Crypto News: BTC Crash, TRX, ZIL, BTT, Gensler Hearing & MORE!

[Music] Foreign To the coin Bureau Weekly News Roundup Here are the top stories in crypto this Week Crypto market crash major coins and Tokens tumbled by more than 10 following A multi-week rally is this a standard Correction in an uptrend or a Continuation of the previous downtrend Stablecoin uncertainty increases U.S Politicians declare Congress is starting From scratch on stablecoin regulations After an intense hearing with SEC Chairman Gary Gensler everything you Need to know exchanges migrate overseas Coinbase and Gemini established Global Operations as the EU clarifies crypto Regulations and Chinese Banks take on Crypto clients what could this mean for The crypto Market Apple vs Banks the world's largest tech Company begins offering high yields on Deposits incentivizing even more money To flow out of small Banks how could This impact the economy 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 his financial advice and Here is the news Last week the bottom fell out of the

Crypto Market the fact that stock Indices like the S P 500 and the NASDAQ Continued to trade sideways suggests That the cause of the crypto crash was Specific to crypto it's not clear what Crypto Catalyst caused the crash which Suggests that it was a combination of Factors For starters there were over 250 million Dollars of leveraged long positions Liquidated for anyone wondering long Liquidations are caused by Traders who Bet that prices would go up and are Forced to sell when prices start to come Down this causes prices to fall further Causing more liquidations Etc according To liquidation data from the Block Almost 200 million dollars of these long Liquidations came from traders who bet That btc's price would go up this would Explain why btc's price initially fell Much more compared to Major altcoins Such as eth which only started to fall a Day or two later on that note last Week's crash appears to have begun on Tuesday the 18th of April logically it Was only after btc's price started to Fall that the Cascade of long Liquidations began It's not clear what caused that first Domino to fall but it could have been as Simple as sentiment getting too bullish Too much greed If you've been keeping track of the fear

And greed index for crypto you'll know That it's been flashing Greed for a Couple of weeks now When investors get greedy it's often a Contrarian indicator to sell it's Possible that some Traders took this Analysis to heart and their selling Kicked off The Long liquidations At the time of shooting btc's price is At the bottom end of the 27 to 29k range Where it was trading one month ago if it Breaks below this range the next stop Would be the 22 to 25k range where BTC Was trading earlier this year if we Break Above This range BTC will retest 31k and possibly rally to 34k This begs the question of whether last Week's crash was a standard correction Or the beginning of another leg lower From a TA perspective it's not Immediately clear from a fundamental Perspective the fact of the matter is That cryptos won't come close to their Previous highs without institutional Investment regulatory uncertainty and The shutting off of crypto to Fiat ramps Like silvergate Bank sen have Discouraged direct crypto investment by Institutions as reported by coindesk Institutional investors have been Investing indirectly in cryptocurrencies Like BTC and eth through paper Derivatives found on traditional Exchanges like the CME the Silver Lining

Is that the popularity of these paper Derivatives continues to rise meaning Institutions are very interested Now the only thing stopping them from Investing directly in the crypto Market Is regulatory uncertainty especially Around stable coins that's because Stable coins are how institutional Investors can easily get large amounts Of money in and out of the crypto Market Hence why stablecoin market caps are so Large if you've been keeping up with our Coverage of the ongoing crypto Crackdown In the United States you'll know that The hostility against stable coins has Its roots in fears that stable coins Will compete directly with cbdc's and Other similar Technologies such as the Fed's upcoming fed now payment system if You watched our recent video about Usdc's debegging you'll know that Stablecoin issuers are stuck between a Rock and a hard place as a result If they claim stable coins are used for Payments they'll get wrecked by the FED But if they claim stable coins are used For crypto they'll get wrecked by the SEC this is because SEC chairman Gary Gensler believes that every crypto Except BTC is a security including Stable coins now this makes no sense Given that there is no expectation of Profit when investing in a stable coin This hasn't stopped the SEC from

Pursuing stablecoin issuers like paxos Speaking of which Gary finally spoke Before the house Financial Services Committee last week I say finally Because the last time Gary had testified To U.S politicians about the sec's Activities was way back in October 2021. Not surprisingly most of the hearing Focused on the sec's scrutiny of Cryptocurrency now we'll be summarizing Everything that Gary said during the Hearing later this week all I'll Summarize for now is what Gary said About stable coins in short he believes That all cryptocurrency stable coins are Used for crypto not payments and Specifically implied that circles usdc Is not used for payments this is Significant because Circle has been Arguing that usdc is used for payments And has been lobbying U.S politicians to Pass regulations that would give the FED Authority over payment stable coins this Is presumably a part of circles admitted End game which is for usdc to become the Cbdc of the United States As it so happens circles Chief strategy Officer and other pro-stablecoin Personalities testified to the house Financial Services Committee just 24 Hours after Gary did obviously the topic Was stablecoin regulations what was said Was even more eye-opening than what was Said during Gary's testimony so all I'll

Summarize now is what was said by Maxine Waters and other Democrat politicians in Short Congress is starting from scratch On stablecoin regulations meaning they Won't become law anytime soon this means That stablecoin issuers will continue to Face scrutiny and Regulatory uncertainty For the foreseeable future All the witnesses stressed that Continued scrutiny and uncertainty will Drive stablecoin development overseas And stablecoin issuers aren't the only Ones leaving the United States Coinbase the largest and best known U.S Crypto exchange recently confirmed that It will be launching an offshore Cryptocurrency exchange as soon as this Week now coinbase initially announced it Would be looking to launch an offshore Exchange in mid-march presumably in Response to scrutiny Iran's staking for Context the SEC sued the Kraken Cryptocurrency Exchange in February over Its staking Services which the regulator Claimed were unregistered Securities Offerings although coinbase had already Been facing SEC scrutiny the staking Crackdown seems to have been the straw That broke the camel's back regardless Coinbase's upcoming offshore exchange Could be a bullish or bearish sign It could be bullish because it will Likely increase coinbase's overall Profits which could improve investor

Sentiment for crypto in general it could Be bearish though because it would mean More crypto capital and liquidity moving Offshore and it didn't take long for Others to follow suit as Gemini also Announced that it will be launching an Offshore crypto exchange interestingly Trading will take place against Gemini's Own stablecoin gusd this could take Market share from tether's usdt which is Used mainly for trading two Gemini's Credit co-founder Cameron Winklevoss Realized back in February that the next Crypto Bull Run will be driven by Countries in East Asia and is Positioning Gemini to benefit from this I'll be doing a deep dive into the Countries that could drive the next Crypto bull market tomorrow so stay Tuned Now as some of you may have heard the European Union finally approved the Markets in crypto assets or Mica Regulation I say finally because the Final vote was postponed twice due to Supposed translation issues I suspect it Had more to do with pressure from the United States but let's not go there now If you've watched any of our videos About Mica you'll know that it's Basically the first comprehensive Regulatory framework for cryptocurrency Anywhere in the world more importantly The micro regulation provides clear

Definitions for different types of Cryptocurrencies and their regulatory Requirements Mica also specifies that These rules and regulations do not apply To truly decentralized cryptocurrencies And protocols this means that defy will Continue to thrive on the continent at Least until D5 specific regulations are Introduced which is only a matter of Time as for Mica it goes into 4 course In 2025 Now in theory there should have been a Waterfall of institutional investment After Mica was finalized in practice Though we saw a waterfall of prices Instead now this doesn't make much sense Until you realize that Mica includes a Provision which effectively bans USD Stable coins like tethers usdt and even Circles usdc fortunately both stablecoin Issuers also offer Euro stable coins Unfortunately it's not guaranteed that These stablecoin issuers will be able to Effectively compete with European Banks Offering Euro stable coins of Their Own It's also not guaranteed that European Banks will be comfortable working with Stablecoin issuers as a not so fun fact Hesitation from the banking sector has Been an even bigger hurdle for the Crypto industry than crypto regulations This is why the news of Chinese Banks Providing banking services to crypto Companies in Hong Kong is so significant

Simply passing Pro crypto regulations is Not enough Passing pro-crypto regulations may also Not be enough to motivate institutions To invest in the industry even if Banking services are no issue that's Because For the first time in a long Time institutions can earn four percent Interest on their cash and this rate Will continue to rise as the FED Continues to raise interest rates now Any American viewers will know that you Won't get this four percent interest Rate at the bank That's because Banks make money by Investing their customer deposits in Assets Most banks are investing customer Deposits in these same interest rate Instruments and giving the customers Only a fraction of the total gains as Time goes on the average depositor is Becoming ever more aware of this and They're starting to wonder if it's worth It to move some or all their excess cash To somewhere where it will earn a yield Now to my understanding the biggest Hurdle to this has been the process it Can be complicated Well apple is hyper aware of how Complicated these kinds of things can be Lo and behold simplification is Literally the unique value proposition Of the company

While this simplification has so far Been focused on Computing hardware and Software Apple seems to be expanding Into Financial Services with its latest Product Apple's high yield savings Account allows Apple card holders in the United States to earn a whopping 4.15 on Their savings with zero fees and no Minimum balance or deposit requirements This product was of course made possible Thanks to a partnership with Goldman Sachs one of the biggest banks this Means that almost 140 million Americans Have the ability to seamlessly transfer Their money from their regular bank Accounts to Apple with a few clicks of a Button I reckon it's safe to assume that many Apple users are wealthier than the Average American meaning Apple users Probably have most of the money if you Watched our video about the recent Banking crisis you'll know that it was Caused by Banks being unable to honor Customer withdrawals because they had Invested customer deposits in assets That either couldn't be easily sold or Couldn't be sold for the initial Purchase price These so-called unrealized losses aren't An issue unless everyone rushes to Withdraw at the same time which is Exactly what we saw with Silicon Valley Bank

What's been happening since then is a Slow drip of deposits out of mostly Small and medium-sized Banks into big Banks and Apple's savings account could Accelerate this Means that we could start to see more Small Banks go under in the coming Months this could do even more damage to The already battered commercial real Estate sector if you watched our video About that you'll know that small Banks Issued most of the existing commercial Real estate loans You'll also note that lots of commercial Real estate loans have been purchased by So-called Shadow Banks such as private Investment firms like Blackstone and can You guess who's been giving Blackstone The money to buy commercial real estate Loans that's right you have via your Pension as always well U.S Regulators Seem to be aware of what's coming the Financial stability oversight Council Recently proposed a rule that would Allow them to designate non-banks as Systemically important This will give them the ability to Protect the assets of non-bank entities Such as Blackstone if they go down this Is the same way that U.S Regulators were Able to legally protect customer Deposits at svb and Signature Bank when They went down it will also likely Result in the same response a massive

Expansion of the fed's balance sheet Which could cause the crypto Market to Pump but at what cost And so this brings me to the section That many of you have missed and that's Last week's top performing cryptos I Want to start by drawing your attention To the eth BTC chart because it's Something that gives you a sense of how Well altcoins are doing in general and Where they could be headed next well eth Is struggling to get above 0.07 BTC on The weekly chart and was rejected at That level last week This is consistent with the monthly Chart for East BTC which shows a Continued downtrend eth and altcoin Weakness now this doesn't mean we Couldn't see eth and altcoin strength in The short term however Anyway last week's top performing Cryptos were silica BitTorrent Oona said Leo render Network and Tron eclectic Let's just say that So starting with silica the zilcoin Appears to have pumped in response to The Project's recent evm compatibility Upgrade which will be put on full Display at coindesk's consensus Conference this week this could mean zil Will continue to Rally but it faces Significant resistance around 4 cents so Watch that level next up we have BitTorrent the BTT token appears to have

Pumped in response to the release of Btfs storage 3 a decentralized storage Network powered by BTT The release seems to have caused a Massive spike in btt's price on binance Though these gains have since been Erased BTT appears to be in a strong Long-term downtrend now I can't say I'm Familiar enough with the project to make A call on whether btfs storage 3 will be Enough to reverse this downtrend As for una said Leo there isn't much to Say that's because Leo is bitfinex's Exchange token this means that Leo's Price is ultimately dependent on what Bitfinex is doing if I were to guess Leo Pumped because of the spike in trading Volumes on bitfinex driven by last Week's liquidations Regarding render Network meanwhile the Render token appears to have rallied in Response to a past governance proposal That will expand the project to the Solana blockchain it makes sense that The proposal passed given that render Network has the same investors as Solana Including the now disgraced Alameda Research believe it or not but render is Looking pretty bullish it's broken out Of its lows and seems to be setting up For another rally This assumes that what I'm looking at on The daily chart isn't a double top which Could be the case considering the

Excitement of the Solana migration has Likely been priced in and finally we Have Tron whose TRX or Tronics coin Appears to have pumped because of the Project's involvement in the nft NYC Event which took place earlier this Month in contrast to render Tronix is Looking pretty bearish the weekly chart Reveals a massive descending triangle Which could break up or down if it Breaks up Tronics will Moon The fact that Tronics continues to bash Against the bottom range of the triangle Suggests it will break down that would Not be pretty Now if you enjoyed this section of the News then you definitely have to follow Our coin Bureau Insider telegram Channel That's because we have a daily rally Report that takes a look at the biggest Mover of the day and explains what could Have caused that price action so the Link to that and all my other social Channels is in the description And don't forget this week's NFA live Stream with Rob from digital asset news Ben from into the cryptoverse and myself Rob is hosting us on his channel this Week kickoff is 9 A.M eastern time see You there 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 help those Gains grow then the coin Bureau deals Page is where you should go there are Thousands of dollars of bonuses trading Discounts and products to help you trade Like a pro You can find the link to that resource And many others in the description below Thank you all so much for watching and I'll see you in next week's episode [Music]