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Oho. Binance just got hacked for billions and billions and billions and billions and billions of dollars. This happened very recently, and I want to consider the implications of this. What Binance says you can do to protect yourself. How does this affect you? How does this affect Bitcoin , because it affects Bitcoin.
We saw mass liquidations. If it's not too difficult, subscribe to see future videos like this. In fact, if you want to trade cryptocurrency, now is a great time to do so. If you want to try Bitfi, it's an exchange linked below, and we give away up to $10,000 in USDT or Bitcoin to each user every month, depending on trading volume .
So, you can get up to $10,000. And you know, I would advise you to keep cryptocurrency only on the exchanges you trade on. Don't keep your long-term assets on the exchanges, which we'll talk about later. But with Bitcoin at around 78,000, I've been saying for a long time that we could drop to the 50-week moving average, which is just above 75,000.
And what do you think? We have a factor that makes us go down, right? People will chalk it up to a break-in or liquidation, but the price is dropping to exactly the level I expected. So again, if you want to trade, I would be opening more long positions around $75,000-$76,000. We saw mass liquidations just a few hours ago.
$750 million in long positions were liquidated . Why is that? Well, we witnessed the biggest hack in the history of cryptocurrencies. $5.6 billion was withdrawn from Binance wallets across multiple blockchains. Bitcoin fell $2,000 on this news and sank below $79,000, causing a violent liquidation of $600 million in long positions .
$80 billion evaporated from the cryptocurrency market in 15 minutes. Tether and Circle acted quickly and froze at least 2.316 billion in stablecoins. That's now $2.54 billion in cryptocurrency that has been frozen according to Binance, and that number is likely to grow. CZ stated that users' funds are safe and will be fully restored.
Binance says it is investigating what happened and the investigation is ongoing. Bitcoin started to recover, but is now falling again to new lows after what happened. Well below 78,000. Hmm. And then I got this Treasure commercial. Take control of your cryptocurrency. You still leave your assets on the exchanges.
I don't know if they had this before the hacker attack or if they just wrote it quickly, but... the fact is that nowhere seems safe these days. We see hacks everywhere, from hardware wallets to exchanges, and it's one of the most annoying things in cryptocurrency right now. Many people feel like they can't figure out how to secure their assets.
This is the same thing that only they were supposed to have access to, right? Especially if you have a hardware wallet and it can still be taken away for one reason or another , and then you think, "well, I'll leave it on the exchange," and then suddenly the largest exchange in the world gets hacked.
Now I will say that Binance has made so much money that they will fully cover the losses. Of course, they will lose too much if they don't cover these costs. They won't try to scam people out of a couple of billion dollars. Even if they have to cover a few billion dollars, I think they will do it. So what does this mean?
I think people will naturally be a little wary of exchanges, right? I think exchanges are great for trading, but you shouldn't keep most of your cryptocurrency on them , right? It's always been like this, but people are still lazy, they just want to buy bitcoins and not bother with withdrawing them.
No, you must withdraw any of your long-term assets. And honestly, I think it makes sense for people to just hold ETFs. Most people should choose ETFs because they are much safer, at least in my opinion. Ultimately, you will be passing on assets and you don't know who you are passing them on to. You don't know what kind of person they will be.
You don't know what situation they will be in and whether they will be able to handle self- storage. Most people just want Bitcoin for the profit, right? They just want the price to go up. They are not very interested in the properties of Bitcoin. So, I think for most people, it would be better to invest some of your Bitcoin in an ETF, and you 'll probably feel more at peace at the end of the day.
Right now, Binance, in my opinion, is handling this situation well. Of course, they need to investigate. I want to hear how this could have happened in the first place, right? the kind who can have access to, uh, billions of dollars without proper oversight. So, Bitcoin fell on this news, as we know, we saw a lot of liquidations, $750 million in a very short period of time .
If we just open TradingView with Bitcoin, you will see what is obvious to me : we have significant support at $74,000–$75,000. You can see that in the past we had resistance at 74,000. Then we saw support, and then support again in September, somewhere around 75,000. During bear markets, we often see price return to or at least approach the 50-week moving average , forming support there.
So I think there is clear support at this level, 75,700, right now. If we move on to next week, it might be a little lower. And then, I think we'll see a little growth. But a lot of it also depends on the broader market. What is happening with Iran? Uh, what about the midterm elections? What is happening to big tech companies?
Amazon just reported earnings, and to be honest , they were pretty good. I was thinking, uh, let's take a look at Amazon stock. I made a video about this . I thought their profits were actually pretty good, but the stock fell 7 %. And I understand why the market perceives this, uh, very negatively. I pointed out in the video why I think Wall Street doesn't like Amazon's earnings.
But yes, I buy after the market closes. Uh, I keep a certain amount of cash. I don't go below that level, but a few days ago I bought the stock and it went below a level that I try not to go below because I think it's a great opportunity to buy Amazon. Er, same with Google. Google has released earnings, and while they are growing rapidly, Wall Street still didn't like it.
So, a lot of this will affect Bitcoin, even if it doesn't seem like it. Even if it doesn't look like we're seeing a massive sell-off in Bitcoin due to falling tech stocks , dollars are still forced to flow into one asset or another. And of course, as big tech companies become cheaper, that could affect the desire to invest in Bitcoin, for better or worse.
Some might say, "Well, I'm not going to invest in big tech companies." "I'd rather invest some money in Bitcoin." And some say, "Well, I'm not going to invest in Bitcoin." Big tech companies are very cheap right now, but eventually this will definitely affect Bitcoin. Um, and I think for most people, it's best to invest in an index fund, invest in a Bitcoin ETF, and if you want , then choose individual stocks.
I think big tech companies are the most justified choice, they have the best risk-reward ratio and don't require significant tracking efforts, right? Hmm, I think they're pretty easy to understand too. So, that's how I see this market right now. I buy stocks in some big tech companies while they're falling.
Um, I will continue to invest in Bitcoin using a dollar cost averaging strategy . And as we approach the 50- week moving average, I will be more aggressive in opening long positions. But of course, do your own research, okay? I can't predict the future. We can always fall even lower. I'm not urging you to do anything.
This is just what I see myself. Let me know what you think. Thank you very much for watching. I appreciate it. I remind you, this is not financial advice. This is not legal advice. Do your own research. I will never write to you in the comments or in any other way to convince you to invest where I invest or to send me cryptocurrency.
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