Cryptocurrency for Beginners: with Crypto Casey

Bitcoin Price Still Follows Stock Market (Moon or Doom?) - Last Week Crypto

August 29, 2021 Crypto Casey Season 2021 Episode 34
Cryptocurrency for Beginners: with Crypto Casey
Bitcoin Price Still Follows Stock Market (Moon or Doom?) - Last Week Crypto
Show Notes Transcript Chapter Markers

This is another episode of a weekly cryptocurrency news series called Last Week Crypto.

We cover the latest global news stories affecting the cryptocurrency markets August 22nd through the 28th.

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======== VIDEO SUMMARY ========

This week we will discuss stock and crypto markets price movements, what’s going on with the Federal Reserve regarding monetary policy, events the markets are anticipating over the next month, NFT insanity, and where we may be in the crypto market cycle.


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In case you haven’t noticed, the definition of money has been undergoing a serious makeover this week. Let’s take a quick peak at 1 - Old money versus new money.

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 stock and crypto markets price movements, what’s going on with the Federal Reserve regarding monetary policy, events the markets are anticipating over the next month, NFT insanity, and where we may be in the crypto market cycle.

This week’s episode is brought to you by Crypto.com, an exchange with over 100 different cryptocurrencies and over 20 different fiat currencies.

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If you use the link below to sign up for Crypto.com, you will receive $25 worth of cryptocurrency for free when 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.

Awesome. It’s time for Last Week Crypto.

1 - Looking at the top cryptocurrencies by market cap, bitcoin down 1%, ETH down 1.4%

Cardano, up 14.9%, and Binance Coin, up 7.2%.

2 - Looking at the top gainers this week:

Bitcoin Cash ABC up 56%, Arweave up 47%, 

Tezos up 38.2% and IOST up 37.5%

So, as we experienced a volatile week leading up to Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Economic Symposium this past Friday.

There was some uncertainty about what he would say and also assumptions that he would share the hawkish sentiments of his board members.

In fancy finance fantasy land, specifically regarding monetary policy, the word “hawkish” describes policymakers that are focused on controlling inflation by reducing the supply of money. 

Which, as we discussed in my last video, causes the price to borrow money to increase, which makes it harder for people and businesses to thrive in the traditional economic sense predicated on amassing debt to buy things we may or may not need.

The opposite of the term “hawkish” in fancy finance fantasy land is “dovish,” which is used to describe policy makers that are focused on promoting growth and job creation in an economy.

Dovish monetary policy involves keeping interest rates to borrow money low by increasing the money supply. Surprising to the market, yet unsurprising based on historical actions, papa powell was…

Dovish, which made Wall Street quite happy, causing the stock market to rise, and of course, crypto mirrored its movement.

With global supply chain issues mounting in the midst of delta shut downs, inflation will continue to rise. In fact, some financial institutions are predicting that this alone will add an extra $223 billion dollars worth of costs of goods sold this incoming holiday season.

Despite that, besides money printing, the other thing that Jerome Powell is exceptionally good at is reassuring the markets that everything will be okay. For now.

4 - Here’s a chart showing Powell’s track record at traditional stock market reassurance.

So, an important thing to keep in mind is that crypto is still performing alongside the traditional stock markets. And 5 - Once again, markets are proving they are about just one thing. US Stocks Snapshot - Wall Street rises as Powell gives no signal on taper.

Reversing stimulus too early could be ‘particularly harmful.’

So basically we are and will continue to be at the mercy of Wall Street for the foreseeable future. In the month of August alone, so far the SPX has hit 10 new traday all-time highs. 

And the record number of intraday, all-time highs in August is 11, which happened in 1929. What happened next? 6 - The Great Depression

Will we experience a similar fate soon? Only time will tell. Unfortunately, if we do experience a significant stock market crash, the crypto markets will also suffer, regardless of what stage of the market cycle crypto is in.

Timing that is impossible though, just know that it always goes up pretty suddenly and sharply, before going down. 

But 7 - imagine comparing a brief bubble to a 13-year growth asset. 8 - Check out this chart depicting bitcoin versus tulip mania, versus south sea company, versus the nasdaq dot com bubble prices relative to bitcoin. 

Bullish.

So if you are a long term hodler looking to capitalize on the continued growth of digital assets, make sure you are transferring your crypto off of 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.

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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.

Sweet, so are we still in bull trap territory? Are we going to dip significantly before mooning to all-time highs? Yes, we asked these questions last week, and they are still on the table this week. 

Let’s talk about some things we need to consider when thinking about both the traditional markets and crypto markets. 

In the cryptosphere we are definitely seeing some euphoric mania in the NFT world as 9 - Visa jumps into the NFT craze, buying a ‘CryptoPunk’ for $150,000, 10 - NBA icon Stephen Curry buys a Bored Ape NFT for $180,000,

11 - Investors are shelling out six figures for pet rock NFTs. The most expensive EtherRock up for resale is priced at a whopping $1.9 billion., 12 - Ethereum NFT CryptoPunks Hit $1 Billion Dollars in Total Sales

What does it all mean? Well, basically 13 - NFTs Supplant Rolexes and Lambos as the New Digital Savvy ‘Flex’

And if you want to learn more about NFT’s, check out my video all about what NFT’s are, how they are created, how they are being used now, and how they can be used in the future by clicking on the link above.

Do you guys have any NFT’s? Let me know in the comments below. Personally, I only have some .crypto domains from Unstoppable domains.

They offer a solution to the long, complicated cryptocurrency addresses currently in use, by replacing them with an easy, human-readable name.

An unstoppable domain also allows you to launch uncensorable websites. The domain is stored in your wallet, just like a cryptocurrency on the blockchain. So no one can move it around, put it up, or take it down except you.

So if you would like your own unique wallet name or domain NFT, scroll down to the description area below and click on the Unstoppable domains link to access the correct, official site.

Nice. At the end of the day, I am very bullish on NFT’s use case in the gaming industry and what’s great about the gaming industry, is that we can create our own economies that aren’t plagued by fed, government, and Wall Street manipulation.

We’ve already achieved it with Axie Infiintiy, and as more games within the metaverse become popular, adopted, and played, more economies will form and those types of investments’ values will behave completely independently from the manipulated traditional stock market.

So I’d say NFT’s and investments in the gaming blockchain projects will be good hedges against potential market downturns in the long run.

Cool. Some upcoming events the traditional markets will be reacting too that may also affect the crypto markets: on September 3rd we have the jobs report coming out, which most people generally believe will be pretty good considering unemployment benefits end that week,

Then on September 14th, we have new CPI, or consumer price index data coming out, which Fed Chair Jerome Powell thinks will be fine, but he says a lot of stuff to keep Wall Street smiling and has been very wrong about inflation expectations all throughout the pandemic,

So we will need to see how that goes, as it could go either way at this point, and then depending on those numbers, on September 22nd, Jerome Powell will address the timeline of Fed tapering at the FOMC or Federal Open Market Committee meeting.

And quickly touching back to crypto, there’s this ratio known as the golden 51-49% bull cycle ratio 14 - that was applied to bitcoin’s previous two halving events where it predicts the length, start date, and end date of a bitcoin bull cycle based on the number of days before and after a halving event. 

Without getting into too much detail about this chart, based on historical data which I’m trepidacious to depend on in this highly unusual, highly manipulated market we are currently operating within, it predicts the end of the bitcoin bull cycle will be around September 27th of this year, 2021.

Typically following the end of a bitcoin bull cycle, money shifts into mid and small cap alts, creating an extremely insane altseason before coming back down into a bear market.

Many influencers in crypto are relying on previous data to predict the bull cycle. Some are calling for a continuation of the bull cycle through September, some through December, and some through quarter 1 of next year in 2022.

We will see pretty soon as we enter into the month of Septemeber.

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.

So you own any NFTs right now? If not, you can use the link below to secure an unstoppable domain today.

When do you think the bitcoin bull cycle will end?

Or is it already over and we’re stuck in a bull trap?

Let me know in the comments below.

Be safe out there.


Introduction
Crypto.com Exchange
Market Movements
Volatility from Lead-Up to Jackson Hole Meeting
What does "Hawkish" Monetary Policy Mean?
What does "Dovish" Monetary Policy Mean?
More Inflation Incoming
Fed Chair Powell Reassures Wall Street
Stock Market Continues to Reach New ATH's
Crypto Still Mirrors Stock Market Sentiment
Get a Hardware Wallet ASAP!
Earn Interest with BlockFi
Protect Your Ability to Generate Income
Bull Trap? Bull Cycle Continuing or Almost Over?
NFT Euphoric Mania
Crypto Domain NFT's
Bullish on Gaming Entering NFT Space
Upcoming Events Stock Market Will Price In
Golden Bitcoin Bull Cycle Ratio
Bull Run End Predictions
Outro