Bitcoin and Cryptocurrency Update Friday 12th June

Boxmining avatar Boxmining
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Bitcoin has everyone watching closely since the Halving event. So far we are holding above $9,000, but is there potential to enter some new grounds? We also take a look at the latest cryptocurrency ne...

AI Analysis

Hey friend! Let me tell you about this cool crypto update video. It dives into the current state of Bitcoin and the broader cryptocurrency market, giving you a peek into what's happening, what might be next, and some super important tips on keeping your digital assets safe. We get a mix of technical analysis, market sentiment, and even some personal stories and opinions on different coins and trends.

Here’s a breakdown of what was covered:

* Bitcoin's Current Vibe: Bitcoin is really playing it cool right now, hanging out at around $9353, pretty much at the edge of this "wedge channel" it’s been stuck in. We saw it dip to $9100 recently but then bounced right back up, which was a nice surprise for anyone who thought it might crash. For a while, it was super boring, just glued within a tiny $100 range, which made a lot of traders pretty antsy.
* The Big Bitcoin Decision: The price range for Bitcoin is getting tighter and tighter, meaning it's going to have to make a big move soon. It’s either going to rocket up into new territory (think $10,000-$14,000 and beyond) or it’s going to drop hard. This decision is crucial for the whole crypto market.
* If Bitcoin has a massive rally (like to $14,000+), funds are likely to pour out of altcoins and into Bitcoin, making altcoins "bend the knee" and potentially dip by 10-20%.
* If Bitcoin makes a slight move up (say, 10-20% into new territory), altcoins might actually rally along with it.
* If Bitcoin moves down, altcoins are almost certainly going down with it in similar proportions, and that would probably signal the end of the current altcoin season.
* Manipulation in the Market: There’s definitely manipulation going on, which is pretty obvious when you see sudden "Bart Simpson" patterns (sharp up-and-down spikes) on the charts, like we did on June 2nd. These kinds of moves can completely wipe out leveraged traders. While it’s more blatant in Bitcoin, manipulation happens everywhere, even in traditional stock markets, but at least in crypto, we’re more aware of it.
* Bitcoin and the Stock Market: While Bitcoin seems a bit detached from the stock market in the short term, don't expect that to last forever. During the coronavirus scare, Bitcoin tanked even worse than stocks, showing that some investors still see it as a tech product. However, if the stock market crashes again, Bitcoin might initially go down with it, but then it’s expected to have a much stronger recovery. This is because people are starting to realize Bitcoin's potential as a "store of value" due to its limited supply, especially when governments keep printing more money.
* The Altcoin Season is On! We’re definitely in a "mini altcoin season," which makes sense since a lot of people took profits after Bitcoin’s halving rally and moved them into altcoins. Projects like Kyber and VeChain have seen crazy gains (60% and 33% respectively!).
* Asymmetrical Gains: One interesting thing is the "asymmetry" of altcoin movements – if they go up, they shoot up by huge percentages (60-70%), but if they go down, the losses are often less severe (like Theta only down 20% after a pump). This risk/reward balance is what draws a lot of people in.
* Trading Strategies:
* Short-term trading can be super dangerous, as we saw with MATIC, which plummeted 80% in a single day after a pump. While the presenter isn't usually into this, he understands why some people try it.
* He typically goes for long-term hodling (holding for the long run). But be warned, this can be brutal during crypto downturns. He held VeChain through a tough "crypto winter" and had to fight off negative news and emotional price bias. It’s a relief to see it getting attention now.
* The Power of Reverse Indicators: This is a cool insight! Sometimes, the best way to understand market sentiment is to look at "reverse indicators." If certain public figures (like "Chico," Warren Buffett, or Peter Schiff) are super hyped about something, it might be a good time to sell. Conversely, if they're trashing a project, it might actually be worth looking into. Peter Schiff, for example, is ironically super wrong about Bitcoin going to zero, which makes the presenter feel bullish!
* Personal Altcoin Philosophy: He generally doesn't "chase the hype" by buying coins that have already pumped significantly. Instead, he looks for projects with long-term value or genuine utility, taking a position there.
* XRP, Meme Coins, and Forks: He's never been a fan of XRP because he doesn't see the need for a "banker's token" despite acknowledging its speed. He also avoids meme coins (like Doge) and any forks of original coins (like Bitcoin Cash or Ethereum Classic), believing they often have built-in sell pressure and less long-term value.
* Future Content & Studio Life: The presenter is setting up a new studio, which he's pretty excited about, even if he's still using a step ladder as a chair and dealing with reverb! He plans to bring back in-depth series on crypto projects based on community votes, with upcoming updates on VeChain and Cardano (ADA), focusing on staking mechanisms. He's also exploring staking for Elrond.
* The Ethereum Fee Mystery: Someone recently made a 2.6 million dollar mistake by paying an insane fee for a small Ethereum transaction. The presenter believes this wasn't a mistake at all but likely intentional – either to tip miners or as a complicated way to launder "dirty" Ethereum by sending it to a mining pool they control, then receiving it back as a reward.
* Crypto and Money Laundering: While the myth persists that Bitcoin is totally anonymous and easy for money laundering, it's actually not that simple. Law enforcement and tools like Chainalysis can track funds very effectively, making Bitcoin a lot "cleaner" over time.
* Why Mixers are a No-Go: Using cryptocurrency "mixers" (like CoinJoin) to gain anonymity is extremely risky and should almost never be done. If you mix your coins with funds from illegal activities, exchanges can freeze your account without warning, even if you’re innocent.
* Privacy for the People (Legally!): For channel members, he'll be sharing exclusive "crypto hacks" on how to get more privacy for Ethereum transactions without resorting to dangerous mixers. This includes strategies like managing multiple wallets or using KYC-compliant methods that offer public anonymity.
* The Engrave Zero Hardware Wallet: He's incredibly impressed by this new hardware wallet because it operates completely offline – it only communicates via QR codes, with no Bluetooth, Wi-Fi, or USB connections. It also boasts the highest security chip (EAL7), which he sees as a massive leap for crypto security, despite its $288 price tag.
A Personal Hack Nightmare: He shared a terrifying story about how he lost $2000 (now $4000) worth of Ethereum due to mismanaging a private key. It turned into a "war" with a hacker trying to send funds out of his wallet, leading to a lot of frustration and loss. This story really drives home the critical importance of security and properly managing your keys. He stressed that you should never* keep your keys, backups, or passwords on your computer or device.
* Old Tech & Security: He's considering upgrading his 7-year-old PC because older processors have known vulnerabilities like Spectre and Meltdown, which can degrade performance and pose security risks. He views a $400-$500 PC upgrade as a small price to pay compared to potentially losing thousands, or even millions, in crypto from a hack.
* Virtual vs. In-Person Conferences: Virtual conferences can't replace the magic of in-person events. The real value of conferences is often in networking and informal chats, where people might share the "truth" about projects after a few drinks – something you won't get online. While he's speaking at a few free virtual conferences (Unitize and ABS Summit), he wouldn't pay for them.
* Jumping Back into Mining: He's keen to get back into crypto mining when the next generation of graphics cards (like Nvidia Ampere, RTX 3080/3090) comes out, promising a 60% boost in performance and increased efficiency for profit.
* NEO and DASH: He has a love-hate relationship with both. NEO initially had a lot of hype, but the developer community eventually dwindled, and it was "cannibalized" by Ontology. For DASH, he admires its all-in-one approach to privacy and speed, and praises its community (especially their adoption efforts in Venezuela). However, he's critical of the founder's "instamine" event and the current CEO's overly "corporate" approach.
* Energi (NRG): While Energi offers a high ROI (40%) and low node cost ($2000), it suffers from very low and often fake liquidity on exchanges, making it hard to acquire large amounts without drastically affecting the price.
* Basic Attention Token (BAT) & Brave Browser: He personally uses Brave Browser and benefits from BAT earnings, liking its ad-blocking feature. However, he's cautious about some of the "toxic" ads and custodial crypto savings services promoted within the platform.
* Financial Freedom & Life: He achieved financial freedom by getting into crypto early (around 2016) and feels lucky to do what he wants. He shared that too much travel can even lead to fatigue, emphasizing the importance of having a passion project like his YouTube channel to stay centered.
* Passive Income & DeFi: He's heavily invested in exploring passive income coins and plans to share his reasoning behind them in future videos. He's also super excited about developments in Decentralized Finance (DeFi), mentioning MakerDAO and Uniswap as promising projects, despite the ongoing challenges in the space.
* IOTA and Daily Crypto Use: While IOTA (and Bitcoin's Lightning Network) offer free and fast transactions, neither has seen significant real-world adoption. He believes it will take another 5-10 years for daily crypto use to become practical due to price volatility and current technological hurdles. He even shared a story about how hard it was to buy pizza with crypto in the US.
* HEX is a Scam: Plain and simple, he views HEX as a scam, claiming he could create something similar in just three seconds.

Overall, it was a pretty comprehensive update on the crypto world, mixing market analysis with personal experiences and practical advice, all delivered in a chill, conversational style. Make sure you smash that like button to help the channel and stay tuned for more!

Transcript

we are getting the stream up we're trying to see the the stream is in excellent condition so youtube tells me so we should be ready to go live welcome guys back to another episode of box mining here where we take a look at what's happening in the bitcoin and the cryptocurrency markets in general we're going to take a look at fundamental technical analysis everything today on today's live stream and guys you probably noticed i'm streaming from my new location i am super excited to see stream and...