Crypto News: ETH, ADA, Twitter, Jackson Hole, BlackRock & More!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] The fed effect markets crash after Federal reserve chairman jerome powell’s Short speech at the jackson hole Symposium Why were jerome’s comments so Catastrophic It’s official developers finalize the Dates for ethereum’s transition from Proof of work to proof of stake despite Censorship concerns and the discovery of Hidden bugs Everything you need to know Cardano updates After months of extensive testing the Vassal hard fork appears to be on the Horizon Here’s when it could happen according to Founder charles hoskinson Twitter continued Tesla ceo elon musk is finally given Access to some of the social media Company’s data after a whistleblower Confirms elon’s suspicions How could this affect the acquisition Deal Get out of my swamp Texas bans blackrock and other esg firms From the state and florida bans its State pension from ideological investing

Is this the beginning of a bigger trend Cracks in the economy more and more People start to fall behind on their Bills as the housing market starts to Slide What could this mean for the crypto Market going forward 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 if you’re wondering where the rest Of my usual outfit is well i’ve been Traveling a bit over the last few days And i’d rather like to know the answer To that one myself And now for today’s top stories Last week the stock market shed over 1.2 Trillion dollars after fed chairman Jerome powell made it clear that the Central bank would continue aggressively Raising interest rates to fight Inflation during his speech at the Annual jackson hole symposium Those of you who watched jerome’s speech Will know that it was abnormally short With jerome getting straight to the Point and specifying that the fed is

Prepared to cause a quote prolonged Period of below trend growth to fight Inflation What’s even more terrifying is that Jerome admitted that the fed has no Control over the supply side factors That are causing inflation and will Therefore have to do excessive damage to The demand side of the equation to bring It down By raising interest rates Those of you who watched our video about The fed’s recent press conference might Recall that bringing demand down to Bring it in line with supply as jerome Repeatedly stated on friday would Basically require another 2008 style Financial crisis hence why the admission Is so disturbing To make things worse there are fears That the fed’s monetary policy won’t be Enough to stop the inflationary forces Of the fiscal policies that continue to Be passed in the united states such as The recent student loan forgiveness Program which arguably announced to Another round of stimulus If that wasn’t bad enough the fed is Scheduled to accelerate its quantitative Tightening come september which is Literally later this week For context the last time the fed Started reducing its balance sheet the Stock market crashed by 20 percent in

The months that followed It’s not unreasonable to expect a Similar situation this time around Especially since a 20 decline would be Consistent with the roughly 40 drop the Crypto market needs to see to reach its Bear market lows at least according to Our calculations Now i’ll be doing an in-depth video About what happened at jackson hole and What the fed could do going forward Later this week so stay tuned for that Now even though the crypto market is Likely headed lower in the medium term It’s quite possible that it will still See another recovery in the short term i Say this because the scary shakeout we Saw over the weekend was mostly due to Leveraged traders getting liquidated Now as painful as this was it wiped the Crypto market clean of most of the Speculation that’s been accumulating Over the last couple of weeks and Provided a more stable base from which The crypto market could move higher in The short term If you’re wondering where all the Speculation has been coming from the Answer is of course ethereum’s Transition from proof of work to Proof-of-stake which is officially Expected to occur between the 10th and 26th of september as per a blog post by The ethereum foundation

The merge itself will be preceded by the Bellatrix upgrade on the 6th of September which will activate ethereum’s Consensus layer on the proof-of-stake Beacon chain The magic that happens between the 10th And 20th of september will be the actual Transition of the execution layer from Proof of work to proof of stake as Amazing as it is to finally get Confirmation of one of the most highly Anticipated milestones in the history of Cryptocurrency the fact of the matter is There could still be some unforeseen Issues as was the case with the Discovery of a small bug on the very day That the final dates were announced Don’t get me wrong ethereum’s core Developers are definitely prepared for The upgrade and have likely found all The bugs that any human being could hope To find From what i’ve heard and seen most of The concerns are about damaging bugs in Other places such as ethereum’s Decentralized applications As we’ve seen over the last few days There’s no shortage of leverage related To the merge and lots of this leverage Is actually within ethereum’s own defy Ecosystem It’s possible if not likely that there Could be pricing issues during the merge That lead to unwanted liquidations in

Some d5 protocols not only that but it’s Easy to forget that centralized Exchanges are effectively part of the Ethereum stack as well i’m sure many of You have seen the announcements from Coinbase and binance that they will be Pausing deposits and withdrawals for eth And erc20 tokens around the time of the Merge Although binance provided an exact date For its deposit and withdrawal pause it Appears that coinbase didn’t and i Suspect that not all exchanges will Provide exact dates for whatever reason Never mind the possibility that the Exchanges which did provide dates could Be forced to change them last minute As such you should consider moving any Eth or erc20 tokens you plan on selling On or around the merge to a centralized Exchange in the next week or so Just make sure you’re using a regulated Exchange and bear in mind that many Exchanges could see outages due to all The trading activity I’ll leave a link to our video about the Top five regulated cryptocurrency Exchanges in the description if you need It and i’ll quickly add that moving some Of your eth and erc20 tokens to another Secure smart contract cryptocurrency Could be a good way of hedging yourself Against any exchange outages Now another thing that has crypto

Holders concerned is the risk of On-chain censorship after ethereum Transitions from proof-of-work to Proof-of-stake This is because ethereum’s largest Validators are regulated entities which Could potentially be coerced by Regulators to enforce rules at the Protocol level While this risk appears to be extremely Low it’s large enough that large crypto Mining company ant pool recently Announced it will be pulling its clients Funds from ethereum post merch citing on Chain censorship fears Note that this could have something to Do with antpool being a chinese company I’ll be doing an in-depth video about All the concerns around the merge later This week so keep your eyes peeled for That one as well Now as some of you will know one of the Ways i’ve personally been hedging myself Against something going wrong with Ethereum’s merge is to hold competing Smart contract cryptocurrencies as part Of my portfolio and this includes Cardano’s ada As many of you will also know cardano is Overdue for a hard fork called vasil Which was initially supposed to happen In june but was delayed by a month after Minor bugs were discovered and then Indefinitely delayed again in july to

Ensure quote a smooth process More recently a cardano developer Claimed in a twitter thread that Cardano’s vassal testnet was quote Catastrophically broken due to a series Of bugs and cautioned that the vassal Hard fork should not be rushed In an ama shortly afterwards cardano Founder charles hoskinson came out to Call the quote unfair narrative about Cardano’s test net quote incredibly Corrosive and damaging adding that the Issue the cardano developer identified Was addressed in the latest release of The cardano test net Charles also stated that the vessel hard Fork will likely take place quote Sometime in september and that a Concrete date will be set the moment the Five largest cryptocurrency exchanges Are prepared for the upcoming upgrade For those unfamiliar the vassal hard Fork is expected to drastically improve Cardano’s scalability i.e speed Something that’s been challenging Cardano’s growing ecosystem of Decentralized applications and its novel Transaction mechanism which we covered In another video Not surprisingly the soft september Schedule for the vassal hard fork has Led to speculation that cardano is Planning on the hard fork occurring Around the time of ethereum’s merge with

Crypto media outlet decrypt noting that This is quote perhaps not coincidental Indeed it would be an admittedly Strategic move if cardano improved its Scalability around the time ethereum Transitions to proof of stake this is Because it would put cardano in a Perfect position to acquire users and Investors if the merge fails or simply Fails to meet the expectations of eth Holders As it so happens ada seems to be overdue For an appreciation against btc on the Weekly chart This is because ada has historically Fallen against eth for around eight Weeks before seeing a multi-week rally As you can see ada has been falling Against eth for about eight weeks and is Showing signs of a reversal Note that this does not necessarily Translate to a higher price for ada in Fiat terms but ada’s daily and weekly Price action in fiat terms suggests it Could see a 50 gain in the coming weeks But i must stress that this ultimately Depends on whether the crypto market Sees a short-term recovery i should also Note that cardano’s vassal hard fork Will expose the project to the same Sorts of issues ethereum could Experience during its upgrade This is probably why other ethereum Competitors such as solana appear to be

On the brink of a bigger breakout Against both eth and the usd Another asset that could see some nice Price appreciation in the coming months Is twitter stock which has been in an Uptrend ever since tesla ceo elon musk Started hinting that he was interested In buying the social media platform If you watched our video about elon’s Twitter acquisition you’ll know he’s Planning on turning it into a free Speech-focused platform with lots of Crypto integrations and even intends on Making its code open source and its Infamous algorithms transparent You’ll also know that elon’s twitter Acquisition was put on hold indefinitely In may when he began to suspect that Twitter had many more fake accounts than The company was letting on and allegedly Refused to disclose data about said fake Accounts In july elon announced that he wanted to Back out of the twitter deal citing Quote misleading representations about Twitter’s user count which likely made The social media platform worth a lot Less than the 44 billion dollars that Elon had offered Just a few days later twitter sued elon For backing out of the deal citing Elon’s own quote long lists of Violations which have done damage to the Company’s image reputation business

Practices etc Elon subsequently countersued twitter Citing all the same stuff as before that The company had lied about its use Account and that any damage done to its Image reputation and business practices Were self-inflicted and let’s just say There is a case to be made there Elon also accused twitter of taking as Much time as possible to disclose Information presumably because the People in power don’t want too much free Speech on social media prior to the Midterm elections Case in point many of them have already Announced measures for misinformation As far as i understand the first court Date for the ongoing legal battle was Expected to occur on the 17th of october But this timeline has likely changed After twitter’s former head of security Peter zacco blew the whistle on the Social media company and confirmed many Of elon’s suspicions In sum peta alleges that twitter’s Security practices are trash that it Lied to u.s regulators about its privacy Practices in 2010 that the company isn’t Even counting the number of bots on its Platform And that government agents are actively Using the platform to push political Propaganda naturally elon’s legal team Brought up peter’s allegations in court

The same day they were made and the Judge gave them limited access to Twitter’s data just hours later Peter is now expected to testify in Front of u.s politicians and might get An audience with politicians and Regulators in the european union who are Reportedly shocked by these revelations If you’re skeptical about whether these Allegations are going to change anything Take a second to consider that peter’s Allegations are backed by 200 pages of Evidence which he sent to just about Every single regulator and political Committee in the united states Interestingly many of these entities Have reportedly declined to comment Possibly because they are directly or Indirectly implicated and could find Themselves in the court of public Opinion assuming the social media Platforms don’t crack down on the jury Now if you want more good news i’ve got Two stories to give you The first is that texas has effectively Banned blackrock and other esg driven Institutional investors from doing Business in the state correctly pointing Out that they’ve been quote hostile to The energy industry if you watched our Video about esg you’ll know that Blackrock and other esg investors are Partially if not mostly to blame for the Current energy crisis as they were

Actively coercing companies and other Investors to move away from oil and gas Long before russia turned off the taps In the words of texas comptroller glenn Hagar quote the environmental social and Corporate governance esg movement has Produced an opaque and perverse system In which some financial companies no Longer make decisions in the best Interest of their shareholders or their Clients but instead use their financial Clout to push a social and political Agenda shrouded in secrecy Blackrock responded by labeling texas as Quote anti-competitive which is Incredibly ironic given that asset Managers like blackrock own significant Stakes in most publicly traded companies Giving the illusion of competition in Many circumstances Never mind that everyone seems to be Flocking to texas these days And another place that individuals and Institutions are flocking to is florida Where state pension funds are no longer Allowed to invest in accordance with the Esg ideology This is mainly because blackrock and Other asset managers get a significant Amount of their political and market Power from pension money In the words of governor ron desantis Quote the tax dollars and proxy votes of The people of florida will no longer be

Commandeered by wall street financial Firms and used to implement policies Through the boardroom that floridians Reject at the ballot box According to bloomberg a total of 19 States are starting to push back against Esg This not only means that black rock and Co will see their unprecedented power Plummet but it also means that Participating states could soon be much Better off than those which complied With wall street’s esg criteria Unfortunately for those states and Countries that have complied with esg The energy strains and shortages Resulting from the lack of investment in Oil and gas are starting to crush their Populations to the point that many of Them are starting to fall seriously Behind on their energy bills In britain there’s a movement called Don’t pay uk that’s calling on fellow Citizens to collectively stop paying Their energy bills to protest against The government which continues to raise The cap on energy costs to be completely Honest i think this will only do more Harm than good but the sad reality is That most people don’t really have any Other way of pushing back against the People in power be it in the uk or Elsewhere This sort of collective investment or

Lack thereof is an extremely powerful Tool that we’ve seen exercised many Times before notably during the gamestop Saga when retail apes forced Institutional investors into a short Squeeze The people in power are aware of this Which is why there have been concerted Efforts to control the flow of money as Was the case in canada during the Protests against pandemic restrictions Earlier this year it’s also why i’ll be Doing a video about the upcoming retail Crypto trading ban that we could see Rolled out in many countries in the next Week or so it’s safe to say that is a Video you won’t want to miss apologies For the tangent now besides energy it’s Housing that’s been squeezing the Average person both in the form of rents Which continue to rise and actual Housing prices which appear to be on the Decline Now you’d think this was good news but It’s really not that’s because the Housing market is considered to be a Leading indicator for the rest of the Economy This is why many economists say the Housing market is synonymous with the Economic cycle In a recent block works macro episode Former portfolio manager alfonso Pecatiello pointed out that a key

Housing index called the nahb leads Unemployment by about 12 months The most recent reading of the nahb Suggests that unemployment in the united States could double early next year Put simply it looks like there is a lot Of pain ahead for both people and Portfolios the silver lining is that the Next 6 to 12 months will likely be the Ideal buying opportunity for most assets Including cryptocurrencies just make Sure you have your bottom line covered Before you buy any dips Turning to the charts we can see that Btc is struggling to hold that 20k level And indeed slipped below it yesterday The good news is that btc is approaching By the dip territory on the daily but The bad news is that the lower bound on The weekly chart is between 10 and 12 k Which is roughly where the btc bottom Will be in our opinion It’s anyone’s guess as to where we’ll go From here and if you’re subscribed to Our weekly newsletter you’ll already Know what forward guidance we have in Store on that front be sure to subscribe So you don’t miss the next one coming Out this sunday Now last week’s top performing cryptos Were ecash chiles the huobi token Synthetics and Cosmos starting with ecash its xec coin Appears to be pumping because of an

Upcoming upgrade called avalanche which Is scheduled for the 14th of september Funny how every crypto project is Pushing updates in mid-september hmm now If xcc’s long-term price action didn’t Give it away it’s unlikely to pump too Much higher from these levels even in Percentage terms I suspect there’s lots of retail Investors who bought atoll near the top Thinking xcc was going to moon due to Its low price tag even though market cap Is what matters Next up there’s chiles whose chz token Appears to be pumping on the news that The crypto project will be creating its Own token standard as part of the Chile’s 2.0 upgrade something that’s Probably a good idea given all the Uncertainty around the merge Chc has repeatedly been a top performing Crypto in recent weeks and it looks like It’s close to maxing out its short-term Price pump Chc could possibly see another 50 pump From here but the long wick on the Weekly and the strong zone of resistance Around 25 cents suggests otherwise As for the hobie token there’s not much To say as ht is an exchange token whose Price action is dependent on the trading Volume happening at the hobie exchange I’m actually quite surprised that ht Pumped at all given that malaysian

Regulators issued a warning about the Exchange last week typical crypto market Am i right Then there’s synthetics whose snx token Is pumping for a more apparent reason And that’s the proposed overhaul of Snx’s tokenomics which would Significantly reduce its annual Inflation and cap its supply at 300 Million even so snx isn’t looking too Hot on the charts and that’s probably Because synthetics is part of ethereum’s Ecosystem which was shaken especially Hard over the weekend due to all the Speculations expectations and Uncertainties around the merge with some Luck snx will find four dollars again And last but certainly not least we have Cosmos whose atom coin appears to be Pumping because of a recent blog post by Vanek which projects the coin will grow By 160x by 2030 And the news that cosmos’s interchange Security is closer than ever with the Recent passing of proposal Atom has held up much better than other Cryptos during the recent dip and this Is actually something that it has done Before Many traders are expecting atom to hit 14 in the short term and i find it hard To see how it could go any higher given All the resistance it faces above those Levels

And yes i’ll be doing a cosmos update Later this week too so i suggest you Watch our last cosmos update to make Sure that you are up to date That will be down in the description And that is all for today’s slightly Belated 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 so much For watching and i will see you all in Next week’s episode [Music]

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