Wow wow look at this we’re watching this live right now as the bitcoin price drops to the lowest the weave scene bitcoin all year.
We are watching a little piece of history at the moment and and let’s talk about it because you know what i was just about to say about half an hour ago we saw the lowest bitcoin price we’ve seen in of all 2018 but it’s happening right now and i’m watching this on tradingview.com this is a free website every single one of us can access it and it just shows the live price action of bitcoin and it seems right now this very moment we hit yearly lowe’s so we’re going to talk about it we’re going to talk about the recent sec bitcoin etf delay the big one the van xcellerex between etf it got delayed let’s find out why.
I have some leaked financial reports from the bitcoin crypto giant bitmain apparently they’re having a subpar q3 talked about it and then at the very end andreas antonopoulos he is you know a crypto wizard very smart man when it comes to cryptocurrency he was at a conference and a student aspen pointe blank what are the realistic chances that bitcoin dies that it goes down into a death spiral and he gave a very realistic answer and i’m going to read you the exact quote all this and more here at altcoin daily where you subscribe for a video on cryptocurrency every single day my name is austin and like always.
Let’s get into it now this is a zoomed-in version of the one-day chart so this is big this is the price of bitcoin of the last i’d say about 9 hours and what do you see well about 7 8 9 hours ago we were we had some nice stability we had a relatively nice support line at the price of 3700 and then about 6 7 hours ago.
Bitcoin crash we are crashing right now over $300 down from 303700 to 3300 and really the major reason and it happened right around here was the announcement that the sec again delayed the decision on the vanic saladax bitcoin etf and they delayed it to you all the way to next year which i guess is pretty soon actually in a few more months february 27th will be the final deadline they’re not allowed to push it to push it back again we will hear a salad yes or no by february 27th or before and again the reason that a lot of cryptocurrency people were putting so much weight into this vanac are they speak when etf is because this one specifically let’s read this divan acts out a tax proposal differs from others in that it’s value is dependent on bitcoin.
Itself rather than the futures market i like the other nine etfs that were delayed or denied back in august and earlier this year so this is something that we would require institutions to have to hold a lot of bitcoin because all trades would have to be settled in actual bitcoin and i think this is the biggest reason why we’re free falling at the moment but this is not the only reason and check this out this is this is the actual notice that they just put out yesterday on why the sec is delaying this etf and i read this and i’ll leave this in a link in the description for you but it really doesn’t say anything of substance actually i think it’s summed up best buy this tweet that jake trawinski a lawyer who lawyer but not yours he specializes he’s very knowledgeable any.
That has to do with regulation i don’t know that has to do with regulation or law for cryptocurrency and he said regarding this delay as expected the sec has delayed its decision on the van eck saladax bitcoin etf so he wasn’t surprised a lot of people were actually guessing that they might delay bitcoin etf proposal until the absolute final deadline of february 27th next year now he was at the order to and he says that the order doesn’t say anything of substance but you can see it here this is it the sec cannot delay again they could deny but anyway i’ll leave this for you guys if it doesn’t say anything it just says they’re they’re taking off what’s you know what they’re allowed to do when they’re asking for more time something that i thought this did say value to me is as of december 6th.
The commission has received more than 1,600 comments on the proposed rule chains chain change so last time few months ago that the sec delayed this decision they open up a comment section on their website where people could go in and they could comment and give their input on what you know they you thought that the sec should do apparently as of december 6th that over 1,600 comments and this time they really say anything they just said said they need more time team nothing new will wait longer but the market definitely responded.
Two more news articles for you guys and then i want to take a live look at some of these other altcoins so let’s check this out.
Have you heard about this bitmain bitmain leaked shows disastrous q3 results the third quarter financial report from bitmain is expected to reveal a drop in revenue and this is why they’re their financial report was so bad in q3 apparently it’s a six sales but also losses on a portfolio of bitcoin cash so for those two reasons bitmain is having a red q3.
Let’s check this out the official statement from the chinese mining equipment producer that’s bitmain produce mining equipment in a mine bitcoin the official statement is expected soon because in january they’re planning on opening themselves up to an ipo initial public offering so we have to have some statements soon cuz january is coming up.
But a drop why why did it drop while there was a drop in demand for mining rigs which was already felt in the second quarter results and it will continue to depress the bottom line however the biggest portion of batman’s loss may come from the recognized lower market value of bitcoin cash that has happened to bitcoin cash and this article puts it in perspective at one point bitcoin cash was trying it or $4,000 that was about 12 months ago and right now it’s raining a $139.
Outrageous incredible but i mean the whole market has seen this bitcoin cash has really been doing very poorly in these last few weeks and i’ll get to that in a second but let me know what you think about this you know does this affect you personally this sec proposal did you expect it these little leaked a bit main financial reports let me know but speaking on the bitcoin cash sentiment and this was the exact tweet the kind of let everybody know that the numbers are out but let’s refresh list so we can get the most updated value and again feel free to subscribe to the channel will bring you videos keeping you up-to-date on the crypto market every single day.
But check this out the flippening has happened for bitcoin sv and bitcoin cash bitcoin cash showing huge weakness right now it’s now back down to the number seven spot on coinmarketcap.com you know earlier this year it was a number for and wow less than $100 for one bitcoin cash can you imagine if your bitmain and you have a portfolio you would want some of the largest holdings of bitcoin cash and you retain most of it and now you’re holding scope down here.
I mean i think we’re all experian experiencing some sort of lost like that but real quickly guys i’m not going to waste your time i’ll make this video as efficient as possible but if we just check out the top 10 this is the lowest we’ve seen bit the bitcoin price go all year if you don’t believe me sets new year lilo happening but xrp wow back down to $0.29 the lowest racine xrp all this year’s $0.25 maybe about two months ago so pretty much there a therium is well now over $100 stellar a $0.10 for the longest time stellar withholding wow look at this down 18% 2020.
Wow the only top 10 in the green right now is bitcoin sv now this between us v is actually in the top 100 points are almost up the most out of all the top 100 cryptocurrencies the only information that i found out about bitcoin sv there’s articles out saying that just the miners are going to pick one s be the reason that their prices up is cuz miners are they big mining pool behind them in the minors are choosing to mine.
I don’t know i saw other article saying that it’s way more profitable right now to mine bitcoin rather than bitcoin sv so big when us we might die who knows as more information comes out i will definitely keep you informed but last article is bitcoin dying well andreas antonopoulos maps out crypto survival and he says why bitcoin will avoid a death spiral check this out and again feel free to like the video if you’ve gotten any value.
Let me know by liking it.
So instead so bitcoin won’t go to zero instead between self-preservation mechanisms adapt to its environment in order to incentivize the mining community do a lot of you guys in the comic books at hey wow it’s now on profitable to mine bitcoin cuz you broke even when bitcoin was about $6,000 maybe an hour or $3,000 right now it’s not profitable to mine bitcoin so won’t all the miners go away will this answers that question has a self-preservation mechanism and which incentivizes the mining community if mining bitcoin becomes too costly and difficult it adjusts if it becomes too easy to mine it adjusts self-preservation mechanisms it will ultimately readjust its difficulty target as antonopoulos says to make mining profitable whatever that means in this is a direct quote.
The way it works is over a. of two weeks there should be about there should be to hunt 2016 blocks and therefore we can count the previous two weeks and say hey how many blocks were in the past 2 weeks well if he answers 2016 that means that the difficulty of the algorithm that means the difficulty of the algorithm and the amount of computation that people are committing to bitcoin mining it’s exactly right at the pace that it was intended it’s perfect blocks are coming out every 10 minutes nothing to adjust.
That would be a perfect scenario but let’s just say minor start to back off and let’s just say that instead well it’s a more miners coming actually that instead of 216 blocks we had 2217 blocks to effectively had about a 10% more blocks in that case that network will make the difficulty 10% higher so it’s the same thing if minors dropout don’t make the difficulty 10% lower to mine whatever it is so big coin and crime to andre antonopoulos will not go to zero and some other student ask them what about the death spiral what if bitcoin becomes so volatile that all the miners pull out at once what will happen.
Well he says that just to be realistic that a death spiral is possible technically if every single minor pulls out and don’t and won’t come back on but according to him minors have a long-term outlook and they’ll always be somebody to mine.
The store value.
Already team that’s the video today thanks for tuning into altcoin daily and let’s just check back on this price since i started making this video all right we are off about.
338 wow we’re up over $30 you’re welcome hey stay make sure you follow us on twitter at altcoin daily oh there’s a link in the description below because as whatever happens today whatever happens tomorrow between videos just know that we will keep you updated as updated as we can live on our twitter so it will see you there guys have a great day stay safe out there will see you tomorrow.