NEARLY THE SAME as Bitcoin Price and Altcoin Market Hold up After SEC Ethereum / XRP Similarity

NEARLY THE SAME as Bitcoin Price and Altcoin Market Hold up After SEC Ethereum / XRP Similarity

[Music]
hey what’s going on everybody this is
the blockchain backer bringing you the
latest cryptocurrency news and Analysis
today we’re going to be taking a look
over here at the Bitcoin price chart
along with the altcoin market which just
seems to be humming along and outside of
price action of what’s going on right
now it still seems like we’re just in a
sideways accumulation range Happening
Here for Bitcoin along with the altcoin
market in here and so prices could still
just waddle around in here for a little
while throughout the weekend but there’s
something very fascinating that has
happened here in the market that I’d
like to talk about and I talked about
this yesterday in markets in the morning
that even if we moved at the same rate
or this Behavior it seemed like there
would likely be another dip if we acted
like that and that you know we’d still
have another dip to come to set another
low down in here for the altcoin market
but I phrased the question of you know
what do you think will happen at that
exact moment of when that occurs and
what is the repetitive theme that we
keep seeing we keep seeing negative news
show up at lows and the consistent
reoccurring theme is it seems to have to
do with government agencies or it has to
do with governments in general of either
some type of actions or some type of
enforcement actions and what do you know
even after markets in the morning
yesterday when we talked about that hey
the SEC and consensus and ethereum all
make their big appearance which you had
to be kind of living under a rock on
Twitter yesterday if you didn’t notice
that all the crypto places are
portraying it as consensus assu the SEC
over unlawful seizure of authority over
ethereum as consensus sues the SEC
trying to get regulatory Clarity for
ethereum which seems to me kind of like
a spin kind of like a going on the
attack because the hard reality is
consensus said in the filing that they
received a Wells notice from the SEC on
April 10th warning of potential
inforcement actions related to its
metamask swaps and metamask staking
products in other words on April 10th
the notified at consensus that they
intended to sue consensus so the
narrative being spun is consensus sues
the SEC consensus has gone on the attack
but the reality is they were sent a
Well’s notice with the intent to get
sued by the SEC now what is so
fascinating about that that is April
10th right there that is 2 days before
the big plunge happens over here in
crypto do you remember what happened
when Ripple got issued a Wells notice
from the SEC back in 2020 I sure do that
happened the announcement that Ripple
had been given a Wells notice by the SEC
came out on December 21st however they
likely received it somewhere here in
these days prior but the infamous tweet
from Brad Garling house took place there
in December 21st saying today the SEC
voted to attack crypto however that
likely came in a little bit earlier with
the wells notice and a little bit of
time surprisingly or not just like what
we experience right now in crypto and so
right now it’s coming as a big surprise
to most retail investors and to the
general public oh boy there’s some stuff
going on out there but the reality is
all the Insiders all the people in the
know they all found out back here they
all found out before that plunge
happened likely with what happened with
xrp and ripple back in 2020 and so us
finding out right now is like finding
out right in here after we’ve already
had liquidation one liquidation 2
recovery pullback liquidation one
liquidation to recovery pullback what’s
even crazier about it all or not the
Ripple announcement happens shortly
after Bitcoin is above the all-time high
over here in 2020 now the consensus one
happens over here just above the alltime
high here in 2024 the SEC playing their
timing games however I think the
difference with this one is that all the
Insiders got to find out about it ahead
of time before the rest of us did here
in 2024 whereas in 2020 uh it came out a
little bit quicker but the result ended
up being the same thing so right now
trying to be like oh boy this is new
news hitting the market hard hard to
disseminate that is actually being new
news because you can clearly see two
days after they were given the wells
notice you’re telling me that all the
Insiders didn’t find out about it right
away N I doubt it now they’ve had two
weeks to kind of spin up a marketing
campaign and make it look like oh we’re
on the attack we’re suing the SEC but
the reality is they got served well
notice so trying to disseminate this as
new information I’m ahead of the curve
I’m making decisions based on this
information I think it’s hard to do that
just because we’re already past that and
we had just just gotten started there
with xrp back in 2020 so to each their
own I obviously don’t know the end
result of what this is going to end up
being but I can I can draw these
similarities of what actually ended up
happening it became information pretty
quickly here we’ve talked about negative
news hitting here right we’ve only heard
one side of it so we still haven’t heard
the other side of it like the
expectation is that we end up having
some negative news that comes in that
dip it’s what we talked about yesterday
in markets in the morning what ends up
happening in here when you get these
last these last pushes is we have some
type of negative negative news that
happens and the historical thing we
continue to keep seeing is government
agencies being the ones to do it so we
have this and you know we have this
happening right here but right we only
have this one side of it well going
through Ripple going through the whole
xrp thing I know there’s still one part
of the puzzle that hasn’t happened yet
with this story that maybe we end up
getting today today is the part where
the SEC comes out and makes their
statement about it right we know that
consensus has received their Wells
notice but we haven’t seen the SEC
formally come out and say Here’s what
we’re doing and here’s all the reasons
why and with their formal complaint
right so we got a formal complaint there
from the SEC back in 2020 and we haven’t
gotten that yet right and so this thing
was like 71 pages that part still hasn’t
come out yet and that’s the part that’s
likely going to Spook the market and we
don’t know what it’s going to say inside
of that thing but what’s interesting is
that we’ve really already done a lot of
the price action of what we’ve actually
seen happen in these types of
circumstances already before so negative
news in the dip negative news in the dip
seems like it who’s going to be the
culprit the SEC the typical one we’ll
have to see what happens when it comes
out but my gut feeling tells me it’s
actually already been priced in that gut
feeling would change very drastically
very quickly if we actually go take out
the lows that were set back there on
April 19th so really just a week ago but
right now actually behaving really
technically normal so long as we
continue to behave technically normal
and well we’ve already done all the
stuff that we’ve seen happen in these
types of environments before I’m curious
if we’re actually just getting played
here and that the true Wells notice
selloff took place two days after they
received it so keep your eyes out for it
be prepared for it the story right now
is consensus sues the SEC for clarity
over ethereum but the reality is there’s
likely a formal complaint coming from
the SEC here pretty soon otherwise as we
get ready to head into the weekend the
technical structure of the market has
not changed things are still just
humming along with the market still
acting technically as it should for a
recovery again the things that change
that should be if we go set new lows
below April 19th and it wouldn’t be
surprising if there’s still a couple
more flushes to happen here in this area
especially if that formal complaint
comes out but technically speaking
absolutely nothing is broken in here
from this structure at this point right
now so keep your eyes on it throughout
the weekend looking for some Bing
structures to start showing up in here
as this pullback is in place so long as
we’re holding those April 19th lows
personally I will likely be buying into
that not Financial advice do whatever
the heck you want but if this Market’s
going to turn up this seems like a
pretty good place to do it in the event
that it does take out the April 19th
lows I will cut those buys and then wait
for better entries but as of right now
it looks pretty good so we’ll go ahead
and wrap this up I hope you guys have a
fantastic weekend I want to thank you so
much for watching me and for supporting
me and being here I’m grateful that you
watch the channel if you’re looking for
something to do throughout the weekend
of course check out the newsletter over
here on blockchain back. substack do.com
there’s a link down there in the
description of this video there’s over
30 newsletters in here if you sign up
for the newsletter you get access to all
of them they all come with audio
recordings in here that I do record
personally but this most recent one that
was just recently put out really talks
about that Dynamic shift that’s
happening over here in the market with
contract deployment and user activity
levels and activity over there on the
base chain and how coinbase is really
feeding their customers through this
Avenue there’s been a massive explosion
over there in total value locked and F
trading activity decentralized finance
and it seems like it’s important to be
ahead of the curve on this and just
keeping your eye on it you can check all
that out over here plus all the other
ones that talk about development
activity and the importance and the
contrast of performance of the top 20 in
the market cap versus the top 20 by
development activity all those are still
on here available for you of course you
can check out BCB backer.com if you
prefer videos where there’s over 40
videos and 11 hours of content where I
talk about the historical behavior of
the cryptocurrency market and teach you
how to set up your own charts and your
own indicators and trading View and coin
Trader Pro again those links are right
down there in the description of this
video to the substack right there at
blockchain back. substack
docomomo I hope you have a fantastic
weekend I want to thank you so much for
watching if you could please like this
video and give it a thumbs up if you’re
new to the Channel Please Subscribe and
hit the notification Bell so you could
be notified of when I create new content
and when I go live as always this is not
investment advice and I am not a
financial adviser but if you ever need a
pickme up or a little bit of reassurance
just remember that the blockchain
backers got your
back have a good one
[Music]

Blockchain Backer’s Technical Analysis Toolkit for Crypto – http://www.BCBacker.com
Blockchain Backer Newsletter – https://blockchainbacker.substack.com

Blockchain Backer 702 Digital Art NFT Collection on XRP – https://nft.onxrp.com/collection/blockchain-backer/

Hi, I am the Blockchain Backer, bringing you the latest cryptocurrency news and analysis. The content of my channel primarily focuses on crypto news, motivation, and chart analysis on the XRP chart, Bitcoin chart, various Altcoin charts, and market cap charts.

DISCLAIMER: I am not a financial adviser. Investing and trading is risky, and you can lose your money. The information in this video should not be used to make any investment decisions. You should contact a licensed financial adviser prior to making any investment decisions. Any affiliate links in the description of these videos may provide a commission if you decide to purchase their products. I appreciate any and all support of my channel, and without you, I wouldn’t be here. Thank you.