Crypto News: ETH, Terra vs. SEC, Bitcoin ETF Update & More!!
Hey Guys,
It's Monday Monday Monday, and that means it's time for another episode of my weekly crypto review. There were a lot of headlines that caught my eye last week, and here are a few of the highlights.
First there's Ethereum's upcoming Altair upgrade which is scheduled for this Wednesday. Unlike prior Ethereum upgrades, Altair concerns the Beacon Chain, the blockchain that lies at the core of Ethereum 2.0's architecture.
Then there's the two Bitcoin ETFs which listed on US stock exchanges last week. These were the Proshares Bitcoin Futures ETF on Tuesday and the Valkyrie Bitcoin Strategy ETF on Friday. BTC rose to all-time highs because of the hype, and this is just the beginning for Bitcoin ETPs.
The crypto FOMO created by these Bitcoin ETFs has found its way into various institutions, namely Walmart which has begun rolling out its Bitcoin ATMs, PIMCO which is planning on allocation part of its 2.2 trillion dollars to crypto, and Spanish banks which are rushing to provide crypto custody for their clients.
The only thing crazier than all of these developments is the unexpected partnership between Coinbase and Facebook, specifically Facebook's Novi cryptocurrency wallet. Politicians aren't very happy about this partnership, but I reckon there's no stopping it. After all, Facebook CEO Mark Zuckerberg has found a new home in Facebook's metaverse where only his laws apply 😂
In all seriousness though, it's probably only a matter of time before we see a lawsuit come out of there, especially since regulators are starting to get quite litigious with the crypto industry. Besides the 2 lawsuits and 3 warnings issued by the New York Attorney General to crypto lending and borrowing protocols, Terra and founder Do Kwon were threatened by the SEC. In an epic turn of events, Terra has actually sued the SEC first.
Meanwhile in China, regulators seem to be rethinking their decision to ban crypto mining as revealed by their request for public input. Evergrande also managed to delay its default over the weekend and has even resumed construction of a few projects across China. This means the macro threats to the crypto market are over, at least for now.
The bad news is that the lack of a market bubble pop means the insanely high valuations we're seeing because of inflation will only continue to get worse, and Twitter CEO Jack Dorsey is sounding the alarm that hyperinflation is here. Though I don't necessarily agree with Jack, I do agree with JP Morgan's assessment that Bitcoin is the ideal inflation hedge.
Even with this bullish attitude towards Bitcoin though, we could see a correction later this week as the month wraps up, and I pull open the charts to see just how low we could go in this week's crypto market forecast, so makes sure you stick around until the end for that!
⛓️ 🔗 Useful Links 🔗 ⛓️
► Ethereum Altair Upgrade: https://decrypt.co/84176/ethereum-alt...
► Proshares And Valkyrie Bitcoin ETF Listings: https://cointelegraph.com/news/breaki...
► Walmart Bitcoin ATMs: https://cointelegraph.com/news/200-bi...
► PIMCO Buys Crypto: https://cointelegraph.com/news/breaki...
► Spanish Banks Crypto Custody: https://www.coindesk.com/policy/2021/...
► Facebook Coinbase Partnership: https://cointelegraph.com/news/facebo...
► NYAG Investigates Crypto Companies: https://cointelegraph.com/news/ny-ag-...
► Terra SEC Lawsuit: https://www.coindesk.com/business/202...
► Chinese Authorities Ask About Crypto Mining Ban: https://cointelegraph.com/news/china-...
► Jack Dorsey Hyperinflation Warning: https://www.cnbc.com/2021/10/23/twitt...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
