welcome back everybody to altcoin daily where you subscribe for daily videos on everything going on
in cryptocurrency you are being manipulated you are being fooled the whole cryptocurrency market
seems to be in today's video i'm going to clue you in to the real reason why bitcoin ethereum
altcoins crashed continue to crash now you might have an opinion on why the market is the way it is
do you think it's joe biden do you think it's tara luna do you think it's the federal reserve
tech stocks let me know in the comments below what you think the answer is to the
real reason why cryptocurrency is crashing smash the like button if you appreciate
this kind of content and let's get into it let me clue you in dokuan and terra
luna many people would say that the reason why bitcoin and even more so altcoins the reason
they have crashed and continue to crash is because dokuan and tara luna's alleged rug pulled and you
know what that might not be far off from the truth it has been confirmed by the sec dokuan cashed out
over 2.7 billion in the span of a few months prior to the luna and ust collapse i'll tell
you something if i ever meet do kwan i'm gonna have a few choice words for him shake your hand
so it has been confirmed that dokuan profited immensely and the sec has expanded its probe
into terraform labs ust marketing the marketing to retail investors the sec is reportedly probing
terraform labs over suspicions of violating investor protection laws specifically the
agency is interested in how the firm marketed its now crumbled ust stable coins to u.s
customers the news comes a day after u.s court of appeals ordered quan and his company to comply
with the sec's investigative subpoenas there is no doubt that what do quan and
taro luna did contributed to the cell pressure the downwards pressure on the cryptocurrency market
from a narrative perspective regulators and people looking in see this see this and think damn
there's a lot to be fearful of in cryptocurrency there's a lot of bad stuff in cryptocurrency
however upon further investigation and chain analysis tara's ust collapse was not the
main factor in bitcoin and crypto currencies crash let's find out what the main factor was
blockchain analytics platform chain analysis has released a report analyzing the crash of tara's
stablecoin ust concluding while it was a factor in the recent crypto market crash it wasn't the
deciding factor instead the report read quote the cryptocurrency market's recent downturn appears
more closely linked to the tech market decline than to ust collapse according to chain analysis
bitcoin's correlation with tech stocks is a relatively new development with the leading
cryptocurrency i.e bitcoin maintaining significant price correlations to the nasdaq and the s
p which has been falling greatly i attribute this increased correlation to tech stocks nasdaq s p i
attribute this to the fact that bitcoin is now a global macro asset and is being seen as such
many people many institutions and big players consider it a risk asset and we are in a risk
off environment now we say that the main reason for bitcoin altcoins ethereum crashing is because
of the correlation to tech stocks which have also been crashing so whose fault is it if you said
joe biden if you said the fed if you said whoever is pulling the strings on our economy if you said
inflation you are right they lied to us about this watch this i really doubt that we're going to see
an inflationary cycle most economic analysts believe that it will have a temporary transitory
impact faster than expected increase in some of those prices is actually a good sign the
overwhelming consensus is going to pop up a little bit and then go back down no one's talking about
this great great you know this is something that will uh settle down transitory transit
the data shows that most of the price increases we've seen are were expected and expected to be
temporary there's nobody suggesting there's non-sex inflation on the way it's on highly
unlikely that's going to be long-term inflation that's going to get out of hand i don't know
anybody who's worried about inflation over the last couple of months uh we actually saw it
trended downward president biden's chief of staff ron klein enthusiastically retweeted an economist
who had said in part most of the economic problems we're facing inflation supply chains etcetera
are high class problems what is the grand home plan to increase oil production in america
that is hilarious well the number one thing that the president can do is help get coven
under control uh that we know is the root cause of inflation president biden this afternoon saying he
thinks we're at the peak of the crisis right now and that lower prices are on the way the inflation
has everything to do with the supply chain make no mistake inflation is largely the fault of
putin i'm going to do everything i can to minimize putin's price hike here at home if you want to get
rid of inflation the only way to do it is to um undo a lot of the trump tax cuts ever since you've
come into office things are really looking up you know gas is up rent is up food is up everything
the federal reserve the imf joe biden janet yellen the people who pull the strings in our economy
lied to us about inflation and now they're talking about it as if they never said
otherwise inflation rose 8.6 in may the highest since 1981 i believe this isn't
the true number i believe the true number is much higher the consumer price index rose 8.6
in may from a year ago the highest increase since december of core inflation excluding
food and energy rose six percent both were higher than expected and again i believe it's a lot more
surging food gas and energy prices all contributed to the gain with fuel up over a hundred percent in
the past year and this is something that affects the poorest the most but surely affects everybody
shelter costs which comprise about one-third of the consumer price index rose at the fastest
12-month pace in 31 years the rise of inflation meant workers lost more ground in may with real
wages declining 0.6 from april and 3 on a 12-month basis so unfortunately the people who put us in
this position joe biden the fed the people pumping up inflation causing everybody to suffer all
markets to suffer but particularly bitcoin and crypto so what am i doing with my money well if
you've been following this channel for any length of time you're already aware in every single
video i put out i tell you that the majority of my portfolio is bitcoin first then ethereum and then
altcoins and the name of the game is to accumulate bitcoin in my opinion because bitcoin was made
to solve stuff like what we went over in this video bitcoin and cryptocurrency ain't going up
any significant amount anytime soon i'm going to be real with you and all coins i think are going
to continue to suffer as bitcoin dominance goes up because bitcoin does better and bear markets
obviously being in us dollars could be an advantageous move in the next few months as we're
preparing for whatever the bottom is whether it is 25 whether it's 20 whether we have some sort of
you know final capitulation before we head up just like what we had during march 2020 i still believe
in bitcoin i still believe in cryptocurrency and this is why nearly 66 of bitcoin has not moved
in over a year marking an all-time high holders have never had more conviction this is bullish and
in fact more people now hold one bitcoin now more than ever address is holding at least one bitcoin
hits an all-time high of eight hundred forty eight thousand eighty two what about ethereum well two
million four hundred thousand plus ethereum have now been burnt since eip 1559 was launched
that's over 4.2 billion dollars burnt forever this ethereum that's being taken off the market is more
bitcoin than michael saylor bought in except we're talking about ethereum so this is a bullish
metric and i believe ethereum's never been in a better place
in its whole history ethereum number of addresses holding 100 plus ethereum just hit a one-year high
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advice i could give anyone in cryptocurrency today who's worried about the bear market is stick with
it stay with it keep learning on a daily basis or a weekly basis on a regular basis because the
genie's out of the bottle this isn't going away bitcoin's having us coming up the us election
is coming up i believe things will definitely turn around by then and thinking even farther
longer turn out again the genies out of the bottle this is a natural iteration of the internet if you
believe that things continue to trend more digital let me know what you think about this in the
comments below happy if you have your own opinions my name is aaron at altcoin daily see you tomorrow