Crypto News: Aptos, Ripple, Ethereum Updates & More!!

Foreign [Music] Bureau weekly crypto review here are This week’s top headlines in the crypto News [Music] Crypto Market recap an overview of all The crypto and macro factors that moved The market last week and what other Effects they could have in the near term Ethereum updates concerns heighten Around on-chain censorship as the Shanghai upgrade approaches and Fidelity Opens its doors to the second largest Crypto what does it all mean for eth All eyes on xrp Ripple obtains key Documents from the SEC and announces the Creation of an ethereum compatible side Chain when will xrp’s price react Enter Aptos the so-called Solana killer Gets off to a rocky start but its apt Coin continues to Rally regardless of The Skeptics does this crypto actually Have potential And a closer look at last week’s top Performing cryptos and where they’re Headed next all this and More in just a Moment [Music] Good morning afternoon or evening thank You for tuning in my name is guy and What you’re about to see is educational Content not Financial advice you can Find any topics you’re looking for using

The timestamps in the video timeline and Now for today’s top stories Last week the crypto Market continued to Hold on for dear life in the face of Increasingly bearish macro factors for Starters earnings for the third quarter Are starting to come out and every Company from Big Tech to Banks is Getting battered by the increasingly Weak economy the most significant Announcement came from Microsoft which Confirmed that it will be cutting its Workforce note that Microsoft is just One of many heavyweights that have Announced layoffs in recent weeks and What we’ve seen so far is likely just The beginning You’ll know what I’m talking about if You’re subscribed to My Weekly Newsletter be sure to subscribe if you Haven’t already because you don’t want To miss my forward guidance Trust me when I say there is no shortage Of stuff coming up that’s going to shake Up the markets now what’s odd is that Weekly jobless claims in the United States somehow came in lower than Expected despite all these layoffs This suggests that the labor market Continues to be strong and this is Paradoxically bad for financial markets This is of course because of the Federal Reserve Ted’s mandate is to keep inflation under

Control and prevent unemployment from Getting too high given that inflation is Out of control and unemployment is Somehow low this means the FED can Continue aggressively raising interest Rates and as you’ll all know raising Interest rates basically means that Money gets sucked out of the economy to Pay back all the debts that individuals And institutions took on when interest Rates were low With another rate hike coming in just Over a week’s time investors are Concerned that the markets could get Wrecked at the same time some investors Are speculating that the FED could Deliver a less aggressive rate hike During its next meeting this is simply Because of the upcoming midterm Elections in the United States Some investors believe that the current Administration wants assets to be Rallying when the ballots are passed Unfortunately for the current Administration it looks like there’s no Stopping fed chairman Jerome Powell who Is determined to defeat inflation from The demand side this is concerning Because most of the inflation is Arguably coming from the supply side Factors at this point in time until Governments realize that they can’t Fight physics and start magically Producing oil and gas you can bet that

Inflation is going to continue to run Hot in most countries This means that interest rates will Continue to remain high possibly for Much longer than investors are currently Pricing in for what it’s worth it takes Between one and two years to set up oil And gas operations depending on the Location as such the current period of Economic pain shouldn’t last too much Longer than that the only problem is That many businesses will not survive And the markets will be extremely Volatile until things improve If that wasn’t bad enough there’s also a Whole bunch of black swans swimming Around such as an escalation of the war In Ukraine and China potentially taking Taiwan you can find out why the stars Seem to be aligning on that front by Using the link in the description now in Crypto related news concerns around On-chain censorship on ethereum continue To increase this is because an Increasing number of ethereum blocks are Complying with ofac sanctions this means They don’t contain transactions related To tornado cash for those unfamiliar Tornado cash is a controversial privacy Protocol that was sanctioned by the U.S Department of the treasury earlier this Year various ethereum applications and Services subsequently complied with the Sanctions leading to concerns that

Ethereum validators would follow suit Post merge well it looks like that is Exactly what they’re doing according to The Mev watch tool all over 55 percent Of recent ethereum blocks were compliant With the sanctions to put things into Perspective just 15 percent of ethereum Blocks were compliant when the merge Occurred in mid-september so far though It looks like not a single ethereum Transaction has been censored this makes Sense given that 45 of ethereum blocks Still include all eth transactions Regardless of their origin censorship of Ethereum transactions probably won’t be Possible until that percentage is much Lower What really caught the crypto Community Off guard however was ethereum Creator Vitalik buteran’s apparent 180 on On-chain censorship vitalik recently Said that ethereum validators that Sensor blocks should be tolerated yet Two months ago he said that validators That sensor blocks should be slashed There is some logic to vitalik’s Apparent about face however that’s Because a significant amount of eth is Being staked through centralized Entities such as coinbase if coinbase Senses ethereum transactions then its Coinbase’s users that would suffer the Slashing for the actions of the company In any case this concerning rise in

On-chain censorship has led to Speculation that U.S Regulators could Start applying other regulations to Ethereum Cointelegraph recently speculated that U.S Regulators could require U.S users To complete kyc to stake on ethereum Which is a terrifying thought It’s an especially terrifying thought When you remember that the eth currently Being staked on ethereum will be locked Until the Shanghai upgrade which is Expected in late 2023 I would not put it Past Regulators like the SEC to try and Require those already staking eth to Complete kyc to withdraw it now my Personal fear is that U.S Regulators Will require stablecoin issuers to Collect kyc on every crypto wallet That’s holding their tokens this is Something that could be introduced Without on-chain censorship and the Worst part is that it would probably do Even more damage to ethereum As a quick aside you should know that Ethereum developers recently kicked off The Shandong test net which will prepare Ethereum’s Beacon chain for withdrawals Of staked eth it seems the news didn’t Get that much attention which is a shame Given that Shanghai is going to be a Very significant upgrade Anyways the Silver Lining is that Ethereum’s so-called compliance means

That institutional investors are more Comfortable investing in eth case in Point Fidelity announced that it’s going To start letting its clients invest in Eth later this week and I expect other Asset managers like BlackRock to follow Suit this will be insanely bullish for Eth in the long term but at what cost is It worth having a 10K or 20K eth if Ethereum becomes a banker coin some Would say yes but I would say no that’s Because in the actual long term any Crypto that becomes a part of the Financial system is doomed to die with It Speaking of Banker coins Ripple recently Announced that it will be developing a Side chain for xrp that leverages the Ethereum virtual machine or evm for Smart contracts in case you haven’t Noticed evm support has sent many Ethereum competitors to the moon in the Past including Harmony and Phantom xrp Having an evm sidechain could therefore Be very bullish for xrp This ultimately depends on how fast Xrp’s evm sidechain would be as a fun Fact the evm is inherently limited to a Few hundred transactions per second and This means that Ripple will have a lot Of work to do to improve its TPS this Shouldn’t be too difficult to do given That Avalanche near protocol’s Aurora Layer and Solana’s upcoming neon layer

All Leverage The evm and can process Thousands of transactions per second the One advantage xrp would have over most Other evm chains is its massive Community of xrp holders That said xrp does have one big Disadvantage and that’s that it’s the Only big cryptocurrency that’s been Singled out as being a security by the SEC as part of its case against Ripple And Co luckily for xrp ripple and Co Recently gained access to documents Related to former SEC director Bill Hinman This is significant because Bill Famously said that ethereum’s eth is not A security because it is quote Sufficiently decentralized there has Long been speculation that Bill’s Comments were only the tip of the Iceberg of what the SEC was saying about Eth and other cryptocurrencies behind Closed doors riffle getting access to Documents related to Bill could finally Shed light on what’s been going on at The SEC it could also help or indeed Hurt Ripple’s defense against the SEC in A case that is close to entering its Third year I can’t imagine what the Sec’s next case against a major crypto Project will look like on that note I Should remind everyone that we’re still Waiting for the outcome of the sec’s Case against another crypto project

Called Library The outcome was expected almost a month Ago but it appears the judge is hesitant To rule in either direction given what’s At stake in short if the judge sides With the SEC then it may get the Precedent it needs to win its case Against Ripple More importantly the president may allow It to go after other top crypto projects If the judge sides with Library however Then it may help with Ripple’s defense All I’m wondering now is what Secrets Lie in Bill hinman’s documents so if Anyone happens to have access to those Documents or knows anyone who does shoot Me a message on Twitter or Instagram I Would love to cover the contents in a Future video though I reckon Jeremy Hogan will beat me to it Regarding when xrp will benefit from These developments it really depends on When the crypto bear Market will end as Crazy as it sounds an evm sidechain and A victory 4 Ripple may not cause xrp to Rally that much in these conditions take A second to consider that many are Waiting to sell the news Now the continued collapse of the crypto Market is why aptos’s rise has taken the Community by surprise if you’ve been Keeping up with the crypto headlines you Might know that Aptos was built by the Same team that was working on Facebook’s

Failed digital currency DM AKA Libra you Might also know that Aptos received Hundreds of millions of dollars of VC Investment leading to speculation that Apt would crash and burn the moment it Began trading due to the cell pressure From early investors there was also Speculation that the listing of Apt Futures could suppress its price for Reference many people believe that Internet computers ICP coin crashed and Burned because crypto exchanges listed Futures for ICP long before the coin Began trading now I can’t say I know Enough to accept or reject this Theory But I do know it had Aptos fans Concerned about apt When the Aptos mainnet launched last Monday it was clear that Futures Manipulation was the least of the crypto Project’s concerns Aptos uses reported Speeds as slow as four transactions per Second this was a far cry from the 160 000 TPS the project claimed it could Handle To add insult to injury Aptos apparently Only released the tokenomics for apt the Day after its main net had launched Aptos also announced that it would be Airdropping apt to early Network Participants not surprisingly apt Crashed in response to all this chaos However apt has since recovered and even Hit a new all-time high over the weekend

This is likely due to the hype around Aptos nfts combined with the Surprisingly restrictive vesting Schedule for apt As you can see the first big vesting Cliff won’t occur until November next Year Now this is a smart move on the part of The Aptos team because it means there Won’t be very much cell pressure from Early investors in the depths of the Crypto bear Market all the most Aggressive vesting Cliffs are Conveniently placed around the time the Next crypto bull market should come Around does this mean that apt could Perform well during the crypto bear Market well yes and no Aptos is a brand new smart contract Cryptocurrency with a very small Ecosystem relative to its peers this Means that most of apt’s price action is Coming from speculation and the proof is In the Bitcoin dominance bitcoin’s Dominance has remained remarkably low During the crypto bear market and this Is actually extremely bearish for Aptos And other altcoins That’s because it suggests that the Retail speculation has yet to be Properly flushed out of the crypto Market not only that but Aptos has a Very unique risk compared to other smart Contract cryptocurrencies it was created

By developers who worked on a digital Project that was literally crushed by Regulators around the world Regulators May be biased but they’re not dumb well For the most part if Facebook Instagram WhatsApp or any of meta’s other Subsidiaries and operations happen to Adopt Aptos you can bet that’s going to Raise a whole lot of red flags at the Three letter agencies heck anything that Resembles what Libra AKA DM was trying To do will most likely result in Regulatory scrutiny now this analysis Barely scratches the surface of Aptos Which is why I’ll be doing a deep dive Into the crypto project later this week So be sure to stay tuned for that and Make sure you have that notification Bell turned on it’s a video you will not Want to miss So turning to the charts we can see that BTC continues to trade sideways at Around 19k some would say that testing This level is a good sign for BTC as It’s building a strong zone of support Others would say that testing this level Is a bad sign for BTC as it means btc’s Price will eventually drop I lean towards the latter outcome and One indicator I’ve been watching closely Lately is the balance of BTC on Exchanges Recently exchange balances have been Quite positively correlated to btc’s

Price correlation doesn’t equal Causation but it’s easy to understand The causal relationship now a lower Balance of BTC on exchanges means more Volatility as I mentioned earlier the Hype around Aptos and the lack of Bitcoin dominance suggests that there’s Still lots of speculation in the crypto Market This suggests that there is lots of Leverage and that means lots of Liquidations as such if a bearish macro Or crypto Factor comes around the Liquidation of leveraged BTC Traders Would cause BTC to crash taking the rest Of the crypto Market with it conversely Of course a bullish macro or crypto Factor would cause BTC and the altcoins To Rally so prepare for either outcome Now last week’s top performing cryptos Were the Hobie token Aptos Ave ton coin And Lido Finance Starting with the wobi token HT has been Rallying ever since about Capital Announced that it would be taking Control of the crypto exchange at the Beginning of October it looks like Kobe Has been listing lots of altcoins lately As well Now because HT is an exchange token There’s really no point in applying Technical analysis to it that’s because Its price action is fundamentally Dependent on what the exchange does or

Doesn’t do Even so you can clearly see that HT is Hitting its head on some serious Long-term resistance at around nine Dollars Next up is Aptos which we already Covered so let’s go straight to the TA Because apt has only been trading for About a week there isn’t enough price History to identify a trend all the TA Indicators won’t even load because there Isn’t enough data all I’ll say is that New cryptos tend to crash after listing As for Ave the Ave token has been Rallying ever since the Ave team Provided a detailed update about the Upcoming go stablecoin in mid-october For those unfamiliar go is a Decentralized stablecoin like maker Dow’s die but with a lot more bells and Whistles interestingly the Bollinger Band and RSI indicators suggest that are They has more room to grow on both the Weekly and the daily chart That’s because RV’s price hasn’t pierced The top of the Bollinger band and the RSI is sitting at 50 on the weekly and Around 60 on the daily anything over 70 To 80 is overbought this extra room for A rally makes sense given that the RV Team explicitly mentioned that the Initial markets for the go stablecoin Will be introduced to the Ave protocol In the coming weeks no exact dates were

Provided but the resulting speculation Is probably carrying ave’s price When it comes to ton coin some of you May recall that this crypto was Originally created by telegram after Some legal issues a bit of controversy And the establishment of an independent Entity it looks like telegram is finally Starting to integrate tuncoin and that Has ton rallying This would be amazing were it not for The fact that ton has limited exchange Support and its long-term price action Doesn’t look all that promising either I Do reckon though that this is a crypto To keep a close eye on during the next Bull market telegram has over 550 Million monthly active users after all Not Financial advice of course And last but not least we have Lido Finance whose ldo token appears to have Rallied on the announcement that the Lido Finance developers are beginning to Prepare the protocol for eth withdrawals Recall that these will be enabled as Part of ethereum’s Shanghai upgrade that I covered earlier Ldo seems to have reclaimed that zone Between 1.40 and 1.50 which has served As a significant point of both support And resistance for ldo in the past It’s hard to see how ldo could rally Much higher from here especially since The rally has been driven by an event

That’s not going to happen anytime soon You can find out when East withdrawals Could be enabled on ethereum’s Beacon Chain by checking out our most recent Update about the project and the link to That will of course be down in the Description And that is all for today’s coin Bureau Weekly crypto review so if you enjoyed It you know what to do hit that like Button subscribe button and Bell icon Too If you’re looking to maximize your gains During the bear Market the coin Bureau Deals page is where you should go you Can find the link to that resource and Many others in the description below Thank you so much for watching and I Will see you all in next week’s episode Foreign [Music]