In this content piece, the author discusses the current state of the cryptocurrency market, with Bitcoin falling and the overall market cap dropping below a trillion dollars. They also mention the negative macroeconomic conditions and the uncertainty caused by the Federal Reserve’s warning of higher interest rates. The author shares their strategy of taking profits when the market was bullish and suggests that revisiting the market lows may be possible. They then discuss news about Ethereum founder Vitalik Buterin allegedly selling billions and trillions of airdropped ERC20 tokens, causing their prices to plummet. The author speculates on the reasons for the sale and warns about the risks of investing in meme coins. The author also introduces Swiss Cheese Finance, a platform for trading tokenized stocks on the blockchain. They provide information about the platform and its native token, SWCT. They end by emphasizing the high-risk nature of investments and the importance of understanding the risks involved.
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All About the Current Market Situation
All right, what is up guys? We have some crazy news to be going through today. The market is not looking great, Bitcoin continues to fall as we speak. But we are going to be discussing everything that I think is going to happen, what the charts are telling me right now, and we are also going through this crazy news. We’ve got something about Ethereum founder dumping tokens, we got the FED, we got Bitcoin volatility picking up, we got Silvergate, we got Mt. Gox, and we got a whole host of things to be going through today. Please do remember that nothing in my videos is financial advice and let’s jump straight into this video without wasting any of your time right now.
Bitcoin’s Fall and Market Cap Concerns
Bitcoin is down around 1.5% in 24 hours and the market cap of the overall cryptocurrency market is under a trillion dollars. Something that I do not want to see here on the market. I like to see the market cap above a trillion because it’s a good place for bigger institutions to think about putting their money. Below a trillion is just that number that will put people off, and that’s not what we want to see.
Now, of course, the macro is not looking good right now. The overall stocks and shares market and just the entire economy is not looking great. We have the FED coming out and basically saying they don’t know what’s going to happen, things aren’t looking as good as they thought it was, and they don’t know. People are pricing in now a 50 point basis rate hike coming next. And so of course, the market is spooked. Am I running to sell everything? The answer is, of course, no. The time to take profit was when everyone was getting too bullish a few weeks ago. We spoke about this on the channel before. We got involved in a bunch of things, we were dollar cost averaging as the market moved up, I took some profits out of those positions, and now I’m holding them in stable coins ready for another opportunity. As I’ve been saying on the channel, I do think that revisiting the lows is on the cards. I also have pointed out points in the chart that I’m watching for us to hold, and if those break, I would expect us to drop lower. That is potentially what’s happening right now and I will be explaining that in more depth as we go forward.
Ethereum Founder Dumping Tokens
First of all, like the title says, we got Ethereum co-founder Vitalik Buterin addressing selling trillions of airdrop tokens, causing a quick coin prices to plummet. Now, if we look into this a little bit more, we can discuss exactly what happened. So, around two days ago on March 7th, on-chain observers noticed that Vitalik Buterin, the co-founder of Ethereum, had allegedly sold billions and trillions of airdropped ERC20 tokens, an estimated value of around $700,000. Now, I never really understood why people would send their tokens to the Vitalik Buterin address. I remember a lot of meme coins saying that they’ve sent it over there, some of them claiming that Vitalik himself was holding the coin in order to get people to get invested, but also a lot of people thinking it was essentially a burn address, which was never really the case. Vitalik himself spoke about this back in 2021, but right now it appears he has sold a significant amount of ERC20 tokens that were airdropped to this address.
These tokens include Cult Dao, billions of Mop, Kobe Sheba, trillions of Dingo, and trillions of She Shi Koku. These meme tokens are just ridiculous. Anyway, if you get involved in these, I’m sure if you watch my channel, you know full well what you’re getting involved in. These are d-gen plays, they can go up but they can also go down. So, I’m sure no one in this channel watching right now got burnt from this, but I just…you know what I think about meme coins, uh, yeah. Anyway, right now people are talking about this and others are saying, “Not sure what you guys expected, it’s his wallet, it’s his money.” Pretty much how I feel about this.
Now, someone else’s assumption is that maybe one of his accountants warned him that these tokens could count as income on his tax sheet, so he’s selling them to cover the expenses. Now, like I said, back in May 2021, Buterin donated $1 billion worth of Shiba Inu tokens through India’s COVID Relief Fund charity after being gifted the tokens during the token launch. I remember this very specifically. This was what kicked all of this off, sending tokens, specifically meme coins, to Vitalik’s address. Now, interestingly, since this sale, the Balvee Philanthropic Fund, co-founded by Ethereum’s creator, donated $15 million in USD coin to the University of California, San Diego. So, maybe some of these funds are actually wrapped up in this, and it was simply to do with the taxes of this account. But, of course, these tokens have been absolutely destroyed by this.
So, keep this as a warning. If you are holding a token because there is a large person or someone has been said to be holding this token and the wallet address has been highlighted and that sort of thing, it’s potentially just been sent to them without them agreeing to anything. So, keep that on your radar when you are researching these coins and you’re basing your opinions and investments on these certain things.
Introduction to Swiss Cheese Finance
For jumping further into this video, I want to introduce you guys to today’s channel sponsor, and that is Swiss Cheese Finance. Now, Swiss Cheese is developing a set of products and services designed to simplify the way you trade stocks, shares, and bonds. They are giving you an opportunity to trade tokenized stocks on the blockchain.
Using a single Swiss Cheese Finance account, you can trade stocks, crypto bonds, shares, and invest in any global currency you wish without having to interact with the underlying technology itself. You can do it all right there on the blockchain using their decentralized finance protocol. The main advantages of Swiss Cheese are the fact that you can trade these global financial instruments, issue and trade stocks, currencies, bonds, and other popular asset classes with no restrictions. You can swap crypto to any of these shares and stocks, and you can also swap crypto for any shares on their platform in a matter of seconds. You can also invest in their specially curated mixed portfolios.
Swiss Cheese is currently in their pre-sale phase with their token SWCT. The SWCT token will be their native token used by the Swiss Cheese ecosystem and will be the center of everything on the platform. At the moment of filming, the SWCT token is worth 0.22 Matic and will go up to 0.33 in the upcoming crowd sales. If you want to get involved in this, I would suggest starting your research as soon as possible. The SWCT token is actually an ERC20 token built on Polygon, making it widely accessible and cheap to use. With a total supply of 120 million, the SWCT token is designed to be a scarce and valuable asset providing holders with a lot of benefits on the Swiss Cheese Finance platform.
If you are interested in participating but you’re not sure exactly how to do that, you can head over to their main page and click on “How to Participate” and this will take you through a step-by-step tutorial. Please do remember that these sorts of investments hold high risk, so never get involved in anything without understanding the full underlying risks.
Fed Chair’s Warning on Higher Interest Rates
Moving on, we do of course have the Fed chair warning of higher interest rates than previously anticipated.
