It’s no secret that there are a lot of organisations that are on a mission to kill crypto. Either they have explicitly stated that they intend to do so, or they have demonstrated it through their repeated actions.
What are these organisations though? And what exactly are they doing to take down crypto?
Well, that is exactly what I will be covering in my video today. I will be taking a look at five of the crypto industry’s sworn enemies. From the BIS to FATF, WEF to IMF and others besides.
I will be telling you how these organisations plan to tackle cryptocurrency adoption and how likely they are to succeed. This is especially relevant in today’s climate, where these organisations and institutions are using the collapse in crypto prices as a justification to attack.
You can watch that video here.
📊 My Personal Portfolio 📊
While I was considering making a move back into the markets this week, I am going to hold off right now. That’s because there are still two big macro events that are happening this week which could drive markets lower. These are the GDP numbers and the Fed’s July meeting (more on that below)
For now, my portfolio is:
ETH 39.70% | BTC 32.91% | USC 5.965 | SOL 5.16% | DOT 3.95% | ATOM 3.34% | RUNE 1.89% | ADA 1.45% | NEAR 1.34% | MATIC 1.34% | HNT 1.17% | FTM 0.81% | LINK 0.55% | INJ 0.43%
📈 Thoughts on Market 📈
Not to brag, but it looks like what I predicted in last week’s newsletter and last week’s crypto review is slowly but surely playing out. I suspected the short rally would end on Thursday because of the European Central Bank’s rate hike, or the news that Russia would be keeping the gas off. Funnily enough, the news that did it was that of Tesla selling 75% of its BTC.
As I mentioned in my news update on Instagram, the fact that Tesla kept some of its BTC (and apparently its DOGE) suggests that the company sold out of necessity. Lo and behold, Elon confirmed in an earnings call that Tesla sold because of supply chain issues caused by the ongoing pandemic lockdowns in China, and hinted that Tesla could later rebuy its BTC.
In any case, this news was enough to spook the markets. Meanwhile, another headline that’s been making the rounds relates to the SEC’s investigation into insider trading at Coinbase. The SEC noted in its investigation that 9 of the 25 cryptocurrencies involved are securities – akin to a stock in a company. As we’ve seen with cryptocurrencies like XRP, this is a very bad sign.
Basically, any cryptocurrency the SEC classifies as a security is likely to crash, as it will be delisted from US exchanges and put out of reach of most US investors. To make things worse, a recent update about the SEC’s case against a crypto project called LBRY suggests the SEC is trying to set a terrifying precedent – almost every crypto except BTC is a security.
According to fellow crypto influencer Naomi Brockwell, the judge presiding over the SEC’s case against LBRY will be making a decision in the next 4-8 weeks. This happens to coincide with roughly when the current recovery rally could end, and I certainly hope that a crackdown on the crypto industry by the SEC won’t be the cause of this end.
What annoys me is that there are many crypto headlines trying to convince crypto holders that the bear market bottom is in, when this is almost certainly not the case. As I’ve said many times before, the macro factors that caused the recent crashes are still around, and they’re likely to get worse as winter approaches. Europe is the elephant in the room here.
If you want more evidence that further pain is on the way, watch large-cap altcoins like Cardano. Based on CoinTelegraph’s technical analysis, ADA risks a 20% drop in the coming weeks. The thing is that large cap alts like ADA are highly correlated to BTC (likely due to institutional money). As such, you can think of their prices as lower resolutions of BTC’s.
This is why ETH’s price action is so interesting, and also insanely bullish. If you look at the ETH/BTC trading pair, you can clearly see that it’s been consistently setting new highs for almost two years! When measured in BTC, ETH has actually been moving sideways since last May, and seems to be preparing for a massive move upwards a la Wyckoff.
If my measurements are correct, ETH could rise as much as 0.1 BTC in the coming weeks, which would be the highest ETH has been relative to BTC since the previous crypto bull market. Obviously what ETH’s actual price will be depends on BTC’s at the time, but assuming the 30k BTC projections are correct, that means a 3k or more for ETH – a 2x move!
I can’t say when this will happen, but it’s safe to assume that it will happen sometime around the merge in late September. Be sure to check out my recent Ethereum update for more about that. Also, keep your eyes peeled on Ethereum Classic and Lido Finance, and don’t forget that we have that Fed meeting and GDP figures coming up this week; there could be dips.
😤 How NOT To Beat Inflation 😤
If you’ve been keeping up with my socials (or scrolled down to the bottom of this newsletter as I’m sure many of you do), you’ll know that I’ve been doing some research for an upcoming video about how to beat inflation. I watched dozens of videos, read dozens of articles, looked at a couple studies, and guess what? They are all absolutely horrible.
I suspect this is for two reasons. First, it’s actually been quite a while since we’ve seen inflation at these levels. Here in the UK, inflation recently hit the highest level it’s been in 40 years (9.4%). To put things into perspective, that’s two full generations. Two full generations that do not have experience living with inflation, and don’t know what to do.
The second reason relates to the first, and that’s that history doesn’t repeat, it rhymes. The folks who were adults when inflation was high in the 70s and 80s are basically giving advice based on the unique circumstances of the time – a time when gold was less manipulated and actually rallied when inflation increased, and when the economy was more productive.
Although we’re also seeing high inflation today, the macro context is quite different. Supply chains are a shambles, some countries are still continuing their zero-covid policies, and most importantly, gold is not acting like much of an inflation hedge. As per CoinGecko’s recent crypto report, the only assets that currently “beat inflation” are oil and the USD (ironically).
If you’re wondering why USD, the answer is the Federal Reserve. Whenever the Fed raises interest rates, it results in ever more capital allocation to “safe” (not safe haven) assets like US government bonds, and also results in an increase in demand for dollars, as individuals and institutions need dollars to pay back their dollar-based debts, hence the USD rally.
In short, there is currently no safe haven asset out there, and most – if not all – of the assets being promoted in articles like this one are frankly a waste of your time and money (and as we all know, time is money!). Heck, even goldbug market analysts are sweating over the idea of a big rate hike from the Fed later this week, because it’ll likely crash the gold price.
So, what can you do to beat inflation? Well, I’ll be explaining that in our upcoming video, so all I’ll say here is that beating inflation really depends on where you are and, most importantly, what is causing inflation in the region you’re in. For example, inflation in Europe is coming mostly from energy costs. In other areas it’s because of food prices.
Similarly, how you beat inflation depends on who you are. If you’re someone with lots of responsibilities, you’re better off not taking on risk to hedge yourself against inflation. This is in stark contrast to the advice being given by the mainstream media, which is to buy real estate – arguably the dumbest thing you could do as central banks raise rates.
For what it’s worth, high inflation has historically lasted for between 2-3 years before coming down, at least in the United States. In theory, this is because the cure for high prices is high prices, but in practice it’s because central banks raise interest rates to the point that they cause a recession, which kills inflation. More about the upcoming recession here.
🏆 A Win For The Community 🏆
Over the past month we had the news that two people in two separate crypto companies had been arrested on charges of insider trading. These include the likes of Nate Chastain at Opensea and Ishan Wahi of Coinbase.
What’s perhaps most interesting about both of these cases is that the insiders were brought down thanks to two very important factors that are perhaps unique to the crypto space.
Firstly, there is the fact that all of their trades were open for public scrutiny. Because NFTs and tokens are traded on open blockchains, it means that anyone with a block explorer can easily monitor which wallets are buying what and at what times. Moreover, given that this is immutable, it also means that this record of transactions will be public forever. There is no way to destroy evidence.
In the case of Nate Chastain, a Twitter user observed that a wallet (which could be traced to his NFT) was buying up specific NFTs before they were listed on the homepage. In the case of Ishan, Cobie (a well known crypto Twitter OG) shared details of wallets that were trading tokens poised for Coinbase listings.
This then ties in to the second most important factor that helped to bring down these miscreants and that’s the fact that the crypto community is (by and large) actively opposed to this sort of activity. Unlike what many people in the mainstream media would have you believe, we are not in favour of a lawless wild west where people with insider information take advantage of those who don’t have it.
I would love to see the same level of standard setting for those individuals in Congress who, some would say, are the ultimate insiders. What’s crazy about this is that when the Fed insider trading scandal broke last year, they eventually implemented policies against Fed officials owning or trading stocks. Yet, there are still no policies in place against members of Congress trading or owning stocks (despite numerous scandals).
I wonder why?
That aside, I am glad that the crypto community holds itself to a higher standard than those in Congress. And, with ever more ethical eyes on the blockchain, it means that fewer people are likely to want to engage in similar tactics in the future.
🔥 Deal of The Week 🔥
I’ve always been a big proponent of the saying “not your keys, not your crypto”. And, when it comes to self custody, one of the safest ways to secure your crypto stack is in a hardware wallet. By doing so, don’t run the risk of an exchange being hacked or a crypto lending platform going under.
So, which wallet do myself and the team at Coin Bureau HQ use to keep our funds safe?
Well, that would be Trezor. But I do appreciate that many of you will want to weigh up your options and decide which is best for you. If you are in that boat then you’ll definitely want to watch my video on the best hardware wallets out there now!
With those crypto markets seemingly taking a breather, now might be a great time to upgrade that crypto security.
👉 Upgrade your crypto security and get a Trezor!
🔮 Video Pipeline 🔮
- CoinGecko Crypto Market Report Q2
- Sri Lanka Crisis: Why You Should Be Paying Attention!
- SEC Hearing: What Are Politicians Pushing For?
- How To Beat Inflation?
- Celsius Bankruptcy: All You Need To Know!
🏆 What’s New At CoinBureau.com This Week? 🏆
✅ Guild of Guardians Review 2022: Top Free-To-Play Mobile Crypto Game!
✅ Euler Finance Review 2022: Is Euler the Next Generation of DeFi Lending?
That’s all for now. The whole Coin Bureau Team wants to thank you for continuing to support our educational content. Without you, it really would not be possible.
Guy your crypto guy