Because they know they have a weak case And they're just going after someone That really can't defend themselves Welcome back to cryptos are us I'm George we're all George so this morning I want to talk about this little dip With Bitcoin you can see Bitcoin fell Below 23 000. and all of a sudden this Happened and you may be wondering why And I do believe I have found the cause And it's due to none other than Gary Gensler and SEC so yesterday it was Reported that SEC is a ready Investigating the crypto exchange Kraken Which is a fairly they are fairly large Exchange in the U.S and this is over Security violations now when I first Read this I'm like okay this by itself Will not prompt the market to dip right But this is concerning because what does This mean uh is Destiny to go after Binance or go after coinbase right or Have they already are they gonna go After Gemini which they do have a Lawsuit against right now uh so we don't Know but it's looking like the uh the SEC it's just kind of you know trying to Just disrupt things right it just it's Fairly obvious that Gary gunzler wants More control and he does not like the Way crypto is evolving right now he does Not like a free market so uh so this is What's happening so we don't know Exactly what's gonna happen with Kraken
It's rumor that they will just settle Right and maybe they have to delist a Lot of the the coins on their platform Right this is all due to this okay it's Not just rumor anymore but this is Settled Kraken which is one of the one Of the crypto exchanges Bitcoin Exchanges in the US they have settled With the SEC they're paying 30 million Dollar fine okay so they're gonna Survive it's not like cracking this goes Shut down because of this there paying a 30 million dollar fine and they're Stopping staking all together except eth Because they can't unsticky even they Wanted to right Um but they did stop their staking Service does that mean it's withdrawals Are stopped or anything like that no you Just can't stake anymore that means Crack and won't allow Users to stake the whole thing to me Seems quite silly again I think it's Gary you know because crypto Brought on so many new things that Current financial markets have never Ever ever seen before so even something That is inherently built in to crypto And you can't really change it like Staking staking is essential to powering The network and security network right That is essential but it's something That Gary Doesn't like
Because it's new and he decided let's Just go after exchange and and look at This why did he go after Kraken do you Think why do you think the SEC didn't go After coinbase coinbase is the biggest US exchange so if they really wanted to Shut down staking why did they go after A kraken one of the smaller exchanges in The US because they know they have a Weak case and they're just going after Someone that really can't defend Themselves Right if they went after coinbase on This I think coinbase would fight this a Lot better with their army of lawyers Rather than Kraken who doesn't have as Much money to be able to fight but Because of this strategy and now that Kraken has shut down well this sends a Shockwave throughout the industry and All these other exchanges are like oh You know we better watch out right so Gary is He didn't do this on purpose I mean he Did do this on purpose but he didn't do It by accident picking Kraken he knew Exactly what he was doing he doesn't Want a long drawn out case like what's Going on with ripple and he may lose That right so this is the reason why They went after Kraken because coinbase Also offers thinking binance.us office Taking in fact I think binance.us has Has the most amount of
Um The most amount of off I guess the Offering for State coins Um I think they have like 10 or Something like that and coinbase has Like six I don't even know how many Kraken ads probably like six or Something it's not like there's hundreds Of them it's just a little bit right Um but make no mistake this is Attack on Crypto And Gary did this on purpose even even One of his own fellow Commissioners keep In mind Gary's making this decision Basically single-handedly right uh you Have you have commissioner SC Commissioner uh Hester who's known as Crypto mom she came out and blasted the SEC due to this She's like we've known about staking all This time it's not like we didn't know It's staking's been around for years But But he shouldn't name names but she just Labeled her own ex her own commission uh Lazy basically Paternalistic and lazy she's like all This time we could have been working at Formulating rules and laws you know to Regulate let's say staking but instead We just shut it down all together Right so even people in the SEC feels Like this is wrong Right but unfortunately this has
Happened Um and it'll be interesting to see like I mentioned coinbase and binance.us are They go proactively to shut down their Staking service or will they fight it or They will wait until that SEC comes back To them and they they will say no we're Fighting this right I I don't know I Don't I don't know but I think it's no Accident they chose a kraken not not Coinbase or not binance because they Don't they don't want to to draw this Out because they really don't have and I Don't think anyone really knew about This I don't think anyone any of the Politicians any of the other Regulators Actually knew about it this is one of Those things that I think the SEC wanted To get done really fast sweep under a Rug and say okay now we got control now We ended staking right but who knows who Knows maybe this will be overturned Maybe Maybe uh Yeah maybe one of the other exchanges Goes to battle with the rip with uh SCC And bringing to the Supreme Court I I Don't know I don't know what's gonna Happen here but that this is what Spooked the market okay so it is done And and All of a sudden the IRS is seeking Approval to identify crack and crypto Customers
So the IRS went to Kraken before asking Kraken to to open the books to its Customers which Kraken has denied before But this comes minutes after the Settlement with the SEC Right so again not accident that Kraken Was chosen you know that IRS and SCC and Gary Gensler they had a conversation Before this and SEC already knew yeah Krakens go cave in so this is perfect Time for you to go in and look at all Their books So the no accident at all Um I I don't know what else what else to Say about this Okay but here's the thing here's the Bigger here's the bigger picture here Here's the bigger picture Um We don't know what's going to happen to Central exchanges in the U.S right well They all cave in there's a good chance Of that right does that mean the staking Industry is dead does that mean every Single proof of stake Coin is dead the answer is no okay Because this is just the US crypto is Not limited to just the US right cryptos Worldwide decentralized thousands upon Thousands and tens of thousands hundreds Of thousands of stakers around the world Okay and this is just talking about Centralized exchanges you can stake
Directly from your wallet a lot of you Guys have the trust wallet you can stake Directly Within Okay so it has nothing to do with that And there's no way there's no way in Hell that SEC is able to identify you or Me or someone else staking natively Either through a native wallet or a Mobile wallet or any other Hardware Wallet right there's no way they could Stop that so does this mean it's the end Of staking no No nowhere close to that okay and let's Not forget Besides native staking and mobile Staking and Hardware staking right you Still have the dexes you still have the D5 projects out there before I move on I Want to talk about privacy really quick Are you concerned about your internet Activity being monitored or are you Concerned that Central exchanges are Tracking your location through your IP If so and you want to keep your activity And location private then check out Nordvpn nordvpn helps protect your Online privacy and security through Their virtual private Network spread Across the world using nordvpn you can Hide your IP address encrypt your Internet connection shielding your Digital Life from prying eyes like Internet service providers Network Administrators crypto exchanges and even
From the government nor VPN uses Military-grade encryption and has a Strict no log policy to keep your data Safe from hackers and cyber criminals Plus with over 5 000 servers in 59 Countries you can easily access the Internet anywhere in the world while Being protected whether you're at home Or on the go nordvpn has you covered if You want to learn more about nordvpn Check out the URL in the description of This video and I'll bring up this chart Right here there's two crosses that's Happening right now So on a daily chart which is the bottom One Um we have formed a golden cross The 50 has moved above the 200 moving Average that's called a golden cross and That's bad that's good that's good now On top here unfortunately on the weekly Chart we also have another cross going Called a death cross the 200 is about to Move Above the 50. so we have conflicting Reports right now okay so not only do we Have a weekly death cross which Traditionally is bad in fact bitcoin's 14-year history has never seen a death Cross on its weekly chart but on the Daily chart a shorter time frame we're Getting that Golden Cross which I'm Going to tell you about in a little bit But so like right now there's this
Conflict so the Bears and and Bulls are Kind of arguing which one is more Significant here's the thing here's the Thing both of these crosses They're using moving averages either on A daily scale weekly scale you could do It on any time frame they're considered Lagging indicators that means you have To have price movement move a certain Direction for so long before those Moving averages actually start moving Down or upwards right so we have seen Many times when we have formed the death Cross and that actually Even though it sounds bad it's actually Good because that means we have found The bottom and we are recovering right And this could have happened because Well we had a longest drawdown we've Ever seen for Bitcoin even though Previous drawdowns had a bigger Percentage drop but in terms of number Of days this last one we went through Was the longest ever for Bitcoin we had Never seen a drawdown longer than the One we just experienced so keep that in Mind so that could be the reason why we Have never seen a weekly death cross Because previous Cycles previous bottoms We we recovered already right so there's That so I wouldn't put much emphasis on This I know the Bears the naysayers will Say well this is horrible you know you Got to sell you got to sell everything
Because the death crowd is coming no I See it Opposite I see this as indication That we have hit bottom and we are now Flipping above and the daily Golden Cross supports that if the daily Golden Cross coming up you know that we are Definitely coming up and that's why I Don't pay a lot of attention to the Weekly death cross I pay attention to This this is what happened last time Bitcoin formed a golden cross actually I Formed a couple times sometimes it Happens often but sometimes when it does Happen like back in 2019 when we formed The Golden Cross after recovering from Bottom that's the most important thing All right uh we jumped up quite a lot we Jumped up 154 percent It's relevant because that's exactly What we did we just formed bottom and we Were covering up now the other times you See here sometimes they're just kind of Like mid-stream so the you know the the Ups and downs are not so prevalent but The important one is to see the one in 2019 when we recover from bottom we had A huge recovery upwards I remember from 3000 to about 14 000 uh really really Quickly right and if we follow the same Footsteps well then we'll see about Sixty thousand in about 60 days Okay and another thing to keep in mind Look at the Golden Cross one informed in
2020 Okay that one brought Bitcoin up From 6 000 all the way up to basically Uh sixty thousand that is actually a 10x Okay I don't anticipate that we're gonna See something like that right now but Good things have happened when we had Golden cross's Forum on a daily chart Okay so uh I'm looking forward to it all Right let's just put it that way
