Crypto News: BTC & ETH Price Updates, Gemini Vs. DCG & More!

[Music] Foreign To the coin Bureau Weekly News Roundup Here are the top stories in crypto this Week Crypto Market shift BTC and eth move Sideways as some altcoins start to Rally Leading to speculation that alt season Is imminent here's why it might be too Soon to get excited Strange ethereum updates Solana's Co-founder claims that ethereum could Become a layer 2 for his blockchain While ethereum developers discuss Circuit breakers for defy what does this Mean for eth Gemini sues dcg one of the most Regulated crypto exchanges sues one of The largest crypto companies following a Multi-month tug of war over lost funds How could this affect the crypto Market Yellen in China U.S treasury secretary Janet Yellen sits down with China's top Brass amid growing tensions between the World's two superpowers everything you Need to know 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 moved

Sideways due to mixed macro and crypto Factors on the macro side two jobs Reports for June were released now jobs Reports are significant due to the fed's Potential reaction to them in short Fewer jobs equals bullish more jobs Equals bearish welcome to the modern Financial system Now the first jobs report was published On Thursday and it suggested that the U.S had added more than double the Number of jobs investors were expecting For June This caused the markets to dip because It led to speculation that the FED would Continue raising interest rates in Response to economic strength however The second jobs report published on Friday painted a different picture It suggested that the U.S had added Fewer jobs in June than investors were Expecting this caused the markets to Rally but only slightly because the Unemployment rate fell the result is a 93 chance of a rate hike later this Month Meanwhile on the crypto side it was Announced that BlackRock had refiled its Application for a spot Bitcoin ETF with The SEC a move that apparently occurred Late last month but was only reported Last Monday in any case this was bullish For the crypto Market along with all the Other ETF related announcements

On Friday however Gemini sued digital Currency group or dcg and its CEO Barry Silbert we'll come back to the details Of the lawsuit later all I'll say for Now is that it was a very bearish Announcement that essentially erased the Gains that BTC had seen from the second Jobs report and blackrock's ETF refiling What's interesting is that Bitcoin Dominance continued to Hold Steady while Ethereum dominance saw a slight decline If you've been keeping up with our Weekly crypto reviews you might recall That ethereum dominance had risen Slightly in recent weeks well these Dominance gains have likewise been Erased so this raises the question of Where ethereum's market dominance went Given that Bitcoins continued to Hold Steady Well the answer seems to be altcoins Mainly competing layer ones like Solana And Avalanche this is fascinating Considering that these competing layer Ones have seen extreme regulatory Scrutiny of late if you watched our Videos about the sec's lawsuits against Coinbase and binance you'll know that Sol was labeled as a security in both Some exchanges including Robin Hood and Revolut have since announced that they Would be delisting Seoul and other So-called crypto Securities for retail Users in the US and therein lies the

Solution to this mystery Although retail investors are being Restricted from these cryptos Institutional investors are not Considering there's been a Resurgence in Institutional interest in BTC since Blackrock's spot Bitcoin ETF filing it's Possible that this interest is spilling Over slightly into alts this would make Sense for competing layer ones like Solana and Avalanche since they've both Been very popular with institutional Investors in the past Some would say that their recent price Action is a sign of institutional Accumulation but as you'll see later There is much more to this story Speaking of Solana co-founder Anatoly Yakovenko believes that ethereum could Become a layer 2 for Solana yes you did Hear that correctly ethereum becoming a Layer 2 For Solana In a tweet thread Anatoly insisted that This is quote probably more likely than You might think at first glance Obviously almost every response to Anatoly's thread was why would ethereum Ever do that many of the other responses Pointed out the fact that if anything Solana should be a layer 2 for ethereum That's because ethereum can arguably Provide better security guarantees than Solana and that is putting it mildly now

It's believed that anatoly's ambitious Idea is a tongue-in-cheek response to a Comment by ethereum Creator vitalik Buterin late last month vitalik said That he quote felt bad for Solana and Other layer ones that are being targeted By the SEC He said that this isn't how ethereum Should win Notably vitalik added that quote this is Especially true since the real Competition is not other Chains It's the Rapidly expanding centralized world that Is imposing itself on us as we speak Truer words have never been spoken given That central banks are rushing to create A global cbdc system more about that in The description moving on Now in actual ethereum news ethereum Developers have proposed a new standard ERC 7265 The standard would make it possible for D5 protocols to introduce a circuit Breaker now for context circuit breakers Are used to stop stocks from trading on Exchanges when they're crashing too fast In the case of ERC 7265 the purpose of The circuit breaker is to prevent a Hacker or exploiter from draining funds From a defy protocol this new ethereum Standard was reportedly introduced as a Potential solution to all the defy hacks And exploits whose losses have totaled More than 3 billion dollars to date not

Surprisingly the proposal has been met With plenty of pushback from the crypto Community Critics have pointed out that it would Make D5 protocols no different from Their centralized equivalents while Proponents have pointed out that D5 Protocols wouldn't be obligated to adopt The new standard that said it probably Wouldn't take long for this standard to Become the well standard Not only that but the regulatory Pressure on defy has been rising Recently besides the sec's recent Lawsuit against the Banbridge D5 Protocol the eu's recently passed data Act mandated a kill switch in smart Contracts Come to think of it it's possible that The true purpose of this new ethereum Standard is to ensure that defy Protocols on ethereum can stay compliant With the data Act EIP 7265 which implements ERC 7265 Effectively gives D5 protocols the Ability to implement a kill switch Something which could soon be required Elsewhere The good news is that this would result In more inflows to these D5 protocols And to eth given that it's used as Collateral and to pay for transaction Fees the bad news is that it could Result in the end of Financial Freedom

On ethereum For reference Financial Freedom means The ability to use your assets however And whenever you want a kill switch Would kill Financial Freedom at least on The D5 protocols that implement this new Ethereum standard note that you can Learn more about what ethereum has been Up to lately using the link in the Description but back to dcg As was mentioned earlier Gemini sued dcg And its CEO late last week the series of Events that led up to the lawsuit are Beyond the scope of this video but the Tldr is that a dcg subsidiary named Genesis went under after FTX collapsed Taking Gemini earn down with it Initially Gemini and Genesis were Committed to working things out as the Saying goes As time went on however it became clear That Genesis wouldn't be able to cough Up the 1.2 billion dollars it owes Gemini even with financial help from dcg Which is one of the biggest companies in Cryptocurrency Since the start of the Year Gemini Co-founder Cameron Winklevoss has been Publicly calling out dcg and its CEO Barry silbert basically telling the Former to pay up and the latter to Resign Early last week Cameron posted his final Public letter to Barry telling him to

Come to the table or Gemini will sue A few days later Cameron followed Through on his threat Gemini sued dcg And Barry alleging they defrauded Gemini Cameron laid out the key allegations in A Twitter thread and they were Eye-opening for starters Barry allegedly Convinced Gemini earn to continue Operating late last year this was Despite Barry allegedly knowing that Gemini earns counterparty Genesis was Insolvent For those unfamiliar Gemini earn allowed Retail investors to earn a yield on Their crypto this was done by lending That crypto to institutional investors Via Genesis including three arrows Capital or three AC as explained by Cameron in his thread the collapse of 3ac last June blew a 1.2 billion dollar Hole in genesis's balance sheet Gemini Alleges that Genesis insisted that it Was business as usual despite the loss And that this was made possible by a now Infamous 1.1 billion promissory note From dcg to Genesis as the name suggests A promissory note is quote a signed Document containing a written promise to Pay a stated sum to a specified person Or the bearer at a specified date or on Demand now Gemini alleges that this Promissory note was counted as an asset On genesis's balance sheet which is some Quest questionable accounting to say the

Least in some then Gemini wanted to shut Down Gemini earn last October Barry Allegedly convinced them to keep it Running allegedly while knowing that Genesis was insolvent then Barry dcg and Genesis allegedly misrepresented the Promissory note as an asset leading Gemini to believe that all was well now If you're wondering why this lawsuit is So significant this is in part because Dcg holds a stake in some of the largest Crypto companies and projects If dcg is forced to sell some or all of Its stake in these entities to plug the Hole left by Genesis it could hurt the Entire crypto industry The significance of the lawsuit is also Due in part to one of dcg's largest Subsidiaries grayscale which issues gbtc A pseudo-bitcoin ETF that holds almost 20 billion dollars worth of BTC If grayscale or gbtc somehow get caught Up in the crossfire it could do direct And indirect damage to BTC now we'll be Doing a deeper dive into what's going on With dcg later this week so stay tuned For that in the meantime I suggest Watching our most recent dcg update Using the link in the description now Before we turn to the charts I want to Draw your attention to a significant Geopolitical event that occurred over The weekend I am of course referring to U.S treasury

Secretary Janet yellen's visit to China A move which comes amid unprecedented Geopolitical tensions between the two Countries To put things into perspective earlier This month it was reported that the U.S Was considering additional restrictions On the sale of microchips to China Namely those used in AI China retaliated By announcing that it would be Restricting the export of rare earth Minerals used to make AI chips in turn The U.S retaliated by floating a Proposal to cut China completely off From American Cloud Computing Services Such as Amazon web services Microsoft Azure and Google Cloud This would likely be devastating to China given that these big three account For almost 70 percent of global cloud Computing It's against this backdrop that Janet Arrived in Beijing according to the New York Times she met with the who's who of The CCP This included the recently appointed Governor of the Bank of China a man who Is reportedly behind the country's Crypto Crackdown and its Crackdown on The housing sector What's odd is that Janet only had 10 Hours of meetings with the ccp's top Brass It should come as no surprise then that

There wasn't much progress made on any Particular issue in fact Janet seemed to Double down on the U.S recent Restrictions on China in a speech she Made while on her visit there Janet's continued hawkishness makes her Entire trip seem rather odd logically if China was on the ropes then they would Be sending Personnel to the U.S for Negotiations not the other way around And yet Janet seemed abnormally happy When meeting with CCP leaders at least On camera Macro analyst Michael Howell believes The trip may be related to the recent Weakness in the Chinese Yuan He believes that the U.S has been Weakening the Yuan with the help of Japan and that Janet flew to Beijing to Force concessions from the CCP in Exchange for the U.S taking its foot off The neck of the Yuan However it's equally possible that Janet Flew to Beijing to ensure that they Don't sell too much U.S government debt When trying to defend the Yuan this Seems more likely considering that the Bank of China stepped in to backstop the Yuan late last month by selling U.S Bonds for U.S dollars to buy Yuan If you watched our video about the debt Ceiling deal you'll know that selling Too much long-term U.S government debt Could damage the U.S banking system this

Is why the treasury has been issuing Short-term U.S government debt to refill Its bank account and why it can't allow China to sell too many bonds in other Words there seems to be a high-stakes Mexican standoff between China and the US the U.S is threatening to restrict China's access to chips and to weaken The Yuan while China is threatening to Restrict the US's access to the minerals Required to make chips and sell U.S Bonds to strengthen the Yuan believe it Or not but this could have a profound Impact on crypto hence why we'll also be Covering it in a video later this week Lots to stay tuned for in other words Turning to the charts then we can see That BTC is sitting on the Bollinger Band moving average on the daily chart This moving average has been a key zone Of support and resistance in the shorter Term If BTC Falls below it we could see a Short-term downtrend if it bounces Expect a continued uptrend as for eth we Can see that it's been stuck below this Bollinger band moving average on The Daily against BTC for quite a while and It appears that a squeeze is forming This means that we could see an Aggressive move to the upside or Downside for eth relative to BTC in the Next week or two so watch out by the way If this analysis is what you crave then

You have to check out Dan on coin Bureau Trading a Pro Trader breaking down the Charts on The Daily link is in the top Right Anyway moving on last week's top Performing cryptos were Sheba swap Solana maker Dao convex finance and Avalanche starting with Shiba swap its Bone token appears to have pumped in Response to the news that Shiba inu's Layer 2 scaling solution shibarium will Be going live in August the reason why Bonus pumping is because it will be used To pay for transaction fees on shibarium Finally a meme coin with utility Jokes Aside bones price action has Historically been as unpredictable as Most meme coins funnily enough it Appears to be in a long-term uptrend With higher lows but it simultaneously Is in a long-term downtrend with lower Highs this is creating a massive Triangle pattern that could explode up Or down As for Solana its Soul coin appears to Have pumped in anticipation of the Solana day conference which will take Place in Paris later this month Alongside the eth CC event According to the Bollinger band Indicator Seoul is overbought on the Daily and is also struggling to get Above a key zone of resistance around 21 If it manages to push past 25 it could

Go higher but if it gets rejected it's Going lower possibly lower than most People expect When it comes to make a doubt its mkr Token appears to have pumped in response To everyone using liquid staked eth Tokens as collateral to borrow maker Dow's die stablecoin in fact wrapped Staked eth has surpassed eth as the Primo collateral for die loans mkr's Weekly chart presents a mixed picture on The one hand it's overbought and is Struggling to get above that key level Of 1K On the other hand it's on the brink of a Massive squeeze meaning that if it does Get above that key level it could rally For weeks to come but a rejection would Crush it next up we have convex finances CVX token whose pump is unexplained our Best guess is that it has to do with the Recent exploit of the multi-chain bridge Something that affected curve Finance Which is intertwined with convex Finance The thing is that the exploit is bearish Not bullish regardless CVX rallied but This rally could be short-lived that's Because it's below the Bollinger band Moving average on the weekly and just Finished printing a bearish Candlestick Pattern When you throw that squeeze into the mix CVX could see more losses if it doesn't Get above that moving average ASAP and

Finally we have Avalanche whose avax Coin appears to have pumped because of a Recent Avalanche event in Vietnam It definitely helps that avax was one of The only ethereum Rivals that wasn't Labeled as a security by the SEC in its Aforementioned lawsuits against binance And coinbase unfortunately avax's weekly Price action paints a different picture It's been stuck below the Bollinger band Moving average for a few weeks now and Is in the middle of a massive squeeze if It can't get above that 15 level and Stay there for a few weeks it could Squeeze to the downside And note that if you want to know why Cryptos are pumping in real time you can Join the coin Bureau telegram channel The link will of course be 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 help those Gains grow then the coin Bureau deals Page is where you should go we've got Some juicy discounts on Hardware wallets And some extraordinary bonuses at some Of the top exchanges all for viewers of This channel the link to that resource And many others are in the description Below thank you so much for watching and I will see you all in next week's

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