MAJOR NEWS DAY! Tether FUD Is Cleared...ETF Soon? | The Fed Dollar Looms | Daily Cryptocurrency News

What a day welcome everybody back into kryptos news, where we like to talk about everything. Economics finances like to talk about all things: finance and if you're in finance today, it was just a wild day for the markets.

So many different elements that are moving together and if you're in crypto, it was even more of a kind of violent market for you after we hit the highs of 58 000 around 58 400 for bitcoin on sunday, it has been a straight Sell-Off, as you probably noticed, the last two days so i i had set a kind of goal for myself for this week to try to understand the macro level.

So i've, just been uh trying to absorb as much information outside of crypto as as well as within crypto, and so today we had quite a day for for uh meetings. For example, when you had the federal reserve chairman powell go to congress to testify uh on what the fed is doing right now and what they're, going to be doing going forward.

We had janet yellen now, secretary of the treasury, ex chairman of the federal reserve chairwoman of the federal reserve, and she had some comments to say in an interview with the new york times. That was actually one of the first things i read today and something related to crypto as well.

She had a question about that and, of course, within crypto we had tether. You know the big tether fudd finally being put to bed with the new york attorney general. We had all sorts of wildness and fluctuations with not just bitcoin but other crypto prices, as bitcoin has gone down to well.

It went down steeper, but now it's back up to around forty eight thousand two hundred and fifty dollars. Right before i recorded this video after it seems to have settled after the sell-offs eth, also around 1550 right now down from its highs of about two thousand dollars, and yet still within the ethereum community uh, there is uh someone who's been a Long time poster named nuku - and he just came out to say you know what i bet you - that ethereum is going to break all time high by to this weekend.

Tuesday is the latest. It's going to smash through that. So everybody's like who the hell. Are you to be saying that stuff, a lot of bearishness out there, a lot of posts about hey? You should be buying the dip general advice and tips.

It's, just it it's, something that i've seen happen so many times that it really just does get old, and when i see the prices drop i really do have to reflect within is this. It is this the end of the bull market and i could not find any justifiable reason why i would say this is the end of the bull market.

Of course, if we did see lower prices, we saw bitcoin break further support 42, 000, maybe down into the 30 000 range and below that 27 000. I would obviously begin well. I would already be uh taking it more seriously and he talks about that, but from everything that i'm, looking at with the macro within crypto.

I only see this as a very healthy correction, very needed after these sustained rallies that we've, had in order to set up a nice, stable level of support for a real push higher for bitcoin and it dragging along other cryptocurrencies as well.

So i no i didn't, sell a damn thing. I'm hodling on and i am excited for what's to come, and part of that has to do with some of the comments from fed chairman powell. He's, basically trying to make it clear that the fed wants more inflation.

They are great as they've said before, with seeing inflation creep higher, even if it's in the short term, we see it go over. Two percent, maybe into the three percent, range that's: fine, because it should be an average.

They're targeting, you know around three percent, but it's. Fine, it creeps higher. My point is once that, as you & # 39, ve heard that inflation genie is out of the bottle it's really difficult to put back in no society has ever been able to do that.

Surely you might remember michael bury's, tweets that i went through last week and he had check out michael bury on twitter. If you did miss that and he's, got really good information there on inflation and how it affected germany and how quickly money velocity picked up once it did money velocity, meaning how quick money is changing hands right now because of the pandemic.

Obviously, economic activity is stifled, but i think once the summer comes and into fall and winter, when most people have probably been vaccinated and things are opening up in a better way and going back to normal right.

That money will begin moving a lot of the money that's been printed. Uh will begin shuffling hands chasing the same number of goods which could lead to real inflation, creeping our way beyond just asset prices, which was which is really how we're, seeing inflation being reflected right now, if you have real estate good for you, I mean you might not be a surf in the neo-feudalism that we're heading toward where buying real estate is going to be more and more untenable for the average individual, especially for anyone.

After i would say, the boomer generation trying to get their toes into that market is going to be just out of reach. It's, going to be that carrot on the stick that only gets further and further away until the point that we really can't own anything.

If you didn't have anything that's. Why? You're, not going to own it. You're, going to maybe rent it neo-feudalism medieval ages, um and it's actually really not funny. Because to to me, i i i ask myself: what is the best place to be putting money in and and i look at gold? I look at silver and i have those i look at bonds.

I look at. I looked at real estate. I looked at everything and i really can't, see anything that looks better than crypto for myself and even for real estate. I think there's, some risk there, probably less and some other kinds of investments such as stocks.

I know today a lot of talks about how tech stocks are going to suffer during inflation, but real estate has some issue. If you consider how loans are valued right. The interest rate for loans, which is based on the federal reserve, able to manipulate the the treasury yield curve and keep low r, the the short-term rates lower close to zero percent, and they've, been pretty successful recently and trying to keep the curve Healthy and pointing upwards so that longer term bonds a mature later on.

Obviously, you would expect that they would yield more, but now it's, steepening more, which is creating some concerns for the government here in the united states, because if the long-term maturities or any maturities really creep higher, that means that they'Re going to have to print more money to service more debt which leads into hyperinflation ultimately, but they're, not going to call it that they uh believe in this thing, called modern monetary theory or mmt check out the wiki page.

It it talks about basically being able to print money, just a service of debt and how taxes is how they'll, be able to control inflation. I bet you guys, love taxes right. Taxes are how they are able to control inflation from creeping too high, partially um.

You know to keep you in your bracket or in a lower bracket to keep you a surf forever. Make sure you pay your taxes, kids, but it's cool, because all the other corporations can get some offshore company and get away with it.

So it's cool it really only uh hurts the lower class. And if you're, not the upper class and you you know who you are, then you're, probably in the lower class, because the middle class is being eroded away.

So when i look at things, i can either preserve capital again or just grow it. I i struggle to see anything other than bitcoin, which has seen such a resurgence this year and because of all this institutional buying, the banks that are building out services uh.

Just the flood of great news that uh it's becoming clear. What bitcoin is in everybody's, mind there's; a limited amount that's. All you need to know like pokemon cards, insanely valuable over time that charizard horographic, the only horror graphic right now is, if you think about how the treasury yield curve inverted, which can signal a looming recession, if not depression in the future, and it'S done that every single time when it's inverted last time it inverted was around 16 months ago.

It's around 12 to 18 months. When you see that the uh after the yield curve inverts it doesn & # 39, t have to stay inverted like it. Didn't for us in this last inversion, but once it does invert that's.

What kind of signals that so this could pose some trouble for markets that are all tethered together? That could see uh, obviously more plummeting in when it comes to stocks or things like that and could drag down crypto in the short term.

So you need to be aware that there are going to be risks with crypto as well, but when i think about fundamentally why invest in these things is because they are limited. It's, a currency that is limited and you, whether you think it's, a good store of value or not.

You can put your savings in it. Many do i do myself uh in bitcoin and ethereum primarily and a few alts, and i i sleep better at night, knowing that i have those and that i'm, not completely tethered to the financial system that i think is extremely weak.

It's, built on very weak foundations, and they've realized that he they need to keep that champagne flowing uh in bigger and bigger amounts. The fed can admit that inflation is a very real possibility or how they could curb it.

In reality, um the government is realizing, they can't spend their way forever because, as those long-term maturities creep up in interest values, they have to service more and that they might have to impose some some limits here.

So there is going to be a an ultimate payday for all of this, and i've heard a lot of speculation. This is done on purpose, to usher in the new financial system and based on some of the comments that we got from janet yellen today it's.

It only seems to be confirmed to me that they want a new financial system uh on the topic of cryptocurrency. In that interview that i mentioned with the new york times um, it was an op-ed interview. She was asked about cryptocurrencies in her stance, and it looks to me like she, hasn't done very much research.

Really she's, probably been busy with other things since her time in office, because she just repeated the same thing. She's always said i don & # 39. T know why the news articles that are generated based on that new york times piece are all like.

Oh janet yellen said this whoa. She thinks that yeah we've, been there. She said the exact same comments before, and maybe there's, one new thing that we can gauge from that and i'll share that with you right now, uh.

Well, let me share what she said before she doesn't like bitcoin, basically because she thinks most of the activity is illicit financing, which i already showed you chain analysis. The blockchain forensic forensics company and their 2021 report already disproved this.

So i don't know if she has a like chain: alice's version 2.0 in her brain, but based on her oft repeated phrases about how it's mostly used for that. I can tell she doesn't, do much research or have a chain analysis in her brain or giving her any valuable data.

But she said that so she doesn't like bitcoin and but she did say, people might say that this new uh, the federal reserve dollar, the central bank, digital dollar uh - might have been inspired by bitcoin, but it's.

Not the same thing and uh that it could definitely provide benefits when it comes to fast frictionless payments and she alluded to transparency, meaning no financial privacy for you, no matter what. Obviously, it would help them a lot with tax evasion will help them a lot with illicit purchases and tethering them, since there would be no such thing as cash in this new society.

So i think that's. That is indeed something that they're planning and they're, trying to figure out how to work it. That was another thing mentioned in there is how to exactly is? Is the fed going to have every citizen with a bank account at the fed uh? What would that do to the banks? We have to be careful.

We have to think about how best to create this plan. Um there's. Definitely a lot of benefits there's, going to be a lot of benefits, but is, is the head going? Is the fed instead going to have some sort of wholesale distribution of these accounts house or of this central bank digital currency? How is this going to work, maybe through the banks who have accounts already at the fed um, but it seems to me that that's, really where she has been focusing her attention.

Isn't is on the central bank, digital currency. So i i probably would expect one within the next two to five years and it's a great time right. Don't waste, a crisis to take advantage of of this when people are scared, people are uh out of work and desperate when people want a path forward, want a solution to usher in something brand new that, in my opinion, wouldn'T be the best approach when instead we could probably stick to just well no bitcoin isn't scalable dang it we better uh.

We better get on this quick guys, because there's, just competition coming and they're. Not gonna, like uh bitcoin, very much the the central bank, those pesky central banks, so i guess that's, that's, part of maybe what people gauge from it.

But it's just more of what she said. We already knew they're working on a central bank, digital currency. They're thinking about how to best implement that and she doesn't like bitcoin, because there is financing really just because it's not controlled by a central banker.

So that's. Not what that's, why they really don't like it uh pro tip, also uh yeah, so tether the tether news, thanks for taking a walk with me by the way guys. I really do appreciate that it's. Nice we get a nice change of pace.

I don't even know where i'm going half the time i'm, just walking uh it's a beautiful day out here. I don't even know why i'm wearing a jacket honestly. This beanie is getting hot now in the desert out here, um tether, so tether lawsuit has been settled.

The new york attorney general went after tether. They were asking for millions of documents that were turned over by tether um, but it's. Come to a head. Tether only has to settle with 18.5 million dollars a slap on the wrist.

They did not admit any wrongdoing, but they are no longer allowed to service citizens in the in new york, which was isn't, really a change at all because bitfenix and tether same company ifinix parent company, they already well not tether, but bitfenix.

The exchange didn't service, already u.s citizens at all, so not really a change there, except for the fact that now they're gonna provide they're gonna have to provide quarterly reports to the new york Attorney general's office to show that they are not servicing u.

s citizens, basically in a show, and they had to. Basically, the settlement was based on how the new york attorney general found that tether had misrepresented that all tethers were backed one for one by u.

s dollars, which was not the case. For example, you might recall a time when tether hired friedman, llp well, the friedman attorneys. It looks like there were two times they actually hired auditors or attorneys to audit the company and say hey yeah.

No, they got the money, but it looks like when they they published that the money was deposited, the millions of dollars into ifinix's. Account that day so and then it moved out the funds moved out. They were just there just to show that there was money, but not that it's, always fully backed to the tether by it so obviously risks there.

I really like what eric voorhees had to say about this. He uh tagged the new york attorney general on twitter and he said: hey new york attorney attorney general. I want to report the u.s federal reserve, because no no, the dollars, i think, was in your because no dollars are backed dollar no dollars that are minted or backed at all, and that is absolutely true.

It's not backed by gold. It's, not backed by silver; it's, backed by faith, and once this inflation again begins to creep out, and how does that happen? How how does partially inflation happen? I want to go back to that topic.

I think it's. Very, very interesting is uh. Part of it is all perception it's, all illusion. It's, all magic tricks, they have fed chairmen, come out with a nice suit, confident they have the congress people.

Thank him and grovel at his knees. Thank you so much for being with us, you, independent uh chairman you're independent. We love you. Thank you so much. Thank you for being here. Thank you for your time.

It actually does happen, but when you watch these things, but they present somebody like him, they present somebody like warren buffett, someone to come out on the mainstream or in front of the public to instill confidence and confidence that there is an inflation confidence that the fed Can can taper that or keep that stifled while feeling growth? They want to instill confidence, because that lack of confidence is partially what can really disrupt markets? It's all on illusion.

You have to keep things optimistic, and so now it's. Interesting to me is that when michael bury did that tweet storm, it kind of it opened up this discussion again. I i've, read again those tweets being discussed in so many different venues, a bunch of different uh articles.

I've. Seen videos that have dissected it and i think what's happening there is that he opened up that discussion about inflation to an even bigger audience, a bigger scope than it was before so now, people are more aware and hyper-aware well more hyper-aware.

A lot of people are still asleep, but hyper aware that uh that inflation could happen, and they they're, asking questions about how that could be stopped and there are really no responses, except from the from that chairman saying.

Well, we just first of all, we need to see growth, uh economic activity pick up and that's. What we're focused on first all right. What are you going to see once inflation starts? How lit how much focus it will take to try to stop that, but i think that's going to creep into bitcoin in a big way.

So i think, as money velocity picks up in through the summer, when i think probably more people will have their doses and everything and things will open up into fall winter. When we do see a lot of spending and money policy normally pick up, especially around the holidays, that that money is going to creep back in and prices are going to begin to climb higher and higher, and i would really want to be holding bitcoin before that Point so i really don't care.

If elon musk comes out and and says he thinks, bitcoin is headed to 40 000 or whatever i. Why would i sell on that? I don't care right there when, when uh tesla put bitcoin into their company's treasury, they said they basically in their in that report, to the sec in that form, that they have the option to buy or sell these assets.

Just like just like you just like anybody else, so i'm, not surprised if he wants to sell the 1.5 billion that he bought, because we'll get others who are happily buying and bidding that back up just today square.

You might know square cash uh, they have some crypto services as well. They bought it was like 18 million dollars worth of bitcoin themselves. Uh micro strategy, i think, continues to buy as well. You can go to bitcointreasures.

org to see that number's climbing, while tesla tesla is a very valuable company and elon musk might have been the richest person in the world at one point, although the stock is down about 30 percent, from my understanding he We're in the trillions now baby.

It's, it's beyond him. It's uh. The way i heard it said is that it's. Not that bitcoin is with him is that he is with bitcoin he's joined us michael saylor is with bitcoin. I'm with bitcoin. I'm with ethereum for sure i have to always remind that.

I'm, not going to be a maximalist, but i do support bitcoin as the reserve asset for everything else and i think it's. The best path forward that we could hope for and the only chance that youth or young adults really have uh in this system.

This decaying system that probably has an expiration date. We're slowly becoming becoming conscious to as a humanity yeah it's tough stuff, but at least you have some crypto. So anyway, i'll continue to follow.

Of course, macro i'll continue to follow. Crypto and try to see where we are in cycles, but i don't. I don't. I'm, not buying that this is the bear. If this is the bear and everything just dumps off, i will gladly admit concede that i was wrong and uh i'll, never say anything again, anything related to prices ever again, but i i really do not feel that from my years of experience, I've become almost lacks a days ago to these price movements 23 down in one day peanuts.

I've, seen 40 uh to scare me. I'd, probably need to get like an 80. I would probably get a little a little bit more shaken up in there, but i think this is just a buying opportunity right now um to buy these dips and crew more because i i personally feel that this last wave looking at not necessarily elliott wave theory.

Although it lines up with what the elliott wave theorists are saying, but this last wave was the second one and of these of this major bull rally like the second major one for a bigger correction down, although this wasn't even 40 percent, so I don't know about that.

We could still have some more uh downside for sure. Maybe even elon's right, maybe forty thousand dollars and then we climb back up. But this is not the end of the bull market by any means. In fact, i think it's gonna climb extraordinarily higher than this uh.

I i'm, putting my price target, probably around a hundred thousand dollars, and that is going to be the biggest part of the rally. I think the next wave that we're going to get, might settle for a few weeks or months, but these this this cycle has been moving really really quick.

So i can't really. I can't really say, but i'm feeling this next massive rise. That is going to be the big one. Then we're, going to have a huge correction to the downside. At some point, um could be at the end of the year.

I i can't as we get closer. I'll. Tell you i don't, have a crystal ball, but based on what i've, seen before there & # 39, ll, be a massive correction like 30 40 percent 50, and then it'll jump back up.

Almost the same highs and then then the real bear market could begin, but we're, not there. Yet. In fact, this is probably the time of the biggest opportunity right now. So i think if you're pro, probably pretty new, just stay off of social media people.

Uh people have so much crap to fill your brain with. Remember, uh, focus on simplicity, oftentimes, trump trumps. All just keep your peace of mind because there's, no reason to be scared with everything that's happening right now, unless, of course, you are a binance user who's, trying to interact with ethereum-based tokens because binance Today, for the fourth time, fourth time in less than a week had to disable or suspend transfers for ethereum and uh ethereum-based tokens citing network congestion.

Fourth time, you know fool me once pull me four times there's. There seems to be something fishy. There, if they do charge withdrawal fees, because why not just raise the fee or make it a variable fee based on based on what the network congestion is like or, as others have said, have an emergency amount, an emergency amount that you can charge if people need To get that emergency uh withdrawal out of out of there and the other thing is funds that have been put up for withdrawal were locked by binance for a while and finance just said: okay network congestion, but those funds were locked you they were stuck on pending And you couldn't, withdraw you couldn't trade with them.

You couldn't, do anything with them, and so i think binance is really sucking right now and you honestly, if you're, an eath trader, you should probably be using defy anyway and like you swap or something uh.

Of course, it does suck to pay those fees every single time, but finance is not doing very well by customers at this point also, they suffered their futures. Uh exchange has had considerable volume and it got to the point that their their entire systems got so bogged down that not even apis were working.

You couldn't, get trades put in you, couldn't, stop trades. You couldn't, you couldn't really do anything, but they did do really good there, and i want to commend them for that because they said reach out by email and they are processing claims it might take a while.

Obviously it's, a lot of people who are affected, but if you suffered because of this outage, the futures outage that you could be reimbursed by them so check out their blog post, send them an email. If you were someone who had issues today with their futures exchange anyway, now that this tether fud something the boogeyman in the closet that i've called it for such a long time is out and dealt with.

I think this is really good. Like spencer noon said on twitter, i retweeted it earlier this kind of sets up the last piece that we needed for a bitcoin etf, and so, if, if something is going to probably boost our prices beyond i don't know 7 trillion 9 trillion Market cap it'll, probably be something like that coming up shortly, so you're still early, because bitcoin is only more appreciated by wall street every day and we all know as uh as our boy greg mannarino said today, the bankers Control everything it's, not the politicians uh it's.

Definitely the banker. So i'll. Leave you with that lots of room for optimism. I don't. I don't, see much room for pessimism as long as you hold some crypto and you secured yourself. I hope you enjoyed the show.

I love you all very much appreciate your support and i'll catch. You next time take care, much love and stay cryptic peace.