Bitcoin Faces a Global Market Bloodbath Transcript

00:06 Welcome back to Cryptos are Us. I am George. We're all George. Welcome to another market open stream. Unfortunately, today not looking so good. The complete opposite of yesterday. Bitcoin faces a global yes global blood bath right now. So, let's talk about it. Let's talk about everything that's going on in the world today. All right, let's do it, guys.

00:36 Let's do it. Welcome, welcome, welcome. Unfortunately, we lost all the gains from yesterday, but the thing is we're basically back to where we were. Um yesterday we almost almost broke 85,000 and then we kind of started losing it when Asia opened up and this is where we are now. Uh it's not that bad but with the US market looking very very very red and Asia markets looking red.

01:06 It's looking scary once again. Yesterday we were led by SpaceX and Tesla. You could see today everything's red. Dow is red. NASDAQ is red. Everything is red. And why is that? Well, oil continues to go up. Okay. So, it does seem like Trump is getting ready for the next phase, which is some some some new attacks. Um so he was hinting at it and people think that we're getting ready right after midterms we are going to go hard on Iran right so markets obviously does not like that uh oil is spiking up again and whenever oil

01:55 goes up that's when problems arrive inflation goes up prices go up everything markets sell off you know so all the things that we don't not happening right now. Right now. So yeah, and even the US pulls their diplomats from Saudi Arabia. So again, seems like things are going to escalate, not deescalate. And this is again what's causing a lot of the fears right now.

02:29 and and there's other stuff, you know, obviously going on, bond market stuff, Europe, Spain, and France in complete disarray, and you still have the war in Europe with Ukraine and Russia. You put it all together, it's what's uh it's a recipe for for chaos, for blood baths, which which is what we're seeing right now, which again, it's just like uh it's just so back and forth.

03:04 Yesterday, we had a good rally day. We had AI and tech lead the way. We had good rally for Bitcoin and crypto, and now we just like lost it the next day. So, it kind of sucks. Uh Asia is selling off like crazy. Look at look at China. What happened in China there? Uh everything everything went down. Okay. And uh and the rest of Asia didn't do well either.

03:28 So a lot of global tailwinds hitting shores today and that's what's causing us to be so red and Bitcoin to lose its gains from yesterday. So unfortunate. You know why it's also unfortunate? Because yesterday we had another fantastic inflow day plus 500 million. So that was over that's over a billion in the last three days. So we had an absolutely fantastic turnaround.

04:03 A lot of money flowing in and uh you know same thing with ETH finally turning green. Soul finally turning green. XRP not not so much. But yesterday was just a good day all around, right? Let's see if we could hold on to those gains today. There's over a billion dollar coming into Bitcoin in three days. Really two days is no joke. could be a reason why we're still holding where we are right now because there are a lot of people that are still putting their faith faith and trust into Bitcoin and that's why the money is

04:46 still flowing in right so yesterday we had another big huge ETF day unfortunately though because of the the slight decline from yesterday we have another 400 million wiped out due to leverage. Too many people again threw on either shorts or longs because it's pretty even for some of these like for Zcash it's like pretty even 50/50. Uh for soul it's also pretty even but a lot of new money being wiped out.

05:26 Okay, 400 million. This is probably a big reason why we fell down where we did. And if you look, you could see we wiped out a lot of the longs on the downside due to the market bloodbath and fears of oil and everything. So, but the good news is we wiped all that out. There's really this is why we're probably holding there's not that many levels left.

05:50 Okay? I mean, we do have levels, but not nearly as much as this. And now most of the levels are up here back to 85 86. So that's something to look forward to. But unfortunately, leverage still kind of still kind of high and causing havoc. So again, I I like to remind people if you're going to play with leverage, you know, do it responsibly. 2x, 3x, you know, at most.

06:23 Even if you do like a five, 10, you're you're facing massive losses with a reversal. If you go 15, 20, anything above, you're looking to get liquidated within a day, right? And that takes away all of your gains and there's no way to recover. So, just play responsibly. And also just keep in mind it also helps everyone else because when you have major squeezes like long squeezes, it does drive us more to the short side.

06:53 This is why I always talk about we want short squeezes because it drives us to the long side. So keep that in mind. Uh what else? China to seek 62,000 Bitcoin tied to this fraud that they this fraudulent person. So they're they're going to try to confiscate it. that will push their holdings above the the US reserve. So, they're like slightly below. They're like 10,000 below where we are, but this will push them above.

07:23 So, I don't know. I don't know if this is going to force us to start buying some Bitcoin. That's been talked about for a while, okay, to add more to our reserves, and that hasn't happened yet, but they've been talking about finding ways, a net neutral way to buy more Bitcoin without spending more money. And uh that seems like an impossible task, which is why they haven't come up with it yet.

07:46 Uh but Scott Bance's been talking about that for a while now. Maybe this will give him a reason to start accumulating more. Um but we are getting close to midterms. Okay. Less than two weeks. I didn't even know it was that fast. It's time is flying. Okay, here's the thing. Look at what has happened last three midterms like almost like clockwork right afterwards.

08:24 We actually fall towards midterms. So this year is actually a little bit different because we started rising up from our bottom. But if you look at the last three times this happened, spanning 12 years, we actually bottomed during those midterm elections and then we start recovering up in a big way. So is history going to repeat in 12 days? Maybe we maybe we hover.

08:52 Maybe we see some weakness for 12 days and then will history repeat where we actually start rising and coming up. Quite possibly unless we break the trend this time, which we can. Obviously, things don't always repeat, but they tend to rhyme for reasons that are unknown. But they don't happen because it's a coincidence. There there's something that happens behind the scenes that's driving this, right?

09:25 So, we'll see. 12 days away, November 3rd, coming up very, very quickly. and Benjamin Cohen once Bitcoin bare turned Bitcoin bull uh actually posted something that's that's bullish and that is Bitcoin is actually recovering up just like the 2020 COVID drop time that was actually a crypto winter. Okay. and how we're kind of trending along and we're about to zoom up to the upside.

10:10 And that may very well happen within the next two weeks after midterms just like this. We will see. We will see. All right. A uh outside of Bitcoin, not that much big news. Salana's network, okay, it's now live, upgraded. Now transactions uh or settlement of transactions only take about 150 milliseconds, which is extremely fast. So now you could actually use Salana for a lot of useful things, especially with like payments, right?

10:50 daily payments and big credit card makers like Visa, Mastercard, they could use Salana and financial institutions could use it and users could use it. So, it makes a lot more useful compared to a lot of other chains that still take minutes for confirmation. This is much much faster. So, good for Salana. And I saw this darknet, they want to become a postquantum layer one, okay?

11:24 They want to stop being a layer 2 for Ethereum. They want to become their own chain that's quantum resistant and they're going to come out with some kind of research paper or white paper that's going to show how they're going to do that in the in the coming weeks. All right, that's pretty much it. NASDAQ is still looking pretty nasty. I don't know if today's going to turn around.

11:56 Sometimes we see the day start out pretty pretty low and then we recover, but not sure we're going to see that today. And I know I just saw this jobless claims near the lowest since the 1960s. What? That's like 80 years. Jobless claims last week total just 194,000 below expected and near the lowest level since the late 1960s. Well, 194,000 doesn't seem that bad.

12:28 So, I don't know what this means. I mean, when you have low firing, of course, they're not going to hire more, right? So, I I don't know. I think this is kind of exagger. I think this is made to like sound really scary. Non-farm payrolls rose just 29,000 September and have average a gain of 69,000 a month. Okay. Unemployment rose to 4.2%. Um, but again, if unemployment, you know, it's not like unemployment skyrocketing right now, people may businesses may not just be hiring because they just don't need more people.

13:18 They're not really firing. They're just keeping people aboard. So, I don't know. This sounds fishy. I I feel like this is this is made to scare people. It's It's worse than it sounds. It sounds worse than it is. All right, outside of that, uh, my watch list is still pretty pretty red. Uh, reminders, NBA season, yesterday was a good Lakers game. Uh, football's coming up.

13:52 If you guys want to make your predictions, make sure you do so on Clash Picks. We got everything. all the sports, NHL, NBA, NFL, UFC, and of course a lot of cryptobased predictions as well, all in here for you guys. You can use Clash Soul USDC or utilize PClash again, which is given out for free. So, utilize that. You could claim it every week and you could also earn it by by playing Frontline.

14:26 Clashpad is still ongoing. reward sent to holder went up now above 1,600. Still have a lot of great projects including my very own Clash World and Front Line. And Frontline has been improved even more since yesterday. Better performance up. There's now challenges. For those of you guys that do play, you can earn XP by playing daily challenges, weekly challenges.

14:52 Assignments are like long-term challenges. There's more stuff coming to the store. a lot more customization stuff and the game has been improved and I'm working on a gigantic huge 15 by 15 map and it's going to be fantastic. And play now has been upgraded. So there's four four different modes and every mode has four different maps at least for free players and anyone can jump in free.

15:24 But if you are a subscriber or you have a season pass, then you get to see all the maps for all the for all the modes. So check it out if you haven't. All right, let's do some Q&A. Super cycle Steo B. Looks like I picked the wrong week to to quit sniffing glue. Actually, there's never a bad time to to do that. You should stop. Uh Nick says Barlays is cutting off staff by 5,000 as it introduces more artificial intelligence.

16:36 Here's the thing. A lot of these companies are just using that as excuse. Okay, I think half of it's real. Half of it is they're using an excuse to just lay people off because they have nothing else to say, right? They may be worried about economy. They may be cutting because they've overhired. So some of that you got to take with a grain of salt. But I do believe more and more companies are utilizing AI as I am.

17:00 If you truly use it, understand it, you know, you'll know that it's wonderful, but it's also very dangerous too. Uh, a lot of you guys in it will probably know yesterday we had so many sites, okay, uh, database sites, front-end sites, um, that that were hacked. Um so there was like a PHP vulnerability found right so and then there was some kind of other thing found node.js JS there was vulnerability found with that which is in a lot of front-end pages and then you had like backend pages like railway which is a database

17:42 uh company um superbase like you had all these hacks and vulnerabilities found yesterday and some people lost a lot um especially ones with wallets and APIs tied in. Luckily, nothing that that we have under clash was affected and we did I did patch everything. Um, but yeah, AI is also doing that. You know, hackers are using AI for destructive purposes and people are using it for productivity and also for patching and stuff like that.

18:19 There's going to be a lot more of it. I mean, we've been seeing that in crypto, right? all these hacks that's been happening with crypto, they're accelerating because of uh because of use of AI. So, it's like wonderful and and horrible at the same time really. So, the best thing to do right now is to make as much money as you can within the next 5 to 10 years.

18:51 like maximize earnings because the problem being no jobs available after 10 years and uh and also you learn how to utilize it. So you could protect yourself at the very least but you could also use it to make something great. I hate the video titles. Why? This is the truth. Bitcoin faces a global market bloodbath. That's a perfect title. Do you want me to put something bullish today?

19:41 Bitcoin is about to pump despite a global market blood bath. That is not going to get views. And I get blasted all the time for being too bullish. So I I have to try to pull it in and make it at least neutral. So right now, you know, I'm just in my building mode. So 24/7 I'm having my AI agents build improving front line and working on Clash World improving you know Clash Pickics and Ask Clash and Clash Project and everything under the sun.

20:32 So that's what I'm doing. Focus ultra focus. That's what you got to do in life. You got to be really focused on something. That's how you become successful or achieve your goals or do whatever. You got to be ultra focused. You can't be too distracted because right now there are so many things that could distract you. Even going on Twitter all the time distracts you.

20:55 I use Twitter for research. I don't use it for distraction. Going on Tik Tok, going on Instagram, distractions. Going on Facebook, distractions. Um, they're all methods to distract you from achieving your goals. Yeah, today at least for Bitcoin crypto, we basically just reset back to a day before, right? Which unfortunately sucks. Yesterday it seemed like we go go back up to 87.

22:10 We hit about right under 85 84 like 9ish and then honestly I think Asia futures market open and then they open and just kind of kept dragging us down and down and down and this we lost all of our gains from yesterday which sucks. Clauddio says, "Because AI is replacing all these jobs, people will be bored home playing Front Line and that's when we're all truly George."

23:14 Yeah. Yeah. Front line is also distraction, but it's good for Clasholders. So, if you're a Clash holder or you're a FPS holder, it's a good distraction because you're helping the ecosystem. So, just think about that. What is the point of achieving your goals, then what is next? It's a good question. What's next is you have to come up with a new goal.

23:53 You got to keep pushing yourself to achieve. I don't know. You know, it's a it's one of those it's one of those things like if you're always chasing, are you ever going to be truly satisfied? The answer is no. People that are super successful, they're never satisfied. So you could argue that they're never really happy because they're always chasing something bigger and greater, right?

24:24 That does make them successful in life, but are they truly happy inside? I think the happiness comes from achieving or chasing the goal. But once you achieve it, then the happiness goes away and you have to chase something else. And and I don't know, I think that's okay. But some people argue it's not. And it's usually the not successful people that argue it's not because they want to make themselves feel better by saying that.

24:59 Like a lot of people, I'm sure, working at McDonald's will say, "I'm perfectly happy. I I don't need to get a desk job. I don't need to save. I don't need to invest. I'm good." You know, you could argue that, but I would say it's usually the former. You know, achieving trying to achieve your goals and going from one goal to another, achieving greatness along the way is probably a better way to live.

25:28 I don't know. You guys tell me. If you had to choose a older Toyota Land Cruiser with V8 or a newer one, the four cylinder, of course, the V8. Of course, it's funny how much your goals change as you get older. Something you have so much conviction for can't seem so ridiculous a few years later. Yeah, it depends on what you're chasing, right? Obviously, when you're younger and as a guy, you may be chasing women and then you realize that was kind of stupid when you're younger.

26:18 Um, but I think if you're chasing like, you know, a better career, uh, that that never seems silly. Uh, maybe you make mistakes along the way. Maybe, you know, you ignore family life and later on you would have wished that you didn't. You spent more time with your family. That I think a lot of people go through. Um, and that's just life and you just wish for grandkids, I guess, at that point.

26:46 Um, but yeah, I guess what it's just what your goals are. If your goal is to become like I don't know, I don't know what what other bad goals there are. Okay, we're not going to no 40s. And Ben doesn't even say that anymore. He admitted as a mistake. He kept saying that we're going to make a new low back to 40s. Even he stopped saying that. So you you need to stop scaring yourself.

27:34 I spent 12 hours in front of my machine yesterday. Really don't want to do that ever again. Your machine meaning your computer. Uh I do that every day. Every day. Been doing that for ever since I discovered AI. Probably like eight months straight. It's It's like a bug. Once you once you know how to use it, it's like you don't want to stop. Basically, you you have endless possibilities afterwards.

28:23 We're coming up a little bit. We're coming out of a little bit. So, we we could be recovering back up. I think there's too many people that play shorts right now. So, just a little movement to the upside, you go have a lot of short short liquidations. Yeah. See, see all this up here? You got all around 82 something and then you got some in the 83s, right?

28:51 82 to 83. A ton of shorts waiting to be liquidated. If I spent 12 hours in front of a computer, my wife would kill me. Don't you work? Most people that are working are sitting in front of a computer. That's at least 7 to eight hours a day. Yeah, this is what I was talking about. PHP like they used the old mo I don't it was actually someone using an older model soul 5.6 six uh that found this PHP vulnerability.

30:23 It wasn't even one of the newer models. So like I can't kind of imagine, you know, if hackers really utilize the newer models to really like find vulnerabilities, there'll probably be a lot that are found. So, we got to prepare and crypto companies especially got to prepare because all the wallets and like with money and everything in there, they got to prepare.

31:04 Frosty Peas, you have eyes, don't you? You could see how many people that are watching right now. Why are you asking a question like that? Stephen B says, "I do the same. My wife gets angry about me and how much time I spend working with AI, but for me it's fun, not work." I agree. That's why most people lose sleep over it. If you truly get into it, you actually find it fun to build things and create things even though they may be AI slop.

32:49 It's something, right? I think over time you'll you'll start losing that because you could build all the greatest things. If you can't get people to use them, then you kind of get discouraged. So, you try to make another one and make another one, you know. So, this is a reason why uh selling tokens is is crazy. Uh, Anthropic. I heard they're trying to go IPO very fast.

33:15 They're go they're going to do IPO in November. I'm hoping that they release their Fable Fable 55 like today and it'll be like the greatest AI model ever. I'm hoping they release something before their IPO because they they they want to go for a two trillion valuation which is very very high. All right, I think that's pretty much it. I'm going to go work on Front Line some more.

34:09 If you guys haven't checked it out, you need a distraction. Go check it out. Browserbased game looks beautiful. Still upgrading it. adding more more stuff that you can load, stuff that you can earn and other improvements, visual improvements like you could jump over both things now. Uh better animation for the soldiers even though I think they're still they're pretty good already.

34:42 A lot more things coming to Front Line and I'm still working on Clash World which is looking really really good. I gave some previews yesterday. Uh it the world is so big I can't even discover it all. It it it would take me months to go through. There's over 10,000 buildings and like you know I was trying to count how many like stores and shops and individual places.

35:11 Hundreds to thousands of them around the city. Once once I release this, it's going to be it's going to be nuts. It's going to be like GTA 6 but with better features. So, still working on that as well. So, good stuff all around. All right, guys. Have a good one. Stay strong today. We lost the gains from yesterday because there's a global blood bath going on right now. All right. So, stay strong, stay focused, and I'll see you guys tomorrow. All right.