Top exchanges Coinbase and Robinhood endure some struggles.
Rich Dad Poor Dad author, Robert Kiyosaki,
predicts a doomsday scenario for the US dollar again.
And Ethereum's market cap has taken a heavy hit since the Merge.
Should you HODL or panic?
Stick around and find out.
My name is Deezy.
This is your nightly crypto news wrap-up.
Let's get it!
Yesterday morning, US Coinbase users held their breath
as they weren't able to withdraw funds off of the platform for about 6 hours.
The company reached the conclusion that there was some sort of glitch
with Automated Clearing House,
which is the electronic system that connects Coinbase with US banks.
Coinbase has resolved the issue,
but these are the type of issues where trust is immediately lost for some users.
And can you blame them?
For the record,
this outage was unrelated to the 6-hour Solana outage the day before.
But it seems like Solana shuts down every 5 minutes.
I have no idea how anyone still has faith in that project.
I know I'm exaggerating,
but how can you trust a project that has had 12 significant outages so far this year?
Just how?
I digress.
Coinbase isn't the only trading platform having problems either.
Robinhood has it really bad right now.
Before I get into it,
if you're trading crypto,
I wouldn't suggest using Robinhood or Coinbase.
They're falling apart, and everyone knows it.
I trust Binance with my crypto transactions,
and you should too.
Click the link below to get up to $600 bonus just for signing up.
Anyway, Robinhood stock is down about 50% from the start of the year.
They fired a fourth of their employees,
and over 2 million users have abandoned their app.
Their CEO Vlad Tenev blames their turmoil on the macro conditions and record high inflation.
And sure, that has something to do with it,
but look at the numbers.
Robinhood isn't a strong platform at all, especially in the crypto game.
Now, let's pass it to Frankie Candles for a market watch.
Thanks, Deezy!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $19,625.
Up about 3% on the day
We've got Ethereum coming in at $1,322.
Up about 3.9%, almost 4% on the day
Now, guys, I do want to bring you over to the Bitcoin chart
because we are coming up to a very, very interesting level of resistance.
And that level is going to be this point of control coming in at about $19,777.
Now, as you guys can see,
we did flip right on top of this spider line.
We are continuing to hold support.
If we do come up into this actual point of control at $19,771,
I would be looking for some potential scalp shorts
because, on the lower timeframes,
we are starting to put some bearish divergences in
with lower highs coming in on our momentum waves
as price makes higher highs into key resistance.
Typically, we do see small pullbacks off of this setup.
So this is what I'm going to be expecting in the immediate future.
Now, we do have some of the higher daily timeframes
starting to look like they are forming into some pretty bullish setups.
So if we can see Bitcoin's sentiment remain somewhat decent,
I do think, on a technical level, we could be primed for a move to the upside.
Obviously, any super bearish news could absolutely roll over on that TA,
but, on a technical level, guys,
those higher daily timeframes are starting to look pretty decent.
And if we could get a continued move to the upside,
some targets I would be looking at are going to be this golden box
coming in between $20,400 and $20,125.
And if we can get above there, in the most bullish case in the short term,
I would be looking at about $20,795, $20,800 for some potentially strong resistance.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Famous author Robert Kiyosaki,
most well known for the popular novel Rich Dad Poor Dad,
has been a controversial figure in the finance world
as he has made some outlandish predictions that ended up being spot on
and, other times, well, not so much.
The point is,
controversy loves company.
And when he talks, people listen.
He's put out some very interesting tweets the past few days.
And even if he's wrong, the point he's making still has value.
On Saturday, he stated that the English pound died this week,
which is sort of a reach, but considering how close it is to parity,
I get the point.
The same day, he predicted that the US dollar will crash by this coming January.
And yesterday, he stated that if Fed keeps raising rates,
that will open the door for a strong buying opportunity for gold, silver and Bitcoin.
Do I personally think that the US dollar will crash in the next few months?
No, I don't think so,
but I still think he's spot on the money with the idea that
these macro complications will create a profitable buying opportunity
for those willing to take a chance and buy Bitcoin
when everyone else is panic selling.
Think long term and remember,
swimming with the whales might require you to swim against the current.
Although I think ETH's merge from proof-of-work to proof-of-stake
will eventually be a catalyst for attracting institutional buyers,
and that will consequently take us to the moon,
but no one ever said that would happen right away.
In fact, Ethereum has done nothing but struggle since the Merge.
And it turns out that the Merge was in fact a sell-the-news event.
Since the Merge took place,
ETH has lost over $37 billion from its market cap,
which is just shy of a 20% loss.
The truth is,
I think the timing of the Merge was bad.
And that's more because of all the macro implications surrounding it,
not so much ETH and the Merge itself.
We're still dead smack in the middle of a bear market,
and if we end up losing the floor of the lows established back in June,
it's going to be bad news for everyone.
Not only that, there's also a lot of regulatory uncertainty,
and some people are even expecting
Ethereum will be the SEC's next high profile target.
I'm not saying all this to be the bad guy,
or for you to think I'm not long-term bullish on Ethereum,
because I am.
I'm saying this because a lot has to change in the regulatory and macro landscape
for the tides to turn in favor of crypto.
So to lose faith on Ethereum's transition isn't fair to the Merge itself,
especially when you consider the dire situation the global financial sector is in right now.
Let's hope the rubber band of quantitative tightening starts loosening
back to easing sooner rather than later
because that's when we get to see the other side of the coin.
That's all I got.
Be blessed.
Deezy out.