Crypto News: Ethereum Merge, Terra Fork, ESG, BTC & MORE!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Terror aftermath vcs and crypto Companies start to reveal just how much They lost as the terror community Prepares for a hard fork everything you Need to know Central banks and bitcoin Salvadoran president najib buchelli Gathers officials from 44 developing Countries to discuss bitcoin adoption Which country will be next to take the Orange pill I spy a bitcoin mine the university of Cambridge updates its bitcoin mining map To find that china is still contributing 21 Of bitcoin’s hash rate despite its Government’s mining ban is this good or Bad Tesla retaliation After the ev company is booted from the S p 500 esg index ceo elon musk takes to Twitter where else to criticize the Controversial investment trend could his Criticisms help cryptocurrency Ethereum updates developers announce a New estimate for ethereum’s transition To proof of stake while creator vitalik Buterin considers his own contradictions What does it all mean for eth

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 time stamps in the video Timeline And now for today’s top stories Last week we finally saw a few crypto Vcs and companies with lots of exposure To terra’s ecosystem break their silence After the crypto project’s multi-billion Dollar collapse First there was binance whose ceo Changpeng zhao revealed that the Exchange never sold the 3 million worth Of luna it had received in exchange Listing fees in 2018. At its peak binance’s holding of luna Exceeded 1.6 billion dollars today That’s worth a couple of thousand Dollars if that Pantera capital took the opposite path Revealing that it had managed to sell Off 80 of its lunar holdings prior to The crash the crypto vc revealed that Its initial 1.7 million dollar Investment in the project returned a Whopping 170 million which is especially

Impressive since pantera purchased its Luna on the open market in early 2020. Like binance delphi digital held its Lunar bags until the bitter end an end That was extremely bitter given that Luna accounted for around 13 of the Crypto vc’s portfolio Delphi digital did not reveal exactly How much money it saw disappear but did Specify in a blog post that its 10 Million investment in terra earlier this Year is quote entirely lost It’s currently believed that the largest Loss was experienced by a crypto vc Called hashed an early terror investor Which had accumulated more than 3.5 Billion dollars of luna over the years According to on-chain analysis conducted By coindesk Let’s just say this luna isn’t worth Nearly as much as it was The final superfan to speak out was Galaxy digital ceo mike novogratz who Had actually gotten a terror-related Tattoo back in january it’s again not Clear exactly how much money galaxy Digital lost but the fact that it had to Issue a statement during the crisis Confirming it was still solvent suggests It was somewhere in the region of a heck Of a lot There are obviously hundreds of Thousands of individual investors who Have incurred comparable losses in

Aggregate and this is why so many in the Terror community are turning to the Upcoming terror fork for hope Although i mentioned the details about Terra’s upcoming fork in our recent Video about terra’s implosion it’s Important to note that a few amendments Have been made to the fork proposal Most of these involve how luna’s new Supply will be distributed and i’ll Leave the new details about tara’s fork In the description The fork proposal is currently being Voted on by luna holders and as i Predicted it looks like it’s likely to Pass when the voting period ends in About 48 hours Assuming everything goes according to Plan the terror blockchain will fork This friday after a snapshot has been Taken Now i will quickly caution that you Could see a lot of speculative pumps on Luna and ust around the time the Snapshot is supposed to happen I also have a feeling there will be a Lot of cell pressure for terra’s new Lunar coin since so many people are Desperate to get their money back as Such i suggest exercising extreme Caution if you’re planning on taking Part in terra’s new chain Meanwhile in el salvador president najib Buchelli welcomed financial officials

From 44 different countries to discuss Bitcoin adoption as part of an event About financial inclusion in the Developing world As many of you will know el salvador Made bitcoin legal tender in september And the government has been buying the Dip ever since something that not Everyone is supportive of Najib tweeted the full list of countries That were represented at the historic Meeting and it seems representatives From just about every african country Were present along with a few from the Middle east and latin america In what was likely an intentional Coincidence orchestrated by najib 44 is The same number of countries that were Represented at the bretton woods hotel In 1944 when the us dollar was decided To be the world’s next reserve currency Similarly the 44 representatives Traveled to bitcoin beach where el Salvador’s own bitcoin adoption began And you’ll know that already if you Watch my video about el salvador’s Bitcoin beginnings Whereas the representatives at the Bretton woods conference sat around a Table sharing papers and talking Politics the representatives who Attended bitcoin beach went around the Town paying for goods and services in Btc to show themselves and others just

How powerful bitcoin can be Naturally the representatives present Took a series of group photos one Wherein they screamed bitcoin and Another more official photo which has Since been photoshopped to give each Financial official a set of laser eyes Which is of course supposed to imply That they’re all bullish on bitcoin The evident over-representation of African countries at el salvador’s event Suggests that the next country to adopt Bitcoin as legal tender is likely to Hail from that region As many of you will also know the Central african republic recently made Bitcoin legal tender alongside the Central african franc a currency that is Indirectly controlled by france to this Day As i mentioned in my video about the Countries that could adopt bitcoin as Legal tender not having control over Your national currency seems to be one Of the factors that drives bitcoin Adoption at the national level As it so happens the central african Republic isn’t the only country that Uses the central african franc and of The five others that do two were present At el salvador’s bitcoin event Specifically equatorial guinea and the Republic of the congo Will they adopt bitcoin as legal tender

Well if you ask me it’s not a question Of if but when because at the rate that Fiat currencies are failing bitcoin Might be the only bet for many central Banks The failure of fiat currencies and the Possibility that a cryptocurrency could Fill that void is arguably the main Reason why governments around the world Are rushing to roll out central bank Digital currencies the country leading The charge in this regard is china which Has been working on its digital yuan Since 2017 and it’s no coincidence that Its crypto crackdown has coincided with Its cbdc rollout When china banned bitcoin mining in may Last year it was believed that all Chinese bitcoin mining operations had Ceased or relocated to different Countries However recent research by cambridge University found that some chinese Bitcoin miners have continued their Operations in secret with china suddenly Accounting for over 20 percent of Bitcoin’s hash rate This just goes to show that bitcoin Mining is much easier said than done but It also begs the question of why chinese Bitcoin miners continue to operate Despite the risks and whether it’s a Good or bad thing for bitcoin One possibility is that china isn’t all

That serious about its bitcoin ban there Have been many headlines that seem to Imply chinese regulators are considering Reversing the ban the most recent being A landmark ruling by a shanghai court That btc counts as property If this is the case then it would be Good for bitcoin given that it would Open the floodgates to billions of Dollars of demand from sidelined chinese Investors Another possibility is the chinese Government is mining btc to sell for Extra money or even stacking sats Themselves This sounds a lot less far-fetched when You remember that china’s ties to russia Have only grown stronger ever since Russia invaded ukraine something that Has drawn the ire of the united states It seems china is taking the threat of Potential sanctions seriously as the Chinese government is reportedly Starting to pressure its officials to Offload any assets they have overseas Selling off assets that can be seized And acquiring assets that can’t be Seized sounds like a solid game plan Given the circumstances china finds Itself in and btc is one of the few Assets that falls in the latter bucket If this is the case then it could Actually be good for bitcoin That’s because any country that’s

Leveraging bitcoin has an economic Interest in ensuring that most of its Hash rate is within its borders or at Least not entirely within the borders of Countries that are hostile towards it This would inevitably lead to a bitcoin Mining competition between countries Which would ultimately increase the Decentralization of the bitcoin Blockchain The most likely possibility is that Chinese bitcoin miners are in fact just Secretly taking advantage of any cheap Untraceable and or surplus energy to Make an extra buck from selling btc on The side If this is the case then it would not be As good for bitcoin because the energy Sources being used by these bitcoin Miners are probably as dirty as they get And that will give more ammo to the Anti-crypto critics If you don’t know what i’m talking about Check out my video about how much energy And emissions are actually associated With bitcoin mining that will be in the Description Speaking of environmental concerns tesla Was recently kicked out of the s p 500’s Esg index for not adhering to the Ever-changing definition of Environmental social and governance Responsibility A spokesman for the s p explained that

Tesla’s removal was justified because of Quote tesla’s lack of low carbon Strategy and codes of business conduct The latter reason relating to a series Of discrimination lawsuits at one of Tesla’s many manufacturing facilities Besides the fact that these Justifications sound more like excuses Tesla’s mission is to literally quote Accelerate the world’s transition to Sustainable energy which is why the s P’s announcement took many people by Surprise This included tesla ceo elon musk who Tweeted about how it’s ironic that an Oil company has one of the highest esg Scores how this is evidence that esg is A scam that’s been weaponized by wall Street elites that the s p ratings Agency has lost its legitimacy and the Corporate esg is quote the devil Incarnate If you watch my video about esg and Cryptocurrency you’ll know that elon’s Assessment is more or less correct esg Seems to be nothing more than an excuse By asset managers to prop up companies That conform to their ideological Commands and push all the dissenters Down It’s safe to say that the s p’s decision To drop tesla from its esg index and Elon’s outspoken response has called the Credibility of esg investing into

Question and this could be very good News for cryptocurrency That’s because crypto projects are under Extreme pressure to conform to esg Criteria especially those that are Looking to appeal to legacy institutions Or secure funding from established asset Managers Esg has also been used to bash btc as an Investment on the grounds that it’s Environmentally unfriendly even though All the esg obsessed investors seem to Be more concerned about the fact that They can’t govern bitcoin with money Like a publicly listed company or select Proof-of-stake cryptocurrencies Last but not least a crack in esg’s Credibility could eventually lead to More investment in the energy industry Which has been underfunded for years Because of esg mandates This underfunding has been a significant Contributor to the rising energy costs Around the world which you’ll recall Began well before russia invaded ukraine Bringing down energy costs is more Important than ever given that energy Costs are contributing to rising food Costs and the possible shortages we Could see in the not so distant future More about that in the description As you might have guessed esg is one of The reasons why institutions are excited About ethereum’s transition from proof

Of work to proof of stake as it will Make the ethereum blockchain more Environmentally friendly Ethereum’s transition from proof of work To proof of stake is called the merge And plans for the merge have basically Been around since ethereum began Now the merge was actually delayed so Many times that it pushed ethereum Co-founder gavin wood to quit ethereum And create polkadot and it’s become a Common talking point among ethereum Critics The most recent delay occurred in Mid-april when ethereum developers Stated that ethereum’s transition to Proof of stake would probably occur Sometime next year scratching the summer Deadline In what may be a first ethereum Developers recently confirmed that the Merge will in fact be occurring this Summer with the caveat that everything Must go according to plan in terms of Test nets and the like The summer timeline seems to be set in Stone as it’s reflected in ethereum’s Official roadmap More importantly ethereum developers Didn’t delay ethereum’s difficulty bomb Which began earlier this month and will Make ethereum impossible to mine in a Few months time Another sign of seriousness is ethereum

Creator vitalik buterin’s ideological Contradictions which he posted to Twitter shortly before the summer Deadline was re-established These included things like the desire to See ethereum become more like bitcoin in The long term and feeling more aligned With quote intellectual elites than the Average person despite being a Passionate lover of democracy and Decentralization The ideological contradiction that Caught my eye the most relates to the Nation-state adoption of cryptocurrency Which vitalik fears will just lead to More centralization in the many places It occurs this relates to another Cryptic comment vitalik recently made as Part of a recent mini documentary for The zcash privacy coin and that’s that Quote we have to have some optimistic Vision of technology and not just worry All the time about how it’s going to Turn into a dystopia This ties into another comment vitalik Made back in march in a time magazine Interview and that’s that quote crypto Itself has a lot of dystopian potential If implemented wrong Call me crazy but it sounds like vitalik Is genuinely concerned about the future Of cryptocurrency should control of Protocols fall into the wrong hands This is something that could happen on

Any proof of stake chain including Ethereum post merge This is simply because proof of stake Makes it much easier for institutions to Influence a blockchain and if most of The staked crypto is coming from just a Few validators this could threaten a Blockchain security and censorship Resistance This has become a serious topic for eth Given that a liquid staking protocol Called lido finance now holds around a Third of all the eth being staked on the Beacon chain I’ll be doing a deep dive into lido Finance and liquid staking later this Week in the meantime you can check out My most recent ethereum update using the Link in the description Turning to the charts we can see that Btc has finally found some support Around 30k which is certainly nice to See after eight straight weeks of price Decline Fun fact btc has never gone down for so Long but as i mentioned in my weekly Newsletter this abnormally long drawdown Can be explained by bitcoin’s strong Correlation with the stock market which Has seen these kinds of multi-week Declines many times before I’ve been talking about the possibility Of a relief rally for weeks now and i Maintain that one must come eventually

Because all indicators suggest btc is Very oversold The weekly rsi is at its lowest level in Years and btc’s price candles are well Outside of the weekly bollinger bands to The downside Bitcoin’s fear and greed index is also At historic lows and as the saying goes By when there is blood in the streets Warren buffett said it not me Last week’s top performing altcoins were Kyber network iotex carver phantom and The kucoin exchange token an interesting List to say the least Starting with kyber network the knc Token seems to be rallying due to the Release of kyber swap’s referral Campaign which began a few days back Note that the referral campaign ends This thursday so we could see an end to Knc’s speculative pump Zooming out on knc’s price action tells A different story however as the token Seems to be rising from the ashes with a Very strong rebound It’s not entirely clear what’s causing This short-term rally but i suspect it Has something to do with kyber swap Next we have iotex whose iotx coin has Taken a short-term trip to the moon on The news that the next iotex mainnet Upgrade will be taking place at the end Of the month Unfortunately iotx’s recent price action

Is barely visible on its long-term price Chart For what it’s worth its price appears to Be in a long-term uptrend sort of When it comes to carver its carvacoin is Shooting for the stars on the upcoming Launch of its own mainnet upgrade which Will feature support for the ethereum Virtual machine As you can see carver has seen some very Volatile price action and it’s important To point out that its recent dip was due To terror’s implosion For context all cosmos based Cryptocurrencies seem to have taken a Hit but luckily for carver its price is Still in a nice long-term uptrend As for phantom the ftm coin is Responding positively to the prospect of The proposed changes to phantom’s staked Ftm and fusd mechanics check the link in The description if you want to learn More about those Like other layer ones ftm has seen the Wind drop out of its sales especially After andre cronier announced he would Be leaving the project Note that i still hold ftm and that’s Because i believe there’s more to Phantom than one man just my opinion And finally we have kucoin’s kcs token Which as an exchange token is merged at The hip with the actions of kucoin’s Cryptocurrency exchange to be fair this

Seems to be changing as the kucoin Community chain gains adoption The long-term price action of the kcs Token also looks seriously impressive And this again has to do with the Increasing popularity of the kucoin Cryptocurrency exchange If you’re curious about kucoin you can Check out my kucoin tutorial using the Link up there in the top right 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 Note that there’s only about a week left To try your luck at winning one of 10 Prizes of 0.1 btc that’s more than three Grand which is a pretty penny Additional details can be found in the Description just below me thank you so Much for watching and i’ll see you all In next week’s episode [Music] You