Crypto News: Coinbase vs. SEC, RNDR, ICP, Tech Earnings & More!

Foreign To the coin Bureau Weekly News Roundup Here are the top stories in crypto this Week Crypto Market recovery coins and tokens Bounce back from last week's lows with Lots of volatile price action in both Directions but why did crypto prices Trade sideways over the weekend Binance news Bonanza the world's largest Crypto exchange allegedly cancels a one Billion dollar deal integrates chat GPT And allegedly lifts restrictions on Russian users everything you need to Know Coinbase versus the SEC America's largest crypto exchange takes On the country's most anti-crypto Regulator as chairman Gary Gensler sends Another warning to the industry how Could this affect the market Big Tech rebound q1 earnings for meta Microsoft Google and Amazon all come in Higher than expected causing the stock Market to Rally why this is not all that It seems 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 experienced Some of the most volatile price action In months the apex of the volatility Appears to have occurred after rumors Started to circulate that mount gox Creditors and the U.S government were About to sell large amounts of BTC This precipitated a flash crash of Almost 10 percent now the actual cause Of the flash crash appears to have been Leveraged Traders around 200 million Dollars of Longs and shorts were Liquidated resulting in the insane price Action you see here The crypto Market recovered due to a Combination of factors including big Tech earnings which we'll come back to Later Now what's odd is that crypto prices Were surprisingly static over the Weekend this price action looks eerily Similar to what we saw on the weekend After the silvergate exchange Network or Sen was shut down for context the sen Was used by institutional investors to Move money in and out of crypto 24 7. The subsequent shutdown of signature Bank's Signet has left institutional Investors with a shortage of robust on And off ramps for crypto this is Presumably why they've switched to Investing in crypto indirectly using Cash settled Futures on regular Exchanges like the CME this has also

Impacted stablecoin issuers now if you Watched our video about usdc's Depot you Might recall that Circle was scrambling To find an alternative to Signet after Its signature was shut down you might Also recall that Circle secured a Partnership with cross Riverbank which Has a real-time payment system or RTP For 24 7 payments As we predicted cross Riverbank is now Facing regulatory scrutiny too this Seems to be because 24 7 payment systems Like the sen Signet and RTP are Competitors to the fed's FED now system Lo and behold crypto prices started Moving sideways after cross Riverbank Was given a warning by the FDIC as such It's possible that cross Riverbank was Pressured by the FDIC to shut down its RTP or at least stop providing services To crypto clients like Circle This would explain the sideways price Action over the weekend such a move Would also send a signal to other Banks To not provide similar services to Circle and code now if I'm correct then We could start to see some serious Crypto Market volatility outside of Regular banking hours this is because Price action would be driven primarily By liquidations of existing positions Alternatively we could see the exact Opposite since any remaining Institutional investors will have their

Hands tied Regardless the fact of the matter is That crypto Market liquidity has been Very low lately as I mentioned in My Weekly Newsletter this means that the Slightest positive or negative news Could cause prices to pump or dump due To short squeezes or cascading Liquidations it's a very tricky Environment to trade that's why I Suggest subscribing to the coin Bureau Trading channel so that you're always Aware of the key levels that Dan is Watching Dan is a seasoned trading Expert and the host of coin Bureau Trading he's also got a fifteen thousand Dollar trading competition running this Month so you will definitely want to Check the channel out link is in the top Right Now speaking of stable coins I'll remind You all for about the millionth time That the SEC served paxos with a Wells Notice in February over its issuance of Busd the fact that paxos hasn't yet been Sued suggests it may have been able to Negotiate a deal and it's possible that This deal includes scaling down services For busd I say this because binance Suddenly walked away from a one billion Dollar deal that would see binance U.S Acquire the distressed assets of Bankrupt crypto platform Voyager digital This has led to speculation that calling

Off the deal was a condition for binance To settle a recent lawsuit with the cftc Finance CEO Chang Peng xiao's response To this speculation was a shrugging Emoji and it's not entirely clear what He meant by that in any case it is clear That U.S Regulators are trying to Strong-arm binance into scaling down its U.S operations logically this includes Busd hence my speculation about paxos Speculation aside regulatory uncertainty In the United States hasn't stopped Binance's Global operations from Expanding The Exchange recently Integrated chat GPT into its web 3 Academy making it possible for crypto Researchers and developers to ask the So-called binance Sensei crypto related Questions if you watched our video about Chat GPT you'll know that it has the Potential to revolutionize crypto Development by making it easier to write Code and correct any existing errors This is what makes binance's Embrace of Chat GPT so significant it suggests that BNB developers will start to leverage it Too at the same time binance's vcrm Binance Labs has seen its assets under Management grow from 7.5 billion to 9 Billion dollars Finance Labs has Invested in over 200 crypto projects and Companies and plans on deploying Additional capital in the coming months Despite all the regulatory scrutiny of

Binance now unfortunately it looks like This regulatory scrutiny will only Increase because binance is reportedly Allowing Russians to use locally issued MasterCard and Visa cards to purchase Crypto in the country according to Coindesk restrictions on these Activities were recently lifted after Being in place since last March now this Is extremely significant because it Could result in accusations of sanctions Violations by binance such accusations Could make it harder for the exchange to Access banking services in Western Countries a binance spokesperson told Coindesk that quote all current Restrictions related to sanctions Against Russian Nationals are applied by The platform and its legal entities in The European Union in full this suggests That binance's Western operations are Still abiding by sanctions So in theory It should be fine in practice however Regulators around the world are itching For any excuse they can find to crack Down on the world's largest crypto Exchange so far they've been Unsuccessful and this is simply because They've been unable to prove in court That the accusations they've made Against binance are true Meanwhile binance has managed to secure Regulatory approval in multiple Jurisdictions and has arguably been more

Compliant with financial regulations Than the world's largest Mega Banks Now that countries are finally starting To pass reasonable crypto regulations The binance fund might finally stop Unfortunately it looks like there's no Shortage of fud to be found about other Crypto exchanges these days coinbase has Borne the brunt of this bad press lately The Exchange has now gone on the Offensive by suing the SEC demanding That it clarify its crypto regulations So that coinbase can comply now this Could be a bad sign because coinbase Probably wouldn't resort to suing the SEC unless it had exhausted all its Other options the same goes for the Exchange's public response to the sec's Wells notice which had the impression That its Executives were begging the Regulator not to take things to court to Make things worse on the same day Coinbase published its response to the SEC SEC chairman Gary Gensler posted Another video to Twitter calling out the Crypto industry naturally he spent the Whole time talking about how crypto Platforms are breaking Securities laws And must register with the SC DC Gary Went as far as to claim that the crypto Industry is not suffering from a lack of Regulatory Clarity but a lack of Regulatory Compliance what's scary is That he cited the sec's recent lawsuit

Against bittrex as evidence that the Exchanges are aware of what the Regulations are and are just choosing Not to comply he even said that it Doesn't matter if crypto exchanges are Onshore or offshore now this could have Been a reference to coinbase which Recently announced that it would be Launching an offshore Exchange Gary Justified all of this in the name Of yep you guessed it investor Protection which is ironic given the Outcomes of its enforcement actions but Back to that bittrex lawsuit if you read Through the lawsuit you'll know that Bittrex Executives allegedly instructed Crypto projects to Omit certain Information from their websites to avoid Regulatory scrutiny from the SEC and Other U.S Regulators Gary's comments in His latest anti-crypto video suggests That he thinks other exchanges in the US Have engaged in similar coaching The criteria for which cryptos count as Securities in the bittrex lawsuit also Suggest that every crypto is a security In the eyes of the SEC even BTC if Satoshi returns now I'll be covering This lawsuit in a video Tomorrow by the Way so be sure to keep your Notifications turned on for that but the Tldr is that literally every crypto Project and Company in the United States Is at risk of the sec's Roth

The Practical effects of these Enforcement actions could result in Critical crypto services and popular Crypto projects being Out Of Reach to Retail investors in the United States Obviously this would crash the market The caveat is that Gary is probably Going to be very careful with which Crypto companies and projects he picks On This is in part because the SEC has Limited resources and in part because Gary wants to take on fights he can win So that he looks good in the eyes of the Anti-crypto politicians who can promote Him This begs the question of whether the SEC has the resources and if Gary is Confident enough to go head-to-head with A crypto Behemoth like coinbase well the Answer seems to be yes because otherwise Gary wouldn't be huffing and puffing on Twitter about crypto exchanges needing To register with the SEC Now the Silver Lining to the SEC suing Coinbase would be that the SEC would Probably be too stretched to take on any Additional crypto companies or projects Besides it's not like all those other Crypto projects are creating products And services that compete directly with Established Wall Street institutions on That note last week saw a blowout in big Tech earnings meta Microsoft Google and

Amazon all posted higher than expected Earnings for q1 At first glance it looks like the U.S Economy continues to grow despite the High interest rates tightening credit Conditions and all that other Objectively bad stuff Upon closer inspection however there Seems to be trouble beneath the surface Besides the fact that q1 GDP reportedly Came in well below expectations the Apparent strength we see in statistics Such as earnings and employment doesn't Tell the full story In the case of earnings much of the q1 Earnings from these Tech Giants came From the hundreds of thousands of job Cuts they've collectively conducted over The last few months in other words They're not earning more money from Their products and services they're just Spending Less on employees this ties Into the employment statistics on paper Unemployment remains abnormally low Considering the bad stuff mentioned Earlier in practice however the Unemployment figure remains low Apparently because many people are Needing to take on additional jobs to Keep up with the rising cost of living In the United States not only that but Most of the layoffs we've seen so far Have come from the tech sector almost All the tech Bros who got the boot

Reportedly left their posts with massive Severance packages we're talking Multiple months of health insurance and Hundreds of thousands of dollars of Severance pay this means that these big Tech employees don't have to rush to Find more work this further suppresses The official unemployment statistic Because it only counts people who are Looking for work this means we could Start to see unemployment Spike sometime In the summer when all the severance pay Starts to run out Anyways as I mentioned earlier there Wasn't all that much excitement in the Crypto market last week at least among Large cap cryptocurrencies at the time Of shooting BTC is trying to decide Whether it will break up and retest the 30.5 K range or break down and Consolidate some more around the 27.5 K Range eth appears to be painting a head And shoulders pattern on The Daily but Even if this pattern plays out eth Shouldn't fall further than 1.7 K eth Has been surprisingly strong in dollar Terms despite continuing to crumble Against BTC and even the eth BTC chart Is in an uptrend in the super long term Now last week's top performing cryptos Were render Network once again Casper Network Internet computer conflux Network and Chronos starting with render Network the render token appears to have

Continued pumping in response to a Governance proposal that would see the Project migrate to the Solana blockchain We actually predicted a continuation of This pump last week but it looks like There's not much higher left to go That's because render has hit a key Resistance level around 2.5 and is Struggling to get above it if it does Then the next price level to watch would Be around 3.5 dollars If render gets rejected as I expect it Will then we could see a correction back Down to around two dollars possibly Lower next up we have Casper Network Whose Casper coin appears to have pumped In response to the crypto Project's Appearance at coindesk's consensus Conference last week as impressive as Casper's recent price action has been It's banging its head against a key Resistance level around 6 cents if it Manages to break above it the next stop Could be as high as 10 cents don't get Too excited though because a rejection Would mean a trip back down to four Cents and and possibly lower lows as for Internet computer I couldn't find a Specific reason why its ICP coin pumped My best guess is that it has to do with The recent release of CK BTC a special Form of wrapped Bitcoin ICP appears to be painting a bull flag On the daily but consistently lower

Highs suggests that its price will Likely continue to decline if the patent Does play out though the next stop will Be eight dollars When it comes to conflux its cfx coin Appears to be pumping because of Liquidity incentives related to the Crypto Project's recent partnership with Uni Swap and curve finance cfx's recent Price action has been seriously Impressive so much so that I had to zoom Out to see the scale of the pump zooming Out also reveals that cfx is testing a Key zone of support around 30 cents If it breaks below it most of the recent Gains could be wiped out if it breaks Above next stop 88 cents and last but Not least we have Kronos formerly known As the crypto.com coin os's croin Appears to be pumping because of a Proposal to change cro's tokenomics Including burning cro and creating a Community treasury voting ends tomorrow So be sure to check it out if you hold Cro In terms of price action cro has been Getting pummeled like all the other Altcoins on this list cro is sitting at A key level of around 7.5 cents a break Below would send cro back to 7 cents Whereas a break above would send cro to Around 8 cents we'll see which way the Cro cookie crumbles and this week's NFA Live show will be hosted by Yours Truly

On coin Bureau Clips I'll be joined by Ben Cowan from into the cryptoverse and Rob wolf from digital asset news and We'll be chewing over what's been going On this week kickoff is 9 A.M Eastern Time 2 p.m GMT do drop by if you're in The neighborhood 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 help those gains grow Then the coin Bureau deals page is where You should go there are thousands of Dollars in 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 so much for watching and I'll See you all in next week's episode Foreign