Crypto News: ETH Forks, SOL, FLOW, Hacks, Conflict & MORE!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Taiwan troubles china begins to cut ties With the united states and others Following the visit of a high-ranking U.s politician to taiwan why this could Be very bad for the crypto market Ethereum angst as ethereum’s transition To proof-of-stake approaches a prominent Miner is calling on fellow miners to Fork crypto’s largest smart contract Blockchain What could this mean for eth Stablecoin excitement usdt’s market cap Grows for the first time in months while Binance is ceo speculates that billions Of dollars are waiting to buy When could the buying begin All eyes on exchanges binance gets wonky With wazir x binance us d-lists amp Coinbase partners with blackrock and Astapha confirms u.s exchanges are under Scrutiny everything you need to know Hacks and attacks the nomad cross chain Bridge is hacked for nearly 200 million Dollars and 10 000 solana users lose Their funds in a wallet exploit how did This all happen Instagram nfts the flow token flies After instagram begins beta testing its Blockchain and expands its nft

Integration to 100 countries which other Cryptocurrencies is instagram leveraging For nfts 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 [Music] 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 house of representative Speaker nancy pelosi traveled to taiwan For those who don’t know nancy is the Third most powerful politician in the United states and she is the most Prominent u.s politician to travel to Taiwan since the mid 90s This is significant because since the Late 1970s the united states has adhered To a one china policy which essentially Involves not officially recognizing Taiwan as a country in order to stay on Friendly terms with china which sees Taiwan as being part of the mainland It should come as no surprise then that The chinese government was not too happy When it heard that one of the most Powerful politicians in the united States was planning on visiting taiwan a

Move which is interpreted by the ccp as Explicit support for taiwan’s Independence News of nancy arriving in the island Country caused markets to crash due to The uncertainty around how china would React Luckily nothing much besides some Saber-rattling really happened and the Markets promptly recovered on the news That nancy had left just a couple of Days later Unfortunately the effects of nancy’s Visit are still being felt in other ways As china is now reportedly engaged in Drills which could escalate into a de Facto blockade meaning it’s becoming More difficult and could soon become Impossible to move goods in and out of Taiwan This is concerning because taiwan makes 92 percent of the world semiconductors Which includes microchips In case you haven’t noticed microchips Are in literally everything from your Fridge to your phone If taiwan’s trade with the world is Reduced or even cut off it could disrupt Just about everything which is why i’ll Be doing a deep dive into the exact Implications these and other scenarios Could have for crypto and the economy as A whole later this week i can tell you Right now that this could cause

Inflation to go through the roof which Would force central banks to continue Raising interest rates to fight this Inflation from the demand side This would do even more damage to the Economy since most of the inflation Would be coming from the supply side Some would say this is already the case Today with inflation continuing to hit Record highs in many countries This has resulted in record levels of Consumer debt as people try to keep up With the cost of living and in the United states household debt just hit a Record high of 16 trillion dollars When you add rising interest rates into The mix it’s unlikely that everyone will Be able to meet their debt obligations Even after they’re done selling off all The assets they own including their Crypto This could potentially lead to a deep Recession that rivals the great Depression of almost 100 years ago if Inflation is already hitting you hard i Strongly suggest watching our recent Video about how to beat inflation Because at this rate it looks like it Could stick around for quite some time And might get worse as winter approaches Link to that video will be in the Description Now in crypto related news a prominent Ethereum miner is looking to fork the

Ethereum blockchain when it transitions From proof of work to proof of stake Obviously this transition will put Ethereum miners out of business hence Why some of them have been critical of The merge in recent months In the case of this ethereum miner However the threat of an ethereum fork Seems to hold some water That’s because chandler guo was involved In forking ethereum back in 2016 to Create ethereum classic whose etc coin Has recently been rallying on the Assumption that the ethereum classic Chain will receive ethereum’s miners Well it looks like this is becoming less And less likely as chandler has been Explicit in his intentions to create a New fork of ethereum and boldly Proclaimed on twitter that quote i Forked ethereum once i will fork it Again If you need more evidence that this is No joke consider that three Cryptocurrency exchanges have directly Or indirectly signaled their support for Ethereum’s proof-of-work fork so far Including huobi global which is one of The largest exchanges out there Now it’s not entirely clear why chandler Wants to fork ethereum although he Claims it’s because proof of work is Better ethereum already has a Proof-of-work-based version which is of

Course ethereum classic and ethereum Creator vitalik buterin has even Encouraged disgruntled miners to move There This suggests that the real reason why Chandler wants to fork ethereum is for Quick cash something which vitalik Believes and something which chandler’s Own tweets seem to support Now to clarify if ethereum forks and you Hold eth in your wallet you will get a Copy of that eth on the new chain This prospect of easy profit combined With the apparent support of some grade A exchanges might have actually Contributed to eth’s impressive rally Last week though i suspect this has more To do with the last ethereum merge test Net which should be happening at any Moment now This begs the question of what an Ethereum fork could mean for actual eath And i suppose i just answered that Question it will increase the volatility Of eth’s price as the merge approaches Presumably to the upside as people Accumulate eth to get free eth on the New blockchain Beyond that it’s anyone’s guess and Vitalik’s guess is that the fork which Receives the support of centralized Stablecoin issuers will be the most Successful because stablecoins are how Most of the money comes in and out of

Crypto There are also strong demand drivers for Smart contract cryptos like ethereum Now as far as i know none of the Stablecoin issuers have announced Support for any upcoming ethereum forks Though chandler implied in a recent Retweet that tether might be the first Even so tether will likely keep most of Its liquidity on more secure smart Contract cryptocurrencies like ethereum Now you can learn more about what Ethereum has been up to and what the Merge could mean for eth using the link In the description And speaking of stable coins it looks Like the market cap of tethers usdt has Finally started to grow after being Gutted by the uncertainty around Stablecoins following the collapse of Terror’s ust in early may It looks like most of this usdt was Minted in a single swoop as per whale Alerts on chain analysis which detected A 1 billion usdt print Tether cto paulo arduino replied to the Tweet saying the company was just quote Replenishing inventory on tron which Seems to be what he says every time this Happens to be fair the fact of the Matter is that the demand for stable Coins rises significantly when the Crypto market is volatile This is for reasons related to futures

Trading that i won’t get into here but The main takeaway is that no stable coin Prints do not result in crypto market Pumps as many seem to believe Instead an increase in stable coin Supply is a signal that the interest in Cryptocurrency is increasing either Because the market is pumping or dumping In this case it’s because the crypto Market is pumping As to why so much usdt was minted to Tron it might have something to do with The fact that tron is a popular network For transferring usdt due to its near Zero fees so much so that the recent 1 Billion mint makes tron the most popular Blockchain for usdt Interesting to say the least Now you should know that it’s not only Usdt’s market cap that’s been increasing Lately the supply of binance’s busd Stablecoin has also been steadily Increasing since the crypto market Started its recovery rally last month This increase in stable coin supply Seems to have caught the attention of Binance ceo chiang ping zhao because he Recently pointed out that the total Stable coin market cap is around 140 Billion and that this represents how Much money is waiting to buy coins and Tokens at the right time While it’s unlikely that all this money Is in fact waiting to buy the dip given

The crypto bear market even a few Billion dollars of deployment is enough To cause a pump This pump causes speculation which in Turn causes more cash to flood into Crypto via stable coins leading to Massive stable coin prints This is the dynamic we seem to be seeing Now and though there has been some dip Buying i have a feeling that the real Buying pressure is still building up and Could be released later this week Assuming ethereum’s final merge test net Goes smoothly and the inflation figures For july come in cold Now if you’re wondering why the next cpi Print is so important for crypto’s price Action check out our recent video about The federal reserve’s interest rate Plans that will be in the description Anyways cz’s stablecoin comments aren’t The only reasons why binance has been Making the headlines lately After indian authorities froze eight Million dollars belonging to wazir x as Part of a money laundering investigation Cz tweeted that binance’s 2019 Acquisition of the indian crypto Exchange fell through and that binance Only provides tech solutions for Wazirex’s core operations All the while wazirex founder nishal Shetty has been arguing that binance Does own wazir x and pointed to cz’s

Comments that binance has the power to Shut down wazirex if it wants Cz fired back by saying nishal is Playing word games and that they don’t Have access to the trading systems now The dispute comes at a time when indian Officials are calling for the immediate Ban of cryptocurrency in the country to Prepare for the rollout of its digital Rupee which is set to occur later this Year or early next year a playbook we’ve Seen before and one we’re likely to see Again as cbdc’s pop up elsewhere In what is likely to be a bid to avoid Regulatory scrutiny in the united states Binance u.s became the first u.s Exchange to de-list the amp token which You’ll know is one of the nine Cryptocurrencies the sec labelled as Security in its recent complaint against A coinbase employee who allegedly Engaged in insider trading if you Watched our recent video about the sec’s Enforcement hearing you’ll know that Anti-crypto politicians are pushing the Regulator to crack down on crypto Exchanges that listed xrp in the past a Cryptocurrency that the sec also Considers to be a security As such the delisting of amp by binance Us is a protective measure against such Scrutiny from the sec and it’s possible That we will see it and other exchanges De-list all the cryptocurrencies that

The sec recently labeled as securities That said it’s more likely that the sec Will opt to go after the crypto Exchanges themselves rather than Individual crypto projects and it looks Like this is exactly what’s happening According to a staffer aka assistant to Pro crypto politician cynthia lummus Every u.s crypto exchange is now under Investigation for what it’s worth it Looks like coinbase might be safe from The sec scrutiny or at least be dealt a Lesser punishment now that it has signed A deal with the devil aka blackrock Which will make it possible for Blackrock’s clients to invest in Cryptocurrency starting with btc If you watched our video about blackrock You’ll know it’s the largest asset Manager in the world with around 10 Trillion dollars in assets under Management and that most of wall street Uses blackrock’s market analysis Platform aladdin as part of their Operations This is why the news has been met with Mixed reviews On the one hand blackrock’s involvement Means trillions of dollars could Eventually flow into crypto On the other hand blackrock’s platform Could acquire enough coins and tokens to Take control of certain proof-of-stake Cryptocurrencies and defy protocols then

Again blackrock’s clientele might not be Too keen on investing in crypto projects And protocols that keep getting hacked And the latest to fall prey was a Cross-chain bridge called nomad which Saw 190 million dollars of crypto Drained in what some are calling the First decentralized bank robbery This is because after the exploiter Stole some crypto hundreds of onlookers Started copying and pasting the code to Join in on the exploit some of whom were Apparently white hat hackers trying to Cop the crypto before the copycats so it Could be returned to its rightful owners When the attack was over Nomad has since offered a 20 million Dollar bounty to anyone who returns the Exploited crypto and it looks like some Onlookers and white hats have taken the Nomad team up on their offer Blockchain analytics firm chainalysis Seems to have taken the chaos as an Opportunity to push a blog post Detailing the more than two billion Dollars of crypto that’s been lost in Cross chain hacks this year that’s right In the first eight months of 2022 2 Billion in crypto has been lost because Of cross chain hacks Note that this figure doesn’t include All the other crypto exploits we’ve seen And last week the solana ecosystem Experienced one such exploit when the

Seed phrases used to create solana Wallets via the slope wallet managed to Leak because said seed phrases were Being kept in a centralized manner This exploit is estimated to have Affected around 10 000 solana wallets Which included any solana wallet that Was created using a seed phrase that had Been generated by the slope wallet This is why many phantom wallets were Affected as well the affected wallets Had been originally created using slope In total around five million dollars of Sole and spl tokens were lost and the Slip up has since prompted the slope Wallet to offer a five hundred thousand 000 bounty if the crypto is returned and Even offered not to press criminal Charges if the crypto is returned within 24 hours To my knowledge there was no response Now what makes the slope wallet exploit So significant is that nobody really Knew what was going on for the first day Or two there was lots of speculation That the solana blockchain itself was to Blame which was understandable given how Many outages it has faced over the last Year or so Despite this barrage of bad press However ftx founder sam bankman freed is Still bullish on seoul and recently Argued that it’s underrated i.e Undervalued relative to other smart

Contract cryptocurrencies due to said Bad press which sam says is deserved but Understandable given solana’s pace of Innovation As crazy as this sounds the chart Suggests that sam is onto something soul Looks like it could rally in the coming Weeks assuming the rest of the crypto Market moves I’ll be doing another solana update soon Enough and while you wait you can check Out my most recent update about the Project using the link in the Description anyhow another Cryptocurrency that’s been making the Headlines lately is the flow blockchain Built by cryptokitty’s creator dapper Labs This is because instagram began rolling Out its nft functionality on flow which Caused the flow coin to explode Note that this explosion is speculation At least for now In the long term flow’s instagram Integration could have profound effects On its crypto coin especially since the Flow blockchain was built from the Ground up for nfts Flow has also been focused on mainstream Rather than crypto adoption which is why The project has flown a little under the Radar the only caveat is that flow isn’t The only cryptocurrency that instagram Is leveraging for its nft functionality

Instagram is also exploring nfts on Solana ethereum and polygon one of Ethereum’s most popular scaling Solutions Now if you watched our recent video About polygon you’ll know that Instagram’s nft integration is just the Tip of the iceberg over at meta as the Company is planning on rolling out nfts For facebook too If you ask me it’s unlikely that any Single crypto blockchain will be able to Support facebook and instagram’s Combined 4.5 billion users there’s Simply no cryptocurrency that’s scalable Enough for this and that means that Solana ethereum polygon and flow will Probably share the load Logically this means that soul ethmatic And flow could all see astronomical Price action in the coming months and Years and it’s possible if not likely That other smart contract Cryptocurrencies will be brought on Board especially if these four can’t Collectively handle the user load Just bear in mind that the sec is in the Process of clamping down on crypto Projects and the only one that seems to Be safe is bitcoin which of course Doesn’t support nfts Tech giants like meta have also been Seeing their fair share of regulatory Scrutiny and have been targeted over

Their crypto aspirations in the past Regardless the continued progress of Instagram’s nft integration is a Significant milestone for the crypto Industry and i’m sure it’s just one of Many bullish announcements we’re going To see between now and the next crypto Bull market If you’re wondering when the current Crypto bear market will end you can find Out using the link in the description Turning to the charts btc has continued To trade sideways on the daily which is Expected given the aforementioned Upcoming cpi print which will ultimately Determine whether crypto continues to Pump or if it sees a big old dump If you pulled up btc’s weekly chart However you can see that it’s still Fairly oversold and btc’s fair value is Somewhere around 30k according to the Bollinger band and rsi indicators In other words there’s still lots of Room for more upside in the coming weeks And this is the case for most Cryptocurrencies And with that i bring you last week’s Top performing cryptocurrencies which Were decred flow the trust wallet token Quant network and chili’s Spicy combination So starting with d-cred its dcr coin Appears to be rallying on the news of an Upcoming upgrade though i must admit

That dcr’s price action looks incredibly Suspicious so much so that i can’t Really speculate on where it’ll go next Next up we have flow which i just Covered and you’ll hopefully recall that The flowcoin is rallying on the news of That nft integration for instagram Flow seems to be a bit overbought on the Daily and is approaching these levels on The weekly this suggests we could see a Continued pullback in the coming days Before moving higher at which point flow Could rally up to test the four dollar Level Then there’s the trust wallet token Which appears to be rallying because of A social media competition for 10 Titanium seed freight storage tags Hosted by the crypto wallet did i Mention that we sell these at the coin Bureau merch store 2 link in the Description Now what’s odd is the twt token seems to Have defied the recent crypto market Crash and continues to be in a long term Uptrend I’m honestly not that familiar with Twt’s tokenomics but i suspect there’s a Burn mechanism involved if you know let Me know in the comments below As for quant network i couldn’t pin down What was causing the qnt token to pump i Also couldn’t help but notice that quant Network has had comments off on its

Tweets for a while now and i can’t say i Know why so if you know also let me know In the comments below Like flow qnt is looking overbought on The daily but it tells a different story On the weekly what you see here is more Or less what i expect most Cryptocurrencies to do in the coming Weeks re-test and exceed that fair value Level based on bollinger bands and the Rsi qnt could be the first mover And last but not least we have chili’s Whose chc token is rallying on the news That a south african rugby team has Partnered with socios the sports token Platform that’s powered by chili’s like Flow and qnt chc is in overbought Territory and should see a slight Correction in the coming days If crypto’s recovery rally continues However chd could pull close to a 2x From its current price point you can Learn more about chili’s using the link In the description if you’re interested And that is all for today’s coin bureau Weekly crypto review if you enjoyed it You know what to do 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’ll

See you all in next week’s episode [Music]

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