Crypto News: Chainlink, Terra, GBP Collapse, CBDCs & MORE!

Foreign [Music] To the coin Bureau weekly crypto review Here are this week’s top headlines in The crypto news [Music] Crypto Market recap an overview of all The crypto and macro factors that moved The market last week and what other Effects they could have in the near term Where is dokwon INTERPOL issues a red Notice for the infamous Terra co-founder As he claims he’s not on the run and Living life as normal what is going on Here Circles expansion the usdc stablecoin Expands to five additional smart Contract cryptocurrencies while circle’s CEO claims the crypto industry is on the Brink of a major transition why you need To pay attention Chain Link’s Major Milestone Cryptocurrency’s largest on-chain data Provider joins forces with the world’s Largest banking messaging layer when Could link start to Rally British Pound Down the GBP becomes the Latest fiat currency to crash against The USD how can you protect your Purchasing power if you hold a non-usd Currency Cbdc’s behind the scenes central banks Around the world rushed to roll out Their dystopian digital currencies

Before their Fiat currencies collapse Everything 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 timestamps in the video timeline and Now for today’s top stories Last week the crypto Market continued to Trade sideways this seems to be due to All the macro factors that have Investors uncertain about where the Markets will go next If you’re subscribed to My Weekly Newsletter you’ll know that we appear to Be on the brink of a Black Swan event That could take most cryptocurrencies to Their bear Market lows be sure to Subscribe using the link in the Description so you don’t miss next Week’s forward guidance Now one of the biggest macro factors That’s been weighing on the minds of Investors is the ongoing war in Ukraine Four pro-russian regions in Ukraine Recently voted to join Russia now Whether these votes were legitimate or Not is a topic for another time and Arguably irrelevant

That’s because it doesn’t change the Implications of the outcome Russia has Reportedly vowed to use tactical nuclear Weapons to protect its newly added Regions This has led to Serious concerns that a Nuclear conflict of some kind is on the Cards if that wasn’t bad enough two Critical pipelines for transporting gas From Russia to Europe were blown up in What is believed to be an act of Sabotage Who was behind this attack is likewise a Topic for another time and again Arguably irrelevant as it doesn’t change The outcome Europe is now much more Likely to face gas shortages in the Winter this risk is especially acute in Germany where the government is Officially warning its citizens to Conserve gas or else there will be Shortages note that inflation in Germany Also recently hit its highest level Since World War II now it doesn’t take An economist to understand that the European energy crisis is going to Decimate the continent’s economy this is Guaranteed to have spillover effects Into other economies most notably the United States where the latest Q2 GDP Revision confirmed that the U.S economy Is shrinking If you watched yesterday’s video about The federal reserve’s recent press

Conference you’ll know that the FED is Ready to cause a severe recession to Bring down inflation this is according To Fed chairman Jerome Powell and let’s Just say he’s not a man you should bet Against these days On that note the pce for August came in Much hotter than expected last Friday The pce is the fed’s favorite inflation Measure a high pce reading increases the Likelihood that the FED will raise Interest rates even more aggressively When its officials meet again in early November between now and then we’ll see The CPI for September which will be Released on Thursday the 13th of October If you want to know exactly what this And other upcoming macro factors could Mean for the crypto Market be sure to Subscribe to My Weekly Newsletter using The link in the description Now speaking of stuff that could crash The crypto Market Tara co-founder do Quan is reportedly on the Run This is because Interpol issued a red Notice for doe after he was charged by South Korean authorities for violating Capital markets rules doe is also Dealing with legal issues in other Jurisdictions now obviously this is all Because of the collapse of terror’s UST Stablecoin back in May Terror’s collapse caused around 60 Billion dollars of direct losses and

Tens of billions of additional losses Through its effects on crypto hedge fund Three arrows Capital more about them in The description Now what’s interesting about interpol’s Red notice is that Doe apparently isn’t On the official red notice list Decrypt asked Interpol why that was and It responded by saying that it quote Does not comment on specific cases and Individuals and that not all red notices Are made public Interpol not including doe on its red Notice list would make sense if dough Was some high-profile political figure Or businessman but doe is your standard Crypto project founder everyone knows Who he is what he looks like and that He’s wanted by authorities around the World What’s crazy is that Doe took to Twitter To claim that he’s not hiding from Authorities specifically he said quote I Am making zero effort to hide I go on Walks and to malls no way none of crypto Twitter hasn’t run into me in the past Couple of weeks This wording is admittedly vague as Making zero effort to hide could be Technically correct even if dough is Actually hiding he’s just not putting in The effort so to speak Then again I find it hard to believe Dough could continue to use Twitter

Without getting scooped up by the Authorities surely Twitter works with Interpol What’s more is that Doe denied claims That he recently tried to withdraw 67 Million dollars of BTC from Cryptocurrency exchanges okx and kucoin Though called the reports misinformation And said that no funds related to the Entities behind Terror have been frozen Terraform Labs later came out to claim That the case against dokwon is quote Highly politicized a spokesperson for The company told the Wall Street Journal That the South Korean courts are bowing To the social pressure of UST and lunar Holders who saw their crypto Holdings go To zero This begs the question of what exactly Is going on here and the short answer is I don’t know but it sure is one of those Stories that seems to be getting weirder By the week Speaking of stable coins if there is one Issuer that has benefited from terror’s Collapse it’s Circle this is not only Because the resulting regulations will Prevent competition but also because it Has allowed usdc to fill the void left By UST This was the headline from coindesk Which asked the question of quote Whether decentralized Finance can mature With decentralized money at its core

Regarding usdc’s native expansion to Cosmos I suspect the answer is no but it Ultimately depends on who you ask in Addition to Cosmos usdc will be Expanding natively to ethereum’s Arbitrum near protocol optimism and Polkadot by the end of the year to Clarify usdc’s native expansion to Cosmos won’t be taking place until Sometime early next year If you watched our most recent near Protocol update usdc expanding to its Blockchain should come as no surprise That’s because a former Circle executive Recently became the CEO of the near Foundation This is more significant than you think Because near protocol is eerily similar To Solana the biggest difference is that Near protocol doesn’t experience Constant outages This has apparently been an issue for Circle 2 particularly since usdc was Being heavily leveraged within Solana’s Ecosystem as such it’s quite possible That near protocol could replace Solana As usdc’s de facto home chain For now though ethereum continues to Hold the Lion’s Share of the usdc in Circulation I’ll be doing a video about What circle is planning with all these Smart contract cryptos later this week So stay tuned for that now another Circle related headline that caught my

Eye was that the company had partnered With TVD a subsidiary of block formerly Known as Square for those unfamiliar Block is headed by Twitter founder and Former CEO Jack Dorsey who is known for Being a Bitcoin maximalist that’s why The news that Circle had partnered with TBD to bring its usdc stablecoin to Quote lay the foundation to access Stable coins globally is so surprising You would think that TBD wouldn’t be Interested in a centralized stablecoin Given that it is a Bitcoin focused Company In any case it’s clear that circle is Expanding rapidly despite the crypto Bear Market this might have something to Do with the fact that most of the usdc In circulation is backed by short-term U.S government debt around 40 billion Dollars to be exact Ly assuming this entire 40 billion is Invested in two-year treasuries this Means that circle is earning an interest Rate of over four percent per year on 40 Billion dollars if you do the maths That’s a whopping 1.6 billion dollars in Annual interest well over 100 million Dollars per month in pure passive income There is a lot you can do with that kind Of money especially during a crypto bear Market This means you need to start paying Close attention to circle the video I’ll

Be releasing about the Sable coin issuer Later this week will definitely help With that Anyways another crypto project that’s Been making the headlines lately is Chain link which recently partnered with Swift for context Swift is a messaging System used by over 11 000 banks around The world this means that Swift is Basically the backbone of the existing Financial system chain Link’s Partnership with swift will see the pair Develop a proof of concept protocol that Will make it possible to send messages Between cryptocurrency blockchains and The existing Financial system in other Words it’ll make it possible for Cryptocurrency to interact with the Existing Financial system The caveat is that the existing Financial system isn’t all that fast it Takes days to settle transactions on Swift and that means the proof of Concept protocol wouldn’t do all that Much to improve the existing Financial System if it becomes adopted The bigger question is whether this Protocol would increase the demand for Link if it does get adopted and the Answer seems to be no That’s simply because link is used to Pay chain link Oracle providers for Their services these Oracle providers Then turn around and sell their link for

Fiat even so that doesn’t mean that There couldn’t be a speculative pump Associated with Swift’s chain link Integration if it comes to pass the only Problem is that this speculation is Nowhere to be found during a crypto bear Market Case in point link continued to crash Despite this significant news Now another problem is that chain Link’s Swift partnership may not actually be All that significant that’s because the Consensus in cryptocurrency and Elsewhere is that these proprietary Interbank messaging systems are on their Way out Swift’s partnership with chain Link may be evidence to that effect To my mind the only reason why Swift Would partner with a crypto project is Because it’s trying to keep up with the Times it’s not all that different from All these publicly listed companies Adopting nfts when they know deep down That decentralized Alternatives will Replace their intermediated business Models still this doesn’t take away from The fact that chain link is building Cutting-edge Tech that’s attracting the Attention of seriously significant Institutions my only hope is that this Somehow manages to reflect in Link’s Price especially since much of chain Link’s operations seem to be financed by Its selling of Link

Now as disappointing as Link’s price Action has been it’s nothing compared to The price action of the Great British Pound one of those words is clearly Redundant which has been absolutely Brutal my beloved British pound fell by A full four percent against the US Dollar last Monday That’s more than most coins on that Day God Save the King indeed In all seriousness it’s important to Remember that the pound has been falling Against the US dollar for decades this Has been the case ever since the pound Stopped being the world’s Reserve Currency around World War one note that The US dollar became the world’s Reserve Currency after World War II Since that time a series of crises have Taken the pound ever lower this time it Was the UK’s energy crisis specifically The UK government’s response to said Energy crisis our new prime minister and Her Chancellor saw it wise to Simultaneously spend billions of pounds To subsidize energy while also cutting Taxes for the rich this is called Burning the candle at both ends and it’s A concept that many people in power Don’t seem to be familiar with that’s Probably because they’ve never had to Live with the consequences of their Decisions In this case that was the sudden

Insolvency in the UK debt Market which Threatened UK pensions The UK’s currency crisis also threatened BlackRock which in turn threatened to Halt trading of UK government debt on Its platform for reference BlackRock is The largest asset manager in the world And there’s no way in hell it’s going to Lose money because of some BS government Policy now I’ll be covering this policy show in a video later this week so Keep your eyes peeled Anyways the bank of England subsequently Bailed out the bond market and vowed to Do whatever it takes to protect the Pound from completely imploding so far So good but it’s quite possible that the Worst is yet to come that’s because the UK is facing an energy shortage like the Rest of Europe given that all International trade is done in US Dollars the UK will have to sell large Amounts of British pounds to get the Dollars it needs to buy energy this will Further suppress the pound At the same time the bank of England is Way behind the curve on inflation Interest rates are a measly 2.25 while Inflation continues to flirt with the Double digits meanwhile over in the States the FED continues to flex its Muscles and is dedicated to crushing Inflation at all costs At the end of the day it doesn’t matter

Though because all Fiat currencies are Doomed to fail the British pound happens To hold the record as the longest Surviving fiat currency it’s been around For over 325 years but that doesn’t mean It’s immune from economics and human Fallibility the moment you give a person The power to print currency eventually That power will be abused to a point That said currency becomes worthless This has been proven time and time again Throughout history and it’s a lesson That many countries are going to learn The hard way in the not so distant Future The inevitable collapse of physical Fiat Currencies is why central banks around The world have been scrambling to Develop their Central Bank digital Currencies or cbdcs not surprisingly the Bank of England has been one of the most Active in this regard but it’s not the Only one Over 90 percent of central banks are Actively exploring cbdc’s according to The bank for international settlements Or bis fun fact the bis is the bank for Central banks and it has been Coordinating the rollout of cbdc’s Around the world more about that in the Description now Australia recently Announced that it will be testing its Digital Aussie dollar mid next year this Is around the time that the feds own

Fast payment service is supposed to be Rolled out note that fast payment Services are effectively a precursor to Cbdc’s according to the bis naturally Russia is working on its own cbdc which It plans to use for trade with China Russia’s digital Ruble is reportedly Expected later this year and China’s own Digital Yuan appears to be entering its Final phase of rollout note that these Are retail cbdc’s meaning they will be Used by regular people Next we have a cbdc test which involved Hong Kong Thailand the UAE and China That was apparently very successful this Test involved the bis’s so-called Multi-cbdc platform or mcbdc which is Thankfully restricted to wholesale cbdcs That are intended for select individuals And institutions this is similar to the Bis’s so-called Icebreaker Hub International cbdc experiment which will Feature Norway Sweden and Israel note That Norway is reportedly testing its Upcoming digital currency on ethereum Israel reportedly did the same last Summer the more you know It seems that the only thing that’s left For the central banks to do is find some Way of getting rid of cash now I’ve long Speculated that inflation is how they Will achieve this and it looks like that Prediction is starting to play out due To seemingly unrelated reasons nobody

Will want cash when it’s worth nothing Luckily there is no way for these Central banks to stop cryptocurrency Especially BTC there will always be a Way to get your hands on cryptocurrency So long as the internet is intact let’s Hope they don’t do anything funny on That front So turning to the charts we can see that BTC is on the brink of breaking down This is the case on the daily the weekly And the monthly all we need is a Catalyst to trigger a sell-off I reckon All that Credit Suisse stuff could be a Good candidate if it turns out to be as Serious as social media is making it Seem Last week’s top performing cryptos were Terra classic Quant Network Reserve Rights helium and make a doubt so Starting with Terra classic lunk rallied On the news that binance will begin Using a portion of all lunk trading fees To begin burning its massive Supply Lungs price action is unlike anything I’ve ever seen and I’m not even going to Try and speculate on where it could go Next all I will say is to exercise Extreme Caution Next we have cront Network whose qnt Token seems to have rallied because of The corticon conference that CEO and Founder Gilbert Verdian attended Now this is odd because I don’t recall

Seeing any significant announcements if There were any please let me know in the Comments section As you can hopefully see it looks like Qnt has finally begun its reversal after A massive rally I expect that it could Return to the 100 level in the coming Weeks and it will likely go lower if a Black Swan Catalyst like Credit Suisse Comes around As for Reserve rights rsr rallied Because of the upcoming launch of the Reserve protocol which is scheduled for The 10th of October I can’t say I know All that much about it and I must admit I am skeptical given rsr’s poor Performance relative to other Cryptocurrencies during this crypto Market cycle Similar to qnt rsr is approaching Overbought territory and will likely see A massive correction once the reserve Protocol is released in short the charts Suggest it’s going to be a sell the news Event but bear in mind that the charts Aren’t always right neither am I for That matter Now when it comes to helium it’s hnt Token rallied on the continued hype Around the Project’s migration to Solana Nova Labs the company behind helium also Recently partnered with T-Mobile to fill The gaps in its 5G networks as I Mentioned hnt never managed to Rally out

Of the hole it’s currently in It also seems to be forming a triangle On The Daily which will probably break To the downside if that is the case the Target will be around three dollars and It could fall even lower Finally we have maker Dao whose mkr Token seems to have rallied because nexo Paid back a die loan and withdrew Wrapped BTC from the stablecoin protocol I reckon there were concerns about Nexo’s massive wrapped BTC deposit after It was revealed that eight U.S states Are probing the crypto platform Like all other defy tokens mkr is almost Back where it was before the last crypto Bull Run began unfortunately it will Probably fall lower with the rest of the Crypto Market in the coming weeks If you’re wondering where the crypto Bear Market lows could be you can find Out using the link in the description And that is 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 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 all so much for watching and I Will see you in next week’s episode Foreign

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