So over father's day weekend there was a bit of an extended break in the world of equity trading, aka, stock trading and observation of juneteenth, but the same cannot be said about crypto trading. Now, if you happen to be a crypto trading investor, degenerate activist whatever you want to call it, you know that it's 24 7 fun this past weekend, though not so much fun. In fact, some people would refer to it as a bloodbath. Over the weekend, bitcoin went as low as 17.5 000, which is quite a sell-off from the all-time high of 69 000 in november of 2021..

In fact, the term bitcoin dead hit an all-time high in search volume. It was brutal if you were looking at your crypto portfolio. You are not having a good time. Fortunately, as i'm filming this now, we are getting a little bit of a reversionary bounce back as i'm filming.

This bitcoin is currently trading at 21 000 and is getting people to ask. The question is the bottom in now, obviously, unless you're clairvoyant or you can tell the future, those are the only people who will definitively know the answer to this particular question. This important financial question, but i'm going to do my best and with the help of mr wonderful from shark tank dive into some, maybe interesting things that you could consider about the situation of, is there more pain to be had, or is it time to dollar cost Average so with that being said, let's hop right into it. Just for a little bit of foundation as i'm making this video bitcoin is trading at 21, 000.

ethereum is 1150, sheep is somehow up sky high up almost 30 percent and even celsius had a good pump off of its recent pretty low lows. Now, let's get into what we saw over the weekend, is this going to be it? Is this the max pain, we're going to have to feel from here on out, or is this just a momentary bounce? Well, according to the shark tank star, mr wonderful aka kevin o'leary, he says a panic event is needed before crypto bottoms, well-known investor and shark tank star kevin o'leary said he isn't ready to call a bottom in the crypto sector, short of a major negative occurrence. You don't get a bottom until you have an event in the crypto world. We need someone to go to zero, while such occurrences obviously aren't positive for the players involved.

These types of panic events define bottoms as markets capitulate before crawling out of their lows and slowly recovering. So i think, there's reasoning to this. You can hear the same sort of sentiment in the world of corporate america and equities and stocks, so i don't think it would be too different in the world of crypto. It's just more so of this panic event.

We're seeing things go down. Is that the panic event, or do we need some of these bigger name companies to quote unquote blow up, and that leads us to some of the recent things we've seen. For example, caroluna went kaput, we know, celsius is on the ropes. We know three ac three aero capital they're on the ropes.

There are some panic events and going to zero and some disastrous stuff happening for certain companies, which brings me to kind of a new thing going on block five receives 250 million credit facility from ftx. Ftx is a long time sponsor of this channel. If you want to sign up for them check out the description below and as soon as you get training, they will give you some kickback after you trade over 250. I believe you get 25 dollars from ftx.

Anyway, more importantly, check this out blockfi, which has been around. They were pretty popular people really like their apy. Well, it looks like, according to their ceo, they just got saved from getting pushed over the edge by ftx. Today, blockfi signed a term sheet with ftx to secure a 250 million revolving credit facility, providing us with access to capital that further bolsters our balance sheets and platform strength so basically sounds like sam coming in saving zach.

This is not the first time ftx ceo sam has stepped in to bail out a major crypto company impacted by the recent market downturn. Last week, crypto broker voyager secured a revolving line of credit from sam uh, the quant training shop, almeida research, so sam is heavily related to ftx and almeida though it is now in the position for backstopping a broader market crash. Ftx is reportedly one of the firms that liquidated celsius, the troubled, decentralized crypto, landing platform that was forced to halt all user withdrawals last week. Well, if you read the next sentence, you just almost wonder what was going on.

Is it did celsius overextend itself, or did we get some business competition because celsius is in competition with block fi and, as you can tell, ftx is playing a little bit more nice with block by rather than celsius. Crazy stuff is going on so last week the ceo of blockfi tweeted that block fire had also been forced to liquidate a large client that failed to meet its obligations on an over collaterized loan. The statement which didn't name a specific client came amid speculation surrounding the solvency of three ac: three aero capital, a major crypto investment firm, which we've been covering on this channel. But pretty much now can put all this nuts.

I mean block five right here had to cut 20 percent of their workforce. Recently, coinbase cut 18 of theirs, so we are using this. I guess ideology, or just even this metric brought up by kevin o'leary of this panic event. Well, i don't know how big of a panic it has to be, but we're kind of seeing it once again: tara luna done block fi, pretty much saved by ftx voyager, pretty much saved by ftx 3ac done insolvent.

We're seeing some panic. My question is just like how big of a panic does it actually have to be now? Yes, i think this is a decent gauge, but what i think of better gauges is the fed right now, as long as they're being hawkish and really monetary tightening as they're battling inflation, raising interest rates raising raising raising, i think we're going to be under pressure, but Until we really get a grapple on inflation, start to either flatline or bring that number down and go from monetary tightening to monetary losing. I think that's going to be also, maybe in conjunction with the panic, but i think that's going to be a better signal for when is the bottom, not only in equities but particularly crypto m. Now, obviously, these are my own opinions and i would love to get yours in a comment below catch you in the next video.

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