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Seriously guys this is like this is one Of the funniest crypto charts that I've Seen in my entire damn life are you Looking at the screen right now by the Way Matt here on the moon Lambo Channel I was not expecting to record a video This morning but how could I not how Could I possibly resist it's it's like Xrp just straight chilling here moving Sideways hanging out close to 64 cents And it's Like and off a cliff it goes Off xrp 24-hour High 64 cents 24-hour Low 52 cents which just Happened my God you got to love crypto and I'm sure There are people out there who are Actually concerned Why am I laughing Well because this is stupid this doesn't Matter it's not a thing that is Terrifying frankly not to me I mean I've Been in this this I I've been through Too many of these things to be phased in The least by this I just I kid you not Here I'll show you actually my initial Response Like I laughed here's what I post I Looked at live coin watch because I saw There's some chatter on X I looked at The prices and I left so I wrote I just Checked crypto prices and laughed that Was my honest response I blame Jim Kramer for this now why am I blaming Jim Kramer well did you see the news
Yesterday I you know I thought about Mentioning this in a in a video last Night I happened to not it wasn't cuz It's kind of funny but I didn't feel Like it was quite big enough news to Mention it last night there's enough you Know going on but here's the headline Look at this Jim Kramer capitulates on Bitcoin technological Marvel it's here To stay and so you guys know about the Whole inverse Kramer thing whatever the Hell this guy says the opposite will Occur because think about a little over A year ago when Jim Kramer uh was saying Hey you got just sell your Bitcoin that Was the bottom of the market this guy Gets everything wrong how how can a Single person be this wrong about so Many things remember the 2008 financial Collapse with Leman brothers and Everything my God ah Leman Brothers is fine it's like What days Later collaps God so there's that now of course this Isn't the this isn't the real reason That this has happened I'll share with You uh exactly what everybody's saying Here but at the time I'm recording this Xrp it's rebounded a bit 56 cents Bitcoin 42886 bucks but uh Bitcoin did get as Low and has let's see 41,382 bucks so the Bitcoin chart there
24-hour chart here's xrp they're it's Like the same damn chart the whole asset Class just went down in unison it's oh My God I got a and I know I just I know Some people out there are panicking but Hopefully you can find this a little bit Soothing you can always it's gather on The fire ch's Uncle M going take care You if you ever are feeling a little bit Scared about this stuff you can come Here because this this is it does it Doesn't mean anything And by the way here's my screen grab Like I was laughing so hard I was like I Got to capture and you know what I Actually captured almost exactly the Bottom here you can see xrp at 52 cents On my phone capture the screen grab Here so anyway what's actually going on Well as far as I can tell there's an Opinion from an an entity in crypto Which thinks that perhaps the spot Bitcoin ETF not so much going to get Approved and what's being reported Widely with in uh you know social media Anyway is that this particular opinion Widely circulated that's what spooked The market globally and this may very Well be true I keep seeing this idea Propagated over and over and over again And that actually legitimately could be The case I if there's something else out There again this just happened at the Time I'm recording this uh it's actually
Exactly 7: a.m. right now and so I put Out this post right at the bottom of This thing at 6:19 a.m. and this is Central Time so it's been a little over 40 minutes so who knows by the time You're watching this maybe there's some News that I'm just unaware because this Just happened here uh but here you can See Scott milker one of the most Well-known guys in all of crypto 925,000 Followers on social media platform X he Wrote this is the reason in quotes for The dump I put reason in quotes because This is really just a leverage flush Regardless this is an opinion with zero New information that flies in the face Of everything shared by experts are you Guys that skittish that's what he wrote And so I'm not feeling skittish I think This is hilarious um I'm not going to Read this whole thing it's on your Screen if you want to pause here and Actually read this but again it's just An opinion from Matrix port and they're Saying hey looks like this thing may not Get approved the spot Bitcoin ETF and so Look my my guess and it's a for fun Guess nobody knows for sure uh I still Think the damn thing is going to get Approved I admit I would be surprised I Could be wrong I would be surprised if It doesn't get approved because I just I Can't understand why the the SEC is Materially behaving differently leading
Up to this decision than it has ever Behaved before why is it doing this why All these meetings why all the back and Forth why the seemingly you know genuine Conversations back and forth like They're giving themselves extra work Doing this if they're not going to if They don't have no intention of Approving the damn things right so to me That just seems hard to believe what Would the purpose of that be what do They have to gain by doing that I just Don't see it so I do still believe this Thing's going to get approved but it's Just crazy to think the market I kind of Love crypto it's that volatile this is So stupid this is the stupidest damn Thing that could possibly happen right Now so um this this gives you a little Taste though if there's actually a Decision from the SEC to not approve Expect this but Worse could get much worse now of course Even then you know I'm still optimistic For the for you know calendar year of 2024 it would just be you know emotional Responses to that and you know people Playing with leverage obviously they'll Get wiped out out and you know stop Losses cascading on down I that's what We'd be looking at here but it's still It just does zero to change my Perspective you know positively for the Outlook of 2020 this this is nothing and
On top of that even if this isn't the Case like these types of crashes you Should expect them anyway this just Happens in crypto in uh in 2017 in fact When Bitcoin ran from about a, at the Beginning of the year to $220,000 there Was there was like I don't know six or Seven pullbacks that I think were Somewhere in the neighborhood of 30% Crashes so that I mean that was worse Than what we're seeing here Obviously um here's another post from Scott mker this Market is so volatile That a single entity sharing their Opinion keyword opinion that an ETF will Get rejected is enough to trigger the Liquidation Cascade that the same Irrelevant entity also predicted would Come with the ETF rejection and so he's Spot on there and so if this is indeed What caused this to Cascade on down Again it's just stupid and hilarious um And if there is another reason again It's just this this has happened less Than an hour ago so if there's something That you future people know that I just Don't know that's possible but this is What's being touted as at as the reason At this particular moment in time uh Including by crypto media Outlets so I'm Just sharing with you what I know to This point uh here's another post from Scott Miker this is at 646 a.m. Central Time do you want to know why the market
Dumped because open interest was moving With his historically High funding rates To be long 66% annualized yesterday we Just saw $500 million in liquidations 95% of them Longs in under an hour Deens Are going to Deen yeah so um but this Just be like a life lesson don't play With fire don't play with leverage this Is crypto son like I'm sorry the Thousands of percent you know in in Terms of returns that are historically Normal in crypto that's not enough for You the life-changing wealth from the Thousands of percent games in crypto That we normally see that's not enough You want to play with leverage get the Hell out of Here this is the stupidest damn Thing that's all I could do is laugh Like I just I I hope you guys aren't Feeling fearful out there because is and Again the Market's already rebounded to Uh you know a bit to this point not all The way back up um and I you know if This really is it it was just a quick Flush then that that probably would be It for today Um you know I don't see a reason at this Particular moment I'm recording this Video to believe that this is going to Cascade down on further it looks like The damage was done that was it certain People got wiped out and this is why I Love my strategy of just buying stuff
And then not doing anything and holding For years and years and years and years On end that way the short-term Volatility like this doesn't matter to Me in the least and I can just laugh About it because it is Stupid so if nothing else if you got Nothing else out of this video if you're Just kind of wondering what happened and Maybe you just wanted make fun of Jim Kramer like me which you should do um Hopefully nothing else if you were Fearful uh hopefully that I I could wipe Some of that away for her because this Is nothing to be afraid of as far as I'm Concerned H freaking crypto man I love it I love This it's completely absurd but I love It I'm not a financial adviser you Should not buy yourself anything because Of anything I say or right that would be A very very very bad idea until next Time to the Moon lamp Bo
