Crypto News: ETH, XRP, SEC, Celsius, Tesla’s BTC & More!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Macro factors moving crypto the macro Trends that caused last week’s pump and The ones that could cause this week’s Dump everything you need to know Tesla sells its btc the famous electric Car company off loads 75 percent of its Btc holdings here’s why it’s sold and Why other publicly traded companies Could soon follow suit Ethereum updates vitalik buterin lays Out his vision of ethereum at the eth cc Conference as the merge approaches here Are the three cryptocurrencies that need To be on your radar Xrp sales end ripple co-founder jed Mccaleb finally finishes selling his Initial allocation how much did he make And what does it mean for xrp Sec versus cryptocurrency Crypto’s most infamous regulator labels Nine cryptocurrencies as securities as Part of its investigation into insider Trading at coinbase which cryptos are The sec targeting Celsius in court after filing for Bankruptcy the crypto platform begins The process of repaying its creditors When could users get their crypto back Countries clamp down on crypto india’s

Central bank pushes for a crypto ban and The bank of central african states calls On its member countries to roll out Cbdc’s is this the beginning of a bigger Trend 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 we saw the crypto market rally By almost 20 This begs the obvious question of what Caused the rally and the easiest way to Find the answer is to look at the stock Market As you can see the s p 500 rallied along With crypto this suggests that what Moved the crypto market was a macro Factor rather than a crypto specific one As far as i can tell this small rally Was caused by the news that the federal Reserve will be raising interest rates By 75 basis points or 0.75 percent During its next press conference later This week For context some investors were

Expecting the fed to raise interest Rates by a full one percent in response To the inflation figures for june which Came in the previous week at 9.1 percent Much higher than many expected As such the news that the fed confirmed That it will be raising interest rates By just 0.75 At its upcoming press conference was Welcomed by investors and the markets Responded in kind Another macro factor that seems to have Moved the markets was the news that oil Prices are on the decline at least in The united states given that this is Where most investors are based it gave An extra boost to the markets Now i must admit that i was expecting to See a crash last thursday That’s because of the rumors that russia Was going to keep the gas to europe Turned off indefinitely and because the European central bank was announcing how Much it will be raising interest rates By As europeans in the audience will know Russia resumed pumping gas and the ecb Only raised rates by 50 basis points or 0.5 percent bringing the european Interest rate from minus 0.5 percent to Zero which didn’t really affect the Market because well a zero percent Interest rate isn’t going to change much Looking ahead the macro factors that

Investors are watching this week will be Company earnings the fed’s press Conference that i just mentioned and the Gross domestic product or gdp figures For the united states for the second Quarter of this year If you watched our video about how low The crypto market could go you’ll know That crypto has a very high correlation With tech stocks and it looks like tech Companies are starting to struggle In what may be a perfect storm for the Crypto market microsoft google meta Apple and amazon will all be releasing Their earnings for q2 this week and if These earnings come in below Expectations the crypto market could Take a huge hit It’s a similar story with the fed’s Press conference which will take place This wednesday If the fed suddenly decides to raise Rates by one percent rather than the 0.75 percent it recently confirmed the Crypto market could crash Finally there’s the gdp figures which Will be released on thursday if gdp Comes in negative then it will confirm That the u.s economy is in a recession Now it’s not clear how the crypto market Could respond to this as a recession Could see the fed reverse course on Interest rates depending on its severity You can learn more about the upcoming

Recession and how it could affect the Crypto market using the link in the Description Anyways besides these macro factors There were a few crypto specific factors That moved the market last week the one That everyone’s talking about is the Revelation that tesla sold 75 of its btc Holdings which of course caused crypto To dip As most of you will know tesla famously Revealed that it had bought 1.5 billion Dollars worth of btc early last year an Announcement which eventually led to the Massive crypto rally we saw in the Months that followed Some of you might also recall that tesla Sold 10 of its btc holdings shortly Afterwards to quote prove liquidity In plain english the company wanted to Prove to shareholders that it could sell Off a large amount of btc at a moment’s Notice if required at least according to Tesla ceo elon musk Even with this 10 sale when the crypto Market hit its peak in november last Year tesla’s btc holdings were worth Well over two billion dollars nearly Double the dollar value of what the Company had initially invested After tesla’s recent sale however the Company now holds just 218 million Dollars of quote digital currency a Figure which apparently includes an

Unspecified amount of dogecoins doge If you’re wondering exactly how much btc Tesla sold the answer seems to be close To 1 billion worth If you’re wondering how tesla was able To sell such a large amount of btc the Answer is over-the-counter or otc Basically trades that take place Directly between people not on exchanges This is why it’s unlikely that tesla’s Btc sales had any direct effect on btc’s Price Not only that but the sale likely Happened some time ago so whatever Direct effects tesla’s btc sales did Have on its price have already come and Gone The reaction to the news by the crypto Market after the fact is irrelevant what Is relevant however is the reason why Tesla sold so much of its btc and what It plans to do going forward Well in an earnings call elon explained That tesla sold its btc because of the Constant supply chain disruptions the Company is experiencing notably from China whose zero cough policy continues To put the country into lockdown This confirmed my suspicion that tesla Was forced to sell some of its btc stash Case in point elon emphasized that this Sale should not be interpreted as a Change in the company’s stance on crypto And that tesla is open to buying back

All that btc in the future likely when All the macro headwinds the company is Facing start to calm down unfortunately There was no news from elon about when Tesla will begin accepting btc as Payment something he said the company Would do once most btc was being mined With renewable energy Well in case you missed the memo around 60 of btc is now being mined with Renewables so where you at elon Jokes aside there are a couple of Publicly traded companies that could Follow tesla’s lead if this week’s tech Earnings confirm the sector is getting Squeezed If you watched our video about the Publicly traded companies that are Buying btc you’ll know that Microstrategy and square are two other Tech companies with btc on their balance Sheets It’s safe to say that microstrategy ceo Michael saylor has no plans to sell and The fact that square rebranded to block To emphasize its bitcoin focus should Tell you all you need to know about its Position This leaves the publicly traded crypto Mining companies and you can find out When they could be forced to sell using The link in the description Anyhow another crypto specific factor That’s been moving the crypto market is

All the news related to ethereum which Has the largest ecosystem of any Cryptocurrency About two weeks ago we got confirmation That ethereum could potentially be Transitioning from proof of work to Proof of stake sometime in september and Last week we got more details about what Happens after that from the one and only Vitalik buterin In a presentation at the eth cc Conference in paris vitalik explained That when the merge happens in september Ethereum will be just 55 complete For ethereum to reach that 100 status it Will have to undergo four more similarly Titled phases these are the surge the Verge the purge And the splurge As the name suggests the surge involves Increasing ethereum’s transactions per Second from around 15 to around hundred Thousand using zero knowledge proofs and Sharding for those who don’t know Sharding involves splitting a single Blockchain into different chunks called Shards As for the verge the easy explanation is That it will make it easier for people To become validators on ethereum’s Beacon chain as validators will not have To store as much data about the ethereum Blockchain on their devices to process Transactions

As the name again suggests the purge Essentially involves deleting any old Data from the ethereum blockchain that Isn’t required anymore This will again lower validator Requirements which will further improve Ethereum’s decentralization something That vitalik has been adamant about Lately And finally there’s the splurge which Vitalik said includes quote all the Other fun stuff which likely includes Many of the upgrades you see here on This slide For anyone listening quantum resistance Is at the top of the list followed by Increasing ethereum’s layer one speed And further simplifying ethereum There are no timelines for any of these Next phases because it’s actually not up To vitalik even when they happen it’s up To the ethereum community It’s also somewhat irrelevant because The merge is arguably the most important One of them all and it’s also the one That’s coming over the Horizon naturally the merge is likely to Make eth moon and if you’re subscribed To my weekly newsletter you’ll know that Eth could rise as high as 0.1 btc in the Coming weeks Assuming btc is around 30k or more that Translates to a roughly 3k eth which is Almost 2x from its current price

In my newsletter i also mentioned that Eth isn’t the only cryptocurrency you Should watch when the merge comes around It’s more than likely that ethereum Classics etc coin and lido finance’s ldo Token will see massive rallies as well This is because many ethereum miners are Likely to migrate to ethereum classic Once ethereum transitions to proof of Stake This mass migration in mining power Could increase the security of the Ethereum classic blockchain something That’s been lacking ever since the two Chains split more about that in the Description As for ldo those of you who watched our Video about lido finance will know that The protocol is the largest single Staker of eth on ethereum’s beacon chain It stands to reason then that ldo will Rally alongside eth as the merge Approaches but be aware that there are No guarantees here If you’re wondering what else ethereum Has been up to you can check out our Recent update about the project using The link in the description oh and i’ve Also left the link to my newsletter in There if you guys want to sub to that Anywho another crypto project that made The headlines last week was none other Than xrp and that’s because ripple Co-founder jed mccaleb has finally

Finished selling his xrp holdings As most other xrp holders will know jed Was allocated 9.5 percent of xrp’s Initial supply of 100 billion when the Coin was created way back in 2013. In case you couldn’t do the maths that’s 9.5 billion xrp When jed left ripple in 2014 he agreed To have his remaining xrp vested on a Monthly schedule to an xrp wallet that Had been named quote taco stand not sure Why but if anyone does know drop a Comment down below Now based on jed’s linkedin profile it Took exactly eight years and two months For his xrp holdings to fully vest According to on-chain tracking platform Whale alert jed made more than 3.1 Billion dollars from his xrp sales which Is an unbelievable amount of money If you’re wondering where all that money Went the answer seems to be research Jed appears to be extremely interested In machine learning and artificial Intelligence and founded an institute to Research other groundbreaking Technologies such as longevity i.e Increasing the human lifespan Jed is also the co-founder of another Cryptocurrency project called stella Though it’s unclear whether any of jed’s Personal capital went towards creating The project it’s also unclear whether Jed holds any xlm

Our research suggests he doesn’t hold Any which is certainly good news for xlm Holders Now as you might have guessed the reason Why xrp holders are happy about the news That jed has finished selling is because It should take some cell pressure off Xrp and allow its price to rise There are just a few problems on that Front though For starters a significant amount of xrp Is still held by ripple’s other Co-founders and ripple the company Although this xrp is also escrowed Ripple’s quarterly reports reveal that It’s still selling hundreds of millions Of dollars of xrp almost every month Though this selling has slowed down I suspect ripple’s xrp sales have slowed Down because we’re in a crypto bear Market excessive cell pressure in such An environment could crash xrp which Ripple obviously doesn’t want but it Underscores the fact that we are in a Crypto bear market where xrp is unlikely To rise And last but not least the sec’s lawsuit Against ripple over its sales of xrp Continues to drag on which is certainly Weighing on the shoulders of xrp holders As crypto winter sets in You can learn more about what’s been Going on there using the link in the Description

Now given how aggressive the sec has Been with ripple the company and xrp the Cryptocurrency it should come as no Surprise that the regulator is going After other crypto companies and Projects in a similarly shocking manner And the one that seems to have flown Under the radar is library For those unfamiliar library is a crypto Project that powers a decentralized Video streaming platform called odyssey Which is similar to youtube The library protocol has been around Since 2016 which is why it took the Crypto industry by surprise when the sec Went after the company that created the Library protocol last march Naturally the sec is arguing more or Less the same thing it’s arguing in Ripple’s case the library credit Cryptocurrency is a security like a Stock in a company specifically library And because library the company sold Library credits in a 2016 ico without Registering with the sec It broke the law The sec’s case against library is a big Deal because even though it comes after The sec’s case against ripple the case Has been progressing a lot quicker Probably because it’s not as high Profile Regardless this case is likely to set a Precedent not just for xrp but any other

Crypto the sec wants to kill According to cryptojournalist naomi Brockwell the judge presiding over the Sec’s case against library will make a Decision in four to eight weeks and if The judge sides with the sec then this Could deal a devastating blow to xrp and The entire crypto industry That’s because the sec is arguing that The utility or purpose of a Cryptocurrency doesn’t play a role in Its status as a security a claim that is As crazy as it is incorrect even According to the sec’s own standards Which it never seems to follow From what i’ve been able to gather the Sec is gearing up to go after just about Every cryptocurrency it can and we got More evidence of this last week when the Sec claimed that nine crypto currencies Were securities as part of its case Against coinbase employees who allegedly Engaged in insider trading The cryptocurrencies in question are Power ledger chromatica dfx finance amp Rally the rari governance token Derivadow lcx and xyo network Note that there are 16 other Cryptocurrencies that are a part of the Case which the sec did not count as Securities Now i’ll be doing a video explaining why The sec is targeting some of these Cryptocurrencies and not others later

This week but for now i’ll give you one Word bias plain and simple bias and it’s Possible that this bias is coming from U.s politicians more about that later This week Now another crypto company the sec is Investigating is celsius but in this Case it seems to have been on to Something because just a few months After the mainstream media got word that The sec was poking around the crypto Platform celsius filed for bankruptcy This actually came as something of a Surprise to celsius users given that Celsius had been paying off hundreds of Millions of dollars of defy loans in the Weeks between when it had paused Withdrawals to the day that it had Declared its bankruptcy However we now know that celsius was Rushing to reclaim its crypto from these Protocols so that it could pay off other Debts on time something which it clearly Didn’t manage to do Celsius ended up somewhere between 1.2 And 1.8 billion dollars in the hole Depending on how you value the sell Token If you watched our video about celsius’s Collapse you’ll know that it looked like Celsius’s own disorganization and Desperation for higher yields is what Ultimately led to its downfall something That has now been confirmed by celsius’s

Former employees What everyone is wondering now is what Comes next and the first steps towards An answer to that question were taken Last monday when the first hearing of Celsius’s bankruptcy case took place Those of you who watched it will know That it was about as much of a mess as Celsius was behind the scenes and that’s Simply because the first day of Deliberations was essentially celsius’s Side of the story Celsius more or less admitted that they Had messed up and proposed to use their Crypto mining arm to progressively repay Their users a plan which has been met With much scrutiny from mining experts Who have emphasized that mining is a Capital-intensive operation that needs Constant cash flow As far as i understand the next hearing Will focus on what celsius’s creditors Aka Users want to see from the company A committee consisting of seven to nine Creditors will be put together and word On the street is that these will Probably be the people who have the most At stake i.e the most money deposited This committee will then decide on Celsius’s recovery plan or propose their Own and it looks like the celsius Community wants to go the latter route With some high-profile users wanting to

Restart the company without its now Infamous ceo alex mazzinski This is starting to sound like what Happened in the aftermath of terrace Collapse and you can learn more about That using the link in the description Now you’d be forgiven for thinking that The reason why some countries are Cracking down on crypto is because of Entities like terra and celsius I reckon most crypto holders know by now That most regulators don’t really care About consumer protection What they care about is consumer control This is most evident in the countries That are trying to roll out their own Central bank digital currencies and one Of these countries is india Back in february india’s finance Minister announced that india will be Rolling out its digital rupee sometime Later this year or early next year and On the same day announced the 30 tax on All crypto transactions that indian Crypto holders have been subject to Since april No deductions allowed either In june india’s central bank made it Clear that it wants to see crypto gone Something that’s almost certainly a part Of its preparation for the digital rupee The indian central bank recently Reiterated its desire to see crypto die And called on global coordination to

Make it happen Now while this kind of anti-crypto Rhetoric is nothing new it looks like Indian authorities are intent on Following through with these plans I say this because india’s crypto lobby Group was suddenly dissolved earlier This month because of quote regulatory Uncertainty a similar plot is playing Out in central africa where the bank of Central african states called on its Member countries to roll out a central Bank digital currency asap something That’s almost certainly a direct Response to the central african Republic’s adoption of bitcoin as legal Tender For reference the bank of central African states is the central bank for Cameroon central african republic chad Equatorial guinea gabon and the republic Of the congo all of which use the Central african franc or cfa which has a Fixed exchange rate to the euro If you watched our video about what Happened at bitcoin miami you’ll know That the indirect control that europe Has over these african countries via the Bank of central african states is why Its member countries are so poor they do Not truly have control of their national Currencies This is why the central african republic Adopted bitcoin and why its fellow cfa

Countries could do the same if the bank Of central african states doesn’t act Fast Make no mistake central banks are just Some of many institutions that are Trying to kill crypto and you can find Out about the others by watching Yesterday’s video that will be in the Description Turning to the charts we can see that Btc has entered a short-term downtrend On the daily that’s likely to end with a Massive dip caused by all the macro Factors coming up this week that i Mentioned earlier If you zoom out to btc’s weekly chart However it almost looks like btc is About to repeat what it did on the daily But on a much larger scale and it’s a Similar scenario on btc’s monthly chart That’s why i personally believe that btc Could rally up to 30k in august or early September after this week’s dip but it Should go without saying that i don’t Know the future so this is just Speculation Last week’s top performing cryptos were Ethereum classic apecoin phantom bitcoin Gold and convex finance Starting with ethereum classic if you Were paying attention earlier you’ll Know that etc is rallying because of Speculation that ethereum classic will Benefit when ethereum completes the

Merge Etc was one of last week’s top Performing cryptos too so i’ll reiterate What i said back then Be careful With that said if that bull flag on the Daily plays out etc could rally as high As 40 In the coming weeks Next up there’s apecoin which appears to Be rallying because of the recent demo Of the board 8 yacht club metaverse World dubbed other side Ape appears to be painting a bull flag Of its own which could take it up to Eight dollars in the coming weeks Then there’s phantom whose ftm coin is Rallying for reasons that i couldn’t Quite pin down but my best guess is the Ongoing development that seems to be Taking place on its layer 1 dag as well As its ecosystem Like etc and ape ftm is painting a bull Flag on the daily but faces a lot more Resistance than its colleagues Ftm will be lucky to crack 40 cents in The coming weeks if you ask me if only Andre had stayed more about that in the Description i digress As for bitcoin gold it’s one of many Forks of bitcoin so let’s just leave it At that for the sake of time Finally we have convex finance whose cvx Token was a top performing crypto the

Other week as well This all seems to be related to Developments around curve finance which Is closely related to convex finance Specifically the news that curve will Reportedly be developing its own Decentralized stablecoin cvx seems to be In the same position as ftm given that It’s painted a bull flag on the daily But faces lots of resistance on the way Up With some luck cvx will hit 10 in the Coming weeks and note that these bull Flags are not coincidences they’re all Reflections of the same underlying price Action the more you know 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 so much for watching and i’ll See you all in next week’s episode [Music]

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