Crypto News: Bitcoin Crash, ETH Blast Off, RON, PYTH & MORE!!

Summary

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

Outlines

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

Mindmap

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

Keywords

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

Highlights

The video is abnormal, and we are working hard to fix it.
Please replace the link and try again.

Transcripts

welcome to the coin Bureau Weekly News

Roundup my name is Jessica and my name

is guy here are the top stories in

crypto this

[Music]

week sell the news BTC tumbles despite

the recent spot ETF approvals and

continued inflows why is the crypto

Market looking so weak eth blasting off

transactions on ethereum hit a

multi-year high while a controversial

layer 2 launches its test net and a

developer report reveals the ev's

supremacy what does this mean for eth

SEC versus coinbase the crypto industry

speculates about the possibility that

the sec's case against coinbase will be

thrown out following a meeting with the

judge everything you need to know Red

Sea concerns disruption to a major

Supply chain lead to concerns that

inflation could come back in a big way

how it could affect 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 last week the crypto Market

experienced an unexpected downturn led

by

BTC the downturn is believed to have

been due to the over5 billion of

outflows coming from grayscale spot

Bitcoin ETF as gbtc arbitragers took

their long anticipated profits the

Practical effect of this was BTC selling

there's just one problem with this

perspective and that's that the inflows

into the other spot Bitcoin ETFs

exceeded the outflows from grayscales by

billions of dollars logically this

should have caused btc's price to rise

not fall however this assumes that gbtc

arbitrages are the only sellers in this

equation Bloomberg ETF analyst Eric

balunas revealed in a recent interview

that the selling pressure following the

spot Bitcoin ETFs appears to have come

from BTC

Wales this is consistent with what can

be seen on whale transaction trackers

like whale alert where billions of

dollars of BTC are being sent to

exchanges meanwhile on Wall Street the

interest in BTC and crypto reported

continues to grow the only reason this

hasn't translated to more inflows into

the spot Bitcoin ETFs yet is because it

takes time for asset managers and

investment advisers to do due diligence

on new ETFs and then offer them to

clients in other words there will likely

come a point where the inflows from

tradire investors will exceed the

outflows from gbtc and the selling

pressure from BTC Wales this will likely

occur regardless since all the gbtc

holders and BTC whales will eventually

run out of assets to sell all while

trafi keeps buying in the short term

though there's no question that this is

dragging down btc's price as you can see

BTC is looking very weak on the daily

chart it's sitting around a critical

zone of resistance of roughly 42k and

could crash down to 38k in the coming

days note that long liquidations could

take BTC lower zooming out to the weekly

suggests that BTC could fall as low as

35k you'll notice that this is where the

Ballinger band moving average is on this

time frame and that it has been very

accurate at noting when BTC is in a bull

phase or a bare phase so long as BTC is

above this level the bull can continues

alternatively BTC could Bounce from this

level and retest the Ballinger band

moving average from below a move to

roughly

44k depending on the Catalyst which

causes this move it's possible that BTC

will break back above that key level

into bullish territory note that a short

squeeze could occur too in this case the

largest could be a retest of the recent

high of roughly

49k but make no mistake this would

require a very bullish Catalyst of some

kind we'll come back to one such

Catalyst later on now if you're planning

to trade what is likely to be an

explosive move then be sure to check out

the coin Bureau deals page it's got

trading fee discounts of up to 60% and

bonuses of up to

$50,000 on the best crypto exchanges

these deals are the best out there and

are only available here on coin Bureau

it's for a limited time only so check

them out ASAP the link will be in the

description now although the crypto

Market has been looking sluggish if you

Peak below the surface you'll notice

something peculiar eth is looking

surprisingly robust relative to BTC for

starters eth is still above the

Ballinger band moving average on The

Daily meaning that it's still looking

bullish in the short term not only that

but eth has rallied significantly

against BTC over the last couple weeks

and has maintained these recent gains

despite the crypto Market dip in

previous instances of such rallies eth

would immediately lose ground to BTC

when the crypto Market fell this time is

different put simply it looks like the

rotation into eth has finally begun

though it may not be obvious when the

whole Market is flashing red this makes

perfect sense though given that asset

managers have turned their focus to the

spot ethereum ETF in a big Way Franklin

Templeton is the latest to call for an

approval while this is also nothing new

there is likewise something different

happening beneath the surface

transactions on ethereum are at their

highest level since November 2021 to put

things into perspective November 2021

was the top of the last crypto bull

market it's safe to say that ethereum

hitting these transaction levels at this

stage in the crypto cycle underscores

just how much eth could explode in the

next few months in fact coinbase says

that eth will have a breakout year due

to the denune upgrade whose first test

net recently experienced some issues if

you watched our recent ethereum update

you'll know we actually predicted that

ethereum could experience additional

technical Gremlins fortunately the

denune issues only occurred on testet

which is to be expected that's why they

have test Nets after all unfortunately

ethereum could face additional

challenges and risks in the near term

the elephant in the room here is blast

the controversial ethereum layer 2

that's currently in development which

also launched its test net last week to

bring you up to speed blast is a layer

two that's accumulated over $1.3 billion

do in assets mostly eth which is being

staked through Lio Finance the reason

why Blast has been so controversial is

mainly because it managed to attract so

much total value locked despite not

having developed anything allegedly to

add insult to injury it was only after a

few weeks that the layer 2 announced on

Twitter SLX that it had begun hiring

developers anyway controversies aside

the biggest concern about blast is the

massive amount of Lido staked eth that

it has accumulated ated were there to be

any issues with blast such as an exploit

or otherwise this could cause issues for

St eth which could in turn cause issues

for ethereum's defi ecosystem and eth's

price funnily enough blast recently

announced its Big Bang competition which

aims to incentivize dap developers to

deploy on its layer 2 before its launch

sometime in late February it's going to

be interesting to see which devs and

daps take blast up on its offer in the

coming weeks it seems likely that there

will be at least a few who do that's

because electric capital's recent

developer report revealed that nine out

of 10 multi-chain developers work with

evm compatible blockchains this

highlights just how dominant ethereum

has become in the broader crypto

ecosystem and more importantly it sets

the stage for a scenario where ethereum

and its layer 2os could take lots of

market share away from other evm chains

that were being treated as de facto

layer 2os during the last cycle put

differently ethereum could cement its

dominance among smart contract

cryptocurrencies and by the way if

you're enjoying the video so far be sure

to smash that like button to give it a

boost now there is one big caveat though

and that's that ethereum's competitors

could soon experience an unprecedented

boost as some of you may have heard the

SEC and coinbase went to court recently

to argue whether the case they embroiled

in should be dismissed an argument that

apparently lasted for almost 5 hours if

you watched our video about the sec's

lawsuit against coinbase you'll know

that the regulator alleges that some of

the cryptos on coinbase are unregistered

Securities it also alleges that

coinbase's staking Services constitute

unregistered Securities offerings now if

you watched our video about the ruling

in the sec's case against Ripple however

you'll know that the judge there ruled

that secondary sales of xrp on crypto

exchanges do not constitute unregistered

Securities offerings this is the main

reason why many believe that the sec's

case against coinbase will be thrown out

but as I just mentioned that's just one

part of why the SC sued coinbase in the

first place there's also the staking

Services aspect and this is where

coinbase could face more hurdles that's

because the SEC has precedence of its

own Kraken settled with the SEC over its

staking Services early last year of

course the specifics of Kraken staking

services and coinbase staking services

are different but it seems they're still

similar enough that they could prevent

coinbase from getting off the hook this

was explained by attorney Sam enzer in a

recent interview with Laura Shin which

is well worth a listen if you have the

time so this begs the question of when

the judge will decide whether to throw

out the sec's case against coinbase or

not Sam believes that this will happen

by the end of q1 so by the end of March

the bigger question though is whether

she will decide to throw about the whole

case or just parts of it and this isn't

clear yet regardless the judge's

decision will likely have a profound

impact on the crypto market and the

crypto industry take a second to

consider that if the judge does throw

out the case or even just the part about

certain cryptos being Securities this

means that the altcoins the SEC is after

will be off the hook obviously this

would be extremely bullish for all the

altcoins that the SEC has claimed are

securities including those in the sec's

lawsuit against

binance that's just because the judge's

decision could likewise be used as a

precedent by binance's lawyers to water

down the secc's allegations now if

you're wondering how this all relates to

ethereum it's because most of the

cryptos that the SEC has labeled as

Securities are so-called ethereum

Killers throwing out the sec's case

against coinbase would effectively

eliminate the regulatory uncertainty

around these cryptos and allow them to

grow and if you watched our recent

salana update you'll know that

institutional investors are reportedly

obsessed with that particular crypto

project it stands to reason then that

many have been hesitant to invest

because of the regulatory uncertainty

created by the SEC any Clarity from the

courts could therefore allow them to ape

in this would likely evolve into a new

wave of investment into the broader

altcoin ecosystem given that secondary

sales of every altcoin would

theoretically be above board but let's

not get ahead of ourselves just yet we

know that the SEC has a habit of handing

out surprises and they're seldom of the

good kind on that note there have been

no shortage of surprises on the

geopolitical stage but I suppose that

depends on whether whether or not you've

been paying attention if you haven't

been then here's the tldr the conflict

in the Middle East appears to be

escalating and it looks like it's

starting to affect Supply chains Ground

Zero in this regard has been the Red Sea

where yemeni Rebels the houthis have

been seemingly attacking ships at random

in protest at the brutal conflict

between Israel and Palestine or so they

claim in response the US and its allies

have started sending in larger and

larger forces to repel these attacks now

for context around 12% of the World's

Trade passes through the sewers Canal

which lies at the opposite end of the

Red Sea notably the route through the

Red Sea and the sewers Canal is critical

for transporting goods from Asia to

Europe and the UK the only alternative

is to go around the entire African

continent as many news outlets have

reported re-rooting trade in this way

runs the risk of increasing inflation

around the world with the situation in

the Middle East only continuing to

escalate some shippers are opting to go

the longer route due to the risks and

insurance costs associated with the Red

Sea passage as most of you will know any

inflation arising from such supply chain

disruptions could run the risk of

central banks having to keep interest

rates high or even raise them higher

this would do serious damage to risk

assets such as crypto which are

currently pricing in lots of rate Cuts

in

2024 now the good news is that it's

likely that the US and its allies will

get the Red Sea situation under control

sooner or later the bad news is that

this could risk creating an escalation

elsewhere in the region probably

involving Iran for reference Iran backs

the houthi rebels called causing chaos

in the Red Sea attacks on the houthis by

the US and its allies could cause Iran

to do something in response now those of

you who are deep in the Weeds on

geopolitics know that one thing Iran

could do is cause issues in the straight

of hmus through which 20% of the world's

oil is shipped as it so happens though

Iran seems to be occupied with another

conflict that's magically emerged in any

case it's easy to for forget about the

worrying geopolitical backdrop against

which the markets exist at any moment

there could be a flare up of an existing

conflict a new conflict or a new set of

sanctions or trade restrictions that

could mess things up thankfully though

crypto seems to be largely immune to

most of these kinds of catalysts and

speaking of crypto it's about time we

looked at last week's top performing

altcoins so Jessica take it away

thanks Guy well last week's top

performing cryptos were Ronin flare AAR

pith Network and chili starting with

Ronin it's Ron coin appears to have

rallied on the news that a new game on

ethereum would be airdropping its native

token to early users and the news that

the Ronin wallet has added support for

ethereum polygon and the BNB chain as

you can see Ron has been on a massive

tear since October it's up by more than

5x since that time and appears to have

painted a massive double bottom pattern

if it plays out Ron could potentially

see explosive growth over the coming

weeks this assumes that BTC will

continue to behave next up we have flare

Network whose flr coin appears to have

pumped on the news that Google cloud has

become a validator on its layer one

blockchain as you can see flr has

likewise been in an uptrend since

October though it hasn't been nearly as

strong the catch is that flr doesn't

have much resistance between its current

levels and around

2.7 this could translate into some more

gains in the short term if the Catalyst

can keep it going as for a star Network

it's not entirely clear why it's ASR

coin rallied we suspect that it has

something to do with ethereum's Den test

net given that a star announced that it

would be launching a layer two on

ethereum last September thanks to a

partnership with polygon the more you

know now this would make sense given

that a star's price has been explosive

since that September announcement the

chart looks similar to Ron's in the

sense that it could be in the process of

painting a double bottom that could

foreshadow a massive game in the medium

term just remember that nothing goes up

only when it comes to pith Network it's

pith token appears to have permed due to

the speculation that pith stakers will

be eligible for additional airdrops in

the future note that we recently covered

pith Network for our coin Bureau club

members you can find more details on the

deals page now as you can see pith is

currently pushing up against a critical

zone of resistance if it can get above

this Zone then it could see new all-time

high in the medium term finally we have

Chili's whose chz coin appears to have

pumped on the news that the crypto

project will merge with a South Korean

crypto project called Clayton we

actually covered Clayton here on the

main Channel a while back you'll

understand why this is a fascinating

announcement if you watch the video

anyways as you can see this exciting

news hasn't done much to increase

Chile's price this could be because

Chile's faces a lot of resistance to the

upside it's going to be interesting to

see how the potential merger will affect

Chile's tokenomics and price action no

doubt a topic for a future video now if

you want to keep track of the altcoins

that are pumping the most and also where

you can trade them then be sure to check

out the coin Bureau telegram Channel

using the link in the

description and that's all for today's

coin Bureau weekly crypto review if you

enjoyed enjoyed it then 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

$50,000 on some of the best exchanges

only for the viewers of this channel

also if you want to pick up some snazzy

crypto merch the coin bu merch store has

it all you can find the link to that

resource and many others in the

description below thank you so much for

watching and we'll see you in next

week's episode

[Music]