Crypto News: ETH Updates, Arweave, Fed Hikes, Twitter & More!!

Foreign Bureau weekly crypto review here are This week’s top headlines in the crypto News Central bank’s hike the Federal Reserve And the bank of England raise interest Rates at a rapid Pace in a bid to fight Inflation when will the financial system Start to break Bitcoin mining ban an energy producer in Canada’s largest Province asks for Permission from the Canadian government To pull the plug on crypto miners will Other countries start to follow suit Ethereum’s updated roadmap Creator Vitalik buterin shares an updated list Of upcoming Milestones with the crypto Community what do they mean for eth Decentralized storage season our weave Goes Interstellar in response to the Project’s partnership with meta while Filecoin flies in response to a new Storage Alliance why this crypto Niche Cannot be ignored Twitter takeover continued Elon Musk Cuts half of the company’s Workforce While tabling plans for crypto payments And making controversial changes to the Platform’s verification my hot take 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 markets were walloped by Two massive interest rate increases First up was the Federal Reserve which Raised interest rates by an expected 0.75 percent Initially the markets rallied and that’s Because of a statement the FED released When it announced the rate hike Basically the statement contained an Extra sentence that suggested the FED Would soon start lowering interest rates By now you’ll know that lowering Interest rates means it will become Easier for investors and institutions to Borrow and this means that asset prices And economic output will increase Unfortunately for the speculators FED Chairman Jerome Powell made it clear During his subsequent press conference Speech that the FED would not be Lowering interest rates anytime soon Jerome went one step further by saying That the terminal rate the highest level That the FED will be raising interest Rates to had risen significantly because Of CPI data Naturally the markets immediately Collapsed in response including

Cryptocurrency However both the stock market and the Crypto Market rallied later in the week Now this is paradoxically because of the Increase in unemployment from 3.5 Percent to 3.7 investors were expecting It to stay steady at 3.5 percent I say paradoxically because higher Unemployment means there is a higher Likelihood that the FED will be forced To stop raising interest rates sooner Than it is currently planning put Differently if people start losing their Jobs then the markets start to Rally That is the Twisted Financial system We’re in It’s still not nearly as bad as what’s Going on in the UK however the bank of England also raised interest rates by 0.75 last week the highest in over 30 Years This is a problem because many Brits Have adjustable rate mortgages meaning Many of them could be at risk of losing Their homes If you watched our recent video about The housing market you’ll know that lots Of homeowners in Canada and Australia Also have adjustable rate mortgages any Force selling could cause the massive Housing bubbles in both countries to pop And some would say it’s inevitable That’s because most central banks seem Intent on raising interest rates to

Crush inflation and they don’t really Have any other choice Failing to keep Pace with the FED means Their currencies will continue to lose Their value and inflation could rise Even higher into the double digits as a Result What everyone is wondering now is how High the FED will go whether other Central banks will be able to keep up And what effects this will have on the Global economy this is something I’ll be Covering in depth in a video later this Week about the fed’s recent press Conference so stay tuned for that now as Currencies around the world continue to Drop in value against the US dollar more People are turning to crypto to preserve Their purchasing power Crypto adoption has obviously been Highest in countries facing Hyperinflation like turkey but this Adoption could spread as foreign Currencies weaken further against the Dollar This seems to be the real reason why Hydro Quebec is seeking approval from The Canadian government to cut the cord To crypto miners That’s because crypto mining doesn’t use That much power Just Around .01 percent Of the world’s energy and you’ll know This if you watched any of our videos About the subject in the case of Quebec

Crypto miners there are currently using Around 270 megawatts of power every year The most recent statistic I could find For hydro Quebec suggests that it is Producing over 40 000 megawatts of power Every year This means crypto miners are using less Than one percent of its annual output Even so the Energy company is claiming That this supposedly excessive use of Energy could threaten the province’s Power grid when winter comes around Hydro Quebec is also concerned about the Large energy contracts it has with Crypto miners further in the future Despite its own increase in output If you’ve been keeping up with the Crypto headlines you’ll know the European Union also recently stated that It would put a pause on crypto mining in The event of an energy crisis the Difference between Quebec and the EU is That the EU has next to no power thanks To its ESG obsessions Now to be fair it’s easy to understand Why Quebec and the EU are concerned Bitcoin’s hash rate continues to climb And that means that the difficulty to Mine BTC is also increasing to the Untrained eye it looks like bitcoin’s Energy consumption will continue to grow Exponentially just like during previous Cycles If you look closely however you’ll

Notice that bitcoin’s hash rate has Fallen by between 40 and 50 percent Around the time BTC bottomed save for The time Asics were introduced this Makes sense because a crash in btc’s Price makes it less profitable to mine Which in turn forces many Bitcoin miners To go bust The fact that bitcoin’s hash rate hasn’t Fallen yet is one of many signs that the BTC bottom is still coming this Therefore begs the question of what if Anything would cause bitcoin’s hash rate To Fall by 40 to 50 percent a baseless Ban on Bitcoin mining in North America And Europe during the winter could well Be the answer Concerns around bitcoin’s energy use However unscientific have continued to Draw environmentally conscious investors To the second biggest crypto on the Block which is of course ethereum this Is probably a part of why eth rallied so Hard last week Fidelity opening its doors to eth likely Contributed and if you watched our Recent video about Fidelity’s survey of Institutional investors you’ll know They’re eyeing the crypto space more Than ever You’ll also know that Fidelity’s move Will inspire other asset managers to Follow suit in offering eth to clients Ironically enough ethereum’s increasing

On-chain censorship is likely also Making it more appealing to Institutional investors that’s because Having a cryptocurrency that is fully Compliant AKA controllable is their Desire Thankfully fighting against on-chain Censorship is a part of ethereum’s new Roadmap as explained by vitalik on Twitter the ethereum roadmap contains a New phase called The Scourge In vitalik’s own words The Scourge will Quote ensure reliable and fair credibly Neutral transaction inclusion The Scourge will also address maximal Extractable value or Mev issues on Ethereum to quickly recap the next stage In ethereum’s roadmap is the surge which Focuses on scalability AKA making Ethereum faster through the use of zero Knowledge roll ups once the surge is Complete ethereum should be able to Process over 100 000 transactions per Second Now the second stage was originally The Verge but it has been bumped down into Third place with the scourge taking Precedence now this makes sense given That on-chain censorship is a more Urgent matter than data storage and node Size optimization which is the focus of The Verge on that note I should point Out that ethereum’s updated roadmap Doesn’t contain any dates in fact it

Suggests that all these ethereum Upgrades are being worked on in parallel To that end it contains a little Progress bar for each individual Milestone in every stage In any case The Verge will be followed By The Purge which involves further Optimizing data storage and deleting any Old or unused data on the ethereum Blockchain this is important because the Ethereum blockchain contains lots of Dead smart contracts from its early days Which bloat its size finally we have the Splurge which includes all future Improvements to ethereum the roadmap Notes upgrades to the ethereum virtual Machine changes to the transaction fee Burns of eip1559 and the introduction of Verifiable delay functions as areas of Focus of all ethereum’s upcoming stages The Scourge and The Purge are arguably The most important that’s because they Are intertwined the former concerns the Censorship of transactions and the Latter concerns the storage of Transactions which affects censorship Especially in the longer term Now in the words of 1984 Author George Orwell quote he who controls the past Controls the future this understanding Lies at the core of cryptocurrency Projects in the decentralized storage Niche this is why they all seek to make Data storage accessible unbiased and

Permanent for everyone It seems that some people in high places Are finally starting to understand just How valuable this proposition is This is because meta recently announced That it had partnered with our weave to Store the data associated with nfts on Instagram if you’ve watched any of our Videos about our weave you’ll know that The crypto project is hyper focused on Making it possible to store information In a decentralized and censorship Resistant way forever This sounds impossible but the novel Architecture and incentives of our weave Make it theoretically achievable If you’re subscribed to My Weekly Newsletter you’ll know that I held our Weave’s AR coin as part of my portfolio For quite some time I sold out of AR however after hearing That Solana had stopped using it to Store its long-term transaction history It’s safe to say that decision was a bit Premature then again we’re still very Much in a crypto bear Market this means It’s possible if not likely that AR will Lose the ground it’s gained over the Last week I suppose that ultimately Depends on how much demand is created For our weave storage by Instagram note That you can track this on live peers Web 3 index now our weave’s announcement Wasn’t the only one in the decentralized

Storage sector filecoin also announced The formation of the decentralized Storage alliance with computer giant AMD Storage giant Seagate and big4 Accounting firm Ernst young or ey as It’s rebranded to as founding partners The aim of the alliance is to help web2 Companies transition to web3 but it Looks like meta has already found its Match Luckily there’s no shortage of territory For filecoin to take and with such Prolific founding Partners it will Probably find its Niche sooner rather Than later For context while our weave wants to Store information indefinitely Filecoin’s focus is on storing Information for a fixed amount of time On its interplanetary file system or Ipfs In practice this means paying an Expensive one-time fee for permanent Storage versus paying as you go for as Long as you want The announcements by our weave and Filecoin caused all other decentralized Storage crypto projects to Rally Including storage Seer and a cash Network although all their rallies were Speculative there’s a bullish case to be Made for so-called infrastructure Cryptocurrencies during the next Bull Run

This includes decentralized storage Cryptocurrencies smart contract Cryptocurrencies and data Oracle Cryptocurrencies basically any crypto Project that’s required for things like Defy and nfts to work will take center Stage and chances are the pi will be big Enough for each one to have its own Unique Piece What everyone is wondering now though is Which infrastructure cryptocurrencies Will be chosen by Twitter for its Upcoming crypto features While Dogecoin isn’t an infrastructure Cryptocurrency its historical use in Tipping and micropayments along with Elon Shilling of Doge has put it at the Top of the list this is why Doge has Been rallying so much since Elon Acquired the social media platform but Last week this rally was cut short on The rumor that Twitter had paused its Plans to build a crypto wallet this came As a surprise given that Twitter had Just announced an nft integration Confirming more crypto features assuming It’s true the pause on Twitter’s crypto Wallet plans can easily be explained by The mass layoffs currently taking place At the company as reported by many Mainstream media Outlets Elon cut Twitter’s Workforce in half last Friday With most of the firing taking place Overseas

Twitter founder and former CEO Jack Dorsey subsequently took responsibility For the scourge explaining that he had Grown the social media company too Quickly this was evident in all the Viral videos which showed just how Little work employees at these big tech Companies are or rather were doing Regardless elon’s controversial decision To cut Twitter’s Workforce couldn’t have Come at a worse time That’s because he simultaneously trying To make massive changes to the platform And a primary focus has been Twitter’s Infamous Blue Tick verification process As someone who has gone through said Verification process I can confirm that Getting your hands on a Blue Tick is Extremely difficult and seems to require Knowing lots of people at the company In the end it was fans of the coin Bureau who helped us out on that front And we are forever grateful Still there’s no question that having Such a high threshold for verification Is nothing short of insane As things stand today it’s impossible For the average person to get verified At the same time though the blue tick Has become something valuable Specifically because of how hard it is To get As such I have some advice for the chief Twit keep the Bluetick as it is and

Introduce a new identifier that can be Used to prove that a particular Twitter Account is being operated by a real Person this setup means regular people Get verified spammers and Bots are gone And blue ticks are happy Curious to get your opinions about this In the description Now turning to the charts we can see That BTC finally managed to break above 21k this price point has been a pain Over the last few weeks and many Chartists are taking it as a sign that a Recovery is imminent To that I say check the longer time Frames we are not out of the woods yet From where I’m standing BTC would need To blast through 24K to start a longer Term recovery This is unlikely to happen for many Reasons some crypto some macro and some Of which I discussed earlier in the Video Don’t forget that bear markets are Filled with fast relief rallies that end In even lower lows Now last week’s top performing cryptos Were chillies our weave okx’s okb token Algorand and loop ring so starting with Chili’s the CHC token seems to have Pumped on the continued growth of the Crypto project despite the bear Market CHC also seems to be especially popular On the okx exchange which recently

Introduced a fan token section I’ll come Back to okx in a second As you can see CHC is approaching Overbought territory on the weekly this Is because its price is just about Piercing the upper bound of the Bollinger band and the RSI is above 70. In fact there also seems to be a bearish Divergence between the RSI and chc’s Price this suggests a big correction is Coming next up is our weave whose AR Coin again pumped on the news that the Crypto project had partnered with meta To store data from its Instagram nfts in A decentralized manner I reckon there Are many people who are expecting more Big announcements now that our weave is In the spotlight it’s too bad that AR’s Chart doesn’t support this expectation AR is extremely overbought on The Daily And also briefly entered overbought Territory on the weekly The daily chart reveals that lots of AR Holders are taking profit above 18 as Denoted by the long Wicks at the top of The candlesticks Then there’s OK X’s okb token which Pumped purely because of trading Activity on the exchange some of which Is probably related to Chili’s based fan Tokens because okb’s price action is Fundamentally dependent on the okx Exchange there isn’t much point in doing In-depth technical analysis for what

It’s worth okb appears to be on a Long-term uptrend despite the bear Market I wouldn’t place any bets on a Centralized crypto entity with all the Regulators running around these days Though but hey maybe that’s just me As for algorand it’s hard to find an Exact cause however algo could be Pumping in anticipation of the upcoming FIFA World Cup in Qatar which will take Place at the end of the month this is Because algorand became the official Blockchain for FIFA earlier this year And will be supporting the Organization’s event in Qatar and Beyond Like CHC and AR algo is looking Extremely overbought on The Daily and The weekly chart a correction is almost Certainly imminent The question is whether algo Wales will Sell the news when the World Cup in Qatar begins or whether they’ll keep the Pump going until the final goal God I Love football And last but not least we have loopring Whose lrc token appears to have pumped Because GameStop announced the release Of its nft platform built on another Ethereum scaling solution called Immutable X more about that in the Description As far as I understand GameStop is also Using Loop ring for nfts so the hype Probably spilled over

In contrast to the previous cryptos Loop Ring is only overbought on The Daily it Still seems to have some wiggle room on The weekly but speculation might not be Enough to take its price higher If anything GameStop’s immutable X Integration is bearish for lrc as it Could take away from loot print share I Don’t think this will happen as quickly As some are saying though if at all That’s because the two layer twos don’t Seem to be interoperable and loop ring Has some seriously cutting-edge Tech Then again so does immutable X You can learn more about ethereum Scaling Solutions using the link in the Description And that is all for today’s coin Bureau Weekly crypto review so 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 Till then thank you all so much for Watching and see you all in next week’s Episode

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