames
and you know that brought cryptocurrency down in addition to that why did crypto crash
well a multitude of things bitmart was hacked for 196 million in assets
new covid variant fudd from the mainstream media rumors of institutional fear slash
pull out growing stock market down as mentioned plus fed tapering rumors a lot of people based
on what the fed is saying are taking action now even though the fed hasn't done anything yet and
this is why we're seeing the market tank if there's more reasons let me know of course there's
the derivatives market the leverage trading at this point going forward i think there are
two likely scenarios and let's just talk about my thoughts going forward
number one the fed continues to let everything deflate to save the us dollar for now
in this world users are king projects that gain users will likely decouple from market trends so
i believe elliot is referring to gaming the gaming crypto sector play to earn at this point
and then the number two scenario is that this gets so bad that the fed changes its tune and then up
only for the next year or two after certainly a plausible scenario it's a hopeful scenario and
again i just want to point out that for us oh geez i i said i'm numb to it this is a tale as old as
time bitcoin 1000 i'll wait for the dip bitcoin at 300 not buying the dip it's dead bitcoin at 17 000
i'll wait for the dip bitcoin at 8 000 it's dead i'm not buying bitcoin at 60 000 i'll wait for the
dip bitcoin at 38 000 it's dead different prices same story do you agree with this i certainly do
in addition to that you know speaking of different sectors in cryptocurrency in this case we're
still talking about gaming no amount of macro policy changes the cultural shift away from the
increasingly shitty reality and into limitless vr ar metaverse numbers don't lie gaming is eating
the internet at an increasing rate and you have to realize that bitcoin crypto aren't going away
i think play to earn games pre-mainstream right now i think 2021 was the year of nfts we're still
before the year of gaming in recent news el salvador buys its cheapest bitcoin 410 bitcoin as
prices reach 36k is when they bought it president nahib buchelli confirms that the purchase of
410 bitcoin was made with 15 million dollars placing the trading price at approximately 36
000 per bitcoin so the headline is small country buys the dip that's huge and of course
we're seeing many people buy the dip i personally bought the dip and we can just see on chain data
well one billion dollars from tether to binance now we don't know what's going to happen but
usually when money comes in they're using it to buy i believe there's something to see here and
many people are looking at the market and going there's fear in the air many people saying it's
over and you know metrics are resetting i mean the weekly rsi on ethereum is now at its lowest levels
since december of 2019. it's pretty crazy i think smart money is noticing this no i'm not saying
that we're at the exact bottom today and it can't go lower anything could happen in the short term
my views are more that cryptocurrency isn't going away these blue chips aren't going away
and projects that continue to build integrate partner those are the ones i'm looking at
and their success has nothing to do with short-term price even more than that as we
reported to the other day twitter nft profile pictures hit twitter let's talk about this
and realize that this is the new normal this will become the standard this isn't going away
and one of many reasons why cryptocurrency isn't going away most people can't think big picture
twitter's support of verified nfts could bring them truly mainstream but it also encourages
nft haters to get even louder so let's talk about the implications of what we saw yesterday
number one twitter integrating verifiable nfts as profile pictures the feature helps show people how
nfts work popular rallying cry of people who think nfts are stupid is well i just right clicked and
saved it anyone with enough patience typically explains that non-fungible tokens are blockchain
based ownership certificates so while anybody can screenshot it and display it that's not the same
as owning it twitter's feature shows that rather than just telling it only the owner of an nft
can prove by plugging into the ethereum blockchain that they own it and get their verified hexacon
another thing that shows us the divide between nft fanatics and nft haters is getting worse
the well-documented hatred that so many people especially gamers have for nfts
is not going to dissipate overnight and the way twitter is displaying the verified nfts is making
the vitriol even stronger emma a twitch streamer with almost 1 million followers tweeted twitter
just asked me if i wanted to make my pfp and nft i'm shaking i'm throwing up i'm crying i just want
to get back in time before those nerds made this [ __ ] mainstream and hating something is hating
something strongly i believe is what happens right before you begin to learn and change your mind
and grow and this is how the adoption happens the haters have to be vocal we have to address the
haters and eventually we find common ground number three even the nft crowd isn't entirely happy
with twitter's feature nft fans complained about twitter using the nft feature to sell twitter
blue subscriptions of course twitter is a business and this is businesses should be adopting crypto
they should be doing what's best for them and in the process crypto gets adopted number four the
feature marks twitter even more as a pro crypto company and twitter of course one of the biggest
social media companies on the planet huge for cryptocurrency number five twitter just gave openc
an even bigger lead because they connect with openc to verify these twitter pfps in addition
because again this isn't going away twitter job posting hints at daos membership tokens social
media company is recruiting new employees to expand its crypto efforts this is a microcosm for
what many companies are doing twitter is hiring an additional leader for its cryptocurrency division
according to a newly published job posting the job posting suggests that twitter will explore dows
membership tokens and other crypto applications the new hire will work alongside tess who was
recently hired to lead crypto twitter's crypto division and again this is happening in so many
legacy mainstream companies in addition miami coin continues to raise money for miami and a similar
thing is happening in new york these are the first two cities miami coin raised 24.7 million dollars
as you know you get bitcoin dividends into the hands of citizens with its city coins which are
an open source protocol that provides fundraising mechanisms for cities and in order for residents
to acquire city coins they must first purchase stacks on an exchange like okay coin or binance
on tuesday coinbase had plans to list stacks for trading but has delayed it but again what do you
think is this going to get bigger or is this going to get smaller i think more than two cities are
going to try this out and this is where we are in addition to this speaking of nfts again you know
yeah you know and many nft projects probably won't hold their current values but many will go on to
bigger and and better valuations i believe and nfts as a general concept are truly here to stay
ethereum nft badge po apps raises 10 million to fund development are you guys familiar with
poe apps proof of attendance protocol i believe these are going to get a whole lot bigger it's an
ethereum based app that event organizers can give out as attendance badges in the form of nft so
these are nfts proof of attendance these badges are minted using the erc721 token standard and
more than two million poeps have been minted to date according to the company and if you've ever
been to a cryptocurrency event you probably had little qr codes people are passing out
claim your po app only good for like 24 hours 72 hours and i believe as the world gets more digital
and kids today spend so much time online they're going to have a little poep section on their page
saying hey these are all the events i've attended don't you think that's going to get much bigger
i do l2s continue to have different metrics trending up despite the prices being on a dip
in this case metis total value locked surges by 99 000 as the layer two race heats up the total value
locked on meters rose 99 000 in a month after the layer two project integrated with numerous d5
protocols and cross-chain bridges again look for the projects that are integrating and and bridging
and building and you know price really has very little to do with my investors thesis for some of
this stuff and of course make your own decisions this is not financial advice but like i said these
major dips like this tail as old as time and i look not based on price but what's going on
in the world are these projects still doing big things are they well funded are they well backed
and many many are last but not least i i did want to show off my cool jpegs i bought the other day
bought these two crypto chicks i thought this one kind of looked like rhymes i'm hoping grimes buys
this from me someday and uh you know these are my these are my nfts and uh you know i think the nft
market is very similar to where the altcoin market was in 2017 many meaning many projects probably
won't make it but of course many will and markets go in ebbs and flows all the time but you know the
the nft market is getting a little frothy but uh you know that being said i bought in
let me know what you think about all this in the comments section below i'm pretty psyched about
the cryptocurrency space still it's time in the market not timing the market and the people who
do the best are the ones that are around at times like this anyway just wanted to share the news
my perspective what caused the crash my opinion and what i'm doing let me know in the comment
section below your thoughts and just like always guys we'll be back at you tomorrow every day