This video is gonna rile some people up a lot.
We've got big things to discuss.
Is Coinbase heading to disaster at warp speed?
Well, if some people have their way,
then Coinbase may have to change their name
to "Wasbase"
because they might be gone.
We will be discussing politicians trying to meddle in our crypto world,
huge news from the world of investing that's super bullish for Bitcoin.
We'll take a closer technical look at the No. 1 coin I'm bullish on right now
as Crypto Wendy O joins us.
If you're into videos with substance and not just fluff, then this one's for you.
It's raw.
Let's get it.
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Welcome to BitBoy Crypto!
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
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Now, in this video, we're mainly going to focus on people trying to destroy crypto.
Democratic house representatives are back at it, trying to ban crypto.
And I love people in the comments on these videos that have some political leanings.
They say that democratic politicians love crypto.
No, they hate it.
Cryptocurrency is about liberty and freedom,
literally, the exact opposite of what these people want---
control and restriction.
Why do you think social media companies are completely aligned with one party?
It makes you wonder.
Sorry, libs.
Owned.
And, today, we have more evidence of this.
But listen.
Maybe they can come around.
Maybe they aren't hopeless cases.
We have more evidence of former Bitcoin and crypto haters coming around and turning bullish.
We'll take a look at some of that here in a few minutes.
But democratic representatives,
Rashida Tlaib, Stephen Lynch and Jesus Garcia,
all signed a letter aimed at the US Comptroller of the Currency,
Brian Brooks.
If you're unaware, Brooks is a former Coinbase executive and attorney who was named by the US
to oversee all bank regulation in the United States.
The libs are pissed because Brooks has history in the cryptocurrency industry
and wants to focus on integrating it into the US infrastructure.
It's not conjecture. They've said this.
The libs want to restrict your ability to use cryptocurrency because digital payment instruments
are a risk according to their statement.
More like a risk to their ability to control you.
They know they can't ban cryptocurrency.
They know they can't ban open source computer code,
which is what crypto is or at least
someone smarter than them has told them that.
So, the usual plan of attack is to restrict what we call fiat on and off-ramps.
Basically, making it harder for crypto companies,
such as Coinbase,
from being able to accept USD from credit cards, debit cards and bank accounts.
This can be pretty effective, and many countries have tried this already.
Now, recently,
my father-in-law told me his Credit Union in Central Georgia
shut down all of his Coinbase transactions
and said that it was fraud to buy crypto.
We're seeing this happen more and more,
but the latest democrat plan to shut down Coinbase is coming through in the form of a stablecoin ban.
These representatives want to make it illegal for any company or institution
to produce their own stablecoins
without being a bank.
It's a workaround to punish people who want financial freedom
because people who have money are bad.
orange coin bad
And I want you guys to know,
I vote based on crypto.
If you're for crypto, I'm down with you.
I love freedom.
And I believe being able to transact and trade as I wish is the epitome of freedom.
Anyone who comes in between that is my enemy.
Period.
And these democratic congress reps are my enemies.
Remember that.
If you live in their districts, don't be brainwashed.
But what are the implications of this letter?
And what does it mean for stablecoins?
Well, for one, it could destroy Brooks' former employer, Coinbase,
which could be the goal.
You have to understand,
they're not a bank. They're a crypto institution.
So this would make their issuance of their stablecoin, the US Coinbase dollar known as USDC
possibly illegal.
This is super important because while stablecoins make up less than 2% of all cryptocurrencies,
they make up for 60% of the total trading volume in the market.
If you're a HODler, you don't care about that.
But if you would rather buy a bottom than be a bottom,
then this is huge.
You can't sell tops and buy bottoms without stablecoins.
They are what allow you to move in and out of coins without having to actually trade out of crypto.
This is beneficial for making the maximum amount of skrilla.
You know we love that.
Without the ability for traders to effectively trade by removing the Coinbase stablecoin USDC,
the government could effectively kill Brian Armstrong's company.
You guys pray for my cousin.
JK JK
Coinbase has already recently buckled to the pressure
of the US Commodity Futures Trading Commission or the CFTC.
They bowed to the regulatory gods
who arbitrarily determine what we can and cannot do in the trading markets.
To appease their overlords,
Coinbase removed margin trading from their site.
In the midst of BitMax getting shut down,
Coinbase didn't want to be unfairly targeted for allowing margin trading.
Now, if you're a pro trader and margin trading is something you would like to do,
and get some benefits,
make sure to check out the premier trading site in the game---Bybit.
They're doing a huge 25 Bitcoin giveaway for Christmas.
All you have to do is navigate down to the video description.
We provide the steps and links that you need.
So make sure to register for a Bybit account by visiting bybit.bitboy.live
and follow the steps seen here.
Margin trading, also known as leverage trading, is basically
making a determination on whether you believe Bitcoin will go up or down over--
over a period of time.
XRP, Ethereum and EOS can also be traded on Bybit.
Make sure to check it out.
But back to the issues at hand.
There's actually something much darker and sinister going on than just banning stablecoins.
When we look a little bit deeper at this story,
we start to smell the stink.
And it's coming from someone named Rohan Grey.
This super douche is an advisor
who helped draft this potential stablecoin ban letter.
And thank you for user Aminok on Reddit for uncovering this.
Grey is not only advising policymakers to get rid of stablecoins though.
He wants to make it illegal to run decentralized, open-sourced blockchain nodes.
Who the F did these people think they are?!
Oh, yeah, you're overlords.
Just imagine for one second.
If the Georgia runoff election would result in the democrats taking over
President, Congress and Senate,
they want to ban crypto.
Period.
This is what we're seeing.
Read the article.
We're seeing them get more emboldened and desperate to prevent you
from being able to maintain privacy in transactions,
and even to make money and achieve financial freedom for yourselves.
It's super scary times for crypto, Coinbase and people taking part in this industry.
But look.
It doesn't have to end in crisis.
It's not too late for these hippies to change their minds.
We were told six years ago that crypto would never be accepted.
Here's a fun little tidbit of news.
It's going to be.
Audio giant Spotify was recently spotted
posting a job listing for someone to help them integrate crypto payments to their platform.
Moi intéressante.
Maybe soon you'll hear me talking to Joe Rogan about Bitcoin,
and you can pay for your subscription with Bitcoin.
Joe, call me. Let's put it on the sched.
An even crazier news came down yesterday from the Dow Jones.
You know, one of the largest names on Wall Street in investing?
It's launching cryptocurrency indices.
Or is it indexes?
I think indices is where sharks live.
#dadlife
And I can tell you I know a lot of traditional investors out there,
and they much prefer to invest through traditional instruments
instead of jumping into owning their own crypto.
It's like hieroglyphics for them.
But they are super interested in this market.
Because as former Bitcoin hater Morgan Stanley
made the same proclamation that we've been making here for years in crypto,
The dollar is crashing. It's never been more evident.
Like we needed somebody to tell us that.
But speaking of other things I've been telling you about over and over again,
YFDAI, a project I'm an advisor for, had been on a tear lately until the market overall dropped today.
I've been telling you guys about the crazy fundamentals for YFDAI, the thing's off the charts.
But, today, I want to get into the technicals with superstar influencer and YouTuber Crypto Wendy O.
Yo, Wendy!
I hope you are well. Thanks for joining us today first and foremost.
Tell me what is going on with the technicals for YFDAI.
Thanks for having me back, BitBoy, and shout-out to the BitSquad.
So, today, we're going to take a look at YFDAI
This particular project I am bullish on fundamentally and TA-wise.
Team is pretty solid. They're doing a lot of really great things in the space.
Anyways, let's talk about the potential price action
because there could be some buying opportunities coming up before we smash all-time high.
So, all-time high was here at about $3200,
and we are currently testing the EMA-9 at about $2600 here.
And this is the daily chart.
However, it's looking a little bit weak.
Taking a look at the MACD,
we completed the bear cross around November 30 to December 1.
So, it's looking a little bit bearish.
Price could go ahead and actually fall to about $2300,
which normal corrections are good.
This is good considering that we hit a pretty high area of about $3200.
So, taking a look at the four-hour chart,
let's see what's going on.
Four-hour chart is also pretty bearish.
So, we've completely been pushed down by the EMA-9 and the EMA-21 underneath the EMA-50.
And we are on our way to about $2400.
If $2400 breaks, take a look at the EMA-200 at about $2000.
$2,000 actually looks like a decent area of support,
considering current price action.
Let's go back to the daily chart.
So, you guys, we want to chase red candles.
That's the most important thing to kind of take from this.
This bottom support area of about $2000 would be where this wick came down and dropped on November 25.
But let's go ahead and pull out our fibs and talk about price discovery
because I do believe that we will eventually break all-time high of $3200.
So, I'm going to pull it from the top to the bottom.
Yes, I do my fibs a little bit differently than other people, but that's what I do. So,
anyways, they're all symmetrical.
Alright, so taking a look at all-time high, all-time high is about $3200.
I do think that this move--
This move actually lines up perfectly with the 0.618 fib at about $2000.
This would be a really really nice buying area here.
Reason being, let's let price fall. Let's let it consolidate a little bit at this range,
and then possibly pop back up and then start to retest these areas of like $2500,
$3000 and about $3200,
and then we can go ahead and flip.
Overall, I do like this project long-term.
Yes, I absolutely have a bag, but, right now, price is not looking too hot,
and I actually welcome this correction.
Last time we had a pretty gnarly correction was this area over here back on November 6.
Just taking a look at the price range here,
this was about a 50% drop.
And then again over here, if we get back down to this 0.5 fib,
that's going to be a 35% drop, so
we're able to go ahead and drop, consolidate, rebound and pop up,
and that's what I would like to see with YFDAI
over the week and possibly over the weekend.
Thanks, Wendy!
And, as always, make sure to go follow Crypto Wendy O on Twitter
and subscribe to her on YouTube
for daily technical analysis and crypto news updates.
Definitely a friend of the channel. She the best!
But tell me, guys,
what do you think about this crazy news coming out of Washington?
Drop me a comment down below.
That's all I got.
Be blessed.
BitBoy out.