Crypto News: Fed Meeting, BTC Adoption, APE Antics, Mining & More!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Crypto market crash most coins and Tokens see double-digit losses as the Stock market gets slaughtered when will A selling end Countries bullish on crypto the central African republic cuba brazil panama Switzerland and india all make big Crypto related announcements What do they mean for the crypto Market apecoin antics after a Record-shattering nft sale the board ape Yacht club community is left asking Questions as the ape token crashes Here’s what went down Bitcoin mining metrics hashrate Continues to hit new highs despite a Moratorium on crypto mining in new york State and declining minor revenues how Could this affect btc’s price Crypto borrowing better than selling Goldman sachs issues its first Bitcoin-backed loan as a defy protocol On polygon issues the first Decentralized mortgage is this the Future or just a fad Stablecoins in the spotlight u.s Regulators and politicians quarrel over Who gets to control crypto’s digital Dollars why this is more important than

You think 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 what can only be Described as a bloodbath crypto stocks Bonds gold almost every asset got Absolutely wrecked and many of them Continue to decline If you’re wondering why the short answer Is the dxy that’s the us dollar index For anyone wondering and it’s at the Highest level it’s been in almost 20 Years This is a sign that investors across the Board are selling off the assets they Have and flocking to the u.s dollar as a Safe haven despite the historically high Levels of inflation in the united states As to why investors are flocking to the Usd despite these conditions the short Answer there is uncertainty about Everything that’s going on in the world At the moment Besides record levels of inflation in

Many regions we’re still technically in A pandemic there are serious supply Chain shortages and issues and there’s a War in ukraine which only seems to be Escalating As a cherry on top the federal reserve Will be announcing how much it plans to Raise interest rates by in a press Conference this wednesday and investors Aren’t sure how much the fed will hike This seems to be because of a statistic That was released on friday called the Personal consumption expenditures index Or pce If you watched my video about federal Reserve chairman jerome powell’s Back-to-back hearings in march you’ll Know that the pce is the indicator the Fed pays the most attention to in terms Of inflation Not surprisingly the pce came in at a 40-year high of over 6.6 percent and This has investors wondering whether the Fed will increase interest rates more Aggressively at the last minute than They had bargained for The only problem there is that the United states could be headed for a Recession One of the primary indicators for this Is growth and it looks like the u.s Economy shrank by 1.4 percent in the First quarter of this year For context investors were expecting a 1

Gain Now because the united states is the Largest economy in the world a u.s Recession basically guarantees a global Recession and that’s something the Federal reserve would probably rather Not accelerate or even cause with Aggressive interest rate increases To be blunt this week could decide Whether the crypto market continues to Recover or enters a bear market so Prepare yourselves accordingly I’ll also be doing an in-depth analysis Of whether we are headed for a recession And what it means for the crypto market Later this week so be sure to stay tuned For that Anyways despite the unreliably bearish Investor sentiment in the crypto market It looks like countries are as bullish On crypto as ever For starters there’s the central african Republic which is the second country to Make bitcoin legal tender after el Salvador It’s crazy that this news seems to have Fallen on deaf ears in the crypto Community but that might have something To do with the fact that it wasn’t Entirely clear whether it was true when It was announced Now we’re finding out that the central African republic’s own central bank had No idea that its president had passed a

Bill making bitcoin legal tender in the Country As reported by decrypt this has mostly To do with the fact that the central African republic isn’t the most stable Country in the world in fact it’s one of The least stable What’s interesting is that this Instability seems to be a common Characteristic of all the african Countries that use the central african Franc which is pegged to the euro If you watch my video about my Experiences at bitcoin miami you’ll know That there was a talk there that Discussed how the central african franc Is effectively controlled by the french Central bank and how this has done Serious damage to the african countries That use this currency This suggests other african countries in The region could soon follow suit in Making bitcoin legal tender and i’ll Leave a link to that discussion from Bitcoin miami in the description if You’re interested A bit of a tangent but needs to be said Now another country that’s been Embracing crypto is cuba which made Cryptocurrencies a legal method of Payment in september last year Cuba’s central bank has now announced That it will begin offering virtual Asset service provider licenses starting

This month this should lead to the Broader adoption of cryptocurrency in The country Next there’s brazil which is on the cusp Of passing a bill that would bring Regulatory clarity to the rapidly Growing crypto industry in the country A similar bill was just passed in panama And it included a capital gains Exemption for cryptocurrencies in a bid To make panama the most crypto friendly Country in the region Across the pond switzerland’s central Bank noted that it was open to the idea Of holding btc on its balance sheet but Not just yet In india the government is scrambling to Clarify a component of its controversial Crypto tax law specifically the portion That requires one percent of every fiat To crypto transaction to be taxed The so-called tax deducted at source law Is supposed to come into effect on july The first and with some luck will be Removed entirely as many crypto Companies claim it violates india’s own Laws and they have the legal precedent To prove it All in all it looks like every country Is finding its own way of adopting Cryptocurrency and although these Announcements may seem insignificant Today they’re putting the fundamentals In place for new all-time highs across

The board Some cryptocurrencies have managed to Hit all-time highs irrespective of Current market conditions and one of These is apecoin ape rallied late last Week as board 8 yacht club enthusiasts Rushed in to claim land nfts for the Board 8 yacht club’s upcoming metaverse Called other side Naturally the apecoin was used to Purchase these so-called other deeds Which were sold for over six thousand Dollars a pop As is often the case with such events The other side land sale was less than Optimal as thousands of apes pushed Ethereum to its limit while trying to Get a cut of its virtual territory Board 8 yacht club creator yuga labs Responded with a lengthy twitter thread Which included a tweet that read quote We’re sorry for turning off the lights On ethereum for a while it seems Abundantly clear that apecoin will need To migrate to its own chain in order to Properly scale we’d like to encourage The dow to start thinking in this Direction As you might expect this resulted in an Array of comments from users demanding That apecoin migrate to their favorite Ethereum alternative and comments coming From critics who claim that the sale Smart contract was poorly coded

Resulting in five-figure gas fees for Some would-be buyers In the middle of this gas fee madness 55 000 other deed nfts were sold bringing In over 300 million dollars for yoga Labs Although ape has since crashed by more Than 30 per cent board 8 yacht club and Mutant 8 yacht club nfts are still Sitting close to their all-time highs It’ll be interesting to see whether they Follow suit but as a holder of the Latter i hope this doesn’t happen Speaking of all-time highs bitcoin’s Hash rate recently hit another all-time High despite bcc’s poor price action This is actually somewhat surprising Given that bitcoin’s hashrate tends to Correlate with btc’s price Clearly this correlation is nowhere to Be found at the moment What’s even more surprising is that Bitcoin’s hash rate continues to climb Regardless of the recent proposal to ban Crypto mining in new york state which is Coming close to being passed Now while the bill doesn’t ban crypto Mining outright it would make it Impossible for crypto mining companies Using fossil fuels of any kind or Quantity to get a permit from the state It would also make it impossible for any Existing crypto mining companies to Renew their permits if they’re using

Carbon fuels If you watch my video about coinshare’s Comprehensive crypto mining report You’ll know the bitcoin mining only Accounts for 0.08 percent of global Carbon emissions which amounts to Nothing more than a rounding error in The grand scheme of things A recent report by the bitcoin mining Council also found that 60 of btc is now Being created with renewable energy Which makes sense given that bitcoin Miners have a tendency to use the Cheapest energy sources which are often Renewables Unfortunately these facts seem to have Fallen on deaf ears in some u.s states But the good news is that the states who Are aware of these facts are welcoming Cryptominers with open arms and have Noted that they will happily take any Cryptominers who are forced to leave new York state The bad news is that cryptominers seem To be having bigger problems than Climate fudd campaigns According to coindesk many crypto miners Are having to sell company shares and Debt to continue financing operations to Be clear crypto miners are still very Much in the green but competition Between crypto mining companies is Fierce so fierce in fact that if btc Drops below 34k we could start seeing

Some crypto mining companies capitulate By selling off significant amounts of Btc reserves or even going bust The silver lining is that crypto mining Companies are reporting having an easier Time finding financing which suggests That institutions are convinced that Crypto mining is not only here to stay But will become even more profitable as Time goes on This means that institutions are betting On btc going up in the long term and There’s no question that bitcoin miners Are betting the same way Zooming out on btc’s price certainly Suggests that they’re onto something Here Btc’s long-term uptrend is a big reason Why many bitcoin whales try to borrow Against their bcc rather than sell it Borrowing against assets also doesn’t Result in any capital gains at least in The united states for many bitcoin Whales the only problem with this master Plan was the absence of a middleman Who’d be willing to lend them millions Or even billions of dollars using btc as Collateral Well a recent report by bloomberg has Revealed that goldman sachs is the first Big bank to step up to the plate and Offer btc-backed loans to its clients Though the spokesperson for the bank did Not mention who or how much was borrowed

All they said was that a btc backed loan Is interesting for the bank because it Requires them to keep an eye on the Crypto market 24 7. i bet that’s a job Many of us could do very well eh Jokes aside the basic concept of Borrowing against your crypto is Evolving to become something more Elaborate with a d5 protocol on polygon Called teller issuing the first under Collateralized mortgage loan using Crypto to a resident of austin texas According to a twitter thread by teller Usdc.homes is the first of its kind and According to the usdc.homes website you Can borrow up to 5 million u.s dollars For a 30-year mortgage with a down Payment of 20 And an interest rate as low as 5.5 All using crypto Not only that but you can stake your Down payment to offset some or Potentially all your loan interest Depending on market conditions Alternatively you can become a lender And earn interest on usdc Now it’s not entirely clear whether Usdc.homes is available outside of texas For the time being but even if it isn’t It’s likely only a matter of time before It’s made available in other states and Eventually other countries This begs the question of whether Regulators will allow these sorts of

Financial instruments to exist and if You watched yesterday’s video about the Imf’s financial stability report you’ll Know the answer seems to be No This is simply because decentralized Finance solutions like crypto mortgages Affect the bottom line of the big banks And that’s something that’s not allowed As far as regulators are concerned as i Mentioned earlier however every country Will have its own approach to crypto Regulation and the countries that Embrace crypto mortgages and the like Stand to benefit the most Funnily enough the only thing getting in The way of reasonable crypto regulation Seems to be the regulators themselves With regulators in the united states Arguing over who gets to control what Element of the crypto industry The crypto niche that u.s regulators Care about the most seems to be stable Coins which makes sense given that They’re de facto digital us dollars that Are backed primarily by us government Debt and centrally controlled by Entities with very close connections to The biggest names on wall street If you don’t believe me you can check Out my video about the assets backing Stablecoins using the link in the Description i digress Last week acting comptroller of the

Currency michael su issued a statement Calling for stablecoin standards which Should be set quote with representatives Not just from crypto web 3 firms but Also including academics and government It’s safe to say that michael is none of The above because he’s pushing for Stablecoin standards on the grounds that Quote stablecoins lack shared standards And are not interoperable which couldn’t Be further from the truth Stablecoins exist on more than a dozen Blockchains which are themselves Interoperable Heck even the largest decentralized Exchange in cryptocurrency is Specifically focused on stablecoins and That means it’s easy to switch between Them on the same chain At the same time a u.s politician is Pushing a poorly worded stablecoin bill That seems to target decentralized Stable coins such as terror’s ust Proposing to put them under the purview Of the securities exchange commission or Sec which is literally in the middle of Suing terror This is in stark contrast to a more Reasonable stable coin bill that’s been Tabled by politicians from both sides of The aisle This bill would task the commodity Futures trading commission or cftc with Stablecoin regulations

This is significant because sec chairman Gary gensler has been itching to go After centralized stablecoins on the Grounds that their securities which Makes zero sense By signing this authority over to the Cftc it would definitely classify stable Coins as not being securities and that Means gary and the sec can’t crack down On them The cftc seems to be more crypto Friendly in general too This news once again underscores that we Are at a pivotal point when it comes to Crypto regulation and though it’s Currently adding to the uncertainty in The crypto market once the dust has Settled we will hopefully have Reasonable crypto regulations that will Bring the bulls back to town Turning to the charts we can see that Btc is still holding strong at around 38k but this zone of support is being Strained to say the least if you watched Last week’s crypto review you might Recall me mentioning that it’s been About two years since we’d seen so many Red weeks on btc Well after yet another red week i can Now say that it’s been over three and a Half years since we’ve seen so many red Weeks on btc and the last time was at The end of 2018 when the bottom Completely fell out of the crypto market

Let’s hope the same thing doesn’t happen This week Last week’s top performing Cryptocurrencies were xdc network tron Steppen nexo and neutrino usd yikes Starting with xdc network aka zinfin the Xtc coin is apparently pumping on the News that panama will be promoting its Adoption as part of the aforementioned Crypto bill in addition to a whole bunch Of other altcoins including eth xrp and Algo While the xdc coin is still in something Of a long-term uptrend i would exercise Caution here as exchange support is Currently limited Never mind the fact that it probably Won’t be able to pump against the dump For long Next up there’s trom whose trx coin is Rallying on the upcoming release of the Us double d stablecoin which will have a Similar mint and burn mechanism to Terrors ust Trx is also in a long term uptrend and Though this trend looks stronger than Most other cryptocurrencies at first Glance trx hasn’t moved all that much in Percentage terms over the last couple of Years so keep that in mind before you Get too excited As for steppen the gmt token is Continuing its upward trajectory thanks To listings on coinbase and gemini which

Has made it accessible to more investors The exponential adoption of the steppen App is certainly contributing too Gmt seems to be building a solid zone of Support around current levels which will Help when it tries to reach new all-time Highs Just bear in mind that if we break down Below this zone gmt could crash by more Than 30 percent and some would argue That it’s only a matter of time the way The market is looking When it comes to nexo the nexo token is Reaching for the sky on the back of a Binance listing last week as well as the Recent release of nexo’s crypto card Which i definitely need to get my hands On for research purposes What’s nice is that nexo is in a very Strong long-term uptrend but i wonder How much more it can grow given the Crackdowns we’re starting to see on apps That let you earn interest on your idle Crypto And finally we have neutrino usd which Is of course a decentralized stablecoin That should be pegged to the us dollar But is having a hard time doing so Usdn’s gradual return to its pegged Value doesn’t count as a pump in my book On that note if you’re interested in Learning about how terra’s ust works you Can find out more using the link in the Description

And that is 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 Now i want to let you know about a Special giveaway for one whole bitcoin That we’re doing in tandem with the Folks over at ftx 10 lucky winners will get 0.1 btc each If you want to enter then i’ll leave a Link to my telegram post that explains It in the description below Thank you all so much for watching and I’ll see you in next week’s episode [Music] You