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we went into a bear market and in some parts of the market an extreme bear Market the likes of which we have never seen before AI has captured the imagination of the world consumers and businesses its velocity not continuing to accelerate Innovation solves problems it always does hello and welcome to crypto Street in this video we are privileged to have Kathy Wood the CEO of aachenvest who will share her valuable insights on AI Investments and the U.S economy today we will delve into the secrets of the future of Bitcoin but before we dive in let's take a look at the latest developments in the cryptocurrency market on June 2nd the United States equities markets experienced a significant rally reflecting positive Market sentiment however when it comes to bitcoin and most major altcoins we are currently witnessing subdued price action suggesting a lack of buying interest from larger players in the market now without further Ado let's begin our enlightening discussion with Kathy Wood we have a debt deal now that President Biden is going to sign we're not going to have to worry about this until early 2025.
they're taking this off the table for uh election Year campaign season and it makes sense it's astonishing how fearful the market was of default though credit default swaps on U.S sovereign debt Rose at its peak to 325 325. um now this is an insurance the price of an insurance policy against default so it it went up to 325 and uh within the last few days is down to 10.
uh so the the fear out there was extreme and the market is enjoying the stock market uh some uh some of a relief rally associated with that fear going away a year-over-year increase of only eight percent not that 10 to 11 percent that we need in order to get that six percent five to six percent in nominal GDP growth um that is why we think we're going to see uh a a bit of a harder Landing here than than many people expect it's velocity not continuing to accelerate and uh so what will what will that mean it means that something will have to give in nominal GDP either pricing or units or both so we would not be surprised to see nominal GDP growth on a year-over-year basis disappoint in the second quarter and it's not the second quarter then certainly the third quarter that is how we get uh our hard Landing Bitcoin is poised for a new paradigm shift that could unfold in the near future this expectation is supported by various indicators including an Unchained metric that tracks holder behavior in late may this metric signaled the transition phase away from capitulation and toward Euphoria for BTC USD Market participants widely acknowledge that bitcoin's price action has reached a critical stage requiring a decisive direction to be established on June 2nd BTC USD traded near 27 thousand dollars following a seven percent decline in May on the same day the United States equities markets experienced a sharp rally despite non-farm payrolls and made surpassing Economist expectations and an uptick in the unemployment rate however this rally did not translate into positive momentum for the cryptocurrency markets which remain range bound according to Galaxy digital CEO Mike novogratz the lack of institutional buying has contributed to the subdued enthusiasm in the crypto markets looking at historical data bitcoin's performance in June does not provide a clear advantage either the Bulls or the Bears over the years there have been an equal number of positive and negative monthly closes in June the question arises will buyers defend the support levels and initiate a robust recovery for Bitcoin and select all coins now let's return to our discussion with Kathy Wood now many of you know we think there's going to be a harder Landing out there in the economy than most most people expect and um and we're beginning to see uh that the the stock market is actually appreciating now doesn't that seem inconsistent no no uh for the past two years when it relates to Innovation and for and and for all of 22 for the broader Market we went into a bear market and in some parts of the market an extreme bear Market the likes of which we have never seen before uh Innovation stocks were hurt more uh in this go around than they were in the tech and Telecom bust when we were ready for prime time uh in terms of the these new technologies the cloud didn't come about until 0-6 uh AI the first big big breakthrough deep learning not until 2012 and then uh the Transformer architecture and artificial intelligence 2018 the Tekken Telecom bubble happened because too much Capital chased too few opportunities too soon the Technologies weren't ready and the costs were prohibitive well now the costs are are coming down to uh an extreme degree and and AI is a great example of this and the Technologies are ready just in terms of costs um chat GPT if that model had been developed in 2015 it would have cost 800 million dollars to develop it was developed in 2020 and it cost roughly five million dollars think about that what a rapid cost decline that was and if it were to be developed today it would be less than 500 000 and by the year 2030 that model would cost thirty dollars so AI training costs are dropping at a a rate of 70 percent per year we've never seen anything like this this is twice as fast maybe more than twice as fast as Moore's Law um and uh we think the explosive growth opportunities will happen very quickly as well I think Nvidia going from -13 rev Revenue growth uh in its latest quarter the April quarter and guiding to a 63 percent increase in Revenue in the next quarter gives you a sense of how quickly companies and consumers are scrambling to take advantage of this new technology uh so the conclusion here is we do think we're going into a hard Landing uh or let's just say a harder Landing than most expect we do think a lot of that is discounted but it will be uncomfortable enough for companies who are losing pricing power and um and experiencing margin pressure it is going to force them to adopt these new technologies faster than other wise would be the case Innovation solves problems it always does and we believe companies are going to be looking at a major problem and that is margin degradation that they will want to protect against Bitcoin has been trading within a descending Channel pattern and on May 31st it closed below the 20-day exponential moving average EMA of 27 239 despite this the Bears are struggling to maintain lower levels and and the Bulls will attempt to push the price back above the 20-day EMA if successful the BTC usdt pair could reach the resistance line where strong defense from bears is expected a price reversal from the resistance line would indicate a potential extension of the pairs stay inside the channel it is crucial to monitor the support level at 25 250 as a break below it would indicate bearish control a breakout and close above the channel would be the first sign of strength on the upside potentially leading the pair toward Thirty one thousand dollars the Bulls have successfully defended against attempts by the Bears to pull ether back into the falling wedge pattern this indicates the Bull's efforts to convert the resistance line into support the eth usdt pair has rebounded off the 20-day EMA 1855 signaling a shift in sentiment from selling on rallies to buying on dips the next objective for the Bulls is to propel the price above 1927 and retest the strong overhead resistance at two thousand dollars however if the price turns down and re-enters the wedge it would invalidate this positive View and potentially trap aggressive Bulls resulting in a long Liquidation in such a scenario the pair May decline toward the support line of the wedge thank you for watching we appreciate your support and engagement we value your insights on the future direction of the world of cryptocurrencies please share your thoughts in the comments below don't forget to like this video And subscribe to our channel for more engaging content
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