CARDANO ADA - Clarity Act Approval Coming?! Major Good News! Night Token Exploit?!

[00:00:01]Well, we've started off with a huge round of excitement here this week. Uh, it's been actually very good for ADA, but it's been not so great for Knight token, which we're going to have a conversation about that. Need to run through quite a bit of news here. We're going to discuss all that and more. So, again, if you're new or haven't already, make sure you like, comment, subscribe, show your support for the channel down below. Let's talk about this because ADA is having uh another very good day yesterday. great bounce back after dropping all the way down to about 16 cents. We're currently sitting at about 1750. So, ADA um making almost a 10% move from the bottom to where we're at right now. And you might notice that ADA is actually testing one of the ranges we discussed. It's testing this trend that we were building uh all the way back here in February. So, that's a very promising sign. And we do need to have a sustained breach above here. Now, this is also bringing ADA to the highest price it's seen since the early part of July. And lo and behold, ADA currently is above its 20-day moving average. So, we have a very big decision to make here because again, ADA is trying to confirm that inverse head and shoulders like we were talking about. We have a neckline that is still still way up there. We got a lot of room to work with that could actually bring ADA all the way up to about 20 cents. So, if you get more of a sustained push, that could be the target where we're we're you know, moving towards actually could coincide with uh basically a push that runs into gosh, what would that be? um the upcoming weekend and that could even be where we're touching our 100 day moving average. So that would be a major test for ADA. We're undergoing a major test right now and hopefully it's one that we can in fact pass. Now we need to talk about uh Bitcoin because Bitcoin has hit 66K and is the highest price we have seen since all the way back here in the middle of June. Uh it's above it's 20 its 50-day moving average. the breakout looks like it is in fact a real breakout which means BTC's next target is about 68K which again could open up the door for um even even more movement. Now remember BTC does have a tight range here between basically 684 and 71K. I'd love for us to you know get up here get trapped around this range kind of bounce around uh before again trying to take that leg towards 82K. We've obviously talked about our white golf model and maybe I'll maybe as a refresher I'll do that again in another video. But um things are looking pretty good here. And the reason why we're getting some of this excitement is first of all like I talked about yesterday shorts were overleveraged and we haven't even hit the good stuff yet. But we have seen about $197 million worth of shorts liquidated in the last 24 hours kind of getting this move underway. And all we've really had so far uh this week has in fact been some good news. Now, for those that missed it, late yesterday, the White House reportedly agreed on an ethics package for the Clarity Act and sent the language to certain Senate Republicans. So, this is a very big deal because this is the one thing that has been hanging up the Clarity Act on the the left side of the aisle is some sort of ethics language or ethics package uh surrounding basically insider trading and blah blah blah. Right? So, what has you know the the Clarity Act has basically become hostage? Is this now going to open things up and actually get the Clarity Act in and passed under the deadline? It's very possible that that could now be the case and the market is reacting in a positive way to that.

[00:03:16]Secondly, Iran uh Iran official began meeting with mediators in Pakistan on Tuesday. So, this is another big deal because we talked about the significant escalations between the US and Iran.

[00:03:28]Well, we're we're taking uh some some good steps towards deescalation now. So, good news. Good news, right? And that's putting a little bit of wind in the sales of the market. Now, one thing we are going to have to watch uh is this.

[00:03:41]President Trump is preparing a new round of tariffs on up to 60 countries as the current 10% global levy nears expiration. So, uh we obviously haven't talked tariffs in a while. Tariffs have had significant PTSD for the crypto market. So, just as we're seeing some good, be prepared. We could see maybe an adverse reaction to this news if this does hit. I can't remember exactly when these global tariffs um do end. Probably should have looked that up, but um just be aware that that's kind of lingering out there in in left field and may come, you know, flying back in at some point.

[00:04:14]Now, we've obviously talked about what Bitcoin long-term holders are doing. Um just did want to mention this again.

[00:04:19]Long-term holders haven't accumulated this aggressively in Bitcoin's entire history. So after we had the big initial wash out following the largest black swan event in crypto history that took place back in October of last year, we're having the largest and fastest recovery uh in crypto history. So that is a very exciting sign and that is the exact thing that can get a lot of retail off the sidelines and get us working back towards um some new altcoin highs.

[00:04:47]So now that being said, let's talk about Knight because Knight had probably its worst day in history. Um, obviously we had the drop back here at initial launch after we had that initial runup with low liquidity, but seeing as we had great support and Knight was looking pretty good, uh, this is the worst day ever. A Knight dropped 31% yesterday. For those that missed the news, uh, this is basically what took place. One chain Cardano bridge reportedly exploited 515 million night drained which is a significant portion. Uh Bloxx Falcon said uh one chain's Cardano bridge was reportedly exploit excuse me exploited with 550 million night drained from the bridge treasury. Initial analysis suggests the issue may stem from a non- injective sign message encoding in the treasury check validator potentially enabling signature uh reuse attacks.

[00:05:38]Knight is the native token. Well, I don't need to talk about that, but um this this was a a big wash out based on the current prices. The drain tokens are worth roughly $9 million. And we just dealt with this uh wave of selling yesterday, which is incredibly unfortunate. Um there's your wave of selling, right? Very obvious, not not a normal thing, right? Now, the good news is since that time, Knight has been working its way back up and to the right, and it's given us some extreme opportunity. I didn't think Knight would ever get this cheap to be honest with you. And sometimes you get an event like this that gives you extreme opportunity.

[00:06:14]I want to remind everybody that with Knight um nothing has changed, right?

[00:06:19]There are still partnerships that haven't been announced. There's development that's ongoing. There are major players uh involved with Midnight, the blockchain itself. Um, and really when we get to later this year, get Laos launched, you kind of have the whole whole wrapped package when it comes to Cardano and Midnight is a huge part of that. So, so that's all I have to say on that. It's very unfortunate. You know, I definitely saw my night bags basically cut in half, which is which is not fun um in terms of value, not in terms of size. But, um, I do plan on doing some accumulating. Have not gotten a chance to yet. There's so much opportunity in the crypto space. It's kind of at this point like what the hell do I buy? But that's all I got for you guys. Uh I appreciate as always. I hope you enjoyed the video. Let me know your thoughts below. Are you accumulating some night here? Do you think that this is the moment where ADA and others can truly make a sustained breakout? Are we going to get the clarity act? Will things really cool down in a big way o overseas? But have a great day. Show your love below. Catch you guys in the next one. Take care.