Crypto News: BlackRock, ETH Merge, Tornado Cash, CBDCs & More!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Inflation expectations the crypto market Rallies on promising inflation Statistics but comments by fed officials Suggest it’s too soon to celebrate Everything you need to know Ethereum advancements following another Successful test net developers move up The date for the much anticipated merge When could eth see the top of its Current pop Tornado crash a privacy protocol on Ethereum is sanctioned by the u.s Department of the treasury causing d5 Protocols to block associated wallets What does it mean for crypto Blackrock is buying shortly after Partnering with coinbase the world’s Largest asset manager launches a private Bitcoin product for its elite clients Why this is both bad and good news Cbdc’s coming to your country as Citizens around the world lose Confidence in their governments their Central banks prepare to rush out their Dystopian digital currencies Here’s where it’s happening And a closer look at last week’s top Performing cryptos and where they’re Headed next all this and more in just a

Moment [Music] Good morning afternoon or evening thank You for tuning in my name is guy and What you’re about to see is educational Content not financial advice You can find any topics you’re looking For using the timestamps in the video Timeline and now for today’s top stories Last week the consumer price index or Cpi for the month of july was released By the united states bureau of labor Statistics and it came in at 8.5 percent This was 0.2 percent less than the 8.7 Percent that investors were pricing in And a full 0.6 percent less than the 9.1 Cpi print for june This resulted in a rally across all Asset classes as investors took the Surprisingly low inflation reading as a Sign that inflation might have peaked And that this means the federal reserve Will not raise interest rates as Aggressively when its officials come Back from their break in september For anyone unaware the fed’s rate hikes Are what has been causing the crypto Market to collapse since november and if You watched our recent video about the Fed’s most recent press conference You’ll know that the interest rate Rhetoric alone is enough to cause Markets to crash You’ll also know that the fed will

Continue raising rates until its Officials are confident that inflation Is headed back for the institutions 2 Target Consider for a moment that the u.s is Still a full 6.5 percent above this Target even with the latest inflation Reading This is why many experts are cautioning That the fed’s aggressive rate hikes are Not done yet and on friday one of the Fed’s officials explicitly stated that So long as inflation remains at these Levels quote we’re just going to have to Continue to move rates into restrictive Territory This same official also specified that He and his constitutions would quote Like to see inflation running at our Target which is two percent at the pce For context pce is short for personal Consumption expenditures price index the Fed’s preferred inflation measure From the pce’s perspective inflation Hasn’t peaked and that’s partly because The pce figures for july have yet to Come out these are set to be released on Friday the 26th of august and if these Figures come in higher then it Effectively guarantees an aggressive Rate hike in september so mark your Calendars and while you’re at it mark Another date tuesday the 13th of September

This is the day that the cpi for august Will be out and if it comes in cooler Again then the markets will likely rally Again even though the fed doesn’t pay All that much attention to the cpi when Deciding on rate hikes or so they say Now another important development that’s Expected to occur in mid-september is of Course ethereum’s transition from Proof-of-work to proof-of-stake also Known as the merge In case you missed the memo ethereum’s Final merge test net took place last Week and it was a massive success so Much so that ethereum developers have Bumped up the date for the main net Merge the ethereum merge is now expected To occur on the 15th of september and i Should note that this is a soft date Meaning the merge could occur the day Before or the day after When you combine this bullish news with What will hopefully be another lower cpi Print on the 13th of september you have A recipe for rocket fuel which will take Eth and most other altcoins to the moon Even though eth is still more than 50 Down from its all-time high in dollar Terms it has been gaining against btc For almost two years and appears to have Officially broken out on the weekly Chart If my measurements are correct eth could Hit 0.1 btc or more in the coming weeks

Logically this means that eth’s price in Fiat terms will depend on btc’s price in Fiat terms at that time Now this is anyone’s guess but previous Crypto market cycles suggest we could Rally back up to the next zone of price Resistance which is anywhere between 30 And 36 k and possibly as high as 38k With each ether being worth around 0.1 Btc at that time this translates to an Eth price of 3 to 3.8 k and i reckon Additional speculation and hype could Possibly push its price into the 4k Range which would give eath a double top For this crypto market cycle just like Btc Note that you can learn how to do Technical analysis using the link in the Description Now there are a few things to remember However First and foremost this all assumes that The two important inflation prints that Occur between now and then come in lower Than previous prints which is by no Means guaranteed Never mind all the other black swans That seem to be swimming around the Markets lately Secondly it sounds like ethereum’s final Hard fork prior to the merge will take Place on the 6th of september it’s Possible that ethereum developers could Discover a bug at this stage which would

Cause the merge to be delayed Now this is unlikely but again a Possibility and must therefore be Accounted for Finally the merge is arguably one of the Most important events in cryptocurrency Expectations are thus extremely high and If these expectations are not met for Whatever reason eth could crash very Quickly There’s also the non-zero possibility of A serious problem showing up during the Merge so take nothing for granted As a cherry on top we have all the chaos That continues to unfold around a Privacy protocol on evm compatible Chains called tornado cache For those unfamiliar tornado cache makes It possible to cut the connection Between sender and recipient for eth Usdc dye and other coins and tokens This has made tornado cache a popular Protocol among privacy oriented Individuals including ethereum creator Vitalik buterin who used tornado cash to Donate anonymously to the ukrainian Government after russia invaded the Country Unfortunately this has also made tornado Cash a popular protocol for hackers and Exploiters who want to get away with Their ill-gotten gains and it’s believed That about 30 percent of the funds Flowing through the protocol came from

Such miscreants with the rest coming From regular users such as vitalik This includes hackers and exploiters From heavily sanctioned states such as Iran and north korea which is ultimately Why the u.s treasury department took the Unprecedented step of sanctioning all Wallet addresses belonging to the Tornado cash protocol This means that any wallet address which Interacts with tornado cash from here on Out is at risk of violating u.s Sanctions which carries up to a 30-year Prison sentence in the united states and A fine of up to 10 million Let me repeat 30 years and 10 million Dollars Now if that wasn’t scary enough the Centralized elements of ethereum Responded by immediately blacklisting Tornado cache This included infrastructure providers Like alchemy and infuria the latter of Which is used by popular browser Extension wallet metamask Usdc issuer circle also froze stable Coins being held by tornado cash wallets And contracts which is not all that Surprising given that centralized Stablecoin issuers have done this in the Past and why there is a desperate need For a truly decentralized stablecoin If you’re wondering what that could look Like check out the link in the

Description Now what’s truly crazy is that this Blacklist applies to any ethereum Wallets which have interacted with Tornado cache and the holders of such Wallets are now also being blocked by The front ends of popular ethereum d5 Protocols like uniswap ave and maker dao What’s even crazier is that some tornado Cache users are taking this as the Opportunity to expose the fatal flaw With these sanctions by sending crypto From the protocol two crypto wallets Known to belong to popular personalities Such as coinbase ceo brian armstrong and Comedian jimmy fallon As you might have guessed these crypto Wallets are now effectively tainted The owners of these wallets are unable To interact with many elements of Ethereum’s ecosystem and any funds they Send to exchanges are likely to be Scrutinized if not outright rejected Despite not having used tornado cache This has led to some speculation on Twitter that bad actors be they from the U.s government or ethereum competitors Could start sending small amounts of Crypto from tornado cache to the most Active and most significant wallets Interacting with ethereum’s dapps Effectively crippling its entire Ecosystem It’s not just ethereum either according

To defy lama tornado cache is also Available on the bsc polygon arbitram Avalanche and optimism Any evm compatible chain could see its Ecosystem compromised by nedu wells Using tornado cache through this So-called dusting Now it’s safe to say that the full Ramifications of this have yet to be Understood or appreciated which is why I’ll be doing an in-depth video about The tornado cash crisis later this week In the meantime i expect to see more Headlines like these For what it’s worth there is a silver Lining to the tornado cash situation and That’s that the reaction from ethereum’s Infrastructure providers to prevent Access to the protocol has made eth much More appealing to institutional Investors such as blackrock that are Obsessed with compliance Aka control This is why not everyone celebrated Blackrock’s recent partnership with Coinbase to get more direct exposure to Cryptocurrency These critics also pointed out the Hypocrisy in blackrock’s historically Anti-crypto rhetoric These critics are now pointing out the Further hypocrisy in blackrock being Allowed to offer a private spot bitcoin Trust to its institutional investors

While the us regulators specifically the Sec prevent retail investors from Accessing the same product via a Publicly available spot bitcoin etf If you’ve watched any of our videos About bitcoin etfs you’ll know that a Spot bitcoin etf has a direct effect on Btc’s price because every time someone Buys or sells a share in the etf the Issuer must then buy or sell an Equivalent amount of btc Behind the scenes This is why some are celebrating Blackrock’s spot bitcoin trust despite The hypocrisy on the part of the sec Every btc a blackrock client buys is Likely to have a direct effect on its Price though this effect will be Somewhat indirect as the buying will Take place over the counter or otc with Coinbase regardless it’s another crypto Specific factor that sets the stage for A serious rally between now and September and it certainly begs the Question of why blackrock decided to get Involved in crypto just a couple of Weeks ago given that we’re basically at The beginning of the crypto bear market One possibility is that the crypto bear Market isn’t going to last nearly as Long as the previous crypto market Cycles but i find this to be very Unlikely given that when the crypto bear Market could end is consistent with

Stock market cycles and even the fed’s Interest rate cycles the only other Possibility i can think of is that Blackrock is hoping to buy at or near The bottom of the bear market This makes more sense but it’s also Consistent with when the bear market Bottom could be according to our Estimates specifically later this year Or early next year more about that in The description Now this begs a second question and That’s whether blackrock is only Interested in accumulating bitcoin’s btc At the bottom given that this is the Only coin it’s currently offering to its Clients I find this extremely unlikely because Blackrock seems to be equally if not More interested in ethereum’s eth Especially when the merge is complete as The coin will be more compliant with the Asset manager’s fuzzy esg criteria If i were blackrock however i probably Wouldn’t allow my clients to purchase Any eth until the merge is complete just In case there are any unforeseen issues I suspect this is why blackrock is Currently limiting its clients crypto Exposure and why it will probably add Support for eth after the merge is Complete if i’m correct blackrock will Soon have an uncomfortably powerful Presence in the crypto industry

In addition to staking large amounts of Eth it will continue to custody the Assets backing circles usdc something Significant given that vitalik said Centralized stablecoin issuers will Determine future forks Speaking of which it’s evident that Circles usdc is quickly becoming the de Facto digital dollar and governments Around the world are starting to notice That there is a form of foreign central Bank digital currency or cbdc being Adopted by their citizenry Naturally dollar denominated stable coin Adoption is the highest in countries That are experiencing the highest levels Of inflation namely argentina and turkey Not surprisingly both countries have Taken steps to clamp down on crypto over The last couple of years The thing is that almost every country Outside of the united states is now Facing double-digit inflation or will be Soon namely countries in europe which Are expecting energy prices to triple in The coming months More about europe’s coming energy crisis In the description Now what’s wild is that even the Countries that aren’t at risk of Experiencing these levels of inflation Are still seeing their currencies Collapse in value relative to the dollar Such as japan whose yen has lost 25

Percent of its value against the Greenback since last january This suggests that it’s only a matter of Time before the citizens of those Countries start to try and protect their Purchasing power through stable coins Too especially if their governments try To limit their access to actual us Dollars as was the case in russia after It invaded ukraine This leaves almost every country outside Of the united states with only one Option and that’s to fight fire with Fire roll out their own cbdc to prevent Their national currencies from Succumbing to de facto digital dollars This seems to be why some countries Suddenly began rushing to roll out their Own cbdc’s in just the last few days Australia thailand and russia have Announced the steps they will be taking Towards this end Other countries such as india taiwan and Even crypto friendly brazil also Recently announced plans for their own Cbdc rollouts some of which will come as Soon as this year and it’s no Coincidence that these same countries Are now taking steps to limit the use of Cryptocurrency within their borders As i mentioned in my weekly newsletter However china’s continued crypto mining Proves that it’s impossible for any Government to completely ban

Cryptocurrency as such the only thing That’s likely to suffer is the price of Most coins and tokens as well as the Adoption of their technology the silver Lining in this case is that these Crackdowns will force crypto projects And protocols to decentralize something That’s desperately needed as recent Events have revealed but that’s a topic For another time So turning to the charts we can see that Btc is looking a bit overheated on the Daily and could be due for a slight Pullback in the coming days The weekly chart tells a different story And that’s that btc continues to have Lots of room to the upside even so it Doesn’t mean that we won’t see a few Slight pullbacks along the way Last week’s top performing cryptos were Celsius anchor nexo shiba inu and the Hwobi token an unusual combination given The circumstances Starting with celsius the cell token Appears to be pumping because of a Community-led short squeeze wherein People buy sell to pump its price Forcing traders who bet on the price Going down to buy sell two causing cell To pump higher and so on as most of you Will know celsius recently filed for Bankruptcy and if you didn’t know you Can learn all about that and what comes Next for all the users who lost their

Crypto using the link in the description Next up we have anchor whose anchor Token appears to be pumping on the Release of anchor token staking i’ll Also quickly point out that the anchor Protocol offers liquid staking of eth Meaning the token is also being propped Up by the upcoming merge anchor is Obviously very overbought on the daily But the weekly chart suggests it could Rise by another 50 percent by the time Ethereum enters its next stage of Evolution and i reckon that’s a Reasonable expectation Then there’s nexo whose nexo token Appears to be pumping in response to the Speculation around an upcoming Announcement whose contents are unknown The crypto platform simply tweeted and Pinned a short video of the token with The caption quote buckle up Well it looks like nexo holders have Been buckled up for quite a while Because it’s been in overbought Territory for more than a week and is Quickly approaching some serious Resistance on the daily and the weekly i Personally don’t see nexo pumping any More than 10 or 15 percent in the short Term As for shiba inu the ship token appears To be pumping on the news that the token Can be spent using the binance card and Also on the reveal of the dogecoin

Killer’s upcoming card game called shiba Eternity Like anchor shib is extremely overbought On the daily and though it does seem to Have a bit of wiggle room on the weekly It’s unlikely that it will pump any more Than 30 percent from today’s prices in The coming weeks And finally we have the huobi token Which appears to be pumping on the news That the cryptocurrency exchange’s Co-founder leon lee is looking to sell His majority stake with ftx founder sam Bankman freed and tron founder justin Sun reportedly looking to buy What’s interesting is that leon has very Close ties to china’s central bank According to bloomberg and the exchanges Hobie chain has so-called regulatory Nodes which are operated by the chinese Government so keep that in mind before You ape in On that note you can find out what’s Been going on with china and taiwan Using the link in the description And that is all for today’s coin bureau Weekly crypto review 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 maximize your gains During the bear market the coin bureau Deals page is where you should go 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 [Music]

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