Crypto News: Ethereum, Tether FUD, Coinbase, BASE & MORE!!

Foreign Bureau Weekly News Roundup my name is Guy and my name is Jessica here are the Top stories in crypto this week Crypto gets rejected coins and tokens Tumble in response to a supposedly Hawkish fed and the latest round of Tetherfud when will the market pump or Dump Ethereum's inflation returns if Supply Turns positive after JPMorgan turns Negative and Wales send millions in eth To exchanges what does this mean for eth Coin and base crypto's second largest Exchange is revealed as holding five Percent of all BTC while its base chain Surpasses Solana and teases a token why This is a bigger deal than you might Think Record Capital flight China sees its Largest outflows in almost a decade as The economy collapses and the Yuan Weakens how this could foreshadow a Crypto Crackdown And a closer look at last week's top Performing cryptos and where they could Be headed next all this and More in just A moment Last week the crypto Market experienced Another de facto pump and dump that's Because the market was rallying leading Up to the fed's press conference and Started to crash shortly afterwards What's interesting is that the fed's

Press conference probably wasn't the Catalyst for the crash that's because Crypto prices appeared to Rally while Chairman Jerome Powell was speaking Now this was interesting because the Stock markets were simultaneously Crashing so this just underscores the Fact that the crypto Market has been a Lot less correlated to the stock market In recent months this relative lack of Correlation therefore means that it's Probably a crypto specific factor that Moved the market rather than a macro Factor the top candidate in this regard Is a report by The Wall Street Journal Which claimed that tether had issued Billions of dollars in loans to Unspecified business partners For context tether once loaned hundreds Of millions of dollars to crypto Exchange bitfinex its sister company Naturally this loan was issued to cover A shortfall bitfinex had reportedly lost Access to hundreds of millions in funds U.S Regulators subsequently find tether And bitfinex for this shenanigan as such The news that tether was once again Lending billions of dollars likely led Many crypto investors to believe that Another big crypto entity may be short On cash probably an offshore Exchange This would explain why the crypto Market Started to crash shortly after the Report was published now the catch is

That this report may not be accurate According to tether CTO Paolo Arduino The tether spokesperson cited by The Wall Street Journal is not a Spokesperson and doesn't work at tether Paulo also highlighted the fact that Tether currently has over 3 billion Dollars in excess reserves He also claimed that tether is on track To make over four billion dollars in Profit not Revenue profit by the end of The year This makes sense considering that most Of the usdt in circulation is backed by U.S government debt which in some cases Is earning a yield of over five percent Five percent on tens of billions is a Lot and I'll tell you what else is a lot And that's 40 Grand which is something That you can get with all the airdrops And promotions offered by the coin Bureau deals page the link will be down In the description Now as is often the case Paolo's Clarification didn't get as much Coverage as the initial hit piece This is probably a part of why the Crypto Market hasn't recovered after the Dip another potential reason is the Absence of any bullish news to take Crypto prices higher the result is that Prices are static and if you're Wondering why btc's price seems to be Stuck around 26.5 K the answer is the

50-month moving average which is Currently sitting at around 26.6 k Similarly to the Bollinger band moving Average on the weekly the 50-month Moving average appears to be a key zone Of resistance and support for BTC Logically then falling below these Levels could mean quite a sharp drop and Many crypto media Outlets have Speculated about this outcome by the Same token however bouncing from these Levels could mean a continuation of the Rally we've seen since the start of the Year as always it's a bit of a toss-up Now if you've been keeping up with our Weekly crypto reviews however you'll Know that we've been speculating about The possibility that eth has been Leading the crypto Market as of late if This is the case then the downside Scenario seems more likely given how Weak ether's been against BTC lately as Reported by coindesk eth recently hit a 14-month low against BTC This is likely due to the cell pressure Ether's been experiencing including from Some of its key players ethereum Creator Vitale buterin reportedly sent almost Half a million dollars of eth to Exchanges last week presumably to sell At the same time eth Wales have been Sending tens of millions of dollars of Heath to exchanges almost every day and You'll notice if you're watching

Blockchain analytics tools like whale Alert the fact that some Ico era Ethereum wallets are starting to move Ether round could also be a cause for Concern meanwhile eth itself has started Becoming inflationary again For reference a portion of all eths are Burned meaning that if there's enough Activity on ethereum eth is deflationary This deflation is a Tailwind for eth Because if its Supply is declining while Demand stays the same or increases Prices rise this Dynamic is no longer in Play and it's something we predicted in Our ethereum update a few months back Data from into the block suggests that Eth's return to inflation is due to an Almost 10 percent decline in transaction Volume over the last week so this begs The question of what caused this sharp Decline The answer could be that ethereum is Starting to fall out of favor with Institutional investors this is Something that crypto asset manager coin Shares has noticed in its institutional Flows over the last few weeks and it Seems we finally have an answer about Why institutions seem to be shunning eth According to JPMorgan ethereum's Activity after the Shanghai upgrade Which enabled eth-staking withdrawals Has been quote disappointing the Analysis cited the decline in defy

Activity as one of the reasons and noted That regulatory uncertainty in the United States could be hurting Ethereum's ecosystem now this is an Understatement given that there's been Extreme regulatory scrutiny of both defy And stablecoins as of late and not just In the United States Some of you may have heard that binance Is planning to de-list stable coins in Europe due to the eu's recently passed Crypto regulations From our perspective though there is a More fundamental reason why eth has Fallen out of favor with institutions And it's one we noted in our video about The US government's debt ceiling deal in Short eth staking yields are competing With yields from U.S government debt Which continue to rise now it stands to Reason that institutions would rather Earn five percent from investing in U.S Government debt than from staking eath That's because the former is the safest Asset in the world whereas the latter is Arguably one of the most speculative it Doesn't help that eth's status as an Asset is uncertain at least in the U.S Come to think of it the large amounts of Eth we've seen sent to exchanges over The last few weeks could be coming Mainly from such institutional investors This would explain why these flows have Increased along with bond yields and it

Suggests these flows will accelerate if Bond yields keep Rising if this is the Case then eth could continue to see Weakness until bond yields start to fall And bond yields probably won't start to Fall until there's a recession of some Kind Right now most investors aren't pricing In a recession but the few who are Believe it could happen later this year Or early next year early next year is When the next Bitcoin halving is Expected to occur and roughly when Bitcoin dominance is expected to start Declining again given these facts it's Possible that eth will continue to Decline for the next six months or so The Silver Lining is that this presents An accumulation opportunity But back to bitcoin a recent report by Arkham intelligence suggests that crypto Exchange coinbase holds around five Percent of the BTC in existence to put Things into perspective that's roughly 1 Million BTC which is worth around 25 Billion dollars coinbase itself owns Around 10 000 BTC worth 200 million Dollars now this news comes hot on the Heels of another big milestone for Coinbase bass it's recently launched Layer 2 for ethereum now holds more Total value locked than Solana according To l2beat Bass has also become the third Largest layer 2 by total value locked

Though it has a way to go to reach Second place in any case if you watched Our base tutorial you'll know that we Speculated about the possibility that Bass could airdrop a token to its early Users lo and behold coinbase's Chief Legal officer Paul Grewal recently Remarked that a base token has quote not Been entirely ruled out Paul added the That a base token could quote be viable At some point in the future this makes Sense given that base plans on Decentralizing and this will likely Require a token of some kind of course The only thing standing in the way of This token is probably the SEC you just Know it would crack down in a heartbeat And in other coinbase related news The Exchange is reportedly looking to Acquire ftx's European arm This is not surprising given that Coinbase has made lots of Acquisitions Over the last couple of years as part of Its Global expansion even so it suggests That coinbase is continuing to grow Despite the bear Market By contrast coinbase's biggest Competitors have been shrinking due to The unprecedented regulatory scrutiny They've been facing it seems that Coinbase has been positioning itself to Capitalize on their troubles and this is More significant than you might think For those unfamiliar one of the reasons

Why the SEC is hesitant to approve a Spot Bitcoin ETF is because most of Btc's trading volume is taking place on So-called offshore exchanges but as These offshore exchanges face ever more Scrutiny btc's trading volume is moving Onshore so to speak obviously coinbase Is the primary onshore exchange it's a Publicly traded company that's been Vetted by the SEC which is a bit ironic Given the recent lawsuit filed by the SEC Against The Exchange Coinbase also has the backing of some of The biggest players in tradvice such as BlackRock which is using coinbase as Part of its spot Bitcoin ETF application This is what makes the recent headlines About coinbase so fascinating perhaps It's just us but almost all these Headlines have been very bullish for the Exchange It's almost as if we're being primed for Some offshore exchanges to go down and For coinbase to take their place now Even if this isn't the case it seems Perhaps inevitable given the Circumstances The good news is that coinbase gaining Dominance means that tradify will be More comfortable investing in crypto and We could even get a spot Bitcoin ETF Finally approved This means that many coins and tokens Will see new all-time highs the bad news

Is that the process by which coinbase Gains dominance is likely to do damage To the crypto Market in the short term Coinbase also appears to be closely Aligned with tradify interests and You'll know this if you watched Yesterday's video about the war to Control Bitcoin regardless the next few Months are going to be very interesting For crypto and not just because of What's been going on in the industry Itself if you've been keeping up with The channel you'll know one of the key Themes we've been covering is crypto's Role in geopolitics and one of the Countries we've been focusing on in that Regard is China if you watched our video About the new governor of China's Central Bank you'll know that he appears To have been behind the country's crypto Crackdowns that's because part of his Job is to prevent Capital flight This is why the recent news that Chinese Capital flight is at its highest level In almost a decade is so important Some crypto analysts believe that this Is bullish for crypto since it can be Used to Aid Capital flight however we Believe this could be bearish and there Seems to be evidence of this already As some of you may have heard Hong Kong's Central Bank recently put out a Warning to crypto exchanges using Banking terminology

Now this was strange given that the Administrative state had been embracing Crypto to the point that it was Reportedly forcing Banks to accept Crypto clients just a few days later Hong Kong Regulators announced that they Would be tightening crypto regulations Due to fraud allegedly committed by an Unlicensed crypto exchange called jpegs And as a cherry on top Hong Kong Regulators announced they would be Releasing stablecoin regulations next Year When you remember that Hong Kong has Basically been under China's Direct Control since 2020 you realize that There could be more to its anti-crypto Pivot recall that even the crypto media Acknowledged that Hong Kong's positive Crypto stance was approved by China it Stands to reason then that it works the Other way in case you haven't put two And two together cryptos use in capital Flight is probably a part of why Hong Kong has suddenly started tightening its Grip on the industry it's possible that Using crypto for Capital flight via Hong Kong has started to increase since Exchanges started serving retail Traders FYI exchanges in Hong Kong started Serving retail Traders late last month Since that time the Chinese Yuan has Weakened against the US dollar from the Perspective of a capital flight cop like

The pboc's Pang gong Sheng correlation And causation are one and the same all Possible exits must be closed now the Good news is that a crypto Crackdown in Hong Kong probably wouldn't do much Direct damage to the crypto Market or Industry the bad news is that The Narrative of the next bull market Beginning in Asia could become less Likely and this alone could weigh on Crypto prices and sentiment For what it's worth though there are Many other emerging crypto hubs in Asia Such as Singapore which would keep the Asian crypto bull market Catalyst alive Having been to Singapore recently I can Confirm that the sentiment in the East Is as bullish as ever more about that in The description let's just hope that That isn't some kind of contrarian Indicator So with all that said let's now turn to The top performing cryptos Jessica take It away Thanks guy last week's top performing Cryptos were chain link immutable X Curfe Finance Tara classic and silica Starting with chain link Lynx price Appears to have pumped because of the Launch of its cross-chain Interoperability protocol or ccip on Arbitrim ethereum's largest layer 2. Chain link also hosted an exclusive Event for tradfi institutions which saw

Almost 200 attendees as impressive as The recent perm has been link continues To trade sideways on the weekly and Doesn't seem to be trending up or down In fact Link's price has been bouncing Around six to seven dollars for almost 18 months in the absence of any big Crypto Catalyst the sideways chop will Probably continue Next up we have a mutable X whose IMX Token appears to have pumped because of The crypto Project's participation in a Japanese crypto gaming conference a Mutable also offered its first Learn to Earn campaign with 8500 USD in Rewards Unfortunately IMX continues to be in a Long-term downtrend and was rejected at The Bollinger band moving average on the Weekly chart the Bollinger band squeeze Suggests that volatility is imminent the Direction of this volatility ultimately Depends on the Catalyst that triggers The Squeeze When it comes to care Finance CRV pumped For are known reasons it's possible this Pump was caused by a short squeeze or an Unknown whale coming in to save CRV Tokens from potential cell pressure CRV Was recently sold OTC by founder Michael Eggerov for 40 cents a pop as you can See crv's price briefly fell below 40 Cents leading to fears that OTC Participants would sell their stash Fortunately for curve Finance CRV

Quickly pumped after breaching 40 cents However the long-term downtrend suggests This recent pump could be short-lived Regarding Tara Classic's lunk coin it Appears to have pumped because of a Proposal passed by the tarot classic Community to stop minting the ustc Stablecoin it's hoping that stopping the Minting will allow ustc to regain its Dollar Peg Ustc is currently worth just over a cent The passing of this proposal managed to Give lunk its first green week in two Months but it didn't manage to reverse Its continued long-term downtrend If I'm not mistaken preventing ustc Mints could be detrimental to lunk Because ustc Burns will increase its Supply and suppress its price Be careful Finally we have silica's zilcoin which Appears to have pumped because of the Crypto Project's recent partnership with Google Cloud the partnership will see Google Cloud becoming a node operator on Silica's blockchain Similar to lung silica's announcement Has created a green week for sale but it Hasn't stopped the longer term downtrend They'll also appears to be hovering Around the critical zone of long-term Support that extends back towards the Previous crypto cycle if it breaks below These levels it may sink two new lows

Note that you can find out which crypto Projects are pumping in real time and Where you can trade them on the coin Bureau telegram channel the link will be Down in the description And that's all for today's coin Bureau Weekly crypto review if you enjoyed it Then you know what to do hit that like Button subscribe button and Bell icon Too don't forget to check out our deals Page where we have massive discounts and Airdrop bonuses of up to forty thousand Dollars on some of the best exchanges Only for the viewers of this channel you You can find the link to that resource And many others in the End thank you so much for watching and Weeks episode