Crypto Crash, Coinbase Shutdown: Time to Sell? — with David Moadel what's up everybody has the Bitcoin blues got you down are you having a panic attack because of the coinbase temporary shutdown you can't even eat your McDonald's meal well just relax folks take it easy okay take a long-term view Bitcoin this year since it bottomed out in February at around 3,200 now it's above 10,000 still alright the move from 3200 to around 14,000 is huge and trees don't grow straight to heaven as they say it's more like a staircase okay it's not vertical it's two steps forward one step back and so this is to be expected there gonna be bumps in the road on the journey to the sky so all right so take it easy yes coinbase had a bit of a shutdown they're back in action people didn't lose their life savings hopefully all right let's take a look at the overall crypto markets yeah bitcoin is the mothership so when it goes down hard pretty much almost everything else in the crypto space does it's a sea of red as they say red after red after red that's the way it goes you gotta expect that that doesn't mean it's gonna be like that forever we might be in for a consolidation period which is not the end of the world fun strats Thomas Lee who is a bit of a perma ball for Bitcoin but still I think he makes a great point in this treat and his tweet here reminder Bitcoin is a hyper volatile asset I agree this is great for volatility and other dedicated traders yeah so if your short term if you're a scalper who just buys and trades within the same 24 hour period then this isn't necessarily a bad thing because if you're a short-term trader you want to trade whatever moves and this thing moves that's for sure and foremost taking a long term view is more appropriate I have a definitely agree with that one so if you're going to be a long term buy and hold type of investor then you don't need to look at the markets every five minutes or every five seconds it's just going to drive you crazy all right so just have that long-term mindset if you're going to be long-term so what caused all this while I alluded to it already the shutdown of coinbase had something to do with it most likely according to Alistair Milne he said that the rapid correction was inevitable you simply don't go up this quickly and sustain it forever followed by a consolidation he added this is not 2017 s boom-and-bust we haven't seen new retail investors coming in as we did in 2017 yeah back in 2017 there was FOMO fear of missing out among retail traders and so the retails got in and they they were a bit overexcited overeager and so they ran the price up yeah too much for that time for sure now we have a lot more institutional investing especially after Facebook got into the the crypto space with Libre coin and JP Morgan got in with JP em coin and you've got the upcoming Bakht launch which is a Bitcoin futures Xtreme exchange that's probably going to get more institutional investors involved so this is more of a broad-based rally with the toots as they say the institution's getting in rather than just retail and FOMO and you know all the altcoin altcoins going up probably way too much at that time a lot of icos going on everybody had to have an ICO back in 2017 so this is more of an institutional investing kind of rally and that's what I wanted to see and hope to see all along and we're seeing it in 2019 according to Mike Novick rats Bitcoin will stabilize between 10,000 and 14,000 dollars he doesn't know that for sure of course that's his prediction but you know hey that's reasonable if it stays at the current level between 10,000 and $14,000 per Bitcoin for a while I'm fine consolidation is healthy and if it goes sideways for a while you know the markets got to catch its breath so I problem with that now what about the greyscale investment trusts ticker symbol G B T see a lot of people trade that in lieu of Bitcoin and it's gone up quite a bit let's take a look at the chart all right so no matter how you play it twenty twenty nineteen has been a fantastic year so look you don't have to freak out you don't have to panic there's more adoption more institutional inflow of capital and here's just an interesting thing Iranians defy a warning and share pictures of Bitcoin mining in a mosque all right so it's going on all around the world let's take a look the picture there it is they're doing the Bitcoin mining in a mosque and Iran it's happening all over the place all right I don't have a problem with that you know hey more power to you literally Bitcoin power mining power so don't freak out all right you know you don't have to lose your appetite for your McDonald's meal you don't have to worry necessarily I'm not telling you to buy or to hold or to sell or what you got to make your own decisions folks but as I see it this is a dip in an overall uptrend a big dip yes but it seems like coinbase is going to be just fine seems to me like bitcoin is not going to end tomorrow so no reason to freak out the best attitude especially for long-term investors is just to remain calm and that's no matter what you're trading or investing all right I'm not gonna promote anything in this video I just wanted to help people to stay calm and look towards the future thanks a lot folks I appreciate it I'll talk to you again soon