Bitcoin holders draw their line in the sand.
OpenSea makes some big decisions.
And inflation is not just an issue in the States.
It's a global issue.
And the difference on how it's being handled across oceans
has a cascade of consequences.
This is a video you can't miss.
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My name is Frankie Candles.
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It's officially "Septembear,"
or maybe "Rektember."
And this particular month has earned its nickname
as a result of crushing negative price action over the years.
Taking that into consideration,
does that mean we should all shrug our shoulders,
sell everything and live on to fight another day?
Some would say yes.
But believe it or not,
the majority would say to HODL
and HODL strong.
Finbold.com ran an article this morning that illustrates that
62% of all Bitcoin addresses have not sold any Bitcoin for a year or more.
Despite all those portfolios taking a massive dent since our all-time high last November,
the sentiment says a lot about the conviction of crypto holders all around the world.
Their belief is that one day it will all be worth the wait.
And this is a very healthy approach to take.
Timing the market perfectly is an almost impossible task.
And sometimes if you want to weather the storm,
you've got to learn how to dance in the rain.
With a long-term mindset,
daily price action matters less and less
when you know you're not going to sell for many years to come.
When you take this approach,
you begin to see the bearish days as an opportunity to buy
instead of time to panic.
Then, again, it is September,
so the question now is,
do we HODL? Or do we panic?
Now, I'm leaving to go out of town right after this video,
so let's throw it to one of our writers, AJ, for a market watch.
Dude, wake up! You've got to do the market watch.
Let's do a market watch.
Here we are.
Bitcoin: basically $20,000
Ethereum: right under $1,600
XRP: 33¢
Cardano: 45¢
And the question that we're faced with today is,
what are we doing?
Wh--?
What are we doing?
What is the situation we're in right now?
Right now, it's September.
It's the worst month in the history of all months ever. Okay?
Basically.
So, the question is,
are we going to panic?
Or are we going to--
are we going to HODL?
The thing is, is that,
if you're going to HODL,
you've got to draw a line in the sand
and make a decision,
and make a decision now.
Because if it goes down and gets worse from here
because of inflation and all the things,
I don't want you to panic then and sell the bottom and get wrecked.
If you're going to HODL,
make that decision.
Long-term mindset.
If you don't want to HODL and you want to trade your way through this,
we can do that together.
Alright?
Here's the Bitcoin 1-hour chart.
And it's all good and well.
That Bitcoin keeps giving us this little floor right here.
Bottom, bottom, bottom.
But every time it goes up,
we just keep getting shut down.
So we need the market to give us a signal.
We need the market to tell us a secret.
Okay?
And what I like to do in these situations,
I go to the ES1! mini futures chart,
which is basically a fancy-pants way to look at the stock market.
And as you can see here,
there's a support resistance line that's been going on a long time. Okay?
I just moved it on accident.
So,
right here, today,
the reason Bitcoin went over $20,000 is because we hit that SR line
and popped up off of it.
And that would have been a great little trade.
But with these little trades,
you're not in them for a long time.
They're quick flips.
Get in, get out.
Because, like, the trend won't change until we break out of this.
And I don't see that happening with the, you know,
the Fed meetings on September 20th,
ETH Merge could have a hiccup,
the Mt. Gox thing.
There's a lot of fear.
There's a lot of uncertainty.
There's a lot of people being scared in the market right now,
which is why it's important for you to make a decision.
Are you going to panic?
Or are you going to HODL?
Okay?
And if you want to know who I am,
my name is Ajwritescrypto.
I work here at the HIT Network.
I'm a writer.
You can follow me on all socials, basically.
There will be more to my story one day,
but for now, let's pass it back to the news.
Thank you, Frank.
Thanks, AJ!
Good job!
OpenSea has been making moves
despite NFTs taking the brute of the bear market we're currently in.
Back in June,
OpenSea announced their migration to the open source,
decentralized Web3 protocol Seaport.
In this announcement, they described Seaport as a game changer.
And they got that right.
Seaport opens up several new functionalities and lowered gas fees by 35%.
And that's just the beginning.
In a more recent blog post,
OpenSea announced that they're introducing Polygon support on Seaport.
And here's why that's big time bullish.
Besides Polygon NFTs getting a big boost and the option to use MATIC as a payment option,
there will no longer be a $5 listing limit.
It's a $1 minimum now.
Also, sellers can choose to run an English or Dutch auction,
and creators can pay out to four different addresses for the creator fees.
You can list Polygon NFTs as bundles,
and you can purchase NFTs for another wallet.
Great functionality to send gifts to friends.
This is big stuff, guys.
And this is just the start of OpenSea adding other EVM compatible chains to their platform.
With many more coming in the next few months.
OpenSea did announce that they won't be supporting forked NFTs after the Merge.
But I'm more bullish on Seaport development than I am bearish on forked NFTs.
Inflation is not just an issue for us here in America.
It's causing issues all around the world.
The "euro zone," which is 19 countries who all use the euro,
are hitting record-high inflation,
reporting 9.1% for August.
They are now forced to implement more interest hikes to restore value to the euro.
And economist Kenneth Wattret told CNBC that the European economy is looking pretty bleak
and that they have some catching up to do.
Earlier this year, the ECB, the European Central Bank,
made their first interest hike in 11 years
because they prided themselves for being an interest-free zone.
Unfortunately, this approach failed.
And that 50 basis points they hiked wasn't even close to being hawkish enough.
Now, they're headed to an unavoidable recession.
Here in America, we've abandoned the hope of a soft landing,
and the next Fed meeting on September 20 is being rumored to be a 100-basis-point hike.
This is the power they're forced to exercise,
and they'll do whatever it takes to restore value to the dollar.
Fed Chair Jerome Powell is calling this tumultuous time a growth recession.
The idea of a soft landing was to avoid hurting the labor market,
but now Powell is saying that there's no guarantee we can do that.
This will affect the stock and crypto markets.
But it will be more of a slow burn instead of an abrupt recession.
So, if you're going to HODL,
like AJ just said,
make that decision now
and don't panic sell the bottom if things get worse.
That's all I got for this one.
Frankie Candles out.