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 btc's epic recovery BTC blasts off In response to softening economic data While hundreds of millions of dollars of Shorts get squeezed when could BTC hit a New alltime high eth's security status Speculation that the SEC will declare Eth a security escalates as the spot Ethereum ETF deadline approaches what Does this mean for eth Hong Kong going Long spot Bitcoin and ethereum ETFs in Hong Kong see over $300 million worth of Inflows in their first week Foreshadowing a massive crypto recovery Everything you need to know fed in Focus The world's biggest Central Bank keeps Interest rates where they are but Signals that subtle stimulus will begin How could this 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 BTC experienced an epic Recovery just when everyone thought the Crypto bull market was over funny how That happens isn't it in all seriousness Btc's recovery rally was long overdue It's possible though that it will see a Small pullback before the rally
Continues more on that in a moment now As always btc's price was driven by a Combination of crypto factors and macro Factors what's interesting though is That the crypto factors had a neutral to Bearish effect on price these included The listing of the spot Bitcoin ETFs in Hong Kong and the sentencing of CZ by Nance's former CEO this is interesting Because the inflows into the spot Bitcoin ETFs in Hong Kong were strong at Over $120 million similarly CZ got a Sentence of Just 4 months in prison for Violating the bank secrecy act to put Things into perspective prosecutors Wanted the judge to give him 3 years and Yet btc's price continued to dip despite These bullish crypto factors this Suggests that macro factors were in the Driving seat but even they had a Peculiar effect on btc's price the Fed Was slightly more dovish than expected And the treasury announced its Bond Buyback program taken together these Macro factors should have been very Bullish for BTC because both will Ultimately result in an increase in Liquidity that boosts crypto prices and Yet btc's price basically did nothing in Response now this could all be explained By the most important factor of all Perception you see how a crypto or macro Catalysts affects prices fundamentally Depends on how investors perceive it
Assuming they're even paying attention Of course if our Channel metrics or Anything to go by it looks like Investors have been asleep at the wheel And only started waking up late last Week oddly enough the Catalyst for btc's Recovery appears to have been weaker Than expected economic data specifically Jobs data which came in lower than Expected and the unemployment rate which Came in higher than expected of course These data points increase the chances That the FED will cut interest rates at The same time the spot Bitcoin ETFs saw Their first net inflows after seeing Weeks of net outflows with grayscale Spot ETF seeing its first day of net Inflows ever this underscores the Possibility that black Rock's spot ETF Seeing net outflows marked the local Bottom for total net outflows in other Words it looks like the spot Bitcoin ETFs are going to start seeing net Inflows again this though likely depends On what macro factors we get over the Coming weeks granted of course that they Stay in the driver's seat make sure You're subscribed to our Weekly Newsletter so you don't miss these the Link to that is in the description now In terms of short-term price action BTC Is sitting around a key level of 64k at The time of shooting given how sudden Last week's recovery rally was it's
Likely BTC will see a slight pullback in The short term the Ballinger ban moving Average on the 4-Hour chart suggests a Pullback down to around 62k after that Btc's recovery rally could continue into The low 70k consistent with the range That BTC has been trading in since late February it's possible though that it Could Spike much higher and hit a new All-time high if that happens it could Confirm a woff distribution pattern Which in turn would suggest a big crash More about the wof pattern in the Description I digress now if you plan on Trading around all of this excitement be Sure to maximize your gains with the Coin Bureau deals page it's got trading Fee discounts of up to 60% and sign up Bonuses of up to $660,000 these deals Are only available for our viewers and They won't be R fairever folks so take Advantage of them while you can and make This your best bull market ever by using The link in the description now like BTC Eth saw a sizable recovery rally last Week too the difference was that eth's Recovery rally was a bit smaller in Percentage terms this is not surprising If you've been paying attention to the Eth BTC pair which revealed that eth had Simultaneously been falling in BTC terms Eth falling against BTC is actually a Bit surprising considering that eth's Price is heavily influenced by interest
Rates for context the combined Announcements of the fed and treasury Had the Practical effect of causing Long-term interest rates to fall which Should have been bullish for eth over BTC however this only caused eth to lag Even more this then begs the question of Why and the answer seems to be because Eth investors are more concerned about Short-term interest rates the evidence For this can be found in the eth BTC Chart on The Daily which fell after the FED kept short-term rates High logically Then this suggests that eth may not Outperform BTC until both short Shortterm and long-term rates come down In case it wasn't clear enough the only Way that short-term interest rates will Come down is if inflation comes down and The only way that inflation will come Down is if the economy weakens in Practical terms this means that the Unemployment rate needs to keep Rising If it does then we could see short-term Rate expectations come down and that Would be sufficient for eth to Experience an explosive rally the caveat Though is that eth has its own crypto Specific factors to worry about on the Bullish side we have the spot ethereum ETFs which will however likely be Rejected for technical reasons that are Outside the scope of this video but can Be found in an interview our CEO Nick
Did with the head of k33 research the Link to that will be down in the Description if you're interested on the Bearish side meanwhile we have the Possibility that the SEC will announce That eth is a security something that Bitcoin bull Michael sailor believes Will happen this summer this is somewhat To be expected given Michael's stance on BTC but he may still nonetheless be Right about this happening if you Watched our video about whether eth is a Security you'll know that it seems to Meet all the criteria that the SEC has Used with the other cryptos that it is Noted as being Securities the difference Is that the SEC hasn't actually gone After any of these cryptos it's possible It could do this with eth though besides The fact that eth is the largest crypto After BTC ethereum's ecosystem is Becoming a serious competitor to the Banking system if you've been keeping up With our coverage of the SEC and other Regulators you'll know that they're Closely aligned with Wall Street Banks And asset managers as we've mentioned Many times before the mission of asset Managers is to make as much money as Possible whereas the mission of banks is To maintain control of money as both Cohorts have become larger so too have Their conflicts and it appears that Crypto is one of the many Battlegrounds
In any case seeing as the SEC issued a Wells notice to consensus in early April It's likely that the regulator will Follow up with a formal lawsuit sometime Later this month the same is sadly true For other entities in ethereum's Ecosystem that have received Wells Notices such as Unis swap although Consensus Unis Swap and others will Likely win in the long term the news Could have a devastating effect on the Crypto Market in the short term this is All but guaranteed if the lawsuits Contain concerning details about Ethereum's early ecosystem or history That caus people to question eth the Caveat here though is that there's much More to the world than just the United States something that's easy to forget When you were born and raised in the West in this case the listing of the Spot ethereum ETFs in Hong Kong and the Potential approval of spot ethereum ETFs Elsewhere could still boost eth's price For reference ethereum appears to be Pretty popular in Asia with Creator Vitalic buaran being referred to as the Vgod in China obviously the only thing That's stopping all these Asian Investors from aping into the spot Ethereum ETFs in Hong Kong is of course Regulations and in China's case Capital Controls although there have been many Reports about how Mainland Chinese
Investors won't be allowed to invest in Hong Kong's crypto ETFs anytime soon the Fact that some of these ETFs were listed By firms affiliated with the Chinese Government suggests that this is only a Question of when and not if as Nick and Dan our head of research discussed in a Recent Q&A the CCP may feel comfortable Allowing Mainland investors to get Access to crypto ETFs in Hong Kong That's simply because they can easily Control the ETF flows if they feel the Need to unlike with actual BTC or eth Case in point Chinese authorities Recently halted the trading of a spot Gold ETF after it surged to a 30% Premium for those unaware aggressive Gold buying by both individuals and Institutions in Asia appears to be the Primary driver behind Gold's recent Rally they're all looking for hedges in The case of individuals they're looking To invest in assets that hold their Purchasing power in the face of Inflationary currencies when it comes to Institutions meanwhile they're looking To continue doing business with the rest Of the world regardless of whatever Restrictions the US and its allies put On the financial system considering the Circumstances there's no question that There's enormous demand for Decentralized digital currencies like BTC and eth it's already known that many
Retail investors are using stable coins As de facto USD bank accounts and it's Possible that some countries are already Using crypto for trade as the markets For BTC eth stable coins and other Cryptocurrencies become more liquid then We will see larger and larger Institutions enter the market too that's Just because at that point they will Know that they can easily buy or sell Large quantities of a coin or token Without moving its price too much Believe it or not but it's possible that Even central banks could soon start Adding BTC to their balance sheets and It's probable that some of them already Have we'll be doing a deep dive into Central banks buying BTC and other Cryptos soon so subscribe and ping that Bell to make sure you don't miss it and Speaking of central banks last week the Federal Reserve announced that it would Be keeping interest rates where they are Just as investors expected what Investors did not expect however was That the FED would cut its QT tapering Plans from $60 billion to just $25 Billion investors were expecting 30 Billion FYI QT stands for quantitative Tightening and it's a technical term to Describe when the FED allows the Government debt it bought to mature Without getting too technical the Practical effect of QT is that it causes
Longer term interest rates to rise You'll know this if you watched last Week's crypto review you'll also Remember that reducing QT effectively Means that the FED will allow less of The government debt it holds to mature Resulting in more purchases and lower Long-term interest rates now as strange As it may sound the fed's doish move on The QT front is actually extremely Significant allow me to explain broadly Speaking the FED can adjust interest Rates in three ways by adjusting the Interest rates on money lent between Banks overnight which adjusts short-term Rates by adjusting its government debt Purchases which adjusts long-term rates As I just mentioned and by communicating Any related plans historically speaking All three of these policy tools would Work in unison for example if the FED Wanted to raise interest rates then it Would raise the overnight lending rate Let the government debt it bought mature And roll off its balance sheet and have Chairman Jerome po Say it'll keep doing More of both conversely If the Fed Wanted to lower interest rates then it Would lower the overnight lending rate By more government debt and have Jerome Say that he'll keep doing more of both What's fascinating is that last week Apparently marked the first time that The fed's tools started to diverge the
FED kept short-term interest rates high But at the same time accelerated its Balance sheet runoff many macro analysts Call this the equivalent of stamping on The brakes while still pressing the Accelerator and if you've been keeping Up with our coverage of the fed you Might recall that we had mentioned that Jerome said that these tools which had Historically worked in unison May in Fact diverge someday well that day has Come and it's extremely significant Because of two words Financial Repression to bring you up to speed many Crypt Bros gold bugs and other such Investors have long been predicting the Day that the FED would start buying back All the US government's debt in order to Keep interest rates low this is Essentially what Japan has been doing For over a decade and other countries Are next in this environment the nominal Value of almost every asset will rise as Money rapidly loses its purchasing power Not to alarm anyone but it is possible That the fed's decision last week marked A turning point that takes the United States down the same path as Japan Inflation and repression the catch is That other countries could and likely Will go first as many macro analysts Have noted the USD is the cleanest in The basket of filthy Fiat currencies Unstable currencies like for instance
The euro will fall first though some Would argue that the EU has already been Engaging in financial repression for Years the key take away from all of this Is that this will be bullish for crypto Once investors start paying attention That is and on that note it's about time We looked at last week's top performing Cryptos so Jessica take it Away well thank you guys last week's top Performing cryptos were helium dog with Hat worldcoin render and and aash Network starting with helium it's h&t Coin appears to have pumped due to the Launch of the helium mobile group plans Which allow groups of up to eight family Members or friends to get unlimited talk And text for $20 each per month in the US note that helium mobile is partnered Between helium and T-Mobile h&t doesn't Appear to be painting a clear pattern on Its long-term price charts but it looks Like it could be breaking out of a Descending wedge to the upside after a Fake out to the downside this could take H nt's price up to around $8 just watch Out for the head and shoulders pattern That could form next up we have dog with Hat whose whiff token appears to have Pumped in response to an Institutional Report that noted that mem coins like Whiff were driving lots of activity on Salana and as it so happens we do have a Video about mem coins and institutions
Coming out very soon so stay tuned for That now on its longer term price charts Wi appears to have painted a double Bottom pattern that could take it as High as $4.5 in the coming days like h&t however A rally up to $4.5 would risk painting an even bigger Double top pattern for width that could Signal further downside when it comes to Worldcoin it's w LD token appears to Have pumped on speculation that open AI Will partner with worldcoin this is Expected given that both projects were Founded by Sam Alman and that worldcoin Was explicitly created to solve the Issues that would arise because of AI Supposedly like with wld appears to Painting a double bottom pattern on its Long-term price charts that could take Its price up to around $7.5 where the wld breaks above that key Resistance level depends on whether the Open AI partnership materializes or not If it doesn't wld could start grinding Lower as for render its R anddr token Appears to have pped due to the Project's participation in an event Hosted by be the famous nft artist like With and wld R ndr also appears to be Painting a double bottom pattern which Could take its price as high as $12.5 in The coming days like wiff though this Could create a double top pattern that
Results in a big crash I'll note that we Could see a correction later this Quarter more about that in the Description moving on finally we have Aash Network who akt coin appears to Have pumped on the news that the project Has partnered with brev an AI company That's looking to facilitate the Development of open AI Source models as You might have guessed akt also painted A double bottom pattern with its recent Price action in contrast to the other Top performing cryptos akt's pattern Could take its price to around $6.5 but again there does seem to be a Risk of a double top pattern if akts Fails to explode above this target note That you can keep track of last week's Top performing cryptos and where they're Headed next by joining the coin buau Telegram channel the link will be down In the Description and that's all for today's Coin Bureau weekly crypto review if you 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 Trading fee discounts and sign up Bonuses of up to $60,000 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 those Resources and many others in the Description below thank you so much for Watching and we'll see you all in next Week's episode [Music]
