alright guys I'm back from vacation. I had a really fun time in Disneyworld
with my family over the last week, but now we're ready to hit the crypto news
running. today we're gonna be taking a look at how Facebook is actually going
to centralise Libre coin and also we're going to be taking a look at what
Finance thinks is going on with the markets they put out their monthly
market report has some very interesting details on why they thought that people
were not buying the dip at $8,000 so stay tuned for those stories and more
welcome back to bit boy crypto your one-stop shop for all things Bitcoin and
crypto currency today we're gonna be looking at some Bitcoin news involving a
binance report that was put out that has a lot of research that kind of
explains what happened from this drop from 10,000 to 8,000 dollars
we're also gonna be taking a look at some very interesting things going on
with Facebook Libra Libra coin the companies that are associated with that
and some connections they have that some people are growing very concerned about
so first let's check out the markets here we got Bitcoin coming in at 8200 it
was on a bit of a pump this morning went up about 200 or so dollars it's kind of
may stable off here for a little bit around 8200 always have to see I
personally think it's gonna go back down some people think it's gonna go back up
but hey that's another here or there my opinion doesn't matter so here we go
24-hour gainers we got Liske verge did you buy cosmos and Tron and quant all
coming in at about 10% to 12% biggest losers of the day only notable one there
really is silica down 2.5% not a lot of big losers today I mean maximized coin
down 20% but that's a pump and dump poin if I've ever seen one so let's move on
let's look at the chart here so this is the what does the daily chart right here
I'm using my market cypher indicator the a in the B here definitely guys you
check that out crypto face I'm a big fan of this indicator I'm
actually in just a few weeks of leverage training I made a good amount of money
doing this um I don't know lever trading enough to do it without these indicators
but these indicators kind of tell me what to do we talked about this a little
bit on the livestream the other day I was able to short Bitcoin yesterday and
long it today for some nice gains in both directions so if you'd like to
deleverage trade on by a bit you can do that by going to buy bit bit Boyd live
but keep in mind it's not for beginners you know this is definitely something
that I've eased myself into and I suggest you do the same so we look at
the chart here and you guys can see like we were in this descending triangle
descending triangle that we stayed in for a long time let me see it now
so we're it is descending triangle and now we've broken through that support so
you know will we see some sideways action for a while some people believe
that we are going to see some sideways action I don't think that we're gonna be
moving up very quickly back over 10,000 I think it's probably gonna be maybe a
month or two before we can start to challenge that again but hey I could be
wrong so we don't have enough information I believe once we broke that
support there to really determine whether or not there's gonna be a bigger
move down or a bigger move up but let's let's move know what finance thinks
about this finance research points to Bitcoin going lower you can find this on
bit boy crypto calm and basically here is the story
finance put out their monthly report and they said that backed had a big role in
pushing the price down now it doesn't necessarily mean that institutional
investors were pushing the price down what it means is that we had a classic
example of buy the rumor sell the news a lot of people were waiting for back to
launch to get a pump and when it didn't come a lot of people sold off so the
institutional manipulation may not have been as strong as just the average
investor saying you know what this just wasn't what I thought was gonna be I'm
gonna pull out because I don't think the price is gonna go up and especially as
the price started dropping there was probably a lot of panic selling now
there probably is a little there definitely is some institutional
manipulation going on there I don't really I don't know a hundred percent
in game here with this the volume for back has not been great but with the
CME's we saw something similar the volume over time should be picking up
but a couple really interesting things occurred first the altcoins did not sell
off last week which is very interesting or sell off during the during the dump a
lot of people were moving their money over into stable coins but we didn't see
the alt coins drop the same way we saw Bitcoin drop which was very very
interesting the other thing is is that binance believes here we go
well where is it let me see where I was off to here oh here it is
while backed while the back sluggish start certainly attributed to the
sell-off the market seemed to suggest that its recovery may be slower than
many anticipated investors were scared off by the aka price and did not see it
as a buying opportunity this begs the question if a que is not a buying
opportunity then the numbers investors would feel comfortable buying Bitcoin
that again may be much lower so the point here is there's a little typo in
there um that was not a question there's no question mark here that boy but the
point here is is if 8k is not the buying opportunity if buy Nance believes that
investors are not buying the dip at eight thousand then where is that buying
opportunity I'm gonna give you guys example you guys may know I I sell
football helmets so you may not know that you guys can look us up on Facebook
headliner sports breaks we sell sign football helmets the very interesting
business and the long and the short of it is we have certain price points for
helmets so when we start to get to a point where we hit a lull and we're not
selling a lot of helmets it's amazing what happens when you just slide that
price down even a few dollars even a five dollar difference can be the
difference between people not being interested and then people swarming and
wanting to buy I mean think about it if all of a sudden well here's a great
example Black Friday what happens on Black
Friday Black Friday you got TVs that are regular six hundred going for one
hundred and fifty bucks and what happens that people come out of the Woodworks
for those people love a good deal and so with Bitcoin it's seen
like 8,000 was not the deal everyone was looking for because if it was then the
price would have bumped if you look at 14,000 where we were in June or was that
July they was in June yeah definitely June at the end of June we were at
14,000 if I would have said man hey I'll show you a Bitcoin for $8,000 you would
have been like oh sure definitely I'd love to buy that Bitcoin at $8,000 but
now that the price is down there and all the bitcoins are at $8,000 no one wants
to buy so could it be that that dropped to 7,000 or 7,500 is what I just hit my
desk is what we need for that big bounce up I think it might be because we didn't
get it a and I just don't think we're gonna see the momentum just all of a
sudden moves move upwards I think that we're gonna see it's either gonna take a
lot of time or we're gonna have to drop lower to go back up so let's take let's
take a look at this interesting story here Facebook's Lieber Association faces
more scrutiny now a couple things happen over the weekend PayPal
pulled out of the Lieber Foundation they said they our association they're not
gonna be part of it anymore and also MasterCard and Visa are also
looking at pulling out so is this bad news for Libra I've told you guys from
the beginning I don't think it's ever gonna launch at least in its current
format um so then came European Union criticism of Libra which is not
surprising because we've already seen France and Germany both come out against
it but I thought this was very interesting here guys I've been telling
you guys for a long time what if I said about Libra coin it could be good if you
look at the white paper you know it's not really supposed to be centralized as
opposed to be decentralized that's why they have the Libra Association but I've
been saying that we all expect Facebook to do something in order to make it
centralize even though it appears like it's on the path to not being
centralized no one believes that everyone's waiting for them to trip up
on themselves and reveal the centralization plan well we may finally
have it so one of the growing concerns of the Libra association is the
overlapping relationships between 15 of the 27 members a wired analysis
indicates that with so many intertwined relationships
the Liebherr association creates a facade of decentralization so that no
single company can be held responsible for the management of the Libra system
there's also concerns that because of all of these overlapping relationships
that there could also be money laundering fraud all kinds of stuff
could go on within the Libra Association and no one would be the wiser so let's
take a look at this chart here very interesting that wired put this out this
is a tech website or tech magazine used to be a magazine don't know if they have
a physical copy anymore who buys magazines the ties that bind
facebook's Libra so you look here you see several different big companies you
see coinbase involved Spotify lyft uber never heard of ribbit capital or ribbit
ribbit and then Facebook down here so if you look at this chart it says investor
board member executive board former executive or board member or other or
partner and you can just look and see how all of these relationships are so
intermingled like for instance my Matt Kohler is a
former executive or board member at Facebook and now he's an investor with
uber we've got a lot of these investor relationships going on
Peter Thiel David Marcus who is in charge of the Facebook blockchain sector
are also in charge of Libre and you can see he obviously is an executive I can't
remember what his official title is chief blockchain strategist something
like that chief technology strategist something like that with Facebook but
he's in charge of Libre coin and he's a former investor or a former executive
with coin base and we all knew that right
but he also is invested in Zappo which is one of the other companies working
with Facebook okay working with Libre coin in the Libre Association so as you
guys can see this thing is a mess an absolute mess with overlapping
relationships and so if you kind of think of it like this all of the all
these relationships come back to Facebook so even though a lot of these
companies are separate they have ties which means that Facebook
could still be pulling the strings on Libra and I think the government's are
not gonna put up with this I do not believe this is gonna launch I've said
it many times I don't care how much money Mark Zuckerberg has people keep
saying that I don't understand this I told people I don't think it's gonna
launch they said well Facebook's got too much power there you know too much money
you know who has more money than Facebook the government you know who
would like to keep more money than Facebook the government we're seeing
that in governments across the world including the United States
so definitely gonna be very interesting to see what happens here with Libre coin
but like I said I don't think it's gonna launch in its current form at all I
think it's got almost a zero percent chance of doing that so um you guys let
me know what do you guys think do you guys think Libre coin will launch let me
know down in the comments below that's all I got for you guys today got a lot
of videos playing for you guys this week really looking forward to getting back
in the swing of things the boy out