Crypto News: Market Slump, ETH Concerns, Friend.Tech & MORE!!

Welcome to the coin Bureau Weekly News Roundup my name is guy and my name is Jessica here are the top stories in Crypto this Week crypto Market slump coins and Tokens trade almost perfectly sideways As uncertainty grips the industry where Could prices be headed next ethereum Concerns rise creative italic boin sends $1 million worth of to coinbase while Bitstamp stops staking services in the US and defi comes under scrutiny what Does this mean for e friend Tech fomo The crypto Community flocks to the Social media dap as concerns simmer About its regulatory implications and Data security why this crypto project is More significant than you think online Censorship engaged the eu's Digital Services act goes into force mandating All European countries to create their Own ministries of Truth to track Misinformation everything you need to Know 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 Stayed static if you take a look at Btc's price from a bird's eye view using Coin market cap it resembles a heartbeat Monitor the beat to the upside seems to Have been driven by nvidia's Q2 earnings Which were released on Wednesday night

For context all eyes have been on Nvidia Because of the AI narrative which has Been driving the stock market rally Nvidia makes almost all the AI chips so Its earnings give us a sense of whether The AI hype is real or not well it's Q2 Earnings suggests the hype is still real They came in above expectations the Catch is that stocks and crypto both Crashed after nvidia's earnings were Announced Ed this suggests that it was a Sell the news event but it could have Been due to uncertainty around the Jackson Hall Symposium on Friday for Reference Jackson Hall is basically a Central Banker Summit held in the United States we'll be doing a video about Jackson Hall later this week so all I'll Say for now is that the fed and the European Central Bank gave mixed signals And the markets seem to have responded Accordingly stocks and crypto traded Sideways with minimal volatility though Stocks do seem to have enjoyed a bit More of a boost in any case it's not Just macro factors that have been Weighing on the crypto Market there's no Shortage of crypto specific factors Coming down the pipe including Grayscales ongoing lawsuit against the SEC black Rock's spot Bitcoin ETF Application and Sam bankman Freed's First court date the biggest crypto Factor that spooked the markets last

Week though was the US treasury's Proposed tax regulations for so-called Crypto Brokers which includes defi Protocols in retrospect this is not Surprising given that the treasury had Previously refused to clarify what this Term meant we'll be covering that later This week too so if you aren't Subscribed yet you know what to do now Regarding where crypto prices could be Headed next the total crypto market cap Suggests we are at a critical level for Almost every coin and token as you can Hopefully see a massive head and Shoulders pattern seems to have been Painted since the start of the year now For those unfamiliar Head and Shoulders Patterns are bearish and we saw a Similar pattern form around the most Recent cycle top if this bare Market Head and Shoulders breaks to the Downside most coins and tokens could Revisit last November's lows or worse Convers ly though if crypto can hold its Ground and mount a recovery rally in the Next one to two weeks The Head and Shoulders should be Invalidated now one way to keep track of This is to watch btc's weekly price Action it appears that 29k is a critical Level BTC needs to get back above to Ensure everything doesn't go lower if You're feeling brave enough to trade What's coming be sure to check out the

Coin Bureau deals page down in the Description it's got up to $40,000 of Bonus bues and airdrops available for You on the best crypto exchanges along With the biggest discounts on trading Fees you can find now another way to Keep track of the status of the crypto Market is the eth BTC chart which you'll Know we've been analyzing a lot lately That's simply because eth BTC is a proxy For how altcoins are looking relative to BTC as you can see eth is likewise at a Critical point against BTC and looks Week this weakness makes sense given That insiders appear to have been Selling eth in recent months some of you May recall that the ethereum foundation Had sent $30 million of eth to Kraken Back in May ethereum co-founder Jeffrey Wilker did the same with $40 million of Eth in June and just last week ethereum Creator vitalic buaran transferred $1 Million of eth to coinbase which isn't Much relative to his total Holdings but Still doesn't make for great op ICS to Clarify when someone sends crypto to an Exchange it's assumed that it's being Sold whether all this eth was actually Sold is unknown even so there seems to Be a correlation between sales by Ethereum insiders most notably the Ethereum foundation and eth's price the Foundation sales have historically Happened around local tops for eth and

Some of these sales were reportedly Encouraged by vitalic in 2018 of course Of course their track record isn't Perfect regardless it all begs the Question of why ethereum insiders seem To be selling eth one possible answer is Because of regulatory uncertainty if you Watched our video about the sec's Lawsuit against binance you'll know that It seems to consider any proof of stake Crypto to be a security and if you Watched our video about the sec's Lawsuit against coinbase you'll know That it considers the staking services That coinbase offered to be Securities Of as well coinbase subsequently stopped Offering staking services in four US States underscoring the fact that the Regulatory scrutiny of proof of stake is Very real this regulatory scrutiny was Further underscored last week when Bitstamp announced that it would stop Offering eth staking to us customers Bitstamp specifically cited regulatory Uncertainty as the reason now it's Possible if not likely that we will see Similar headlines about staking services In the coming weeks and yet despite this Barrage of bad news around staking eth Staking continues to increase which is Certainly good news as reported by Decrypt however the total value locked In ethereum's defi protocols continues To decline despite the increase in eth

Staking including liquid staking now This decline in tvl can be partially Explained by the fact that eth's price Has come down and eth is one of the Biggest sources of collateral and Loans In defi it can also be partially Explained by the aforementioned Definition of crypto broker by the US Treasury which is casting a long Shadow Over defi there have also been a few Scary headlines about the defi protocols Themselves one example is a Vulnerability in the balancer decks Discovered by the team they instructed Liquidity providers to withdraw ASAP Makad Dow's stable coin protocol also Seems to have experienced a tvl decline Of more than 10% for what it's worth though there is One place that's looking bullish in Ethereum's ecosystem and that's Coinbase's recently launched layer 2 Bas If you watched our base tutorial you'll Know that it could contain some Promising crypto projects in the same Way that binance's BNB did when it Launched one crypto project on base that Has had everyone talking is a Decentralized social media platform Called Friendtech as you might have heard there Has been no shortage of concerns around Friendtech it's also technically not Decentralized because Bas only has a

Single sequencer node run by coinbase so To bring you up to speed friendch is Essentially a mobile app that allows Twitter or rather X influencers to Create tokenized shares of themselves These shares can be bought and sold by Fans of said influencers and holders of These shares get access to an exclusive Chat with whatever influencer they've Bought shares in in other words it's Only fans for Crypt Bros even the logo Looks similar well we get the use cases We deserve I suppose in all seriousness Most of the concerns around frch have Their roots in the Project's privacy Policy or rather the lack thereof at the Time of shooting clicking on the privacy Policy link on its website results in a Popup which says quote Coming Soon to be fair frch is still Technically in beta still this is Concerning because making a friend Tech Account requires you to connect your Phone number and Twitter or rather X Account to the mobile app which isn't Even listed on any app stores in Addition you must fund your account with 0.01 eth and store your eth on the app Itself despite these concerns friendch Has reportedly racked up over 170,000 users in just a couple of weeks Making it one of the fastest growing Daps in crypto this is because of the

Impressive profits that can be made from Trading shares of influencers who now Include more than just Crypt Bros friend Teex adoption is also due to influencers Earning a cut of the trading fees from Their tokenized shares said influencers Also earn points for using the app and Inviting their followers to use it it's Believed not confirmed that these points Will correspond to a friend Tech token That will eventually be Airdropped now before you ask no we do Not have a friend Tech profile this is Primarily because of the potential Regulatory risks which everyone seems to Be forgetting about issuing shares of Yourself that give you de facto Dividends sounds way too similar to an Unregistered Security in our non-legal Opinion that is never mind the fact fact That encouraging your followers to ape Into these shares comes with big risks Too including the risk that friend Tech Itself is a scam or a rug pull so far Though it seems to be legit and this is Why friendtech is so significant it's Too soon to say but it could be the First of many crypto projects that Officially Begins the age of Decentralized social media or Doo It's Believed that a doo project will be the One that results in Mass adoption frch May not be it but it could be a Start that said it looks like the

Adoption of Doo won't happen because of The expectation of profit but out of Necessity if you watched our video about Online censorship you'll know that we Believe the adoption of Doo will occur Because centralized social media will Get censored to the point that it's Unusable you'll also know that Governments around the world world have Been rolling out their respective online Censorship laws and that some of these Would come into Force starting this year One of them was the Digital Services act Or DSA in the European Union which went Into Force last Friday the 25th of August a sad day in the history of free Expression as we mentioned in the Introduction the DSA mandates every EU Country to create a Ministry of Truth to Fight so-called misinformation Disinformation and all the other Buzzwords used as an excuse for Censorship the official names for these Ministries of Truth are quote Digital Services Coordinators each digital services Coordinator will designate trusted Flaggers who will Monitor and take down Content they don't like and if you're Wondering who these trusted flaggers Will be the list includes law Enforcement agencies and non Governmental organizations which are Known to be political naturally any

Social media platform that fails to Appease these Digital Services Coordinators and their trusted flaggers Will face severe fines and sanctions This could become a tool for keeping Social media Platforms in line since the Definitions of things like Disinformation are up to the EU and Other Elites but that's not all as we Mentioned in our video about online Censorship quote the bill explicitly States that in the event of a crisis the European board for Digital Services will Instruct social media platforms to Enhance content moderation change their Terms and conditions work closer with Trusted flaggers and tweak the algorithm To promote trusted Information moreover quote the Digital Services act specifies that a crisis Includes armed conf conflicts or acts of Terrorism including emerging conflicts Or acts of terrorism natural disasters Such as earthquakes and hurricanes as Well as from pandemics and other serious Crossborder threats to Public Health now The most terrifying part of all is that There doesn't seem to be a time limit on How long the EU and its Digital Services Coordinators could have a Stranglehold On the algorithm in the event of a Crisis it seems that they could Grant Themselves this power indefinitely and It's clear it's something they'd love to

Do after all trust in institutions such As governments and central banks is in Decline around the world the only way They can keep control is to take charge Of the narrative but the more they try And do this the more obvious it becomes To the average person as a result public Trust will decline even further now when People realize that almost everything They see online is being curated by Their government and is inconsistent With what they're seeing with their own Eyes they will look to Alternative Platforms that let them discuss the Truth with a bit of luck decentralized Social media protocols will be these Alternatives and now here's Jessica with The cryptos that crushed it last Week thanks guy last week's top Performing cryptos were sha swap dydx Ton coin AP nft and Quant Network Starting with Sheba swap its bone token Likely pumped in response to the news That the Sheba Eno team is planning on Making its new sharum layer 2 open to The public soon this relates to Sheba Swap because bone is used to pay for Transaction fees on sharum bone has had A volatile month which makes sense Considering that sharum launched early This month and experienced some block Production issues shortly afterwards Thankfully these issues were resolved But but bone is still looking weak

Having set a lower low in its recent Rally let's hope that the public launch Gives it a boost next up we have dydx Whose dydx token appears to have pumped In response to the anticipation of the Launch of the dex's own Cosmos based Blockchain for those unfamiliar dyx is Currently a layer two on ethereum According to nansen the smart money has Recently been accumulating dydx likely For the same reason now what's Interesting is that Dy DX's price action Provides a mixed picture depending on The time frame its daily chart suggests It could see a bounce off the Ballinger Band moving average whereas the weekly Chart suggests it's about to get Rejected by the Ballinger band we'll Find out which reign supreme soon enough When it comes to ton coin ton appears to Have pumped in response to the release Of ton coin's ethereum bridge this will Make it possible for two of crypto's Largest ecosystem systems to Interoperate keep in mind that ton coin Is used by telegram a messaging app with Over 700 million monthly active users Ton itself appears to have been in an Uptrend since the start of the month but It's too soon to say if this uptrend Will hold against the longer term Downtrend Ton's relative lack of Exchange Support also makes it hard to Say whether this price action is

Entirely genuine though there are no Obvious signs of Market Manipulation as for AP nft its nft token Pumped for unknown reasons the crypto Project appears to be part of tron's Ecosystem it lacks exchange support and Has been in a very long-term downtrend Its abnormally low price tag also Suggests that it's a mcoin so I think You get the picture here now last but Certainly not least we have Quant Network whose q& token appears to have Pumped in response to the Project's Ongoing work on Central Bank digital Currencies or CBD es and the news that It secured a new crypto patent qt's Weekly price actions suggest that it's At a critical point the Baler band Squeeze suggests q&t could see an Imminent move to the upside or the Downside the fact that it's below the Weekly Bond ja band moving average Suggests that the downside risk is Greater but we've seen reversals from Here before and if you want to know Which cryptos are pumping the most and Why on a daily basis we be sure to join The coin Bureau telegram channel the Link will be down in the Description and that is 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 $40,000 on some of the best exchanges Only for the viewers of this channel you Can find the link to that resource and Many others in the description below Thank you so much for watching and we'll See you all in next week's Episode