Crypto News: BTC Rally, ETH Recovery, SOL, FTM, USDT & MORE!

Summary

This week's Coin Bureau Weekly News Roundup covers Bitcoin's recovery as CPI numbers align with expectations and ETF inflows accelerate. The potential for a spot Ethereum ETF approval is debated, with speculation on its impact on ETH's price. Tether faces scrutiny, with Ripple's CEO suggesting a crackdown, coinciding with Kraken's consideration to delist the stablecoin in the EU. China's monetary policy is discussed, with the government reportedly buying homes to stabilize the housing market, which could influence the crypto market. The video also reviews last week's top-performing cryptocurrencies and their future prospects.

Takeaways

• 📈 **Bitcoin Recovery**: Bitcoin's price rallied after the CPI for April came in within expectations, and ETF inflows accelerated.
• 🎢 **Volatility and Macro Factors**: The strong response of BTC to the CPI suggests that macroeconomic factors will continue to influence crypto market volatility.
• 💡 **Spot Bitcoin ETFs**: There is speculation about the potential approval of spot Bitcoin ETFs, which could impact the market significantly.
• 🌐 **China's Economic Moves**: The Chinese government is reportedly buying homes to prevent a housing market collapse, which could have implications for the crypto market.
• 🔍 **Tether Under Scrutiny**: Ripple's CEO suggests that the US government may crack down on Tether, even as Kraken considers delisting the stablecoin in the EU.
• 📉 **Crypto Market Impact**: The potential delisting of USDT in the EU could have a profound effect on the crypto market, particularly for small cap altcoins.
• 🤔 **ETH ETF Speculation**: There is debate over whether the SEC will approve or deny spot Ethereum ETFs, with potential implications for Ethereum's price.
• 🏦 **Central Banks and Crypto**: Central banks' actions, including interest rate adjustments and liquidity injections, are expected to influence the crypto market trend.
• 💰 **Money Printing in China**: China is injecting liquidity into its economy, which could lead to further stimulus and potentially affect the global financial system and crypto markets.
• 🚀 **Top Performing Cryptos**: Last week's top-performing cryptos included Phantom, Chainlink, Bonk, Ono Finance, and Solana, each with specific catalysts for their price movements.
• ⏱️ **Timing of Market Moves**: It takes time for liquidity conditions to affect BTC prices, suggesting that the impact of recent stimulus efforts may not be felt until later.

Q & A

What triggered Bitcoin's (BTC) recovery rally last week?

Bitcoin's recovery rally was triggered by the release of the CPI numbers for April, which came in within expectations, and the acceleration of inflows into spot Bitcoin ETFs.

How did the CPI numbers affect the ETF inflows into Bitcoin?

The CPI numbers seemed to have spurred the ETF inflows, indicating that macro factors are significant considerations for spot Bitcoin ETF investors.

What is the significance of macro factors in the crypto market?

Macro factors are significant because they can cause volatility in the crypto market. Positive economic prints can lead to bullish movements, while negative prints or deteriorating economic conditions could lead to sharp corrections or even be paradoxically bullish if they increase the likelihood of the Federal Reserve decreasing interest rates.

What could the potential outcomes be if the CPI starts coming in above expectations?

If the CPI starts coming in above expectations, BTC could experience a sharp correction. Conversely, if economic conditions continue to deteriorate, it could be bullish for BTC and other risk assets as it might lead to a decrease in interest rates by the Federal Reserve.

What is the current range that BTC has been trading in on the daily chart since late February, and what does breaking above it signify?

BTC has been trading in a range between $61k and $72k on the daily chart since late February. Breaking above $72k could cause a breakout of the bull flag to the $100K target that many traders have been anticipating.

What is the speculation around the spot Ethereum ETFs and what is the expected decision date?

There is speculation that the SEC could approve the spot Ethereum ETFs, despite the expectation that they will be rejected as the SEC is likely to declare Ethereum a security in upcoming lawsuits. The final decision date is this Thursday.

Why is there a possibility that the spot Ethereum ETFs could be approved despite the SEC's aggressive enforcement arm?

The possibility of approval exists because the SEC's enforcement arm is not in charge of approving or rejecting ETFs. Additionally, there could be political pressure to approve the spot Ethereum ETFs to sway the minds of pro-crypto voters.

What is the situation with Tether (USDT) and the US government's scrutiny?

Tether, the issuer of USDT, is reportedly under scrutiny by the US government. However, Tether has been working with US regulators to ensure compliance, and the US government has an interest in stablecoin issuers growing as they back most stablecoins with US Government debt.

What is the impact of China's stimulus measures on the crypto market?

China's stimulus measures, aimed at preventing a housing market collapse, could inject more liquidity into the economy, which may eventually affect the crypto market. This liquidity could be absorbed by the crypto market, potentially leading to an upward trend in crypto prices.

What are the implications of the EU's new crypto regulations (MiCA) for stablecoins?

Under MiCA, USD stablecoins with more than €2.2 billion in trading volume and 1 million transactions per day must be banned by the end of June. This could lead to the delisting of most USD stablecoins for EU users, potentially affecting the trading of small cap altcoins that primarily trade against USDT.

What were last week's top-performing cryptocurrencies and what factors contributed to their performance?

Last week's top-performing cryptocurrencies were Phantom, Chainlink, Bonk, Ono Finance, and Solana. Factors contributing to their performance included news releases, partnerships, updates to platforms, and potential technical patterns suggesting future price movements.

Outlines

00:00

📈 Bitcoin's Recovery and ETF Inflows

The script begins with a discussion on Bitcoin's (BTC) recent recovery rally, which was triggered by the release of the Consumer Price Index (CPI) for April, coming in within expectations. This led to an acceleration in spot Bitcoin ETF inflows, suggesting that macroeconomic factors are a key driver for ETF investors. The script highlights the importance of macroeconomic indicators for the crypto market, with the potential for significant volatility in response to economic data releases. It also speculates on the possible outcomes for BTC, such as a sharp correction if CPI exceeds expectations or a paradoxical bullish scenario if economic conditions deteriorate, prompting the Federal Reserve to decrease interest rates. The discussion concludes with the potential for BTC to reach the $100K target if it breaks above its current trading range.

05:02

🔎 Ethereum ETF Speculation and Tether Scrutiny

This paragraph delves into the speculation surrounding the potential approval or denial of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). The consensus is that the ETFs will be rejected, with the SEC likely to consider Ethereum a security. However, there is a possibility of an upside surprise due to the bearish sentiment already priced into the market. The script also touches on the political aspects of the ETF decision and the potential impact on the crypto market. Additionally, it discusses the scrutiny faced by Tether (USDT), the largest stablecoin, with Ripple's CEO suggesting a crackdown by the U.S. government. This is contrasted with the actual cooperation between Tether and U.S. regulators, and the U.S. government's interest in stablecoin growth due to its backing by U.S. government debt.

10:03

🏢 China's Monetary Policy and Its Impact on Crypto

The script discusses China's efforts to manage its housing market crisis, which accounts for a significant portion of its economy. It outlines the government's stimulus measures, including lowering mortgage rates, reducing down payments, and providing funds to purchase unsold homes. The paragraph suggests that China is likely to inject more stimulus into the economy, especially if other central banks start lowering interest rates. This liquidity injection could have a positive impact on the crypto market, as crypto is seen as a sponge for excess liquidity. The script also mentions the potential delay in the effect of China's stimulus on BTC, as suggested by macro analyst Michael Howell.

15:05

🚀 Analysis of Last Week's Top Performing Cryptos

The script provides an analysis of the top-performing cryptocurrencies from the previous week, including Phantom (FTM), Chainlink (LINK), Bonk (BONK), Ono Finance (ONO), and Solana (SOL). Each crypto's performance is attributed to specific events or updates, such as Phantom's upcoming sister chain, Chainlink's partnerships, Bonk's promotion at a music festival, Ono Finance's dashboard update, and Solana's Phantom wallet rankings. The potential future price movements for these cryptocurrencies are also discussed, with some suggesting significant growth potential.

20:05

📚 Conclusion of the Weekly Crypto Review

The final paragraph wraps up the weekly crypto review by inviting viewers to engage with the content through likes, subscriptions, and notifications. It also promotes the Coin Bureau's deals page, which offers trading fee discounts and sign-up bonuses, and mentions the Coin Bureau's merchandise store. The script ends with a thank you note and a teaser for the next week's episode.

Keywords

💡Bitcoin (BTC)

Bitcoin, often represented by the ticker symbol BTC, is a decentralized digital currency that operates on a peer-to-peer network without the need for intermediaries like banks. In the video's context, Bitcoin's recovery rally is discussed, which was triggered by the release of the CPI (Consumer Price Index) numbers for April being within expectations and an increase in spot Bitcoin ETF inflows. This suggests that macroeconomic factors significantly influence BTC's price volatility.

💡Consumer Price Index (CPI)

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, providing a data point on inflation. In the video, it is mentioned that BTC's rally was a response to the CPI for April coming in within expectations, indicating that economic indicators like CPI can have a direct impact on cryptocurrency markets.

💡ETF (Exchange Traded Fund)

An ETF is an investment fund that is traded on stock exchanges, much like individual stocks. In the script, the discussion revolves around spot Bitcoin ETFs and speculation about potential spot Ethereum ETFs, which are funds that aim to track the price of the underlying asset directly. The approval or denial of these ETFs by regulatory bodies can influence the perception and value of the associated cryptocurrencies.

💡Ethereum (ETH)

Ethereum, or ETH, is an open-source blockchain with its own cryptocurrency and is known for its smart contract capabilities. The script discusses speculation around the potential approval of spot Ethereum ETFs and the implications this could have on Ethereum's market performance relative to Bitcoin.

💡Tether (USDT)

Tether is a stablecoin, a type of cryptocurrency designed to minimize price volatility by pegging it to a stable asset, in this case, the US dollar. The video mentions scrutiny over Tether, with one billion USDT being printed, and the potential delisting of the stablecoin in the EU by Kraken due to regulatory concerns.

💡Stablecoin

A stablecoin is a cryptocurrency that is pegged to a stable asset to reduce volatility. The script discusses Tether, the largest stablecoin by market capitalization, and its role in the crypto market, including recent regulatory scrutiny and its impact on trading volume.

💡China's monetary policy

The video script touches on China's monetary policy, specifically its efforts to manage a housing bubble through stimulus measures. This includes lowering mortgage rates, reducing down payment requirements, and providing funds to purchase unsold homes, which could indirectly affect the crypto market through liquidity injections.

💡Macro factors

Macro factors refer to economic indicators and events that shape the overall market environment. The script suggests that macro factors, such as CPI and potential recession, are closely watched by cryptocurrency investors as they can influence the market direction and volatility of assets like Bitcoin.

💡Crypto market analysis

The video provides an analysis of the crypto market, focusing on the performance of various cryptocurrencies and their potential future movements. This includes discussions on Bitcoin's price action, Ethereum's potential outperformance, and the impact of regulatory decisions on the market.

💡Delisting

Delisting refers to the removal of a security or product from an exchange. In the context of the video, it discusses the potential delisting of the USDT stablecoin for EU users due to new regulations under the Markets in Crypto Assets (MiCA) framework, which could affect trading volumes and liquidity for certain cryptocurrencies.

💡Bull flag and Head and Shoulders pattern

These are technical analysis patterns used by traders to predict future price movements. A bull flag suggests a continuation of an upward trend, while a head and shoulders pattern often signals a reversal from a bullish to a bearish trend. The script uses these patterns to analyze the potential future performance of cryptocurrencies like FTM and LINK.

Highlights

Bitcoin recovers as BTC rallies following the CPI for April coming in within expectations and ETF inflows accelerating.

The significance of macro factors on Bitcoin's price movement, with ETF inflows linked to macroeconomic data.

The potential impact of economic data on Bitcoin's volatility and its implications for market direction.

The possibility of a 100K BTC target being within sight if BTC breaks above its trading range.

Ethereum's potential outperformance over Bitcoin due to speculation about spot Ethereum ETFs.

The debate over whether the SEC will approve or deny spot Ethereum ETFs and its market implications.

Ripple CEO's claim that the US government will be cracking down on Tether and its impact on the crypto market.

China's monetary policy and its effects on the housing market and potential implications for crypto.

Analysis of Phantom's price action following the release of news about its sister chain.

Chainlink's price pump due to recent partnerships and its technical price pattern.

Bonk's rally following a promotion at the EDC music festival and its bullish price pattern.

Ono Finance's price increase due to an update to its protocol and its potential future price trajectory.

Solana's Phantom wallet upgrade and its effect on user downloads and network growth.

The top-performing cryptocurrencies of the week and their potential future price movements.

The Coin Bureau's resources for tracking crypto performance and trading opportunities.

Transcripts

welcome to the coin Bureau Weekly News

Roundup my name is guy and my name is

Nick and I'm covering for Jess who is a

way to from the office here are the top

stories in crypto this

[Music]

week Bitcoin finally recovers BTC

rallies after the CPI for April comes in

within expectations and ETF inflows

accelerate how high could Bitcoin go eth

ETF speculation

crypto analysts debate whether the SEC

will approve or deny the spot ethereum

ETFs this Thursday what does this mean

for eth tether under scrutiny Ripple's

CEO claims the US government will be

cracking down on Tether as one billion

usdt is printed all while at the same

time Kraken considers delisting the

stable coin in the EU everything you

need to know China prints money the

Chinese government report reportedly

begins buying homes to prevent its

housing market from imploding how could

this affect the crypto market and a

close a 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 BTC experienced an

explosive recovery rally after the CPI

numbers for April came in within

expectations and spot Bitcoin ETFs began

seeing sizable net inflows again notably

the CPI numbers seem to have spurred the

ETF inflows suggesting that spot Bitcoin

ETF investors are focused on macro

factors as you can hopefully see there

were actually minimal inflows on the day

prior to the CPI print and even on the

day of the print itself it was only in

the days that followed that the spot ETF

inflows really started ramping up this

is significant as it suggests we too

must pay close attention to Matter's

macro if you're subscribed to our Weekly

Newsletter you'll know that we do an

analysis of upcoming crypto and macro

factors and what impacts they could have

on the crypto market so be sure to

subscribe to our Weekly Newsletter using

the link in the description so you don't

miss our weekly Market forecast but back

to the significance of macro factors the

fact that BTC responded so strongly to

the CPI print suggests that any other

economic prints will be met with similar

levels of volatility and not all ways to

the upside if the CPI starts coming in

above expectations for example BTC could

experience a sharp correction conversely

if the economic condition of the US

continues to deteriorate then this could

paradoxically be bullish for BTC and

other risk assets that's simply because

it would increase the likelihood that

the FED will decrease interest rates

just like gradually lower CPI prints

would if you watched yesterday's video

about a potential recession you'll know

that the worst possible outcome would be

stagflation that is rising unemployment

with high or Rising inflation in these

conditions it would be difficult for

central banks to act in a way that would

stimulate risk assets barring

stagflation or any black swans on the

crypto or macro FRS though it's likely

that crypto will continue to grind

higher this is just because the treasury

Department will likely continue to juice

the economy leading up to the election

and the FED will be accommodating so

long as inflation stays put the result

could be the 100K BTC Target that many

Traders have been calling for one that

will be within sight if and when BTC

breaks above the upper bound of the

range it's been trading in on the daily

chart since late February as you can see

this range is somewhere between 61 and

72k breaking above 72k would cause a

breakout of the bull flag to 100K that

Traders have been watching on the weekly

a bull flag that many believe is

analogous to the one we saw in late 2020

before the crypto Market went parabolic

however it's possible that BTC is in a

distribution pattern signaling a local

top now if you want to maximize your

gains whichever way the market goes then

be sure to check out the coin Bureau

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the link in the description now while

everyone has been focused on BTC it

seems that eth is finally starting to

make some big moves this is evident on

The Daily eth BTC chart which suggests

that eth could keyword could have hit a

local or even a cycle bottom relative to

BTC foreshadowing eth potentially

outperforming BTC of course this is due

to speculation about the possibility

that the SEC could approve the spot

ethereum ETFs this Thursday its final

decision date as most of you will know

the consensus is that the spot ethereum

ETFs will be rejected as the SEC is

expected to declare eth a security in

upcoming lawsuits if you watched last

week's crypto review you'll know that

this speculation has been brewing ever

since the likes of Black Rock and JP

Morgan made comments suggesting that the

spot ethereum ETFs could still be

approved even if the secc alleges eth is

a security coinbase is now echoing a

similar sentiment in a recent report

coinbase argued that the markets are

quote underestimating the possibility of

a spot ethereum ETF approval and that

there could be quote surprises to the

upside as a result this should come as

no surprise if you're a regular viewer

we we've been saying this for almost 2

weeks now although it is likely that the

spot ethereum ETFs will be rejected

there could still be upside surprises

that's because the crypto Market has

been very bearish on eth evidenced by

the aforementioned eth BTC chart the ETF

rejections upcoming lawsuits and

security status have arguably been

priced in this means that if any one of

these things doesn't happen then it

could result in an upside surprise

particularly when you factor in Old

traders who are short eth for example

maybe the ETFs get rejected but the

lawsuits never come or vice versa

surprise ETF approval but lawsuits

launched this just underscores something

to always keep in mind and that's how

investors are positioned the more

investors are bearish on an asset the

higher the risk of an upside surprise

this is why bare markets tend to be slow

grinds lower with big rallies in between

the short leverage causes short squeezes

on the flip side bull markets tend to be

slow grinds higher with big crashes in

between due to all the long leverage

being shaken out funly enough it's hard

to identify whether BTC is in a bull or

bare Market based on this Criterion as

it's seen a mix of both over the last

few months in any case if you're

wondering why it's likely that the spot

ethereum ETFs will be rejected the short

answer is that this is what happened

with the spot Bitcoin ETFs in the past

the SEC would delay the applications

until the final date before rejecting in

that sense history is repeating so far

if you're wondering why it's possible

that the spot ethereum ETFs could be

approved well the short answer is that

the sec's enforcement arm is not in

charge of approving or rejecting

ETFs this is presumably why black rock

JP Morgan and others remain optimistic

despite the sec's aggressive enforcement

arm as a cherry on top it's possible

that there's political pressure to get

the spot ethereum ETFs approved for

context many believe that the Democratic

party is inherently anti- crypto which

is understandable given that many of the

key players in the Crackdown are

Democrats namely of course Elizabeth

Warren this has resulted in a sudden

surge of Republican support from crypto

holders and the crypto industry which

the incumbents understandably want to

reduce convincing Gary gendler and the

Gang to approve the spot ethereum ETFs

would be one way of swaying the minds of

pro crypto voters but then again it

would just prove to everyone that the

SEC is political as many have long

suspected now speaking of crypto

crackdowns the US government is

reportedly going after tether at least

according to Ripple CEO Brad

garlinghouse for reference tether is the

issuer of usdt the largest stable coin

which accounts for the Lion's Share of

trading volume in crypto we'll come back

to that in a second now as tether CEO

Paulo Arduino and many others have

pointed out it's likely that Brad only

said this because Ripple is reportedly

in the process of launching a stable

coin of its own this means that Ripple

would stand to gain from additional

tether scrutiny as would Circle and

black rock that matter even so it's

objectively true that the US government

has been scrutinizing tether over the

last few months the thing is that the

stable coin issuer seems to have made

peace with us regulators and by made

peace I mean that they're literally

working with us agencies to ensure

everything is above

board not only that but the US

government has a vested interest in

ensuring that stable coin issuers become

bigger be they tether or otherwise

that's because most of the stable coins

in circulation are backed by US

Government debt this means that all

stable coin holders are subsidizing US

government spending That's Why Us

officials are probably applauding

tether's 1 billion usdt print as it

means that another $1 billion of US

Government debt was bought by

unsuspecting crypto holders oddly enough

these prints are also celebr ated by

crypto holders but for completely

unrelated reasons you see it's believed

that the usdt tether is printing is

being used to buy BTC and even other

cryptos if you watched our video about

stablecoin market caps however you'll

know that these huge usdt prints are due

to an increase in demand for leverage

trading which tends to spike when crypto

prices get volatile in case you forgot

crypto experienced a massive rally last

week that my friend is volatility this

means that there were likely lots of

traders who wanted to go long or go

short to maximize their profits in

practice this requires purchasing usdt

as most Futures contracts are

denominated in usdt the same is true for

the spot Market usdt continues to be the

primary trading pair especially for

midcap and small cap altcoins this is

why crypto holders are nervous about the

news that Kraken is considering de

listing usdt for EU users something it

will probably need to do because of mic

to bring you up to speed mic stands for

markets in crypto assets the eu's new

crypto regulations one part of Micah

pertains to stable coins and states that

any USD stable coins that have more than

€2 200 million EUR of trading volume and

1 million transactions per day must be

banned by the end of June in Practical

terms this means that basically every US

dollar stable coin will need to be

delisted for EU users by the 30th of

June what's odd though is that so far

most of these eud listings have centered

around usdt we suspect this is because

usdc does not meet the threshold for an

EU ban at least not yet regardless the

fact of the matter is that it appears

many exchanges will be delisting usdt

for EU users by the end of next month

so if you are based in the EU we

strongly suggest reaching out to the

exchanges you use to ask what will

happen to all the usdt trading pairs

they offer mainly for alts if you think

this isn't relevant to you well consider

that almost 20% of all Global crypto

trading volume takes place in Western

Europe alone according to chainalysis to

put things into perspective North

America is only first by a small margin

and Europe is bigger if you include

Eastern Europe in the mix what this

means is that the usdd listings could

have a profound effect on the crypto

market and I'll reiterate that this

effect will likely be felt the most by

small cap altcoins as most of them only

trade against usdt for what it's worth

dexes are still a thing even in the EU

which seems to want to ban defi by the

way whatever the case it seems that any

bearish crypto catalysts coming out of

Europe Europe will be offset by the

enormous amount of money printing that's

about to come out of Asia specifically

China for those unaware China is in the

process of deflating a housing bubble

that accounted for 20% of its economy

initially China responded with minimal

stimulus as it didn't want to cause

inflation and also didn't want to risk

devaluing the Yuan if you watched our

video about China's new Central Banker

you'll know they brought in a new

governor to ensure that the Yuan value

didn't fall through the floor you'll

also know that the only way that China

would be able to ease would be if the

fed and other central banks started

easing first given how doish most other

central banks have been it seems that

China has gotten just enough wiggle room

to inject some much needed liquidity

into its economy naturally this stimulus

is concentrated around the housing

market and it consists of three changes

lowering the mortgage rate and lowering

the D payment which makes housing more

affordable and giving $42 billion to

provincial authorities to buy up unsold

homes to further support prices now this

might not sound like much but it's the

biggest bailout that the Chinese

government has offered so far and it's

led to speculation that an even bigger

bailout will come if this one doesn't

work seeing that the previous tweaks

around the edges were unsuccessful the

chances of further stimulus are very

high so when you combine this with the

likelihood that other central banks will

start lowering interest rates it seems

almost guaranteed that China will inject

more stimulus as soon as it can as a not

so fun fact it's believed that China is

trying to contain its bursting housing

debt bubble as the blast could affect

everyone else this would explain why

officials from the US and elsewhere have

frequently been visiting China and could

also explain why zi jingping himself has

been traveling abroad

from the outside looking in it looks

like everyone is trying to keep this

inherently unstable Financial system

from finally falling over the reality of

the situation is ultimately why crypto

was created and in time it will become

clear to everyone that crypto is about

much more than speculation in the

interim it will continue to be a sponge

that absorbs all the liquidity from the

stimulus required to keep the financial

system afloat now research by macro

analyst Michael Howell suggests that it

takes between 6 and 8 weeks for BTC to

be affected by changing liquidity

conditions this means that crypto may

not feel the effects of China's most

recent stimulus until later in the

summer the same is true for the Federal

Reserve and the treasury between now and

then it's possible that crypto could see

another dip lower due to last month's

tax related liquidity drain but in the

short term it's clear that the trend is

up and to the right and that is all that

matters just remember to let the markets

tell you where they're going not the

other way around and with all that said

it's about time we looked at last week's

top performing cryptos so take it away

Jessica I mean

Nick thank you guy now last week's top

performing cryptos were Phantom chain

link Bonk Ono finance and

salana starting with Phantom ft appears

to have pumped on the release of more

news related to Sonic Phantom's upcoming

sister chain note that we'll be doing a

updated Phantom review on the channel

later this week so of course stay tuned

for that one now as you can see FTM

appears to be in the process of painting

a bull flag on its long-term price

charts if it plays out FTM could go as

high as

$2 either way it's going to be really

interesting to see how FTM performs

after the release of this so-called

sister chain and next up we have chain

links link now this appears to have

pumped due to the release of the results

of the crypto Oracle recent Partnerships

with the dtcc as well as other large

trafi

institutions in contrast to FTM link

appears to be painting more of a head

and shoulders pattern this could be

because link faces significant

resistance around the $20 level if it

can get above that level level though

then it may turn into a bull

flag however uh for the time being it

looks like it may struggle to go higher

and when it comes to Bonk it appears to

have pumped due to the mean coins

promotion at the recent EDC music

festival in Las Vegas D Jens and

Electra what a

combination anyways similarly to link

Bon appears to be painting a head and

shoulders pattern but it's inverse

meaning it's it's bullish believe it or

not though but it looks like Bon could

pump by another 50% before eventually

correcting on the possible Head and

Shoulders pattern it would paint and as

for Ono Finance Ono appears to have

pumped due to an update to the Ono DOI

dashboard now this basically lets

liquidity providers keep track of the

points they've been earning on this

Innovative rwa

protocol what it means for price is that

it seem seems to have caused Ando to

break out of the channel it had been

forming over the last few weeks if this

breakout continues Ando could go as high

as

$130 and last but not least we have soul

which appears to have rallied on an

upcoming upgrade that seeks to solve

salana suggestion issues once and for

all Solana's Phantom wallet has also

seen increase in rankings on numerous

app stores which of course suggests more

user downloads and users come into the

network

what's spooky though is that Soul's

long-term price action looks scarily

similar to the way it did in the 2021

cycle

top however when you view it in context

of the price action we've seen since

then it looks more like a massive cup

and handle pattern that's quite similar

to those AI cryptos we've been talking

about in the past few weeks in this case

the target could be about

$350 if you want to keep track of which

cryptos are pumping and where you can

trade them then be sure to check out the

coin Bureau telegram Channel using that

link down in the

description and that is all for today's

coin Bureau weekly crypto review if you

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watching and we'll see you in next

week's episode

[Music]