Sam has bought crypto for the first time in over a month and discusses what he bought, what he plans to buy soon, and why the market is down. He notes that Bitcoin is down 6% over the last seven days and long liquidations have pushed down the price. There is talk of crypto regulation happening in the US, and Coinbase’s CEO believes the government might try to get rid of staking with exchanges. Sam thinks the main reason for the crypto sell-off is long liquidations. He believes buying Bitcoin makes sense around its current level, but also advises keeping some cash on the sidelines in case of further drops. Sam is also excited to buy more Phantom and talks about the other cryptos he wants to buy.
How’s it going everyone, it’s Sam. I just bought crypto for the first time in over a month and I want to talk to you about what I bought, what I’m seeing in the market, what I want to buy here soon, and why the market’s down today. So stay through to the end – we’re gonna pack a lot into this video. If you don’t mind hitting the subscribe button, I appreciate that.
Links and Free Money
There are links underneath the video as well in case you want to sign up for MooMoo or Weeble. I would definitely do that because you can get free money. On WeBull, if you deposit any amount, you can get at least $34. If you deposit on MooMoo $100, you can get up to 5 free stocks and if you deposit more, you can get up to 15. There’s also a link down there to Margex in case you want to long or short crypto.
As you can see, Bitcoin is down over the last seven days, down 6 percent, over the last 24 hours, down 1.7 percent. The whole market’s pulling back here, and a lot of altcoins are down much more than Bitcoin, some down 5-10 percent. Now let’s talk first about why the market’s down because the NASDAQ started up over one percent here today and crypto started up higher than it is right now earlier today. This is kind of weird that we’re starting to fall down throughout the day.
We had weekly jobless claims increase from last week, up 13,000 jobs or jobless claims, so up to 196,000, which is still low but that shows that more people are going jobless and that is causing the labor market to get a little bit less tight which could cause a fed to continue with this easing of interest rates so this started to push up the market when this was announced today. And we see a lot of companies still laying off workers.
A lot of other companies are saying this as well and this is causing stocks to jump. So we still see more and more companies announcing that they’re laying off workers but we had this come in. The market is spooked, first of all, because of the CPI print next week. The Vix is spiking up, getting ready for that CPI print. Depending on how it comes out, it could definitely cause the market to have some volatility.
There’s also a large put buyer at 4,050. Now, some people are saying this is Carl icon but this is not confirmed that’s just a rumor. This is all causing the treasury markets to spike and causing these traditional assets like stocks to sell off a bit. At the same time, there’s some talk about crypto regulation happening in the U.S. Coinbase, the CEO, is talking about how the American government might try to get rid of staking here with some of the exchanges.
Bitcoin Dominance and Crypto Buying
I think Bitcoin dominance is going to go up when we look at the overall Bitcoin dominance chart with stablecoin. I think we may be stuck in this range between 43 and 45 percent and even if we’re not, I still have some altcoins. But I think that with CPI coming up next week, assuming the CPI comes in and it’s higher than we expect, obviously the markets will probably fall. Bitcoin won’t fall as much as other cryptocurrencies so Bitcoin dominance would be expected to go up. I think it makes sense to buy a little bit now and this is the first time that I bought crypto in over a month.
I think it’s important to continue to do this throughout the year because chances are we’re going to end 2023 higher than here, especially if the economy continues to show strength and CPI continues to come down. The fact is buying Bitcoin around this level still makes a lot of sense but I’m not going to throw all my money because I do think that it makes sense to keep some cash on the sidelines whether it’s through for real estate or for stocks or just to buy more crypto in the future.
Another crypto that I’m watching right now is Phantom. As you can see, Phantom has started to fall a bit here down to about 47 cents and I am excited to buy more Phantom at some point this year. I think the next support if we continue to fall here past about 46 cents or so would be around 41 cents if we bounce off that and start to make a confirmation that we’re going to continue moving up. I might buy some more there or if we break through that, that might be a good time to be buying the dip a bit.
Now Polygon is also one that I’m looking at, but it’s held up really well. It’s a dollar and 30 cents, which is pretty much the highest we’ve seen within a few cents in months, since almost a year ago. ETH is still a crypto that I want to buy more of.
To sum up, there are several market factors at play that are causing both stocks and crypto to pull back today. Despite this, buying bitcoin at this level still makes sense. In terms of altcoins, Phantom and Polygon are currently on Sam’s watchlist, along with ETH. It makes sense to continue to invest through dollar-cost averaging, but also to keep some cash on the sidelines to take advantage of any possible market dips in the future.