Crypto News: ETH Rally, Twitter Takeover, Meta Meltdown & More!

Foreign [Music] Bureau weekly crypto review here are This week’s top headlines in the crypto News [Music] U.S dollar decline assets and foreign Fiat currencies rally as the Greenback Pulls back for the first time in weeks Everything you need to know BTC Blues Bitcoin struggles to hold its Ground as miners start to go bankrupt And Regulators raise concerns about Energy use why the worst is yet to come Ethereum Evolution the chair of the cftc Says eth is a commodity while Fidelity Opens its doors to institutional eth Investing will the current recovery Rally continue Is the metaverse a meme meta loses Nearly 10 billion dollars pursuing its Virtual world causing its stock to Collapse how this could be bullish for Decentralized metaverse projects Elon acquires Twitter after months of Drama the Doge father finally takes the Helm at one of the most influential Social media platforms what does it mean For Dogecoin and cryptocurrency 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 saw a sudden Recovery rally the fact that the stock Market rallied too means that the cause Was a macro Factor that’s not specific To crypto The macro factor in question appears to Be the US dollar which has recently Declined against other major currencies You can think of the US Dollar’s decline As being a sign that money is moving out Of bucks and into other assets these Include stocks bonds cryptocurrencies And other Fiat currencies In this sense the US dollar isn’t all That different from any other asset Aside from the way that its overall Price is calculated now for those Unfamiliar the US dollar Index or dxy Compares the US dollar to a trade Weighted basket of other major Currencies namely the Euro the Japanese Yen and the British pound as it so Happens all three of these National Currencies have been recovering over the Last couple of weeks for the Euro it’s Because Europe’s sky-high gas prices Suddenly dropped now if you’re Subscribed to My Weekly Newsletter

You’ll know that this drop in gas prices Is due to a suddenly High Supply Relative to demand which is lower than Expected due to mild weather this has Eased pressure on the euro for the Japanese Yen meanwhile it’s because the Bank of Japan has been stepping in to Support the JPY likely by selling large Amounts of U.S government debt Japan is Actually the largest holder of U.S Government debt outside the United States and its selling could be driving Long-term interest rates higher in the U.S Then for the good old British pound it’s The recent removal of Liz truss as prime Minister and the introduction of her Replacement Rishi sunak That said both are apparently a part of The world economic Forum so we may just Be seeing an illusion of Alternatives Here more about Rishi in the description Now the last reason why the US dollar Has been on the decline is speculation That the Federal Reserve may not raise Interest rates by as much as expected This Wednesday this is because of all The stuff in the Global Financial system That is slowly breaking and the rapid Decline in asset prices including houses The thing is that inflation is still Stubbornly high across most of the world And this means the fed and other central Banks are unlikely to Blink anytime soon

Part two of the energy crisis is also Coming up and you’ll know all about that If you’re subscribed to My Weekly Newsletter Link in the description Now speaking of energy costs Bitcoin Miners are getting squeezed by a Combination of a rising hash rate and Rising Energy prices now to quickly Recap hash rate is a measure of how much Computing power is connected to the Bitcoin blockchain historically Bitcoin’s hash rate and the price of BTC Have been positively correlated meaning That when btc’s price is going up Chances are bitcoin’s hash rate is going Up too This is because btc’s price going up Means it’s more profitable to mine which Causes more Bitcoin miners to secure the Network however these days bitcoin’s Hash rate has continued to climb to Record highs even while btc’s price has Remained mostly flat A significant increase in hash rate Makes it more difficult and therefore More expensive to mine BTC and this is Starting to seriously squeeze some Bitcoin miners for example core Scientific recently announced that it Will likely run out of capital by the End of the year the headlines about this Aren’t clickbait either at the start of September the company had over 1 000 BTC And 30 million dollars in cash today it

Only has 24 BTC and 26 million dollars In cash yikes logically this means that Core scientific and others have been Selling their BTC stashes to stay afloat And the minor net position change Indicator on glass node confirms this Bitcoin miners have been aggressively Selling since August yet somehow Bitcoin’s hash rate continues to climb Now Morgan Creek capital founder Mark Yesko recently revealed that this is Because many Bitcoin mining companies Took on lots of debt with favorable Conditions during the pandemic this Means that they have a huge cushion of Cash to burn through before they go Broke at the same time there are many Crypto miners in China and elsewhere That basically get very cheap or Sometimes even free energy this is Per a Recent interview with ethereum proof of Work figurehead Chandler go There are also quite a few Bitcoin Mining operations which have their own Energy sources such as solar panels if You watched our recent video about Bitcoin miners you’ll know that BTC can Fall as low as 8K before most miners Start to struggle even so it seems that Many Bitcoin miners are selling every Time BTC goes significantly above 20K And this means that btc’s price could Remain suppressed meanwhile the European Union recently announced that it will

Put a pause on Bitcoin mining in the Event of an energy shortage which may Still occur over the winter if it does It will cause a huge drop in bitcoin’s Hash rate which would be consistent with Previous crypto bear markets for BTC Food For Thought now although BCC has Been struggling lately eth has been Flying this is mainly because cftc chair Rosston Benham mentioned last Monday That he believes eth is a commodity this Is significant because an official Commodity designation would make Ethereum safe from the scrutiny of the SEC right now BTC is the only Cryptocurrency considered to be a Commodity by U.S Regulators this is Scary to consider because it means that Every other cryptocurrency is Technically at risk of Regulation As we’ve seen with xrp any Cryptocurrency that’s designated as a Security gets absolutely wrecked it Certainly doesn’t help that SEC chairman Gary Gensler said that proof-of-state Cryptocurrencies might be Securities on The same day ethereum transitioned to Proof of stake What does help however is that Fidelity Started letting its clients invest in Eth sometime last week for context Fidelity is one of the largest asset Managers in the world if Fidelity was Comfortable allowing its clients to

Invest in eth then it means the asset Manager is confident that ethereum won’t Get crushed by regulations or experience Some severe post-merge bug I suspect that BlackRock will be the Next asset manager to open its doors to Eth especially since ethereum’s Transition to proof of stake cut down Its energy use by over 99.9 percent If you watched our video about ESG and Cryptocurrency you’ll know that BlackRock is obsessed with this Investment ideology All the while eth’s supply has been Growing at slightly over 0.1 percent per Year this is nothing compared to eth’s 3.7 inflation rate prior to the merge While eth hasn’t gone deflationary yet It’s pretty damn close and this is even With the crypto bear Market As basic economics dictates if the Supply of an asset stays the same or Goes down and the demand for the asset Goes up then the price of that asset Will rise this is why btc’s price has Been increasing over time and ethereum’s EIP 1559 upgrade has set eth up for the Same effect although much more Pronounced It’s not all sunshine and rainbows Though there are serious concerns that Ethereum’s transition to proof of stake Will lead to centralization and Censorship according to Mev watch 65 of

Ethereum validators are now complying With U.S sanctions that’s up from 55 During last week’s crypto review The fear that ethereum could lose its Decentralization and censorship Resistance is arguably only being made Worse by headlines like these quote Google launches Cloud node engine for Ethereum developers obviously the last Thing you want is for all ethereum nodes To be run on Google Cloud The only thing worse than having the Ethereum blockchain hosted on Google Cloud would be to live in metas Metaverse this objective truth is Ultimately why meta’s stock fell by more Than 25 last week and the company’s Earnings certainly didn’t help It turns out that meta lost almost 10 Billion dollars this year just to build Out its metaverse this is in addition to The 10 billion dollars the company spent On the metaverse last year Rather than reverse course Mark Zuckerberg doubled down and said the Company will spend at least as much Again next year it’s gotten so bad that Even some of metta’s biggest investors Are starting to question the company’s New Direction not only that but meta’s Existing Brands already hit Peak Profitability many years ago and are now Struggling with lower ad revenues due to The current economic downturn

This begs the question of what Mark’s Own net worth will look like next year Given that most of it is tied up in Metastock in case you didn’t know Mark Now holds the record for the largest net Worth loss of any person ever His net worth has fallen from more than 140 billion dollars down to below 40 Billion now it doesn’t take a Mathematician to calculate that there’s A limited amount of time that meta and Mark can keep this up eventually the two Will have to come up with a plan B If you ask me Plan B will be to support Decentralized metaverses mainly by Making engaging hardware for the Metaverse in other words meta will or Rather should switch its focus to being Supportive of the metaverse niche that The average person would enjoy you know The metaverse that’s decentralized open Private and contains its own in-game Economy with nfts that won’t give a Massive cut of each sale to a company After all some of these metaverse worlds Are already seeing some actual adoption Unlike metas Horizon worlds case in Point the government of Norway set up a Tax office within decentraland last week And it’s one of many public and private Entities that have set up shop there all Will be left is a meaningful way to Interact with the metaverse and that’s The niche meta could fill however this

Assumes that Apple won’t beat them to The punch with their own augmented Reality Hardware in my opinion augmented Reality is much more appealing than Virtual reality According to the world economic Forum Though many people in developing Countries would be willing to adopt an Immersive metaverse probably because Their reality often sucks this is fine By the weft because keeping people in Virtual pods is ESG friendly more about That in the description Anyways another big tech company that’s Been making the headlines is Twitter and That’s simply because it’s officially Been sold to Tesla CEO Elon Musk I must Admit that I was skeptical it would go Through given all the government Backlash when the deal was announced in April Elon’s first order of business was Expected and that was to fire some of Twitter’s top Executives this includes The head of Twitter’s trust and Safety Council who was colloquially known as The chief censor of the social media Platform To assess Twitter’s censorship Elon sent In a team of software Engineers from Tesla to review the code it will be Interesting to see what they found in The coming weeks For reference Elon is reportedly

Planning on firing up to 50 percent of Twitter staff according to the New York Times still it’s clear that Elon isn’t a Fan of employees who want to work from Home and that figure was as high as 70 At Twitter during the pandemic now Besides the buzz around the supposed Return of free speech what has people Talking about Twitter is all the crypto Integrations that Elon has promised one Of these Integrations was announced on The same day Elon became Big Bird and That’s the upcoming ability to buy and Sell nfts on Twitter using tweets Twitter’s nft integration will support Marketplaces that exist on ethereum Solana flow polygon tezos and immutable X This means that each Soul flow Matic xtz And IMX could all benefit once these nft Abilities are rolled out and of course There’s been no shortage of expectations That Elon will be announcing some Dogecoin related Integrations such as Tipping this sent Doge on a massive Speculative rally which I’ll come back To in a moment all I’ll say now is that It’ll probably take some time for these Features to be rolled out now elon’s Desire to see Twitter integrate crypto Features is part of his larger Vision to Turn Twitter into a so-called super app That’s analogous to China’s WeChat That’s clearly not the best comparison

To use however especially since Elon Announced the formation of a new content Moderation Council for the platform To be clear Elon is likely to push Free Speech as he planned and the content Moderation Council will be tasked with Deciding which banned users can be Reinstated that doesn’t change the fact That these kinds of councils could be Used for censorship if Elon Upson leaves And Twitter falls into the wrong hands So far though so good Turning to the charts we can see that BTC is looking overbought on the daily But not on the weekly this is because Btc’s price is outside the upper bound Of the Bollinger band range on The Daily But not on the weekly and because the RSI is at 70 on The Daily but just 40 on The weekly on both time frames you can See that BTC is struggling to get above 21k which is a significant zone of price Resistance Taken together these facts suggest that A correction is imminent and it will Likely coincide with the FED raising Interest rates later this week I’ll Quickly note that crypto prices are Likely to be especially volatile because Of the balance of BTC on exchanges being So low this means it doesn’t take much Buying or selling pressure to push btc’s Price up or pull its price down Because BTC leads the crypto Market we

Will see even more volatility from alts Okay last week’s top performing cryptos Were Dogecoin obviously Clayton Mina Protocol the sandbox and Shiba Inu Starting with Dogecoin Doge doubled in Price in response to the news that Elon Had acquired Twitter this was expected And what you see on the charts is also Expected doge is extremely and I mean Extremely overbought on the weekly its Price has blasted through the upper Bound of the Bollinger band and the RSI Is over 80. absent any Dogecoin specific Announcements from Twitter we’re likely To see a slow decline back down as per Its previous history As for Clayton I couldn’t find a reason Why the clay coin is pumping other than A proposed reduction in Block rewards Which would supposedly cut emissions by A third Regardless Clay is already starting to Come down after an epic rally that Caused the coin to go into overbought Territory on The Daily and briefly on The weekly the correction should Continue until clay hits that zone of Support around 20 cents next up is Mina Protocol whose Mina coin appears to have Rallied in response to a hackathon the Crypto project held in Turkey Judging by the high engagement with Turkish language videos on Mina Protocol’s YouTube channel and the high

Trading volume on binance Turkey a lot Of Turks recently bought unfortunately Mina’s price action looks almost Identical to Clay’s extremely overbought On The Daily briefly overbought on the Weekly and starting to crash back down To earth I expect Mina to fall back down To the 60 Cent price support range in The short term Then there’s the sandbox whose sand Token rallied in response to the release Of Gucci Vault land a partnership Between fashion brand Gucci and the Sandbox which will see various limited Edition nfts up for grabs plus lots of Sand rewards sand is extremely Overbought on The Daily but it still Seems to have some wiggle room on the Weekly this makes sense given that the Gucci Vault land event will continue Until the 9th of November this means Sand could continue to Rally despite its Overbought status on The Daily And last but not least we have Shiba Inu Whose ship token also rallied on the News that Elon had acquired Twitter the Ship token also listed on bitstamp in The United States and recently launched An nft game called Sheba eternity Like clay and Mina shiv is extremely Overbought on The Daily and temporarily Achieved that status on the weekly too Like Doge the absence of any additional News from Twitter means the current

Correction is likely to continue it’s All up to Elon well folks it’s his world We just live in it You can see how Dogecoin compares to Shiba Inu using the link in the Description 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 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 [Music]


Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

Leave a Comment

    • bitcoinBitcoin (BTC) $ 50,703.00 1.44%
    • ethereumEthereum (ETH) $ 2,918.39 2.21%
    • tetherTether (USDT) $ 0.999198 0%
    • bnbBNB (BNB) $ 374.89 2.54%
    • solanaSolana (SOL) $ 99.21 3.2%
    • xrpXRP (XRP) $ 0.534485 1.32%
    • staked-etherLido Staked Ether (STETH) $ 2,914.90 2.26%
    • usd-coinUSDC (USDC) $ 0.999251 0.05%
    • cardanoCardano (ADA) $ 0.576701 2.88%
    • avalanche-2Avalanche (AVAX) $ 35.67 3.11%