Cryptocurrency campaign
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| Cryptocurrency campaign |
So what does this mean for the second largest ETH currency and crypto base?
The exchange has been revealed to own five percent of all BTC while its underlying chain is outperforming Solana and raises a token Why this is a bigger deal than you might think Record capital flight China sees its biggest outflows in nearly a decade as economy collapses and yuan weakens, How this could herald a crackdown on cryptocurrencies and a closer look at the best-performing cryptocurrencies in the past week and where they could be. Get on top of all this and more in just one moment in the past week,
The cryptocurrency market saw another literal pump-and-dump because the market was rising before the Fed press conference and began collapsing shortly afterward.
What's interesting is that the Fed's press conference may not have been the catalyst for the crash, because cryptocurrency prices appeared at the rally while Chairman Jerome Powell was speaking, and this was interesting because the stock markets were crashing at the same time,
This underscores the fact that the cryptocurrency market has been less correlated with the stock market in recent months, and this relative lack of correlation means that it is likely the cryptocurrency-specific factor that has moved the market rather than the overall factor,
The best candidate in this regard is a report from the Wall Street Journal that claimed that Tether issued billions of dollars in loans to context Tether's unspecified trading partners lent hundreds of millions of dollars to cryptocurrency exchange Bitfinex,
Naturally, this loan was issued to cover the shortfall that bitfinex reportedly lost access to hundreds of millions of funds, US regulators later discovered Tether and bitfinex for this scam, as such,
The news that Tether was once again lending billions of dollars likely led many cryptocurrency investors to believe so. There may be another large cryptocurrency entity that is short on cash, perhaps an offshore exchange, and this would explain why the cryptocurrency market began to collapse shortly after the report was published.
Now the catch is that this report may not be accurate according to Tether CTO Paolo Arduino, the Tether spokesperson cited by the Wall Street Journal is not a spokesperson and does not work at Tether. Paolo also highlighted the fact that Tether currently has over 3 billion dollars of excess reserves,
He also claimed that Tether is on track to achieve more than $4 billion in profits, not revenue gains, by the end of the year. This makes sense considering that most USDT coins in circulation are backed by US government debt which in some cases yields more than five percent.
Five percent on tens of billions is a lot of money and I'll tell you what's also a lot and that's 40 thousand and it's something you can get through all the airdrops and promotions that the Currency Bureau deals page has to offer, the link will be there in the description Now, as is often the case, Paolo's illustration didn't get as much coverage as the initial hit piece,
This may be part of the reason why the cryptocurrency market did not recover after the decline, and another possible reason is the absence of any bullish news to raise cryptocurrency prices,
The result is that prices are fixed and if you were wondering
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| Cryptocurrency campaign |
Why does BTC price seem to be stuck around 26.5K?
The answer is
1) The 50-month moving average is currently at around 26.6K. Similar to the moving average of the Bollinger band on the weekly level,
2) The 50-month moving average appears to be a major area of resistance and support for BTC.
Logically speaking, a drop below these levels would mean a fairly steep decline and many crypto media outlets have speculated on this outcome with the same logic, but a bounce from these levels could mean a continuation
3)The rally we've seen since the start of the year, as always, is a bit of a toss-up now if you've been following our weekly cryptocurrency reviews, however, you'll know we've been speculating about the possibility that it's been driving the cryptocurrency market lately This is the case,
4) A bearish scenario seems more likely given how weak ether has been against BTC recently, as Coindesk ETH reported, recently hitting a 14-month low against BTC. This is likely due to the pressure Ethereum has been under, including from some of its major players,
5)Ethereum creator Vitaly Buterin is said to have sent nearly half a million dollars worth of Ethereum to exchanges last week, likely to be sold. At the same time, ETH Wales has been sending tens of millions of dollars of Heath coin to exchanges almost every day and you will notice if you watch Blockchain analysis tools like Whale Alert The fact that some Ico-era Ethereum wallets starting to move around ETH may also be a cause for concern,
z)At the same time ETH itself is starting to become inflationary again for reference, a portion of all ETHS is burned which means that if there is enough activity on Ethereum ETH is considered deflationary, and this deflation is a tailwind for ETH because if supply falls while demand remains Either way prices remain or prices rise, this dynamic no longer exists and is something we expected.
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| Cryptocurrency campaign |
Our Ethereum update a few months ago with data from within the block indicates that ETH's return to inflation is due to a roughly 10 percent drop in transaction volume over the past week,
So this raises the question of what is the reason for this sharp decline?
The answer is
1) Ethereum is starting to lose popularity with institutional investors, and this is something the cryptocurrency stock has noticed in its institutional flows over the past few weeks.
2) The 2nd reason institutions avoid ethics according to JPMorgan Ethereum activity after the Shanghai upgrade that enabled ethical betting withdrawals It was a disappointing quote, the analysis cited the decline in challenge activity as one of the reasons and indicated that regulatory uncertainty in the US could hurt the system Ethereum ecosystem now, and this is an understatement given the existence of...
Heightened regulatory scrutiny of both stablecoins and challenger coins recently and not just in the US, some of you may have heard that Binance is planning to delist stablecoins in Europe due to crypto regulations recently passed by the EU In our view, though there is a more fundamental reason behind ETH's fortunes with institutions decline,
Which is why we noticed about the US government debt ceiling deal In short, ETH mortgage yields are competing and with yields on US government debt continuing to rise now, it makes sense that institutions would rather earn 5% investing in US government debt than investing in real estate assets.
This is because the former is the safest asset in the world, while the latter is arguably one of the most speculative, and it doesn't help that Ethics' status as an asset is uncertain, at least in the US. Let's think about the large amounts of ethics we have seen sent to exchanges
The last few weeks could mainly come from these institutional investors, which would explain why these flows have increased alongside bond yields and suggest that these flows will accelerate if bond yields continue to rise,
If this is the case, ethics may continue to see weakness until bond yields start to fall and bond yields probably won't start to fall until there is a recession of some sort. Right now most investors aren't pricing in a recession but the few who do think they could happen later this year or early next year Early next year is when the next Bitcoin halving is expected to occur.
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| Cryptocurrency campaign |
The bright side is that this represents an opportunity for accumulation but back to Bitcoin,
A recent report released by Arkham Information states that the cryptocurrency exchange's cryptocurrency base contains about five percent of the BTC in existence to put things into perspective, which is approximately one million BTC which is worth around $25.
The billion-dollar Coinbase itself has about 10,000 BTC worth $200 million, and now this news comes on the heels of another major milestone for the Coinbase bass, as the second layer of Ethereum was recently launched,
Which now has more total value locked than Solana according to l2beat Bass has also become the third biggest layer 2 in terms of total value locked although it has a way to go to reach second place anyway if you watched our basic tutorial you'll know we've been speculating With the possibility of Bass dropping a token to its early users,
Paul Grewal, chief legal officer for Coinbase, recently noted that the underlying token has not been ruled out entirely,
Paul added that a core token could be viable at some point in the future, which makes sense given the underlying plans for decentralization, and this would likely require a token of some sort of course the only thing standing in the way of potentially being that token. What's special is the SEC knows they're going to crack down in a heartbeat and in other news regarding the coin rule, the exchange is reportedly looking to acquire ftx's European arm, which is not surprising given that
Coinbase has made a lot of acquisitions over the past couple of years as part of its global expansion, however, it indicates that Coinbase is continuing to grow despite the bear market. In contrast, Coinbase's biggest competitors have shrunk due to...
The unprecedented regulatory scrutiny they were facing seemed to have put itself in a position to capitalize on their problems, and this is more important than you might think.
For those unfamiliar, one reason the SEC has been hesitant to approve a spot Bitcoin ETF is that most of BTC's trading volume takes place on so-called offshore exchanges but
These offshore exchanges are facing ever-increasing scrutiny as Bitcoin trading volume moves internally, so to speak. Coinbase is clearly the primary internal exchange, a publicly traded company that has been vetted by the Securities and Exchange Commission (SEC), which is... A bit ridiculous.
Due to the recent SEC lawsuit against The Exchange, Coinbase also has the support of some of the biggest players in the trading space like BlackRock which uses Coinbase as part of its instant Bitcoin ETF app.
This is what makes the recent headlines around Coinbase so great, maybe it's just us but almost all of these headlines have been extremely bullish for the exchange, as if we were prepared for it.
Some offshore exchanges are declining and Coinbase is now taking their place. Even if not, it may seem inevitable given the circumstances. The good news is that Coinbase gaining dominance means trading will be more comfortable investing in cryptocurrencies, and we could even get approval from an institution. The ultimate Bitcoin ETF is based on this, meaning that many currencies and tokens will see all-time highs. The bad news is that the process by which the coinbase is used
The dominance of gains is likely to hurt the cryptocurrency market in the short term, and the base of the coins also appears to be closely aligned with commercial interests and you will know that if you watched yesterday's video about the war for...
Taking control of Bitcoin Apart from the fact that the next few months will be very interesting for cryptocurrencies and not only because of what is happening in the industry itself if you have been following the channel, you will know one of the main topics that we have been covering cryptocurrencies.
Its role in geopolitics and one of the countries we focused on in this regard is China. If you watched our video about the new governor of China's central bank, you'll know that he appears to be behind cryptocurrencies in the country.
crackdowns because part of its job is to prevent capital flight, which is why the recent news that Chinese capital flight has reached its highest level in nearly a decade is so significant that some cryptocurrency analysts believe this
This is bullish for crypto as it could be used in the Aid Capital flight but we think this could be bearish and there seems to be evidence of this already as some of you may have heard that the Hong Kong central bank recently issued a decision
Warning to cryptocurrency exchanges using banking terminology now, this was strange given that the administrative state was embracing cryptocurrencies to the point that it forced banks to accept crypto clients just a few days later.
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| Cryptocurrency campaign |
Regulators in Hong Kong announced that they will tighten cryptocurrency regulations due to alleged fraud committed by an unlicensed cryptocurrency exchange called jpegs, and as a cherry on top, Hong Kong regulators announced that they will issue stablecoin regulations next.
When you remember that Hong Kong has been under the direct control of China since 2020, you realize that there may be more to the anti-crypto axis than even the crypto media mentions.
Acknowledged that Hong Kong's positive cryptocurrency stance has been approved by China,
It stands to reason, then, that it would work the other way if the use of cryptocurrencies is not combined with capital flight, perhaps part of the reason why Hong Kong...
Hong Kong suddenly began to tighten its grip on the industry, and it is likely that the use of cryptocurrencies to flight capital through Hong Kong has begun to increase since exchanges began serving retail traders, and FYI exchanges began in Hong Kong.
Retailers served late last month Since then, the Chinese yuan has weakened against the US dollar from the perspective of a capital flight cop such as the Pang Gong Sheng link from the People's Bank of China.
The two causalities are the same thing, all potential exits should be closed now. The good news is that the Hong Kong cryptocurrency crackdown probably won't cause much direct damage to the cryptocurrency market or the industry. The bad news is that the market is coming bull story.
A start in Asia may become less likely, this alone could impact crypto prices and sentiment toward what they are worth although there are many other emerging crypto hubs in Asia like Singapore which should keep the Asian crypto bull market Catalyst alive. .
Having recently visited Singapore, I can confirm that sentiment in the East is more optimistic than ever about that in the description, let's just hope this isn't some sort of conflicting indicator
So with all that said, let's now move on to the top performing cryptocurrencies, Jessica throwing it out there, thanks man, the top performing cryptocurrencies last week were immutable chainlink X curfe Finance Tara classic, and silica
Starting with the chain link, the price of Lynx seems to have risen due to the launch of the cross-chain interoperability protocol or ccip on the largest layer 2 of Arbitrim Ethereum. Chain Link also hosted an exclusive event
An institutional trading event that saw nearly 200 attendees is as impressive as the recent perm, as the link continues to trade sideways on a weekly basis and does not appear to be trending up or down in fact the price of the link has been bouncing
About six to seven dollars for about 18 months In the absence of any major crypto catalyst, the sideways cut will likely continue after that, we have a mutable X whose IMX token appears to have been pumped due to
The cryptocurrency project's participation in the Japanese Crypto Gaming Conference, which is subject to change, also introduced the first Learn How to Earn campaign with rewards worth $8,500 USD. Unfortunately, IMX is still in the process of...
A long-term downtrend that was rejected at the moving average of the Bollinger band on the weekly chart. Bollinger band compression indicates that volatility is imminent. The direction of this volatility ultimately depends on the trigger that triggers
Squeeze When it comes to funds CRV is pumped for known reasons, this pump is likely caused by a short squeeze or an unknown whale entering to save CRV tokens from a potential CRV cell squeeze.
It was recently sold over the counter by founder Michael Egerov for 40 cents apiece, as you can see the CRV price briefly dropped below 40 cents leading to fears of OTC participants selling off their stock
Fortunately for the Finance CRV, it quickly pumped after the 40-cent breakout, but the long-term downtrend suggests that this latest pump may be short-lived with respect to the Tara Classic coin, which appears to have pumped due to...
The proposal was passed by the classical tarot community to stop minting the ustc stablecoin, and it is hoped that stopping minting will allow ustc to regain its peg to the dollar which is currently worth just over a cent.
Passing this proposal succeeded in giving your color its first green week in two months, but was unable to reverse its ongoing long-term downward trend If I'm not mistaken, blocking ustc mints could be harmful to your color
As ustc burns will increase the supply and lower its price, be careful Finally, we have the silica zillion which appears to have been pumped due to the cryptocurrency project's recent partnership with
The partnership will see Google Cloud become a node operator on Silica's blockchain, similar to the Lung Silica announcement that created a green selling week but did not stop the long-term downtrend, and they also appear to be hovering
Around the critical area of long-term support which extends back towards the previous crypto cycle, if it drops below these levels, it could fall to two new lows. Note that you can see which crypto projects are being pumped in real time.
