Crypto News: XRP Win, BTC Price, ETH, Binance FUD & MORE!!

Foreign Bureau Weekly News Roundup here are the Top stories in crypto this week Crypto Market rally Bitcoin dominance Drops and altcoins take off after Ripple Secures a partial Victory against the SEC why did the crypto market crash less Than a day later Important ethereum updates eth pushes Past 2K for the first time in months Cello plans to become a layer 2 and Ave Votes to launch its go stablecoin how Will this affect eth Bnb's red flag binance lays off Thousands of employees shortly after its Exchange token announces an upgrade that Allows for its blockchain to be Frozen When will the binance fund finally stop China's economy chokes the world's Second largest economy stumbles leading To speculation that its Central Bank Will have no choice but to print what Does it mean for the crypto Market 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 its Financial advice and Here is the news Last week the crypto Market experienced An explosive rally this was in large Part due to Ripple's partial victory

Over the SEC now we say partial because The judge ruled that Ripple's xrp sales To institutions were unregistered Securities offerings meaning the company Could still be on the hook for these Sales The other part of the partial is what Caused the pump though and that's the Ruling that xrp itself is not a security Moreover sales of xrp on exchanges and Other secondary sales were also ruled as Not being Securities offerings now we'll Be doing a deep dive into this historic Ruling later this week so stay tuned The news of course caused xrp to explode And other altcoins the SEC had labeled As Securities in other cases followed Suit This was somewhat surprising considering That xrp is significantly different from Most altcoins and you'll notice if you Watched our video on the sec's reasoning About these alts in any case the Consequence of this massive altcoin Rally was an equally massive drawdown in Bitcoin dominance as you can see Bitcoin Dominance has crashed and BCC currently Makes up around 50 percent of crypto's Market cap This is a key level that may or may not Hold but a bounce seems likely if you're Subscribed to our Weekly Newsletter You'll know this is because there isn't A marginal buyer around to keep pumping

Everyone's altcoin bags in case you Haven't noticed interest in crypto is Still relatively low and this means There aren't retail investors to turn This altcoin pump into an ALT season of Course this could change if the crypto Industry continues to win against the SEC and it's ilk but for now it seems Like most of crypto's Victories have Centered around Bitcoin besides the spot Bitcoin ETF application by BlackRock an Actual spot Bitcoin ETF is expected to List in Europe later this month Regardless what everyone is wondering is Why the crypto rally was cut short now In theory it was because of the fud Around binance laying off lots of Employees in practice however this thud Was probably priced in binance had Reportedly been planning these layoffs Since May more on that later Another possible cause could have been The BTC sales by the US government some Of you may have seen the headlines that It had moved 10 000 BTC presumably to Sell the last time this happened was Back in March and crypto crashed shortly Afterwards Consider that 10 000 BTC had been sent To coinbase in March This is another topic that we'll be Tackling later this week so be sure to Keep your eyes peeled for that as well Now the good news is that the crypto

Market retained most of its gains Despite the subsequent flash crash the Bad news is that there's still no Shortage of catalysts that could take it Lower Btc's daily chart suggests we could be In for some short-term pain but again We'll come back to that later for now Though let's turn our Focus to ethereum Eth managed to push past 2K last week And if you're subscribed to our Weekly Newsletter you'll know this could be a Sign that the crypto Market is headed Higher in the short term be sure to sign Up so you don't miss our forward Guidance Link in description Anyways it's easy to understand why eth Had such an impressive pump when you Realized that the riffle Victory wasn't The only positive Catalyst for its price For starters ethereum surpassed a Milestone of 20 of each Supply staked Further increasing the security of its Already secure blockchain Ethereum Builder consensus also revealed Its zero knowledge evm layer 2 scaling Solution dubbed Linea now before you get Too excited the company said that it has No plans to issue a token but well I Suppose that's what every layer 2 says When they start a token always seems to Come eventually Speaking of layer twos though starknet Another zero knowledge solution released

An upgrade that increased its Transaction speed to 90 TPS now this Doesn't sound like much until you Remember that ethereum's upcoming dank Sharding upgrade will further Supercharge layer twos more about that In the description And another important layer 2 update Came from a layer 1. cello has floated a Proposal that would see its Standalone Evm-based blockchain become a layer 2 on Ethereum in what appears to be a first For the crypto industry this could Foreshadow other evm compatible chains Following suit come to think of it it's Possible that the real Showdown during The next bull market won't be between Layer ones but layer twos This likely depends on whether interest Rates remain high or start going lower Low interest rates mean more speculation Which could mean more inflows into eth Competitors not layer twos anyhow Another significant ethereum development Was the deployment of ave's go Stablecoin for context Ave is the Largest borrowing and lending protocol On ethereum and go is a decentralized Stablecoin Ave has been working on it For months and it was finally released After a community vote if you've been Keeping up with the channel you'll know That we are huge supporters of truly Decentralized stable coins that's

Because if crypto continues to rely on Centralized stable coins or worse cbdcs Then it could become a part of the Financial system it's actively trying to Replace Go's market cap is currently in the Millions which isn't much but it's a Good start considering crypto market Conditions for reference the demand for Decentralized stable coins like die is Closely correlated to eth's price if eth Continues to pump expect go die and Others to grow Now the only really bearish headline About eth wasn't really eth related and That's coinbase being required to Restrict eth staking in four U.S states If you watched our video about Coinbase's lawsuit you'll know this Could be bad winding down eth staking Could be an admission that it Constitutes a Securities offering for What is worth Ripple's partial victory Over the SEC likely means more profits For coinbase especially since the Exchange re-listed xrp shortly after the Ruling this will give the exchange the Financial Firepower it needs to keep Regulators at Bay until reasonable Regulations can be passed on that note Another exchange that's been facing Regulatory scrutiny lately is binance So far the exchange has been targeted by Both the US SCC and the cftc as well as

Regulators in other countries there's Also been speculation for months that The Department of Justice is lining up To take a swing as well and this has Created significant uncertainty Like binance's layoffs however this Possibility has already been priced in For months that's why it's strange that The recent report that binance had laid Off 1 000 employees seems to have shaken The market so much This could be because of the high Profile resignations in recent weeks Even then though it's believed that These resignations occurred on good Terms and most of the positions have Since been replaced by even more Impressive hires Never mind the fact that binance has Been making progress with Regulators Elsewhere namely in Kazakhstan From our perspective the only genuinely Concerning binance related news came From BNB last week For those unfamiliar BNB was originally Created by binance and was or rather is The exchange's native coin Naturally its ownership seems to be Concentrated in-house so to speak the Concerning news in question is an Upgrade that BNB will be undergoing this Wednesday as reported by cointelegraph The Zhang Heng upgrade will make it Possible for binance's validators to

Bring the blockchain to a halt in case Of an emergency such as a massive hack Or exploit if this sounds familiar That's because ethereum developers Tabled a similar proposal a few weeks Ago the differences are that ERC 7265 Occurs at the Smart contract level not The blockchain level and that this Circuit breaker feature is voluntary Developers aren't obligated to use it in Their dapps Like the Zhang Hing upgrade the ERC 7265 Upgrade was tabled because of all the Defy hacks and exploits that continue to Plague the industry and another thing That both upgrades have in common is That they could theoretically be invoked In cases where no hack or exploit Occurred namely to comply with Regulations and the like obviously that Is concerning and it's even more Concerning in the case of Zhang Heng Because the feature exists at the Blockchain level many believe that Binance runs all the validators on BNB But if you watched our video about it You'll know that's not the case at least According to public data This begs the question of why BNB Developers didn't simply opt to Implement these controls at the Smart Contract level like ethereum devs did The answer is anyone's guess and ours is That it could be because they're trying

To address a pre-existing issue on the BNB chain Some of you may recall that one of the Entities which exploited BNB took out a Massive loan against BNB using the Venus Protocol in June there were concerns That the BNB the exploiter used as Collateral would be liquidated and that This would cause bnb's on-chain price to Collapse it seems the BNB chain team Worked to unwind some of this position By paying back a portion of the Exploiters loan but apparently most of The loan remains along with the Liquidation risk implementing a freezing Feature at the blockchain level could be The only solution given the Circumstances anyway speculation aside The upgrades proposed by BNB and Ethereum developers set a chilling Precedent for the entire crypto industry We could soon see other layer 1 Blockchains Implement similar upgrades Making it possible for Regulators to Ensure total compliance some would say That is not very crypto This relates to another elephant in the Room and that's China if you watched our Video about China's new Central Banker You'll know the country hasn't been Doing too well lately the economy is Slowing the yuan is collapsing and the New central bank chief has a history of Cracking down on crypto you'll also know

That the yuan's weak position is making It difficult for the People's Bank of China or pboc to respond and fix its Problems with stimulus this is why it's Interesting that Western media Outlets Keep calling on the pboc to start Printing they probably know it'll Further weaken the Yuan If you watch that video you'll also know That further weakening of the Yuan means More Capital control which could Translate into crypto crackdowns Possibly even in Hong Kong as it so Happens Hong Kong's so-called crypto Gray zone is reportedly attracting lots Of money from the mainland and in the Midst of all this mess Circle CEO Jeremia Lair came up with an admittedly Rather self-serving solution that could Help solve some of China's woes and That's to issue a stable coin in lieu of A cbdc FYI most stable coins are backed By government debt a U1 stablecoin could Allow China to subsidize its debt it Would also allow Circle to make some More money assuming it's selected as the Issuer of said one stablecoin This seems badly needed considering that Circle has started cutting its Workforce Something that we predicted because of Usdc's declining market cap yield on Reserves is how Circle makes money Unfortunately for Circle China is going Full steam ahead with its cbdc

Case in point the pboc is now testing Offline payments in digital Yuan using SIM cards it's safe to assume that the Pboc is rushing to roll out the digital Yuan under its new leadership Cbdc's make it easy to impose Capital Controls Fortunately for China it has so far Managed to prevent an economic implosion By focusing its stimulus on specific Sectors one of the largest recipients of This targeted stimulus has been the Housing sector where prices are Reportedly resuming their decline after Months of trading sideways at the same Time China's exports have fallen off a Cliff down more than 12 percent compared To the previous year it's easy to forget That this is simultaneously a sign that Western economies aren't doing too well Either after all most of the demand for Chinese-made goods comes from the US and The EU Demand for goods in the US and EU has Likewise fallen off a cliff due to a Combination of factors including a Supply glut due to over-ordering Consumers spending more money on Services than goods and consumption Being kept down by Rising interest rates That in many places are showing no signs Of coming down in fact investors are Still pricing in a 25 basis point rate Hike at the fed's next meeting despite

The soft inflation reading we got last Week this means that the economy could Continue to weaken and that means it's Only a matter of time before central Banks around the world start stimulating The only question is when and you'll Know the answer when crypto starts Rallying it's the most sensitive to Changes in liquidity the rally we've Seen since the start of the Year Suggests that liquidity is already Rising but it looks like the real Resurgence in liquidity is still to come So be prepared Turning now to the charts we can see That BTC has fallen below the Bollinger Band moving average on the daily chart And seems to be squeezing this moving Average has been a zone of support and Resistance across all btc's time frames A squeeze down means more pain a squeeze Up means more gain This ties into the eth BTC chart on the Daily as you can see eth has gotten Above the Bollinger band moving average And appears to be squeezing to the Upside this suggests that eth could Rally relative to BTC over the next week This either means a rally for both or Sideways for BTC in Fiat terms Anyway last week's top performing Cryptos were xrp surprise surprise Compound Stellar one inch and synthetics A peculiar combination given the cause

Of the rally The over-representation of defy tokens Could be a consequence of an increased Demand for leverage in the face of Rising East prices as I mentioned Earlier anyhow xrp rallied because of Ripple's partial win over the SEC Specifically the part about xrp not Being a security and sales of xrp on Exchanges and secondary markets not Being Securities offerings this means That xrp holders are in the clear and That's really all they need to know Xrp's massive rally makes more sense on The weekly its price had been squeezing Since last summer and finally exploded To the upside in response to the ruling The massive wick on the top of the Weekly candle tells you that a lot of Xrp holders took profit but the squeeze Could continue nonetheless next up we Have compounds comp token which rallied For unknown reasons Our best guess is that it has to do with The new encumber feature that was Announced by compound Labs earlier this Month it allows users to retail custody Of their crypto while allowing other Wallets to transfer their tokens com's Price action is similar to xrps in that It started to squeeze to the upside on The weekly also like xrp comp faces Significant resistance in this case up To the 100 level if it can get above

That then it could continue to squeeze Higher but history suggests that a Rejection is more likely When it comes to Stella its xlm coin Rallied for the reason you'd expect Ripple's partial win over the SEC For those unfamiliar that's because Stella is technologically similar to xrp Though with a few key differences even So it's similar enough to imply that xlm Is safe from regulation Xlm's price action is almost identical To xrps but with a fraction of the Intensity that said it is squeezing on The weekly as such it could rally along With its peers now take a second to Consider that all these squeezes among Altcoins suggest we could see more Action from them while BTC trades Sideways the caveat is that this rally May not apply to all altcoins one Example seems to be one inches one inch Token which seems to have rallied in Response to Integrations with other D5 Protocols and its Presence at the Upcoming ethcc conference in Paris say That conference could explain the eth Strength hmm now in contrast to its Peers one inch is looking weak on the Weekly chart it got rejected at the Bollinger band moving average and seems To be squeezing down not up And finally we have synthetics whose snx Token appears to have pumped in response

To the real of infinix a front end for The synthetics decks that's intended to Compete with centralized exchanges there Seems to have been a general uptick in Dex trading as a result of all the sex Crackdowns as well funnily enough snx is Perfectly in the middle of the Bollinger Band moving average on the weekly again With a squeeze the coming weeks will Determine whether this squeeze goes up Or down if this small sample of altcoins Is anything to go by the bias seems to Be to the upside we could find out very Soon and do note that you can join the Coin Bureau telegram group to find out Why coins and tokens are pumping in real Time the link will be in the description And that's 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 Thank you so much for watching and I'll See you all in next week's episode Foreign