Crypto prices SURGE: Bitcoin breaks $3900! EOS up 30%

Well, so the bulls are back. So we have like a crazy explosive push in the cryptocurrency prices in the past 12 hours. We got Bitcoin actually going above 4,000 at one point, which is quite surprising to a lot of people and traders because they're like, wow, there's meant to be some resistance points at 3,900. But anyways, right now we're at a point where all the cryptocurrencies are in the green right now. And we got a lot of memes flying out too. We had all these like Vitalik smashing pumping iron memes out. So I just wanted to voice some of my personal opinions regarding the market. And obviously some news as well. And of course, everything covered here is my personal opinion, not financial advice. I think one of the funniest things about the market is how our mentality works, right? So I got calls when Ethereum dipped below 100 and people were like, oh my God, is it going to go to zero? And then the same friends that I talk to now, you know, now that Ethereum is above 100 now pushing up to 140 plus, they're like, yeah, go Ethereum. Smash out those memes. And there's just no feeling, no desire to sell right now. One thing that was about this market that was kind of surprising, I'm just talking about this Bitcoin chart right now. So we did have Bitcoin going above 4,000. And we did see a lot of longs being liquidated. So a lot of traders are taking, but it's kind of surprising how fast it can go up. It might be that the overall sentiment right now is that a lot of the bears are gone. And we did slowly see that move over from December times. Because around a week or so ago, we had another pump. The pump was very kind of unnatural. It lasted around six minutes and then it was gone. But the prices of crypto stayed around for that while. So it seems like a lot of the bears are testing to see. Or rather, a lot of bears are gone right now. They're kind of just like, oh yeah, we don't want to smash that sell button. But at the moment, something good happens. So in terms of that long to short ratio that we saw in terms of a trader sentiment, there's still a significant portion of longs, which is quite surprising. Even though that crypto prices are going up, it seems that this overall bearish mentality is residing, especially I guess right now, a lot of the funds as well. We're talking about earlier, there's a lot of crypto funds being in the space. And a lot of these funds, they had their year end at December. And they wanted to report a net loss at that time. So this year, they can go into positive or they can close their funds. But regardless, I think right now, the markets, the kind of like the sideways trading, I don't think it's really going to go away for a while. We don't see that kind of crazy enthusiasm into crypto yet. There are events that are being packed. We just saw the Binance conference. They have a lot of people there, but it's all these kind of old hands. So that's what I kind of expect to see for a while. These hold hands, older hands, people who are building, really pushing out new things. For example, even like Lightning Network, they have a lot of developments over there. We've got Neo DevCon that's really recently happening. And there's a new kind of ideas being put forth, implemented on the blockchain to solve scalability problems. Ethereum as well. We have the Constantinople update finally being very close to deployment. So all of these things are in the background, backworks. And that's what's really needed for another second push, to have an infrastructure that will support more people coming in. One word of warning, though, is that we do seem to have very paper-thin walls. So either buy walls or sell walls, it seems to be the case right now that the organic trading volume just isn't that huge. So that's why we have these huge spikes up and down. Like we have this moment of calm, and then maybe one or two groups of people decide to test the markets, and boom, they can break through those buy and sell walls and cause fundamental shifts. Moving on to the news side, we've got Reddit really excited to have new Bitcoin, Ethereum tickers on Nasdaq. So what exactly did they announce? Well, they announced the Bitcoin Liquid Index and the Ethereum Liquid Index. So these are two indices that are meant to track Bitcoin and Ethereum. And because Nasdaq is so big, well, these get broadcast to traders that are in the traditional finance space. So is it going to change the world? Does it kind of signal the pump? Does it explain the pump? Not really. It's kind of just very background infrastructure stuff that's coming in and for that broader recognition. We've seen that over the past few years anyways, that more and more mainstream media talking about crypto, and it's just kind of slowly getting their idea there. I think what's kind of more important is probably the JP Morgan incident. You know, yesterday I was talking about how the JP Morgan coin is pretty much a big scam. Exactly. They're using our technology, using blockchain technology, adapting it for client payments. And, you know, logically speaking, they should have been the ones that came up with ways to save their clients money. That's kind of like their job. But right now what they did is they adapt our technology, kind of validating that it's the best out there. And also it validates that the whole concept that we can transfer value without them. That's kind of the craziest part. They feel threatened. That's the only reason why they're implementing it. So, yeah, I discussed this topic and all this craziness of the banking cartels in my last video. So I'll put a link up there somewhere. But I feel like that may be something that we want to explore in the long run. Just making sure that the broader audience understands it. In other minor news, we've got Bitmain. They're announcing a 7 nanometer ASIC chip. So what does that mean? Well, it means that they finally develop the next generation of ASICs, which are more power efficient. This is why you kind of want to shrink the die size because the efficiency goes up, less heat generated, less electricity used for the same hash power. And we actually see network hash rate for Bitcoin increasing. So it's kind of funny when you see that. You're like, yeah, wasn't there like a bunch of FUD that miners aren't profitable, that they're closing down? Well, network hash rate is increasing. That means there's more and more miners entering the space or Bitmain just might be mining with the new ASICs. But regardless, I think it's important to dispel this illusion that the mining community is not safe. Yeah, the mining community is safe and Bitcoin is also safe. We also have some exciting news on Bitcoin front. So blockchain recently announced that they're adding libraries to support Schnorr signatures. So Schnorr signatures, they're this promised upgrade to Bitcoin that will make it more privacy-based. So what they're doing is they're adding something called new SIG. And by adding new SIG, they allow new developers to play around with Schnorr signatures. And I think something that's kind of cool about this is that there is actual development of Bitcoin. I think one of the kind of misconceptions is that Bitcoin, the community is very stuck back in the past and not adding more things onto the Bitcoin protocol. Right now, because of the fact that we have multiple variants of Bitcoin, it should be easier for the main Bitcoin community to actually implement various upgrades. So that's what I'm excited for. I'm not going to say that they're going to, you know, push out Schnorr signatures this year or even next year. I think it's going to take a while. We know that with Bitcoin, a lot of developments take a long time. So I think it's just something to slowly follow up about and understand. And I'll definitely try to look for making it for a video on Schnorr signatures soon. And that's it for the news. And not that much on the news front, actually. I am trying to make a video outside, just trying a little bit of getting out the house, getting some sunshine. It's great to see, like we had this huge storm yesterday. It's good to see the sun come out today. And that's it for me today, guys. If you guys liked, there's the video about yesterday that JP Morgan coined as a scam. I definitely did. It kind of surprised me that there was so much shadiness happening in the banking sector. So if you guys haven't looked into it, do check out the video. And if you guys have any other examples, do tell me as well. I'd love to hear what you also think about this whole situation. Thank you guys so much for watching. See you guys next time.