What’s Happening with CRYPTO Right Now? Are 10,000 Coins Headed Towards Zero?

The content discusses Jerome Powell’s comments on the deflationary process and the market’s reaction to it. Powell stated that the process has started but it will take time before the US Federal Reserve declares victory against rising price levels. This was seen as a positive comment for the market, leading to a bounce in Bitcoin. The content also mentions the Super Bowl banning cryptocurrency TV commercials, which some see as a positive step to avoid glorifying crypto to uninformed individuals. Additionally, a merger between Hut 8 and US Bitcoin is mentioned, causing a decline in Hut 8’s stock price due to concerns about debt.

What a whirlwind last night was

Well I don’t know if it was the morning for you guys depending on where you are the morning the night the evening the middle of the day whenever it was it was a whirlwind because I was trying to go to Bed and Jerome Powell was going to speak so I was like I can’t go to bed now because Jerome Powell’s gonna say something nonsensical and then I’m gonna be totally done in my crypto portfolio it’s gonna go to zero so I had to wait up a little bit but turns out he Actually said some good stuff so we’re going to discuss that today what’s going on with the market the news that you need to know to be fully up to date with said market and of course checking out closely the Bitcoin price and where I think it might go next with that said You don’t know me already the name’s Connor not a financial advisor and Bitcoin Rises to 23 300 as Jerome pal repeats deflationary process comments

So what happened yesterday?

Jerome Powell had a little chat with a mate and he said that while the deflationary process has started it will take a good deal of time before the U.S federal reserve is ready to declare victory in its fight against the rising price levels. So a good and a not so good comment there all in one all wrapped up in one with a nice little bow on it basically. Things are not as bad as they could be but they will last in this level right now for a while, so don’t expect there to be a Fed pivot anytime soon as essentially what he’s saying, but he’s also saying don’t expect it to get worse which of course, the market is always pricing in the worst case scenario, so if old mate is saying it’s not going to get worse the market does tend to like that and that’s exactly what we are seeing. The person that he was talking to actually did lead off by asking if last Friday’s blowout jobs reports which we did cover here on The channel remember 517,000 new jobs in January alone which in this market environment good news equals bad news, bad news equals good news right so we were worried that this might affect the market so this is exactly what they were talking about they asked whether this might have changed the FED Decisions because just two days before that was when they decided the 25 Point base rate hike and what we got was Jerome Powell saying no it wouldn’t have made a difference which is again another dovish or bullish comment for him to say so overall the market loved this Bitcoin Did actually have a nice little bounce and importantly what we saw over on the DXY was a start to potentially this upturn maybe coming back down of course this could just be a healthy correction but this is exactly what we want to see we did see three days of pressure Upwards pushing upwards which is not good for the risk-on assets but now we have seen a little bit of a downturn after this meeting so this is exactly what we wanted to see here, the crypto greed and fear index is back in greed but it does seem to be cooling off a little bit or finding some stability around that 50 to 58 Mark which is okay in my mind now if we do take out the shorter term timeframe over here on the four-hour chart you can see our flag that we’ve been following played in again perfectly if you hadn’t got involved in a long position here you would have made some nice profits depending on the leverage that you have been using of course over on bitget that’s where I leverage trade and you guys can get up to a ten thousand dollar deposit bonus just by following my link has to be my link because that’s how you get the deposit bonus follow someone else’s link or just go on bitget.com you can sign up no problem but you won’t get the same deposit bonus so if you fancy it and you are an experienced trader the link is down there in the description but right now you can see that we did bounce off that and we are finding some resistance right here at around the 23,200 Mark which has been support and then resistance a lot of times in the past you can see it’s played a very major role in being a resistance over the last few days so with that said we do have some other good news when it comes to bitcoin the last time Bitcoin had a golden cross which we have just seen right now following a major downtrend was 2019 and we had a 160 percent gains And this may be what we see here I don’t think it’s gonna be as intense as the moves that we saw in 2019 because of course, there is much more money flowing around in this market it so it takes much more money to pump the market but things could be looking nice now with that said that means we still have opportunities here for our altcoins and all of those sorts of gems so I am going to be bringing you those things here on the channel and of course if you want to stay up to date exactly when I find anything I post it directly in my patreon so if you want to follow the link down into my patreon you’ll get direct access to my private Discord where I talk to everyone directly we can have discussions and you can talk to other like-minded people and if you don’t like it in the first three days drop me a little message I’ll give you a full refund no problem.

Moving into some news today

or just yesterday in fact we did see the Super Bowl Banning cryptocurrency television commercials which honestly I don’t think is a very bad thing uh I think that uh sometimes it does glorify crypto especially to people who actually don’t know what they’re doing and I think that it led to a lot of losses the last time they had it although I do think it’s a much better time for retail to be getting involved in crypto now than up there in the 60 to 70 000 region for Bitcoin I don’t think this is necessarily a bad thing but it may slow the adoption of crypto going into the next Bull rocket or just for this year let’s say now a cryptocurrency miner That we watch closely here on the channel That I personally dollar cost average into that I hold a position myself in is hate and yesterday they announced that they are going to have a merger with U.S Bitcoin now this didn’t play very nicely to the price of course Bitcoin was up but Hut 8 was down eight percent which is annoying for my portfolio it’s not something that I want to see but if we do scroll down we can see what was going on here so the issue that I think people found because I’ve Said this to you guys on the channel before I currently dollar cost average into two Bitcoin miners one being clean spark one being hot a hot mate Hut 8 tends to hold their Bitcoin clean spark tends to sell their Bitcoin in order to buy more miners very different business Models in the same area and I like to have exposure to both right but the issue here that I’m seeing is that we’re actually seeing that the CEO of Hut 8 saying during this interim period we plan to cover our operating cost through a combination of selling Bitcoin we mine And selling our stack and or exploring various debt options now the reason why a lot of Bitcoin miners have fallen recently is that they have had very bad issues with debt now heart rate and clean…

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