Crypto News: Bitcoin CRASH, ETH ETFs, Biden’s Veto, NOT, OM & MORE!

Welcome to the coin Bureau Weekly News Run my name is Jessica and here are the Top stories in crypto this [Music] Week btc's conton indicator a surge in Spot Bitcoin ETF inflows lead to Speculation that the local bottom could Be in for BTC everything you need to Know ethereum ETF expectations investors Make big predictions for eth after the Spot ethereum ETFs list why are early Eth holders selling veto The veto us Politicians prepare to veto President Biden's veto of a recent resolution that Could boost crypto's adoption how this Could result in a pro- crypto bill being Passed geopolitical peace pivot Ceasefires appear possible in the Middle East and Eastern Europe after a 180 by Ke players what this could mean for Crypto 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 BTC experienced a epic Crash below 54k this crash was caused by a Combination of BTC selling by the US and German governments fears of Mount got's Creditors doing the same and almost a Billion dollars of BTC Longs being Liquidated believe it or not but the Local bottom for BTC could be in this is Because of an important contrarian

Indicator after weeks of enormous Outflows and sluggish inflows the spot Bitcoin ETFs experienced their largest Day of net inflows in weeks on Friday This is significant because it suggests That the spot Bitcoin ETF investors were Aggressively buying the dip it's even More significant when you remember that Most of these spot Bitcoin ETF investors Are reportedly retail investors what This suggests is that the last week's Crash was not driven by capitulation by BTC holders rather it was driven almost Entirely by government BTC sales and Leverage liquidations funnily enough the Catalyst that caused the drop below 54k Was the news that mount gos have begun Distributing BTC to creditors And the Catalyst that caused the sharp Recovery was the news that the BTC Distribution could take up to 3 months To complete this will even out any BTC Selling by Creditors now make no mistake BTC isn't Out of the woods just yet first it needs To get above 58k and it's possible that It's already done so by the time that You see this video second BTC needs to Get above 60k this will put it back in The 60 to 70k range that it's been Trading out since February I.E back to Normal what happens after that is Anyone's guess but it seems that big BTC Holders believe that there could be more

Downside in the not so distant future That's because onchain analysis suggests That BTC Wales have been transferring Hundreds of millions of dollars of BTC To exchanges in recent weeks not only That but onchain analysis also reveals That hundreds of millions of dollars of All BTC has been waking up as well this Begs the question of who these old BTC Holders are and why are they selling we Think the answer is in Chinese investors As China was Ground Zero for Bitcoin and Crypto back in the day as to why these Investors are selling our best guess is That it's because China's economy isn't In the best shape it's possible that These Chinese investors are trying to Find what they can sell so they can pay Down debts or make ends meat Alternatively they could be preparing For more economic pain there is more About the possible recession in the Description now if BTC does get back Into the 60k range in the coming days Then it's likely to Rally up to the Ballinger band moving average on the Weekly which currently sits at around 64k if BTC does get above the Ballinger Band moving average on the weekly and Breaks above 70k new all-time highs Could come by the way if you want to Make the most of this potential rally Then be sure to check out the coin bu Deals page it's got trading fee

Discounts of up to 70% and sign up bonuses of up to 100 ,000 these are deals that you will not Find anywhere else so be sure to take Advantage of them while you Can now speaking of BTC whales and old BTC holders selling some of you may have Noticed that we're seeing the same Phenomenon with eth eth whales have also Been sending large amounts to exchanges In recent weeks and old eth wallets have Also been waking up and doing the same When it comes to eth this phenomenon is A little bit easier to explain it's Likely that eth investors are preparing For these spot ethereum ETF listings This is further evidenced by the fact That grayscales ethereum trust is Trading at a premium not a discount Premium relative to the eth the trust is Managing to refresh your memory Grayscale's Bitcoin trust investors were Buying shares at the trust leading up to The conversion to a spot Bitcoin ETF This was because these shares were Trading at a premium relative to the BTC Back then this made it possible to sell These shares at a profit when they Became ETF shares well not surprisingly These Arbitrage Traders have been doing The same with grayscales ethereum trust Which has been trading at a steep Discount until the sec's initial spot Ethereum ETF approvals in late May what

Is surprising and different is that Shares in the ethereum trust are now Trading at a premium this suggests that Investors are extremely bullish on the Spot ethereum ETF listings to bring you Up to speed the SEC still needs to give A final approval for the spot ethereum ETF toist the final approval is expected To take place today and it's possible That it's already done by the time that You see this video conversely it's Possible that the spot ethereum ETF Listings have been delayed again believe It or not but it's also possible the Asset managers are working with the SEC To delay the final approvals that's Because launching a spot ethereum ETF in These market conditions is probably not Such a good idea in any case the Predictions for what the spot ethereum ETF inflows will look like they do vary With some expecting the eth will fall by 30% on the back of low to no inflows and Others expecting it will explode to new Alltime highs because of record breaking Inflows the truth will probably be Somewhere in the middle to refresh your Memory again there were considerable Outflows from grayscales spot Bitcoin ETFs as a result of the Bitcoin trust Arbitrage trade the result was that Btc's price was traded sideways to down For the first two weeks it's possible That e could see similar price action

After listing for the same reason then Again the fact that the ethereum trust Shares are trading at a premium suggests That there's going to be lots of demand For the spot ethereum ETFs if you Watched our recent ethereum update You'll know that this could be because Investors are starting to see ethereum As a blockchain for real world assets Regardless the eth chart suggests there Are two scenarios on the table the first Is that the spot ethereum ETFs are Delayed or are listed but perform poorly In this case eth could fall to 2.4k alternatively it is possible that The ETFs are listed and perform well in This case eth could rally all the way up To 4K I remind you that the coin Bureau Deals page has the tools you need to Maximize your profits whichever way E's Price will go now it's possible the Reason why ethereum trust investors are So bullish on eth is because they see Something that we don't specifically It's possible that they believe we could See a pro crypto regulations being Passed in the US in the coming weeks as Politicians compete for the crypto vote Ahead of the upcoming election in case You miss the memo crypto has become Politicized the Practical effect of this Has been to increase the likelihood that Pro crypto bills could become law with Bipartisan support this became clear

After the US politicians passed a Bipartisan resolution striking down an Anti- crypto SEC rule in May to clarify The resolution that was being passed is Not the same as other Pro crypto Bills Currently working their way through Washington whereas these bills are Jam-packed with Provisions the Resolution was simp Containing one provision cancel this SEC Rule of course it was vetoed by Biden After it was passed now us politicians Are going to attempt to veto Biden's Veto this will require the support of 2third of politicians from the House of Representatives and the Senate Once Upon A Time the possibility of such Bipartisan support was impossible today Many believe it's possible if not likely What this means is that by the end of The week financial institutions such as Banks could be allowed to custody crypto For their clients this should make Institutional investors more comfortable Investing in crypto as they'll be able To store it with entities they know and Trust rather than crypto Custodians more importantly if the veto Of the Biden veto passes along with Strong bipartisan lines then then it Would open the door to politicians Pushing through more Pro crypto Legislation most notably these would Include fit 21 which would basically

Give the cftc more authority over crypto And take some away from the SEC fit 21 Was approved by the house at the end of May and is awaiting approval from the Senate it was initially believed that The Senate would sit on the bill for Months but a bipartisan veto of Biden's Veto would likely incentivize them to Act sooner if so fit 21 could become law By the end of the month obviously this Assumes that Biden doesn't veto fit 21 But that assumes that Biden will still Be president by the time fit 21 is Passed there is growing speculation that Biden could not only bow out of the Upcoming presidential race but also Ste Down as president for health related Reasons On the off chance that this happens Camala Harris would become president and She could approve Fit21 it's a bit of a stretch but if all Of this did happen then Harris could Possibly even approve one of the many Stable coin bills that have been tabled By Pro crypto Politicians this would be a very big Deal that's just because these stable Coin bills would make stable coin Payments possible in tin this would make It possible to create new crypto use Cases and to supercharge existing ones This would be especially bullish for Smart contract cryptos that have been

Positioning themselves for payments such As salana note that we'll be doing Another salana update video real soon in The meantime you can check out our most Recent ones using the link in the Description and subscribe to the channel If you haven't already now on the topic Of unexpected political development you May have noticed there have been some Unexpected geopolitical developments Over the last week or so for starters a Ceasefire in the Middle East this would Mark a first pause to the fighting since November last year for context fears of Escalation in the Middle East have been One of the biggest factors weighing in On the market escalation back in April Was a contributor to the crash in stocks And crypto at the time and there were Concerns that we could see even more Escalation in the coming weeks and in a Similar manner Ukrainian president Zalinski is reportedly open to peace Talks with Russia the news comes shortly After Hungarian president Victor Orban Visited zelinski in Kiev Orbin has since Visited Russian President Vladimir Putin In Moscow with the explicit goal of Negotiating a peace deal for reference Zansky recently held a peace Summit in Switzerland which excluded Russia Zalinski is now open to organizing a Peace Summit that includes Russia and It's ironic that the EU politicians are

Trying to save Faith by claiming that This is all orban's doing and that they Are not involved although escalation in Eastern Europe wasn't as much of a Concern for the markets it's been Another Factor that's been keeping Inflation elevated in much of the world Contributing to higher interest rates It's also been another source of Uncertainty that's been keeping Investors on the sidelines for those Unaware there is nothing investors hate More than uncertainty certainty in the Middle East and Eastern Europe could Therefore be incredibly bullish for Stocks given that crypto is Loosely Correlated to stocks it's likely that Most cryptos would benefit from this as Well the caveat is that these conditions Could be temporary a ceasefire isn't a Peace deal per se and it's quite Possible that there will be additional Escalation in the future it certainly Makes you wonder why all of this is Happening now it wouldn't be so Farfetched to assume that it's related To the US election after all it's easy To forget that the average person they Don't want war and the average person Also isn't happy that billions of Dollars are being sent overseas and Spent on weapons when they're struggling To make ends meet at home getting these Optics out of the way makes life much

Easier for the political Elite with all That said it is about time that we take A look at last week's top performing Cryptos so last week's top performing Cryptos were Multiverse X Mantra not Coin tether gold and Tron starting with Multiverse X it's egld dcoin appears to Have pered due to the Project's Partnership with safe palal wallet Making egld accessible to its 13 million Users egld is currently struggling to Get above a key resistance level at Around $35 if it does then it could rally up to 50% in the short term and as much as 3x In the medium term note that this Ultimately does depend on what happens With BTC in the coming days next up we Have Mantra whose om token appears to Have pumped on the new that the project Will tokenize half a billion dollars of UAE real estate on its upcoming layer One blockchain similarly to egld om is Struggling to get above a key resistance Level at around 90 cents if it does then It could rally by 10% in the short term And as much as 50% in the medium term I'll reiterate that this ultimately does Depend on what BTC does in the coming Days When it comes to not coin not appears to Have pumped after the ton coin game Revealed a 50 million gaming accelerator With helker gaming as you might have

Guessed not is struggling to get above a Key resistance level at around 1.5 if it does then it could likewise Rally by 50% in the shortterm and Potentially even pull a 2X in the medium Term I repeat that this ultimate does Depend on BTC as for tether gold xut Appears to have pered as a result of a Flight to safety FYI it's a common for Crypto investors to rotate into gold Back stable coins during crashes the Consequence is that it does cause their Price to rally and sometimes even deeg To the upside relative to Gold that's Backing them interestingly xut appears To be painting a head and shoulders Pattern and the same is true for gold Itself considering that gold is Fundamentally a hedge against inflation And also geopolitical uncertainty this Does suggest that we're about to get Lower inflation figures or less Geopolitical uncertainty maybe a bit of Both note that you can also get our Weekly Market forecast by subscribing to Our Weekly Newsletter the link will be Down in the description moving on now Finally we have Tron whose TRX coin Appears to have pumped on the news that The project is developing a zero fee Stable coin solution for ethereum based Blockchains as well as its own lo and Behold TRX is struggling to get above a Key resistance level around 13 cents if

It does then it could rally by more than 10% in the short term and as much as 60% In the medium term note that shortterm Means days or weeks whereas medium-term Means weeks or months and if you want to Keep track of which cryptos are ring the Most and also where you can trade them Be sure to check out the coin Bureau Insider telegram Channel using the link Down in the Description well that is all for today's Coin buau weekly crypto review if you Enjoyed it then you know what to do hit The like button subscribe button and Bell icon too don't forget to check out Our deals page where we have massive Trading fee discounts of up to 70% and Sign up bonuses of up to $100,000 on some of the best exchanges Only for the viewers of this channel Also if you do want to pick up some Snazzy crypto merch then the coin Bure Merch store it has you covered you can Find the link to those resources and Many others down in the description Below thank you so much for watching and We'll see you all in next week's episode This is Jessica signing off [Music]