Crypto News: PEPE, ETH Burn, Tron, Debt Limit, Coinbase & MORE!

Foreign Bureau Weekly News Roundup here are the Top stories in crypto this week Crypto Market moves coins and tokens Continue to pump and dump in response to Macro and crypto catalysts when will Crypto Market finally break up or down Insane ethereum updates meme coins fuel Gas fees eth Burns go parabolic and Staking deposits increase but who keeps Sending massive amounts of eth2 Exchanges coinbase goes Global America's Largest crypto exchange opens its Offshore platform while the SEC issues a Record whistleblower award how this Could change the crypto Market Crypto adoption curbed Argentina bans Crypto payment apps as Nigeria plans Non-crypto digital asset regulations why This could spell trouble for Global Crypto adoption Debt default deadline treasury secretary Janet Yellen warns the world that the U.S could default on its debt as soon as The 1st of June everything you need to Know and of course 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 Good morning afternoon or evening thank You for tuning in my name is Guy none of What follows is financial advice and Here is the news Last week the crypto Market experienced

Another week of intense volatility now This was expected given the multiple Macro and crypto goings-on At the top of the list we had the fed's Expected decision to raise interest Rates by 25 basis points bringing the Base rate to between 5 and 5.25 the Highest since 2007. If you watched our video about Jerome Powell's subsequent press conference You'll know he left the door open for Another rate hike in June but specified That this will depend on incoming data Around 90 of investors are currently Expecting a pause but this could change As more data comes in if you're Subscribed to My Weekly Newsletter You'll know which data I'm talking about And when it's coming so be sure to Subscribe using the link in the Description so you don't miss my weekly Forecasts Now the crypto Market's response to the Fed's rate hike was positive but it was Likely because banking shares started to Crash shortly after Jerome's press Conference obviously many crypto Investors were probably expecting that The FED would bail out the latest Victims of its own rate hikes it didn't Happen As for the pause investor consensus fell From 100 to the aforementioned 90 after Jobs data for April came in much

Stronger than expected logically this Increased the likelihood that the FED Will raise rates ever so slightly crypto Reacted immediately to the news by Shedding a couple of percentage points As soon as the stock markets opened However the crypto Market immediately Erased its losses this was likely since The stock market itself was experiencing A strong rally The stock market rally appears to have Been due to a combination of strong Earnings for apple and the recovery of Some Bank stocks In terms of crypto specific factors the Most significant was the news that Binance is under investigation for Facilitating sanctions of Asian to be Clear no charges have been raised Against binance nor its Executives even So the news alone seems to have been Enough to Spook the crypto Market by now You'll know that the effects of these Bullish and bearish headlines have been Amplified by the unprecedented amounts Of Leverage that we continue to see in The crypto Market Any positive news results in a short Squeeze and any negative news results in Long liquidations the result is Volatility This is why it's hard to know when the Crypto Market is going to have a Definitive break to the upside or

Downside it's possible that a big move In either direction will be driven by Leverage not active Trading Now what we need to see is sustained Volume but the only crypto is Experiencing that these days are meme Coins I am of course referring to Pepe and all The other meme coins that have been Created in its wake I'll come back to Pepe's price action later for now I want To assess the effects this meme coin Craze is having on ethereum for starters It's caused transaction fees to reach Their highest level in months now the Good news is that the recent listing of Pepe on major exchanges such as binance Should reduce these sky-high gas fees The bad news is that all the leverage These exchanges offer will likely cause More price volatility this volatility Could Boomerang back to higher gas fees For on-chain trades Another positive effect meme coins are Having on ethereum is record levels of Eth burns as most of you will know a Portion of each transaction fee on Ethereum is burned with enough Transaction volume eth's Supply can turn Negative eth's supply has been negative To the tune of 100K over the last 30 Days this has likely supported eth's Recent price action but these Exponential eth Burns may have had a

Negative effect too They may have sent a signal to the Ethereum foundation that it's time to Sell because it was recently seen Sending 15K eth to Kraken this has Historically happened around eth's local Tops this begs the question of why the Ethereum foundation didn't stake instead Of selling after all this is what Everyone else seems to be doing now Staking deposits have reportedly Outpaced withdrawals to the tune of 200 Million dollars and liquid staking Protocols like Lido Finance continue to Grow their tvl the answer is probably Because the ethereum foundation needs More dry powder to prepare for Ethereum's upcoming upgrades such as Dank sharding which is scheduled for Some time this summer it's arguably Irrelevant anyways 15K eth is only Around 30 million dollars at today's Discounted prices the thing is that the Ethereum foundation isn't the only whale That's been sending each to exchanges Lately it seems that someone has been Sending massive amounts of eth to Coinbase over the last few weeks and Someone recently sent a whopping 80k eth To finance U.S presumably to sell it What's interesting is that these massive Eth inflows to exchanges have apparently Had next to no impact on eth's price This could be because these exchanges

Are simply honoring staked eth Withdrawals or it could be because They're conducting OTC trades for Institutions buying eth in any case Whale movements are something you should Watch closely especially when the crypto Market is lacking depth and liquidity Like it is now if you don't know how to Watch the crypto Wales you can check out Our tutorial using the link in the Description now speaking of coinbase the Crypto exchange launched its International Version after it revealed It would be going global earlier this Year this is in part due to the Regulatory uncertainty around crypto in The United States and in part because Coinbase wants to compete more directly With other offshore exchanges although Coinbase CEO Brian Armstrong has Maintained that the exchange isn't Giving up on the US it's clear that the Company is looking to greener pastures It's also clear that coinbase is serious About competing with offshore exchanges And this has the potential to completely Change the crypto Market This is because it seems that all Futures contracts on coinbase's offshore Exchange will trade against usdc now This is significant because almost all Futures contracts on other offshore Crypto exchanges trade against tethers Usdt news flash leverage trading is the

Reason why usdt is the largest stable Coin By contrast usdc's primary demand driver Has been defy besides the regulatory Uncertainty around stable coins in the U.S the absence of defy demand during The bear Market has likely contributed To the massive decline in usdc's market Cap This decline will continue if something Doesn't change soon if you watched our Recent video about stablecoin Regulations in the U.S you'll note that Circle has been positing that usdc's Primary use case is payments U.S Regulators don't like that because It competes with the feds fed now and Foreign Regulators don't like that Because usdc competes with their feared Meanwhile Circle doesn't like usdc's Declining market cap because it's losing The income it earns on the reserve's Backing usdc coinbase doesn't like this Either because a significant amount of The company's Revenue also comes from Usdc yields coinbase and circle govern Usdc via the center Consortium so Without payments and without defy this Means there's only one solution and That's to take market share from tethers Usdt by competing on offshore leverage Trading from where I'm standing the only Way Circle and coinbase can compete is If other offshore exchanges are somehow

Taken down this ties into a scary Headline and that's that the SEC Recently paid out its largest Whistleblower award to date Whoever blew the whistle received almost 300 million dollars for doing so now Given the gargantuan size of this reward The Entity the SEC is after must be a Very big player in crypto or Finance as Always the SEC didn't really provide any Details about the reward all it said was That it was related to an already Existing investigation given the sec's Crypto focus it wouldn't be surprising If it was a crypto company note that SEC Chairman Gary Gensler recently said they Can go after offshore companies too Luckily for Gary and the SEC it seems That Regulators overseas are already Taking care of crypto business the Government of Argentina and Nigeria two Of the countries with the highest levels Of crypto adoption have recently taken Aggressive steps to deter its continued Use In Argentina the central bank has Reportedly banned crypto payment apps Citing a desire to separate the payment System from the digital asset ecosystem I'm sure it has absolutely nothing to do With the triple digit inflation that Argentinians are trying to escape using Crypto namely USD stablecoins on that Note some of you may recall that

Argentina signed a debt deal with the Devil I mean the IMF which would see the Over-indetted country receive USD in Exchange for discouraging the use of Crypto in the country it's more than Likely that this was a contributing Cause to its recent crypto payment Crackdown in Nigeria meanwhile the SEC There is planning on introducing digital Asset regulations and has explicitly Left out cryptocurrencies this can only Mean one thing and that's all the Tokenized assets Nigeria is planning on Introducing will be issued on Centralized and permissioned blockchains If you watched our video about what kind Of future the bank for international Settlements or bis wants for the Financial system you'll know that it Consists of all assets being tokenized On blockchains being controlled by the Government it seems that the Nigerian Government is rushing towards this Dystopia now this makes sense Considering that Nigeria was the first Country to issue a cbdc the bis has been Working closely with central banks Around the world to issue their cbdcs so Far Nigeria has shown the world that the Only way you can convince people to Adopt a cbdc is through coercion Initially the population resisted but Recent reports suggest that they're Starting to capitulate due to the

Crippling cash shortages imposed by the Government For context the Nigerian government Started restricting cash use late last Year to force the adoption of its e-nira Truly shameful Behavior the worst part Is that we're likely to see the same Playbook in other countries as time goes On The ones that adopt crypto the most will Be targeted first because the International Financial Elite literally Cannot afford for any of these crypto Experiments to be successful the moment That happens Fiat is finished You'll know the crypto Crackdown is Around the corner when your government Starts mandating digital ID this is Because digital ID is required for cbdcs To function This is what happened in Nigeria prior To its e-naira rollout note you can keep Track of digital ID developments on the Biometric update website Now some would say that the Fiat system Is finished regardless of what happens With crypto This possibility was recently put on Full display when Janet Yellen warned That the U.S government could default on Its debt as soon as the 1st of June now This might sound like pure fud but There's some substance to it take a Second to consider that U.S government

Debt is considered to be the highest Quality of collateral and individual or Institution can get their hands on U.S Government debt AKA U.S bonds back Trillions of dollars of loans and are Used for trillions of dollars of Transactions inside and outside of the United States if the U.S government were To say miss a payment date on some of These bonds it would call the quality of This collateral into question in other Words it would shake the very Foundations on which the financial System stands now while this is very Unlikely to happen the mere possibility Of it could crash the markets if you Watched our video about the debt ceiling You'll know that the US government Almost defaulted on its debt back in 2011. this caused the stock market to Crash by almost 20 percent and resulted In U.S government debt being downgraded For the first time That made it lower quality collateral Now it's possible that we will see a Similar outcome this time around due to The immense political divide what's Ironic is that if partisan U.S Politicians do manage to agree to a debt Ceiling deal this could still be bad News for the markets This is because the U.S treasury will Start to issue U.S government debt once Again now the Practical effect of this

Is that it will pull money around 500 Billion dollars to be exact out of the Markets and into U.S government debt When you combine this with the fed's Shrinking of its balance sheet you get a Sharp contraction in Market money supply That will hit risk assets like crypto The hardest that said it's possible that This effect will be short-lived that's Because the FED could soon be forced to Pivot due to the banking crisis the Upcoming commercial real estate crisis Or something else that nobody has priced In if this happens risk assets like Crypto will Moon more than anything else This means that the crypto Market will Continue to be in the same position it's Been in since the start of the Year Caught between a wave of bullish and Bearish catalysts neither of which has Managed to fully play out at this point It wouldn't surprise me if the markets Kept moving sideways until next year So this relates to the section you've All been waiting for starting with BTC According to Valkyrie Investments it's Been painting a head and shoulders Pattern on The Daily I can't say I see it but well I'll take Their word for it their analysis Suggests that BTC could correct down to 25k in the short term this supposed Head And Shoulders pattern is easier to spot On eth's price chart but its recent

Price action seems to have invalidated The pattern To be honest last week's price action Has thrown a wrench into the BTC and eth Trends I've been watching so best to Refer to Dan at coin Bureau trading top Right Now last week's top performing altcoins Were Pepe Floki Inu Wu Network rocket Pool and Tron Starting with Pepe then there's no Logical reason why it pumped its pure Speculation that said the meme coins Listing on top tier exchanges definitely Gave it a boost it also liquidated one Of my colleagues here at the coin Bureau Who was foolish enough to bet against The frog god do not mess with Keck Jokes Aside Pepe appears to have cooled Off in the absence of any additional Catalysts you can expect it to Consolidate sideways for some time or Maybe it'll Moon again who knows just Please be aware that mean coins are Extremely volatile and chances are you Could get wrecked regardless of which Direction you're betting on Next we have Floki Inu which like Pepe Received a second wind after binance Suddenly decided to list it As you can see however flokey's pump Pales in comparison to Pepe's and it's Nowhere close to its previous all-time Highs I hope you'll forgive me for not

Doing a more thorough analysis of these Meme coins When it comes to Wu Network the Wu token Appears to have pumped because of the Appearance the project made at the Avalanche Summit conference in Barcelona Last week I couldn't find anything in Particular that precipitated the pump But feel free to correct the record in The comments section As you can see Wu appears to be in a Very strong uptrend and its price action Parallels out of BTC and eth the only Difference is that it's a lot more Volatile to my understanding Wu network Is an exchange aggregator so I reckon Its price action is associated with the Uptick in trading volume Regarding rocket pool its RPL token Appears to have pumped because of all The inflows into liquid staking Protocols over the last couple of weeks Rpl's price action has been peculiar to Say the least At first glance it seems to be in an Uptrend but its past price history Suggests it has a tendency of rallying For a bit before crashing and then Rallying back up This could be due to token unlocks more About those in the description And finally we have Tron whose TRX or Tronixx coin appears to be pumping due To a partnership between Tron BitTorrent

And huobi to create and promote you Guessed it meme coins Tronics experienced a modest pump in Response but is entering overbought Territory and also facing significant Resistance around these levels This suggests a reversal is imminent and That's it for the best performers this Week I'll also remind you though that we Do this daily in our coin Bureau Insider Telegram Channel where we look at Regular rally reports I'll leave a link To that in the description for you guys Also this week's NFA live stream will be Hosted by Ben Cowan on His Marvelous Channel into the cryptoverse Thursday Kick off 9 A.M Eastern 2PM GMT And that is all for today's coin Bureau Weekly crypto review so if you enjoyed It you know what to do hit that like Button subscribe button and Bell icon Too If you're looking to help those gains Grow then the coin Bureau deals page is Where you should go there are thousands Of dollars in bonuses trading discounts And products to help you trade like a Pro 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 Thank you