Bitcoin Crashes As FTX Goes From Bad To Worse! [Who’s Next?]

Bitcoin just keeps on damn crashing, as fox news just keeps going from bad to worse, massive hack over the weekend, all kinds of crazy going on block five went under, and who the heck could be next to suffer from fits contagion. Well, I've got that in today's video, for you also taking a quick look at the charts make sure to stick around for all of the goods.

Let's get it so as you've likely heard. If you haven't done, you can hear it now. The fax over the weekend got hacked. Hundreds of millions of dollars were drained out of a fix and fix us. It must have been an inside job. The timing, the coincidence, is just who at a fix did that the apps all then started broadcasting out malware updates. If you have the fixed app on your phone and you haven't deleted it yet make sure to delete that asap do not open it up, just delete it and move on with yourself, because holy cow, what an absolute show for crypto. This is beyond bad. For the industry, it's just this is going to set us back a lot. A lot I mean the fallout from this is going to continue. Think for a while. Also as altcoin daily pointed out here, they've got uh fix, apparently faked, in order from Bahama regulators, so they could withdraw crypto everyone. from  Everything else was paused, so they were seeing we're seeing a lot of withdrawals happening a couple of days ago from fix and they're saying well, you know Bahama said we have to make sure that people in Bahama can withdraw their funds, but uh them.

Bahama came out and said you know: that's not the case. Sorry, so holy cow, more lying, more deceit, more fraud at the fix I mean it's just the rabbit hole that just goes so damn deep. Its insanity also fix has listed zero bitcoin assets on its bankruptcy papers, despite having 1.4 billion dollars in bitcoin liabilities. This means that just incredible again incredible levels of lying and deception here from fixing that they had all this bitcoin liability right, customer bitcoin. They owed their customers, 1.4 billion dollars of bitcoin, but they didn't have it. It was all gone. It was all gone. Where's, the bitcoin at man oh man, this is just wow, that is that's unreal, unreal, 1.4 billion dollars in bitcoin liabilities, and they got no bitcoin at the bankruptcy. This is next-level stuff right here, uh as Pepe the goat here on um twitter points out. Also, we've got some incredible uh levels of just incestuousness, we can say with the cryptocurrency indices, so the sandbagger free, the CEO of fox, and all the related entities and what they've acquired or had exposure to investing in.

So we can see here. Alameda, for example, has investments right across the crypto space from things like the three commas, which is a trading API assistant to the Solana blockchain fix. You know they bought block folio, for example, which became tthefixedpp, which is now broadcasting malware. You need to delete it if you haven't done it already. We have all kinds of other stuff here, ftx us, you know bought up block finApparently uh block fight. They shut withdrawals down crushing as you know, there was some glimmer of hope for people to blockify and then this crushing thing happened, but apparently uh fix pushed for block phi to put all the customer assets from loch fi onto fix for custody, which means all the anybody who had money in the block, five, potentially everything's gone, we'll see how everything works out in the bankruptcy proceedings right, but uh that looks pretty damn bad. To be honest and uh fix ventures, of course, investments right across cryptocurrency space, things like yoga labs and Aptos, the new salon and killer and all this kind of stuff just lots of companies are- and this is honestly. This is the tip of the iceberg. There are a lot more companies that, like Alameda, for example, invested in 250 different crypto startups or something like that. All of those coins have the potential for having a lot of their supply locked up in a fix that might be gone or be dumped at some point. In the future, or whatever it might be, some companies had their treasuries on a fix. Some of these companies were backed by um, fix, or Alameda. They had their treasury management handled by fax, which means that money is gone. So we're going to see a lot of crypto altcoin companies failing because their money's gone ftx had it and it's gone, they don't have any money to pay developers or promote themselves or do any of that stuff anymore.

It's over for them and, of course, we're also going to see a lot of companies using this fix collapse. As an excuse to exit scam man- oh man- oh man, crazy stuff, now look I just want to share this, because now is the time to be paranoid. Now is the time to be paranoid guys because we are starting to see contagion, and risks starting to float around. We've seen different trading desks and stuff that have been hit, rumors circulating about one of uh. You know bitcoin, one of the biggest bitcoin otc behaviors has been wiped out by what happened with ftx uh block phi. Of course, you know gone under as a result of exposure to fix. Here you gotta ask yourself a question: if you have money somewhere like Nexo, which is the only crypto lender, magically that hasn't gone under, but still offering 12 on stablecoins?

Somehow, in the middle of a bear, the market I don't know how that works, but apparently, that's the case. Just gotta ask yourself with rumors starting to fly about them. For example, is it worth taking the risk right now? You can always leave and come back right, I'm, not saying anything. Maybe the next one is totally fine right, but now is the time to be paranoid, floods starting to go around about crypto.com and gate dot, io as well again, maybe everyone's being paranoid. It's been a pretty rough week. Emotions are high riht? right right a bit raw in the crypto market right now, but again you have to ask joe the question: are you willing to take the risk if it turns out that crypto.com or gate.io or kucoin or anybody any crypto company has been doingbadlyd stuff or is somehow insolvent? Are you willing to take the risk right now? We've just seen the second-biggest cryptocurrency exchange go under now is the time to be paranoid. Now it's not being careful, get your money off the exchanges and two put it in your hardware wallet. So all this stuff blows over, we find out you know the tide's going out we're finding out who's swimming naked right now.

Fox is something naked block. Fight with something naked right? Celsius was swimming naked, he was getting pretty crazy out. These guys protect your money and if your money is on a centralized service, it's not protected they own. I remember that now guys. Look that doesn't mean that there are no opportunities left in the markets right now, I know things have been pretty crazy recently, but still, ways to be making money in crypto.

If you're not signed up yet 12th master, you gotta sign up to figure out why 50 000 people a week are reading this newsletter and I just want to point it out as well in our most recent issue. This is for free members. If you want to go premium, of course, you can always get more features for the newsletter. This went out for our free and premium members about how to potentially get an airdrop from the upcoming Solana killer called sui right. So go check out that free information sign up using the link down below to check out the newsletter. Now, let's have a quick look at the charts here, so the dollar index continuing to fall, and it's got catching a little bit of bit here so to speak, but holy cow, it's blasted right through the 100-day exponential moving average heading down towards the 200 I mean this is the worst performance we've seen it do for a very long time, I mean for the last 18 months. It's been bouncing off the 50-day ema. Are we finally seeing a real breakdown of the dollar? Here we shall see, of course, what happens in the next few days. We can see the s p 500 continuing to move up as that dollar index continues to fall, and if it had not been for a fix, then we would probably be seeing a great rally for bitcoin right now too.

Instead, this is what we get bitcoin, barely able to hold on to sixteen thousand dollars. Right now we came back up on thursday just to hit basically a bearish confirmation, essentially just to hit that previous area of price support around 18 to 200, which then turned into price resistance, hitting the bearish confirmation and heading back down basically just a slow bleed over the last four days here volume has been absolutely pathetic everybody's freaked out in the market right now everybody's afraid of more contagion and potentially expecting lower prices and I don't know when we're gonna bounce that don't know how badly it's gonna how long it's gonna take for us to recover from this horrific news in the market but if you are looking for lower bid targets well the next one comes in around fourteen thousand dollars well 13 800 if you want to around fourteen thousand dollars which is the high water mark from 2019's bear market rally after that twelve thousand five hundred dollars has been an incredibly important level for bitcoin over time particularly back in august of 2020 as well as august of 2019 so the 12 000 500 area becomes very interesting and as well around ten thousand five hundred dollars we can see again here in june 2020 as well as february 2020.

October 2019 right lots of areas where we've seen 10k acting as a very very interesting area back here in April May 2018 as well so that would be the big one if we end up going down that far now look maybe things get better quicker than we realize maybe people aren't willing to capitulate here etc et cetera but there was a lot of fear in the market and that's just crypto specific we still have lots of macro risks on the table even though the s p 500 has been rallying and the dollar index has been falling we still can't discount the macro scene but the micro scene for crypto has been terrible so do keep safe out there guys remember that this kind of craziness happens you know once in a blue moon in crypto but it's happening right now crypto's not going anywhere we will get through this okay that's all, for now, subscribe if you are not already and I'll see you next time



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