Cryptocurrencies nightmare scenario is playing
out in real time just woke up to the FTX hacker Dumping ethereum but wait didn't Reuters report
that the hack was actually the Bahamas SEC are The Bahamian Regulators dumping the ethereum or is
there confusion on who the hell the hacker is more Information the FTX hacker is now actively dumping
eth on chain he has dumped about 15 million eth In the past 30 minutes and just prepped a fresh
batch of 12 million worth of ethereum still has 270 Million worth of eth in his main wallet he's
selling ethereum to wrapped Bitcoin to run Bitcoin Through aggregators like one inch you can see the
impact of the FTX hacker dumping eth in real time Unfortunately this is a massive amount of eth and
he is just getting started still 200 000 eth in His main wallet as some pointed out Ren Bitcoin
has limited liquidity but people are arbing it This lets the hacker sell more eth basic basically
this is a nightmare scenario playing out in real Time the FTX hacker is now steadily dumping eth
on chain he just loaded up another full clip of 25 000 ethereum and has another 200 000 ethereum
remaining in his main wallet 270 million incoming Spot eat cell pressure there's a lot of unanswered
questions here we need to dig deeper FTX exploiter Converts millions in ethereum to Alameda linked
Ren Bitcoin tokens whoever was behind the 600 Million exploits of crypto exchange FTX started
exchanging millions of dollars worth of ether to Run Bitcoin a token that represents Bitcoin on
other blockchains early on Sunday funds stolen From FTX were steadily converted to ethereum
over the past week making the exploiter one of The largest holders of ethereum this is where
it gets interesting the use of varen Bitcoin May surprise some in the cryptocurrency space in
2021 Alameda research the Sam bankman freed owned Trading arm at the center of the multi-billion
dollar Scandal said wren's development team was Joining Alameda and would work on expanding Ren's
usage to several blockchains so with the ren Alameda link it seems more clear that it is Sam
bankman freed or somebody over at FTX who did do The hacking and is presumably now selling the eth
there is still question does this have anything To do with the Bahamas government did they order
this doesn't seem like it make sure you subscribe To our Channel new information on FTX Alameda new
information on this comes out every single day we Continue to keep you informed WE Post daily videos
covering everything going on in the cryptocurrency Markets subscribers of our channel are smarter
more well-informed investors than the average Cryptocurrency participant problem number two
grayscale one of the largest holders of Bitcoin One of the most trusted ways for institutions and
accredited investors to get exposure to bitcoin Just by being able to buy a ticker like I said
grayscale is one of the most well established in The space now the bad news greyscale won't share
proof of reserves citing security concerns crypto Investment firm grayscale won't show proof of
reserves after Bitcoin and ether products fall to New all-time lows quote due to security concerns
we do not make such unchain Wallet information And Confirmation information publicly available
through a cryptographic proof of Reserve or other
Advanced cryptographic accounting procedures
grayscale said this on Twitter Friday afternoon The Firm went on and acknowledged its decision
to keep its Reserve information private would be A disappointment to some investors crypto firms
are being pressed to show more information about The reserves after crypto Behemoth FTX filed
for bankruptcy protection earlier this month Quote from grayscale but Panic sparked by others
is not a good enough reason to circumvent complex Security Arrangements that have kept our investors
assets safe for years grayscale Bitcoin trust Hit a record low on Thursday as did its ethereum
product the firm's parent company digital currency Group has brushed off contagion fears after the
shocking collapse of FTX at the same time however Another entity affiliated with grayscale recently
halted withdrawals of course we're talking about Genesis Global Capital which was a big hit to the
crypto space think about it like this grayscale Owns 3.3 percent of bitcoin's entire market cap
Luna who before their collapse was buying a lot of Bitcoin owned only 80 000 Bitcoin while grayscale
owns 640 000 Bitcoin if grayscale is forced to Sell their 640 000 Bitcoin the price is expected
to drop by 46 percent which would send us to 8 900 Per Bitcoin just want to show you how unlikely
10K is it's actually kind of embarrassing the Grayscale isn't participating in proof of reserves
if they can't secure their on-chain assets after Revealing addresses they aren't qualified to hold
institutional money we should reject this lack of Transparency send it lower another way to think
about it of course is that grayscale's assets Are custody at coinbase coinbase and grayscale
trusts are both audited Barry silbert the CEO of Grayscale would go to prison for fraud along with
the board if they were playing with the underlying Assets so probably nothing to worry about but
just something to think about and for sure they Should be participating in proof of reserves I
think real quick guys we will be attending and Speaking at decentral Miami at the end of this
month get your tickets for this if you haven't Already if you'll be in Miami also next year we
will be attending the Bitcoin conference use our Code altcoin daily for 10 off get tickets to this
sooner rather than later they're way cheaper now This is the biggest Bitcoin conference in the
world you don't want to miss this and finally If you have yet to vote for us for the web 3
influencer Awards we have been nominated for a few Different categories make sure you visit the links
in the description and vote for us I'd really Appreciate it now back to the news problem number
three Joe Biden the president of the United States Is leading a critical call for game changing
Global Bitcoin and crypto regulation After Shock FTX collapse calls for stricter regulatory
control have grown to a cacophony over the Last week as the amount of money thought to have
been lost by FTX and its sister company Alameda Research reaches eye-popping levels and threatens
to engulf The Wider crypto market now following The latest Gathering of the G20 in Indonesia
the leaders of the attending countries called The need for international rules to govern the
fast-growing Bitcoin in crypto space critical and
Said potential risks to financial stability needed
to be mitigated so nothing official yet but the World leaders are getting together saying hey we
might need to regulate this Bitcoin crypto thing Even harder more to come in the future make sure
you subscribe to our Channel let's keep things Real my friends because it's not all bad and
actually what we've been seeing with the FTX apps In Celsius and three era capital and everything
that's been going on over the past few months is Actually signs which you would see near the bottom
of a cycle and there's plenty of reason to think That the bottom of the cycle is going to happen
soon it's possible it's already happened either Way very close to the bottom and there's reason
to be bullish going forward and of course when You want to really get involved in cryptocurrency
of course is near the bottom when there's blood In the streets fear in the air let me give you
some reasons to be bullish the next having is Projected to occur April 2024 the Bitcoin having
the mining reward will decrease from right now It's 6.25 Bitcoin per block to 3.125 bitcoin per
block now Efficient Market Theory would hold that If we all know it's going to happen then it's got
to be priced in paraphrasing a line attributed To Warren Buffett on that Dogma the markets are
almost always efficient but the difference between Almost and always is 80 billion to me thus even
if we think everybody knows something it doesn't Mean there isn't a ton of money to be made over
the years we have stressed that the having is a Big event but it takes years to play out the
typical trough is 1.3 years before the having And on average the market Peaks 1.3 years after
the having the whole process has taken 2.6 years To see the full impact if history were to repeat
heat itself the price of Bitcoin would trough at The turn of the year coming up we would then see
a rally into early 2024 and then a strong rally After the actual having obviously make your
own decisions do your own research however My conclusion the Bitcoin bottom should be very
close in 2015 Bitcoin bottomed 26 months after The previous having in 2018 Bitcoin bottomed 29
months after the previous having in 2022 Bitcoin Is already 30 months after the previous having the
Bitcoin bottom should be very close and finally if I had to show somebody four charts to explain
why Bitcoin is fine chart number one and chart Number two long-term holders are doubling down
despite being the most underwater they've ever Been long-term holder Supply is at all-time highs
chart number three blocks continue to be added Meaning that Bitcoin continues to work just fine
like it always has and as it continues to work Just fine it actually gets stronger chart number
four active addresses making higher lows surely A bullish metric so with Bitcoin being at about
16 493 dollars today with 10K Bitcoin being the Number everybody's eyeing you tell me where do
you think Bitcoin will bottom or do you think This is the bottom my friends subscribe to the
channel join our team we post one video every Single day in the cryptocurrency market like
the video if you got value see you tomorrow