Crypto News: BTC Halving, ETH, Solana Transactions, ENA & MORE!!

Welcome to the coin Bureau Weekly News Round my name is Jessica and my name is Guy here are the top stories in crypto This [Music] Week crypto Market recovery BTC Finds Its footing with the help of spot Bitcoin ETF inflows just two weeks Before bitcoin's historic haling how High could BTC go time to shine eth Starts to show signs of recovery after Salana experiences downgraded Performance and ethereum layer 2s heat Up when will the eth rotation come Closure for investors Crypt VCS acquire Ftxs sole Holdings at a massive discount Leading to speculation that they could Dump everything you need to know jobs For everyone the US prints another Explosive increase in employment causing The Federal Reserve to reconsider its Plans to cut interest rates what does This mean for crypto 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 Experienced a recovery LED of course by BTC and not surprisingly the cause of Btc's recovery was an increase of the Inflows into the spot Bitcoin ETFs stop Me if you've heard this one Before now the cause of the inflows is Likely a slow trickle of new investors

Who are gradually getting exposure to BTC via these still relatively new Investment vehicles now what is Surprising though is that most of btc's Gains have happened during off-market Hours according to Bloomberg ETF analyst Eric balunas it's believed that this Phenomenon is due to Traders overseas Positioning themselves for spot Bitcoin ETF inflows during Market hours in the US however it could also be the spot Bitcoin ETF market makers accumulating BTC in anticipation of the buying and Selling pressure that could occur during The next trading day whatever the case The Resurgence in flows will likely lead To more off-market speculation creating A positive feedback loop at the same Time the correlation between BTC and Gold appears to be increasing in in case You missed the memo gold recently hit an All-time high and BTC of course hit an All-time high a couple of weeks ago According to long-term trends the BTC Gold correlation is 0.97 the highest on record this strong Correlation suggests that investors Increasingly see BTC as digital gold Though I should note that some sources Suggest that this correlation isn't as Strong for example the block note that The BTC gold correlation is just 0.63 and that BTC gold the S&P 500 and The NASDAQ are all quite correlated this

Makes sense when you realize that the Primary factor affecting asset prices is Levels of liquidity AKA how much money There is in the markets and the economy If you watched our video about the Recent crypto dip you'll know that we Could see a big contraction in liquidity Levels as as soon as late May thankfully Though this macro factor is still some Way off and in between now and then There is a big crypto factor that could Take BTC and the rest of crypto higher The Bitcoin Haring now it's not yet Clear how the new ETF investors will Respond to the Haring but btc's price Charts suggest they will be big buyers The daily chart suggests that BTC could Be painted something like a double Bottom pattern if it plays out BTC could Hit around 84k over the next week or so Meanwhile the weekly chart suggests that BTC could still be painting The Bull Flag we identified previously a pattern That foreshadows a 100K BTC with the Harving less than 2 weeks away it's Likely that BTC will experience one more Leg higher just keep in mind though that Any big issues on the macro side could Dampen this upcoming rally we could also See a significant correction after the Haring as speculators take profits Perhaps you'll be one of them if that is Your plan by the way then be sure to Maximize your profits by checking out

The coin Bureau deals page it's got Trading fee discounts of up to 60% and Signup bonuses of up to $60,000 on the best crypto exchanges These deals are exclusively for you guys And they won't be around for long so be Sure to take advantage of them ASAP Using the links down Below now this brings us to the less Positive part of the picture and that is Eth eth has continued to underperform BTC and it's gotten to the point that It's looking very bad from a technical Perspective eth BTC is basically the Lowest it's been in almost 3 years now Eth's under performance appears to have Been due to three factors the first is Competition from the likes of salana Which have taken the crypto World by Storms since last Autumn the catch is That Solana's popularity has made its Blockchain practically unusable for many Participants at least for now the second Reason why eth has been underperforming Is one we covered in a recent video and That's that the SEC is investigating Ethereum's ecosystem for evidence that Eth is is a security it's believed that This has lowered the chances of the spot Ethereum ETFs being approved though Asset managers don't really seem to care Now the third reason why eth has been Underperforming is due to concerns Around leverage in its ecosystem

Specifically from reaking protocols like Igen layer and stable coins like Athena's Usde so far however nothing has blown up And these protocols only continue to Grow and as a cherry on top there have Been constant complaints about Ethereum's gas fees being high and yet They've recently been quite low not only That but the total value locked on Ethereum's layer 2s is showing no signs Of slowing down and many are launching Programs to increase their tvl put Simply it looks like the reasons why eth Has been underperforming BTC have been Pretty much maxed out in other words it Really looks like we are at Peak eth fud Now this doesn't mean that eth is going To start outperforming BTC tomorrow but It sets the stage for a vicious counter Trend rally for starters there's the Congestion on salana which could push Many mcoin degens to switch chains Ethereum is the best alternative given Its Reliability as we've seen with soul this Would have the Practical effect of Pushing ing up eth's price as almost Every mcoin on ethereum trades against Eth regarding the risk that eth could be Classified as a security meanwhile it's Safe to say that this risk is a bit too Esoteric for madlad mcoin Masters the Same is true for the risk of an

Implosion in ethereum's defi ecosystem Come to think of it mcoin hype could Actually help keep that risk at Bay Ethereum's layer twos though are where Things get interesting in theory layer Tws are bad for eth as they result in Less fee related eth demand in practice However eth is the native currency of Essentially every single layer 2 that Means that every meme coin on layer 2os Likewise trades against eth creating eth Demand now believe it or not but eth's Chart suggests that the scenario I just Outlined is a real positive on The Daily Each is close to getting back above the Ballinger ban moving average which would Put it back in bullish territory it also Appears to be painting a sort of double Bottom pattern that could take eth to 5K The caveat is that there's no guarantee That the frustrated capital on salana Will flow to ethereum it could just as Easily flow to other wouldbe ethereum Killers such as Avalanche and Phantom Some of you may have heard that Avalanche has incentives of its own and Phantom is also working on mean Coins there is also a real possibility That all the speculative Capital could Stay on Salana this though assumes that salana Doesn't experience another multi-hour Outage if you watched our recent salana Update you'll know that its blockchain

Experienced a 4H hour outage back in February it is possible this could Happen again then again though salana Will soon be introducing a new validator Client called fire dancer which to our Understanding will not only eliminate Sana's outage issues but also Significantly increase its speed it's Possible that this is why VCS have been Tripping over themselves to buy soul From the FTX estate to refresh your Memory grayscale salana trust was Trading at a whopping 9x premium to its Underlying value late last year and was Still trading at an 8X premium as Recently as last month in the background Bankrupt crypto exchange FTX was holding Over 40 million soul that it was trying To sell the result was a massive OTC Deal between the FTX estate and crypto VC's to buy 30 million Soul at $64 a pop Bringing the grand total to $2 billion Notably this Soul was sold at at a More Than 70% discount to market prices and Only accounts for around 75% of FTX and Alamida total Soul Holdings the fact That this Soul was sold at such a steep Discount has led to concerns that it Could be sold on the open market however The original Bloomberg report seems to Imply that these Soul coins will be Vested over 4 years hence the Steep Discount it also notes that this soul Will be staked by the buyers so this

Begs the question of whether the staking Rewards from the locked soul will be Sellable the answer seems to be yes and You should know that this is a Shockingly common practice when it comes To proof of State cryptos it's typical That locked Supply can be staked and That those staking rewards can be sold Fortunately the selling of these staking Rewards should have a minimal impact on Soul's price assuming demand stays the Same unfortunately though it seems that A big chunk of the Soul sold to these Crypto VCS is liquid this is based on The disclosures made by the salana Foundation after the collapse of FTX as You can see around 34 million Soul was Sold to FTX and alamida research on the 7th of January 2021 this so came with a vesting Schedule that started in January 2022 And ends in January 2028 this is Presumed presumably the soul that was Purchased by crypto VCS if so there have Already been 2 years of unlocks this Means that these VCS could theoretically Sell their soul whenever they want if we Do see them sending lots of soul to Exchanges this could spook other Soul Holders the same way that the OTC sales Seems to have done in turn this could Temporarily depress the prices of meme Coins that only trade against soul but Of course this is all hypothetical

The most likely scenario is that these VCS hoddle their soul and convince their Clients to buy as much as possible so That they can make money from the Management fees so long as there's Demand from their clients that Soul Won't be sold and they may even buy more But if the markets start to turn in a Big way the huge demand for soul could Turn into an equally large wave of Supply make no mistake though the same Is true for the spot Bitcoin ETFs it's Easy to forget that we haven't seen a Real ShakeOut yet when it inevitably Comes institutions could get scared and Panic sell now this ties into our macro Topic of the week and that's the RedHot Economic picture we're seeing at least In the United States and at least based On the jobs data over 300,000 jobs were Added in March compared to the 200,000 Jobs that were expected at least According to the official statistics the Unemployment rate also remains pinned Below 4% for context keeping Unemployment at around 4% is part of the Fed's Dual mandate the other part of Course being keeping inflation at 2% Obviously the FED has been succeeding on The former but failing on the latter Believe it or not but it's not actually Their fault it's partially the fault of The US government for spending so much Money to bring you up to speed the US

Government has a approved multiple Trillion dollar spending packages over The last few years the most infamous of These is the deceptively titled Inflation reduction act reportedly Totaling $3.3 Trillion lo and behold all of this Infrastructure spending has actually Caused inflation to rise that's because All the associated manufacturing has Increased the demand for energy which Has caused Energy prices to go higher in Turn the this has caused the price of Everything to go higher because well Everything uses energy on the supply Side of the equation the conglomerate of Oil producing countries known as OPEC Has been restricting oil supply and Plans to maintain these restrictions Until June some have speculated that This restriction is being used as a Geopolitical tool and there may be some Truth to that after all there's nothing That makes politicians more unpopular Than high inflation by restricting Supply when demand is rising it Increases the chances that there will be Regime change in places such as the us If the polls are anything to go by this Strategy seems to be working though it's Not the only factor in any case this is Important for crypto because if the Economy continues to heat up and Inflation continues to stay high or even

Rise the FED could respond by keeping Interest rates higher for longer or even Raising them again in truth the worst Case scenario would be if the markets Raise rates for them for reference the FED only controls short-term interest Rates long-term interest rates are Determined by the market namely the Supply and demand for 10-year US Government debt if you've been watching The 10-year yield you'll know it spiked After the hot job print on Friday and Still still seems to be rising fast That's why it's fascinating how stocks And crypto rallied despite the rise in Long-term interest rates it is possible That investors are pricing in the fact That the US government can't let Long-term interest rates stay too high For too long they know it will Eventually need to print money in order To keep rates pinned down and funnily Enough it looks like that's exactly What's going to happen in May that That's when the treasury Department will Be announcing its first Government Bond Buybacks in 24 years between now and Then though volatility in the bond Market could be bad for liquidity and That could be bad for crypto speaking of Which it's about time we looked at last Week's top performing cryptocurrencies So Jessica over to you thank you guy Well last week's top performing cryptos

Were Athena core nervos Network p and The bitette token starting with Athena Its Ena token is brand new so it's Probably pumping because people are Aping into it the total value locked in The Athena protocol has also been rising So there could be some fundamentals Behind this pump ena's admittedly Limited price action suggests that it Could be on the brink of another move to The upside or correction back down to Its recent low seeing as it's already Listed on every major Exchange it may be Short on Catalyst for another pump but Never underestimate the crypto Apes next Up we have core whose core coin is Pumping due to its ongoing incentive Program which began in March and will Continue until September it will be Crazy if core kept pumping until then as Expected core experienced a sharp Pullback and is currently consolidating It's possible that core could drift a Bit lower before moving higher this Would be ideal as it would allow Overboard conditions to cool off and Make space for another Interstellar Rally as for nervos Network it's ckb Coin appeared to have pumped due to an Event the crypto project hosted in Hong Kong over the weekend as you can see ckb Is looking insanely bullish on the Long-term price charts and it's looking Even more bullish through the lens of

Market cap if the massive bull flag pays Out ckb price could almost double in the Coming weeks fingers crossed when it Comes to Pendle it's Pendle token Appears to have pumped due to an Increase in the total value locked in The D5 protocol this increase appears to Have come from its addition of more Yield products on the arbitrum layer 2 Pendle appears to have pumped slightly More than expected but it still looks Like that bull flag is running out of Steam as the saying goes though the Market can stay irrational longer than You can remain solvent And by the way if you did want a little Bit more of an overview of Pendle Nick And I talked about it in our recent Q&A That's on the top right for you finally We have the bitette token which likely Pumped due to an increase in traded Volume on the big crypto exchange as Most of you will know exchange tokens Are effectively designed to go up only The trade off is that you must be sure The associated crypto exchange will Continue to gain traction the fact that That bgb is an exchange token also Essentially makes technical analysis Irrelevant for what it's worth it Appears to be in the process of Completing a bull flag that could take It to around $150 it could easily go Higher if bitg continues to see more

Traction and if you do want to know Which cryptos are pumping and also where You can trade them you have to be sure To check out the coin Bureau telegram Channel using the link in the Description and if you're not already Following us on social media make sure To do so especially as next week the Team will be attending token 2049 in Dubai and we have some very exciting Content pieces planned stay Tuned 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 on trading fees and sign up Bonuses of up to $6,000 on some of the best crypto Exchanges only for the viewers of this Channel also if you want to pick up some Snazzy crypto merch the coin bu merch Store has you covered you can find the Link to those resources and many others In the description below thank you so Much for watching and we'll see you all In next week's [Music] Episode

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    • bitcoinBitcoin (BTC) $ 67,962.00 2.41%
    • ethereumEthereum (ETH) $ 3,806.84 2.87%
    • tetherTether (USDT) $ 0.999356 0.03%
    • bnbBNB (BNB) $ 594.43 3.59%
    • solanaSolana (SOL) $ 171.94 4.84%
    • staked-etherLido Staked Ether (STETH) $ 3,807.33 2.89%
    • usd-coinUSDC (USDC) $ 0.999901 0.07%
    • xrpXRP (XRP) $ 0.533945 0.68%
    • dogecoinDogecoin (DOGE) $ 0.159925 2.76%
    • the-open-networkToncoin (TON) $ 6.32 0.46%