Crypto News: ETH Merge, SOL, BTC, SEC Lawsuit, Macro & More!!

Foreign [Music] To the coin Bureau weekly crypto review Here are this week’s top headlines in The crypto news [Music] Crypto recovery rally bullish macro Factors cause coins and tokens to post Double-digit gains and the crypto market Cap to reclaim one trillion here’s why a Correction could be coming soon Ethereum upgrade imminent developers Reveal the date for ethereum’s final Test prior to its official transition From proof of work to proof of stake Everything you need to know Solana in the spotlight Unstoppable Finance argues that Solana is Decentralized while the crypto project Itself opens a physical store how will This affect Seoul going forward Crypto exchange crackdowns the SEC Targets coinbase over crypto listings And the U.S treasury Department targets Kraken over sanctions violations is this Truly why exchanges are being targeted Crypto regulation conundrum U.S Politicians postpone a pending Stablecoin bill as the European Union Struggles to find crypto Talent what Does this mean for crypto regulation Around the world 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 the crypto Market saw its Second green week since March this year This is because of a series of macro Factors that many crypto holders myself Included were expecting to be bearish For starters five of the largest tech Companies all issued their earnings Reports While Microsoft Google and meta started The week off with missed estimates Amazon and apple pulled through Exceeding earnings expectations As most of you know crypto is highly Correlated with tech stocks which is why The crypto Market rallied Apple also Happens to once again be the largest Company in the world by market cap and This certainly contributed to the Broader stock market rally At the same time the Federal Reserve Revealed it would be hiking rates by 0.75 which is exactly what investors Were expecting As I’ve said before there’s nothing that

Investors love more than certainty so Even though this news was technically Bad for risk-on assets it was Paradoxically good at the same time As far as I can tell this is exactly why Markets rallied when second quarter GDP Figures confirmed that the United States Has entered a technical recession Even though this is also objectively bad News it seems the market had already Priced it in so it resulted in a rally Rather than a crash The caveat is that a recession could Actually be bullish for risk-on assets That’s simply because a deep recession Could force the fed and other central Banks to drop interest rates something That could very well happen if this Recession manages to kill inflation Which is what the FED itself is trying To do weird world we live in isn’t it Now as amazing as all the green we’ve Seen has been many crypto coins and Tokens are starting to show signs of Overheating in the short term and this Is starting to be picked up by media Outlets as well If you watched our video about how to Spot the top you’ll know that a local Top can be spotted by using the Bollinger band indicator the RSI Indicator and the macd indicator Slapping on these three indicators Suggests that BTC is approaching the

Upper bound of its short-term price Action so the market might move a bit Higher but there appears to be bearish Divergence between btc’s price and the RSI This means a reversal could be coming Sooner rather than later It’s also important to remind everyone That we are still in a bear market and None of the macro factors that pulled The crypto Market down in the first Place have been resolved if anything They’ve just been getting worse That said the recovery rally could last For another few weeks and that is for One reason ethereum Last week ethereum developers posted What may be one of the most important Updates for the project to date In the blog post titled quote Gurley Prater merge announcement they explained That the final ethereum merge test net Which is of course go early will take Place between the 6th and 12th of August In case you haven’t noticed that means Ethereum’s final merge test net could be Complete as soon as this Saturday and Given how well ethereum’s shadowforks Have been going we could see the go Early test net happen sooner rather than Later in short it looks like ethereum is On track to transition from proof of Work to proof of stake on Friday the 19th of September and if that is not a

Date you’ve circled in your calendar I Strongly suggest you do so ASAP Naturally the news of all this progress Caused eth and blue chip defy tokens in Ethereum’s ecosystem such as uni swaps Uni to lead last week’s macro-driven Rally this is more significant than you Think because it’s been a while since Defy tokens have outperformed the rest Of the crypto Market not only that but The total value locked in ethereum’s D5 Protocols has increased significantly Over the last month according to defy Lama and by significantly I mean an Amount that’s more than the appreciation Of eth and other ethereum tokens Deposited in these D5 protocols While this could simply be a sign that Ethereum investors are taking on Leverage to maximize their gains ahead Of the merge it could also be a sign That institutional interest in ethereum Defy is on the rise this is more than Speculation as chain analysis’s recent State of web 3 report found that Institutions and especially large Institutions account for most of the Transaction volume on ethereum more About that report in the description Now as almost all of you will know the Main appeal of a proof-of-stake ethereum To institutions is that it will be more Environmentally friendly than its Current proof of work iteration

The main appeal of ethereum to Institutions in general is arguably its High level of security relative to other Smart contract cryptocurrencies So when you combine these two elements Together I reckon you get some serious Institutional adoption of defy on Ethereum and while it’s certainly too Soon to say this influx of liquidity Could eventually find its way into Ethereum’s nft Market since this is Basically what happened to defy last Year Moreover the only thing that’s been Holding ethereum’s nft Market back from Institutions is that constant claiming That minting one nft kills 1 000 Elephants or whatever ridiculous Statistic the mainstream media is Spouting on any given day This is again consistent with what chain Alice has found it’s mostly retail Trading nfts as such we could see Another round of nft mania occur in the Coming months be sure to brush up on Your nft research skills if you’re Interested in taking a ride on that Crazy train our nft research tutorial Will be in the description if you need It Now on the topic of nfts another popular Blockchain for nfts has been Solano this Is because of its fast transactions low Fees and excellent user experience

Thanks to browser extension wallets like Phantom What Solana lacks however is Decentralization although Solana has Over 1900 validators it processes Transactions using clusters of up to Just 150 validators This and other technical details are why Many have argued that Solana is Centralized which is why so many were Surprised when an upcoming defy protocol Called Unstoppable Finance posted a Medium article titled quote why Solana Is more decentralized than you think In the article the authors argue that Solana is fairly decentralized because It has almost 2 000 validators and that The soul these validators are staking is Evenly distributed compared to most Proof-of-stake cryptocurrencies notice How polkadot is crushing it more about Polkadot in the description I digress Unstoppable Finance also pointed out That Solana’s Reliance on centralized Node hosting services like AWS is Negligible compared to competitors like Avalanche and that the same goes for the Concentration of Solana nodes in the United States and Germany What Unstoppable Finance did not point Out however is something that was Pointed out to me in the comments Section of our previous Solana update And that’s that Solana no longer uses

Our weave to store its full transaction History it uses Google bigtable Something we admittedly missed now in Our defense this switch apparently Wasn’t announced anywhere and that might Have something to do with the fact that It makes Solana much less decentralized As we mentioned in our video about Cryptocurrency decentralization if a Crypto Project’s full transaction History is being stored in a centralized Manner then that makes it very easy to Corrupt said full transaction history in Other words it makes it very easy to Rearrange old transactions This presents a material risk to Solana But given how fast its blockchain is Growing there probably isn’t any Decentralized alternative that can Reliably store Solana’s full transaction History for the time being Now for what it’s worth I’m confident That Solana will go that route when it’s Made available in the interim it looks Like Solana super fans will get to Experience the crypto project in real Life with its recently opened store Called Solana spaces in New York City Just around the corner from the iconic Empire State Building Solana spaces explained on Twitter that It intends to be the physical Embassy For Solana and hopes to help customers Get started with crypto on Solano the

Shop itself contains all manner of Solana merch as well as nfts crypto Tutorials and more It’s likely that it will also carry Solana smartphones once they come out as Well and it’s safe to say it’s going to Be interesting to see whether Solana’s Physical push will translate to more Adoption especially as the world becomes More digital One thing’s for sure and that’s that all These crazy ideas are likely to attract Attention which may not be a good thing For Seoul given how Regulators are Starting to close in on crypto Especially in the United States If you watched yesterday’s video you’ll Know that the SEC is being encouraged by Anti-crypto politicians to go after Crypto projects crypto platforms and Especially crypto exchanges well it Looks like the SEC didn’t want to Disappoint its Masters because less than A week after the hearing discussed in That video Bloomberg reported that the Regulator is investigating coinbase over The cryptocurrencies it offers For reference the SEC is in charge of Regulating the issuance and trading of Securities like company stocks for Instance SEC chairman Gary Gensler Happens to think that almost every Cryptocurrency is a security including Stable coins that’s right Gary actually

Thinks that owning usdc is like owning a Share of circle the company that issues The stablecoin token the only thing more Ridiculous than this is the idea that The term stablecoin itself is a Marketing tactic employed by so-called Stablecoin promoters something that the Fat F unironically believes more about That in the description Now to be fair to the SEC there are in Fact many cryptocurrencies that are akin To being a stock in a company Specifically the software companies that Created those cryptocurrencies the Problem is that the SEC has yet to Define what a security is when it comes To cryptocurrency and this lack of Clarity has made it next to impossible For the crypto industry to abide by Crypto regulations such as they are This is why I and many others suspect That the SEC isn’t going after coinbase Because it’s trying to protect consumers Or uphold any kind of law if you ask me It’s more than likely that the SEC is Going after coinbase because of how much Money is Flowing out of big Banks into Crypto exchanges It’s a similar story with crypto Exchange Kraken which is now reportedly Under investigation by the U.S Department of the treasury for violating Sanctions by allegedly allowing people With residences in Iran Syria and Cuba

To open accounts if you’ve been keeping Up with the crypto headlines you might Recall that Kraken CEO Jesse Powell had Warned that Rogue employees within the Company were looking to exact Revenge After it published an anti-woke Manifesto and told woke employees to Leave Not surprisingly the mainstream media Didn’t bother to publish Jesse’s Response to the allegations on Twitter Where he explained that the term Verified account means that someone Confirmed the email address and that It’s possible if not likely that some of Kraken’s users relocated to sanctioned Countries More importantly Jesse stressed that When the exchange detects an account in A sanctioned country they freeze and Close the account but don’t delete it Because of U.S regulations that require Them to keep this information on file In Jesse’s words quote seems like the Whole article is based on a Misunderstanding that accounts in Iran Are able to trade when they’re not and This certainly seems to be the case Given that the author cites five former Employees as his source for the claim That Kraken is being investigated Speaking of crypto regulations it looks Like U.S politicians are having a hard Time passing crypto bills these days

Case in point the bill that would have Created stablecoin regulations in the United States was pushed back until After the August recess This might actually have contributed to The crypto Market rally because the Architects of this stablecoin bill Appear to be representative Maxine Waters and treasury secretary Janet Yellen both of whom are notoriously Anti-crypto luckily there are a couple Of pro crypto bills working their way Through the U.S political system but if You watch any of our videos about those You’ll know that they’re also unlikely To be voted on anytime soon Aside from the upcoming midterm Elections the sluggish progress of Crypto regulations of any kind in the United States boils down to a lack of Knowledge about the subject let’s face It both the anti-crypto and pro-crypto Politicians have next to no idea what They’re talking about and almost all of Them get their advice from the lobbyists Who donate the most to their political Campaigns The funny thing is that even most of the Lobbyists probably have no idea what They’re talking about and I suspect this Is a big part of why pro crypto Lobby Groups are making so much progress in Washington they actually know their Stuff

If you watched our video about crypto Lobbying you’ll know that these groups Exist thanks to all the crypto companies That foot the bill and therein lies the Problem for Regulators around the world Put simply the only people who really Know crypto work in the crypto industry And those who know crypto but don’t work In the crypto industry quickly find a Job in the crypto industry because they Can make way more than in the public Sector or even at other private sector Companies take chain analysis for Example earlier this year it was Offering British police with crypto Experience triple pay if they ditch the Uniform and came on board triple pay who Could say no to that This is why the European Union is Starting to get concerned about its own Upcoming crypto regulations an official From Europe’s Bank Authority recently Admitted that they’re having a hard time Finding and keeping the crypto Talent They need to write and enforce the eu’s Upcoming crypto regulations and guess What they’re going to continue having a Hard time because why would anyone work For the big Banks when they can work for The crypto Bros make way more money and Make lots of friends along the way it Just goes to show how powerful the Incentives of cryptocurrency can be Turning to the charts now we can see

That BTC continues to set higher lows And higher highs on both the daily and The weekly chart This is confirmation of that short-term Uptrend I was talking about earlier and Why many moon boys mistakenly believe That 17K was the bottom but hey who Really knows huh As I also mentioned earlier BTC looks Like it could be getting ready for Another correction and if that happens 22k is the price point to pay attention To lots of support lurking around there Recently and we should bounce up from Those levels if we fall to them at all Last week’s top performing cryptos were Optimism’s op token file coins fillcoin Yen finance’s Wi-Fi token Oasis Network’s Rose coin and ethereum Classics Etc coin one hell of a Combination Starting with optimism the op token Appears to be rallying because of the op Token incentives being offered by pool Together a popular D5 protocol where you Pool your cryptos with others in other D5 protocols to get a chance of winning A portion of the collective yield every Week pretty cool stuff Now it’s hard to say where op could go Next because it almost hit its previous All-time high at least on binance If that pattern we’re seeing on The Daily turned out to be a bull flag op

Could rally as high as 2.20 in the Coming weeks which would be its previous All-time high on binance As for filecoin I honestly couldn’t find Anything that would explain Phil’s Recent pump my best guess is demand for Filecoin’s decentralized storage from All the crypto projects that leverage it Crypto projects which have probably seen A boost in activity over the last week Thanks to the crypto Market rally I also Won’t deny that Phil’s price action Looks pretty sketchy this looks like a Very speculative pump that came out of Nowhere and it looks like Phil is Struggling to breach that 10 resistance Level Still can’t believe someone bought Phil For 430 on binance Ouch Then there’s yearn finance and Wi-Fi Appears to be rallying for two reasons The first is that it’s arguably a blue Chip D5 token and the second is the Awesome marketing campaign the project Recently launched which emphasizes the Decentralized ownership of assets Seriously check it out Like Phil Wi-Fi is seeing a seemingly Unsustainable pump and is having a hard Time breaking through that 12 to 14K Pocket by the way the only reason why WI-Fi is so expensive is because of its Incredibly small Supply Wi-Fi’s market

Cap actually isn’t that big stop paying Attention to the price tags folks Next up we have Oasis Network whose Rose Coin is rallying on the news that the Project has partnered with the one and Only meta to quote assess fairness for Its AI models while protecting people’s Privacy Let’s just say I’m cautiously bullish Here Rose is having a hard time getting above That 10 cent mark and it faces a lot of Resistance on the way up Can’t say I see a pattern so I can’t Speculate on what could come next if That meta partnership translates to Demand four rows Beyond speculation However that could be huge And finally we have ethereum classic Whose Etc coin has been a top performing Crypto for three weeks straight now and That’s simply because of the possibility That ethereum’s transition to proof of Stake could be bullish for ethereum Classic as ethereum miners migrate to it If you watch last week’s crypto review You’ll note that I predicted a 40 Etc and a 40 Etc is what we got That is all well and good but it looks Like Etc could be getting ready for a Correction back down to what it was last Week specifically around the low 30 Range be careful out there and keep

Practicing your technical analysis Tutorial 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 so much for watching and I’ll See you all in next week’s episode Foreign [Music]

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OUR TAKE

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