Ok ex has suspended cryptocurrency withdrawals announcing that one of the holders of its private keys it's, currently cooperating with a public security bureau concerning ongoing investigations. The exchange noted that it has been out of touch with the key holder preventing the associated authorization from being completed. Okay x plans to resume digital asset withdrawals immediately, once the key holder is able to authorize the transaction citing its terms of service. Okay x said it has decided to suspend withdrawals but added that the security of the customers assets will not be affected by these events. As you might have imagined, because the cryptocurrency space is not the brightest, i don't know how else to really say that bitcoin fell dramatically by a bit. It says three percent here on the actual news article, but it was a bit more than that, while okay x's native token crashed by 15, it went down even further than that as well. A lot of people still don't understand that bitcoin is not a cryptocurrency exchange and a cryptocurrency exchange is not a bitcoin. I know that sounds stupid. I know that sounds dumb and i know it sounds redundant, but i have to keep saying it over and over until everyone actually gets it. We have many times throughout every single year, where there's always a situation where there's a cryptocurrency exchange or a crypto. Something or something else ends up happening where something is hacked bitcoin gets, hacked ether gets, hacked, monero gets hacked, always something on a cryptocurrency exchange and the value of that coin that day ends up dropping quite dramatically.
People don't understand why it's, because a lot of people don't understand that these things are not the actual asset in question, just because a cryptocurrency exchange, i believe, if i'm not mistaken, okay x is in china, because okay x is in china, and chinese authorities have been Doing ongoing investigations, this has nothing to do with bitcoin, while they may, even at some point ban bitcoin or say that bitcoin is not legal or whatever they might want to say and put on paper. That has nothing to do with the actual asset. So while we were all sleeping, of course, logic once again did not hit the cryptocurrency market and prices fell because they have suspended withdrawals once again, because apparently uh the other authenticator for the actual withdrawal system was not there. They cannot get in contact with him or they do not have access to him and therefore everyone's crypto assets are now locked inside of the exchange, of course, also. At the same time, a number of articles have been popping up for those of you not looking at the screen. It says binance and okay x control your crypto assets, not you, yes, that's, how a centralized exchange works, that's, how a bank works that's? How every other thing that we've ever known on this planet works? If you give your control of an asset over to someone else or to something else, they control it, regardless of what you might be reading on a piece of paper or what you might think.
This is why i remember years ago, i used to always keep on saying i can't wait until people really understand how great decentralized exchanges are, so that we can all start using decentralized exchanges, nope that's, not what happens, because once again, people don't actually care about decentralization Until it really affects them like how many people, i i assure you this morning, how many people were affected by this and they're really angry and really upset and didn't understand why there wasn't an easier way for them to hold their cryptocurrency somewhere it's, because, instead of Trying to build up decentralized, cryptocurrency exchanges, people have been getting directly on one knee and or both knees to appease rich people and make sure that centralized cryptocurrency exchanges are the greatest thing in the entire world, and these things keep happening over and over it's, like the Other day when the people were really confused and found out that tether was a company and that tether, wasn't, decentralized and that tether can freeze your account. Yes, because it's tether they never they. They never once said that they were decentralized they're in a space that is meant to be decentralized, but all of that's going out the window, because no one actually cares. This article says: okay x, suspends withdrawals as private key holder unavailable. This one says: crypto exchange. Okay ex spends all withdrawals indefinitely, and this one says: okay ex spends all withdrawals indefinitely. People are never going to get it.
The other really annoying part is i i i was reading a couple of other articles. I don't know where these things are. I i read some some time before i go to bed or a couple of hours whatever. If i'm looking for cryptocurrency articles there's an article talking about the confusion within the cryptocurrency space, this was even before this happened. This thing happened like four or five hours ago, or something like that, and they were saying how they were. They were marveling at the fact that how stable bitcoin's price was, regardless of the fact that we had heard it it wasn't the the 425 million company, it wasn't, the 50 million from square it wasn't, 110 million from so and so, and so it was that yesterday We had news that just in the third quarter, uh grayscale had accumulated. What was it, i think, seven or eight hundred million dollars worth of bitcoin did. Nothing did absolutely nothing to the price. But when we get news that a cryptocurrency exchange has stopped withdrawals until they can find someone who has the key or people are looking through their files or whatever they're doing in that country, the price drops and the the the rest of the cryptocurrency market also suffered. As well as as one might have imagined, it was quite a dramatic drop. You'Ll see it in a bit. Other coins fell by like 15 percent 18. It was just some of the i i'm quite fatigued, because i live in a world where i try to do things.
Logically, i make my decisions based on logic and to see that there's, none in this space is, is incredibly fatiguing it's every single day, it's. All the time – and i don't really know, if there's anything, to really fix it at this point um also for those of you now looking at the screen and also in price news, kraken has said: that's cracking the cryptocurrency exchange october will be a great month for Bitcoin this one says bitcoin is likely to remain bullish throughout the rest of the year. There was a lot of news before all of this actually ended up happening with the whole drop, a lot of people a lot of websites. A lot of cryptocurrency exchanges are all still mimicking that it looks like this is going to be a great month, price, wise for bitcoin and even says bullish throughout the rest of the year. I only saw i think, one or two articles talking about that. The drop that we incurred because of ok ex wasn't that bad and therefore prices were expected to swing back up sometime over the weekend. I i i wish they were correct, but i really don't the things that should be moving. The market do not move the market. The amount of adoption that we've seen the amount of countries that we've heard, who are actively adopting bitcoin, who are accumulating it because of sanctions or simply because they're allowing it as remittances within their borders, has been staggering.
This year, mind blowing face melting. Whatever that other phrase was, we were talking about a couple of days ago, it's been obscene. Whenever we get any type of negative news, if stocks fall by one percent, then therefore the cryptocurrency market also has to fall, because this is the news that we keep on getting it just doesn't make any sense. Some of the some of the first news that i saw and it's really fascinating how people interpret things in their mind is that the price started falling dramatically and i think, before we actually got news that it was okay x. I saw a couple of places talking about that. Bitcoin was looking weak and bitcoin was looking fragile and therefore bitcoin had to fall, and there was another one that said that that bitcoin likely fell because of the lack of stimulus and therefore we need a new stimulus check for bitcoin to go back up. It'S. The same stupid nonsense that we had a couple of years ago when everyone was talking about that we needed a freaking bitcoin etf. For those of you who are not here, the entire news was it 2018 to 2019. can't, remember, don't, really care was that we needed a bitcoin etf for the price to move back up. There was no other way that bitcoin was gon na pass by seven and eight thousand. We simply needed this thing. We needed institutions, we needed very rich people to get into the space.
So therefore, bitcoin's price was never going to move up. We didn't get an etf and bitcoin's price rose up. I i'm gon na move on because my anger is rising and i'm pretty sure you can tell, but as it stands right now, the cryptocurrency market's down it tried to recover a slight bit when i was looking at prices before doing this video and it didn't work. It kept on going back down and without further ado. Let'S move on also in dramatically popular news on thursday file coin began trading across major exchanges over three years after its ico, upon listing the token traded at widely different prices across multiple exchanges, and while the premium shows there is still an appetite for altcoins investors. Interpreting the rallies from foul coin and polka dot as the beginning of an out season may be disappointed. A lot of people were writing articles for those of you who didn't get that that so file coin, i think, rose by a hundred percent or something like that. Somewhere around that number and people were saying that file coin jumping that dramatically in price is an indication that we are beginning out season new swing of an out season out season, something make up a sentence and throw an alt season into it. Hours after trading began top cryptocurrency exchanges, including ftx binance and gemini, announced that they would swiftly list the coin of course, because why not? Consequently, the token saw significant price differences across platforms due to a combined or combination of limited liquidity and supply.
I think the price was going for forty dollars, eighty dollars a hundred and twenty dollars across multiple different cryptocurrency exchanges. All the prices were very different because they all just listed it and there was no actual liquidity for the coin. Last i checked, i think it had a couple hundred million in actual liquidity. This coin is probably going to be full of hype. Like many other coins, i've been seeing a lot of articles. Remember all those other amazing coins that we've been seeing the last couple of weeks months that have been going up and shooting up and everyone's like this is it. This is the new amazing coin. It was polka dot, it was uni swap it was lend it was ave. It was what was the other one, and all these coins have been going down in price, because at some point the hype does die down. I'M. Actually super surprised that file coin went up at all because there are multiple other coins that do the exact same thing i'm, going to assume once again that this is just an assumption. I don't know if this is actually true, but i think that at this point, filecoin may have had a lot of accumulation from major cryptocurrency exchanges and it's starting to feel like another tasos, whereas, like an industry coin that was bet on and or made by major Players in the cryptocurrency space – and you are going to be told to get into this thing because they own huge amounts of this coin, that's just kind of how i feel once again, i don't know it could all simply be mega speculation.
But this is exactly how it's feeling, especially because whenever something new pops up and it's swiftly added to different cryptocurrency exchanges, you know remember before whenever a coin was added to an exchange. It usually took about a good two or three weeks because it took companies and cryptocurrency exchanges, time to actually review the coin. They had to see if the coin was good. If it had a significant amount of liquidity, they simply didn't just add it from the get go. This is why it seems a bit weird that binance and gemini would add a coin that could potentially collapse unless they have their hands also in the cookie jar anyway. That'S, the file coin news super popular floating around right now, because you know it's a new coin: that's rallying a lot of people are going to hype it up and try and get into the coin until eventually it starts falling. We have days where bitcoin drops by 10 file coin drops by 47. Then it drops out of the top 50 and we never hear from it again and then a brand new coin pops up, and that becomes the new thing next up, um, also in like relatively popular news – and i guess it's because of the coin san francisco coin, Based exchange coinbase is the latest crypto firm to help support further development of bitcoin today announcing the creation of a new fund and a search for potential grant recipients. The coinbase crypto community fund aims to further build the crypto industry by supporting the developers who are helping to boost the infrastructure behind bitcoin.
The company is currently looking to provide grants to at least two developers and may eventually expand the initiative. Beyond that initial focus, they said, unlike many cryptocurrency projects, bitcoin launched without a fundraise, while bootstrapping the entire industry by itself just bitcoin, and this was written by the evp of coinbase yada yada. The open source community has provided critical support for bitcoin development, with some support from donations for industry organizations and academic institutions. The point is they: they now have a crypto fund that they're going to give to developers of the bitcoin core blockchain that is bitcoin. That is the number one coin, and it annoys me when people write bitcoin core, because that means that the person who wrote this article is probably a supporter of bitcoin cash, and this is why they use the word core to differentiate between them. Um popular, very popular news, i don't think people from the bitcoin development team really need more. I know there are like individual developers who aren't part of a block stream and stuff like that. So maybe these funds will go to them. I hope it goes to them, because it would be nice to hear that money goes to someone who needs it, as opposed to some of the the rich millionaires who, already in the cryptocurrency space, would keep getting funding for things that they don't even need. Funding for. Yay wonderful, let's, hope um, i don't know i i assume at some point that these will that these grants will start going to other developers.
We'Ll see how it goes, but as of right now this this was one of the headline news articles out there. That coinbase was giving money to people who are working on bitcoin. They should have been doing that. A while ago next, up ethereum has been one of the best performing crypto assets of the year. Bear market catalyst, ethereum recovery, according to barry, silbert, ceo of digital currency group, grayscale investments, ethereum trust, has quietly accumulated two percent of all ether in circulation. Grayscale is a digital asset management company owned by dcg that manages around six billion dollars for institutional clients and here's. A tweet where he said that crypto slate data suggests that two percent of all ether in circulation is approximately 2.25 million coins currently valued over 800 million us. The announcement comes after the firm announced that it had absorbed one billion dollars worth of crypto in the third quarter, a record for the company and 720 million dollars of that capital went into bitcoin alone. That was the other news that we got and it did absolutely nothing for the market and i told you it would do nothing to the market, because the cryptocurrency market is incredibly stupid. I i just don't understand it anymore, like i don't i don't think maybe i'm. Maybe maybe i'm not meant to get it because i don't no, it just doesn't make any sense before we know that bitcoin is being whatever the point is. Um grayscale also now owns two percent of all uh ethereum.
So the news that we had at the beginning of this year was that i believe they held 0.7 of all bitcoin and then it went to one percent of all bitcoin and now it's more than two percent of all bitcoin. According to the news that we got yesterday – and they also have two percent of all ethereum, no one should be surprised, and this is only going to continue. There were a lot of other news articles. I don't have them in here that a lot of other institutions are also gathering up huge huge amounts of ethereum in anticipation of ethereum 2.0, because they themselves want to have nothing to do with having to gather up all the computers and all the other things to Be able to mine ethereum, they want to simply be able to have it on their systems. Have one computer? What have you whatnot and create massive amounts? Millions of dollars worth of ether on a monthly weekly daily hourly basis. So, yes, grayscale holds huge amounts of bitcoin and ether that's not going to stop, and it is not going to do a thing to the price of the cryptocurrency market. Not a thing until all of the bitcoin and all of the ether has been accumulated by the richest people on the planet. Prices are probably going to continue to go sideways. Can you imagine if we had news that of all the us dollars in the world? Two percent of them were held by one company.
Can you imagine two percent of all euros being held by one company and without further ado, let's move on also in unsurprising news because of course, they're going to do this. Coinbase announced that, starting on monday, the 19th of october, its pro exchange will start supporting wrapped bitcoin or wbtc the san francisco based company. What i don't know why people keep making sure to mention that that's a very popular thing, even in the other article we were just reading. For some reason, people keep making sure to mention that coinbase is a san francisco based company like who the hell cares that they're based in san francisco do you care like when i'm reading, you like oh gosh, thank goodness that that kraken's in missouri, like who, why Why do people keep making sure to mention that which operates one of the world's largest cryptocurrency exchanges said that it would accept deposits of wrapped bitcoin on monday from u.s customers outside of new york state, because the new york state always gets the short end of the The everything trading will commence on or after 9 a.m, tuesday, the 20th, if liquidity conditions are met, it'll go live with two pairings wrapped bitcoin to the us dollar, and i assume this is wrap bitcoin to um tether, but they they're missing a t. They said if liquidity conditions are met, it means that coinbase will only launch the coin. If enough people express interest in the coin, it's unlikely.
This would be a problem for wrapped bitcoin, a synthetic version of bitcoin that runs on ethereum right now. There are 105 000 wrapped bitcoin in existence, the equivalent of 1.2 billion us dollars, uh that's, 5, 000. More than yesterday remember i've been going over the wrap the bitcoin amount every single day. I assume at some point we're going to have a major jump in the amount of wrapped bitcoin there's, a huge thing right now, going on with people locking up bitcoin and, first of all, locking up other coins inside of ethereum. We know that part but there's a huge push towards locking up bitcoin inside of other protocols, it's, not just wrapped bitcoin, where bitcoin are actually locked in or mimicking the actual value of it. But i have a feeling that wrapped bitcoin is probably going to be the first synthetic wrapped version of something on top of ethereum that's, going to have over a million bitcoin inside of it um. So coinbase is adding a new coin. Coinbase pro is adding a new coin. I know a lot of people get very testy in the comment section when i don't mention that it's on pro and not on actual coinbase, like anyone actually cares um, i assume at some point this will prob. I don't know if, if this would even be added to actual coinbase like there's, i don't know what the market would be for actual wrapped bitcoin as opposed to normal bitcoin, because at least with with wrapped bitcoin like.
If you have the bitcoin and you wrap it yourself, you can still take it out of the protocol and you still then get your bitcoin like imagine you just own the actual wrapped bitcoin and something happens with the protocol and you don't actually own the underlying bitcoin Beneath it, well, then, you are holding a coin that's worth nothing anyway. Good job coinbase keep adding those coins and no one is really asking you to add um and i assume are going to be added very soon. Uh look for a file coin listing! I give it two weeks, i think, before the end of this month, coinbase will probably announce that they're going to be adding file coin through pro first and then, of course, a week later, they're going to say: oh liquidity, liquidity, liquidity, let's, add it to the normal Coin base and to finish things off breitling the 136 year old watchmaker, based in switzerland, has begun issuing digital certificates on the ethereum blockchain, always ethereum that can be used to verify its new watch's breitling has partnered with non profit. Ariani, ariane ariani for its initiative. Ariane'S protocol leverages ethereum's erc 721 standard according to the co founder and cmo emmanuel colette erc 721 is used for issuing non fungible tokens. These are tokens that are discernible from other tokens by using the blockchain platform breitling and shores that digital certificates are immutable. Watch owners can simply scan their electronic guarantee card with their smartphone to automatically download the private encrypted data wallet which safely stores the digital passport, the news being that breitling is using ethereum because everyone's using ethereum, i don't know if you get the trend yet, but you Know there are a lot of other coins that are quicker, faster, stronger, more transactiony than ethereum, but is a reason why we're not hearing about these things being put on tron or any other blockchain platform it's, because ethereum is ethereum.
All the money has flown to two coins and i don't think many people get that, but the news is another company is now using ethereum and without further ado, we're gon na move on um. I am, i have a bad headache. I don't know if you could tell during the video i didn't get any sleep last night. Didn'T know if you can tell during the video so i'm not going to be reading out the patreon names, because i cannot mentally do it right now. The prices are down for everything, they've started slinking slightly back up for bitcoin here's. That drop. I was telling you about. We tried moving back up and then we started going back down once again, we'll see where the weekend leaves us where it takes us where we end up going all coins mimicked the exact same movement as bitcoin. The stable coins are, of course, going up because i assume more people are going to be selling off their coins in the very near future. Um okay, b coin, of course fell down as well. Where is the here? We go. Foul coin is up by 86, when i looked earlier, was up by a hundred percent um sure why not it's also completely all over the place as well, because people don't know if they should be pumping it and or selling it. So let's see how that goes. It'S currently it's coin number 27 let's see where that leaves us tomorrow, because i have a very strange feeling: we'll have about a good two or three more days of a pump, and then the price will go back down, because no one really cares about foulcoin it's Been it took them three years to launch this? There have been multiple other coins that do the exact same thing: a file, lockup storage, kind of thing, i'm, sure they'll say that theirs is more amazing or different or more powerful than other platforms.
But they all say the exact same thing. Uh yeah hope you all enjoyed. Thank you for watching love.