Crypto News: Ethereum, Defi, Dollar, SOL, ADA & More!

Foreign Bureau Weekly News Roundup Here are the top stories in crypto this Week Crypto Market Crossroads coins and Tokens continue to chop sideways due to A combination of low liquidity and mixed Signals from crypto and macro news what Do the charts say will happen next eth Unstaking incoming investors assess the Impact that the chappella upgrade will Have on eth's price as the treasury Department declares defy a national Security risk everything you need to Know Tether's latest troubles usdt's market Cap surpasses 80 billion dollars while Questions arise about the stablecoin Issuers connections to the American Banking sector why usdt could continue To grow US dollar dominance speculation that the World's Reserve currency is being Replaced causes a stir on social media And makes waves on mainstream media when Will the USD start to decline And Commander Ben Karen will lead us on Our weekly deep dive into the Cryptoverse all this and More in just a Moment Good morning afternoon or evening thank You for tuning in my name is Guy none of What follows is financial advice and Here is the news

Last week the price of most cryptos Remained relatively unchanged compared To the previous week this makes sense Considering that it's been much harder For institutional investors to get money In and out of the crypto Market ever Since silvergate Banks sen and signature Bank's Signet networks were shut down Although some on off ramps are still Available the few that have remained are Starting to face extreme regulatory Scrutiny according to Castle Island Ventures partner Nick Carter U.S Regulators are starting to Target cross Riverbank likely because it provides a 24 7 on off ramp for crypto via circles Usdc The ever shrinking number of on Off-ramps has presumably made Institutional investors nervous about Investing directly into the crypto Market the last thing they want is to Put money in and not be able to get it Out the same is true for retail Investors who have an even smaller Selection of on off ramps the result is The sideways price action we've seen Over the last few weeks and there's no Clear indication of where the crypto Markets are headed next What is clear however is that a big move Of some kind is coming this can be seen On The Daily charts for BTC eth and Other major altcoins as you can see BTC

Is in the middle of something called a Bollinger band squeeze this is when the Upper and lower range of the Bollinger Band indicator come very close together When this happens it suggests that Prices are about to spike higher or drop Lower the question is which one it will Be now in theory this can be deduced by Looking at patterns on Lower time frames In this case both the one hour and the Four hour charts for BTC show a Bollinger band squeeze as well in Practice though this hasn't helped Because prices have continued to bounce Between a narrow range with fake outs in Both directions Many Traders have taken btc's price Action as a sign that altcoins are about To explode higher that's because when BTC trades sideways for this long Altcoins tend to pump as investors look For bigger gains The thing is that we haven't really seen That say for a few exceptions that Aren't worth noting This might have something to do with Eth's weakness against BTC which we've Been highlighting in other videos and in Our Weekly Newsletter eth saw its first Monthly close against BTC below the key Bollinger band moving average which had Served as support during the bull market And has now been broken The most annoying part of it all is that

Crypto's correlation to the stock market Is at its lowest level in almost two Years this is annoying because the lack Of correlation makes it that much harder To forecast whether crypto will rip or Dip it's possible we'll know by the time You see this video if we do see a big Move in the next day or two I strongly Suggest keeping up with our new channel Called coin Bureau trading the videos Feature a new addition to the coin Bureau team who has years of ta Experience and a firm grasp of the Fundamentals the link to that channel Will be down in the description And now back to eth in case you missed The memo ethereum's latest upgrade will Be going live in less than 48 hours The chappella upgrade will make it Possible for validators to unstake their Eth and claim any staking rewards Obviously this has led to lots of Speculation about what this will do to Eth's price While eth withdrawals will be limited Per Epoch it's possible that the initial Cell pressure could be enough to crash Eth's price According to k33 research roughly 1.1 Million eth will be available for Withdrawal this could total upwards of Two billion dollars of cell pressure if That eth is sold however this 1.1 Million eth is still only 20 of the

Daily trading volume of eth it also Assumes that all this eath would be sold On centralized exchanges Concerns around on off ramps could very Well result in more over-the-counter Deals that won't impact eth's price not Only that but liquid staking protocol Lido Finance recently announced that it Won't be able to process ether draws Until May at the earliest due to a Pending code audit almost a third of all Eth is being staked with Lido so One-third of staked eth being Effectively Frozen Should reduce cell Pressure the same is true for coinbase Which had recently announced that it Would likewise take weeks if not months To process withdrawals of State eth A substantial amount of eth is also Being staked through coinbase now the Key takeaway in both cases is that it Will take time for eth withdrawals to be Processed The big variable in this equation is how Holders of non-staked eth will react if Prices start to dip after each Withdrawals begin chances are that the Weak hands will sell which will cause Eth's price to dip more now this drop in Price could compel holders of unstaked Teeth to sell 2 creating a feedback loop Of selling the impetus may not even be The unstaked teeth but the well-known Phenomenon of selling the news either

Way the worst part of such a scenario is That the continued selling of eth over Weeks and months by eth validators and The capitulation of non-staked etholders Could keep eth's price low for a long Time the Silver Lining is that this Would make for a once in a lifetime buy The dip opportunity not Financial advice Eth update coming soon Now even if the Shanghai upgrade somehow Results in zero selling of eth there's Another Black Swan lurking out there in The Reeds and that's regulations Specifically defy regulations or the Lack thereof The U.S department of the treasury Recently declared defy a national Security risk and this could be very bad In theory any attempt to crack down on Defy directly is likely to fail because D5 Protocols are very decentralized well At least the largest protocols such as Ave are In practice however the defy ecosystem Itself has a centralized point of Failure and that's stable coins most of Which exist on ethereum as reported by Coindesk usdc is the most popular Stablecoin in defy you can fact check This by looking at the largest holders Of usdc on etherscan usdc issue a circle Is based in the US which puts it within Arm's Reach of U.S regulators and you'll Recall its on off-ramp bank is being

Targeted already more about usdc in the Description moving on Make no mistake a Crackdown on usdc Would do immense damage to ethereum's Defy ecosystem and this would do immense Damage to eth by extension the only Beneficiary in this ordeal would be Tethers usdt whose market cap has Already been growing due to the Uncertainty around usdc as reported by Cointelegraph usdt's market cap recently Reclaimed 80 billion dollars this is due To the demand for leveraged trading Which has gone up a lot since the start Of the year come to think of it sideways Price action could further increase Leverage demand as Traders try and Maximize small moves if the regulatory Uncertainty around stable coins issued Outside of the United States and the Demand for leverage from crypto Traders Continues to increase we could see usdt Surpass its previous market cap high of 83 billion not surprisingly usdt's rapid Growth has resulted in lots of Regulatory scrutiny from the U.S Some of you may recall a report from Forbes back in February which revealed That tether had been keeping more than Half of the reserves backing usdt in the United States now I've long speculated That the U.S government would look for An excuse to seize or freeze these Reserves but this assumes they're still

In the U.S a recent report from Morgan Stanley suggests that this is no longer The case The report notes tether is using Dell Tech Bank and Capital Union Bank both of Which are based in the Bahamas a shout Out to Anton golub for sharing this Report with us and the crypto community On LinkedIn Now this is good news because it Suggests that tether's reserves can't be Easily seized the bad news is that Tether may still have connections to U.S Institutions that could impact usdt Should they be severed this seems to be The message behind the recent report That tether was using signature bank's Signet Network naturally tether CTO Paulo Arduino insists that the Stablecoin issuer has no exposure to Signature Bank this may be true when it Comes to deposits and it may even be True when it comes to transactions after All tether was apparently using Farmington State Bank to move USD in and Out of the country more about that Peculiar connection using the link in The description I digress Now another factor that could be Contributing to usdt's growth is the Demand for US dollars from countries Which aren't on the best of terms with The US consider that once upon a time Usdt was a popular way for Chinese

Elites to move their money in and out of The Mainland this may still be the case Today If that is the case then countries like China and Russia have a huge incentive To ensure that usdt survives logically This means that China and Russia also Have a huge incentive to ensure that Cryptocurrencies like ethereum continue To operate normally this could set a Floor on eth's price speculation aside It's important to underscore the fact That there's more to crypto and macro Than meets the eye Geopolitics is starting to play an Ever More important role and this means that It's going to be ever more necessary to Look at crypto through a geopolitical Lens especially USD stable coins when You squint through that geopolitical Lens the juxtaposition between the Popularity of USD stablecoins and the Supposed decline of the US dollar is Truly a sight to behold Over the last couple of weeks there have Been no shortage of headlines about Foreign countries trying to ditch the USD for international trade when I saw That the crypto media had started Reporting about this supposedly rapid D-dollarization I knew I had to address It in this week's crypto review I'll Start by saying that the d-dollarization Narrative seems to have its roots in the

Recent weakness of the USD per the US Dollar Index or dxy for those unfamiliar The dxy measures the US dollar against a Basket of currencies of the US's main Trading partners the dxy hit its highest Level in over 20 years last Autumn and Some of you might remember the Narratives about the dollar Wrecking Ball and how all the other currencies Were doomed well we're now at the Opposite end of that sentiment Spectrum The dxy has dropped from 114 to around 100 which is of course a crucial zone of Price support Everyone has been looking at the charts And imagining what will happen if the USD breaks significantly below 100 hence A current narrative Dan from coin Bureau trading was kind Enough to provide this chart of the dxy To give you all a better sense of what's Going on what you're looking at is the Weekly dxy and it's do or die if the dxy Rallies it could retest the 114 level Before going higher if the dxy drops Then it's going to keep dropping this is Where the fundamental analysis comes in Most of the world's debt is denominated In US dollars These US dollar debts have become more Expensive ever since the FED started Raising interest rates last spring The Practical effect of this is more USD Demand and in some countries US dollar

Shortages if you watched our video about The debt ceiling and potential Government debt default you'll recall That the IMF issued a record level of USD loans to developing countries late Last year USD loans given by the IMF Often come with strings attached and These strings are usually in the Geopolitical interest of the United States shortly after the recent banking Crisis the FED expanded its dollar swap Facility with Allied central banks Dollar swaps allow foreign central banks To access USD in the event of dollar Shortages in their countries caused by The fed's rate hikes What's odd is that the new dollar swap Facility hasn't been used yet Now call me crazy but I think this is a Sign that something is about to happen That will cause a massive spike in the Demand for USD I honestly don't know What that could be but what I can say With some certainty is that the FED is Positioning itself to provide lots of USD to Friendly foreign countries let's Just hope that the catalyst is a classic Credit Crunch and not an escalation in Ukraine or a new war between China and Taiwan I for one have had quite enough Of these imperfectly choreographed Conflicts so with all that said let's Now turn to what Ben Cowan is seeing out There in crypto

Hey guy thanks for having me pleasure to Be here as always I wanted to talk about The ethereum Bitcoin valuation as we go Into the Shanghai hard Fork which is Coming up this week and talk about some Seasonality with the ethereum Bitcoin Valuation and also discuss briefly a Couple of the art coin in Bitcoin Valuations as well specifically we'll Just take a brief look at cardano and Solana now with ethereum one of the Things we've seen on its Bitcoin Valuation is that it tends to do quite Well in the first quarter of the year Sometimes that strength can last until Sometime in the second quarter but if we Break down you know the majority of Ethereum's moves against Bitcoin we can See that they tend to happen in the First quarter of the year and and and Maybe the second quarter too but if you Look at 2016 you can see that this move Occurred you know in January February And March if you go over to 2017 you can See that this move here was January Through June so it lasted q1 and Q2 If you go look at this one here in 2017 It started at the very end of 2017 so Like mid-December and again it peaked Out in q1 and then continuing on you'll Basically just see the same thing over And over again where ethereum tends to Find some renewed strength in the first Quarter of the year but oftentimes that

Eventually gets faded in sort of the Back half of the year so we've seen this Play out you know time and time again And the majority of the moves the Downside for the ethereum Bitcoin Valuation tend to start to roll over uh You know if they haven't already by Around the May time frame so if you look At at this move down here by the Ethereum Bitcoin valuation it started in May Um and you can generally find very Similar types of moves by the ethereum Bitcoin valuation starting to roll over Around the May time frame if it already Hasn't started to do so before that and Even last year we can see that the Ethereum Bitcoin valuation started to to Really fade as you got into May and June And one way to better visualize this of Course is just go look at monthly Returns for the ethereum Bitcoin Valuation if you look going back to 2015 You can see uh very easily that the First five months of the year tend to be More green than red on average and then The back half of the year in the back Seven months tends to be more red than Green on average and if you actually Just take the average of of all of these Months like so every January every every February so on and so forth while Admittedly the standard deviations are High you can see that

You know the first five months of the Year on average tend to be green and Then the last seven months of the year On average tend to be read sometimes the Move to the downside starts you know Before May right it can start sooner Sometimes it starts later on like in in 2020 but this is some seasonality that I Think it's worthwhile to generally be Understanding of Because we do know that the cryptiverse Is is very cyclical and and how there's Relative over performance of ethereum During some phases of the cycle and then Under performance of ethereum during Other phases of the cycle if we go take A look at a couple of altcoins because I Do think it's always interesting to look At at altcoin Bitcoin valuations to Better understand the opportunity cost One of them we can look at is Solana and And I know some people Might how it might take a while for them To come around to valuing all coins on Their Bitcoin pairs but I think the Reason to do so Is mainly because of opportunity cost And preserving say the Satoshi value of A portfolio and it's one of those things That you know if you're only recognizing It at this phase in the cycle it's one Thing and hopefully you know you you People don't make the same mistakes in The future because a lot of all coins

Are already down quite a bit but you can See how systematically some of these all Coins can get hammered in Bear markets It doesn't mean they can't find renewed Strength in a future you know in a Future bull market but just a great Example is a lot of Bitcoin valuation Where it comes down it finds support at Some level and then that support Eventually becomes resistance that it Struggles to break again support here it Ended up becoming resistant so that it Struggles to break and I would argue That this support right here could Easily eventually become resistance that It struggles to break and so these moves By Solana on his Bitcoin pair always Seem quite intriguing when it bounces Off of this lower support level but Eventually as we can see the move Eventually just Fades back to the Downside and it and it puts in a new low Okay and we've seen this play out A number of times on the salon of Bitcoin valuation and and these it is a Brutal Market because when you consider That Bitcoin is down more than 50 from The all-time high but then you also have Solana down 84 85 against Bitcoin you Know forget the US dollar Salon is down 85 against Bitcoin but Bitcoin is also Down more than 50 percent so it shows Just how brutal it can be for some of The altcoin market another great example

Is how cardano has been hammered uh on Its Bitcoin pair essentially since September 2021 but this is not Necessarily that unusual in fact we saw A very similar thing take place last Cycle as well and what ultimately Happened last cycle is that ADA you know Started off at around 7 000 satoshi's or So maybe a little bit higher at around 8 000. But ultimately bled until the third Quarter of 2019. you know so you're Talking 18 months out more than 18 months Beyond Where where Bitcoin USD Peaks we saw That a lot of altcoins continued to go Down on their Bitcoin Pairs and what We'll see is that not only do you have Ada Bitcoin not really bottoming out Until the third quarter of 2019 we can See the ethereum did not bottom out Until the third quarter of 2019 so if we You know if if people subscribe to the Cyclical nature of the altcoin market Against Bitcoin then it seems reasonable To assume that they can still eventually Bleed lower Um even you know even during even during The times that we're in right now and Again if you go look at the Ada Bitcoin Valuation it's been a fairly similar Move so far I mean it it peaked out here At around 6 000 satoshi's or so So it didn't quite make it as high as it

Went last time but in Q3 of 2019 we can See that ADA made it all the way down to Around 400 satoshi's on its Bitcoin pair Before ultimately finding some level of Support and I mean I suppose if you Connect the trend line you know this Marks around 800 satoshi's and then of Course sort of the bottom down here Based on where it was in 2019 is close To around 400 satoshi's do note however That when Ada Bitcoin hit this level Down here at 400 satoshi's it was Actually at a time when Ada USD was was Very far off of its bit off of its Bottom on its USD pair and that was Because Bitcoin outperformed Ada in 2019 So there's reasons that we can see the Altcoin market bleed but one of the Things we've noted time and time again Is that we're at a phase where Theoretically whatever Direction Bitcoin Goes the altcoin market collectively Bleeds back to bitcoin it doesn't mean There aren't some altcoins that cannot Perform there always are some all coins That outperform especially some of the Lower market cap all coins but we know That Bitcoin has gone has had periods Where it's gone up it's had periods Where it's gone down over the last year And a half and no matter no matter that The altcoins you know that we've at Least looked at in this video and you Could you could go look at a lot of

Other all coins as well they just more Or less continue to bleed with bounces Periodically in between same thing with Solana it's been generally moving down Since November 2021 on its Bitcoin pair We know that Bitcoin has been all over The place in terms of you know going Down to 17.5 and then bouncing back up And then going down even to 15.5 and Then bouncing back up and despite all of It the Solana Bitcoin valuation just Continues to slowly bleed down so I do Think it's useful to understand Seasonality of of ethereum against Bitcoin but also to see how a lot of the Altcoin market shapes up against Bitcoin During say bear Market years and Recovery years thanks for having me on Guy pleasure to be here as always and I Look forward to seeing you again next Week bye Thank you Ben I will be hosting Ben and Rob for our weekly live stream on coin Bureau Clips this Thursday kickoff is 9 A.M Eastern 5 p.m golf time come and Begin The Descent to the weekend with us Also you're not too late to secure your Ticket to this year's coin Bureau Live Event in London on the 10th of June Link In the description if you want to snap Up one of the few remaining tickets 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 help those gains Grow then the coin Bureau deals page is Where you should go there are thousands Of dollars in bonuses trading discounts And products to help you trade like a Pro you can find the link to that Resource and many others in the Description below thank you all so much For watching and I'll see you in next Week's episode Thank you Foreign


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    • bitcoinBitcoin (BTC) $ 38,089.00 2.91%
    • ethereumEthereum (ETH) $ 2,058.35 2.59%
    • tetherTether (USDT) $ 0.999958 0%
    • bnbBNB (BNB) $ 230.31 2.22%
    • xrpXRP (XRP) $ 0.613436 2.13%
    • solanaSolana (SOL) $ 59.16 7.63%
    • usd-coinUSDC (USDC) $ 0.999488 0%
    • staked-etherLido Staked Ether (STETH) $ 2,057.22 2.57%
    • cardanoCardano (ADA) $ 0.385009 3.64%
    • dogecoinDogecoin (DOGE) $ 0.080823 4.82%