U.S. Market Crash Expected.. | Binance & Kraken Unlawfully Trading!? | Fidelity Patents | xRapid



what is going on crypto fiends Robert over here at the crypto fiend studios in today we have an awesome news episode for you guys now Before we jump into that I just want to say thank you to all the crypto fiends out there joining into the community you guys are absolutely awesome we just recently hit 26,000 community members so thank you guys so much for joining and coming on board and if you do find this video informative consider going over and hitting that subscribe button and hitting this bell so you can get notified when videos are posted to the channel so before we jump into the news for today I just want to give you guys a quick rundown of my experience at the litecoin summit 2018 if you guys didn't know I had the awesome opportunity to speak on a panel at the litecoin summit in San Francisco and I was on a panel with a bunch of youtubers talking about my experience about crypto currencies blockchain and social media and how I kind of integrate them all together so if you guys are interested in watching that panel I did post it about two days ago so you can go over to the previous video watch that video and learn a little bit about myself my background and a bunch of other youtubers that were on that panel as well my personal experience at the litecoin summit was absolutely awesome I got a chance to network with so many awesome youtubers I met Charlie Lee himself the creator of litecoin and I really thought the overall event was just such a great atmosphere it was the first year that litecoin put on their own event and it went so so well they had so many sponsors so many attendees and the overall atmosphere was just so great so many intelligent people in one space I can't wait to go back next year so our first news article for today we are actually going to be briefly looking at the market currently the market is roughly around 200 billion dollars 24 our volume is around 13 billion dollars and Bitcoin dominance is around 55% so we are not working our way back up compared to about a couple days ago when we were on 20 240 billion we are still down there in the dumps but we do have a couple big gainers on the day we have ripple of 21% Wow everyone's talking about ripple right now if you guys don't know what's going on with Ripple so pretty much a news article came out and announced that they will most likely be releasing their ex rapid platform their ex rapid product within the month of September this month and this is a big deal if you guys aren't familiar with what ex rapid is or how it can be used I do have an example here for you guys Ripple's says it's ex rapid product uses the XRP cryptocurrency as a kind of bridge between currencies allowing payment providers and banks to process faster cross-border transactions for example a bank might want to process a transaction from u.s. dollars to Indian rupees according to ripple this process requires pre-funded local currency accounts in order to take place with ex rapid ripple claims that process will be sped up by converting the US dollars into XRP tokens then moved to the money then moving the money overseas and converting it back into the Indian rupees so this is a really big deal guys and I know a lot of you aren't very fond of Ripple personally for me I'm not invested into Ripple I did I do think they are a very important company in the space even though some people don't support them but ex rapid is a big deal for the development of their company and I think can really bring ripple to new heights in the future so that's why we are experiencing the current price levels up 21% on the day personally for me I am NOT going to be touching Ripple it is at great great a great price right now compared to its all-time high I believe was around three dollars and fifty cents if I am right let's take a look real fast we'll go to the one month home in on all-time highs all-time highs around three dollars and seventy eight cents Wow three dollars and seventy eight cents so ripple is definitely at a good price to jump in on if you're looking at the long term of things but it is up 21% mainly due to the factor of one of the team members came out and announced they may be releasing their product this month so it is really revolved around hype right now so I am going to be staying away so just keep that in mind so our next news article today is going to be cryptocurrency exchanges by Nance Kraken may be operating unlawfully in the New York State I thought this article was rather funny in my opinion how it kind of got handled so pretty much New York State Attorney General Barbara Underwood came out and announced that she thinks that a handful of these different exchanges are unlawfully trading in the state of New York and these exchanges were financed Gaetti oh and cracking three very popular exchanges she thinks that they are in violation of their virtual currency laws in the state of New York so down here earlier this year the NY DFS sent out this this questionnaire to all these exchanges a 34-point questionnaire where you could answer a bunch of questions about your exchange when it comes to the market integrity the integrity of your exchange the security manipulation all this sort of stuff revolving around your personal exchange and a lot of these exchanges did not answer to this questionnaire because it was not required by law that they had to answer to it so down here I thought this was really funny following the letter kraken CEO Jeff Powell responded with strong words stating that the OE G's demands showed disrespect and entitlement that the letter showed Kraken made the right call to get the hell out of the New York State three years ago so he's referring to this woman that is claiming that a lot of these exchanges are unlawfully trading in the New York State and Kraken said that they were being very disrespectful and felt that they were being entitled to get this information per the report the OIG then investigated whether in actual fact these these platforms accept no trades from New York State and based on the results of the investigation and made the recommendation to forward Kraken by nanzen-ji o to the Department of Financial Services for a thorough thorough investigation on possible flouting of the state's virtual currency laws so we're not going to be reading over any more of this but should we be worried about this I think so I think this woman got her panties in a bunch and she wants to put these exchanges not necessarily under the bus but cause real issues for the overall market because these are the biggest cryptocurrency exchanges in cryptocurrency the cryptocurrency market right now and we do not need more issues do these exchanges trade in New York it's very possible are we gonna find out anytime soon most likely not this is something that could take a long time to really figure out and I really doubt these exchanges would risk their credibility to trade in one state even though New York is a very popular state for trading I don't think they would risk to that extent are we gonna find out anytime anytime soon and is this going to affect us traders I don't think so I think this is something we really shouldn't worry about that's more for these exchanges to deal with so our next article u.s. market crashes expected as household income explodes will Millennials flock to Bitcoin so this has been sort of a conspiracy for quite a while now as to if other markets begin to decline or crash over time will cryptocurrencies take their place and will Millennials begin to flock into Bitcoin or cryptocurrencies so for the first time in history US household wealth has surged above a hundred trillion dollar market fueled by the rise in the value of stocks and properties however analysts say the unsustainable growth in household wealth could cause a crash which may lead to Millennials to flock to Bitcoin in this month u.s. household wealth reached a hundred trillion dollars and you would think this would be a positive thing but in comparison to the stagnation in the actual US household income it is quite evident that the rapid growth rate of household wealth cannot be sustained in the long term bubble-like behavior according to the mode of the US stock market experiencing one of the largest bull markets in history and the real estate market continuing to increase in value led to an abrupt increase in household wealth however if household wealth cannot be backed by sustainable income then the market will be vulnerable to a major correction so this is a big discussion that's been going on for quite a while now like I just said where if these other markets begin to decline a rather large rate sort of like a crash will people begin to flock to crypto currencies or Bitcoin and this article is mainly looking at Millennials which I'm glad they are because Millennials are the next ones to jump into the financial world down here they also talk about a survey went on where 80% of American Millennials already are aware of Bitcoin so that's awesome to hear now that's just that they're aware of Bitcoin not that they're invested into Bitcoin but that is good that they are familiar of the word Bitcoin or cryptocurrencies so my personal opinion on this I think it is very possible now the market in other sectors real estate stocks etc have been on a great slow increase over the past couple years as president Trump has came into into office but what happens when it comes time where it's too large of a name increase and we do need a cool-down in these other market sectors we are going to experience a correction we could experience a crash anything's possible especially if people can't keep up with their income as household wealth grows so could Millennials and other people flock into Bitcoin and cryptocurrencies I think it's very very possible keep in mind cryptocurrencies are a world economy it's not just the United States so that plays a large role in the overall price movement of cryptocurrencies is that you can invest in something that's not directly tied to the United States and you can also invest in something that's really your own personal investment it's your asset you hold on to it you manage it you store it you are your own bank so I think that those little things will all play into role in the future is this something to worry about right now definitely not I mean we are still very steady in other market sectors I don't think we're going to experience a crash anytime anytime soon but let me know down below what you guys think do you think realist stay in other stocks and bonds etc are going to experience a dip in the future or a crash so our next and final news article for today fidelity investments aims to release crypto products by the end of the year this is very exciting stuff over the past year or so we've been seeing a lot of big companies and investment firms wanting to adopt cryptocurrency and blockchain tech and putting a lot of patents on different products and sort services and different thoughts and ideas so it's really great to see that a lot of new companies are wanting to join in so CEO Abigail Johnson has revealed that the company is working on a number of cryptocurrency and blockchain related products and offerings with their release tentatively fixed four times before the end of the year so they want to do they want to release some of these products and services by the end of this year again guys I think the next couple months are going to be very very big for cryptocurrencies now right now with the current market condition it doesn't look that way but keep in mind we have a lot of stuff coming out within the next couple months that are greatly going to help the adoption of cryptocurrencies and across the board help cryptocurrencies we have the Bakht exchange we have fidelity and other big institutions like Bank of America coming out with a lot of new patents and products and services as well as even possibly an ETF in February of 2019 so the next couple months are going to be very very interesting now when it comes to fidelity specifically Johnson declined to go into any specifics on what they're planning to create or come out with she just pretty much talked about how they came up with a whole bunch of ideas and concepts and they scrapped the majority of them but they came out with a couple that they never really thought they would come out with and it could really be game-changing for the cryptocurrency space and really new stuff that we haven't seen before in the cryptocurrency space so let me know down below what you guys think is really going to be happening within the next couple months of cryptocurrencies I think around November to December we are going to really see a good push and cryptocurrency movement price movement kind of what we experienced last year we had that slow momentum in October we did very well in November and we exploded to all-time highs in mid-january so I think those sort of four months we are all going to do very well in the cryptocurrency sector let me know down below thank you guys so much for watching if you're not subscribed consider hitting that subscribe button for quality cryptocurrency content in the future and I will catch you in the next

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