Crypto News: SEC Crackdown, ETH Insiders Sell, Surprise Rate Hikes & More!

Foreign Bureau Weekly News Roundup here are the Top stories in crypto this week Crypto market crash all coins see their Largest losses in months after the SEC Cracks down on binance and coinbase why The pain may not be over yet Ethereum insiders sell one of ethereum's Co-founders sends over 10 percent of his Etholdings to an exchange less than a Month after the ethereum foundation Sells Millions what does it mean for Ease Surprise rate hikes The Reserve Bank of Australia and the Bank of Canada raise Interest rates in response to supposedly Strong economic data will the FED follow Suit this Wednesday Apple's AR Ambitions the world's largest Company by market cap unveils its latest Innovation causing its share price to Hit an all-time high and stocks to enter A new bull market how could this affect Crypto 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 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 plummeted After the SEC cracked down on binance And coinbase this wasn't all that

Surprising considering the former had Been under investigation since at least Last year and the latter had received a Wells notice earlier this year what was Surprising however was that the SEC Referred to over a dozen of the largest Altcoins as Securities in both lawsuits As you can see The sec's Hit List Includes Solana cardano polygon near Protocol Cosmos flow algorand internet Computer Dash filecoin and others if you Watched our video about the sec's Lawsuit against binance you'll know that Filecoin seems to be at the top of the Regulator's hit list you'll also know That this appears to be because filecoin Provides infrastructure that is critical To defy and the SEC has reportedly been Targeting defy in recent months in any Case as we've seen with Ripple's xrp any Crypto that the SEC claims to be a Security is quickly delisted from Exchanges in the United States Although the SEC hasn't sued any of These crypto projects the mere fact that They were mentioned increases the risk That they will be delisted out of Caution lo and behold Robin Hood Subsequently announced that it would be Delisting Soul Ada and Matic the reason Why all three cryptos crashed so hard Was because this move foreshadows D-listings from other crypto exchanges That fear being sued by the SEC

Fortunately coinbase has said that it Will not follow suit unfortunately Coinbase doesn't really have a choice if You watched our video about the sec's Lawsuit against coinbase you'll know That the SEC will win if it can prove That just one of the cryptos listed by The Exchange is a security if coinbase Delists any of them before the case is Over it's an admission of guilt Now the Silver Lining to this situation Is that Soul Ada Matic and all the other Cryptos listed as Securities by the SEC Should continue to be available to Investors in the US for the foreseeable Future via coinbase the de facto Crackdown on these so-called ethereum Killers could also be bullish for Ethereum while there's been lots of talk About the rise in Bitcoin dominance Because of the altcoin Crackdown it Appears that ethereum dominance has been Rising even faster this makes sense Given that investors in these Alternative layer ones likely see eth as The safe haven among the smart contract Cryptos however the eth BTC chart Suggests that a Black Swan of some kind Could be coming for ethereum too Over the weekend East broke out of a Huge ascending wedge against BTC on the Daily chart eth also saw a bearish Weekly close against BTC Both signals suggest that we're about to

See some downside If you're subscribed to our Weekly Newsletter you'll know eth's sudden Weakness could be due to concerns around What the Hinman documents will reveal For reference documents relating to Former SEC director Bill hinman's 2018 Speech about ethereum will reportedly be Made public this Tuesday as reported by Decrypt Bill's biography on the sec's Website was recently scrubbed this has Led to speculation that the regulator is Getting ready to throw him under the bus What the Hinman documents could mean for Eth itself is unknown but it seems that Ethereum insiders aren't taking any Chances some of you might remember Seeing the news that the ethereum Foundation had sold roughly 30 million Dollars worth of East back in May What you may not know is that many of The eve sales binder Foundation have Coincidentally occurred around local Tops for east's price as such there's Been lots of speculation that eth's Price is about to plummet this Speculation increased last week when On-chain analysts noticed that ethereum Co-founder Jeffrey wilker had Transferred over 40 million dollars Worth of ease from his wallet to Kraken Presumably to sell it This is more significant than you think Because when you have that amount of

Ease the more rational decision is Arguably to stake it to put things into Perspective staking 40 million dollars Worth of ease would generate a passive Income of roughly three million dollars Per year with eth's current staking Rewards not only that but the transfer Accounted for more than 10 percent of Jeffrey's total ease Holdings This begs the question of why he would Sell rather than steak only Jeffrey Knows the answer but Common Sense Suggests that he has a very big expense Coming up that will require massive Amounts of dry powder it seems that Jeffrey isn't alone either if you've Been watching whale movements on chain You might have noticed that eth Wales Have been sending large amounts of eth2 Exchanges over the last few months again Transferring so much youth to an Exchange signals an intent to sell not To hold if you need any more evidence of This look no further than the recent Whale movements from Matic as reported By coindesk millions of dollars of Matic Were sent to coinbase and binance Moments before its price collapsed Similar whale movements were seen for The other altcoins that collapsed last Week however this doesn't necessarily Mean that eth is going to dump because Of some Black Swan it could simply be The smart money taking profits during

The rally we've seen since the start of The Year this would make sense Considering the crypto market and Especially eth is facing macro headwinds If you watched yesterday's video about The debt ceiling being raised you'll Know that the US government is in the Process of refilling its bank account at The fed the Practical effect of this is That up to a trillion dollars of Liquidity will be sucked out of the Markets causing prices to go down eth Appears to be particularly sensitive to This liquidity drain and it's probably Because institutions love earning Interests on their assets This is why institutions love it but It's also why institutions love U.S Bonds as interest rates on U.S bonds go Up the demand for eth goes down because It's riskier to hold and because the FED Appears to be near the end of its rate Hiking cycle institutions can buy U.S Bonds knowing that either the interest On them will stay high or their price Will rise it's a win-win Meanwhile the SEC is cracking down on The crypto industry picking U.S bonds Over East in this context makes sense But this assumes that the FED is in fact At the end of its rate hiking cycle and This is by no means guaranteed Recent surprise rate hikes by both The Reserve Bank of Australia and the Bank

Of Canada have led to speculation that The FED will surprise with a rate hike Of its own this Wednesday this Ultimately depends on the inflation Figures which come out tomorrow If the CPI print for May comes in hotter Than expected investors will likely Price in a higher chance of a rate hike If the CPI print comes in cooler than Expected the FED will probably pause or Even skip For reference investors are currently Pricing in a 30 chance that the FED will Raise interest rates again on Wednesday A hot CPI print could take this Percentage over 50 but this percentage Needs to be over 80 percent for there to Be a consensus if that consensus isn't Reached a rate hike will shock the Markets that said it's not clear how Much a rate hike or a lack thereof would Affect the crypto Market in case you Haven't noticed the crypto Market is a Lot less correlated to the stock market These days in theory this is bullish but In practice it's been bearish stocks Have rallied while crypto has crashed The trade-off is that the crypto Market May not react as strongly to what Happens tomorrow with the CPI and on Wednesday with the Fed It's clear that the crypto Market is Being mainly moved by crypto specific Factors these days but it doesn't mean

That the macro factors are completely Irrelevant You can learn more about how macro Factors affect the crypto Market using The link in the description now it's Also important to note that even if the FED hikes again there's still no Question that it's near the end of its Rate hiking cycle the main thing that Matters to the markets now is how long The FED will keep rates high for and What it will take for the FED to bring Interest rates back down to zero for the Former the FED needs to see either clear Signs that inflation is falling back Down to its two percent Target or for Unemployment to rise to a point that It's a problem for the latter it would Require something in the financial System to break so far none of the above Has happened literally nothing has Changed To be fair there was a bit of a banking Crisis back in March but the consensus Seems to be that the biggest players Have already gone down there may be a Few more banks that go under but they Won't be nearly as big as svb or Signature and will therefore not have an Impact on monetary policy now it's Possible that the FED could pivot if the Stock market crashes hard enough but It's been rallying since last year's October lows believe it or not but the S

P 500 is technically in a bull market as Of last week at the same time the fear And greed index for stocks is showing The highest level of greed in years The caveat is that almost all the gains In the stock market have come from just Seven big names Apple Nvidia meta Alphabet Microsoft Amazon and Tesla the Other 493 stocks have basically been Trading sideways or down never mind all The micro caps that have been getting Wrecked What's crazy is that Apple recently hit An all-time high that's right an All-time high with these macro Conditions the Catalyst for this was the Reveal of the company's augmented Reality headset called The Vision Pro Now I'm no apple Fanboy but the Vision Pro looks extremely impressive and if You haven't watched the promo video I Highly recommend doing so it seems the Only downside of the device is its price It will retail for three and a half Thousand US dollars when it hits the Markets early next year starting with a Good old us of a what's funny is that Apple stock reportedly dipped when CEO Tim Cook revealed the price tag for this New product this makes sense considering That the Vision Pro is purely for Entertainment this makes it a very Discretionary item I recommend most Consumers would buy a phone or a laptop

Instead regardless The Vision Pro is a Big deal for crypto not to brag but we Predicted that big Tech would make the Hardware and crypto would make the Software for the metabus this appears to Be happening right before our eyes and Soon The Vision Pro won't be the only Hardware around either before you say That Apple would never allow the Vision Pro to be used for crypto let me remind You that the EU recently introduced Regulations that will force big tech Companies to allow their users to use Their hardware for whatever they want This will open a whole new world of Crypto use cases the only problem is That these VR and AR devices may not be Affordable for the average person and Tech Giants could even jack up the Prices in places like the EU to Compensate for the software related Losses in Revenue The only solution they will say is Hardware as a service you rent these Devices now if you watched our video About why you'll own nothing and be Happy you'll know that Apple has been Playing with the idea of a subscription Service for its Hardware since last year It is well within the Realms of Possibility that it will pilot this Program with the Vision Pro if the Average person can't afford it even so This is all a long-term story in the

Short term the abnormal bullishness We've seen in the stock market could be A contrarian indicator excessive amounts Of greed and a lack of breadth are bad Signs take a second to consider that Stocks continued to rally at the start Of the 2008 financial crisis more Importantly the insanely greedy Sentiment in the stock market could mean That the crypto Market continues to fall Even though sentiment in crypto has Fallen Beyond there this wouldn't be the First time we've seen this phenomenon And it likely won't be the last we will Have to see what the coming weeks bring So turning to the charts btc's price is Sitting on the Bollinger band moving Average on the weekly as you can see This moving average has served as a Significant zone of resistance in recent Months if BTC breaks below this level It'll be bearish if it manages to hold This level it'll be bullish Straightforward stuff Because the BTC Eve pair was covered Earlier already I'll give you a quick Analysis of bnb's price action because It's been intense to say the least if BNB breaks below 220 to 230 there's Really no support for its price until 120 and that support level isn't strong I'll let you be the judge of whether 220 Will hold now last week's top performing Cryptos were all stable coins so there's

Not much to say there to add insult to Injury all stable coins saw a huge Decrease in market cap except usdt which Saw an increase This is because usdt's primary demand Driver is trading and there's been lots Of that lately come to think of it the Last time that last week's top Performing cryptos were all stable coins Was around the time that FTX collapsed Some would say that the sec's Crackdown Is similar the only difference is that The SEC only seems to be getting started And nobody knows when it will stop its Crackdown Last week's worst performing cryptos is Where things get interesting sui Aptos The sandbox chilies and conflux all lost More than a third of their value and Some of them made new bear Market lows Sui and Aptos saw the largest losses now This is interesting because neither of The two were named in the sec's lawsuits Against binance and coinbase This could be explained by the fact that Both cryptos are Solana killers there Could be speculation that sui and Aptos Are also on The sec's Hit List The sandbox and conflux are similarly Interesting the reason why I grew them Together is because they're both very Popular with Chinese investors in case You missed the memo Hong Kong recently Legalized retail crypto trading both

Cryptos probably rallied in anticipation Of retail investment If you watched our video about Hong Kong's crypto regulations however you Would have known that there weren't any Exchanges authorized to serve retail Investors on day one we now know that it Could take months before this happens And for some exchanges it could take More than a year The sandbox was also on The sec's Hit List as was Chili's the difference is That Chili's didn't have any additional Fud dragging it down it's equally poor Performance could be a consequence of Chz having a much smaller market cap Than its peers a smaller market cap Means it's easier to push down its price Now for what it's worth there are still Coins and tokens that experience sudden Rallies on a daily basis and if you want To keep track of those be sure to join The coin Bureau telegram channel the Link will be in the description and Before I sign off I just want to say a Huge thank you to everyone who attended This year's coin Bureau Live conference In London on Saturday it was a wonderful Day and I'm so glad to have got to meet So many fans of the channel if you're Wondering why my voice is a few octaves Lower today there's your answer coin Bureau fans are the best but then we Knew that already a big thanks to

Everyone who attended as well as our Speakers and sponsors I can't wait for The next one And that's 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 we have Trading discounts on offer of over 50 And bonuses of up to forty thousand Dollars 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 Foreign

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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