Crypto News: SHIB, XRP, Infra Bill, SEC & More!!
Hey Guys,
Hope Monday is treating you well so far.
As for me, I've been busy putting together another weekly crypto review! It's been a very eventful week and there were a lot of headlines I wanted to cover. These are the ones that made the cut this time around.
For starters, we saw an insane rally among metaverse cryptocurrencies such as Decentraland and The Sandbox. MANA, SAND and other rallied because of Facebook's metaverse rebrand, something which suggests metaverse world as in demand.
Shiba Inu also took the world by storm, hitting a new all time high against all odds. Obviously there aren't any concrete fundamentals you can point to here, but I suspect this doggy speculation is a consequence of Bitcoin hitting an all time high the week prior.
Before you say the real reason was Elon Musk, you should know that he already dismissed this myth; the man doesn't hold any SHIB! What Elon is apparently doing however is pushing for Tesla to accept crypto payments, something which could happen soon according to an SEC filing.
Speaking of the SEC, Ripple's XRP is coming to Ethereum as a wrapped ERC-20. This is thanks to a partnership between Tokensoft and Hex Trust. If all goes well, we'll see XRP on Ethereum in December. Could this potentially open the door to a Coinbase relisting? And if it does, could other cryptocurrencies follow suit?
Another upcoming event I'm watching closely is the clarification of regulations around crypto custody. Banks are really itching to custody BTC and other popular coins, and this seems to be what the SEC requires to approve a physically backed Bitcoin ETF. Unfortunately, it looks like it will still be a few months before US regulators provide this clarity.
I can understand the delay, though. Regulators have their fair share of work trying to go after stablecoins like USDT, and this might be why Tether has decided to track some USDT transactions in accordance with the FATF's "recommendations". The scope of this seems to be limited for now, but this is something you need to watch closely in the coming weeks.
Now, if you're thinking you'll just stick to USDC, BUSD, or USDP, it looks like that's not safe either now that the SEC has been given the authority to regulate stablecoins. SEC Chairman Gary Gensler believes stablecoins are securities, and if the SEC designates them as such, this could do some serious damage to the crypto market.
If that wasn't bad enough, that infamous infrastructure bill could be passed as soon as tomorrow, in addition to the other infrastructure bill. Both of these bills contain anti-crypto provisions that could likewise cause a crash in the crypto market.
This is part of why I warn of a continued correction in this week's crypto market forecast, but we could just as easily see a surprising jolt to the upside for reasons I explain at the end of the video.
You don't want to miss it!
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Metaverse Cryptos Rally Following Facebook Announcement: https://cointelegraph.com/news/axie-i...
► Mysterious SHIB Billionaire: https://cointelegraph.com/news/someon...
► Tesla Will Accept Crypto Payments Again: https://cointelegraph.com/news/telsa-...
► Wrapped XRP Coming To Ethereum: https://www.coindesk.com/business/202...
► Banks Setting Up Crypto Custody: https://cointelegraph.com/news/us-reg...
► Tether Tracking USDT Transactions: https://cointelegraph.com/news/tether...
► SEC Granted Authority Over Stablecoins: https://www.bloomberg.com/news/articl...
► Infrastructure Bill Approvals As Soon As Tomorrow: https://thehill.com/homenews/house/57...
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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.
