Daily: Markets of Fortune!

Happy New Year everyone! It's Chinese New Year right now in Asia. So China celebrating it, Korea celebrating it, and some Southeast Asian countries are celebrating it too. It's a time where families gather together, but also they give out these. These red packets that symbolize wealth and prosperity. And it's a time where the god of fortune just sprays gold everywhere. And imagine if that's all crypto. I like to say that everything covered here in this video is my personal opinion, not financial advice, and I'm not a professional financial advisor. So what does that mean for the crypto markets? A lot of people were hypothesizing that before the Chinese New Year, people would be withdrawing the money to buy out gifts to be loading these red packets with money to give to their family and friends. It might be possible that during the family gathering they might be discussing crypto again just like what we saw in December. But the problem is right now in China crypto is a very sensitive topic. So this year is going to be a little bit special and what applied last year might not be the same. South Korea does celebrate a variant of Chinese New Year as well, but the culture is a little bit different. So what I'll be trying to see is to see if after the New Year, if Korean regulations loosen up and if that kimchi premium that we saw and the extra that the South Koreans pay are going to increase or not. In terms of other news, it seems like Coinbase is under multiple levels of attack. It does seem like Coinbase is admitting to accidentally draining user funds or charging users extra. It does mean of course that right now people are looking for a coin based alternative. But the downside is that common hood which is meant to be a savior is now using USDT. So USD balances are being transferred to USDT. The problem is right now there's a lot of distrust for USDT. Are they solvent? Do they really have that amount of USD to back up the number of USDT tokens that they issue? So right now if you use common hood, you actually be using the Bitcoin to USDT trading pair and you'll be parked as USDT. So it's now a matter of do you trust Bitfinex more to store your USD or do you trust Coinbase more? The thing is Coinbase is a little bit more compliant with the law. So they are actually operating in USA. So they have the KYC procedures there and they have a different bank account. But Bitfinex, of course, on the other hand, doesn't. They cannot operate in the US. So right now we don't really have the perfect solution. So we're still waiting for more services to come in next year. Maybe ethos, maybe different other ways to pitch purchase cryptocurrencies. It's still not perfect yet. And it's just very symbolic of how wild and how new this technology really is. We don't really have the services and the foundation for very safe transactions at this current point. But the market didn't seem to care about it. The market seemed to have charged all the way past 10K yesterday. It's a big figure for a lot of traders. People were looking for this 10K mark and kind of trying to predict what will happen. Would it rapidly decline after 10K or would it rise? Right now, this is only something that time will tell. Gong Xi Fa Cai, Happy New Year everyone. Thank you so much for watching this episode. I hope you guys really enjoy a Chinese New Year if you celebrate it over there. And if not, get some red packets out and start giving those to your families. Thank you guys so much for watching this video. Remember to click that little subscribe button to subscribe to this channel. And click that little notification button to be notified of new videos when they get released. Thank you guys so much for watching. See you next time. See you next time. See you next time.