Egggg yolk, what is up and right with my people,
the Chico Army, and any newbies who I like
to call the viewers of the tube.
My name is Tyler and I’m the host of the
crypto channel, that keeps it calm, cool and
collected, just like this beekeeper under
attack.
You know how I used to be a beekeeper.
It’s time for Chico Crypto!
Well, I’m sure some of you are like NICE,
keeping the bees and saving the planet & Yes
back then my B was honeybee’s but now, my
B stands for bitcoin.
And with the most recent price action from
that B, i’m sure the rest of you are like
NICE.
Because, since the low last week on June 15th,
at the 9k support level...bitcoin has pushed
up, and as of yesterday was looking to push
through 9700 on it’s way to testing that
10k resistance once again.
Now, we gotta pull out the chart since the
halving, because the price movements since
then are highly important.
As we can see, since the halving event, bitcoin
has basically bounced in the 10k to 9k range
for basically 2 months now.
So, when we see consolation in a range, like
this, it usually means something is coming
a big move up or down...and we can see, what
happened after the 2016 halving, because bitcoin
once again consolidated in a range, for a
similar amount of time after this event 4
years ago.
The 2016 halving took place on July 6th, and
as we can see, bitcoin pumped and dumped,
the 2 weeks after.
But then, for a month and half after, bitcoin
hung in the 600 to 700 dollar range.
Before, a big move...back then, it was down
from 650, down to the low 500’s, a 20 percent
drop in just 1 day...soooo, is the past and
indicator of the future!?
Will bitcoin dump, in the next week or so?
Well, here is the thing people...back then,
the miners got their rewards slashed in half,
and the price didn’t increase enough to
keep the lights on, thus miner’s started
to dip into their bitcoin reserves, and had
to start dumping to keep the lights on, and
eventually the price took a hit…
Now, a similar thing has happened this time...and
we can see this from bitcoin mining data from
bytetree...they have a measure called MRI,
or Miner’s rolling inventory, which measures
the changing bitcoin inventory levels held
by the miners.
An MRI above 100% means miners are selling
more than they mine and running down inventory
and Conversely an MRI below 100% means the
miners are hoarding bitcoins.
Looking at the value over time, 1 day MRI
is over 379 percent, meaning Miners are taking
advantage of this daily pump, and dumping….but
then over the past week, MRI is just above
118 percent, meaning that miners are slightly
dumping, and then over the past 5 and 12 weeks,
it is just above 101 percent, meaning a very
very slight dump overall in those time periods
from miners.
So the thing is, is this, miners are the number
1 form of sell pressure on the bitcoin markets.
The ebb and flow of bitcoin in and out of
miners hands, is a strong factor in deciding
which way the markets will go.
If the bitcoin price is able to hold this
level, with the MRI increasing, it means bitcoin
was able to shake off the strongest form of
downward pressure.
That is bullish my friends!
Then, besides, fundamental data...you have
speculation abound that warrants another bullish
move from the crypto markets.
2 days ago, Coindesk broke news that Paypal
and Venmo would be offering bitcoin buying
and selling to their customers.
What we know about it, is this….Three sources
have stated on-the-record that PayPal/Venmo
will offer direct purchases and sales of crypto-assets
to consumers, and will have in-app crypto
wallet functionality.
They’re working with “multiple exchanges
to source liquidity” and the service may
be available “in the next three months.”
of which neither Paypal or Venmo has confirmed
or denied.
So, big stuff, and it just makes sense to
me, what the crypto markets will do in the
meantime...until we get official word of what
they are bringing.
They will continue to consolidate, maybe getting
close to 10k in the next week, but the “news”
from Paypal and Venmo has been leaked, thus
their official announcement is coming, and
when it comes, my opinion is PUMP!
But, there is one coin, who could pump more,
with the official announcements from both
Venmo and Paypal.
Ethereum!
Remember, it says that Paypal and venmo will
have in-app crypto wallet functionality.
Yes it could be just a basic, bitcoin wallet,
or like Cashapp, not even a wallet, just a
place where it says you own bitcoin...you
actually don’t, cashapp always controls
it.
But, who own’s Paypal?
Who bought it in 2002, for a shocking price
even back then of 1.5 billion?
Ebay Did!
Then in 2018, who decided to join the Ethereum
Enterprise Alliance?
Ebay Did!
Hmmmm????
Then, just a year later, Paypal ventures led
the 4.2 million dollar funding round for TRM
Labs.
Who are these guys?
They have created a cryptocurrency risk and
compliance platform, built by big names, and
of course there is Paypal listed.
Now what platform are they focusing on?
This PRNews article tells us, TRM is also
building tools that use machine learning and
millions of data points to automatically detect
suspicious activity like money laundering
and market manipulation.
Over 20,000 individuals have verified their
Ethereum address on TRM's platform, making
it one of the largest identity networks on
Ethereum.
Ethereum my friends!
And then the article gives us more on Ethereum...TRM
recently rolled out its analytics solution
globally with TrustToken's TrueUSD, one of
the largest fiat-backed stablecoins, to help
TrustToken better drive growth and mitigate
risks.
TrustToken is using TRM to accurately segment
core user groups and identify which exchanges
and channels are driving growth.
Trust Token True USD?
Built on Ethereum!
Now why would this Paypal backed cryptocurrency
compliance firm be focusing on Ethereum if
Paypal wasn’t thinking about getting into
Ethereum?
That’s just my 2 cents….
Now Venmo?
Much more quiet on the crypto front...trying
to find who they are connected to, was tough,
I couldn’t find it….yet...if anyone has
the deets, drop them in the comments, I’ve
been trying to reward good comments lately
with some crypto, soooo I hope I can make
it rain if you can connect the dots.
Now, the final thing I would like to talk
about in this episode, has to do with that
Ethereum protocol once more, and a copycat,
that is failing to keep up the fake it till
you make it, scheme.
Tether, ya those nasty folk, they tweeted
this “PSA: On June 29th, Tether will coordinate
with a 3rd party to perform a chain swap (conversion
from Tron TRC20 to ERC20 protocol) for a sizable
amount of USDt.
Additional details will follow in the coming
days.
Tether total supply will not change during
this process.
Yeah, they are taking Tether off Tron & poor
Justin Sun, is going to lose it...remember
that 20 million dollar, giveaway from Justin,
for swapping Tether Omni Layer to Tether Tron?
Well that was all for nothing, as the tokens
are being removed most likely, and that incentive
plan was a marketing stunt, most likely never
paid out, or the money was just circle jerked
among Justin’s friends.
But the beauty of this tweet, is seeing some
of the worst Trolls, get REKTed.
Down in the comments you can see the Block’s
Larry Cermack, tweet “Uh oh @udiWertheimer
looking forward to the payout!
Of which Udi replies, “lol can you help
me find the bet tweet I forget the terms”
And below, we can see it’s a .3 BTC Bet...but
the bet what was it on?
We can see here, Larry Said “Yes I do.
USDT on Tron won't take over USDT on Ethereum
by the end of 2021.
Deal?
And Udi, he is a Tron supporter, back in November,
he called for Tron to Flip Ethereum, after
he listened to Justin talk about the Poloniex
acquisition...which by the way, has been a
complete & utter failure.
As we can see, Poloniex’s trade volume,
pre Justin acquisition, was about 15 million
in volume.
They triend to pump the volume up over the
past 6 months, getting it to over 100 million,
on a couple occasions, but that has been deflating
since, and now we are right back to where
it started around 15 million in 24 hour volume.
Which can be confirmed by checking out poloniex.com’s
alexa site rankings over the past 3 months.
Down baby down,peaking around 5700 but now
down 6690 , a 22 percent alexa ranking drop
in just 90 days.
So, my friends, the copycat crap, it’s crap
in my personal opinion, and I can guarantee
you, you won’t see Paypal, integrate a Tron
wallet, at least there is a chance with Ethereum,
and we here at Chico, hopefully connected
some dots.
Cheers, I’ll see you next time!
