Crypto Market Bloodbath! (End of Bull Cycle?) – Last Week Crypto

What a bloodbath! The crypto charts 
are red, red, red. What happened? Hello, I’m Crypto Casey, and welcome 
to another episode of Last Week Crypto. Every Sunday, we review the performance of 
the largest cryptocurrencies, top gainers,   as well as the latest global news stories 
affecting the crypto markets this past week. This week we will discuss what’s 
going to happen when excess savings   people have accumulated start hitting the 
streets, what rocked the crypto market,   how smart money is reacting to it, and 
bullish news on more crypto adoption.

To check out the links to all of the articles we 
discuss, go to CryptoCasey.com/Last-Week-Crypto. This week’s episode is brought to you 
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you use the referral code “CryptoCasey,”   all while supporting the channel. Also, every Wednesday I conduct a weekly AMA or 
an “Ask Me Anything” at Instagram.com/CryptoCasey.

So use the link to my one and 
only official Instagram account   listed in the description area to follow me 
and ask me anything you want, every Wednesday. If you’d like to see me livestream with 
some other crypto experts in the space,   I’ve started livestreaming on the 
Crypto Banter YouTube channel. Most Fridays at 10am eastern standard, I 
plan on bantering with the crew about crypto,   and I also will be co-hosting 
some of the weekday shows as well.

So make sure to follow me on Instagram 
to get notified when I’m going live.   And you can also subscribe to the Crypto Banter 
YouTube channel for notifications as well. Sweet, Last Week Crypto, let’s go – Looking at the top cryptocurrencies 
by market cap, bitcoin down 18.4%, ETH   hanging in there, down 6.9% Binance Coin down 1.2%, and XR, 
massive pullback, down 31.4%. Looking at the top gainers this week: Pirate Chain up 338.5%, Solana, up 53.5% Nano up 22.3%, and Pancakeswap up 21%. Definitely not a week for the faint of heart. 
But before we dive into the crypto pullback,   let’s talk about how Consumers have 
$5.4 trillion in excess savings.   That could unleash a global spending boom. As lockdowns ease, consumers are expected to 
spend nearly $2 trillion this surplus cash,   setting the global economy 
up for considerable gains.

All that extra spending may also stoke inflation,   a growing concern among investors and 
economists because it could force central   banks to raise interest rates and taper 
asset purchases sooner than anticipated. Yes, so a lot of US dollars 
have been dormant the past year   in the form of savings. With all this money 
that hasn’t been realized in circulation yet,   in addition to massive printing of more 
US dollars, we will absolutely see prices   of goods and services increase, as 
the value of the dollar decreases. Oh, and if people continue to hold 
their cash in savings, eventually,   the government and their big bank cronies can 
just force you to spend it. Check this out: European Central Bank President 
Lagard responds to criticism about   negative interest rates and describes how they 
support companies and people in the eurozone. Governments and big banks want people debt-ridden.   They want people to spend money they 
don’t have on things they don’t need.

They don’t want you investing and 
accumulating wealth. They want you working,   paying taxes, taking out loans, spending money 
on things that rust, rot, and depreciate. The traditional view of a good, healthy economy 
requires the vast majority of people around the   world trading their precious, non-renewable 
resource with an uncertain supply: time, in exchange for an amount of money that oftentimes 
is not nearly enough to live off of, money that is   taxed by the government, money that they want 
you to put back in circulation by spending it, and they want you to create more money 
by borrowing it and taking out loans,   to keep money circulating 
to keep the economy healthy. A so-called healthy economy is simply a 
wealth generator for a small group of elites   achieved by basically enslaving 
people, and they’re able to do this   through deliberate noninclusion of 
financial education to the masses and deliberate distraction and manipulation of the   masses to create insatiable 
consumerism and materialism.

Amazing, right. Yeah, anyway let’s get into what 
may be our only saving grace,   despite taking a massive hit, the crypto markets. 5 reasons Bitcoin and Ethereum 
plummeted 15% in a single day.  Bitcoin and Ether fell 15% and 20%, respectively, 
in one day — but why so much and so quickly? Five factors likely caused the price of Bitcoin 
and Ether to steeply drop in a single day,   including mass liquidation, an overheated 
futures market, the decline of Kimchi premium,   whales selling, and concerns over United 
States President Joe Biden's tax plans. So let’s break this down, one, on 
Friday in a 24-hour time period   over $4 billion dollars worth 
of positions were liquidated.  So as prices tumble, stop losses on exchanges 
get filled, and it becomes a domino effect.   Every price decrease sets off a chain reaction 
of stop losses liquidating investors’ positions. And exchanges allowing anyone and everyone to 
leverage trade doesn’t help this scenario either.   Because two, the futures market is overcrowded.   Billions of dollars of long positions were 
liquidated, so a lot of people got burned.

Three, the kimchi premium. The kimchi 
premium basically refers to the price   difference of bitcoin and ether on South Korean 
exchanges compared to all other exchanges. On South Korean exchanges, the prices of bitcoin 
and ether are higher than other exchanges.   So South Korean investors can buy 
bitcoin and ether from other exchanges,   and sell it on South Korean exchanges 
for a profit, hence the kimchi premium. So, as the price and bitcoin and ether 
dropped, the kimchi premium dropped to 0%,   so there was no more incentive to buy bitcoin 
and ether elsewhere to sell in South Korea,   because the price difference was eliminated. Four, a rather basic and familiar 
reason for crypto crashes,   whales selling for profit 
and scaring everyone else. And five, US President Joe Biden 
eyes capital gains tax hike to 43.4%;   for New York, it could be 52.2%, 
for California, it could be 56.7% Yikes, right? Well, the crypto market agreed. 
But what about the traditional stock market? Hmm, odd.

Nothing nearly as extreme as the 
crypto market’s response. Why is it so? Well, one key thing to understand is the 
difference between the type of investors who are   in the stock market versus the crypto market, as 
well as differences between how each market works,   one being Monday through Friday 9:30 to 
4 eastern standard with limited access, the other never ever sleeping or stopping,   crypto is 24/7 365, baby, and there 
are a ton of easy ways to access it.

Investors in the US stock market 
are largely big, sophisticated,   financially trained institutional 
investors that reside in the United States   with deep connections with the government. 
And by deep connections, I mean that they   buy and pay for the politicians that run the 
government, they are the real puppet masters. Meanwhile, crypto investors largely consist 
of a lot of individual people like you and   I all around the world. So what do 
the US government’s puppet master’s   know that the rest of us don’t? Yeah, a lot.

So they consider things like the 
process Biden would need to go through   to get something like the doubling 
of capital gains tax approved,   as well as the likelihood of all their bought and 
paid for politician’s actually pushing it through. Will it get pushed through, personally, I don’t 
think so. It would definitely put a hamper on much   needed growth, innovation, and investment at large 
in the US economy. But at the end of the day,   the uber rich elite will absolutely not 
be paying these taxes, so they don’t care. We will be paying those taxes. So sure, it’s 
possible. We shall see. At the end of the day,   Wall Street didn’t care, but I think the crypto 
market cared because again, our community is made   up of individuals around the globe that freaked 
out when they saw these bearish headlines.

Wall Street didn’t freak for several reasons, 
one of them being the recognition of what it was,   just headlines. Doesn’t mean anything right now. So that and the confluence of the other items 
we discussed, is why the crypto market took   a dive. And after a dive like this, 
there is only one salient question: What y’all shopping for today? 
#Bitcoin #Alts #ClearanceSale I mean we’ve got some sweet deals 
this.

At the time of this video,   some large, and midcap projects that I’m looking 
at are: DOT, 30% discount, LINK 24% discount, AAVE down 26%, Algorand down 
26%, Kusama my lort 33% off, Snythetix 31% off, Enjin 31% off, 
Zilliqa 37% off, ANKR 34% off. Take advantage of these dips. When you see red,   that’s when you should buy. And 
when they go up, take profits. Take profits along the way, but buy and hold,   by and large. Because look: This chart measures 
the amount of bitcoin that is being HODLed   by institutions and individuals for the 
long-term. The strong hands are growing. Do you know what this means? It means, 
when you sell during a crash like this.   You are selling to institutional investors. 
They are buying up all the bitcoin and all   the ether and taking them off of 
the exchanges to hold long term. This is what smart money is doing. They are 
manipulating you to sell them bitcoin and ether   at a discount.

And if you don’t believe me, here’s 
someone some of you may have sold to this week. Grayscale Added Nearly $1B in Crypto in 24 Hours What does it mean when big, institutional 
smart money buys a billion dollars worth   of bitcoin at $49,000. It means that 
it’s a bargain, okay. If smart money,   trained financial wizard money, 
thinks bitcoin at $49k is a great buy? That means it’s not going to fall much 
lower because there’s too much demand,   as the supply continues to drop faster and more 
extremely than the crypto markets this week. In fact, looking at this 90 day chart, in my 
opinion, I don’t think we will see bitcoin break   down below this $44,000 support we’ve bounced off 
of back in mid-february, again in late february. We shall see. At the end of the day, this is 
something a lot of people fail to realize:   Bitcoin is in its 4th dip 
this year.

32%, 26%, 19%, 27%. Yet somehow, we're up 75%. Those that stay 
through the volatility have been rewarded. So buy and hold for the long term,   because A mistake people made early on was 
thinking of the internet as a new channel:   radio, TV, and internet. In reality it was 
*all* channels: internet radio, internet TV… Same with crypto. It’s not an 
“asset class”. It will be all   asset classes. Cryptocurrencies, crypto-equities… And if you don’t want to take my word for 
it, take it from the Former New York Stock   Exchange Prez who says: Crypto is 
'The Best Kept Secret in the World' NYSE’s former boss Thomas Farley is “all in” on 
crypto, especially Coinbase and DeFi. Play Video Nice. Here’s another reason to buy and hold. 
SHOW CHART THROUGH HERE*** Look at this chart   comparing the bitcoin price movement during 
the 2013, 2017, and 2021, crypto bull markets.   Keep in mind this bitcoin prices on this 
chart have been scaled to 2021 pricing. The yellow line represents 2013 price movements, 
the orange line represents 2017 price movements,   and the red line to the far left represents 2021.

We are around day 144 through this bull cycle 
if you look at the shaded red oval to the left,   so you can see all of these lines 
are playing out very similarly. Looking at the chart, if we continue to 
mirror past bull cycles, around day 288 is   when bitcoin will peak, which would be sometime in 
September of this year. **SHOW CHART THROUGH HERE Typically following bitcoin’s price peak,   we see altcoins moon hard for the next 30 to 60 
days, before crashing back into a bear cycle. But we shall see, this market is highly 
unusual due to the blackswan covid pandemic,   unlike previous bull runs we have a big, 
smart institutional money heavily invested,   we have massive corporate and retail adoption, massive printing of the US dollar of course, 
rising fears of inflation and hyperinflation,   so, at the end of the day, who knows 
what that red line against the chart   will do through rest of the year.

Either, way, we are going up, and as the 
value of crypto increases, make sure you   are transferring your crypto from exchanges to 
hold safely in a cold storage hardware wallet. You can scroll down to the description 
area below to access the correct and   official sites of my recommended hardware wallets. BC Vault is my personal favorite,   another option is the Ledger nano backup 
pack. So Scroll down to check them out. Or if you would rather make income from your idle 
digital assets you’re planning to hold long term,   you can safely earn interest with 
services provided by BlockFi. With a BlockFi Interest Account, your 
cryptocurrency can earn up to 8.6% APY.   Interest accrues daily and is paid monthly. 
There are no hidden fees and no minimum balances. So if you’re interested in learning more about 
BlockFi, you can get up to a $250 bitcoin bonus   when you use the link in the description area 
to sign up, all while supporting the channel. Protecting your ability to generate income so 
you can buy more crypto is another important   thing to consider. So if you’d like to learn 
more about the advanced technical concepts of   blockchain and become a developer in the 
space, check out Ivan on Tech’s academy.

If you use the link below, you can 
access the academy at a discounted price,   so scroll down, and check it out. Nice. Let’s quickly hit on some bullish 
adoption stories in crypto before wrapping up. In case you haven’t noticed: The entire 
front page of the most popular finance iOS   apps now let you buy and sell Bitcoin.   Here we’ve got Robinhood, Coinbase, Trust 
Wallet, Cash App, PayPal, Venmo, and Binance Venmo? That’s right, like we discussed 
last week: Venmo users, which is   over 70 million and counting, can now buy 
and sell bitcoin and other cryptocurrencies Also, WeWork To Accept Crypto—And 
Will Pay Its Landlords In Crypto WeWork, a real estate company 
that provides shared workspaces,   said it will accept Bitcoin, Ethereum, USD Coin,   Paxos and several other cryptocurrencies as 
payment for its offerings, including memberships.

The company said it would retain any payments on 
its balance sheet—rather than converting it to   another currency—and would look to pay landlords 
and partners in crypto if they are amenable. Cool. Got some bullish news for all 
you degen-meme coin lovers out there,   myself included Newegg Shoppers 
Can Now Pay with Dogecoin Newegg, one of the leading tech-focused 
e-retailers in North America,   today celebrates #DogeDay by announcing that   the company now accepts Dogecoin as an 
official payment method on Newegg.com. And on a more professional 
note: It’s not NBA Top Shot,   Beeple or a tweet, but IBM is 
about to turn patents into NFTs The patent industry has long struggled 
to identify value with only an estimated   2% to 5% of all patents equalling 
$180 billion in the market. A new effort from intellectual 
property specialist IPwe,   partnering with IBM’s blockchain 
group, seeks to unlock $1 trillion   or more in patents and other intellectual assets 
through turning them into non-fungible tokens. “The tokenization of intellectual property (IP) 
will help position patents to be more easily sold,   traded, commercialized or otherwise monetized 
and bring new liquidity to this asset class   for investors and innovators,” the 
companies said in a joint release.

And finally, a change of heart across 
the pond After a bitcoin crackdown,   China now calls it an ‘investment 
alternative’ in a significant shift in tone So it looks like China will continue 
to surge past the United States,   leaving us in the dust as we’ve been 
discussing for the past several months now. Awesome. Well that was Last Week 
Crypto, with me Crypto Casey. If you enjoyed the episode, please 
make sure to like this video and   subscribe to my channel for more crypto content. To check out the links to all of the articles we 
discussed, go to CryptoCasey.com/Last-Week-Crypto. So were you freaking out over the crypto crash? Feeling a bit more at ease now? Or are you still licking your wounds? Let me know in the comments below. Be safe out there..

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