Cryptocurrency Market Update Dec 9th 2018 – Strong Teams Shine



hi guys thanks for tuning in to another episode of Nuggets news what a huge week it's been the stock markets and the crypto markets so we've got heaps and news to get through most coins down between 10 and 40 percent this week let's dive into it on this day in crypto history well it was only a year ago the Bitcoin had 500,000 subscribers and it has now doubled to 1 million so fantastic to see that growth obviously in a brutal bear market and just remember that when I first used to check in on this in 2012 there's only 10,000 subs there so it's growing 100x since then and people are still interested in Bitcoin it's also been a year since I quit work to concentrate on crypto full time and it's great to see that our community has continued to grow so a lot of other groups have really you know tape it off during this bear market we are still growing with over 1,400 members they get my updates 24 hours a day 7 days a week on to the local news now check out this tweet by protonmail on this little clip but the encryption bills and what's happened in Australia is really saddening so this got passed by the House and the Senate I'm going to continue to talk about this on the channel 92% of the people that I surveyed were disappointed with the way this went through and if you haven't been keeping up with this basically what it means is that there's now a way for the government to force employees to build a backdoor of through the encryption into their apps and it's also illegal for that employee to tell their boss that they've been asked to do that and that you know they can go to jail for 3 years so I'm going to continue to talk about this on the channel and get some experts in I'm trying to find someone that is for this bill so we can have a nice debate about it all but so far it's been very hard to find anyone that's in the know or in the tech sector that actually believes in this this week we also did our new segment a regular update the top 10 stats and data points on the Australian housing market as it continues to exert area right there are pockets of strength in Tasmania in Brisbane in other areas so we're going to have some on the channel that's bullish in property but at the moment it looks nasty for Sydney and Melbourne if we look at the data we're also starting a new segment where are they now so as you guys know on the channel we didn't do any of those sponsored ICO reviews we focused on projects we believed had a strong team we're solving a real world problem and something like Kenya that you know was definitely had a hard time of it price-wise but they've got a strong team and they've built a number of updates and any of these projects that survived the bear market I believe we can do really well so I'm looking forward to circling back with a lot of the projects we've covered on the show China imports from us plummet 25% so stock markets have had a pretty brutal week they had a strong bounce like we were looking for last week as Tom talked of the trade wars sort of subsided and the US Fed came out and cheerleaded markets but these worries are back on the table on the second half of this week we see China pulling billions of dollars out of u.s. real estate if we see here this is the first time where sales have really blown their purchases out of the water so we covered another story last week about all the money that gets laundered through Canada I'm sure there's a percentage of money that gets laundered through Australia all these countries are cracking down on that foreign investment now and it's just another thing that's taking money out of these housing markets and stock markets if it was being used for nefarious purposes now in France we've seen these protests all week you know the yellow jackets or whatever they're calling them they're guys I'm not too fussed on the name but this is what we're seeing when people aren't happy with their current living conditions and there's talk of further taxes and you know equality widening on financial suppression and those people wearing you know Bitcoin t-shirts and whatnot here so it's funny funny to see this in action the yellow vests are a correct name there guys it's funny to see this in action and I think in countries like Australia where the politicians are just at gridlock nothing ever gets done our economy is just you know weakening when we're not innovating we're not creating a friendly tax environment I think stuff like this is a lot closer to a number of countries across Europe and maybe even Australia in the future if if politicians continue to look after selves and not the general population and when they do organize these marches or you know a bit of chaos the government backs down pretty quickly so you know that's sending the message that had if hey if you want to be active you can get things done and that's an interesting dynamic in itself so Deutsche Bank laundered nearly all this two hundred and thirty four billion dollars for Danks bank we covered this story a while ago when it first broke but we weren't aware that Dottie Bank was the one doing a lot of this laundering so you know Bitcoin and the total market cap of all crypto currencies is only a hundred billion dollars and here we see one bank laundering enough money for another bank you know far bigger than that number Italy the immigration policies is another one that's going to come to light and be discussed a lot more and particularly in Australia where and a lot of developed countries there's lower birth rates now populations of declining and that's something that the economies rely on for continued growth and so another way to get that growth is immigration but depending on what country you're in some people have very strong stances on who we should accept immigrants from what qualifications they should have to have the checks that are going to be done all this sort of things so this is something that is very much gonna continue to be in the headlines for a number of countries going forward particularly in the EU where there's a lot of strain and these different economies and who's allowed to go where over to Venezuela now Maduro coming out and saying that all oil will be sold in the petrol you know he's telling us that this is supposedly backed by oil gold silver diamonds you know he's lost the faith of the world I don't think anyone believes that this petrol is gonna be a valuable cryptocurrency no we have no business it's not decentralized we have no control over if they decide to double the supply overnight or anything like that it loses all the properties that make cryptocurrency great so this is still just an experiment for the time being all those conditions and headlines are putting a pretty negative spin on the stock market at the moment and this stock market in January was worth thirty trillion dollars and world markets are now down around and on 15% so four and a half trillion a lot of that has come off only in the last month and we lost a trillion dollars in just US stocks in one week so again think about that number of a hundred billion dollars for every cryptocurrency every project in the world out there and then in one week in u.s. stock markets we've lost a trillion you know ten times that size could do currency is so tiny guys the market cap doesn't even register compared to a few of these stock markets or just the corrections and the market caps the money that's being sucked out money doesn't die and go to money heaven it is on the sidelines it's looking to find a new home with better opportunities there's a lot of cryptos down 90% now I think we're gonna see some of that at some stage flow into crypto currencies and at the root of all this problem is debt now this week for members I've done three extra videos and one of them was at half an hour deep dive into the inverted yield curve what it means for stocks what it means for your retirement savings what it means for the economy and what it means for cryptocurrency guys so head over to Nagas news.com today you if you want to join us there that this can be a leading indicator of bad things to come we know that the world is awash with debt we know that Australia has the highest levels of private debt in the world and with the everything going on the real estate market at our banks the Royal Commission I think Australia could be one of the root causes of the next financial meltdown if we don't get our house in order a lot of people aren't aware that the stock markets have circuit breakers so a few years ago back in 2013 they made this rule where if the stock market Falls too much I think it was 7 percent at the time markets closed and they give everyone a chance to get level-headed and get their act together and get their order sorted and then they resume trading and then the same if it continues to go down they freeze it again and if it goes down a third time for 20% in a day that's it they stop trading until the next day so can you imagine if cryptocurrency if something fell 7% and it stopped trading or 20% in a day and we weren't allowed to continue trading so this is pretty crazy stuff this all just shows us how artificial and inflated the markets are there's no true price discovery you know algorithms and BOTS really drive the majority of trading and picking out words in headlines these days and it's more important than ever to have a good financial understanding and with the market sort of pullback now I know personally I've got a lot of my super and defensive assets on the sidelines I don't want to be exposed to stocks and property and then if we do have this big market correction I might look to put it back in then try and get it in near the lows to grow that and I'm going to show you some numbers in a future episode about how much of a difference that can make avoiding that 20 to 50 percent drawdown in stocks or property protecting your nest egg and then reef lighting it as the markets go back up Western Australia's power ledger is an innovative solution now they've got the trial being rolled out of power Ledger's software you know using that real world product out there in Western Australia I just love this it's exciting to see we had digital X launch another incubator in Perth so there's plenty of great stuff happening in the Australian blockchain space as you guys know I even have rebrand – cyntha text this week now there was another project out there called Haven I think there's been a bit of confusion I like the new name because they are creating these synthetic currencies I'm gonna have Kane from Haven on the show this week to talk about you know the synthetic Ozzie dollar and other products they plan on launching in the future so coinbase have been adding up assets every fortnight or every month and one of the things I spoke about was the disappointment in the Z cash price and basic attention token it didn't really get that that big pump or trading volume that coinbase may have hoped for and has happened in the past when they've added new coins and I spoke about that I think they're gonna add things that people aren't suspecting or it's not priced in and they came out and said look what with thinking of adding 30 odd new assets a lot of these aren't the coins that people may have hoped for you know particularly on a the ripple crowd but these four projects civic doing personal identification district zero X is building these sort of online Dow's or districts they're going to also incorporate zero X but it is a different project loon Network is doing a lot of work with plasma and the Cheng's plasma cash so you can building tie games on the blockchain a lot of fast transactions and decentraland this is you can think of that as this seems in a virtual world that's all on a blockchain so for cool projects that have been around for a while and there's a number of projects I've spoken about this before that were very cool in 2016 and forgotten about during the bull run last year and I have I do own these ones I'll continue to talk about them in the future but these projects that have been hard at work sometimes quietly behind the scenes are the projects that I'm most excited about going forward and I remember covering factum a year ago now and it got less than a thousand views and I said to members at the time this fits into the category of boring projects and I love boring projects because they haven't been overhyped and when something like factum goes up six hundred percent recently I love seeing that it's just the product the progress and the team and they're the three things that I'm gonna be really focusing in on particularly in my members group for 2019 because I don't believe it's gonna be a crazy bull market where everything goes up I believe good projects are gonna go up and I'm hoping that I own them so by Nantz coin i've spoken about this a lot in the past they're launching that decentralized exchange I'm hoping to have cz on the channel soon this BnB coin if it's the native gas for their new blockchain and decentralized exchange as well as their constant tweets about everywhere you can spend it around the world you know that whole hotel chain they added last week I just think by Nance coin is incredibly undervalued I believe it's going to be top ten and one of the best performers in 2019 and just like last year I will be bringing out my top ten coins for 2019 video soon finance also launched sub-accounts so we've seen this theme of trying to get institutional clients into the game this was pretty cool if you head over to buy Nance and check this out you can be an administrator for your firm and you can give 100 or 200 sub accounts permissions for the size of their trade and if they can cancel orders just bringing their professionalism to the space polonius also trying to get into this institution of trading services these crypto dead guys is that a bubble is it all over or the biggest firms in the world pouring hundreds of million dollars in to get these institutional trading services ready to go for the next bull bull run Bitcoin cash this is one that I've been pretty skeptical of particularly around this fork I don't think this is good for anyone both of them claiming to be that real the real Bitcoin or the real Bitcoin cash I can't even keep up with it now guys the nonsense is still coming out on Twitter now Bitcoin cash satoshis vision had a decent run this week and it did get a hit ahead of Bitcoin ABC on price and now it's gone back I'm not sure what's happening here but there are people accusing them of manipulating the markets and trying to you know strongarm the other with all these different tactics and hijacking Bitcoin so look I'm not sure if lawsuits are a good thing for these projects that should be decentralized open source software and the fact that you can even target individuals or companies shows that hey they're not fully decentralized let's wait and see what comes of all this consensus is having a tough time of it look a theorem is down over 90% it's been brutal on those I SEOs that didn't sell all the projects that are working in this space and Joe Lubin's been there since the start and consensus have cut 30% of this staff and a lot of the startups unless they've got a against strong projects strong team and a good roadmap they're you know been a lot more picky with who and what that will fund some good news for aetherium they're talking about the Constantinople upgrade I've done a detailed video on these guys a while back they've set a tentative date for the middle of January so you know only about a month away now probably the biggest thing included is this is that block reductions to to decrease the supply of a theorem from three to two per block so that doesn't sound like much but in percentage terms that's you know a 33% reduction and the basics of supply and demand would say that that should be good for the price going forward the big decision this week and I was probably something that upset the market was that ETF been delayed again now I said at the time we should have probably expected these guys I know everyone wants this ETF approve and they think it's gonna be their Savior and people are holding their hopes on backed you guys know my thesis it's real world adoption that he's gonna drive price over the medium to longer term maybe these things give us a boost short term it depends on how many you know how many retail investors are gonna want to put their money in something that's down this far it's gonna have to take sentiment to turnaround and good news headlines it's not just an etf opening or back to coming online that's just going to create this huge boom and bull market again and that's why I've got this focus on fundamentals and real-world use case cash rate drops it was the second biggest decline in bitcoins history we knew this was on the cards it doesn't change anything guys the Bitcoin algorithm is functioning exactly as it should I spoke about this in detail in a number of videos there's always some miners that are profitable and some that aren't it's survival of the fittest Bitcoin will always form an equilibrium it's functioning exactly as it should lightning Network growth is up a hundred x this year I'm very excited this week maybe next week I've been given a demo – a lightning wallet that is so easy to use I can't wait to show you guys there's no setting up an ode and opening your own channel this is all built into the wallet transactions that are near instant and near free very easy to load with some Bitcoin and start spending so make sure you watch that when we get that out and very very soon now a great post by one of our members this week was about the accumulation so addresses from about number on one hundred to four hundred have just been consistently buying eight thousand bitcoins at a time I think I've tweeted about this last week you know they're also buying a lot of light coin a lot of aetherium now I'm not sure if this is individuals or a company restructuring changing wallet addresses if it's just all for show but strong hands have continually shown that they are willing to accumulate and some of the biggest theorem addresses have now doubled their holdings since the start of year so the people that believe in this stuff are doubling down at these prices which they view as very low in terms of the jobs again prices going down look at these jobs outpacing a lot of other industries outpacing the headlines everyone's acting as if icos were dead well 99% of them are gonna fail we've always said that on the channel but the good 1% are going to turn into large companies that employ ten a hundred a thousand people making up for all those bad companies and the and the Smyly employees from those bad companies are going to jump ship so that's definitely a theme I'm gonna talk about my Year in Review and the trends that I see for 2019 as well before the years out heading over to Bitcoin now and looking at price this is the 4-hour chart we're looking for a strong bounce around this day of the 24th and we're seeing if it could continue until the right hand side of this time cycle of this bracket now we couldn't get that we rolled over this is a left hand translation it says that weakness should continue for about another day or so here and we could hope for a nice leg up or some upwards pressure around the 11th or 12th of December we've been running into these moving averages the 12 and 26 period that's been a fantastic guide for a long time now the volumes started to creep in here on Bitcoin we can see some pretty decent volume coming in here again on a theorem same story with the averages but it's the shorts that I just want to show you really quickly and there's some unusual activity so the etherium shorts really took off to their highest ever levels 440,000 and we're still up there so even though we've had a pretty decent uptick in price off the lows I'll show you the shorts for Bitcoin as well so far they're not being forced to close their positions so if for Bitcoin it's run pretty hard these previous highs were around 38 to 40,000 were broken we got right up here to 43,000 they're starting to cover a little bit but still nowhere near as much as we might expect to see if they're fearful of that rally so if we get over these levels we come back and test it we want that stair step higher that traps all those shorts and that's the sort of thing we're sorry guys I'll get all that clutter off the chart and go back here if we get over these averages that's when we can easily see a $500 or even $1,000 move pretty quickly to get Bitcoin back towards $5,000 if we can get that momentum and clear these averages and trap the shorts now if we get more bad news and this average that 12 and 26 period continue to act as resistance on the four-hour chart the hourly and the daily it's these higher time frames that really are important and we can see that they've just continued to be rejected there but we are staying to see some weeks and some buyers come in at candle patterns this next candle is really pivotal now that we've had a couple of doji's to be a trend reversal but it is going to be a big test and when we hit this moving average on the daily timeframe again I hope you've enjoyed that episode guys hit that like button head over to Nuggets news.com today you if you haven't already share these videos around subscribe if you haven't already and thanks for tuning in Cheers

26 thoughts on “Cryptocurrency Market Update Dec 9th 2018 – Strong Teams Shine”

  1. Good vid!
    Check out the news about smartcash, I heard they launch a sister coin that is focused on complete confidentiality. this is something new among the "privacy"coins".

  2. Nugget, it would be great if you could do an update on the top ten for 2018 before you do 2019s. I've still got a couple of them tucked away.

  3. "No tax is worth endangering national unity" LOL then why not raise it to 1000%?! How tone def can French politicians be?

  4. Well thought-out content, informative and to the point. Would love to see a more professional setup though – your background looks like it's a Sunday morning kids show.

  5. Love your work Sir Nugget. #BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV – #BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV ⚠️Time to sober up and…#BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV – #BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV ⚠️Time to sober up and…#BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV – #BSV – Yes Please! ⚠️Time to sober up and grow up with #BitcoinSV ⚠️Time to sober up and…

  6. France is a really case study on common folks' wealth suppression. First, the taxes are absolutely enormous and ridiculously complex. There is one for about everything (if you build a caban for your tools in your garden it's taxed, recently there were talks about taxing appartements for which loans are fully paid, and now gas). On top of that, Macron who is supposedly pro-business remove the tax on "high wealth", but he actually just removed financial -stocks, bonds, etc. – wealth from it but extended for real estate owners.

    So basically he is decreasing that tax for the wealthiest people with a lot of financial assets but increased it for common middle class people who saved their entire life to purchase real estate and add to their retirement.

  7. I don't think it would be very interesting listening to someone that believes in the encryption back doors and 10 years prison for refusing to unlock your phone, they'd have to be dumb as a bag of rocks.

  8. I have several conversation with my China 🇨🇳 counter part. The Japanese its waiting for the bitcoin to down further I can’t remember the price. As far I am concern, once the bitcoin meet their requirement index. They will pump in hundred millions of $. As China will let go 50% off n Channel to another coin which nobody knows On Jan to Feb 2019. Lots of institution I have discussed nobody can give an actual answer. I won’t be surprised the coin might drop to $2000 as their indication. The biggest control might end up in Japan n China. We re monitoring …..just watch 🙏🏻

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