Crypto News: Bitcoin CRASH, ETH ETF, Binance FUD, & MORE!!

[Music] Foreign To the coin Bureau Weekly News Roundup My name is guy and my name is Jessica Here are the top stories in crypto this Week Crypto market crash the total crypto Market cap Falls more than 10 after over A billion dollars of leveraged positions Are liquidated what caused the crash and What comes next ethereum ETF imminent asset managers line up too Far for an 8th Futures ETF after the SEC Supposedly signals its openness to Approve them why this could be a Southerners event Binance fund returns the world's largest Crypto exchange loses access to another Payment provider while concerns arise About BNB so how could this impact the Crypto Market China in trouble the world's second Largest economy reportedly becomes Deflationary as property developers Default on their debts when will the Bank of China start to stimulate 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 as you might have noticed the Crypto Market experienced An Almighty Crash large cap cryptos fell by more Than 10 percent while mid and small caps

Experience losses of 20 or more This had everyone wondering what caused The crash and the honest answer is that Nobody knows for sure Btc's price action on the hourly chart Suggests that the downturn began on Tuesday at around 11AM EST as you can See BTC saw a small rally followed by a Sizable crash at 11AM in the hours that Followed BTC continued to fall lower Something likely driven by liquidations Of leveraged Longs so this begs the Question of what happened at 11AM and There seemed to be two possible answers The first is that a rumor had been Circulating on Twitter or rather X that There would be a decision in greyscale's Lawsuit against the SEC from what we Could tell there were high hopes that Grayscale would win the case now if you Watched our recent video about digital Currency group you'll know that Grayscale is suing the SEC to have its Grayscale Bitcoin trust or gbtc convert It into a spot Bitcoin ETF you'll also Know that they're expecting a decision Later this year which is why it's a bit Odd that there were rumors this early as Is often the case with rumors the Appointed time ticked around and nothing Happened now it's possible that a bunch Of BTC Traders had taken on extra Leverage shortly before expecting there To be a massive rally on a positive

Outcome the absence of any announcement Could have kicked off the waterfall of Liquidations Alternatively it's possible that said Waterfall was caused by another Announcement that came out around 11AM And that's that GSR crypto's oldest Market maker was scaling down its U.S Operations this could have sent a signal To Big investors that regulatory Scrutiny of crypto continues it also Could have resulted in GSR selling some Of the altcoins it was making markets For there was lots of speculation on X That GSR selling of altcoins is what Eventually dragged down the entire Crypto Market but this is something we Were unable to verify probably just Another one of those rumors now if You're subscribed to our Weekly Newsletter you'll know there's another Reason why crypto could have crashed and If we're correct then the crypto market Crash could continue this week be sure To subscribe to our newsletter so you Don't miss our next forecast the link Will be in the description But back to that BTC chart If you've been keeping up with our Weekly crypto reviews you'll know that We've been looking at Price action using The Bollinger Bands a lot lately this is Simply because the Bollinger band moving Average has done a good job of showing

Zones of support and resistance As you can see BTC has broken below the Bollinger band moving average on the Weekly chart This is significant because this moving Average has been a significant zone of Support since the crypto Market started Rallying in January if we stay below it For another week or two we could see Lower lows The Silver Lining to all this is that Eth has been holding up exceptionally Well over the last week at least against BTC as you can hopefully see eth was on The brink of breaking to the downside Against BTC but suddenly saw a rally That now has its squeezing to the upside On The Daily a bullish indicator This sudden eath strength is almost Certainly due to reports that the SEC is Considering approving an ethereum Futures ETF this wouldn't be that Surprising considering that the SEC Approved a Bitcoin Futures ETF back in October 2021. this coincidentally Happened shortly before bcc's bull Market top In any case the reason why an ethereum Futures ETF approval is so important is Because it's believed that it will give Regulatory Clarity to eth for reference The SEC seems to believe that eth is an Unregistered security Approving an ethereum Futures ETF could

Make it hard to argue this angle now the Caveat is that an ethereum Futures ETF Would not be backed by physical eth it Would be backed by eth Futures on the Chicago Mercantile Exchange or CME paper Contracts in US dollars as such some Would argue that an approval of a Futures ETF would not change eth's Regulatory status moreover the fact that An ethereum Futures ETF is not backed by Physical eth means that any buying Pressure the ETF experiences will not Have a direct effect on eth's price Logically the same is true of the Bitcoin Futures ETFs which are likewise Backed by paper BTC contracts on the CME Regardless the prospect that in ethereum Futures ETF could be approved is being Seen as a big win by the crypto industry And rightfully so the approval of a Bitcoin Futures ETF was bullish too even If it didn't directly impact btc's price The catch is that in ethereum Futures ETF hasn't actually been approved yet as Reported by Bloomberg crypto analyst James safart the SEC won't be making a Decision about any ethereum Futures ETFs Until early October which is quite a way Away According to the Wall Street Journal Though the SEC could reportedly approve All 16 pending applications at the same Time this would be extremely bullish for Eth but it could also be a sell and news

Event the same way the Bitcoin Futures ETF was back in 2021. this ultimately Depends on whether crypto is still in a Bear Market if it is then an ethereum Futures ETF approval could bring it back Into a bull market at least for eth but If Ben Cowan's analysis of the eth BTC Chart is correct then eth and other Altcoins could continue to slide against BTC for the next six months or more that Would be a most unfortunate outcome that Said I'll remind you all that weakness Against BTC doesn't mean that eth Couldn't continue to pump in theater Terms the same goes for all other Altcoins more importantly it's still Possible to find promising altcoins that Could pull a 100x during a bear Market Some would say that it's the best time All you need is a new ecosystem filled With promising altcoins and it seems That coinbase's base fits the bill you Can learn more about this new ethereum Layer 2 and how to find the next 100x Using the link in the description you Are welcome And speaking of exchanges and exchange Chains there's been lots of fud floating Around about binance and BNB lately and For good reason binance continues to Face unrelenting regulatory scrutiny Around the world despite receiving Regulatory approval in key jurisdictions Such as Dubai

It seems that regulatory scrutiny wasn't Affecting binance that much until it Started coming from the United States For those unfamiliar binance was sued by The cftc back in March and was sued by The SEC in June Binance is reportedly trying to settle These lawsuits paying a fine plus Whatever else as time goes on however It's starting to become apparent that U.S Regulators aren't exactly looking to Settle there have been rumors lots of Rumors that U.S Regulators are trying to Force binance to give up some of its Core operations as part of any Settlement which would of course hurt Its business U.S Regulators are also allegedly trying To force Finance to disclose an Unnecessary amount of information about Its operations at least according to the Company's U.S arm The Exchange recently Filed for a protection order against the SEC saying the regulator is on a quote Fishing Expedition Meanwhile all this regulatory Uncertainty all the rumors and all the Speculation has scared away some of Binance's Key Banking Partners just last Week checkout.com announced that it had Cut ties with binance due to regulatory Uncertainty in other jurisdictions like The USA This announcement came shortly after

Binance announced that it would be Stopping support for binance connect its Branded crypto to Fiat payment rail it Turns out that binance connect used Checkout.com as its partner now binance Is reportedly considering legal action Against the company meanwhile all the Regulatory uncertainty all the rumors All the speculation all the partnership Cancellations plus the recent crypto Crash have put extreme pressure on BNB Some of this speculation turned out to Be true BNB breaking down below 220 Caused a BNB hacker to get liquidated in One of its D5 protocols what everyone is Wondering now is what other price levels Are problematic for BNB But there's another Black Swan even Bigger than binance that could bite the Crypto market and that is China If you watched our recent video about The new governor of China's Central Bank You'll know that he was The Man Behind The country's previous crypto crackdowns And enforces its strict Capital controls You'll also know that the Chinese Yuan Has been collapsing lately and that we Speculated that this could cause China To crack down on crypto to prevent Capital flight so far this hasn't Happened but recent economic and Geopolitical developments seem to be Increasing the likelihood of such Actions

For starters China's property sector Seems to be imploding again Besides evergrand filing for bankruptcy In the U.S country garden once China's Largest property developer is reportedly On the brink of a default too it's Estimated that 40 percent of property Developers have recently gone bankrupt Not surprisingly Chinese retail sales Have been falling fast and industrial Production isn't growing nearly as much As projected and as a rotten cherry on Top China's authorities have reportedly Stopped publishing data about youth Unemployment after initially revealing That it had hit a record high of over 20 Percent not a good look To add insult to injury China has been Threatening to respond quote resolutely And vigorously to a recent visit by Taiwan's top presidential candidate to The United States it seems that this Response consisted of running more Simulations of a full-scale invasion of Taiwan across the pond meanwhile the U.S Government has responded by further Restricting investment in its top Geopolitical opponent it's possible that China has been responding to this by Selling U.S government debt something it Probably needs to do regardless in order To defend the Yuan on that note a weak Yuan is supposed to attract more foreign Investment because it means that it's

More profitable to do things like Produce Goods in China obviously all the Geopolitical tensions have pushed Production and investment elsewhere Mainly India which is increasingly Friendly with the US the bank of China's Refusal to stimulate in response to the Country's economic issues has likewise Been a turn off to investors and it's Believed that it's contributing to the Recent crypto market crash that's Because crypto prices are believed to be Driven by liquidity aka the amount of Money in the markets Right now China is reportedly Deflationary meaning that the amount of Money in Chinese markets is declining Which is bad news for crypto If the Bank of China were to start Stimulating this would increase the Amount of money in Chinese markets which Would be good for crypto likely via Hong Kong The problem is that any stimulation at This point would cause the Yuan to Collapse against the US dollar this Could risk causing social upheaval which The Chinese Communist party can't afford Consider that most Chinese citizens have Their wealth tied up in real estate and As we mentioned over 20 percent of young People are unemployed from the outside Looking in it looks like something has Got to give the only question is what

And when well just like what happened With the crypto market last week nobody Knows for sure One thing is for certain though and That's that you must be careful during Times Like These not Financial advice of Course And now here's Jessica with last week's Top performing cryptos Thanks Guy hello everyone let's take a Look at last week's top performing Cryptos they were Thor chain our cash Network hedera hashgraph and injective Protocol Starting off with Thor chain it's Runequeen appears to have rallied in Response to the release of the Cross Chain dax's new Landing feature as Impressive as ruins rally has been it Seems to be struggling to get above the Two dollar level this is a psychological Zone of support and resistance and just So happens to be the outer limit for the Weekly Bollinger band range as well If roon can get above this level it Could keep rallying if not well we'll Have to wait and see Next up we have our cash Network whose Akt coin appeared to Rally in response To the Project's month-long hackathon Which will continue until mid-september Like roon akt has experienced an Impressive pump but seems to be Struggling to get above the dollar 50

Level If akt can get above this level then it Could keep rallying if not then it could Go lower As for hedera hashgraph its H bar coin Appears to have rallied in response to The news that a hedera based app is Included on the feds list of fednow Service providers be sure to watch our Video about fednow if you haven't Already Anyway hbar's weekly price action paints A similar picture to roon and akt it Seems to be struggling to get above the 60 level and there appears to have been Some significant profit taking Above This level as shown by the long wick on The top For now it looks like hbar could just Move sideways When it comes to the injective protocol It's inj coin appears to have rallied in Response to an upgrade that will Increase the amount of inj burned every Week on the derivative Stacks given that The crypto Market has been rallying Since the start of the year it should Come as no surprise that the inj has Followed suit due to its Dax use The good news is that inj is still above That Bollinger band moving average on The weekly the bad news is that it could Be about to break below it remember what Guy said earlier

And if you want to keep track on which Cryptos are pumping the most in real Time then be sure to join the coinbure Telegram channel the link will be in the Description And that is all for today's coin Bureau Weekly crypto review if you 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 forty thousand Dollars on some of the best exchanges Only for the viewers of this channel you Can find the link to that resource and Many more in the description below thank You so much for watching and we'll see You all in next week's episode [Music]