Crypto News: Worldcoin, Crypto Market Drop, ETH, BTC & MORE!!

Foreign To the coin Bureau Weekly News Roundup My name is guy and my name is Jessica And here are the top stories in crypto This week Crypto Market drop BTC eth and alts Start to slide in response to Growing Uncertainty both inside and outside of The crypto industry where are crypto Prices headed next Peculiar ethereum updates institutions Start to accumulate eth Shiva Inu starts Testing its layer 2 a former Dev Allegedly spreads foot and vitalik Questions worldcoin what does this mean Thief Digital ID deployed World coin launches After four years of development with Thousands reportedly lining up to have Their eyes scanned for their cut of free Crypto everything you need to know Boj backs off Japan Central Bank does a De facto rate hike for the second time In decades leading to speculation that Another market crash is imminent why you Need to be paying attention 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 experienced Abnormally muted price action Considering the massive macro factors That should have moved it

If you watched our previous weekly Crypto review you'll know that the Central banks of the US the EU and Japan All announced their interest rate Decisions The FED announced its interest rate Decision on Wednesday and it seemed the Crypto Market responded with a small Rally that resulted in a short squeeze As you can see most of these gains were Gone in a few hours note that we'll be Summarizing the fed's press conference Later this week so stay tuned now what's Surprising is that crypto prices Continued to Rally until Thursday which Is when the ECB announced its interest Rate decision now this is surprising Because the ECB was more dovish than Expected Anticipation of a looser monetary policy In the EU should have resulted in a Slight pump not a dump Well the answer to this mystery appears To be GDP specifically the GDP figures For Q2 in the US which were released on The same day these figures revealed that The US economy is growing faster than Investors expected this likely led to Expectations that the FED will have to Keep raising interest rates in response Additional evidence for this answer can Also be found in the price action of Major stock indices as you can see the S P 500 also saw a sudden dip late on

Thursday the fact that crypto and stocks Moved in tandem means it was a macro Factor the thing is that the GDP Figures Were released earlier in the day So this begs the question of what the Macro Factor really was and the answer Could be reports from Japanese media on Thursday which suggested that the bank Of Japan or boj was going to raise Interest rates on Friday in the end the Boj did no such thing but it did make Another Market moving decision more on That later In any case the crypto charts look Unclear btc's weekly chart suggests that It was painting a rising triangle Pattern which is supposed to be bullish But it appears to have broken to the Downside if this break takes BTC below That Bollinger band moving average this Week expect to see more downside Interestingly it's a different story for Eth's weekly chart against BTC it Appears to have had a bullish weekly Close which could foreshadow some gains Against BTC in the short term Now this doesn't necessarily mean that Eth will rally in Fiat terms but it's Evidence of speculation returning to the Crypto Market The caveat is that eth is still looking Weak against BTC on longer time frames Such as the monthly Eth's price saw another monthly close

Beneath the Bollinger band moving Average albeit slightly in the green This underscores the ongoing uncertainty In the crypto Market including in Ethereum's ecosystem if you're Subscribed to our Weekly Newsletter You'll know there's one stable coin in Particular that could be a banana skin For eth Despite all of this apparent uncertainty Though institutions have reportedly Resumed accumulating eth according to Queen shares institutions appear to have Moved money out of Bitcoin related funds And been moving them into altcoin Related funds mostly ethereum and xrp This could explain the increase in eth Strength against Bitcoin over the last Week it simultaneously reveals the Reason why the recent ruling in the Sec's ongoing lawsuit against Ripple has Likely increased institutional Confidence in altcoins given that Trading on exchanges is now believed to Be kosher if you watched our video about The ruling however you'll recall that it Doesn't exactly protect other altcoins From the SEC scrutiny just xrp even then This assumes the SEC won't appeal the Rulings which is reportedly looking more Likely as the days go by of course this Would be bad news for out until that Does happen though ethereum and other Outs could have some more wiggle room to

Rally and some institutions believe they Will due to their supplies a higher Correlation to tech stocks newsflash for All of us the NASDAQ has been on a Ripping rally since the start of the Year thanks to Ai and crypto has as well This supposed correlation would be Easier to understand if ethereum's Ecosystem wasn't riddled with numerous Multi-billion dollar meme coins the Largest of the lot is of course Shiba Inu with a market cap of almost 5 Billion in sheep's defense is developed Have been hard at work creating a brand New layer 2. on Friday Shiba in his devs Deployed the task net for the bridge Between the layer 2 dubbed shibarium and Ethereum while she barium is scheduled For launch sometime in August and likely A result in another wave of meme coin Frenzy this would likely be bullish for Eth as all meme coins have been on that Note one of the biggest ethereum memes Is the idea that a transition from proof Of work to proof of stake made it Environmentally friendly this has been Overblown at least according to Lane Ratig a former ethereum core developer And that's not all that has been Overblown in a recent coindesk article Lane pointed out that many of the Computers that were mining ethereum have Since switched to mining of other Altcoins meaning there probably wasn't a

Significant decline in energy Consumption At the same time hundreds of thousands Of ethereum validators have been spun up Lane also pointed out that proof of Stake is arguably less secure than proof Of work in his own words unlike pow a Cartel controlling more than half of the Stake can silently invisibly and Permanently capture the entire network A pretty scary comment considering Recent Revelations regardless Lane made It really clear that he is happy that Ethereum has transitioned to proof of Stake but underlined the fact that it's Not necessarily all it's been cut out to Be its benefits and drawbacks have yet To be fully understood compared to proof Of work which is a faculty coming from a Former core developer and speaking of Critiques ethereum's creator vitalik Buterin also had a thing or two to say About worldcoin and by a thing or two I Mean a very very long blog post it Included everything you would think and Effectively concluded by saying that World coin will fail if it can get Enough orbs out in the world Yup in case you missed the news there's A crypto project called worldcoin that Has had millions of people around the World scanning their eyeballs for crypto Over 2 million to be exact If you watched our first video about

Worldcoin you'll know it was co-founded By Sam Altman for context Sam is the Co-founder of openai the company behind Chat gbt and other AI tools that have Taken the Internet by storm and AI Related tech stocks to the Moon Now Sam created worldcoin to address two Issues he believed will arise because of AI namely deep fakes and enormous income Inequality To solve the format Sam wants to scan Everyone's eye that's because everyone's Iris the colored part of the eye is Unique and very difficult to fake in Fact worldcoin's orbs were specially Designed so that it's impossible to fake An iris scan this makes Iris scans the Ideal basis for digital ID now to solve The latter problem Sam wants to roll out Universal basic income or Ubi which will Eventually be paid for using profits Generated by AI this is where the wld Token is supposed to play a role the Idea is that everyone who scans their Eye will get a portion of wld and Receive it as a de facto Ubi over the Years So by now you've probably got lots of Questions and even more concerns trust Us when we say You're Not Alone almost Every single person who has heard of Worldcoin has had the instinctual Reaction that this is a bad idea but as With all bad ideas this ultimately

Depends on the payout involved right Folks In all seriousness the wld token quickly Listed on the top cryptocurrency Exchanges after World coin launched and It has everyone wondering if wld is Worth it now we'll be doing an in-depth Video about worldcoin later this week That will give you the long answer For now we'll give you the short answer If you plan on buying wld or already Have be aware that it has an aggressive Vesting schedule and no utility for the Time being in other words there's lots Of new Supply and not many demand Drivers the fact that it's already Listed on most major non-us exchanges Means it's about as available as it will Be if you plan on lining up to scan your Eye at one of the orbs to get wld for Free or already have be aware that the Worldcoin website specifies that you can Only claim one wld per week for the time Being that's two to three dollars per Week at today's prices some would say That's hardly worth scanning your iPhone Never mind the fact that the orb isn't Fully open sourced so you have to trust That worldcoin isn't doing something Questionable with your iris scans now to Be fair to worldcoin the fact of the Matter is that cryptocurrency does need Some form of decentralized digital ID if It wants to continue to evolve

To many worldcoin is not the answer as It is technically not as decentralized As it claims to be and its incentives Are questionable to say the least Consider that Sam basically created the Problem and is now offering a solution Which will eventually come at a price This all assumes that AI will create the Problem that he foresees and that being Cataloged by a centralized entity is the Only solution as you'll see both Assumptions are questionable Now when it comes to macro related news The biggest headline was the bank of Japan's decision to loosen its yield Curve control for those who are Unfamiliar yield curve control is when Central banks buy up government debt to Try and keep longer-term interest rates Low they do this because the only rates That they can directly control are the Short-term ones now believe it or not But the boj has been doing this for Decades and has also been keeping a Shorter term interest rate at zero this Is simply because the Japanese Government has so much debt that if Interest rates Rose they would go Bankrupt this is only a part of why the Boj's decision is so significant If you watched our recent viral video About what the central banks are Planning you'll know that if the boj Raises interest rates either by backing

Off yield curve control or raising Interest rates then it could crash well It could crash everything that's because The Japanese investors are heavily Invested in overseas assets if interest Rates were to rise in Japan then it Would cause Japanese investors to sell Off some of their overseas assets to Take advantage of the higher interest Rates at home this could crash the Foreign stock markets and also raise Interest rates elsewhere as Japanese Investors sell foreign government debt So raising interest rates would also Cause a Japanese yen to rally and this Could cause even more Market volatility That's because of something called the Carry trade institutional investors Borrowing lots of Japanese Yen because Interest rates are low and trading it For higher yielding assets thereby Earning a carry so imagine a scenario Where institutional investors borrow Millions of Japanese Yen based on Assumptions that Japanese interest rates Would stay low and the Yen would Continue to weaken they would Immediately be forced to sell all the Other assets they bought to repay their Yen loans this selling of other assets For Yen would cause it to Rally even More this would be further Amplified by The fact that almost every institution Is heavily short to Yen these heavily

Short institutions would be liquidated Causing the Yan to Rally even more Forcing more carrier traders to sell Other assets and so on and so forth if This is all too complicated to follow Then you can keep it simple just by Watching the Yen and as you see it Rallied like crazy on Thursday This is fundamentally why the stock Market and the crypto Market saw a flash Crash that same evening everyone who Leveraged thought that they were about To get wrecked oddly enough when the boj Came out and announced that it would Loosen its yield curve control the Yen Dropped back down to levels that it had Seen in recent days This was probably because the boj wasn't Nearly as hawkish as the media had People believe but it's still more Significant than you think that's Because it could Mark A New Beginning in A new trend from the boj a trend towards Gradually higher short and long-term Interest rates so whether it will manage To raise rates without bankrupting the Government or crash in the market that Still Remains to be seen but is Something to watch and lo and behold the Bank of Japan has had to intervene it to Keep years below the new band which is Exactly what happened the first time it Did this back in December money printer Go

So turning to the top performing cryptos Last week we had maker Dao Shiba swaps Bone Dogecoin Quant Network and Shiba Inu starting with make a doubt its mkr Token continues to Rally because of the Recent buyback mechanism that was Implemented by the D5 protocol as Bullish as it may be it appears that Crypto VC firms have been cashing out This is a bearish sign and it could be The tip of an even bigger bearish Iceberg Speculation aside this makes mkr's price Action somewhat unpredictable the weekly Chart suggests that it still has a bit Of room to Rally before it hits the next Zone of price resistance at around 1400. Nkr seems to be hitting a seven-week Rallying record logic says it will stop But well we know how crypto can go next Up we have Sheba swaps bone which will Include with Shiba inu's ship that's Because both cryptos rallied for the Same reason the upcoming release of the Shibarium layer 2. for reference bone Will be used to pay for transaction fees On shibarium hence its second place Ranking funnily enough bone appears to Be in a long-term uptrend though it's Hard to say much of this price action is Genuine That's because bone doesn't have much Exchange support the Silver Lining is That a listing on a top offshore

Exchange could take bone much higher so Take note Ships price action tells a different Story however its price appears to have Flatlined over the last year and its Recent price action still has it below The Bollinger band moving average on the Weekly the Silver Lining there is that This has caused a massive Bollinger band Squeeze which could break to the upside As for Dogecoin meanwhile Doge rallied For the same reason it always does good Old Elon Musk In case you haven't noticed Twitter Recently rebranded to X in a bid to Become an all-in-one platform that will Include payments this combined with the Doge symbol in elon's X bio has caused Some hype similar to shib doge is seeing A Bollinger band squeeze on the weekly The difference is that doge is above the Moving average meaning it has a higher Chance of squeezing to the upside The caveat is that it faces a lot of Resistance on the way up and we've seen Lots of fake outs recently and finally We have Quant network with qnt rallying For unknown reasons if you happen to Know why drop a comment down below Because we'd all love to know As far as price action goes qnt has hit The Bollinger band moving average on the Weekly and is in the middle of a massive Squeeze if it gets rejected here it'll

Likely squeeze to the downside Conversely a continuation of the current Rally could result in a squeeze to the Upside And if you want to know why all coins Are pumping on a daily basis be sure to Check out the coin Bureau telegram Channel the link is of course down in The description 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 don't Forget to check out our deals page where We have massive discounts and airdrop Bonuses of up to forty thousand dollars 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 so thank You all for watching and we'll see you All in next week's episode Foreign