Crypto News: Bear Market, CRO Rewards, SEC, NFTs & MORE!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Crypto market meltdown btc makes its First lower low in what could be the Beginning of a long-term downtrend is This the bear market or a big bear trap Nft immunity despite a decline in search Trends popular nfts continue to climb And new projects are popping is this Proof that the nft niche has decoupled From the rest of the crypto market Sec coming for cryptocurrency the sec Expands its crypto dedicated division to Crack down on the crypto industry which Crypto niches are most at risk Rewards gone on crypto.com Cryptocurrency’s most recognized company Reduces rewards for its popular crypto Debit cards everything you need to know Banks blocking banks Argentina’s central bank blocks two of Its largest commercial banks from Offering crypto services just days after They’re announced why this is more Significant than you think The fed raises rates the crypto market Sees a brief relief rally as the federal Reserve’s interest rate increase and Rhetoric exceed investor expectations How high could interest rates go 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 we saw something we haven’t Seen in a while and that’s a sixth Straight week of price decline for btc As far as i can tell this hasn’t Happened in over five years We also saw btc make a lower low on the Daily for the first time since the crash Last may which as i mentioned in the Introduction is an early warning sign That the bear market has set in Judging from my recent twitter poll About 80 percent of you are convinced We’re in a bear market already and There’s no denying that the nasty dip we Saw over the weekend is evidence to that Effect As i mentioned in my video about the Best kryptos to hold during a bear Market however i truly believe that a Bear market has set in once we’ve seen Consistently lower lows for weeks on end So far we haven’t seen that and btc has Held up quite well all things considered

Take a second to consider that btc is Highly correlated to tech stocks and Tech heavy indices like the nasdaq 100 Now many tech stocks and many tech heavy Indices including the nasdaq 100 have so Far posted larger losses in 2022 than Btc which is impressive considering that Btc is seen as higher risk than most Tech stocks This begs the question of how low we can Go before something in the crypto market Starts to break and there seem to be two Key price points here The first is around 34k which is roughly Where we are now This price point is significant and That’s because this seems to be the Price at which many bitcoin miners will Be forced to sell their btc at least According to data from january this year It looks like some bitcoin miners have Already begun capitulating notably riot Blockchain which recently sold half of The btc it mined in april to continue Financing its operations The silver lining is that it’s very Likely that this btc is being sold over The counter or otc meaning it shouldn’t Have that much of an impact on the spot Price of btc The second price point to pay attention To is around the 20k mark and this is For two reasons the first is the most Obvious and that’s that 20k was btc’s

Top in the previous bull market The second reason is less obvious but Arguably more important and that’s Microstrategy As you know microstrategy has been Buying up billions of bucks in btc and It’s been using lots of debt to do so This includes borrowing against btc to Buy btc and as reported by crypto slate If the price of btc was to fall below Around 21k then microstrategy could face A liquidation of the 200 million worth Of btc it’s put up as collateral for its Crypto loan Before you panic bear in mind that this Would amount to a 40 drop from current Prices This is unlikely to happen anytime soon And microstrategy seems to have a backup Plan in case btc gets bitten by the bear It seems that the only crypto niche that Hasn’t really been all that affected by The recent crypto market downturn is Nfts What’s especially interesting is that Nft sales volume has stayed more or less The same over the last month or two Despite the apparent downturn in retail Interest at least according to coin Market cap This could potentially be explained by The fact that most of the trading volume In the nft market comes from collections Like the board 8 yacht club which are

Primarily owned by high net worth Individuals However it could also simply be a Consequence of the fact that art has Historically been a good inflation hedge And this could be a partial driver Behind the continued investment in nfts From all levels of net worth There’s also an additional factor at Play here that’s arguably specific to Crypto and it’s something i discussed in Yesterday’s video about bitstamp’s Crypto report If you watch that video you’ll recall That knowledge of crypto increases the Trust in crypto which increases the Adoption of crypto the question then is What drives people to want to learn About crypto and besides speculation or Necessity the only other factor seems to Be fun just for fun In other words the nft niche might have A better time handling a bear market Than most cryptocurrencies because Investment is not being driven purely by Speculation which will of course all but Fade away in the depths of a bear market This would explain why hundreds of Millions of dollars continue to pour Into the nft industry even though some Supposedly highly anticipated nft Marketplaces are seeing surprisingly low Trading volume and user activity I think you all know which one i’m

Talking about here It also explains why scammers continue To target nft holders with the latest Attempts being phishing links in open Seas discord channel Now with all that said however it’s Still too soon to say for sure that the Nft niche has truly decoupled from the Crypto market especially since the nft Niche itself has yet to see a serious Bear market If you’re not sure where to start when It comes to nfts you can check out my Video about how to find the next 100x Nft by using the link in the description Now another thing to keep in mind when It comes to nfts is regulation which Might sound funny because there haven’t Really been any real regulatory threats On that front As far as i can tell this is because the Financial action task force or fat f Doesn’t consider nfts to be virtual Assets for whatever reason and that Means they’re not subject to the same Scrutiny as other crypto niches in Countries that abide by the fat f’s Regulatory decrees However this seems to be changing Because the united states security and Exchange commission or sec recently Announced the expansion of its crypto Division and it included nfts on the List of crypto niches on its radar

The sec’s crypto division will nearly Double in size from around 30 employees To around 50 and it’s been renamed from The ambiguous cyber unit to the somewhat Less ambiguous crypto assets and cyber Unit In addition to nfts the sec’s crypto Division will be scrutinizing crypto Offerings meaning icos ieos and the like Cryptocurrency exchanges any crypto Projects that deal with staking d5 Protocols and last but not least stable Coins So here’s what i think they’re going to Do in each case For nfts they’re going to pay extra Close attention to fractionalized nfts And the like because the sec’s own pro Crypto commissioner hester pierce has Previously warned that these likely Constitute securities offerings in many Cases and will therefore be subject to The sec scrutiny i covered this in a Previous video and you know where to go For that As for icos and ieos i suspect the sec Will start expanding its reach into Newer forms of crypto crowdfunding like Initial stake pool offerings on cardano And parachain slot auctions on polkadot It’s possible the sec will even go after Projects doing airdrops in ecosystems Like cosmos Now cryptocurrency exchanges is where

Things could get really ugly because sec Chairman gary gensler seems to have an Axe to grind with coinbase and i have a Gut feeling that the sec will try and Force all cryptocurrency exchanges in The united states to register with it This could result in many altcoins being Delisted from exchanges the way xrp was After the sec went after ripple The staking side is also where things Could get really ugly because it’s not Entirely clear whether the sec’s Interests include proof-of-stake Cryptocurrencies or just centralized Staking platforms let’s hope it’s not The former Similarly it’s going to be interesting To see what the sec tries to do to defy Protocols especially since many of them Have recently gone to great efforts to Decentralize both their back ends and Front ends Now the good news is that if the sec Tries to step too hard on any of these Crypto niches it will see a lot of Pushback from the crypto lobby and you Can learn more about how those fine Folks are protecting the crypto markets From anti-crypto policy makers using the Link in the description Speaking of pushback crypto.com recently Reduced the rewards on its popular Crypto cards To the point at which it caused its cro

Coin to plummet Now i’ll leave a link to crypto.com’s Blog post with the full details about This in the description but the short of It is that the company suddenly Announced that the cashback rewards on All crypto.coms cards would be slashed Along with the staking rewards on cro The pushback from cardholders was so Intense that the company caved into the Pressure and slightly increased cro Staking rewards for select card tiers Albeit not the same levels that they Were before On that note there’ll be no changes to The cashback on crypto.com’s cryptocards Nor their cro staking rewards until june The 1st More importantly anyone who recently Purchased a crypto.com cryptocard will Continue to earn the old rewards until The 180-day lock-up period for the cro They used to purchase the card is Complete Unfortunately crypto.com pivot didn’t Protect cro from its continued plunge And many are rightfully upset about the Abrupt changes especially those who Recently purchased a crypto.com card There’s another side to this story However and that’s that there doesn’t Seem to be all that much cro left to Compensate card cashback cro stakers and Validators on the crypto.org chain

It’s also easy to forget that cros Utility is technically no longer limited To crypto.com The crypto.org chain and the chronos Chain have both seen a surprising amount Of adoption and cro is required to keep These new ecosystems operational The silver lining there is that there Are additional demand drivers for cro Besides crypto.com cards which could Lead to positive price action for cro Further down the line Even so cross supply sustainability is Something crypto.com should have Factored in but it’s quite possible that It didn’t anticipate just how much Adoption there would be Case in point crypto.com has seen Exponential growth over the last year And recently surpassed 50 million users Now i’ll be doing a deeper dive into cro Later this week so stay tuned for that Meanwhile in argentina the country’s Central bank recently blocked two of the Country’s commercial banks from offering Crypto services to their clients for Context argentina has one of the highest Rates of crypto adoption in the world And the reason why these two commercial Banks decided to offer crypto services Was because of demand from their clients As is often the case argentina’s crypto Adoption has mostly to do with the Exponential rate of inflation the

Argentinian peso has seen over the past Decade an inflation rate that recently Hit a record high of 55 The reason why argentina’s central bank Blocked the two commercial banks from Offering crypto services is because of a Debt deal with the imf that the Argentinian government signed back in March which included a clause to prevent Crypto adoption in the country The reason why this is so significant is Because this anti-crypto adoption clause Is something that was almost certainly Known of by the country’s commercial Banks The fact that these two banks went ahead And offered crypto services anyway Speaks volumes to just how significant The demand for cryptocurrency is in the Country Come to think of it this is an eerily Similar situation to the one in the Central african republic where the President declared bitcoin legal tender Without the central bank’s knowledge and Presumably without its approval either Not surprisingly the imf recently came Out to condemn the central african Republic the same way it did with el Salvador when it adopted bitcoin as Legal tender last september This suggests that the central african Republic’s adoption of bitcoin is a much Bigger deal than we think because

Otherwise the imf wouldn’t be making Such a big deal about it If you ask me the imf is absolutely Terrified that this trend of adopting Btc as legal tender will continue and There’s no question that argentina is One of the countries where btc could Flip fiat If you’re curious about the countries That could adopt btc as legal tender in The not so distant future you can check Out my video about that using the link In the description Another central bank that made the Crypto headlines last week was the Federal reserve this is because federal Reserve chairman jerome powell announced That it would be raising interest rates By 0.5 which is exactly what the markets Were pricing in Not only that but jerome even said that The fed would not be looking to raise Interest rates by 0.75 in june Given that the market had been pricing In a 0.75 hike the prospect of a lower Hike translated to euphoria across all Markets including crypto As you’ll all know by now however this Relief rally did not last for very long And if you’re subscribed to my weekly Newsletter you’ll know that this is Because of a series of factors namely Recession fears being driven by the Usual suspects like the war in ukraine

Supply chains china lockdowns etc Now the factor i want to focus on here Is the inflation figures for april which Are set to be released this wednesday I have a sense that the markets are on Edge about the possibility that the cpi For april will be higher than the cpi For march This is simply because if inflation is Still running too hot the fed could yet Pull another 180 and throw a 75 basis Point rate hike back on the table or Worse Conversely if inflation is starting to Cool down we could see another relief Rally as the market starts to price in a More dovish fed Now the wild card in this equation is What all the other central banks are Doing around the world namely the bank Of england and australia’s central bank Both of whom are aggressively raising Interest rates for the first time in Years Select members of the european central Bank are pushing for it to raise Interest rates as well and though none Of these banks is as significant as the Fed on their own The combined rate hikes will almost Certainly have a significant effect on The global economy in any case i would Suggest waiting until wednesday to see What happens before making any big

Decisions not financial advice Turning to the charts we can see exactly What i showed you already and that’s the First lower low for btc on the daily Besides the price zones i mentioned Earlier there seems to be some solid Support between the 31k and 33k range And with some luck btc will bounce from Those levels if we get to them This week’s top performing altcoins were Algorand tron the curve dow token One-inch network and helium Starting with algorand algo appears to Have pumped because of a series of Events in the algorand ecosystem Starting with algorand founder silvio Mccarley’s appearance at the mit bitcoin Expo over the weekend As you can see algo’s long-term price Action isn’t all that appetizing i’ll Explain exactly why in an upcoming Update about the project so stay tuned For that Next up we have tron whose trx coin was A top performer the week prior Trx’s rise is again related to the us Double d stablecoin which is inspired by Terrors ust Now trx actually appears to be in a Pretty strong long-term uptrend but i Will repeat what i said last week and That’s that trx’s trend isn’t nearly as Impressive in percentage terms compared To other cryptos oddly enough curved

Dow’s crv seems to have risen for the Same reason as trx and that’s the us Double d stablecoin This is because curve is a stablecoin Dex and there seems to be an expectation That it will soon support us double d Though this hasn’t happened at the time Of shooting Curve also recently deployed to near Protocol’s evm layer aurora more about Near protocol in the description i Digress In terms of price action crv is once Again similar to trx in that it’s in a Long-term uptrend though this trend is Not all that strong in percentage terms In this case the cause is likely crv’s Constant inflation next up we have one Inch network’s one inch token which took A trip to the moon because of the d5 Protocol’s integration with the opera Browser One inch network’s gas refund also seems To have played a supporting role in the Recent pump Unfortunately one inch’s long-term price Action is not very pretty and its recent Pump barely registered on the chart Last but certainly not least we have Helium’s hnt coin whose price popped off On the news that light hotspots will Soon be coming to helium’s peer-to-peer Internet protocol As is the case with all the other top

Performers last week however hnt isn’t Looking all that hot on the long term Charts and as someone who holds hnt it Sucks to see if you want to learn more About helium and why its light hotspot Announcement is so significant you can Check out my most recent update about The project using the link in the Description And that is all for today’s coin bureau Weekly crypto review if you enjoyed it You know what to do hit that like button Subscribe button and bell icon too Note that there’s only three weeks left To try your luck at winning some free Bitcoin from our one whole bitcoin Giveaway Ten lucky winners are each going to get 0.1 btc That’s more than three grand at least at The moment which is a pretty penny I’ll leave a link in the description as To how you can enter the promo thank you All so much for watching and i’ll see You in next week’s episode [Music] You