Crypto News: Cardano, Bitcoin ETF, Cosmos, Voyager & MORE!!

Foreign [Music] To the coin Bureau weekly crypto review Here are this week’s top headlines in The crypto news [Music] The crash continues BTC sees its biggest Quarterly drop in over a decade while Tech stocks take a dive when will we Finally see a recovery rally Another withdrawal pause Voyager digital Becomes the latest crypto platform to Pause withdrawals for users as ftx’s CEO Warns many exchanges are secretly Insolvent here’s how to protect your Crypto The SEC rejects Bitcoin ETF greyscale Sues crypto’s most infamous regulator After it rejects its request to convert Its established Bitcoin trust into a Spot Bitcoin ETF will this help or hurt The crypto Market Cardano upgrade imminent after a One-month delay cardano developers Initiate the test net for one of Cardano’s biggest upgrades to date what Could it mean for Ada Changes at Cosmos core developers Confirm that interchange Security is Coming soon while the CEO behind the Company that created the crypto project Steps down what’s next for atom Upcoming crypto regulations the EU Passes a controversial bill which will

See stablecoin use limited and Cryptocurrencies delisted with personal Crypto wallets soon to be tracked what You need to know 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 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 video timeline and now for today’s Top stories Last week the crypto Market resumed its Downward Trend towards multi-year lows For most coins and tokens this resulted In the second worst quarter for Cryptocurrency since 2011 with BTC Having lost 56 over the last three Months for context the worst quarter for Cryptocurrency took place in Q3 of 2011 When BTC fell by 66 percent Given that most altcoins follow BTC with Much more volatility it should come as No surprise that most of them fell by 80 Or more during the same period And if You watched our video about how low the Crypto Market could go you’ll note that BTC tends to follow tech stocks as it so Happens tech stocks closed the worst Quarter in years too with the NASDAQ Index dropping by 22 percent

This is all because of another macro Factor that’s slowly taking center stage In the eyes of investors and that’s the Possibility of a recession For reference the official definition of A recession is two consecutive quarters Of negative gross domestic product or GDP growth something which is now being Forecasted by the Federal Reserve Bank Of Atlanta’s GDP now model It’s something which will be confirmed When these GDP figures come out at the End of July I’ll be doing a video on This potential recession in the next few Days so keep your eyes peeled for that Anywho the reason why the markets are Reacting already is because they can see The writing on the walls specifically The collapse in commodity prices that we Saw last week Oil copper wheat and even natural gas Saw double-digit declines in price or Similar indicators such as deliveries And orders a sharp contraction in Commodities is considered to be concrete Evidence that the global economy is Starting to slow down The worst part is that these Double-digit declines aren’t likely to Put a dent in consumer prices anytime Soon as Commodities related to energy Remain at or above record highs still Many investors are wondering when stocks And crypto will finally see a convincing

Recovery rally also referred to as a Dead cap bounce this is because it’s Rare for stocks and even Cryptocurrencies to see so many Consecutive weeks of losses without some Sort of short-term reversal Some are saying the Catalyst required For a short-term reversal in the crypto Market is for the current crypto Contagion caused by Terror and three Arrows Capital to finally finish but Unfortunately the crypto plague Continues to claim new victims Last week Voyager digital became the Second popular crypto platform to pause Withdrawals for its more than 3.5 Million users the first being Celsius Which paused withdrawals in mid-june Leaving more than 1 million users in Crypto loss limbo if you watched our Video about how Celsius collapsed you Might recall that it had mostly to do With the mismanagement of user funds That was going on behind the scenes it Looks like it’s a similar story for Voyager digital as it had lent out 670 Million dollars of crypto to defunct Crypto hedge fund three arrows Capital Apparently with zero collateral that’s Right a 670 million dollar unsecured Loan Now to Voyager digital’s credit the Company acknowledged that it had Significant exposure to three hours

Capital and immediately sought relief Which it received from crypto trading Firm Alameda research in the form of a 500 million dollar loan It seems though that this only Accelerated the run on the bank by its Users which the crypto platform tried to Slow by limiting withdrawal amounts it Seems that didn’t work either because on The 1st of July Voyager digital Announced it would be temporarily Shutting its doors all the while Voyager Digital stock continued to collapse and The only reason it didn’t go to zero on Friday was because its stock is trading On the Toronto Stock Exchange which was Closed on the 1st of July due to Canada Day What many are wondering now is whether FTX will offer to acquire Voyager Digital in the same way it offered to Acquire block find namely by increasing The loan it had given to Voyager digital On the condition that it can buy the Crypto platform for pennies on the Dollar if it fails to meet its debt Obligations to FTX This is unlikely given that Voyager Digital seems to be in a lot more Trouble than blockfi and FTX CEO Sam Bankmanfried said himself that there are Many crypto companies that are quote Basically too far gone and it’s not Practical to backstop them for reasons

Like a substantial hole in the balance Sheet regulatory issues or that there’s Not much of a business left to be saved Sam also said that there are quote some Third tier exchanges that are already Secretly insolvent which begs the Question of what third tier means Especially since Sam didn’t provide any Names now I can say with some certainty That the top five regulated exchanges we Covered in a video last year are safe From insolvency but the factor of the Matter is that none of us can see what’s Going on behind the scenes there The best thing to do in situations like This is to play it safe and withdraw Some or even all your crypto from Centralized crypto platforms of all Kinds be they exchanges or otherwise You can refer to our recent video about The best crypto wallets if you’re Looking for a place to park your coins And tokens that will be in the Description I’ll also be doing a podcast Episode about how to creep your crypto Safe later this week so listen out for That on Friday Anyways if news of the crypto contagion Spreading wasn’t bad enough the SEC Officially rejected grayscale’s spot Bitcoin ETF application which was Considered by many to be one of if not The most promising spot Bitcoin ETF Proposal that’s because it involved

Converting greyscale’s Bitcoin trust Which already holds over 12 billion Dollars of BTC into an ETF that would be Accessible to a broader spectrum of Institutional investors The SEC cited crypto Market manipulation And fraud as their reason for rejecting Greyscale spot Bitcoin ETF something Which had actually been expected by many Crypto analysts given that SEC chairman Gary Gensler has been adamant about Wanting to crack down on crypto Exchanges before approving an ETF it Also doesn’t help that three arrows Capital was one of the biggest investors In greyscale’s Bitcoin trust having held More than six percent of all outstanding Gbtc shares totaling 37 000 BTC at the Start of 2021. Note that you can learn more about this Crazy hedge fund and how it collapsed Down below I digress Now news of greyscale spot Bitcoin ETF Rejection combined with its exposure to Three arrows Capital has pushed Grayscale’s gbtc discount to more than 31 its lowest level ever The crypto bear Market is definitely Playing a role here as well Some would say that grayscale’s decision To sue the SEC less than an hour after It rejected the company’s spot Bitcoin ETF application isn’t helping to reduce The discount as it could cause issues

For grayscale and could Inspire the SEC To be even heavier-handed with the Crypto industry Then again grayscale’s current lawsuit Is only asking the United States court Of appeals for Washington DC to review The sec’s decision to deny the Application Whether this could result in a spot Bitcoin ETF approval further down the Line remains to be seen but the fact That grayscale is willing to go this far Suggests they’re willing to exhaust Every option As I mentioned in one of our videos About spot Bitcoin ETFs this is Basically because grayscale’s Bitcoin Trust has some serious competition from Spot Bitcoin ETFs that have already been Approved in Canada These have attracted billions of dollars In institutional capital from inside and Outside of the country Although it’s arguably inevitable that a Spot Bitcoin ETF will be approved at Some point I have a feeling that it’s Unlikely to happen during a bear Market In a worst case scenario we might have To wait until SEC chairman Gary Gensler Leaves his post which could be another Four years Make no mistake however when a spot Bitcoin ETF is inevitably approved BTC Will likely Moon along with the rest of

The crypto Market Many believe that ADA could be headed to The Moon much sooner because of an Upcoming upgrade to cardano full Disclosure I hold Ada as part of my Portfolio Now if you watched our last update about The project you might recall that the Vassal hard Fork will significantly Increase cardano’s scalability which has Been put under stress by all its smart Contracts The vassal hard Fort was initially Scheduled for June but was delayed due To the discovery of a handful of minor Bugs Cardano’s core developers stressed that They wanted to take extra time to review The code because the vassal hard Fork Will be one of cardano’s most complex Upgrades to date As with cardano’s previous hard Forks Vassal will begin as a test net that Will run for one month to give time for Cardano’s core developers and cardano Projects to discover and fix any Additional bugs should they arise Assuming all goes smoothly vassal’s Upgrades could be live on the mainnet as Soon as Late July As it so happens the vassal test net Actually began late last night but it Should be cautioned that this could be a Bearish event should any serious issues

Be discovered this was the case after The launch of the Alonso test net in September last year which introduced Cardano’s smart contract functionality If you watched our video about the top Cardano projects or even just kept up With the crypto headlines at the time You’ll know that cardano’s smart Contract functionality was initially Fairly simple to put it mildly and this Meant that it was very difficult for Decentralized applications to actually Deploy The good news is that in this case the Expectations around the vassal hard Fork Seem to be a bit Tamer which could Potentially make the test net and Especially the main net an extremely Bullish event if the improved Scalability is expected to bring exceeds The expectations of both users and Developers still the sad reality is that We are in a crypto bear market and with So little attention going to altcoins These days Ada is unlikely to see a Meteoric rise anytime soon in fact coin Telegraph analysts are expecting Ada to Drop by another 60 percent later this Year This happens to be consistent with when The bottom of the crypto bear Market Could be and you can find out more about That using the link in the description Anyhow another couple of altcoin related

Headlines that caught my eye last week Were about cosmos A cryptocurrency whose Ecosystem is known for its unparalleled Interoperability full disclosure I also Hold atom as part of my crypto portfolio The first headline had to do with Interchange security an extremely Important feature that Cosmos will be Getting in a few months time as per a Document by cosmos’s core Developers Interchange Security will make it Possible for other cosmos-based Blockchains to Leverage The Cosmos Blockchain for security this is Important because Cosmos based Blockchains use proof of stake as their Consensus mechanism as we enter a crypto Bear Market it will become easier for a Bad actor to come in and buy up the Stake they need to corrupt smaller Cosmos-based blockchains which is Obviously not ideal The risk of corruption is especially Great among many cosmos-based Blockchains that feature decentralized Exchanges such as osmosis because of the Total value of the other coins and Tokens they hold in their protocols As pointed out by the block once Cosmos’s interchange security is Introduced it will make the project even More similar to polka dot and you can Find out just how similar these two Crypto projects are already using the

Link in the description Now the second Cosmos related headline That caught my eye was that Decentralized exchange dydx would be Creating its own Cosmos based blockchain Thereby leaving ethereum’s ecosystem to Join that of Cosmos now this is a pretty Big deal given that dydx is currently The second largest decks by trading Volume according to coin market cap and Has over 600 million dollars in total Value locked according to defy Lama The fact that the dydx token currently Has a market cap of less than 100 Million dollars means that the project Might opt to take advantage of cosmos’s Interchange security but I suspect There’s a higher chance of the project Keeping its new blockchain permissioned For the time being As pointed out by coindesk dydx’s move To Cosmos is evidence that ethereum Isn’t evolving quickly enough to meet The demands of crypto projects and that Even the development of its layer twos Is lagging in comparison to other smart Contract cryptocurrencies The idea that every crypto project will Eventually require its own blockchain is Core to Cosmos and dydx may be one of The first movers in this regard This is why it’s odd that pengjong the CEO of the company that created Cosmos Suddenly announced he’ll be stepping

Down after seven years Cointelegraph seems to imply that it has Something to do with the fact that Ignite formerly known as tendermint Split into two companies in May when Cosmos co-founder Jay Kwon decided to Come back and reclaim the tenement brand Reporting by coindesk seems to confirm This as two ignite employees explained That peng’s departure was basically part Of a broader plan by Jay to cut the Company’s Workforce by more than 50 Percent Whatever the case it’s sad to see that Cosmos continues to have some issues Behind the scenes as for what all this Means for atom it should ultimately be Bullish assuming any issues at Cosmos HQ Are resolved and I imagine they will be Resolved in due course Meanwhile in Europe the European Union Passed a bill that will see a series of Regulations imposed on the crypto Industry The bill was or rather is called the Markets in crypto assets or Mica and if You’ve been keeping up with the channel You’ll know we covered it in depth about A month ago While the bill claims to do things like Protect investors and all that pretty Stuff it’s clear to the trained eye that The European Union is desperate to Defend the Integrity of the Euro as its

Value slides against the US dollar in The face of exponential inflation caused By ridiculously negative interest rates This is why stable coins were front and Center in the bill in addition to Requiring all stablecoin issuers to Register in Europe and back their stable Coins with quality collateral I.E European government dead the bill also Sets a 200 million euro a day limit on Stablecoin transactions Usdc issuer Circle seems to be intent on Becoming the first to get regulatory Approval within Europe given that it Released its Euro stable coin on the Same day the bill was passed Given that usdc is a de facto digital Dollar it’ll be interesting to see if Euro C becomes a de facto digital Euro Now the second set of regulations in the Bill are a bit more problematic as they Relate to altcoins for starters the EU Will give oversight of the crypto Industry to its own SEC which will get To decide which cryptocurrencies Exchanges will be allowed to list and De-list any cryptocurrencies they don’t Like not only that but quote four tokens Without issuers such as Bitcoin trading Platforms will provide a white paper and Be liable for any misleading information Something tells me that this could be Used as an excuse to crack down on BTC Something some European politicians want

To do over proof of work As a cherry on top these same European Politicians are currently working on Finalizing regulations that will see Users complete kyc every time they Withdraw or deposit an amount of crypto Worth more than one thousand Euros with Other vague wording which could make the Kyc requirement even more frequent This is all a part of the financial Action task force or fat F’s so-called Cryptocurrency recommendations whose end Game is to make it impossible for people To have their own personal crypto Wallets by labeling all such Transactions as high risk more about the Fat F in the description For what it’s worth these crypto Regulations aren’t nearly as bad as the Ones that were initially proposed and They also won’t be going into Force for Another year or two this means there’s Time to prepare accordingly whatever That may mean for you Turning to the charts we can see that The Bear Flag I identified on btc’s Daily price action seems to be playing Out albeit in slow motion This suggests there’s lots of support Around the 18 to 19k range which is Consistent with the visible range volume Profile indicator I talked about a Couple of weeks back if we lose this Level of support the next stop is

Somewhere between 15 and 16k and be Aware there isn’t much support at those Levels either Last week’s top performing cryptos Were Nems xcm trons Us Double D stablecoin Paxos and binance’s busd stablecoin Paxos’s usdp and maker Dows die not a Very exciting lineup if I’m being honest So starting with Nim its xcm coin Appears to be rallying on the rumor that It will be partnering with another Crypto project called stably to Introduce a stablecoin pegged to the Japanese Yen which is odd given that the Yen has been taking a beating against The USD over the last year It’s also odd that this was the only Tweet nem has made since mid-may but Then you check the price charts and Remember that it’s one of the altcoins Of old that has managed to stick around But only barely you literally can’t see Its recent pump on its price chart When it comes to all those stable coins There’s really not all that much to say Us Double D and dye are decentralized Stable coins so their fluctuations are Just a result of their Peg stabilization Mechanisms the only interesting thing About usdp and busd is that their market Caps have been moving sideways for Months Now this actually seems to be the case With almost every other stable coin with

The exception of usdt whose market cap Has been on the decline and usdc whose Market cap has increased slightly This confirms that crypto investors are Not even turning to stable coins for Safety they’re cashing out of the market Completely and it looks like that Panic Selling isn’t over just yet And that’s all for today’s coin Bureau Weekly crypto review 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 gain 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 all so much for watching and I’ll see you in next week’s episode Foreign [Music]