Crypto News: Grayscale Win, SEC, BTC ETFs, ETH Updates & MORE!!

Foreign Bureau weekly crypto review my name is Jessica and my name is guy here are the Top stories in crypto this week Riches two wrecked coins and tokens Rally after grayscale wins its case Against the SEC and crash after the Regulator delays its decision about spot Bitcoin ETFs where are prices headed Next Only ethereum fans the adult Entertainment company reveals that it Invested in eth as a death cross forms Uni swap wins in court and vitalik dumps Maker Dow everything you need to know Grayscale's historic win the crypto Asset manager manages to force the ACC To re-examine its application to convert Gbtc into a spot Bitcoin ETF why this Could actually crash the crypto Market Unemployment Rises fast revisions by U.S Agencies suggest that more Americans are Losing their jobs than initially Reported when will the FED start to cut Interest rates in response 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 But before we get underway a quick Reminder that I and some of the coin Bureau team will be in Singapore next Week at the token 2049 conference There's loads of talks and seminars by

Some seriously cool speakers taking Place and we'll be there to catch some Of those and interview a few of the Speakers themselves I'm also hoping to Meet as many members of the coin Bureau Community as possible so if you're Planning on attending the conference do Come and say hello if you see me about The place And if you're going to be in Singapore On those dates and would like to attend The conference yourself we have a Discount on tickets available in the Description of this video so hope to see You there and as I'll be away from Coinbure HQ Jessica will be bringing you Lucky people the news next week looking Forward to it already thank you guys Right on with the show Last week the crypto Market experienced What can only be described as an Accidental pump and dump As mentioned in the introduction the Pump was caused by the news that Grayscale had won its lawsuit against The SEC I'll come back to the Significance of that news later in the Video Now as also mentioned in the Introduction the dump was caused by the News that the SEC had delayed its Decision about the pending spot Bitcoin ETF applications from the likes of BlackRock and others

What's strange is that grayscale's Victory and the sec's decision to delay Were apparently expected what's even More strange is that on-chain analytics Companies detected almost 900 million Dollars worth of BTC being sent to Crypto exchanges before the decision in The grayscale case was announced for Context sending large amounts of crypto To exchanges typically suggests an Intention to sell in this case sending Large amounts of BTC onto exchanges Before an official announcement suggests That some entities must have been privy To Insider information it seems that a Small group of people may have known That a victory was coming and prepared To sell into the subsequent pump which Is strange in its own right and in the Days leading up to the announcement Around 300 million dollars of TUSD were Printed now if you watched our video About stablecoin market caps you'll know This doesn't necessarily mean that TUSD Was used to pump crypto prices but it Does suggest there was a sudden demand For leverage On that note it's quite possible that All of this is just a coincidence and That the crypto pump was primarily Driven by a massive short squeeze it's Estimated that over 100 million dollars Of BTC shorts were liquidated causing Crypto prices to pop

And this wouldn't be the first time We've seen this effect it's also not the First time we've seen crypto prices Collapse because of liquidated longs Lo and behold this is exactly what Happened when the SEC made the decision To delay those spot Bitcoin ETFs just a Few days later leverage Traders got Ahead of themselves on grayscale and They paid the price then again it could Have been that Insider selling Regardless crypto prices reverted to the Recent mean which has been Characteristic of the market lately the Daily and weekly charts for BTC are Giving mixed signals as a result which Means that we must zoom out to the Monthly as the saying goes when in doubt Zoom out as you can see BTC has had two Red months back to back the last two Times this happened BTC saw a month of Green however the two times before that BTC saw another month of red if we see a Month of green it may not be a big one Due to all the resistance around the 30k Level if we see a month of red though Then btc's price could fall further than Many people expect take a second to Consider that the break-even cost of Mining BTC is currently around 23k If BTC breaks below this level many Miners could become forced sellers to Stay solvent Speaking of which if you're subscribed

To our Weekly Newsletter you'll know That every September has been a red Month for BTC since 2016 and you'll know Exactly what we think is coming next so Be sure to subscribe to that newsletter So you don't miss next week's crypto Market forecast Anyways eth's price action paints a Similarly concerning picture as reported By coindesk eth recently experienced a Death cross on the daily This happens when the 50-day moving Average crosses over the 200-day moving Average from above and it suggests that Lower east prices are imminent to put Things into perspective the last time Eth experienced a death cross was in January 2022 if you watched our video About the debt ceiling deal you'll know That January 2022 was also when the Treasury started refilling its bank Account at the Fed Eth's price fell 70 in the months that Followed in case you missed the news the Debt ceiling was most recently raised in Early June this year for reference the Last time the debt ceiling was raised Was in December 2021 as such it's Possible that eth will experience Similar selling pressure in the coming Months as the treasury refills its bank Account Now the Silver Lining is that this will Give individuals and institutions who

Are bullish on eth another opportunity To buy the dip and one of the latter is Apparently Phoenix International the Parent company of only fans Like most of us the content subscription Company bought eth in 2021 and 2022. This was revealed in a recent Financial Filing which noted that Phoenix International had purchased no less than 20 million dollars worth of eth during The crypto bull market of course this Eth is worth about half as much now but The fact that the company hasn't sold Despite these losses says a lot Specifically it suggests that Phoenix International is a long-term youth Holder and it's possible if not likely There are many other private companies In similar positions this is more Bullish than you might think because it Means there will be a lot of if buyers When the crypto bull market does come Back around from our perspective the Only reason we haven't seen more dip Buying from the entities that are Bullish on eth is because of regulations Not just around ethereum but its entire Ecosystem if you watched yesterday's Video about the treasury's proposed tax Rules you'll know that Defy is in the Hot seat That's why uni swap's recent court Victory is so significant to bring you Up to speed the Dex was sued by Traders

Who lost money The judge ruled that the decks cannot be Held legally accountable because it's Decentralized and added that eth is a Commodity not a security much to the Chagrin of the SEC but that's just dexes What Regulators seem to be particularly Concerned about is decentralized lending And borrowing especially when stable Coins and yield are involved this Pertains directly to maker Dao which Makes it possible to Mint die a Supposedly decentralized stablecoin that Can earn a high yield There's been speculation about the Legality of this yield ever since dye Started being backed by real world Assets like U.S government debt hence Supposedly decentralized it's believed That these regulatory concerns are why Crypto VCS like a16z dumped the mkr Tokens kyc is required for this kind of Yield so far though make a Dao and its Associated yield earning protocols have Escaped regulatory scrutiny probably Because they blocked access to us users Even those using a VPN despite this make A doubt hasn't escaped the scrutiny of Ethereum creator vitalik buteran vitalik Reportedly dumped what was left of his Mkr stake shortly after maker Dao's Founder proposed migrating the protocol To a solana-based blockchain as with the Recent crypto Market pump and dump there

Could be more to this story mkr token Holders could be on the hook for Regulatory reasons anyway speculation Aside crypto regulations appear to be Improving overall thanks in large part To the U.S legal system which still Seems to work well for some things Besides the uni swap win the victory That everyone is bullish about is once Again grayscales in its case against the SEC if you watched our recent video About digital currency group you'll know That grayscale its subsidiary sued the SEC after it rejected the crypto asset Manager's application to convert its Grayscale Bitcoin trust or gbtc into a Spot Bitcoin ETF Grayscale initially said that the Decision would come by the autumn now It's important to note that grayscale's Victory doesn't mean that gbtc will Automatically be converted to a spot Bitcoin ETF All that it means is that grayscale can Refile its application with the SEC at That point the SEC could still reject Grayscale's application on some other Perhaps more solid grounds for those Unfamiliar gbtc was launched way back in 2013 and is currently backed by over 16 Billion dollars worth of physical BTC Like a spot ETF a trust like gbtc Represents a share in the underlying Assets in contrast to a spot ETF trusts

Like gbdc do not issue and redeem shares On a frequent basis The consequence of this is that the Price of the shares and the underlying Asset can and often do deviate in the Case of gbtc and BTC this deviation is Known as the gbtc premium or discount And it's believed to be the instrument Behind the implosion of crypto hedge Funds like three arrows Capital now Logically it would be much better for Everyone if gbtc could actually issue And redeem shares based on real-time Supply and demand like a spot Bitcoin ETF hence grayscale's application to Convert as we mentioned in our video About dcg though this conversion could Paradoxically result in a crypto crash That's simply because all of the Investors who purchased gbtc at a Discount are sitting on huge unrealized Profits these profits could be realized If gbtc is converted into a spot product Because this spot Bitcoin ETF buys and Sells physical BTC this selling pressure If it occurs would cause BTC to crash Unfortunately or maybe fortunately it's Unlikely that grayscale's application to Convert gbtc into a spot Bitcoin ETF Will be approved before the other spot Bitcoin ETF applications by asset Managers like BlackRock this is because The other applications were submitted Earlier and because well it's BlackRock

So this begs the question of what Happens to gbtc if the SEC approves Another spot Bitcoin ETF first Well the answer depends on the time Frame in the short term it would Probably cause gbtc to Rally because Investors would rightfully assume that There is now an established path for a Gbgc to ETF conversion In the medium term however it would Likely result in the selling that I Mentioned a few moments ago and Potentially create issues for Grayscale's parent company dcg To refresh your memory another dcg Subsidiary called Genesis owes billions Of dollars to investors dcg has been Trying to plug the hole as a fun fact Gbtc is believed to be grayscale and Dcg's biggest Cash Cow That's because it charges a two percent Fee on assets under management which Amounts to tens of millions of dollars In passive income each month obviously Dcg needs this cash flow to pay back Genesis as creditors this is why there Are rumors that grayscale doesn't want a Spot Bitcoin ETF to be approved right Away the more time passes the more money It makes We could find out what greyscale wants Soon enough if it doesn't immediately Refile for a gbtc to spot Bitcoin ETF Conversion well then we'll know

As we know all of these crypto factors Can make it easy to forget that there Are still lots of macro factors at play From the perspective of the fed the two Biggest macro factors are inflation and Unemployment the central bank is Mandated to ensure that neither of the Two get too high by adjusting interest Rates from the perspective of investors These interest rate adjustments are the Biggest macro Factor this forces the Markets to focus on the same stuff the FED is focused on all the measures of Inflation and unemployment and how to React to interest rates that could Change in response to this data As almost all of you know central banks Around the world have been raising Interest rates to fight inflation since Last spring since last summer inflation Has been coming down at least headline Inflation has core inflation has stayed Sticky at around five percent in much of The world too high for most central Banks luckily for these central banks They've been able to keep interest rates High because unemployment has remained At historic lows the other side of their Mandate is covered Unluckily for investors these high Interest rates have kept a lid on the Market select tech stocks and crypto Notwithstanding As time goes on however central banks

Are starting to become the Unlucky ones Unemployment is starting to rise around The world including in the US Last month the unemployment rate in the US hit its highest level in over a year And revisions suggest that fewer jobs Were added than previously reported To be fair the U.S unemployment rate is Still below 4 which is the fed target The caveat is that it's not the level of Unemployment that matters it's the Direction it's headed in and how fast It's going there As you can see unemployment seems to be Rising fast when you average it out over The last few months this means that in a Few months time unemployment could be Well above the first four percent Target At that time investors will become the Lucky ones because this rise in Unemployment will put the FED under Immense pressure to cut interest rates The caveat is that the FED may not fold At first if you watched our recent Summary of the Central Banking Symposium At Jackson Hall you'll know the FED is Explicitly looking for unemployment to Rise that's because a rise in Unemployment is required for core Inflation to come down this means the FED could keep rates High even as Unemployment Rises but if history is any Indication the FED will only be able to Do this for so long before something

Breaks it could be another banking Crisis or it could be a collapse in Commercial real estate whatever the Catalyst it will force the FED to cut Rates and that will eventually cause the Markets to Rally again the caveat is at The market could slide so long as the FED keeps rates high in the face of Rising unemployment and the markets Could crash in response to the Catalyst That causes the FED to cut history Suggests this is what happens and also Suggests that crypto is the first to React something to keep in mind for the Coming months And with that let's take a look at last Week's top performing cryptos which were Toncoin xdc Network Iota safepal and Maker Dao starting with ton coin ton Appears to have pumped in response to The upcoming release of tone space a Non-custodial crypto wallet that will be Built directly into the telegram Messaging app it will be launched by the End of the month and that's definitely An exciting one to watch when it comes To price action it's hard to say where Ton is headed next this is in part Because it doesn't seem to be in a clear Uptrend or downtrend and it doesn't seem To have much liquidity or exchange Support For what is worth it does like two Dollars is a critical price point for a

Pump or dump Next up we have xdc Network AKA xfin Whose xcc coin appears to have pumped in Response to the news the project will be Represented at the massari upcoming Maynet conference be sure to check out Our recent summary of Missouri's Outcourne report if you haven't already The link is in the description Now a light on xcc doesn't seem to be in A clear up or downtrend it's playing With a critical price of around 60 cents And doesn't have much liquidity or Exchange support its recent price action Suggests that it's been very Unpredictable so you could say that it Is anyone's guess as to what happens Next When it comes to Iota it's Miota coin Appears to have pumped in response to The release of the updated Wiki website This might not seem like a big deal but Quality information is what investors Require to make informed decisions and It looks like some of them are buying These investors must be brave because Emma at this price has been collapsing Since the start of the market and Continues to make lower highs in the Absence of a more meaningful crypto Catalyst amiota could continue to drift Lower possibly even to new lows it's a Similar story for safe pal whose SFP Token appears to have pumped in response

To the release of a limited edition Hardware wallet which features South Korean crypto project Kalin now I must Admit that this is a little bit strange But if there's anything that I've Learned from crypto is that people will Buy anything as with miyota sfps price Action doesn't look too promising it's Been painting lower highs since the Crypto bear Market began and its recent Rally could see a reversal in the coming Days But who knows perhaps there's a Meaningful crypto Catalyst in the works For sfp2 Finally we have maker dials maker token Which appears to be pumping in response To its co-founders aforementioned Proposal to migrate the D5 protocol to a Solana-based blockchain to be clear this Doesn't necessarily mean deploying on Solana it sounds more like a fork to Create a new chain Maker's recent price Action has been admittedly impressive Given all of the selling by early Investors and the regard himself this is Likely thanks to maker dials recently Introduced maker buyback mechanism which Could be keeping prices artificially High in these circumstances there is no Point in analyzing the price And if you want to know why altcoins are Pumping in real time and where you can Trade them be sure to check out the coin

Bureau telegram channel the link is in The description 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 don't Forget to check out our deals page where We have massive discounts and airdrop Bonuses of up to 40 000 on some of the Best exchanges only for the viewers over This channel 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