cryptocurrencies nightmare scenario is playing out in real time just woke up to the FTX hacker
dumping ethereum but wait didn't Reuters report that the hack was actually the Bahamas SEC are
the Bahamian Regulators dumping the ethereum or is there confusion on who the hell the hacker is more
information the FTX hacker is now actively dumping eth on chain he has dumped about 15 million eth
in the past 30 minutes and just prepped a fresh batch of 12 million worth of ethereum still has
270 Million worth of eth in his main wallet he's selling ethereum to wrapped Bitcoin to run Bitcoin
through aggregators like one inch you can see the impact of the FTX hacker dumping eth in real time
unfortunately this is a massive amount of eth and he is just getting started still 200 000 eth in
his main wallet as some pointed out Ren Bitcoin has limited liquidity but people are arbing it
this lets the hacker sell more eth basic basically this is a nightmare scenario playing out in real
time the FTX hacker is now steadily dumping eth on chain he just loaded up another full clip of 25
000 ethereum and has another 200 000 ethereum remaining in his main wallet 270 million incoming
spot eat cell pressure there's a lot of unanswered questions here we need to dig deeper FTX exploiter
converts millions in ethereum to Alameda linked Ren Bitcoin tokens whoever was behind the 600
million exploits of crypto exchange FTX started exchanging millions of dollars worth of ether to
run Bitcoin a token that represents Bitcoin on other blockchains early on Sunday funds stolen
from FTX were steadily converted to ethereum over the past week making the exploiter one of
the largest holders of ethereum this is where it gets interesting the use of varen Bitcoin
may surprise some in the cryptocurrency space in 2021 Alameda research the Sam bankman freed owned
trading arm at the center of the multi-billion dollar Scandal said wren's development team was
joining Alameda and would work on expanding Ren's usage to several blockchains so with the ren
Alameda link it seems more clear that it is Sam bankman freed or somebody over at FTX who did do
the hacking and is presumably now selling the eth there is still question does this have anything
to do with the Bahamas government did they order this doesn't seem like it make sure you subscribe
to our Channel new information on FTX Alameda new information on this comes out every single day we
continue to keep you informed WE Post daily videos covering everything going on in the cryptocurrency
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cryptocurrency participant problem number two grayscale one of the largest holders of Bitcoin
one of the most trusted ways for institutions and accredited investors to get exposure to bitcoin
just by being able to buy a ticker like I said grayscale is one of the most well established in
the space now the bad news greyscale won't share proof of reserves citing security concerns crypto
investment firm grayscale won't show proof of reserves after Bitcoin and ether products fall to
new all-time lows quote due to security concerns we do not make such unchain Wallet information
and Confirmation information publicly available through a cryptographic proof of Reserve or other
Advanced cryptographic accounting procedures grayscale said this on Twitter Friday afternoon
The Firm went on and acknowledged its decision to keep its Reserve information private would be
a disappointment to some investors crypto firms are being pressed to show more information about
the reserves after crypto Behemoth FTX filed for bankruptcy protection earlier this month
quote from grayscale but Panic sparked by others is not a good enough reason to circumvent complex
security Arrangements that have kept our investors assets safe for years grayscale Bitcoin trust
hit a record low on Thursday as did its ethereum product the firm's parent company digital currency
group has brushed off contagion fears after the shocking collapse of FTX at the same time however
another entity affiliated with grayscale recently halted withdrawals of course we're talking about
Genesis Global Capital which was a big hit to the crypto space think about it like this grayscale
owns 3.3 percent of bitcoin's entire market cap Luna who before their collapse was buying a lot of
Bitcoin owned only 80 000 Bitcoin while grayscale owns 640 000 Bitcoin if grayscale is forced to
sell their 640 000 Bitcoin the price is expected to drop by 46 percent which would send us to 8 900
per Bitcoin just want to show you how unlikely 10K is it's actually kind of embarrassing the
grayscale isn't participating in proof of reserves if they can't secure their on-chain assets after
revealing addresses they aren't qualified to hold institutional money we should reject this lack of
transparency send it lower another way to think about it of course is that grayscale's assets
are custody at coinbase coinbase and grayscale trusts are both audited Barry silbert the CEO of
grayscale would go to prison for fraud along with the board if they were playing with the underlying
assets so probably nothing to worry about but just something to think about and for sure they
should be participating in proof of reserves I think real quick guys we will be attending and
speaking at decentral Miami at the end of this month get your tickets for this if you haven't
already if you'll be in Miami also next year we will be attending the Bitcoin conference use our
code altcoin daily for 10 off get tickets to this sooner rather than later they're way cheaper now
this is the biggest Bitcoin conference in the world you don't want to miss this and finally
if you have yet to vote for us for the web 3 influencer Awards we have been nominated for a few
different categories make sure you visit the links in the description and vote for us I'd really
appreciate it now back to the news problem number three Joe Biden the president of the United States
is leading a critical call for game changing Global Bitcoin and crypto regulation After Shock
FTX collapse calls for stricter regulatory control have grown to a cacophony over the
last week as the amount of money thought to have been lost by FTX and its sister company Alameda
research reaches eye-popping levels and threatens to engulf The Wider crypto market now following
the latest Gathering of the G20 in Indonesia the leaders of the attending countries called
the need for international rules to govern the fast-growing Bitcoin in crypto space critical and
said potential risks to financial stability needed to be mitigated so nothing official yet but the
world leaders are getting together saying hey we might need to regulate this Bitcoin crypto thing
even harder more to come in the future make sure you subscribe to our Channel let's keep things
real my friends because it's not all bad and actually what we've been seeing with the FTX apps
in Celsius and three era capital and everything that's been going on over the past few months is
actually signs which you would see near the bottom of a cycle and there's plenty of reason to think
that the bottom of the cycle is going to happen soon it's possible it's already happened either
way very close to the bottom and there's reason to be bullish going forward and of course when
you want to really get involved in cryptocurrency of course is near the bottom when there's blood
in the streets fear in the air let me give you some reasons to be bullish the next having is
projected to occur April 2024 the Bitcoin having the mining reward will decrease from right now
it's 6.25 Bitcoin per block to 3.125 bitcoin per block now Efficient Market Theory would hold that
if we all know it's going to happen then it's got to be priced in paraphrasing a line attributed
to Warren Buffett on that Dogma the markets are almost always efficient but the difference between
almost and always is 80 billion to me thus even if we think everybody knows something it doesn't
mean there isn't a ton of money to be made over the years we have stressed that the having is a
big event but it takes years to play out the typical trough is 1.3 years before the having
and on average the market Peaks 1.3 years after the having the whole process has taken 2.6 years
to see the full impact if history were to repeat heat itself the price of Bitcoin would trough at
the turn of the year coming up we would then see a rally into early 2024 and then a strong rally
after the actual having obviously make your own decisions do your own research however
my conclusion the Bitcoin bottom should be very close in 2015 Bitcoin bottomed 26 months after
the previous having in 2018 Bitcoin bottomed 29 months after the previous having in 2022 Bitcoin
is already 30 months after the previous having the Bitcoin bottom should be very close and finally if
I had to show somebody four charts to explain why Bitcoin is fine chart number one and chart
number two long-term holders are doubling down despite being the most underwater they've ever
been long-term holder Supply is at all-time highs chart number three blocks continue to be added
meaning that Bitcoin continues to work just fine like it always has and as it continues to work
just fine it actually gets stronger chart number four active addresses making higher lows surely
a bullish metric so with Bitcoin being at about 16 493 dollars today with 10K Bitcoin being the
number everybody's eyeing you tell me where do you think Bitcoin will bottom or do you think
this is the bottom my friends subscribe to the channel join our team we post one video every
single day in the cryptocurrency market like the video if you got value see you tomorrow