The Gem Hunters conducted a mini live stream discussing the recent surge in Bitcoin’s price, which rose from $22k to $24.6k within two hours. The hosts suggest that this is likely due to a combination of short squeeze and manipulation, as some people may be seeking Bitcoin as a hedge against traditional markets. However, they advise caution and a neutral, smart approach in light of the possible risks of sudden drops in value. The hosts also discuss the ongoing banking crisis, which may be driving interest in alternative assets, including gold, silver, and Bitcoin.
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Introduction
Foreign foreign thank you foreign and welcome back to another crypto gem Hunters live stream.
The Guests
Um I’m joined by SSM crypto really happy to be joined by him and we may have another gem hunter or two potentially later on but right now it’s just us two.
The Purpose
So Um we’re going to be doing a relatively quick live stream kind of like uh you can call it a mini a mini live stream 30 minutes or less maybe and we just want to talk here about what’s been happening today because we want to move quick with The gem Hunters we want to bring you guys updates we don’t want to be delayed because obviously we do those Sunday live streams every single week but we also want to be providing you guys with some updates.
The Market
I think crypto thefts in the house as well so here we go Hey Steph how’s it going that’s obsessed yeah so um we want to provide you guys with quick updates as well we have those Sunday live streams which are kind of like podcasts uh type things kind of conversations but we also want to be providing you guys with news and updates On what’s happening in the markets because it’s very important in crypto that we don’t asleep basically we have to be awake and we have to see what’s happening and today has been one of the I wouldn’t say the craziest days I’ve seen in Crypt I’ve seen much crazier I’ve seen FTX situation and Things like this but it’s certainly up there with one of the most interesting days in terms of price action so I’m gonna get up my chart here and we can look at Bitcoin and I think it went up um 10 in two hours or 12 in two hours It’s not it’s not often you see that especially nowadays right we saw that more in in Bull markets in in the past but now it’s not often we see that so if I get this chart up we can see actually how parabolic we went um and obviously we’ve been rejected now And I’d said that before but I’m gonna get this chart up here so let’s go on the on the five minute and we can see here right this was just a crazy rally I mean it wasn’t even consolidating at all on any level it was just pushing past every single number so We went from we went from basically 22k to um 24.6 k within the space of two hours basically 11.6 gains and then if we go on to the overall Market as well Bitcoin was actually up 20 20 something percent like 22 or something ridiculous and I was Looking and all of the old coins were up 15 plus percent Bitcoin was up 20 it was ridiculous now it’s come back a little bit now it’s Consolidated a little bit but this has been ridiculous and it looks to me like there’s manipulation it looks to me like there’s something going On some manipulation because when I was watching this chart it was just pushing up crazy Wicks but it was just keep kept going up so it looks to me like it’s a combination of um short squeeze so people who were shorting are being liquidated they’re being forced to buy and it also looks Like a bit of um manipulation
Theories
I want to know your thoughts guys so I’ll come to SSM first what do you think is what what is happening what what’s happened the last few hours because I’m thinking potentially some people may be looking at Bitcoin as a hedge towards traditional markets because of what We’ve been seeing recently yeah definitely I mean there are lots of interesting um theories out there um one of them is like you said a short squeeze a lot of people coming into the new week you know with us we’re going to get a lot of bearish news and Um the banks being facing a bank run and even um paxful uh Circle and so many other big crypto names telling letting us know how much they actually had in the svb bank so in the silver against bank so a lot of um bad news was waiting Around the corner but then crypto did what everybody knows crypto for I did the complete opposite of what um everyone was expecting so that means a lot of people are organs gets liquidated and it means a lot of people are going to you know be forced to buy More Bitcoin in order to protect themselves so yeah that’s the possibility and there’s also something interesting that um CZ Twitter he said it’s going to convert a lot of um binance reserves to bitcoin so that’s that can be another um reason why we might be seeing this people moving away from stable coins Into Bitcoin into ethereum into other um cryptos that are not stable coin so yeah very interesting things happening however you know these kinds of things you have to be careful and that’s why I was saying earlier today you have to move accordingly you have to be smart in The crypto space don’t let emotions control you you have to take a step back and observe um what’s happening the Bulls are always too loud the Bears are always too loud you have to be neutral you have to be smart about it so if Bitcoin you know just shoots up very Quickly like this there’s nothing stopping us from moving down just as quick so in situations like this that’s why we always say on this channel you know dollar cost average is always um useful whenever Bitcoin makes a major move I mean sub 20K was a very big Opportunity that a lot of people missed out on as well because the lessons dictates their actions we had um people being fearful and panic selling they lost out on this short pump we also had people being um greedy and calling for 12K and they um they missed out on buying opportunities with Bitcoin Sub 20K so again I would say the Bulls who have been a little bit too cocky as well you know it’s all well and good it’s good to be cautiously optimistic whenever Bitcoin moves this quickly so you can start opening Longs when Bitcoin goes up to 24K and start saying oh it’s 30k from here is 40 take care from here you know you just have to try and understand what’s happening in the market step back observe and then move accordingly yeah definitely and this this chart looks manipulated to me I mean this looks like one of these micro Cap gem charts from from you know the last Ballroom where there would be a crypto gem 20K in market cap and it would go all the way up to a million with it within a day that’s what that looks like but I agree completely um some interesting theories around What’s happening you’ve got to have a balance to nuanced approach that’s obviously the case and um you know we’ve got this banking crisis all of a sudden again repeats of 2008 some people will say and when the banks when there’s a bank run that is the most dangerous time for the economy Is when these major banks are starting to collapse and time and time again it’s been proven that the US banking system is broken time and time again it’s been proven and I think maybe crypto is acting as a as a hedge against this we’re seeing gold do well right now We’ve seen Silver do well right now and money is being poured into Bitcoin for potentially the same reasons so interesting stuff to see Bitcoin was founded in 2008 on the principle of basically Fu money it was basically built to stand up against the central banks and stand up against all of the Banks such as um the ones in 2008 which were getting bailouts and all the all these situations that was happening so maybe this is why Bitcoin is going to thrive if we see more medium-sized.
