Crypto News: BlackRock BTC ETF, USDT FUD, ETH Updates & More!

Foreign To the coin Bureau Weekly News Roundup Here are the top stories in crypto this Week Crypto Market recovery coins and tokens Stumble in response to the sec's binance Crackdown before rallying in response to A Fed pause how much higher could the Crypto Market go in the short term Bullish ethereum updates the Bank of China issues tokenized Securities on the Ethereum blockchain as Creator vitalik Buterin reveals three areas of focus for The project what does this mean for eth Tetherfudd returns usdt experiences a Minor depeg after media companies Receive sensitive financial documents Related to a previous lawsuit why Crypto's largest stable coin isn't out Of the woods just yet BlackRock and BTC the world's largest Asset manager reportedly files for a Spot Bitcoin ETF in the United States Leading to speculation that a bull Market is imminent when could Blackrock's application be approved 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 Good morning afternoon or evening thank You for tuning in my name is Guy none of What follows is financial advice and Here is the news

Last week the crypto Market experienced Some significant volatility at the start Of the week it crashed hard presumably In response to the news that the SEC had Requested an emergency temporary Restraining order or tro against binance Us that would basically freeze all of Its corporate assets the reason why this Had such a profound effect on the market Is probably because the sec's lawsuit Against binance us and its related Companies alleged that they may have Been commingling corporate as well as Customer funds We now know that the SEC has no actual Evidence that this ever happened at the Time though this likely led to concerns That a freeze of binance Us's assets Could have an effect on binance International and possibly even user Assets on both exchanges thankfully the Judge presiding over the tro determined That it was excessive even by the SEC Standards the crypto Market quickly Recovered and this recovery was Supported by the fact that the Federal Reserve had decided to wait until next Month to raise interest rates again a Monetary move that's being called a skip What Market participants seem to have Missed is that the FED still expects to Make two additional rate hikes chairman Jerome Powell also made some scary Comments during the fed's press

Conference we'll be summarizing that Later this week so be sure you're Subscribed and you've pinged that Notification Bell now as I mentioned in Our Weekly Newsletter there appear to be Few obvious Macro headwinds for the Crypto Market at present the only one Seems to be the ongoing refill of the Treasury general account which could Suck money out of the market more about How and why using the link in the Description anyways there is of course No shortage of crypto specific factors That could erase the recent gains but These seem to mostly be in the rear view Mirror this means that the crypto Market Could continue to rally for the next Week or two but I must admit that the Charts are looking a bit mixed As you can see btc's price is sitting on The Bollinger band moving average on the Weekly chart as was mentioned last week This moving average has served as a zone Of support and resistance for BTC if BTC Can stay above this moving average it Will continue to Rally if it falls below It expect more downside The risk of downside appears to be real Because eth's price closed below the Bollinger band moving average on the Weekly chart for the first time since Last Autumn when FTX collapsed if you Subscribe to the idea that eth has Recently been leading BTC then this

Suggests the recent rally could be Short-lived it's a similar story on the East BTC chart where the Bollinger band Moving average has likewise been serving As a significant zone of support and Resistance Each cell below the moving average Against BTC again last week which could Foreshadow weakness in eth and altcoins In the coming weeks and if you want some More in-depth analysis into both Bitcoin And ethereum from a technical Perspective you have to follow coin Bureau trading link is in the top right Now speaking of ethereum it has seen Some very bullish news lately For starters the Bank of China Specifically its Investment Banking arm Boci issued tokenized Securities on the Ethereum blockchain obviously the Transaction took place in Hong Kong Because crypto is still illegal in Mainland China so now you can learn more About how Hong Kong's crypto adoption Could cause China to follow suit using The link in the description now this News is significant for four reasons First it's additional proof that China Is considering legalizing crypto again For context the Bank of China is Effectively owned by the Chinese Communist Party Second it underscores the fact that Hong Kong is serious about its own crypto

Adoption third it foreshadows additional Offerings of tokenized Securities on Ethereum not just in Asia but Elsewhere For reference the tokenized Securities In the transaction were underwritten by UBS the Swiss Mega bank that was Essentially forced to acquire Credit Suisse when it collapsed earlier this Year topic for another time Anyhow the fourth reason why this news Is significant is that it suggests that Institutional investors believe that Ethereum is secure enough for such Transactions this is more significant Than you might think because Institutional investors value security Above all else this is therefore another Notch on ethereum's belt and another Thing that institutional investors value Is privacy as it so happens privacy was One of the three so-called transitions That ethereum Creator vitalik buteran Says ethereum Needs in order to succeed The other two are layer 2 scaling Solutions for low fees and more secure Smart contract wallets vitalik explained That ethereum will fail if it can't Scale and that secure smart contract Wallets are a prerequisite for the zero Knowledge scaling solutions that will Provide on-chain privacy unlike Vitalik's blockchain trilemma this Trilemma doesn't involve any trade-offs On the contrary more of one means more

Of the others vitalik also made a Fascinating observation and that's that Lots of people are currently using Centralized crypto platforms to obstade I.E hide their transaction histories if You watched our video about how Blockchain analytics companies track Crypto transactions you'll know Exchanges are black boxes Regulators Don't like that which is why the kyc Processes on most crypto exchanges are Even more extensive than what you'd find At most banks by connecting kyc to every Crypto transaction it becomes easy to Identify who users are where the funds Are going and what they're being used For this excessive compliance at the Exchange level begs the question of how Ethereum developers plan on preserving Privacy without getting eth or ethereum Layer 2's delisted from exchanges for Regulatory reasons for those unfamiliar Privacy coins have slowly but surely Been getting delisted from exchanges Well the answer will have to be a Compromise of some kind and there's been Some speculation that these privacy Preserving layer twos will have secret Back doors that will make it possible For intelligence agencies to gather info Note that these secret backdoors have Been discovered in centralized software Programs before The difference is that backdoors in zero

Knowledge protocols will apparently be Undetectable now I must admit that I am Not qualified to speak to this but the Few articles I found suggest that there Are some zero knowledge scaling Solutions that could Implement a Backdoor without anyone ever knowing That aside the first cryptocurrency to Provide privacy in a compliant manner is Likely to receive the most institutional Adoption and investment and it appears That ethereum is the front runner in This regard When you combine that with all these Successful tokenization tests eth is Looking very bullish Even if ethereum fails to introduce On-chain privacy and doesn't become the Number one blockchain for asset Tokenization it will still be the number One network for stable coins Now this is turning out to be a bit of a Double-edged sword because central banks Don't want competition from de facto Digital Fiat if you've been keeping up With our coverage of the crypto Crackdown in the United States you'll Know that USD stable coins have become a Point of focus for Regulators the good News is that nothing has yet happened Paxos was ordered to stop issuing the Binance Branded busd stablecoin in February but that's about it the bad News is that this could mean that the

Worst is yet to come and it puts the Recent hit pieces about tether into Perspective To bring you up to speed crypto news Site coindesk had requested sensitive Financial documents from U.S Regulators Related to their settlement with tether In 2021 last Thursday coindesk finally Received these documents after almost Two years of trying Tethers usdt subsequently experienced a Slight deviation from its Peg now this Is despite the fact that coindesk hasn't Actually published anything it had Merely received the documents from U.S Regulators Logically this means that there must Have been some sort of insider trading Something that coindesk tacitly denied In its article about the documents the Following day in retrospect it's Possible that tether did it to itself CTO Paolo Arduino had posted an ominous Tweet implying that trouble was coming Regardless the release of the documents Ended up being a nothing burger and usdt Quickly regained its Peg all the Documents showed was that usdt had Previously been backed by Chinese Corporate debt something that was Already known The passing of this fud likely Contributed to the weekend rally there's Just one caveat however and that's that

Coindesk isn't the only Media company That published a hit piece on Tether Bloomberg appears to have published a Similar hit piece a few hours earlier Suggesting that other media companies Have secured access to the same Sensitive documentation not only that But coindesk journalist Nicholas Day Noted in coindesk's telegram group that The article posted last Friday is the First of many to come as such it's Likely that we could see more concerning Articles about tether posted by coindesk And possibly even the mainstream media In the coming weeks now I'm not sure About you but if I was running a news Publication and was in possession of These kinds of documents the first Articles I would post would probably be The least extreme I'd keep the exciting Stuff for the later articles so that Readers keep coming back to my website To see if I posted the latest update put Simply it's very likely that the Upcoming articles about tether are going To be a lot more problematic this could In turn cause problems for usdt's Peg Come to think of it it's possible that This is why usdt slipped off its peg in The first place insiders were worried it Would all come out at once What it is is anyone's guess but my Guess is that it has something to do With the banks being used by Teba if you

Watched our video about ftx's secret Bank you'll know that Alameda research Was the largest recipient of all the Usdt Ever minted and that tether and Alameda used two of the same Banks this Means that FTX and Alameda founder Sam Bankman freed probably has unprecedented Insider information about tether's Banking relationships it's not Beyond Reason that he's been sharing this Information with U.S authorities to Ensure he stays out of prison so let's See what the coming weeks bring Anyhow on a more bullish note BlackRock The world's largest asset manager has Filed for a spot Bitcoin ETF this is a Bit surprising considering that the SEC Has rejected every single spot Bitcoin ETF application so far it's possible That BlackRock is privy to some Insider Info like Gary Gensler stepping down for Example alternatively it could be as Simple as BlackRock knowing that the SEC Will approve its spot Bitcoin ETF Application This is because the SEC has approved all But one of blackrock's 576 ETF applications This is an inevitable consequence of Being the world's largest asset manager You basically get what you want Unfortunately it's not clear exactly When the SEC could approve BlackRock Spot Bitcoin ETF

ETF applications can take months to be Approved or rejected and the SEC has a Habit of extending its decision date for Crypto related ETFs the pessimist in me Says that blackrog will decide when Fortunately blackrocks spot Bitcoin ETF Application makes it clear that there's No more than a few months left in the Crypto bear Market by all accounts BlackRock wouldn't apply if it knew it Wouldn't get approved which means that a Spot Bitcoin ETF is coming regardless of What happens in between now the moment a Spot Bitcoin ETF is approved the crypto Market is likely to explode That's because every share in a spot Bitcoin ETF must be backed by physical BTC not paper contracts like the already Listed Futures Bitcoin ETF once a spot Bitcoin ETF has been approved you can Bet that BlackRock will do ethereum next From there BlackRock could start listing ETFs for other altcoins but this Ultimately depends on whether there are Reasonable crypto regulations in place This may not happen until after the next U.S election so sometime in early 2025 Again this could happen sooner if SEC Chairman Gary Gensler is removed now I'd Be remiss if I didn't address the Elephant in the room and that's the Possibility that BlackRock could soon Hold lots of BTC via its ETF this is a Concern that's been raised by many and

It's a valid one the thing is that Bitcoin is a proof of work blockchain so Blackrock's BTC Holdings shouldn't Matter The same can't be said for proof of Stake blockchains however including of Course ethereum Is Blackrock were to hold a significant Portion of East Via an ETF it could Stake this eth to take ever more control Of the blockchain as a validator it Could also become the biggest voter if And when governance is introduced in a Worst case scenario we could see BlackRock Implement its ESG ideologies On crypto's second largest blockchain This is something that nobody wants to See and it's something that needs to be Resisted if and when it comes around Make no mistake BlackRock is trying to Do the same with Bitcoin you can learn More about ESG and how BlackRock is Trying to control Bitcoin using the link In the description now seeing as I Already gave a breakdown of BTC and Eth's price action let's get right into Last week's top performing altcoins These were sui kucoin's KCs token the Trust wallet token Aptos and Phantom Starting with sui the sui coin appears To have pumped in response to the Release of the Project's developer Roadmap now this doesn't contain any Milestones per se just a description of

The technical upgrades in upcoming Versions of the Suri blockchain Sui is currently fighting with that Bollinger band moving average on The Daily which is surprisingly good at Being a zone of support and resistance For almost every crypto on every time Frame if sui can hold 75 cents it will Continue to Rally if it can't then it Will likely crash next up we have Koo Coins KCs token which is an exchange Token meaning that its price action is Dependent on what happens at kucoin Namely trading volume and naturally There was no shortage of trading volume Last week with the dump pump and usdt D-peg That explains the KCs pump When it comes to the trust wallet token Twt probably rallied after the judge Blocked the sec's request to freeze Binance Us's Assets in case you didn't Know trustwallet was acquired by binance In 2018. if twt did rally in response to The binance related news then this could Be a bad sign speaking of speculation Aptos's apt coin appears to have pumped In response to the announcement that the Aptos team will be upgrading the Blockchain to make it faster funny how It's almost the same Catalyst as fasui Both projects have their roots in Facebook's failed crypto project DM Anyway fun facts aside apt looks like it

Still has more room to Rally in the Short term but not that much more that's Because the Bollinger band moving Average is sitting at around seven and a Half dollars and you know what that Means resistance if apt gets rejected There it'll head lower if it breaks Above it'll head higher And finally we have Phantom whose FTM Coin appears to have pumped in response To an upgrade that lowers the threshold For participating in consensus and an Upgrade to the Phantom F wallet which Added more languages and fixed a series Of bugs not bad for a week's work lo and Behold FTM is in the same position as Apt it's a smidge below that Bollinger Band moving average on The Daily meaning It has a little bit more upside before FTM gets rejected or continues to Rally I lean towards a rejection but I reckon That the crypto Market itself is overdue For an actual rally note that you can Keep track of the cryptos that are Rallying the most every day by joining The coin Bureau telegram Channel you can Check it out using the link in the Description And that is all for today's coin Bureau Weekly crypto reviews so if you enjoyed It you know what to do hit that like Button subscribe button and Bell icon Too if you're looking to help those Games grow then the coin Bureau deals

Page is where you should go there are up To forty thousand dollars in bonuses and Up to 50 in trading fee discounts on Offer you can find the link to that Resource and many others in the Description below thank you so much for Watching and I'll see you all in next Week's episode Foreign

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