The Bitcoin happening just happened what Does that mean for Bitcoin what's going To continue to happen with the Bitcoin Price are we going to see a pump from Here or is Bitcoin just going to fizzle Away welcome back to 99b YouTube channel I am your host Umar Khan and today we're Taking a look at what happened with Bitcoin post happening and what we have To expect now before we start the video I want to ask if you haven't already Make sure you smash the Subscribe button To reach your 2024 crypto goals let's go Ahead and take a look at what's going on In overall crypto Market as we can see The buy and greed index is at currently Neutral this is all-time low in the past Couple of months which is absolutely Insane volume is slowly coming down as a Lot of fears happening especially with The whole War situation and you know we Really expecting crypto to be in extreme Greed right now especially post Happening but we are seeing it balance Out towards the neutral which is Actually long-term fine as the Market's Pumped a lot Bitcoin currently down 4% On the week but it's almost up uh but It's up 4% on the day as well so we're Seeing that balancing out $1.2 trillion Market cap and a ton of exciting things Happening for Bitcoin especially with Hong Kong entering ETF markets as well This could be absolutely insane talking
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Markat which is insane as usually this Is a spot for memec coins in the Trending list we see Bitcoin trending Salana also up there Pepe also up there Which is pretty solid for Bitcoin Hopefully get a lot of buying action Like I was saying Hong Kong's entering The ETF mix as well which could be great For the overall price great things Coming ahead for Bitcoin and I want to Highlight this article real quick the Bitcoin happening just happened here's What it means the Bitcoin happening Happened in the first hours of Saturday Londay time the impact is huge for the Bitcoin mining industry what does it Mean for the bitcoin's price it finally Happened the Bitcoin havening one of the Most anticipated events in crypto Industry occurred in the first few hours Set of Saturday London time from now on The networks will create half as much Bitcoin only 3.125 new coins every 10 minutes down From 6.25 that translates to almost $30 Million worth of the coin that will no Longer enter circulation on a daily Basis so essentially the supply is going To be reduced a lot now because of the Happening Bitcoin miners aren't able to Sell as much Bitcoin as before to Finance their operational cost fewer Sellers means buyers have a larger Impact at least theoretically as for
Bitcoin mining the Bitcoin blockchain is Maintained by miners their job is to add New blocks to the blockchain and make Sure there is no one tampering with it So it's not easy task the impact on the Miners obviously is going to cause a Huge debt in minor Revenue uh depending On its business model if the minor oper Is it efficient enough for example for Example the electricity cost this will Cause it to go under so a lot of bullish Things for Bitcoin even post happening That we're really excited to see in Terms of price action guys we can see in The past 7 Days yeah there's been a lot Of selling going off and this was Anticipated but now post happening cycle Now the miners are reduced maybe we'll See a reduction in selling pressure as Well we're quite excited to see what Comes next now I want to go show you Guys a couple things with Bitcoin that's Very bullish remember I was talking About Hong Kong earlier video this is it So breaking news Hong Kong goes on goes Big on bitcoin Hong Kong Bitcoin ETF Start trading by the 30th of April and Could bring in $25 billion worth of Volume into Bitcoin that's absolutely Insane as ETFs continue to start buying Into Bitcoin it's going to cause the Price to rise espe after post havening It's insane we can see as well Starbucks Accepting Bitcoin as payment in El
Savador so they're really starting to Enter Bitcoin and start entering it into The mass markets which is great to see Now this was very interesting as well And I brought this up in the last Bitcoin video as well if you haven't Checked it out uh our Bitcoin investment Thesis is playing out in real time we Also listed the first ever gold ETF in November 2004 and the prices never came Back down again this was in 2004 when When gold was listed on ETFs and look at The price since it has never broken Below this price we're going to predict A similar thing to happen to bitcoin as Well could 60,000 and I'm going to say Even though it's $63,000 but could $60,000 be the absolute bottom for Bitcoin that's very very likely as the ETFs are continuing to buy London has Added it American markets added it and Now China is also adding Bitcoin ETFs to The market guys that means is going to Be buying lumsum and lumsum of Bitcoins And see it as a solid investment this Could be absolutely huge for Bitcoin and Bitcoin price action it's absolutely Insane I'm very very bullish on what's To come next for Bitcoin and you might Want to load up a bag if you haven't Already now let me know how you guys are Feeling about Bitcoin in the comment Section below like always not Financial Advice always your own research and due
Diligence but let me know how you're Feeling especially post happening Another P post happening nerves are out Of the way it was a very exciting time a Lot of anticipation is coming we're Really hoping to see a $100,000 Bitcoin Post happening and yet that is still to Come I think we're still going to see The price of Bitcoin rise especially now That Hong Kong's entering the mix Especially I think as a Monday morning They will be entering the mix it could Be absolutely insane for bitcoin price Like always guys if you haven't already Make sure you smash subscribe button Below and this is not Financial advice Always your own reach and due diligence And until next time it's your boy Umar Peace [Music]