Crypto News: Bitcoin Crash, ETH Blast Off, RON, PYTH & MORE!!

Welcome to the coin Bureau Weekly News Roundup my name is Jessica and my name Is guy here are the top stories in Crypto this Week sell the news BTC tumbles despite The recent spot ETF approvals and Continued inflows why is the crypto Market looking so weak eth blasting off Transactions on ethereum hit a Multi-year high while a controversial Layer 2 launches its test net and a Developer report reveals the ev's Supremacy what does this mean for eth SEC versus coinbase the crypto industry Speculates about the possibility that The sec's case against coinbase will be Thrown out following a meeting with the Judge everything you need to know Red Sea concerns disruption to a major Supply chain lead to concerns that Inflation could come back in a big way How it could affect the crypto market And a closer look at last week's top Performing cryptos and where they could Be headed next all this and More in just A Moment last week the crypto Market Experienced an unexpected downturn led By BTC the downturn is believed to have Been due to the over5 billion of Outflows coming from grayscale spot Bitcoin ETF as gbtc arbitragers took Their long anticipated profits the

Practical effect of this was BTC selling There's just one problem with this Perspective and that's that the inflows Into the other spot Bitcoin ETFs Exceeded the outflows from grayscales by Billions of dollars logically this Should have caused btc's price to rise Not fall however this assumes that gbtc Arbitrages are the only sellers in this Equation Bloomberg ETF analyst Eric Balunas revealed in a recent interview That the selling pressure following the Spot Bitcoin ETFs appears to have come From BTC Wales this is consistent with what can Be seen on whale transaction trackers Like whale alert where billions of Dollars of BTC are being sent to Exchanges meanwhile on Wall Street the Interest in BTC and crypto reported Continues to grow the only reason this Hasn't translated to more inflows into The spot Bitcoin ETFs yet is because it Takes time for asset managers and Investment advisers to do due diligence On new ETFs and then offer them to Clients in other words there will likely Come a point where the inflows from Tradire investors will exceed the Outflows from gbtc and the selling Pressure from BTC Wales this will likely Occur regardless since all the gbtc Holders and BTC whales will eventually Run out of assets to sell all while

Trafi keeps buying in the short term Though there's no question that this is Dragging down btc's price as you can see BTC is looking very weak on the daily Chart it's sitting around a critical Zone of resistance of roughly 42k and Could crash down to 38k in the coming Days note that long liquidations could Take BTC lower zooming out to the weekly Suggests that BTC could fall as low as 35k you'll notice that this is where the Ballinger band moving average is on this Time frame and that it has been very Accurate at noting when BTC is in a bull Phase or a bare phase so long as BTC is Above this level the bull can continues Alternatively BTC could Bounce from this Level and retest the Ballinger band Moving average from below a move to Roughly 44k depending on the Catalyst which Causes this move it's possible that BTC Will break back above that key level Into bullish territory note that a short Squeeze could occur too in this case the Largest could be a retest of the recent High of roughly 49k but make no mistake this would Require a very bullish Catalyst of some Kind we'll come back to one such Catalyst later on now if you're planning To trade what is likely to be an Explosive move then be sure to check out The coin Bureau deals page it's got

Trading fee discounts of up to 60% and Bonuses of up to $50,000 on the best crypto exchanges These deals are the best out there and Are only available here on coin Bureau It's for a limited time only so check Them out ASAP the link will be in the Description now although the crypto Market has been looking sluggish if you Peak below the surface you'll notice Something peculiar eth is looking Surprisingly robust relative to BTC for Starters eth is still above the Ballinger band moving average on The Daily meaning that it's still looking Bullish in the short term not only that But eth has rallied significantly Against BTC over the last couple weeks And has maintained these recent gains Despite the crypto Market dip in Previous instances of such rallies eth Would immediately lose ground to BTC When the crypto Market fell this time is Different put simply it looks like the Rotation into eth has finally begun Though it may not be obvious when the Whole Market is flashing red this makes Perfect sense though given that asset Managers have turned their focus to the Spot ethereum ETF in a big Way Franklin Templeton is the latest to call for an Approval while this is also nothing new There is likewise something different Happening beneath the surface

Transactions on ethereum are at their Highest level since November 2021 to put Things into perspective November 2021 Was the top of the last crypto bull Market it's safe to say that ethereum Hitting these transaction levels at this Stage in the crypto cycle underscores Just how much eth could explode in the Next few months in fact coinbase says That eth will have a breakout year due To the denune upgrade whose first test Net recently experienced some issues if You watched our recent ethereum update You'll know we actually predicted that Ethereum could experience additional Technical Gremlins fortunately the Denune issues only occurred on testet Which is to be expected that's why they Have test Nets after all unfortunately Ethereum could face additional Challenges and risks in the near term The elephant in the room here is blast The controversial ethereum layer 2 That's currently in development which Also launched its test net last week to Bring you up to speed blast is a layer Two that's accumulated over $1.3 billion Do in assets mostly eth which is being Staked through Lio Finance the reason Why Blast has been so controversial is Mainly because it managed to attract so Much total value locked despite not Having developed anything allegedly to Add insult to injury it was only after a

Few weeks that the layer 2 announced on Twitter SLX that it had begun hiring Developers anyway controversies aside The biggest concern about blast is the Massive amount of Lido staked eth that It has accumulated ated were there to be Any issues with blast such as an exploit Or otherwise this could cause issues for St eth which could in turn cause issues For ethereum's defi ecosystem and eth's Price funnily enough blast recently Announced its Big Bang competition which Aims to incentivize dap developers to Deploy on its layer 2 before its launch Sometime in late February it's going to Be interesting to see which devs and Daps take blast up on its offer in the Coming weeks it seems likely that there Will be at least a few who do that's Because electric capital's recent Developer report revealed that nine out Of 10 multi-chain developers work with Evm compatible blockchains this Highlights just how dominant ethereum Has become in the broader crypto Ecosystem and more importantly it sets The stage for a scenario where ethereum And its layer 2os could take lots of Market share away from other evm chains That were being treated as de facto Layer 2os during the last cycle put Differently ethereum could cement its Dominance among smart contract Cryptocurrencies and by the way if

You're enjoying the video so far be sure To smash that like button to give it a Boost now there is one big caveat though And that's that ethereum's competitors Could soon experience an unprecedented Boost as some of you may have heard the SEC and coinbase went to court recently To argue whether the case they embroiled In should be dismissed an argument that Apparently lasted for almost 5 hours if You watched our video about the sec's Lawsuit against coinbase you'll know That the regulator alleges that some of The cryptos on coinbase are unregistered Securities it also alleges that Coinbase's staking Services constitute Unregistered Securities offerings now if You watched our video about the ruling In the sec's case against Ripple however You'll know that the judge there ruled That secondary sales of xrp on crypto Exchanges do not constitute unregistered Securities offerings this is the main Reason why many believe that the sec's Case against coinbase will be thrown out But as I just mentioned that's just one Part of why the SC sued coinbase in the First place there's also the staking Services aspect and this is where Coinbase could face more hurdles that's Because the SEC has precedence of its Own Kraken settled with the SEC over its Staking Services early last year of Course the specifics of Kraken staking

Services and coinbase staking services Are different but it seems they're still Similar enough that they could prevent Coinbase from getting off the hook this Was explained by attorney Sam enzer in a Recent interview with Laura Shin which Is well worth a listen if you have the Time so this begs the question of when The judge will decide whether to throw Out the sec's case against coinbase or Not Sam believes that this will happen By the end of q1 so by the end of March The bigger question though is whether She will decide to throw about the whole Case or just parts of it and this isn't Clear yet regardless the judge's Decision will likely have a profound Impact on the crypto market and the Crypto industry take a second to Consider that if the judge does throw Out the case or even just the part about Certain cryptos being Securities this Means that the altcoins the SEC is after Will be off the hook obviously this Would be extremely bullish for all the Altcoins that the SEC has claimed are Securities including those in the sec's Lawsuit against Binance that's just because the judge's Decision could likewise be used as a Precedent by binance's lawyers to water Down the secc's allegations now if You're wondering how this all relates to Ethereum it's because most of the

Cryptos that the SEC has labeled as Securities are so-called ethereum Killers throwing out the sec's case Against coinbase would effectively Eliminate the regulatory uncertainty Around these cryptos and allow them to Grow and if you watched our recent Salana update you'll know that Institutional investors are reportedly Obsessed with that particular crypto Project it stands to reason then that Many have been hesitant to invest Because of the regulatory uncertainty Created by the SEC any Clarity from the Courts could therefore allow them to ape In this would likely evolve into a new Wave of investment into the broader Altcoin ecosystem given that secondary Sales of every altcoin would Theoretically be above board but let's Not get ahead of ourselves just yet we Know that the SEC has a habit of handing Out surprises and they're seldom of the Good kind on that note there have been No shortage of surprises on the Geopolitical stage but I suppose that Depends on whether whether or not you've Been paying attention if you haven't Been then here's the tldr the conflict In the Middle East appears to be Escalating and it looks like it's Starting to affect Supply chains Ground Zero in this regard has been the Red Sea Where yemeni Rebels the houthis have

Been seemingly attacking ships at random In protest at the brutal conflict Between Israel and Palestine or so they Claim in response the US and its allies Have started sending in larger and Larger forces to repel these attacks now For context around 12% of the World's Trade passes through the sewers Canal Which lies at the opposite end of the Red Sea notably the route through the Red Sea and the sewers Canal is critical For transporting goods from Asia to Europe and the UK the only alternative Is to go around the entire African Continent as many news outlets have Reported re-rooting trade in this way Runs the risk of increasing inflation Around the world with the situation in The Middle East only continuing to Escalate some shippers are opting to go The longer route due to the risks and Insurance costs associated with the Red Sea passage as most of you will know any Inflation arising from such supply chain Disruptions could run the risk of Central banks having to keep interest Rates high or even raise them higher This would do serious damage to risk Assets such as crypto which are Currently pricing in lots of rate Cuts In 2024 now the good news is that it's Likely that the US and its allies will Get the Red Sea situation under control

Sooner or later the bad news is that This could risk creating an escalation Elsewhere in the region probably Involving Iran for reference Iran backs The houthi rebels called causing chaos In the Red Sea attacks on the houthis by The US and its allies could cause Iran To do something in response now those of You who are deep in the Weeds on Geopolitics know that one thing Iran Could do is cause issues in the straight Of hmus through which 20% of the world's Oil is shipped as it so happens though Iran seems to be occupied with another Conflict that's magically emerged in any Case it's easy to for forget about the Worrying geopolitical backdrop against Which the markets exist at any moment There could be a flare up of an existing Conflict a new conflict or a new set of Sanctions or trade restrictions that Could mess things up thankfully though Crypto seems to be largely immune to Most of these kinds of catalysts and Speaking of crypto it's about time we Looked at last week's top performing Altcoins so Jessica take it away Thanks Guy well last week's top Performing cryptos were Ronin flare AAR Pith Network and chili starting with Ronin it's Ron coin appears to have Rallied on the news that a new game on Ethereum would be airdropping its native Token to early users and the news that

The Ronin wallet has added support for Ethereum polygon and the BNB chain as You can see Ron has been on a massive Tear since October it's up by more than 5x since that time and appears to have Painted a massive double bottom pattern If it plays out Ron could potentially See explosive growth over the coming Weeks this assumes that BTC will Continue to behave next up we have flare Network whose flr coin appears to have Pumped on the news that Google cloud has Become a validator on its layer one Blockchain as you can see flr has Likewise been in an uptrend since October though it hasn't been nearly as Strong the catch is that flr doesn't Have much resistance between its current Levels and around 2.7 this could translate into some more Gains in the short term if the Catalyst Can keep it going as for a star Network It's not entirely clear why it's ASR Coin rallied we suspect that it has Something to do with ethereum's Den test Net given that a star announced that it Would be launching a layer two on Ethereum last September thanks to a Partnership with polygon the more you Know now this would make sense given That a star's price has been explosive Since that September announcement the Chart looks similar to Ron's in the Sense that it could be in the process of

Painting a double bottom that could Foreshadow a massive game in the medium Term just remember that nothing goes up Only when it comes to pith Network it's Pith token appears to have permed due to The speculation that pith stakers will Be eligible for additional airdrops in The future note that we recently covered Pith Network for our coin Bureau club Members you can find more details on the Deals page now as you can see pith is Currently pushing up against a critical Zone of resistance if it can get above This Zone then it could see new all-time High in the medium term finally we have Chili's whose chz coin appears to have Pumped on the news that the crypto Project will merge with a South Korean Crypto project called Clayton we Actually covered Clayton here on the Main Channel a while back you'll Understand why this is a fascinating Announcement if you watch the video Anyways as you can see this exciting News hasn't done much to increase Chile's price this could be because Chile's faces a lot of resistance to the Upside it's going to be interesting to See how the potential merger will affect Chile's tokenomics and price action no Doubt a topic for a future video now if You want to keep track of the altcoins That are pumping the most and also where You can trade them then be sure to check

Out the coin Bureau telegram Channel Using the link in the Description and that's all for today's Coin Bureau weekly crypto review if you Enjoyed enjoyed it then you know what to Do hit that like button subscribe button And Bell icon too don't forget to check Out our deals page where we have massive Discounts and airdrop bonuses of up to $50,000 on some of the best exchanges Only for the viewers of this channel Also if you want to pick up some snazzy Crypto merch the coin bu merch store has It all you can find the link to that Resource and many others in the Description below thank you so much for Watching and we'll see you in next Week's episode