Crypto News: Solana Outage, ADA Rally, SHIB, Optimism & MORE!!

[Music] Welcome to the coin bureau weekly crypto Review here are this week’s top Headlines in the crypto news [Music] Serial outages on solana Cryptocurrency’s fastest blockchain goes Down for what must be the dozenth time Since its launch causing seoul’s price To slide Does solana still have potential [Music] Shiba inu founder is out ryoshi scrubs His social media after bidding farewell To the shiba inu community with no Explanation what’s next for the dogecoin Killer Optimism airdrop ethereum’s second Largest layer 2 scaling solution Airdrops its governance token Foreshadowing similar moves by Competitors Which layer two will be next to do an Airdrop Crypto hiring and crypto firing Crypto exchanges cut jobs while asset Managers create new crypto opportunities What does it all mean for the crypto Market Fiat versus cryptocurrency argentinians And turks turn to crypto in the face of Exponential inflation could we see the Same happen elsewhere Central banks cbdc’s and

Cryptocurrencies the central banks of Brazil and india reveal their cbdc plans While the bank of england talks stable Coins 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 [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 the solana blockchain Experienced yet another outage it lasted Four hours and it was reportedly caused By a bug related to cold storage aka Offline transactions Given all of solana’s other recent Outages and the general decline of the Crypto market the most recent outage Caused many soul holders to sell Resulting in a 10 decline for seoul Shortly afterwards As someone who holds soul as part of Their personal portfolio i can’t deny That watching all these outages hasn’t Been pretty and i’ve pointed them out as Being a problem in our solana updates So this begs the question of why soul Holders like me continue to huddle

Despite the constant breakage of the Solana blockchain especially since there Are comparable alternatives like near Protocol that don’t experience outages I obviously can’t speak for others but In my case my conviction mainly comes From the massive amount of money that Has been poured into the project by Institutional investors The fact that crypto projects building On solana continue to see serious Funding and popular crypto projects Continue integrating with the solana Blockchain plays a big factor as well Logically this then begs the question of Why institutions continue to invest so Heavily in solana’s ecosystem and the Answer was actually revealed at Algorand’s decipher conference last November On the growing the algorand ecosystem Panel crypto vcs revealed institutions Don’t care about solana’s outages They know the technology and the team Are solid and that’s enough for them In other words institutional investors Are confident that these constant Outages will eventually be resolved and This attitude combined with the Allocation to back it speaks volumes to Solana’s potential Now don’t get me wrong this doesn’t mean That solana couldn’t succumb to its Competition

As i mentioned just a moment ago solana Has very similar competitors that are Similarly well capitalized That’s why it’s always best not to put All your eggs in one basket and to also Have a longer term vision of a crypto Project regardless of its current issues It’s what the institutions are doing After all On the topic of crypto projects Currently experiencing issues last week Shiba inu’s pseudonymous founder ryoshi Scrubbed his social media leaving only Two medium posts announcing his Departure The announcement seems to have taken the Shiba inu community by surprise despite The fact that ryoshi has repeatedly Emphasized that he was not an important Part of the project Those of you who watched our videos About shiba inu will know ryoshi stepped Away from the project not long after it Was founded and it has basically been Community driven since that time This is probably why the ship token Didn’t really react to the news though It was still significant enough that High-profile members of the shiba inu Community came out to defend against the Fud it inspired Still there’s no denying that the timing Of rayoshi’s departure wasn’t exactly Ideal shib is down close to 90 percent

From its all-time high and crypto has Entered a bear market What’s even more peculiar is that ryoshi Hasn’t deleted his social media even Though he’s deleted just about every Post he’s publicly made This suggests he could be planning on Making a surprise appearance at some Point in the future but if this is the Case then why go through the trouble of Deleting everything that’s been said in The past It seems nobody has the answer and it Doesn’t help that ryoshi’s real identity Is still unknown Some of you may know that a picture from His first blog post suggests he has Serious connections in the ethereum Community which makes his apparent Departure that much more significant For what it’s worth shiba inu’s Development continues and though i Haven’t been keeping a close eye on the Project i know that many important Milestones have been met on the Metaverse side the real question is Whether shiba inu will be able to Achieve its end game of becoming the Dogecoin killer especially since tesla Ceo elon musk continues to tease doge Payments for his other companies if You’re wondering which of these two meme Coins has the most potential you can Check out my video using the link in the

Description Now another popular crypto project that Made the headlines last week was Optimism ethereum’s second largest layer To scaling solution by total value Locked third if you count the polygon Side chain Optimism made the news because of the Airdrop of its highly anticipated Governance token with the ticker op an Airdrop that had been revealed back in April Now the op token airdrop was scheduled For may the 31st and with over 250 000 Wallet addresses eligible to claim it Went just about as well as you might Expect given the circumstances First it was found that a few users had Managed to claim op tokens in advance by Interacting directly with the smart Contract for the token before a front End had even been built when the airdrop Officially began optimism almost broke Because of all the demand with the team Reportedly scrambling to increase the Protocol’s throughput while users Clamored to claim op After op began to list on centralized Exchanges its price predictably crashed And this resulted in the governance Proposal to ban the quote mercenary Actors who immediately sold their tokens From participating in future airdrops As you might expect this proposal was

Extremely controversial with crypto Influencer and og kobe stepping in to Highlight how ridiculous it is to Consider banning sellers with his own Satirical proposal which was Subsequently removed from the optimism Governance forum Other members of the optimism community Also counted the controversial proposal By pointing out that any attempts at Clamping down on these would-be sellers Will only result in them moving their Capital to competing layer twos for Ethereum notably arbitram which uses the Same scaling technology On that note arbitrary could potentially Be the next ethereum layer two to Announce a token of its own and that’s Because it has secured more than 120 Million dollars from various crypto vcs Since it began Call me crazy but i reckon these crypto Vcs want a return on their investment For reference optimism also raised Around 180 million dollars from various Crypto vcs and colour me surprised that A token eventually came along There’s also the question of competition Optimism air dropping its own token is Likely tempting arbitram to respond in Kind especially since the presence of The op token arguably makes optimism More competitive There’s precedent for this too

When sushi swap airdropped the sushi Token during d5 summer uni swap really Had no choice but to follow suit if it Wanted to remain competitive and about a Month later the uni token was live Assuming arbitram will be issuing a Token of its own in response to optimism This means now is the time to interact With its layer 2 so that you become Eligible for the snapshot If an arbitrary token is announced it’s Likely that it could see the same sort Of price action as the op token once it Lists on centralized exchanges so keep That in mind before you ape in If you’re wondering where else you can Find crypto airdrops well look no Further than the link in the description Anyways coins and tokens aren’t the only Things crashing in cryptocurrency these Days crypto companies have taken a hard Hit as well especially those that had Lots of exposure to terror classic This includes cryptocurrency exchanges Who besides holding lunar and ust in Their own wallets have seen a Substantial decline in revenue because There simply isn’t all that much crypto Trading going on It seems that many crypto exchanges Increase their expenses to unsustainable Levels during the crypto bull run Because coinbase and gemini are just two Titans that will be cutting their

Workforces by ten percent Coinbase has really taken the spotlight In this regard and that’s because it has Gone as far as telling newly hired Employees that they’ll be losing their Jobs before they even get to start them Meanwhile crypto exchanges like ftx and Binance seem to have been better with Their money management with the former Managing to become the second largest Exchange by trading volume in may and The latter announcing a 500 million Development fund As such it could be said that money Isn’t necessarily leaving the crypto Industry per se All that’s happening is that capital is Being allocated in different ways and in Different places by different entities An easy example here is fidelity which Recently announced that its digital Assets arm will be doubling its Workforce to over 110 employees for Context fidelity is one of the largest Asset managers in the world and the fact That it’s effectively doubling the size Of its crypto arm should be a wake-up Call to the no coiners Another great example is blockchain Analytics company chain analysis which Is reportedly offering triple pay to British police with digital asset Experience Now this is one of the many reasons why

I believe central bank digital Currencies will never get off the ground Why get paid a six figure salary to work On a dystopian technology when you can Make triple the pay or more working on Technologies that promote financial Freedom In case anyone is wondering crypto jobs Can and often do pay twice as much as Their no coin equivalents and though Many crypto companies are cutting back On hiring there are still thousands if Not tens of thousands of crypto job Openings if you’re interested in working In crypto then someone has a video on How you can do just that Now where was i ah yes fiat versus Cryptocurrency Now if you follow us on twitter or Instagram you might remember seeing this Image It’s a chart of the us dollar versus btc And as you can see the usd has gone Completely flat it looks worthless Compared to btc Now besides the bullish case this makes For btc it also underscores the fact That much of the price appreciation We’re seeing among assets of all kinds Is coming from the gradual devaluation Of fiat currencies through money Printing For a long time people didn’t pay Attention or even notice that their

Purchasing power was being taken away From them but the perfect combination of Macro factors has converged to make Inflation the number one issue in just About every country in the world If you’ve watched any of our videos About which countries will be next to Adopt bitcoin you’ll know that high Inflation is one of the predicators of Bitcoin adoption at the national level Of the larger countries turkey and Argentina have the highest levels of Inflation and this has been the case for Quite some time It should come as no surprise then that Crypto adoption has been extremely high In both countries so much so that both Of these countries have taken measures To prevent the adoption of Cryptocurrency Turkey’s tactic was to ban crypto Payments whereas argentina recently Signed a deal with the devil aka the imf To prevent the adoption of crypto in the Country in exchange for more us dollars The ironic thing there is that the us Dollars being given to the argentinian Government are quickly losing value too As inflation in the united states Approaches double digits The only reason why argentina is Accepting these terms is because the u.s Dollar is more stable relative to other Fiat currencies and this is what many

Critics of bitcoin’s inflation hedge Narrative failed to factor in Yes btc is volatile but relative to the Readily available alternatives for the Average person in many developing Countries it is significantly less Volatile never mind that btc’s Volatility has been declining over time As investors slowly come to a collective Agreement about its true value relative To feared Btc also can’t be confiscated which is An important feature during times of Financial stress since governments tend To react by trying to centralize control Of the financial system as much as Possible to prevent people from ditching Their fiat currencies This actually seems to be one of the Primary motivations for creating a Central bank digital currency and you Can learn more about what the central Banks are planning by using the link in The description Now speaking of central banks the Central bank of brazil recently revealed Its vision for the digital real brazil’s Upcoming central bank digital currency In a research paper for the bank for International settlements the so-called Bank for central banks Consistent with the cbdc plans i Explained in the video i just mentioned A digital real would give the brazilian

Central bank total control over the Population’s purchases An economist with the brazilian central Bank specified that it would make it Impossible for people to cash out under Certain economic circumstances and that The digital real would be programmed to Quote make room for new business models That are better suited to meet the Population’s demand Naturally the brazilian central bank Will be careful not to step too much on The toes of commercial banks lest it Loses control of the financial Infrastructure it needs to leverage to Roll out its dystopian digital currency Funnily enough brazil has the fourth Highest inflation rate of any large Country after turkey argentina and Russia and it consequently has one of The highest rates of crypto adoption in The world Although brazil’s central bank didn’t Say it is rolling out a cbdc to combat The adoption of cryptocurrency its paper Seems to suggest that custodians of Digital currencies would be obligated by Law to convert those digital currencies Into digital real at the request of the Central bank This means that if you keep your btc on A cryptocurrency exchange or bank in Brazil the brazilian central bank will Have the power to compel that exchange

Or bank to convert your btc into digital Real whether you like it or not That’s why you must always keep your Crypto in your personal crypto wallet And i’ll leave a link to my video about The best crypto wallets in the Description if you need it anyhow across The pond an official for india’s central Bank straight up said that its upcoming Digital rupee could be used to kill Crypto in the country this is almost Exactly what the central bank of Indonesia said late last year and it’s An idea that’s apparently becoming Popular with central bankers around the World Here in the uk the bank of england is Issuing a recommendation to crack down On stable coins that could become too Big This is eerily similar to the stable Coin regulations currently being Proposed in the european union and it’s A sign that foreign central banks are Aware that dollar-backed stable coins Are de facto digital dollars that could Undermine their own fiat currencies Whether central banks can successfully Stop the adoption of cryptocurrency Through regulation remains to be seen And though this is much easier to do in Developed countries it will become Harder to deter people from protecting Their purchasing power as inflation

Continues Turning to the charts we can see that Btc finally had a green candle on the Weekly though this is only thanks to the Wick caused by the sudden rally that was Cut short by macro factors like the war In ukraine and jobs data in the united States Btc continues to hold strong at around 29k and there are conflicting opinions As to whether this is a good or bad Thing Some say that lingering around this Support level makes it stronger whereas Others contend this constitutes a Constant test of this support which Could lead to a break to the downside As i mentioned in last week’s video About how long the crypto bear market Could last we’re likely to see another Year or two of price declines as this is Consistent with the length of previous Crypto bear markets so it wouldn’t Surprise me if btc heads lower from here As the weeks go on In any case last week’s top performing Cryptos were waves helium cardano stella And the graph an interesting combination To say the least Starting with waves the waves coin seems To be pumping on the news that the waves Team and community are working to Rebuild its defy ecosystem after the Temporary depending of its own usdn

Decentralized stablecoin which let’s Just say is similar to ust Unfortunately for waves its massive Rally is barely visible on its long-term Price chart and that’s all because of The massive speculative pump that Occurred earlier this year as a result Of the usdn stablecoin Luckily waves wasn’t completely taken Out when usdn depegged Next we have helium whose hnt coin seems To be rallying in anticipation of the Announcements the project is expected to Make at coindesk’s consensus conference Later this week As an hnt holder i can tell you that it Hasn’t been fun watching its price Collapse over the last few months and It’s a shame that its recent pump barely Registers on the richter scale I still believe in the long-term Potential of the project though Peer-to-peer internet is no joke It’s a similar story with cardano whose Ada coin has been collapsing over the Last few months and is a far cry from Its all-time high If you’ve been keeping up with me on Coin bureau clips you’ll know the small Recovery it’s seen recently has its Roots in the upcoming vassal hard-fought Combinator event which will improve Cardano’s scalability While this will have huge implications

For ada in the future the fact that We’re in a bear market could make vassal A sell the news event in the short term So just keep that in mind if that’s your Time horizon All i’ll say is it’s certainly not mine Then there’s stella whose xlm coin is Experiencing some positive price action In anticipation of stellar’s own Appearance at coindesk’s consensus Conference later this week You know i might just have to do a video Covering the highlights if they prove to Be important It’s too bad that xlm isn’t exactly Shooting for the stars but the silver Lining is that it seems to be getting Some organic demand from all the Integrations and partnerships seller has Secured most notably with moneygram for Remittance payments And finally we have the graph whose grt Token is taking a trip up north on the News that its data indexing protocol Will become fully decentralized by early Next year certainly good news the bad News is that grt’s price chart is one of The most painful and that might have Something to do with the fact that grt Circulating supply has increased by Almost 4x over the last year or so Clearly there wasn’t enough demand to Make up for all this cell pressure You can learn more about the graph using

The link in the description but be aware That we made the video shortly after the Project went live an update will be Coming at some point i promise 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 if You’re looking to maximize your gains During the bear market the coin bureau Deals page is where you should go you Can find the link to that resource and Many others in the description below Thank you all so much for watching and I’ll see you all in next week’s episode [Music] You