Crypto News: Bitcoin, ETH Upgrade, The Fed, USDT & 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 [Music] Week make or break BTC continues to Consolidate setting the stage for what's Likely to be a massive move how high or Low could BTC go ethereum upgrade Imminent Denon draws ever closer while Experiences record levels of options Volume when could the second largest Crypto rally tethers record profits the Largest stable coin issuer reveals Almost $3 billion of profits on usd's Reserves over the last quarter what does This mean for crypto fed holds steady Chairman Jerome pal reiterates that Inflation needs to fall faster before Rate Cuts come as markets sought a new All-time highs why the markets could Keep going higher 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 continued to trade Sideways due to a mix of conflicting Crypto and macro factors on the crypto Front we had lots of inflows and Outflows to and from spot Bitcoin ETF At the same time there were reportedly Large outflows from non- us ETFs Presumably to flow into their us Counterparts as most of you will know

Inflows and outflows into and out of the Spot Bitcoin ETFs result in actual Buying and selling pressure respectively For BTC as a fun fact most BTC buying And selling happens during the day Behind the scenes but is only settled When the stock markets close in the the Afternoon so to speak on the macro front Meanwhile we had multiple factors Including US economic data the Treasury's debt issuance plans and the Fed's rate cut decision which we'll come Back to later now if you watched our Video about btc's price after the spot Bitcoin ETFs you'll know it's possible It could become more correlated to macro While it's too soon to say for sure last Week's price action certainly suggests That macro is playing a big role in Btc's price action and the rest of the Crypto Market by extension and as we Mentioned in our Weekly Newsletter the Absence of big macro factors this week Could put crypto factors back in the Driver's seat so be sure to subscribe so You don't miss our weekly Market Forecast the link is in the Description now turning to the charts we Can see that BTC continues to chop Around a key level of 43k notably this level lies at the upper Range of a channel that BTC has been Trading in since early December although There have been multiple breaks above

And below this channel there's been no Firm breakout given that the width of This channel is around 3K this means That BTC could either break out to 47k Or break down to around 37k given that Many Traders appear to be expecting an Imminent correction the path of most Pain would be for a sudden rally to take Place which could cause a short squeeze To 47k believe it or not but the Catalyst for this short squeeze could be Chinese New Year which will happen on Sunday it's possible that Traders will Begin to price in a potential rally Causing it to occur sooner now for Context btc's price rallied Significantly after the the start of Chinese New Year last year and if you Want to maximize the rally or bet Against this potential pump then check Out the coin Bureau deals page it's got Trading fee discounts of up to 60% on The best crypto exchanges and signup Bonuses of up to $50,000 these deals will only be found Here on coin Bureau and are for a Limited time only so take advantage of Them using the link in the description As soon as you can anyway Another crypto that could benefit from a Potential Chinese New Year rally is Ethereum that's just because eth is Apparently very popular in China case in Point ethereum Creator vitalic buaran is

Known as the quote VOD among Chinese Crypto investors and even speaks fluent Mandarin the more you know now unlike BTC ethereum has an additional crypto Catalyst that could take its price High This week and that is the upcoming Denune upgrade if you watched our last Ethereum update you'll know that Denon Will make ethereum's layer 2s faster and Cheaper by a factor of up to 100x and as It turns out this just scratches the Surface of the impact denune could have On ethereum which is why we'll be doing A deep dive into denune later this week And this is pretty convenient Considering that the final test net Launch for denune is this Wednesday the 7th of February after which a main net Launch date will be decided so keep your Eyes peeled and Mark those calendars Better yet subscribe to the channel and Ping that notification Bell so you don't Miss any updates and while you're at it Smash that like button too go on anywh Who like BTC eth's price has basically Been trading within the same range since Early December in eth's case a break Above the channel could translate to a Price of around $2,600 whereas a break below the channel Could translate to an eth price of Around 2K the upside scenario seems Likely here and this is consistent with What can be seen on the eth BTC chart

Which is consolidating around a key Level by now you'll know that the eth BTC chart shows you eth's strength Against BTC and acts as a proxy for the Rest of the altcoin Market the chart Suggests that eth and altcoins could see A rally soon and if you need more Fundamental proof look no further than The record levels of options trading Volume on eth for those unfamiliar Options are a type of derivative that Tend to be popular with sophisticated Investors the fact that eth options Volume is at alltime highs tells you They are interested meanwhile statistics From The Ether scan Explorer also Suggest that the number of daily Transactions on ethereum has been in a Strong uptrend since last Autumn some of You might recall that ethereum actually Hit the highest number of daily Transactions in its history just a few Weeks back no doubt a bullish sign as a Cherry on top there's the pending spot Ethereum ETFs which analysts continue to Be divided on however some believe that The spot e the meeting FS will be Approved in May at the sec's final Deadline others though believe that the SEC could reject the applications and That the ETFs may not come until 2025 or 2026 in the short term this arguably Doesn't matter though because it Nonetheless acts as a bullish Catalyst

That will keep the hopium high and act As an additional fuel to any rallies we See in the interim after all many Investors tend to see the world through Bullish tinted glasses when prices start To rise you know who you are on that Note if you're looking for an easy way To tell if there's lots of speculation In the crypto market look no further Than usd's market cap as we explained in Our video about stablecoin market caps Usd's main demand driver is leveraged Trading so usdt growth means there's More leverage trading taking place in Case you haven't noticed you usd's Market cap is on the brink of 100 Billion this is a staggering amount of Money especially when you remember that Most stable coins in circulation Including usdt are backed by US Government debt news flash but this debt Earns a yield passive income to its Holders in tether's case its recent Attestation revealed that the stablecoin Issuer made almost $3 billion in profit Over the last quarter that's not Revenue I.E the total amount of money brought in That is profit the total amount of money That's left over after all expenses have Been paid just let that sink in to put Things into perspective tether's profits For Q4 last year were roughly 10% of the Profits made by JP Morgan the largest Bank in the United States and one of the

Largest banks in the world and perhaps Unsurprisingly JP Morgan has been Spreading tether fud over the last few Days someone it seems is salty anyhow if You're wondering what tether's record Profits mean for the crypto Market the Answer is twofold the first is something I just mentioned and that's that they Highlight just how much speculation There's been over the last few months Mostly due to the spot Bitcoin ETF hype The second answer is one that many People have forgotten and that's that Tether announced anounced back in May of Last year that it would use a portion of These profits to buy BTC every month now It's not entirely clear when tether Bought BTC or how much it has bought but It's possible this could be helping to Support btc's price now take a second to Consider that this could be resulting in Traders taking on more leverage which is Resulting in more profits for tether Which is in turn resulting in more Monthly BTC buys it's a positive Flywheel made possible by the nonzero Interest rates set by the Federal Reserve and it's not just BTC that Tether has been buying either the stable Coin issuer has been investing heavily Into bitcoin's ecosystem bootstrapping Everything from new mining operations to Decentralized education ecosystems this Underscores something important we

Mentioned in our video about stablecoin Issuers put simply the influence of Stablecoin issuers on the crypto Market Will become more apparent in an Environment where interest rates stay Higher for longer they could in fact Become the most powerful entities in This industry and by many measures this Is already the case today just remember That tether isn't the only stable coin Issuer around there's also Circle as Well as paxos both of whom could Exercise their influence over the crypto Industry by bootstrapping their own Crypto operations and ecosystems it's Going to be very interesting to see this Fierce competition evolve speaking of Which it looks like the influence of Stable coin issuers won't be going away Soon that's because the Federal Reserve Doesn't seem to be in any rush to cut Interest rates this was made clear by Jerome poell during the fed's press Conference last week something we'll dig Into later this week as well all we'll Say for now is that the FED hasn't been Satisfied with the rate at which Inflation has been declining in Jerome's Own words they are not quote confident Enough to say that inflation will reach The fed's 2% Target despite real-time Inflation statistics suggesting it's Already below 2% so this begs the Question of why the markets proceeded to

Hit new all-time highs even even though The FED made it clear that it doesn't Plan on lowering rates anytime soon the Answer could be because investors don't Believe that the FED will follow through In other words they still think cuts are Coming now assuming that these investors Are watching the realtime indicators I Mentioned a few moments ago then this Could very well be the answer FYI the FED makes its decisions about interest Rates based on lagging data Markets are much faster moving with Investors being obsessed with realtime Statistics what this means is that the Markets probably foresee a sharp drop in Inflation and understand that this would Cause the FED to drop interest rates Even faster than they initially Projected during their dovish pivot back In December now the answer could also be Continued fiscal stimulus boosting asset Prices if you watched our video about The man who predicted everything you'll Know that this was his core thesis he Believes that the influence over the Markets and the economy has shifted from The central banks to the governments Which continue to spend hence why he got It right when so many others got it Wrong if this framework is correct then The markets could very well continue to Rally even if inflation doesn't come and Even if the FED doesn't cut it goes

Without saying that this realization Could Rock the markets in the short term But the price action over the last week Suggests there would be a fast Recovery the bigger question though is What this all means for crypto well in Theory the answer is that higher Interest rates are harmful for risk Assets and would therefore keep crypto Prices suppressed in practice however You'll recall that there are large Entities like tether which could be Propping up the markets at the same time The approval of the spot Bitcoin ETFs Means that BTC would be likely to Participate in a broader melt-up rally Caused by fiscal spending that's because BTC will slowly but surely become a part Of institutional portfolios and trade in Accordance with whatever assets they Consider it to be like as such higher Interest rates could lead to a strange Scenario where BTC rallies because of Institutional exposure exposure select Altcoins rally because they're being Directly or indirectly propped up by Stable coin issuers and others rally Because they actually have solid Fundamentals in the form of fees again Though this all assumes that interest Rates will stay higher for longer and It's definitely too soon to say for sure It is likely that the FED will cut at Some point though and when it does it

Will likely lead to expectations that Are full full-blown rate cutting cycle Is coming one that takes interest rates Back to zero it's only when the FED Stops halfway that we can truly start to Speculate about higher for longer anyway With all that said it's about time we Looked at last week's top performing Cryptos so take it away Jessica thanks Guy well last week's top Performing cryptos were flare Network Pendall Finance chain link pith Network And Ronin starting with Flare Network we Couldn't figure out what caused its flr Coin to pump our best guess is that it Had to do with the Project's Announcement that it will be Participating in the upcoming ethereum Conference East Denver whatever the Catalyst was you can see it was enough To cause flr to go parabolic and could Be enough to push it up or close to its All-time high for the time being it's Struggling to get above a key level of Resist resistance at around 30 which it May or may not break above this week Let's See next up we have Pendle Finance whose Pendle token appears to have pumped due To the massive spike in total value Locked deposited into the future yield Automated Market maker decks definitely A crypto project that we'll have to look At in some point perhaps for our coin

Bureau club members more about that in The description now as you can see Pendle recently broke above its all-time High and is in price discovery mode Assuming that it's been painting a cup And handle pattern since May 2021 it could rise as high as almost $4 In the coming weeks this would be Consistent with continued growth in its Total value Locked as for chain link it's link token Appears to have pumped due to the Speculation around the Oracle use in the Tokenized W asset niche as well as the Hype around its innovative cross-chain Interoperability protocol or Ccip as you can see link is looking Extremely bullish having broken out of Its channel it's been trading in since November the weekly chart suggests that Link could rise as high as $25 in the coming weeks if the pattern Fully plays out it goes without saying That there are no Guarantees when it comes to pith Network Meanwhile its pith token appears to have Pumped due to its listing on binance as Some of you will know listings on a Large exchange tends to be positive for Price action both in the immediate term And in the long term as you can see pith Is currently struggling to get above a Key resistance level at around 50s if it manages to break Above This

Level it would likely rally up between 70 and 80 C a new alltime high I'll Quickly note that we did an in-depth Review of pth network for our coin Bureau club Members last but not least we have Ronin Whose Ron coin appears to have rallied On the speculation that the coin could Soon list on coinbase this would be a Welcome development considering that Ron's exchange availability is Surprisingly limited despite this Limitation however Ron manages to be on The brink of new all-time highs and has Already been hitting all-time highs if You measure by market cap the massive Double botton pattern is painted over The last 2 years foreshadows a potential Doubling in price over the next few Weeks and if you want to know why Cryptos are pumping and also where you Can trade them be sure to check out the Coin Bureau Insider 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 $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 buau 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 [Music] Episode