Cryptocurrency Market Update Jan 27th 2019 – The Great Unwind

hi guys thanks for tuning in to another episode of Nuggets news well it's been another big week for macro news events crypto currencies mainly in the red apart from Tron having a big week I'll talk about a trade we had there as well tying it all together for you as always but first we have launched our cryptocurrency educational units thanks for the feedback you guys are loving this they're going to be standard every week and we're going to cover all sorts of topics from training to have greater financial education in this week how often can you realistically expect to make money into the crypto history so last year was that 500 million dollar nem hack two years ago now since Chinese exchanges ended those No Fee washed ratings with a hundred times leverage so with no fees people would just in and out to wash money and now that really was crackdown by the Chinese government 2016 ato squad did pro Craig right after a few claims he made and for years now since Queen base launched that first regulated Bitcoin exchange in the US five years since Charlie Shrem was arrested for his involvement in Silk Road doings into the global news and the government shutdown has come to an end but only temporarily so within 21 days I'm gonna try and settle some things and get some funding for this bill and whatnot but if not it goes back to government shutdown so it's been interesting to see if this is temporary or they can be a resolution found but I want to talk about government and trust corporations all that sort of thing in this segment today so we saw MasterCard get slapped with this massive fine six hundred fifty million dollars you know overcharging customers all that sort of usual stuff that we see this week we saw rumors that Apple supplier Foxconn might be laying off we all saw that Apple are gonna stop reporting the number of unit sales for iPads and iPhones and so on this is all just showing us that global trade is slowing down it's not just you know little pockets it is a broader theme as well as the stats we see coming out of China directly on top of that when these companies are looking at making less money well I've got a couple of options they either cut staff as we just saw or raise prices and Netflix are talking about hiking and the price for their streaming service as well so this is all just evidence that companies are trying to find ways to increase their profits on top of that we see that Briggs a deal being crushed by the biggest ever defeat margin and people aren't happy we've continued to see this play out the ear you really want to make an example of whatever happens in Briggs that they don't want this to be a walk in the park so other countries can think that hey we can just leave the EU as well and we're still gonna be on good trade terms so this is why they're really making them hard for this to leave on top of that we see the yellow vest for the 11th straight weeks now these rallies continue people realize that they have a voice and they can make a difference by taking to the streets we have the internet now different means of communication so it's really interesting to watch this all unfold I mean it's hi this all together in just a second in Venezuela the self-proclaimed acting president says he's you know Bitcoin friendly but again in Venezuela what do we know they've got the largest proven oil reserves in the world it's no wonder the US have currently got you know this coop that continues to this day it always comes back to the money the oil and the resources speaking of Venezuela they did try to get their goal back home 1.2 billion dollars worth and sure enough you know the UK the US lobbied this as well the global police guys this theme continues and they've said no you can't have your gold back so the same crypto is not your keys not your coins well similar I guess now with gold if you don't have it under your own custody that gold is not yours and who knows if it's already been leased out to other people and so on now why are people wanting to get their gold returned home we see this in Russia and China and people stockpiling record amounts this is the Aussie dollar price of gold and this is a weekly chart it's been in an uptrend for ten years you know technical patterns here this is a nicely ascending triangle that broken-out but gold has just broken out slightly here to record all-time highs in Aussie dollars off touched on this before it's a leading indicator that a lot of fiat currencies are weakening against assets like gold so although in u.s. terms I've spoken about gold a year or so ago now I'm gonna do another special episode soon about breaking this downtrend line coming back and test it and we might be about to break out if we can get over these levels here sort of 30 and 50 ish I think gold is really gonna be on the radar for a lot of investors and it's this large narrative that I've spoken about central banks or what they can do I think this is gonna be a big narrative going forward something to watch something I'll continue to cover but tie this all together is trust and here is the forecast of the US ten-year bond yield so every year we have these dot plots the professionals the government experts they always promise that things are gonna get better we're gonna raise interest rates next year the economy is really strong and look sure enough here's the black line what actually happened every year interest rates just go lower and lower and every year they say Oh it'll get better next year we're raising interest rates and the one thing that I said months ago that will save the stock market is when the Fed backs off and says hey maybe we're not gonna actually raise interest rates because the market has a tantrum those are roofs standoff and the Fed raised rates more aggressively than the market would have liked that's why we saw that huge correction and now sure enough again they're coming out and saying look we might be closer to ending our rate rises than we think not only that all that money printing in QE that we did to buy up the bonds or gonna undo that we're gonna they call it is quantitative tightening they're gonna undo that balance sheet and I don't think they can and sure enough they're already talking about ending any attempt to sell all those bonds and those assets on their balance sheet back into the market because there's just not the capacity they bought it with money they printed out of thin air and now now wants to buy that off them and I think this is the biggest macro trend the biggest trade of our lifetime now time is all together what is that the root cause of all these stories well it's trust as I posted to Reddit here look at that look at the industries that have just got record levels of distrust Congress business executives and particularly bankers but journalism what we're told you know just be a sheep do what you're told don't question anything this narrative is really starting to change and people are waking up to this and as we see here it's gonna be interesting if we're even allowed to talk about this so YouTube are changing their algorithm and what is gonna be deemed conspiracy theory you know on my videos talking about some alternate things is that gonna fall in that category we just don't know and we're already seeing all these different platforms really crack down on their users so it'd be interesting to see if we're allowed to continue to talk about these topics but on to the crypto news so power Ledger's struck a deal in Japan 55,000 properties by 2020 a huge deal we love renewables homegrown company Paola jour it's great to see them continue to make progress in the sto world now so t0 have launched their security token trading and this is more for accredited investors but there are others out there guys where you don't have to be accredited so I've done my episodes on which platforms I like what I'm watching for good stos but there are others you can sign up to open finance Network spice and so on where I don't believe you even have to be accredited some good news for ripple holders so a lot of people sort of know that I'm not a long-term investor in rapport but I believe that whether or not they use XRP tokens in this interbank settlement is going to be the deciding factor for a ripples success now it's reported that ripples sold 500 million dollars worth of XRP tokens in 2018 so that's a step in the right direction if you're a ripple holder but there's another story this week coming out about the ripple market cap being misleading so what they're saying here is that a lot of that supply that's out there is actually locked up or escrowed so people can't sell it so it's not really in circulating supply and that falsely inflates the market cap now ripple would still be you know top number 2 or 3 Queen even if we do take out those coins that were proposed in this article but there was some really really harsh feedback I'm not sure if you guys have noticed it but there's really an Excel P army out there I'm not sure if they're all bots if these people are genuinely out for blood but there's some really threatening remarks for the gentleman in particular that conducted this research and that's not what we want to see in this space one thing that I literally started Nagas News for was to have open and honest debate in a respectful manner particularly in our premium group about different coins you never get to the bottom of any issue without listening to both sides of a debate good news for polymath token holders along the same lines we want to know what the circulating supply is how many tokens are gonna come into the market in the future so step in the right direction as polymath decided to lock up 75 million more tokens polymath another one I'm watching for the sto space now I'm sure we all wish that we had another 250 million dollars to inject in the market at these levels but that's what might Novogratz has done so although these crypto funds got on board at the exact wrong time so if you're feeling bad as an investor about getting in in the wrong time some of these big money managers put their clients money to the tunes of hundred millions of dollars in at the top of the bull mark and they're now sitting on massive losses so they're doing more raises because they believe now is a far better entry point so it's good to see billionaire might no regrets still having the confidence of his investors to inject more capital in the crypto markets at these levels a lot of projects running out of runway whether that be the developers themselves or just the money that they've got so we know that polka-dot had a lot of money escrow doing that parody wallet down that fell victim to that bug so if your foundation is giving out some grants they're doing another ICO to raise another sixty million dollars the guys I love parody I'm sorry polka dot but I'm not necessarily going to be investing in this one if it brings the value of all tokens to over a billion dollars that's a lot of circulating supply and doing another raise other options companies have us selling equity in the company itself getting that invention capital funding and so on we're gonna see this happen a lot I've done episodes about the options that I cos have as they run out of money we're seeing that take place now this is great to get some endorsement from cz I put a lot of research into my fundamental analysis please check that out if you haven't already I believe by Nancy's gonna be one of the best projects and tokens if they launch the decks again to the SEO space do everything that they've promised please check out that video if you haven't already as I said the if you're in foundation you're giving a lot of grants but also they want some stability so a lot of workers that were getting paid in Earth from I SEOs and so on I've seen their holdings drop 90% if they didn't sell so diet just continues to get better and better and we're seeing died being paid throughout a lot of work that's getting done in Europe but now the fear and foundation as well request Network this is all coming together the good projects I've got my maked t-shirt on today we first covered that one at $30.00 and it continues to power on so this was interesting to see ondrea's comment on on maker as well so saying that a lot of you know stable coins are met as he describes it there and then saying well actually yeah die he's really interesting concept a stable coin that's decentralized that's why I like make out that's why I like Haven that have just rebranded to synthetic synthetics sorry and that's not to be confused with Haven with one V that recently has been in the news as possibly exit scamming see snarks we've spoken about this before plasma there's a lot of scaling on the roadmap for a theory and I'm gonna do a full episode about this very soon but the Z snacks that give the capacity of the network a big boost up to 500 transactions per second this is now launched on the test net so these things are getting closer and closer but I don't talk about this too much because a lot of people are not aware that a theorem 2.0 is coming and this is going to be an entirely new chain the beacon chain you're gonna have beacon s you're gonna be able to lock that up for perfect steak and earn rewards so I'm gonna do a deep dive into all that for you guys because I think a lot of people are just not even aware that there's going to be two separate STM chains and you're not gonna lose value they're not gonna issue more f to do that and I'll explain all that in the coming video so South Korea's latest exchange bit thumb possibly going public on the US stock market now they're talking about doing this as a reverse merger so they buy another company that's already listed to get all those licenses and whatnot but again it's just this this fight for market share on Wall Street for those big investors and it really is just the really big boys that are left now so we saw a lot of smaller exchanges trying to come online I don't know how any of them are surviving I think we're gonna lose more but it's really these top two or three exchanges that are fighting to capture all that market share now now this week we had the Bitcoin ETF withdrawn now partially drew the government shutdown they're saying I jumped on live at the time guys make sure you've got that little notification bail clicked I always try to jump on live when there's big news events this is a little bit disappointing a lot of people have hang their hat on the hopes of getting an ETF look I you you know my personal feelings I'm not too fussed about this I'm on real-world adoption in use case but this isn't end of the world just simply we've drawn up by now they believe they're going in the right direction with regulators but check out that video if you want full details about what went down there with this SIBO exchange getting that proposal withdrawn that isn't the only ETF so we saw the paperwork for bitwise being fired we know the Winklevoss twins are still pushing for it we know that there's ATMs overseas Japan once an ETF everyone wants to be first assistant matter of who can get this paperwork over the line so there's still people out there fighting battling tea and ETF if you're one of those people that are really looking forward to that happening now this week we saw some of the the big boys you know the JP Morgan's of the world come out and give their low price targets and it's it's just interesting that during that bull market we see these bee targets $100,000 Bitcoin and I think you know it has to be said we're somewhere near the bottom and the top men I was falling so far and we're starting to see these extremely bearish call so 1,200 by JPMorgan no surprise that are the World Economic Forum in Davos you know Bitcoin will go to zero from these global leaders that control the world is in any surprise that they're talking negatively about Bitcoin I don't think so Joe Rogan's of the world these people now have more influence than you know then what happens at Davos with all the elites out there and this is really powerful the force of the internet and this is what we're trying to bring through further decentralization and distribution of how we source news trust all that sort of thing guys so don't underestimate the pool that people like Joe Rogan have in a podcast when they talk about Bitcoin becoming a new sort of currency now I'm not sure if I believe that that's gonna happen straight away but I've spoken about this a lot and this stat is I guess slightly misleading as people pointed out so three point three trillion that Bitcoin does a lot of those speculation and trading and so on it's not all as a currency competing with Visa and MasterCard so on but these numbers are still significant I think a lot of people would be surprised that Bitcoin is you know doing this much even in comparison to PayPal but I had a deep dive with Simon Dixon this is one of the greatest interviews I've ever done I was I was just amazed of the quality of of Simon's responses such a smart guy we talked about the story value and then bitcoins ultimate mission of becoming a medium of exchange how it gets there he's priced targets and so on please check out that interview if you haven't already on top of that we've got so much to look forward to with Bitcoin I know these names are a little bit confusing snore dandelion mast tapper and member Wimble I'll cover all these in detail in the future but there's so many possibilities the future is bright for Bitcoin I'm here for you guys I'm not going anywhere I'm gonna continue I just don't see how bitcoin cannot grow in the future with everything that's how me and finally some really big news we know how many no million or billion uses Samsung have and photos are the new S 10 leaked showing that a Bitcoin wallet and aetherium wallet imagine this being under the nose of every user of a smartphone it just brings that legitimacy and then obviously it's a race other phone producers want to have a built-in wallet now these are gonna be you know not the same as ledger in terms of custody and holding your own coins I'm not sure if it's an entirely custodial wallet danger of being hacked all that sort of thing guys but it's a step in the right direction of getting cryptocurrency to the masses so before we get into the technicals I just want to talk about this trade idea I shared with members over a week ago now so it was to buy B & B and a buy signal on Tron so at the moment a lot of people are telling me that fundamentals don't really matter well I think there's still instances where up coins are going up as I've been talking about based on fundamentals now the BitTorrent token is happening on that by Nantz launchpad and i thought was gonna be really bullish because you can only buy it with tron or being B token now both of these have performed well violence is about 10 percent up since this date but since we shared this on the 18th here Tron has moved back into the moving averages nicely and had a nice you know you're up 30% if you entered here as well so it's good to know that you can still get these little pockets of trades I'd get in and out this was my time frame here lady into the 28 and it's often by the rumor sell the news so if you've made some profits it almost be worthwhile watching if you can flip this and short because often when we have these big run ups leading into an event they can sell off hard as well so I'll be watching the charts for another trade there on Tron onto the Bitcoin technicals just years so last week as we were looking at whether or not we can get through these moving averages and a couple of things to know so a lot of people have pointed out this really longer-term downtrend and it's only got a couple of touch points here you know people are drawing these different ways but we did have a quite significant break when we burst through here at the time those we had a nice green candle on the owlet which we hadn't seen but if we look down here it just hasn't been convincing this volume is decreasing that's not what we want if we're going to break down trend lines and moving averages and sure enough we've got into these kissed it and been rejected pretty strongly so again unfortunately I have to remain with my negative bias at this stage and this is pushing down into the 31st of January so the bullish scenario would be if we can retest this and then bounce strongly off that longer-term downtrend line somewhere around this date and it's funny how these dates continue to line up because we will be in the longest between bear market of all time on February 2nd if this bear market continues now if we need a big push up on February 1st as is due here we won't break that record so let's see how that unfolds as we know other than a few pockets here and there the whole market remains at the mercy of Bitcoin and finally I just want to leave you with these thoughts so I believe the greatest macro trend of our lifetimes will be betting against that central bank and all their their ability to normalize these conditions because what they did with printing money and lowering interest rates encouraging people to speculate and go into record amounts of debt that artificially inflated global asset prices and I believe that gold and Bitcoin are going to be the big beneficiaries when people realize that they can't undo all this and obviously this is why I'm so passionate that's why I started a community to help people capitalize on what I believe what might be one of the greatest opportunities of our lifetime so please head to Nuggets today if you want to join us in becoming a member otherwise hit that like button subscribe if you haven't already share these videos around and thanks for tuning in guys Cheers

29 thoughts on “Cryptocurrency Market Update Jan 27th 2019 – The Great Unwind”

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