In the video, the content creator discusses recent news about Binance suspending USD deposits and withdrawals, speculating that this could spread fear in the market and lead to speculation about the safety of Binance. They recommend moving funds to hot wallets or cold storage to protect against potential risks. The video also mentions that despite the bear market, 82% of millionaires sought crypto advice in 2022, indicating continued interest in cryptocurrency. It is suggested that Bitcoin may retest the $20,000 level and that gold could be a top performer in 2023. Additionally, a survey by JP Morgan claims that 72% of institutional traders have no plans to trade crypto.
—
All right, what is up guys? Welcome back to the Channel. I want to make a quick little video to address some news that I just saw while I was jumping into bed, getting all snuggly, watching a little bit of Love Island with the misses, checking my phone, and I saw on Twitter something a little bit worrying. So, I want you guys to know what’s going on, what I think you should be doing right now, and we’re gonna check out the market a little bit here on this late Monday evening.
Overall Market
First of all, checking the overall market since the video today, we are up 0.78%, so almost a percent up. Things are not looking too bad right now. If we do jump over to the Bitcoin chart, we can see Bitcoin sitting at just over 23,000, playing with this flag very nicely. We were down here in the earlier video, and I was saying to you, hopefully, we can get a bounce from this line. And again, guys, that’s exactly what we are seeing. So, the next region I’m watching here is around 23,400, and then, of course, what I would love to see is a breakout above this 24,100 region. If you guys do want to trade this, there is up to ten thousand dollars worth of a deposit bonus over there on Bitget using the link down there in my description. Remember, if you are not an experienced trader, don’t trade with leverage. Get used to it. Use their demo trading account. Bitget has a demo trading account, and you guys should use that.
Binance Suspending USD Deposits and Withdrawals
So, with that out of the way, what’s going on? Finance is suspending USD deposits and withdrawals. So, the largest cryptocurrency exchange platform by trading volume, Binance, will suspend USD deposits and withdrawals on February 8th, so in 48 hours. The halt in the activity of the currency was addressed in a statement given to WatchaGuru through a Binance spokesperson. The statement noted that, “We are temporarily suspending USD bank transfers as of February 8th. Affected customers are being notified directly.” Moreover, stating that only 0.01% of our monthly active users leverage USD bank transfers within the statement, noting that they are working hard to restart the service as soon as possible.
I do think that this is going to spread a little bit of FUD around the market. That is what I’m expecting, right? I think that’s going to happen. We are seeing tweets here and there, “Binance to suspend USD bank transfers,” the spokesperson says, “suspension expected to last a couple of weeks.” Basically, they don’t have a banking partner to process these USD withdrawals and deposits right now, and I’m expecting this to spread around, right? And people to start speculating that Binance isn’t as safe as they say it is. So, guys, right now, I am a partner with Binance, but let me give you my opinion. I hold money on Binance, right? I hold some crypto on Binance. But if you are holding a significant amount of money, even a little bit of money, ask yourself right now, why do you still have 48 hours before maybe there’s going to be more FUD that hits the market? Is there any reason to be holding it there? Would it not be better just to hold it in cold storage, right? On a ledger, in a mask? Would it not be better to have your own private keys when things like this come through? That’s all I’m saying. I’m not trying to spread FUD here. I’m not trying to get you guys scared. What I’m thinking is just to move my money over to hot wallets or cold storage or anywhere that I hold the private keys. That way, I can just be safe. I most of all think that this is just gonna blow over and it’s not actually as bad, but I would expect mainstream media to jump on this like wildfire to make it seem like Binance is going to go under, right? That’s exactly what always happens whenever there’s news around Binance. So, that’s why I’m saying this. So, guys, be careful, right? Just be careful and do what you think is best, but I’m just letting you know what I think.
Millionaires Seeking Crypto Advice
Now, with that said, in other news, in other good news, we do have despite the bear market, 82% of millionaires sought crypto advice in 2022. So, real-life millionaires are still paying attention to crypto, right? And they want to know about how to get involved in it. The whole of 2022, remember, we’ve been going down for a whole year, and 82% of millionaires who probably know what they’re talking about are trying to get into crypto. So, this is good stuff, right?
Predictions on Bitcoin Price
On top of that, we have bitcoin price may retest 20K on USCPI and the mid-absence of a soft landing. So, guys, it is to be expected still that Bitcoin can head down to around that 20,000 region. We’ve been speaking about this on the channel, as you know. We never got back above that 25,200 region that I was watching as a place to decide that maybe this trend was actually broken and a new higher high was put in. We haven’t done that yet, but maybe we are still on our way. So, until that happens, I’m not going to get too bullish on the market, but that is what I’m watching closely. And of course, trending down to around these regions here is definitely still on the cards. That would easily be a healthy correction, and we were speaking about this earlier in today’s video, just a healthy correction to bounce higher is hopefully what’s on the cards. But expect there to be a lot more volatility coming forward.
Market Strategists’ Views on Gold
On top of that, we do have market strategists predict gold will be the top performer in 2023. Now, if everything does sit flat and gold does go up because people are looking for a safe haven, this could potentially be an opportunity, right? I don’t think we’re always going to see huge movements that we are used to seeing here in the crypto world or even over in the stocks world. In fact, I just said over on my Patreon, one of my calls from, I think it was about two weeks ago, in my mind, it might have been a little bit longer than that, but I bought a bunch of Tesla for the first time in years, right? I sold all of my Tesla when I thought it was way overvalued, then it got down to around 110, 111, and that’s when I started to think, “Hey, this is getting into a price region that I’m actually pretty happy with dumping some money into,” and I did that and I notified my Patreon. And I just checked now, and that position is up 71%. That’s one of my best-performing assets in 2023 already, right? Absolutely wild. And I don’t think that gold is going to perform like that. I just don’t think it’s going to happen. I think we’re much better off dollar-cost averaging into things that we believe in, like stocks and shares and crypto. But it can be said that having a small part of your portfolio in something like gold as a hedge could be an idea to have a nicely diverse portfolio. I personally don’t invest into any metals right now. Maybe it’s something I’ll consider in the future, but I’m a little bit more risk-on than that.
Institutional Traders and Crypto
So, with that said, finally, I just wanted to talk quickly about this. JP Morgan, 72% of institutional traders surveyed, said they have no plans to trade crypto. It’s funny that they… [script ends here]
