Cryptocurrency Market Update July 28th 2019 – Bitcoin Eyes Fed Rate Cuts

hi guys thanks for tuning in to another episode of Nuggets news well a sea of red in the crypto markets but there's been plenty of profitable trades to be had lots of news to get through in the crypto and macro world we do welcome a few hundred new subscribers again this week but let's get into the local news first so Australia 108 tower reportedly cracking here if you're a resident or you have friends or family I'd love to know more about this is one of those situations that he's been a little bit overdramatized or is this starting to become a real problem this is the works the highest residential building in the southern hemisphere another controversial article was about low income earners shouldn't have to contribute to superannuation their retirement nest egg now again they're citing that that's making it harder for homeownership and the problem is that housing is unaffordable I'm not sure why we continue to try and tinker at the edge ins and do all these things to make it easier to get larger mortgages and more debt when we know that its housing itself that is unaffordable so let me know what you guys think of this one below personally I think you have to take control of your own wealth and build that nest egg we do love the support we get from New Brighton capital helping those people manage their self-managed super and get a small percentage of that in decrypts cryptocurrency if you think that is something that should be part of their nest egg long term over to our neighbors in China where I've been reporting about that overnight banking lending rate at being a sign that's this fear in the system and sure enough another bank here with a hundred billion dollars of assets is about to collapse now obviously the government will step in here and inject the liquidity as we've seen in the past but you know one by one these banks just can't keep collapsing with all these assets this this is not good and is he going to cause a domino effect now we've been reporting about Carmageddon and Neeson is the latest to slash ten thousand jobs seven percent of their workforce as consumers cut back on spending over to Britain where we did see Boris becoming the new PM so this is being labeled as the British Trump bit of a colorful character and he has promised that brings it that they've been waiting or for a couple of years now now the UK are the second largest contributor here and this is why they want to maybe step out but this paves the way for others we've heard about you know Italy and France being interested Germany the powerhouse economy of Europe and yet there's negative interest rates there so there's a lot of glue that's holding the EU together at the moment but I believe they've got a lot of problems going forward and it's been years since Mario Draghi duties whatever it takes speeches of the central bank and here we are with more stimulus being promised this is all reminiscent of what happened in Japan you guys know the story there central bank's been stimulating for 20 or 30 years and unfortunately it looks like a lot of other major economies are going down that path now I reported this story about how Google and Facebook are being cracked down on in Australia but it's a similar story in the u.s. now both of these companies reported huge profits stock prices jumped and people tend to be ignoring this privacy crackdown that's coming their way a fantastic documentary I watched the great hack highly recommend you guys check this out on Netflix collecting up to 5,000 data points on every photo on every individual this is why these companies are so profitable now Facebook have been forced to pay this five billion dollar fine again in the scheme of things this is a bit of a slap on the wrist for them and we know that Apple's Siri all these devices around us are listening and collecting our data and it is an intrusion of our privacy I think this isn't the last we've heard of that issue but when we look a little bit deeper into the economy so corporate profits revised back to financial crisis lows we know that a lot of that money that banks and corporations have been able to borrow at low interest rates has been spent on cash buybacks and now that cash is starting to be used up so the one less thing that can pop up stock prices in the future and in Europe actually started taxing those stock buybacks so is the u.s. going to do something similar you know I'm not sure I think you know Trump would probably wouldn't be a big fan of that but if we look at this national activity index again contracting for the longest straight since back in the GFC and manufacturing PMI slumping to ten years Lowe's business outlook worst on record so looking the manufacturing sector construction cars is a lot going wrong but the other end of town the big corporations Facebook Google as I just mentioned they're making a lot of money and the number one theme that I've spoken about that he's going to determine the future direction of the US stock market the Aussie market is this battle with their central banks so the US GDP DK means slightly higher than expected it's still going along okay at over two percent but I think I literally said that as soon as the Fed cut rates again or look to cut rates the stock market's going to break out to record highs and sure enough you know the markets had its tantrum it's got its way whether we're in Australia or the US you know these markets are breaking out because of the promise of lower interest rates and more money so the market is pricing in a hundred percent chance that the Fed is going to cut rates this week it's just a question of whether they go the one or the two cuts now if they don't cut it all the market might have a bit of a tantrum but I think they are going to have to cut rates no matter what with the ECB promising stimulus China injecting liquidity Australia cutting rates it's just putting too much pressure on the US dollar but into the crypto news and the block ease for the first time you know myself is one of the board members of blockchain Australia were happy to give out these industry awards so make sure you read this article check out all the winners congratulations we've covered a lot of these on the channel before and great to see the industry coming along nicely in our backyard and plenty of people attending that event up in Sydney there we also heard that Curtin unis over in Western Australia are going to be accepting Bitcoin for their PhD program now I want to follow that story up if you want to pay for your PhD it better not be over $10,000 we know that this draft bill has been put through we've got 16 days I believe it is left to have your say this ban is on any cash payment over $10,000 and the wording to me including digital currencies and digital payments include crypto currencies from a few of the station's I've had from the people in the know so I think Martin north and John Adams I'm going to do a detailed piece on this soon but unfortunately you won't be able to use crypto to pay for high-cost items by the look of it if this bill goes through most you've probably already aware about their war on cash and the negative interest rates episode that I did a little while back you have to be careful we always talk about these crackdowns and the regulations how that big companies in the innovation will move away and we saw circle you know relocate to Bermuda for the friendlier regulatory crime and climate so that's one thing that I really want the regulator's to be mindful of as they do crackdown now another big giant Robin Hood raised three hundred twenty three million to further expand their No Fee trading up giving traders and investors exposure to stocks and crypto so really aggressive expansion I think they want to try and corner more market share in this fast-growing space now little startup that I have been pretty excited about with my healthcare background is Siobhan and they have launched that MVP so head over there and check that out clinical software as-a-service data analytics I think this platform can be very valuable going forward and they have had their issues certainly in recent history now other project that I have been really passionate about and promoting is Kaiba so this is one of the best ways to swap from token to token they continue to integrate with some of the best wallets out there it really underrated and anyone that has used this service on mouth or wallets straight from your hardware wallet I think really raves about their No Fee ability to swap tokens so please check that out if you haven't already I didn't interview with Lou the other day from Kaiba one of the things that excites me most is the D fire movement itself whether it's you know Kaiba and that those decks trading and we saw another great project called fluidity introducing these tokenized asset portfolios now what they're proposing here is using things such as US Treasury bonds as collateral for the maker CPD loans so rather than just having a theory and backing it in the future we're going to have dgx gold tokens and maybe even real-world assets so super exciting to see this all coming together the best projects build on a theorem that defy space is really staying to grow aggressively and I believe that is going to be the next wave of aetherium growth so we're probably ever gonna see that ICO boom that really pushed eath up but so many tokens and stos and and other protocols are all leveraging a theorem of building on top of it we see German regulators approving two hundred eighty million dollar sale they're on top of the theorem as well so it's great to see the big boys acknowledging that this is the most trusted most well-known platform out there the other battle that we've really seen going on is we've the stable claims and you know my saying that every bank in cooperation is going to try and issue their own coin because it is such a low-cost way to launch your own currency so top ten Filipino Bank becomes the latest to issue their own stable coin for payments and remittance Iran is stepping back into the game and legalizing crypto mining it's trying to get around sanctions some people are saying you know China have sort of cozied up to Bitcoin again this week so it's so interesting to watch this dynamic play out around the u.s. and the sanctions and some countries that are looking to bankrupt down and turn back to it you know it's a vibe past that so never a dull day in crypto as these countries look to change their stance so this is a story that caused a bit of a stir ripple dumping 250 million xrp tokens but if we actually look a little bit deeper you know I will go into defense of the ripple company because this is still lower than the inflation rate of some of the most common coins like light coin with that mining reward so look a bit avert you know clickbait D headline but this is a step up but the XRP and report limited in how many new tokens they can sell into market each month there so I'm going to use four V chain we have a Chinese energy provider I am deploying on the V chain for technology so V chain was one that was you know really hyped up in 2017 but one by they seem like they are partnering and getting that usage with real-world companies we know logistics and decentralizing that power grid is something that a lot of great projects are trying to tackle Justin Sun and Tron well wasn't this a big week first he was you know to seek to attend he's lunched with Warren Buffett now he's come out and apologized for you know promoting and over hyping the project it was immature work on duck I think he has got a pretty firm slap on the wrist from those regulators you know we later saw that he did attend a Tron influence a party despite saying he's been to seek so Tron was down 25% this week this is one that I'd be very critical I've ever since they plagiarized their white paper with so many good platform projects out there I think there's a fair bit of smoke and mirrors going on but if you're a try and hold up let me know what you think and comments below am I wrong on that one over to the US where I'd love to hear from you guys if you received one of these letters from the IRS so 10,000 letters sent out to investors I believe there's three different types one saying you know we're aware that you have crypto another one saying you know we're aware that you should have maybe paid some tax on your crypto you haven't reported and a third one's saying hey we believe you're you know you're up to no good and basically sorted out straight away so again let me know if you guys have had one of those I think this is going to be something that continues to go into the headlines after we saw coinbase have to hand over a lot of users details from a couple of years ago now this was a little company I hadn't heard of online shopping up lolly so expanding their number of stores that can give you a rebate if you spend this up to the tune of 3.5% I believe it was crypto rebates in there nine hundred retail stores so if you know more about this one and you've used it if you're keen to get that return on your Bitcoin for online purchases let me know in the comments below this is a great example of that hidden fee that Visa and MasterCard other payment systems have in the background where the merchants get hit with that two or three percent so these companies are prefer to accept Bitcoin and cryptocurrency and passing on the discount to you the end consumer now I want to talk about price action because there was calls of manipulation and Bart seems some patterns but this was actually very tradable and two of the most profitable trades we've had for a long time I posted these for our members that I believe we're about to break out from this four-hour downtrend and we saw that big move higher very profitable there I then hopped online and did a live video update because I again I saw another opportunity opening up I was hoping that this would get to follow through and the next leg higher but when we didn't and I have done detailed videos about bull flags and continuation patterns in the member tutorials when we saw this little seller fear that was that red flag to me and I did jump on live and say hey I think this could turn into a Bart Simpson pattern there could be a dump coming and I've actually flipped short here and you guys know what happened next we got that big dump so look I know people are screaming manipulation but I really think this was a case of the technicals playing out in in these markets that are volatile and there's a lot of people watching them particular in weekends they can get pushed around either way when we know there's a lot of people that are leveraged long at the moment and we can get these squeezes to the downside so I just want to zoom out now to that daily chart let's talk about what's happening long term because last week we were mindful of our cycle back it's pushing up on the 23rd July and we just hit the moving averages here and we were being mindful of if we got rejected straight away so that tells us that you know this downtrend should continue we have also lost this other uptrend which led to that spill so now I think the odds are that the weakness does continue out to somewhere around the 6th of August after such a huge dump we are likely to have some sort of relief rally here which we sort of seeing playing out but the area that I want to talk about is is this let's just zoom out back to the daily there I think that this area where we spend a lot of time and trading volume is where you're gonna see a lot of buyers start to step in pretty aggressively so anywhere from the sir 8800 to 7800 I might keep that box on there I know for a fact that a lot of big accounts are trading groups the whales are going to look to step in here so unless something fundamentally changes we get some really bad news out of the US and new regulations I think this is that end of the correction into that sort of 40% mark which is very normal we know we got overheated we've been looking for this RSI to cool off it's all a very healthy correction in my mind guys so let me know what you think about that again in the comments below and if you do want to join us and stay ahead of the herd head over to Nuggets today you where we have a range of free services and our premium education but thanks for tuning in guys smash that like button subscribe if you haven't already share these videos around and I'll talk to you again soon Cheers

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