It has held strong support throughout the past week as its buyers and sellers reach. An impasse. How it responds to this trading range can have major implications for which direction it trends mix. Analysts are now widely noting that the cryptocurrency could be well positioned to rally higher in the days and weeks ahead as it continues trading above a key support level. This potential upswing could lead it to fresh year to date, highs around 11000 US dollars. Although there is a key level that must first be surmounted at the time of writing, Bitcoin is trading around 97 50 give or take depending on where you're looking on the Internet. This is around the level that it has been trading throughout the past several days. The cryptocurrency did attempt to rally up to 10000 percent overnight, although this upswing was stopped short by an outage on crypto currency trading platform bit Mex. This outage scared investors and quickly led Bitcoin back into its tight trading range between ninety five hundred and ninety. Eight hundred US dollars, that is a major problem, we're seeing far too many outages and shortages and unplugging zuv cryptocurrency exchanges over the last four or five weeks. That is a very big problem if a crypto currency exchange has that much power to where if the cryptocurrency prices are looking to move up in, Bitcoin is looking to make a fresh new upswing, and all that has to happen is for bit Mex or coinbase or Any other crypto currency exchange to have an outage for 5 10 15 minutes, and that scares people.
That is a major problem. However, the news so far is the crypto currency market in bitcoins price and bitcoins movements, and all that other good stuff look relatively optimistic and they have been looking this way for the past a week or so for those of you not looking at the screen. The amount of articles that were out there talking about Bitcoin, soon going to pass 10000 u.s. dollars were everywhere. This one says: Bitcoin price analysis, Bitcoin, eyeing, crucial upside break above 10000. This one says Bitcoin on the cusp of a parabolic breakout and local top at ten thousand US dollars. This one says: Bitcoin seems few steps away from a picture. Perfect resistance, smashing this one says: Bitcoin prints, critical golden cross as futures open interest hits record high. This one says: Bitcoin forms elusive golden cross pattern, as economic models forecast fresh highs. I think you get the the trend that we've been going through the last couple of things they all are optimistically hyper parabolically bullish on bitcoins price Bitcoin recorded its highest daily sentiment score since 2017. Now it looks like this bullish sentiment is spilling over into etherium XRP and litecoin. Bitcoin sentiment is at its highest level or highest on record since 2017, following the having positive sentiment is spilling over into etherium XRP and litecoin, as indicators show that these out coins are ready for a bullish breakout. Some of the most prominent analysts in the industry have discussed the possibility of a steep correction that could see aetherium plummet to 150 dollars.
There weren't many prominent analysts. It was about two or three other people who have many times noted before that they are overall negative on ethereum, so it's no surprise that they would have spoken about Ethier IAM falling down in price because they don't like it. However, the smart contract giant continues to hold in a sending parallel channel that developed on its daily charts during the March market meltdown. Since then, each time eath rises to the upper boundary of this channel traces down to hit the lower boundary. And from this point, it bounces back again, this behavior is consistent with the characteristics of a channel the market wide correction before bitcoins having since ether to the bottom of the channel. The support barrier prevented a steeper decline and allowed ether to rebound and they're. Talking about that, it could hit this we've seen this number a couple days before people are talking about. The D theorem is looking like it's going to try to hit 240 250. I think we saw a 275 as well on one of the other charts people talking about exactly where he theorem looks like it could be going to, and I think the other really weird one was, I think it said by summer or the end of the year. I forgot the exact time frame that they gave us that he theorem would try to attempt to hit 750 US dollars. I assume that is coinciding with the potential release of a 2.
0 where's, the other part. It says, even though ripple drastically reduced its open market. Xrp sales last quarter, this cryptocurrency continues to disappoint investors. A massive number of tokens entered circulation since 2016 dampening any potential upside for XRP holders. Nonetheless, the cross border remittance token was able to turn its 50 day moving average into support in the past couple of days, which is a reliable bullish indicator. A spike in XRP demand around the current price levels may allow it to break above the 100 day. Moving average, which could trigger a further increase in buying pressure of this word happen. Xrp could rise to retest serious resistance at the 200 day moving average. It only seems logical for those of you who don't know when Bitcoin Rises. A lot of their coins tend to also rise a lot and that's just how we've had it for the last 9 and 12 years since out, coins really came onto the scene as of right. Now, all indicators are pointing to all. Analysts are suggesting that we could be on the cusp of a parabolic movement for Bitcoin. I see no real reason as to why not we know that the interest is there and more so, even as I go through the rest of the stories, it'll become abundantly clear that the cryptocurrency market and bitcoins price are probably very far undervalued anyway. Yeah let's move on next up when Bitcoin crashed to almost read it backwards. 3700. This month, many were no doubt scared to invest.
After all, when the crash transpired there were traders and prominent traders at that seriously, expecting the cryptocurrency to fall off of a price, cliff sure, longtime commodities trader and Bitcoin investor Peter Brandt, for instance, wrote on the day of the crash. He said, and I do quote if I interpret the chart without bias – I would say sub 1000 dollars for those of you who made sure to note we were nowhere near 1000. So whenever I get numbers like this, I always make sure to share it with all of you, because the numbers are always ridiculous, because yeah yeah data has shown that, since the crash, both retail and institutional investors have been accumulating. Bitcoin at a rapid clip there's been such a strong influx of Bitcoin buyers that it may be the accumulators, not traders, that drove a majority of the recovery from March's crash. According to crypto, analytics firm glass nodes, co, founder and CTO Raphael, Shusett cuffed, the number of Bitcoin addresses, holding at least 1 million Satoshi's or 10 million Satoshi's actually has risen by 14 over the past 12 months and by over 200000 addresses since to start of the Year he said there are now more than three million Bitcoin addresses, holding at least 10 million Satoshi's, currently valued at around nine hundred and seventy five dollars. That'S 14 more addresses than one year ago today and here's a little chart right here and it looks absolutely insane – and I assume this is only going to happen as well – a lot of people.
What we've been seeing. What I've been paying attention to is that the narrative still remains. Get your hand. This is not financial advice. The narrative is get your hands on an entire Bitcoin. While you can well it's a little pricey, a lot of people have been aiming for the tenth of a Bitcoin it's more so that you have market exposure as opposed to nothing at all, and this this is going to continue, especially as time ends up going on Or when around the time should we one day see a 50000 Bitcoin that also gon na become a bigger thing to be able to just to have 5000 worth of a Bitcoin, which would be 10 million Satoshi's? Of course, the interest is still there. The interest has not left if anything, it's more so there since to having about a couple more people come up to me asking me what this Bitcoin thing is and should they be getting into the market, and I and I find myself often telling them not no, But I I can't tell you, I don't know why so many people I mean listen and I'm sure it's happened to you as well. A lot of people keep coming to me asking me if they should get into the cryptocurrency market, they should buy Bitcoin, but whenever I've told friends before in the past yeah, why not? You know, put some like a little bit of money into the market. They either put very little, which like is insignificant, they put like four dollars or something into the market or they put like several thousand dollars and then, when the price has ended up going down, I get all these panic calls and texts and they're like.
Why is it going down? Did you see? Did you see the market I'm like yeah yeah? What what happened the mark is down by nine percent and I'm. Like yeah, I told you to do your own research on this and I know that they wouldn't or ever did they did. Their research was simply just buying it. So a lot of times when people ask me I strung and I go. I don't know what a Bitcoin is. I have no idea what that is, because it becomes fatiguing trying to UM alert people and and calm them and soothe them down as prices jump up and down everyone who was in the market before is still here. They'Re gon na continue buying. We know that bitcoin is a limited quantity asset, but there are a lot of people on the street. Where is this? My gosh is like a parade or something is this: a normal Street, what it was there's a lot of a lot of faces anyway, um yeah, of course, it's still happening it's going to continue anyway, yeah let's move on this is a very busy. This is realism. Yeah yeah next up the Bitcoin network, just fine tuned, a key parameter to coax back miners who quit after last week's having hammered their Peru, fits more than 20 exa hashes per second of computing power, the equivalent of around 1.5 million older generation mining machines, that's terrible I'Ve been switched off from Bitcoin since the network's having the seven day, rolling average of bitcoins hash rate has dropped from 20 over 20 from around 120 to X.
A hash is just prior to the having on the 11th of May to now 97 X, a hashes. The one in four year of entry, deuced miners rewards from 12.5 to 6.5 BTC per block. The hash rate drop around the eighth. Having has significantly outrun the hashing sprints prior to it as such, bitcoins mining difficulty, which measures how hard it is to compete for block, rewards decreased six percent to fifteen trillion at 200. In the morning on Wednesday, the network's first bi weekly difficulty adjustments since the halving the amounts of computing power can connected to Bitcoin has been on a rollercoaster ride over the past two weeks, so bitcoins mining difficulty has dropped as such. The network is made to do so if less people are on it, the difficulty, readjusts and it's also dropped down, and therefore it becomes easier for people to hop back onto the network to be able to make some more profits tying and directly into what we were Just talking about, despite recent blows to bitcoins hash rate and miner s, nines are returning to the network. Wow surprised. The resurgence indicates that miners are confident in sustained BTC per races. After last week's having miners took their in s9 Asics offline as Bitcoin revenues dropped. Now s nines are making a resurgence as BTC prices rise, showing that miners have confidence and sustained prices above 9000 bit mains and minor s9 has historically been a popular mining machine, but newer more efficient models have gradually replaced it.
Following the having the s. 9 only accounted for 18 percent of the network's hash rate, yet this week saw a surge in s 9 miners, with the devices now accounting for 32 percent of bitcoins total hash power. No one should be surprised. This is just how it works whenever we and this it's such a time is a fascinating thing. You might remember, I do remember whenever we get news that bitcoins hash rate has gone down, which happens frequently throughout the year, if, if the kitchen gets too hot people leave until they can come back to handle it again or until the heat from the kitchen has Lowered whatever analogy you kind of want to use, this happens over and over and over, but we keep getting websites who either don't care about Bitcoin don't care for Bitcoin, maybe care more about aetherium. Not this one in particular, they'll make sure to note. Bitcoins hash rate has dropped. This is terrible for the network. Everything is falling to the toilet is just completely bad, and only to realize that four or five days later, when the difficulty readjusts itself that they turn back on their machines it's been happening for years. However, the the the news is going to constantly be their bitcoins hash rate has dropped. Lo and behold, more miners have returned back to the network, so all is as it was before, and one can only assume that if mathematically the bitcoins price goes up and more miners join the network that it'll continue in this flow as it were, because people want To make money and if they see other people making money they're also going to want to make money as well logic, let's move on next up.
This should be surprisingly unsurprising to everyone: a higher education institution that trains Chinese party officials has published a new book about crypto currency according to a local blockchain news report. On the 19th of May, the central party school published a book as part of a book series on disruptive technologies. The previous entries and the series include a dialogue with party leaders about AI and a dialogue with party leaders about blockchain. The aim of the book series is to provide a source for party officials and the general public for learning about emerging new tech trends. Chinese central bank executives, commercial banking, executives and regulators were invited to write the prologue for the new published crypto book once again. For those, this is the fourth or fifth time that this has happened within the last two years. The Chinese government at some point, creates a book, a PDF, a survey, a something that goes out to the masses. The first one or two iterations were that they took Andreas Antonopoulos. His book changed it from mastering Bitcoin. They renamed it. Mastering blockchain that's, not a joke. They took the exact book and just kind of renamed, it I believe same insides, and then the second and third iteration were when they started to release information. I believe it was from the actual central bank of that country pertaining to Bitcoin and how good Bitcoin was and what Bitcoin is and how much money people have made from Bitcoin.
This is why it's really weird and you'll see the other news as well. In a couple of minutes, because it all kind of leads me to speculate, something must be going on behind the scenes. Something must be you listen, I mean clearly something is there's no way on this earth. Can you imagine if the US had released something had imagined the US government releasing a book on cryptocurrency for everyone in the country to read, you would say you would go okay! Well, clearly, they want everyone in the country to use cryptocurrency the we've been getting from said country here has been that they don't want people trading Bitcoin, but everything else shows otherwise. The book starts with the history and origin of fiat currency. Then it provides an overview of the current credit currency system and its downside. This leads to a section on the crypto movement and the birth of Bitcoin. The book continues to explore the nature and the future of digital currency and explains in detail what crypto exchanges and I SEOs are it discusses and analyzes regulation issues surrounding these new developments. A whole chapter of the book is delegated to the central bank digital currencies. It explains the strategy behind the digital yuan and the impact it would bring to the current payment system. This keeps happening over and over, and I and I am fairly certain – or rather I am. My assumptions are very strong within myself that at some point, China's gon na be like yes, crypto currency trading is allowed here, but it's going to be regulated to heaven and bag.
Like I can't stress that enough, but why would a government? Why would a central bank take their time to create these things? How long it takes to create an entire book about something, nonetheless, a book about crypto currency? Why would you do that anyway? Um? This is part of the news, that's everywhere news. This news is highly significant. The issue is, it will have very little of any effect on actual prices. The fact that this isn't a one time thing if this had happened once I'd blow okay, that's kind of interesting like it's, more of like a maybe they just really want people to understand the implications of exactly what's going on maybe it's. They want to be ahead of the curve. What do you keep doing this year after year and creating all these things it's clear, what's, probably going to happen there remember. I was talking about before that really weird PDF document download thing that I had found last year and I couldn't find it again. I found it. I was so happy for those of you now looking at the screen. You really should be looking at the screen unless you're driving or holding a child or making hot food. This is that really weird PDF that we had last year. I believe it was from the Central Bank of China. I can't read Mandarin ergo yeah. However, just look at the photos – it's very weird and that's parts, where it talks about Satoshi Nakamoto, creating Bitcoin peer to peer.
I got that part and then it shows like pictures of people. Is this very weird like this was made by the government? It shows pictures of people mining um. It shows, like the actual, like block, rewards like how many Bitcoin are produced during the entire thing. 12.5. The one we just had is 6.5 bitcoins per block now, and I think the 2140 is meant to be when the last Bitcoin will ever be mined and then it shows charts, numbers eye things. People – and this is the other really weird thing where the guy's like proposing to his girlfriend and then she starts smiling someone translated this before in the comments section on it. I don't know who you were, but thank you they said. Apparently it has to do something with like she gets happy when he tells her that he has a Bitcoin or something like that it's all very and very, very odd. Why would you as a government he had the ten thousand Bitcoin for one pizza? Why would you take the time to create something like this to inform people of something that you planned on banning they even have Libra here Bitcoin going down to 3200 Bitcoin hitting 20000? You see how odd this all is. It'S all very varied anyway yeah. This is a really weird PDF thing that we were talking about last year that I've been mentioning many times. I just could not find the actual thing before, but it does seem.
Rather, the word is in blatant like evident no one, bread, bread or what no one would waste their time, creating something like this. If it didn't have meaning, I don't know a word I'm trying to use. The point is it's very odd. I'M. Certain at this point, you'll see anyway, let's move on. They even have a website come on all right. Let'S move on. According to new research, the assets under management of cryptocurrency focused hedge funds, as doubled in 2019, compared to 2018. Despite some challenges in the field, Bitcoin remains the most frequently traded digital asset with aetherium and XRP. Following logically as one two and three. According to a report citing the survey compiled by PricewaterhouseCoopers and the digital asset, investment company Elwood asset management services, limited cryptocurrency funds have increased their assets under management to more than two billion dollars at the end of 2019. This represents a jump of over 100 percent from the 2018 amounts of approximately 1 billion u.s. dollars funds accepting only long positions better known as discretionary long. Only funds ok, logically mark the best median performance at 40 in an average gain of 42 percent. The survey explained discretionary long short saw equal increases, 33 of gains and medians. Of course, one can only logically assume that more people are getting into cryptocurrencies. The fact that PricewaterhouseCoopers is paying attention the cryptocurrencies lets me know and lets you know let you should know that a lot of people are clearly getting into the cryptocurrency space.
On the institutional side, the rich people have been here for a very long time. It is now sticking their neck out. Was it yesterday that I read this, or did we go over this or that I read this somewhere else on the internet where it was discussing like the time, is nigh kind of thing like there's, so many other institutions who are very hush hush for years and All of a sudden now they're all popping out talking about their support, like you know how big PricewaterhouseCoopers is for them to even think of having a survey or even mentioning cryptocurrency is extremely huge, like they are. No, they have like trillions under management or something I don't remember the exact number. The point is, of course, they're here: they're buying up they're accumulating as much as possible, and I assume this is also leading to the shortage of crypto assets currently circulating as they are probably buying up in mass like if you get any type of indication that these Stock markets are potentially going to continue going down, but you see that the stock, the flow ratio for a crypto currencies, especially Bitcoin, is probably going to do a 5x rate NX in price over the next one to two years. You choose where the money goes anyway. Yeah that's bad news is this here's, the actual survey says cryptocurrency hedge funds survey hints at big quanta disparities is the actual article of the survey on BNN bloomberg and without further ado, let's move on to finish things off.
Remember when I was just ranting about the whole China thing and and crypto currencies, this is this is why it's completely evident crypto currency exchange finance has registered a domain name with the Chinese government. Hmm, according to public records, the Ministry of Industry and Information Technology in China approved finances, domain name finance, dot CN. I wonder what that could be, for the domain name is registered under the company's Shanghai, be nice XI, Information Technology LLC, which is a similar pronunciation, as by Nan's in Chinese, be non XI. The government record also shows that Finance registered the domain name under the company. Shanghai be non XI, Information Technology LLC as Chinese crypto media site chain, and news first reported. The only legal representative note represents representative good job. The only legal representative of the company juni Zhang shehe, as the two other companies registered under his name. All three of the companies were registered within the past three months and possessed names that pronounce similarly to finance on the website. Finance claims to be the world's first leading blockchain ecosystem developer and has been dedicated to the development and commercialization of the blockchain technology as the site states. The service it aims to provide in China includes consulting research, development, charity and investment in the blockchain industry. It also issues or includes a series of explanatory blog posts on a few basic concepts and blockchain cryptography and Finance. Listen Finance has registered domain names in China. It is very difficult to get domain names in China.
Finance is a cryptocurrency company that sells or trades or allows the selling trading holding of crypto currencies. Do you see where this is all going? I mean it just it's clear as crystal clear as glass, which is, which is clearer, it's clear has nothing being in front of you. You can. You can touch the darn thing, it's clearly evident to me. I am going to assumption right now that by Nantz is probably within the next couple of months. I give it let's say: July August is probably going to announce they're opening up shop in China. It'S not gon na be the same kind of shop we've seen in other countries, but they're, probably going to have an over the counter trading desk, which is going to be absolutely massive, which would mean in essence, after all this stuff we've just been going through. I mean first of all, crypto currency is already legal in China. I think you just can't um you're not allowed to trade them, and I think that was I think that was. I think you can use them to pay for things in certain. I remember I don't know the laws I'm, not I'm, not there. The point is crypto is legal in China you're legally allowed to hold Bitcoin. This is why they keep creating these really weird photo things over and over and now the fact that Finance has also. Why would listen come on it's, clear right? There BAM in your face.
The point is yeah don't be surprised if we see a huge influx of people from that country getting into the cryptocurrency space and then everyone's, like you know what you know. I you know my worst fear is people only react when other people react if in three to five years, seventy percent of all the Bitcoin in the world is held by people in this country? Please don't get upset. I I can already hear the people talking about centralization, how they get all of it, because they've been paying attention to it. Why is it that every other country is many other countries around the world they're, simply not paying attention or not accumulating or not? Actually, do you see where all this stuff is going? I was reading in the comment section yesterday. Somebody was talking about that. I was when I said, follow the money within the cryptocurrency space it's clear that all these mega institutions are in the cryptocurrency space. Follow the money, why would they all be putting their money into the cryptocurrency space? All of these companies are not putting their money into crypto shorted. At the exact same time, you don't invest a billion dollars, hoping hoping to lose a billion dollars, that's, not how money works when we could entertain indications and news that all these countries are starting to accept crypto currencies and have it as remittances and have it is Legal and how it is so, and so it's clear where the industry is going, I can feel it in the future there's going to be one or two I give it to countries in the world that are gon na have a massive amount of crypto they're gon Na have been they've been buying for years and at some point everyone else is gon na get really upset start screaming centralization, but it has nothing to do with that it's just that they caught on before everybody else like people only.
This is why I mentioned before. We'Re gon na have a huge influx of people coming into the cryptocurrency space when the prices are too high for normal people to get in, I think the blood I wish I had learned before. Why didn't anybody tell me centralization it's like no, not centralization like they. Just they knew they paid attention and therefore they get to reap the rewards anyway, I'm telling you I'm having these Oracle moments I'm. Anyway. Just heed my warning and let's move on. As always a very special thank you to my patreon supporters hold on. I have to sneeze a Crayola Michele URL on crypto, with, like oh, like Oh on crypto, with lino Tigger a match on Issa bake me a cake arf, medic 17 Anytime Fitness mom's, trying to stab Bodi mcboatface. Yes, Krypto Miller, hit chest every day in caskets leg day: minting coins, Jeremy Fox Jim, garner anthony charles day, come on jelly body packs this vlad the impaler Richie Rich, the third Nick Kanaya setsuna Dameon Nicholas one earth one piece: one love crypto artist, called e3d bankroll Network adobo crypto Joe for two, the world wise, Nite, Owl, Jerry Schneider master ventures in Thailand, mow hammer, Oney, Adam gracyk, Todd mullahs, a biblia phobia, the animal reader Johnson, Nostromo chongo, low load, sangolo, no more enjoyer, joshua vineyard, the pothead moon man, high XRP, Yasha Harari Utopia: 569, professor Wally, from gun, Bonte university. Thank you all very, very much for your support.
Thank you to everyone who has subscribed for the second channel, the other channel, as it were. Thank you to everyone who is a member of this channel and any other thank yous. I forgot they're, always so many think used to. Thank you at the moment. The price of Bitcoin is currently at the time of me, making this video 9 thousand seven hundred and seventy six u.s. dollars just went down by a couple of cents. The markets sideways up and downing is like all over the place, so yeah we'll see exactly what ends up happening as the rest of the day goes on. It is apparently clear that we were on our way trying to be on our way to 10000 that that that bit next thing is really weird. I I can't um. We didn't have these problems before about a good year ago, there weren't many um crashes or turn offs of cryptocurrency exchanges and now, for some reason, the last couple of forever they've been popping up a lot and it's, not really good, especially if we have like upward Momentum imagine a situation where Bitcoin is just about to have a really crazy move from 11000 to 14000 and then three crypto currency exchanges shut off and then prices fall back down to 8000. They, you have to get that together. You can't be in a multi billion dollar space, where your website can't handle a couple extra thousand people going to trade.
That is that that leads to not good stuff. Some coins are up, pesos is up. Cardano'S up chain link is up Zed Zed cash is up. Whoo yeah kind of is what it is. Okay, okay, good job, let me say goes is, is it's up by 14. I guess the the hype is real um. I guess good job on everybody who picked up, let me say, go when it was less than a dollar um yeah. I think that is definitely gon na. Do it for this video, I do hope that you all enjoyed. I do hope that you all are having a great day a great morning a great afternoon a great evening. Really wherever you are wherever you might be, life is easy right now is just take care of yourself. Thank you all once again for watching and or listening. This is wild like this is this is absolutely wild like they created this, they created a thing that tells people about the history of Bitcoin.