Gold bounces off yesterday’s lows but is unable on to hold today’s highs
June 2022 gold futures opened this morning (4/29/2022) at $1895.80, far above yesterday’s low of $1871. Trading to a high of $1921.30 and settled in New York up 1.1% at $1911.70. However, on Fridays, Globex trading remains open until 6 PM EDT before closing for the weekend. As of 5:10 EDT gold has moved back below $1900 and is currently fixed at $1896.90 a net gain of $5.60 or 0.30% in afterhours trading.
The tremendous price swings evident in gold over the last couple of days likely resulted from multiple factors influencing gold prices. Investors continue to focus on next week’s FOMC meeting. It is widely anticipated that they will enact a ½ a percent interest rate hike which will go into effect at the end of next week’s meeting. Concurrently it is widely believed that the Federal Reserve will begin to reduce its balance sheet assets over the next three years. Economists polled by Bloomberg news believe that the Federal Reserve will reduce its balance sheet from the current level of $8.8 trillion to $6.4 trillion by the conclusion of 2024.
According to the CME’s FedWatch tool, there is a 99.1% probability that the Federal Reserve will announce ½ a percent rate hike. This indicator predicts a 91.9% probability that another half a percent rate hike will follow next week’s rate hike at the June FOMC meeting. The speed at which the Federal Reserve will raise interest rates in an attempt to play catch-up to the spiraling level of inflation provides bearish market sentiment for gold.
Today’s release by the Bureau of Labor Statistics of the PCE report indicated that inflation continues to surge higher. The PCE (Personal Consumption Expenditure) index was up 0.9% on the month and 6.6% on the year a 42-year high. This is the highest level since 1980. Yesterday’s the BEA released advance estimates for first-quarter GDP. The U.S. economy had a major contraction during the first three months of this year due to a resurgence in Covid 19 and a decline in government stimulus. This is the first decrease in U.S. GDP in approximately two years.
These two reports will certainly lead to bullish market sentiment for gold.
Additionally, there is a major economic fallout from the ongoing war in Ukraine. Inflation globally has been pressured higher especially in food costs because both Russia and Ukraine are major exporters of grains such as corn and wheat. Russia also is a primary provider of energy products such as oil and natural gas. Russia is the 3rd largest producer of oil. This continues to support higher pricing for oil and natural gas.
Since the largest components of spiraling inflation are energy and food costs, the war in Ukraine had a significant impact on moving inflation higher.
Unquestionably, there are multiple factors and events which have influenced gold prices. The complexity of all of these components we have spoken about today are providing both bullish and bearish undertones for the safe-haven asset gold, and in fact, might be the primary cause of recent price volatility.
It’s exactly what it sounds like: grabbing your laptop and taking work on the road with you!
Before the rise of remote work, there were really only two categories…
You were either working or on vacation.
But now we are seeing the rise of this third category and we’re SO stoked about it.
My wife Carey and I did a month-long workcation in Paris last year, and it was one of the most productive months in the business we've ever had! Not to mention how much FUN we had exploring Paris as a family
I recently talked with ABC7 about the concept of a workcation. If you’re curious about bringing your work on the road with you, definitely check this interview out!
New Opportunities Are Emerging For Citizens of The World.
Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.
Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.
Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".
Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.
Western and Eastern technical studies suggest a bullish reversal in gold has occurred
Gold traded to its lowest value in the last nine trading days with market forces taking the June 2022 futures contract to $1870.90 this morning. After opening at $1886.80, gold futures drifted lower and then recovered strongly. As of 4:30 PM EDT, the most active June 2022 gold contract is fixed at $1896.20 which is a net gain of $7.50. More importantly if it finishes this Globex session at these levels it will be a strong indication that the support level at $1885 is active support. However, when we combine today's price range with Eastern and Western technical analysis a case can be made that a pivot or key reversal has resulted from today's price action.
Chart #1 is a daily gold chart that we have used and published in which we highlighted the support level we had identified at $1885. This chart also clearly illustrates that the intraday low this morning moved just below gold's 100-day moving average.
Chart # 2 is the daily chart enlarged to better view the daily Japanese candlestick to identify it. The candlestick chart allows us to easily visualize the open and closing price, represented as a rectangle. The rectangle is filled in green, indicating that the close is currently above the opening price (a red candle indicates that the current pricing or the close is below its opening price). In the case of today's open and closing range, which is labeled as the "real body" in a candlestick chart, we can see that it opened and closed above the support at $1885 that we have identified.
A single Japanese candlestick can also be identified. The candlestick that formed today can be branded as a "Hammer." This single candlestick is part of a group known as the umbrella lines and consists of four primary candles labeled; hammer, shooting star, hangman, and inverted hammer. Umbrella lines are candles that show either very long lower shadows and small bodies near the top of the trading range or very long upper shadows and small bodies near the bottom of the trading range.
The "Hammer – Hangman" is the same except for their location within a trend. Therefore, depending on its location, it will be interpreted as a bullish or a bearish candlestick. If it appears during a downtrend, it can indicate that the correction has concluded. In such places, we name it a hammer. If the same candlestick appears after a defined uptrend, it is labeled as a "Hang-man."
While a single candlestick cannot indicate a potential pivot or reversal if it occurs within other variables, it can be a strong indication that a bullish reversal is taking place. Today's low fell below the 100-day moving average creating a long lower wick. This long lower wick occurs below both the open and closing price, which illustrates that when prices moved to today's low, buyers quickly stepped into the market and bought the dip. These buyers could be covering short positions or initiating long positions. Also, the real body (which is created from the open and closing price) of today's candlestick occurs above the support level at $1885.
This becomes an extremely important and valid piece of information,n if tomorrow's candlestick is a long green candle with a higher high and a higher low than today's, it would be labeled as a confirming candle. All of these factors would strengthen the assumption that the correction, which began on April 18, taking gold from $2003 per ounce to today's low of $1870, has concluded.
Russian spokesmen are very sharp in their comments on the events in Ukraine. As we read their statements during last few days, a chill runs down our spines. They choose very sharp words.
"Russia will respond harshly to further strikes by Ukraine against military facilities on Russian territory initiated by the West", said Russian diplomat spokeswoman Maria Zakharova. According to her, the West openly encourages Kyiv to use the supplied weapons to attack Russia. Several fuel and ammunition depots have recently caught fire in southern and western Russia, with Moscow blaming Ukraine.
"What option do you leave us, idiots? Complete destruction of the remaining Ukraine? A nuclear attack? ” Indicated the possible “ answers ”of the editor-in-chief of the state television, M. Simonjana, who, together with Zacharov, is considered a“ Putin's fury ”and the face of Russian propaganda.
The flames engulfed another strategic point of the Russians. Military warehouses near Belgorod have been burning several times this month. The question of whether Ukrainian forces, Russian sabotage, the Kremlin itself, or the interplay of coincidences are to blame remains unanswered.
This map shows fires on Russian territory recently
"Efforts to arm Ukraine, even with heavy weapons, are actions that threaten the continent's security and provoke instability," said Russian President's spokesman Dmitry Peskov in response to words from the British Foreign Secretary. Liz Truss said Russian troops must be pushed out of all of Ukraine and the Allies must "redouble" their efforts and send more military equipment to Kiev.
A spokeswoman for Russian diplomacy also accused the Organization for Security and Cooperation in Europe (OSCE) of passing data on Russian forces to the intelligence services of the West and Ukraine.
More deliveries of Allied weapons are pouring into Ukraine. The United States in particular is showing faith in Ukraine's victory over Russia. At the summit in Germany, US Secretary of Defense Lloyd Austin pledged to move "heaven and earth" for Ukraine's victory.
Germany has announced that it will send 50 anti-aircraft tanks to Ukraine.
In an address to the Australian Parliament at the end of March, Ukrainian President Volodymyr Zelensky explicitly requested the 11-ton multi-purpose transporter.
The Bushmaster armored vehicles from Australia are already in action. Footage of the Ukrainian army testing them in combat has appeared on social networks. Australian Bushmaster in Ukraine
Gold, silver slump on strong U.S. dollar, rising bond yields
Gold and silver prices are lower in midday U.S. Trading Wednesday and hit two-month lows. The safe-haven metals are being hit hard by a surging U.S. dollar and rising government bond yields. The bulls also continue to get punished by the chart-based bears who continue to press their case amid weakening near-term technicals. June gold futures were last down $15.40 at $1,888.70 and May Comex silver was last down $0.049 at $23.485 an ounce.
A feature in the marketplace this week is the soaring value of the U.S. dollar, as the U.S. dollar index today hit another two-year high. Meantime, the Euro currency today hit a five-year low. The greenback is seeing safe-haven demand amid the geopolitical crisis. The Euro zone is getting hammered by soaring energy costs, as much of Europe gets its energy from Russia. Russia on Tuesday cut off natural gas supplies to Poland and Bulgaria.
Global stock markets were mixed overnight. U.S. stock indexes are higher at midday, on corrective bounces after big losses Tuesday. This week is the busiest U.S. corporate earnings week of the quarter, which will help drive stock prices. So far most of the earnings reports have been upbeat. However, at present geopolitics is trumping corporate earnings as risk aversion remains elevated amid the Russia-Ukraine war that is the biggest battlefield in Europe since World War Two. Inflation worries are also near the front burner of the marketplace.
Major Russian gold miner opts for exports versus imports as local banks buy gold at discount
The other key outside market sees Nymex crude oil futures prices weaker and trading around $100.75 a barrel. The yield on the 10-year U.S. Treasury note is presently fetching 2.8%.
Technically, June gold futures prices hit another two-month low today. A price downtrend line is in place on the daily bar chart. Bears have gained the slight overall near-term technical advantage and have momentum on their side. Bulls' next upside price objective is to produce a close above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at $1,900.00 and then at today’s high of $1,908.10. First support is seen at today’s low of $1,881.60 and then at $1,875.00. Wyckoff's Market Rating: 4.5.
May silver futures prices hit a nine-week low today. A price downtrend line is in place on the daily bar chart. The silver bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at today’s high of $23.765 and then at $24.00. Next support is seen at today’s low of $23.275 and then at $23.00. Wyckoff's Market Rating: 3.5.
May N.Y. copper closed up 245 points at 446.50 cents today. Prices closed nearer the session high today and saw short covering. The copper bears have the overall near-term technical advantage. A price downtrend line is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 470.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 428.80 cents. First resistance is seen at 450.00 cents and then at Tuesday’s high of 452.45 cents. First support is seen at this week’s low of 438.30 cents and then at 430.00 cents. Wyckoff's Market Rating: 4.0.
Being alone is not always easy, but spending time just with yourself holds great power.
Why, and how you manage to be happy alone, I will tell you here and enjoy reading.
The most important relationship is the relationship with ourselves We care about everything and everyone and sometimes about every trivial thing, sometimes without knowing what for. Yet the most important relationship is the relationship with ourselves. But because we are constantly on the move on the outside, our inner self atrophies. The hectic existence becomes a self-runner, spinning in circles so long and so fast that it makes us dizzy. Then we fall over and are thrown back on ourselves.
And then we lie there …
Escape from oneself – or being alone to develop personally There are moments when you feel abandoned not only by the world, but also by yourself. After a break-up, a loss or at some other turning point in life, being alone can feel terribly lonely.
Enduring this, or rather enduring oneself, is difficult, but important for our personal development.
Being happy alone can be hard We have a tendency to want to avoid unpleasant things immediately: Let's get away from this gloomy place that currently knows no laughter and no happiness, that no one visits and that is always rushing from one to the other, so as not to have to endure and feel one's own feelings and so as not to be plunged into the depths by one's own abysses, we think, numbing ourselves with stimuli and running faster and faster in an attempt to outrun ourselves and the challenges of life.
But this will not succeed. We cannot run away from life's trials because they are interwoven with us to the very depths. We should solve them.
If we run away from them, they will always appear before us. They force us to immerse ourselves so that we can develop in the threads of life and go our way.
Therefore, we should not want to run away from loneliness, but meet it courageously.
Why being alone is important Being alone is important. Perhaps all the more important the lonelier it feels. In a world where one is permanently accessible, one should make oneself temporarily unreachable. We don't have to sink into complete isolation and punish ourselves with solitary confinement. It is simply a matter of not constantly avoiding our own encounters with distractions in the depths – and also the heights – of life.
The truth is: even the greatest distraction cannot separate us from ourselves. We always remain true to ourselves. Even when we have not been true to ourselves and our attitudes or resolutions.
The truth is: we are never alone in the world.
It's all the worse when this feeling feels so real – happiness only shallow and yet any human closeness seems distant. When everything is colourful but appears to us in black and white, when everything is animated but only emptiness sprouts for us, when we are burnt out because the inner fire has gone out, we should throw the focus back on ourselves. Put our life in perspective, lean back into ourselves and look at what is wrong right now.
Be happy alone? Connect with yourself When our tank is empty and only a sticky trail of oil drips behind us, we need to refuel – fill ourselves back up with ourselves. Breathe into ourselves a spirit of life that speaks our voice, walks in our rhythm, beats our beat and gives us a warm embrace from within.
We don't have to turn the whole world upside down or travel around the globe to do this – all it takes is time with ourselves.
Inner stability when it's stormy on the outside We can anchor our roots deep inside so that we stand firm in the storms of life. Gentle breezes will come, storms will come, but hurricanes will also sweep over us, sometimes changing our whole lives.
And then? One thing is certain, the more firmly we stand in ourselves, the less can bring us down.
Aloneness transforms We don't always have to be able to prance through the world with a beaming smile, bubbling over with joy or feeding on our own endorphin cocktail. We are allowed to be weak – but we have to be strong in order to gain new strength. Because true strength is to endure one's own weakness, to dive into it, to draw from the depths and to grow from it.
Aloneness is the key to ourselves Being alone is always what we make of it. The key to change can lie in honestly and lovingly letting ourselves in, because then we can open up the many (protective) shells and recognise who we really are. What we need and where we want to go.
Having time for ourselves gives us strength and contentment Without external influences we become calm. We connect with ourselves, process the past and recharge our batteries. We give ourselves time and attention and take care of ourselves.
And in the moment when we are content with ourselves – not needing any stimuli, events or confirmation from outside, accepting our own shadow sides and not blaming anyone else for our happiness – a powerful force full of independence, personal responsibility and genuine contentment awakens.
Being happy alone – this is how it works Therefore: If life overruns you or is a self-runner and you no longer know whether you are running after your own life or away from it, then just stand still.
Sit back.
Do nothing or what is good for you.
Hold on, catch yourself and catch yourself again when you have run too far away. Take yourself by the hand and pick yourself up where you are – this way you become yourself again and being alone becomes not only less lonely, but your source of strength.
Gold firms as investors digest China, inflation, and global economic contraction
Gold futures opened at $1899.60, traded to a low of $1896.30, and then recovered back above $1900 per ounce. As of 4:18 PM EDT gold futures basis, the most active June 2022 contract is currently trading up $9.30 and fixed at $1905.30. Gold’s reversal from its price decline over the last seven trading days is being supported by multiple factors and events.
Most evident is renewed concern by investors regarding China’s worsening Covid-19 infection rates, which has resulted in lockdowns in major Chinese cities which now include areas of Beijing. Over 500,000 cases of Covid-19 have been reported in Shanghai as hazmat-wearing patrols continue to enforce lockdowns throughout the city.
Shanghai is a major port city, and its shutdown has led to the absence of goods being shipped abroad, disrupting the supply chain to the United States of electronics and semiconductors vital to the automotive and electronics industry.
Real concerns about a global economic contraction resulting from China’s lockdowns shook equity markets worldwide. Shipping disruption was a root cause that led to Chinese equity markets selling off dramatically, which had a tremendous impact on U.S. equities today as all major indices experienced deep declines. The Dow lost 809 points or 2.38%, the S&P 500 declined by 2.81%, and the tech-heavy NASDAQ composite dropped dramatically, losing 3.95% or 514 points.
The uptick of Covid-19 infections in China and subsequent lockdowns have raised concerns that inflation will continue to rise and has not peaked as the Federal Reserve has maintained it would. When added to current geopolitical uncertainty regarding the war in Ukraine, these issues are at the core of today’s bullish market sentiment in gold as a safe-haven asset and hedge against both inflation fears and the emergence of risk-off market sentiment. Tapering the bullish market sentiment for gold is dollar strength, along with the potential for the Federal Reserve to initiate a series of rapid rate hikes of ½ a percent at each of the next two FOMC meetings.
As a response to Elon Musk’s offer to acquire Twitter on April 14, Twitter’s board immediately adopted a poison pill defense to ensure the acquisition by Musk wouldn’t happen. I can imagine the board members chortling over the poison pill vote saying, “It’ll be a cold day in hell before Musk takes us over…”
Of course, I’m just paraphrasing. I’m sure much fouler language was used. But the funniest part is that hell did just freeze over.The board was “forced” to accept the offer from Musk at a buyout price of $54.20 a share, or roughly $44 billion. I used the word “forced” for a reason. Twitter’s board made a critical mistake… They left themselves exposed and in a weak position.
They neglected their fiduciary responsibility as members of the board who are supposed to be acting in the best interest of shareholders. That’s where they failed. The way the poison pill was designed would have resulted in a material decrease in the value of Twitter and its share price. The major shareholders of course knew that. The board, in one fell swoop, created enemies of those who they were supposed to be working on behalf of.
Twitter founder Jack Dorsey struggled with his dysfunctional board for years.
He’s a brilliant entrepreneur, but even the best can be stifled by a bad board. And we just got a glimpse of how big the struggle was for him. So with so much hate and distaste for Musk and his beliefs, why did the board capitulate?
The answer is that they had no choice. The 12 days that followed after Musk’s original offer were most certainly a scramble. With an offer like that in the air, it meant that Twitter was “in play.” The board had to canvas the investment banks and private equity markets to see if there were any other possible bidders out there at a higher price… Preferably one that was seen as being less principled than Musk.
Clearly, there were none
Otherwise, the board wouldn’t have agreed to the “no shop” provision in the deal that prohibits Twitter from taking another offer. And the board’s foolish poison pill gave Musk even more influence over the large shareholders of Twitter. The shareholder base was clearly able to force the hand of the board to accept the offer from Musk.
The criticism has been harsh from some. It’s typically along the lines of, “Rich people shouldn’t be allowed to control media companies.” Yet it’s perfectly OK to those critics that Jeff Bezos owns The Washington Post, and Mark Zuckerberg controls Meta (Facebook).
The other tired complaint is that Twitter will now be awash with misinformation and disinformation under Musk’s control. The most ironic part about comments like that is that Google, Facebook, and Twitter all banned scientific research and/or world-renowned epidemiologists, virologists, and cardiologists from their platforms during the pandemic, considering them all to be in the class of “misinformation.” It pains me to even write those words, they are so absurd.
What is it about Musk’s ideas that are so hated by this toxic minority?
“Twitter has become the de facto town square, and it’s really important that people have both the reality and perception that they are able to speak freely within the bounds of the law.”
Musk plans to remove the political bias from Twitter’s algorithms and make the source code available in order to prevent "behind the scenes manipulation, either algorithmically or manually.”
He pledged to defeat the “spambots” that have been used by bad actors and nation-states to negatively influence not only society but also elections.
The plan is to authenticate all humans who use the platform.
He believes that freedom of speech is a fundamental right and that it is a necessity for a free and democratic society.
It’s hard to disagree with the above… In fact, this is precisely what needs to happen in order to unleash the value of Twitter. To use Musk’s words, Twitter’s “behind the scenes manipulation” has fomented hate and division, and it has also resulted in a deeply undervalued company.
Musk can and will fix Twitter as a platform
He managed to pick up Twitter at an incredible price. Presuming that Musk takes Twitter public again at some time in the next two or three years, he is going to make a fortune – at least two or three times his investment.
Can Musk fix Twitter? Absolutely. Just have a look at what he’s built to date:
Tesla (worth $1 trillion) – the world’s most successful clean energy company
SpaceX (valued at $100 billion) – the world’s most successful aerospace company
Boring Company (valued at $5.7 billion) – the world's most innovative boring company
Neuralink (valued at $2.1 billion) – is on the verge of a breakthrough for brain-computer interface technology
Any one of these accomplishments would be an outlier, but four of them? Plus, we know there will be more to come, presuming Musk doesn’t work himself to death.
But the incredible thing about his deal with Twitter is that if he is successful in affecting the changes that he intends, it may very well be the greatest contribution he’ll make… Is the restoration of one of our most fundamental and cherished rights, freedom of speech.
New Opportunities Are Emerging For Citizens of The World.
Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.
Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.
Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".
Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.
The social network Twitter was opened to the public almost 16 years ago, on July 15, 2006. It allows users to post and read posts posted by other users, known as tweets.
US billionaire Elon Musk has agreed to buy the Internet company Twitter for $ 44 billion. The company announced it 25th April 2022. Musk will gain control of the influential social network used by millions of people around the world. Following the completion of the transaction, Twitter shares will be withdrawn from the exchange they entered in 2013.
Already in early April, Musk announced that he had bought a 9 percent stake in Twitter. In mid-April, he came up with an offer to take over the entire company. The company said today (25th April) that its board of directors unanimously approved the transaction.
Now the agreement has yet to be approved by shareholders and regulator.
According to Musk, it is necessary for Twitter to be transferred to private ownership in order for it to develop and become a real platform for free expression.
"Freedom of speech is the foundation of a functioning democracy, and twitter is a digital square where fundamental issues for the future of humanity are discussed," Musk said in a press release to Twitter today. "Twitter has huge potential. I look forward to working with this company and the user community to leverage it," he added.
The future of Twitter is uncertain, boss Twitter CEO Parag Agrawal told employees after announcing the deal. The takeover is expected to be completed within a few months, with Musk indicating for a long time that he wants to fundamentally change the way the social network works with tens of millions of users around the world.
However, the details of his plans, which apparently concern the moderation of the content and transparency of the platform, are not clear, which is also reflected in Agrawal's words. "Once the agreement is reached, we do not know which direction the platform will go," he told Reuters.
According to Musk, it is necessary for Twitter to be transferred to private ownership in order for it to develop and become a real platform for free expression.
Comments from web:
And it has recently been written that shareholders will try to dilute Musk's share and somehow prevent a "hostile" takeover. Suddenly he buys Twitter. The turnaround is really interesting.
….
As the rich man begins to buy the media, his entry into politics approaches.
HOLY MOLY! Bitcoin & Crypto About to Have a HUGE WEEK! | Elon Musk Buys Twitter
Yes, welcome back everybody to altcoin daily, my name's austin in today's video. I want to share with you the latest news involving bitcoin involving elon, musk and twitter, involving higher cap crypto coins, lower cap crypto coins and, much more so like always check the timestamps down below. In the video description hit the like button and let's jump in starting with bitcoin grayscale renews push with the sec for a bitcoin spot etf. The securities and exchange commission has so far approved only btc, futures, etfs and, of course, the biggest difference on why spot etfs are so much better is because the contracts have to be settled in real bitcoin, meaning that the etf has to buy and own real bitcoin. Instead of the futures, where you can just speculate on the future price and you never actually have to own the btc and based on some new information, grayscale is a very confident that this one will be approved and here's.
Why, in a letter sent last week to the sec, seen by the financial times, grayscale's attorneys argued that the manner in which the regulatory agency, the sec, approved the fourth bitcoin futures etf techrium earlier this month, opened the door for a bitcoin spot etf. So here is the precedent that they say the sec just set and it has to do with the 1940s act versus the 1933 act. This is gon na sound, maybe very complicated, but here's. The explanation, grayscale's attorneys, argue the point that the first three bitcoin futures etfs were approved by the sec under the investment company act of 1940. However, the techrium etf was approved under the securities act of 1933, which is a first and according to grayscale's attorneys.
We believe the tequim order confirms the fundamental point that when it comes to approving exchange-traded products, there is no basis for treating spot bitcoin products differently from bitcoin futures products wow. This could be the bitcoin catalyst we have been waiting for. If this gets approved, the sec will likely decide on grayscale's etf application by july of this year and just weeks ago, grayscale ceo did state that he'd consider suing the sec if the bid gets rejected. So this is all coming to a head, something to keep on the radar next piece of news involving elon musk, twitter and the crypto market dogecoin surges on reports that twitter will now consider elon, musk's buyout offer and actually right in the middle of taping of filming. This today, twitter and elon musk will reach a deal on a buyout to be announced shortly.
So this is happening, and this is happening today and how did the crypto market respond? Well, the popular memecoin dogecoin jumped more than 12 percent in the past hour. Following the reports on this buyout and actually twitter stock also jumped more than five percent, actually much more than that. Now, amid the news now, what does that mean for you as a twitter user as a crypto holder as of this morning, elon musk states. I hope that even my worst critics remain on twitter, because that is what free speech means so give me your thoughts on this down below, in my opinion, any move that stifles censorship and promotes freedom.
I think that's good next piece of quick news involving ethereum warning. The board ape yacht club, instagram and discord have both been hacked. Do not click the links board. Api club's, instagram account and discord. Server were both hacked on monday, with an unofficial, mint link being sent out to followers in a direct tweet from the bayc.
There is no mint going on today. It looks like diyc's instagram was hacked, do not mint anything click, links or link your wallet to anything and if you're wondering what was the bait, what were they telling their instagram followers that they would get if they, if they clicked the link? The fraudulent link claimed that users could meant to land in the board api club's upcoming, other side meta, which is due to launch later next week, so in their upcoming metaverse, that we don't really have that. Many details on that was the bait, which of course, was fake. It is estimated that around 54 of those nfts valued around 13.
million dollars were stolen by the hackers. So please use this as a cautionary tale and next up, let's talk altcoins and again feel free to check the timestamps find the altcoin news that is most relevant to you, but next up, shiba inu launches a burning portal to reward ship token holders. So this is a major upgrade for the shiv ecosystem. The team behind the popular meme coin, shiba inu has launched a new burning mechanism designed to decrease the token circulating supply, while rewarding hodlers with a yield generating token. So the shib burning portal went live over the weekend with the team tweeting on monday that over 8 billion tokens actually now almost 12 billion tokens have now already been burned.
Now. Why would an individual do this? Yes, it potentially makes everybody else's tokens more scarce, but then you lose your tokens. So why would you choose to burn your tokens? Well, the ship burning portal was launched in collaboration with royosus vision, roy, she and erc20 token, aimed at supporting the growth of the ship ecosystem users who decide to burn their ship.
Tokens are given another token called burnt ship which pays rewards in roy. She tokens at varying rates, according to the developers, point four nine percent of all roy. She transactions will be distributed to the owners of burnt ship tokens wow. Quite the experimentation going on in crypto. Give me your thoughts on this down below and next up.
I want to take 60 seconds and give a big shout out to sponsor of the channel the ftx app for some background. Us is one of the largest and most respected exchanges with fees up to 85 percent cheaper than competitors so check out the link down below or use code altcoin daily. When you sign up and number one, you can earn a free crypto on every trade over ten dollars, that's a huge incentive and also get up to a hundred dollars back in crypto with altcoin daily. So how do i take advantage? How do i get free crypto with altcoin daily, well download the ftx app and enter code altcoin daily when you sign up fund your account, start buying selling trading and then earn up to 100 in crypto?
I will include a link down below for you to check out all the details, but essentially how you would make that happen when you trade, 100 or more earn 10 in crypto, when you trade, 500 or more earn 50 in crypto, and when you trade, 1, 000 Or more earn 100 in crypto get started today with code altcoin daily or by using this qr code. And, of course, let me know down below your thoughts. What you like about the ftx app take advantage link down below and next piece of lower cap, altcoin news step in impersonators, stealing user seed phrases warn security experts so use this as a cautionary tale. Do not let hackers steal your seed phrases just as a reminder, step in is a solana based game where gamers buy non-fungible token nft sneakers to begin playing and basically, while we're seeing so much play to earn hype in the crypto space step in is sort of Like exercise to earn or walk to earn the app monitors users movement through the gps of their mobile phones and gives them in-game tokens called green satoshi tokens gsts. These coins can then be traded for usdc or seoul, allowing users to cash out.
So that's steppin, but the news today is this: peckshield, a prominent blockchain security firm exposed the existence of numerous phishing websites for the web3 lifestyle, app step in on monday. So, basically, just like the board, a biat club news that we discussed earlier users were signing over their wallets for maybe scam, giveaways or just signing transactions and then signing away their funds to these phishing scammers. Next piece of news on altcoin injective injective pro the premier derivatives dex built on objective, is now the first ever exchange to launch an nft floor price perpetual market with the board ape yacht club, slash wrapped eth listing, meaning users can now trade. The popular board api club collection with as little as one dollar, so, if you believe in a decentralized future, this is what you like to see and essentially what this the problem that they're solving is the multi-hundreds of thousands of dollars. Nft price tag on these board api clubs likely has kept most users from that exclusive club.
Well, now, board api club floor price perpetuals on injected pro lowers the barrier to entry by enabling users to trade based on the floor price of the collection without having to purchase the nft itself. So again, we have tools like this, not necessarily for board api club. Yet but tools like this on centralized exchanges, cool to see now decentralized derivative exchanges, implementing upgrading and providing more value to users. Next piece of growth, news for the lrand ecosystem, we're excited to announce the moment. You'Ve been waiting for ithium is officially coming to the mayor.
Exchange, so if you like eagle, do you like this and just for some perspective on what is ethium? And i am a token holder. Ethium empowers data ownership in web3 and metaverse ecosystems and creates new market value for your data, and we enable this by providing decentralized data brokerage technology if that still doesn't make sense. Basically, it's a suite of tools that enable high value data to be bridged from web 2 to web 3, keeping you in control and then traded via peer-to-peer sales, our data nfts. Let you fully own and control your data and, in addition, our nfme id technology allows you to immerse yourself in the metaverse, an nft representation of your data on the blockchain, so keep the power with the users.
This is a part of the lrund ecosystem, always cool to see the growth and final quick piece of news for ethereum openc openc has just acquired ethereum nft aggregator gym in their push for pro users. So jim, that's the name of the company lets users batch, buy nfts from multiple platforms to save on fees and openc plans to integrate its functionality. This is interesting because this means openc is potentially about to have a pro side, just like coinbase and coinbase pro. Maybe we'll see an open c and openc pro two versions of the same platform in a direct quote from openc as the nft community grows, we've recognized a need to better serve more experienced pro users and offer more flexibility and choice to people at every level of Experience and again just for perspective, gem is a single platform that connects various nft marketplaces, including openc, looks rare and wearable and lets users purchase assets from any of them in a single transaction, so cool to see the progress cool to see the growth of the ethereum Nft ecosystem, that is the video. My name is austin.
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