Top stories include open c capitalizing on nft mania, as sales volumes saw above 3 billion dollars, rivaling even the biggest e commerce giants. Solana, rockets up to new all time highs as competition with ethereum heats up and luckily arbitram another layer, 2 scaling solution for ethereum goes, live and clocks up millions of dollars of tvl at launch, as always lots of great stuff to cover. So in this video. Well be looking at the price action for the week ill share my three favorite charts of the week and then well finish with the biggest news stories of the week. As always, if you do enjoy anything in the video, then dont be shy. Drop a like always appreciated, okay, so the crypto market had a very strong week this week, growing over 12. So lets begin with the price action for the week. Ready lets do this, starting with the chart from last week and for anyone whos new. What are we looking at? So in blue? This is the bitcoin price from the start of 2021, and i use this as a proxy for the entire crypto market, as if bitcoin rallies, the crypto market rallies when bitcoin crashes, the whole crypto market crashes in red, we have the 200 day moving average, as this Is one of the key indicators used by many of the top traders, also known as the 200 day sma and then in green? We have the 50 day sma. So this highlights the big crash that we all went through this downward trend after this death cross incident.

But in the last couple of weeks the trend seems to have been reversing, and this is where we finished last week and we now have another week of data. So, as you can see, the crypto market had a great week up over 12 percent for the week and bitcoin smashed through the 50 000 mark. Yet again – and the main thing i am looking at is this 50 day sma moving back above the 200 day sma, and this would give us another cross, but this time, a golden cross which is the opposite to the death cross and will signal another huge bullish Trend, so all in all its very positive, its very bullish – and it looks like the crash that we all experienced could finally be over and at these levels market psychology, the fomo, is going to intensify as people are going to want to get back in before it Gets back to its all time highs, so a very strong week for the crypto market growing over 12 in just one week, and if it carries on at this rate, then we could see the golden cross pattern as soon as next weeks. Video, which just means yet another bullish signal bringing even more confidence back into the market, and when we take a look at the crypto fear and greed index, theres been a distinct change in investor sentiment since the beginning of august. As people see, the crash is now over and the fomo begins to intensify okay.

Next up, we have my three charts of the week check it out, starting with chart number one, the bitcoin stock to flow model, and this is one of my favorite charts as its done a great job of mapping where the crypto market is going to go since Inception and one of the big things that is pointing out is that stock to flow is indicating that by the end of this year, bitcoin could be getting to a hundred thousand dollars per coin. This would also mean that altcoins are going to see even bigger gains, but what i really like about this version of stock to flow is two things number one is that its extended 10 to 20 years – and this shows how bitcoin could be going to 100 million Dollars per coin, which is crazy, but the second big point is that this chart was put together by fidelity and they use this chart in a recent presentation to institutional investors number two, and this shows what is going on in defy so the colors. We have large institutional investors, institutional, professional, large, retail and small retail, and this is showing the last four quarters. So what is going on in d5? Well, for me, it clearly shows two things going back four quarters: we had a lot of professional investors, but quarter on quarter. This has been shrinking down and on the flip side, four quarters ago there was a small amount of large institutional sharks, but just look at what has happened over the quarters: huge increases as large institutional investors and now dominating the volume going through defy, and this is Where it stands today, so this indicates that defy is being run by large institutional money and number three.

Oh, the website has crashed. This is the error message that you get when too much traffic comes to your website and who is this well its openc as this is what happened with openc last month. Openc is the largest nft marketplace, and we all experienced nft mania, and this chart has made it to the charts of the week three weeks running because three weeks ago it cracked one billion dollars which pretty much dwarfed anything it had previously done the week after i Included it because it got to two billion dollars and then just look at where it finished. For august it, cracked three billion dollars in volume, so nfts are exploding. So one of my favorite charts stock to flow is predicting a bitcoin price of around a hundred thousand dollars by the end of the year. But what made that stock to flow chart so great was that it was put together and used by fidelity in a recent presentation to institutional investors. When it comes to d5, it seems the entire space is dominated by large institutional investors, and it seems that theres very little small retailer money in there and openc capitalizes on the nft mania in august, as pixelated jpegs and pictures of rocks sell for millions of dollars. Okay, and to finish up here are your top new stories for the week. First up, we have a bit of a trend with cbdcs and these are central bank digital currencies as india is to launch trials by the end of this year.

In the same week, nigerias central bank makes a partnership to launch their own cbdc by this year and australia, singapore, malaysia and south africa all join forces for their cbdc. So what is this? Its an initiative, dubbed project dunbar and its going to enable transfers between institutions using digital currencies? And this is in addition to supporting the g20s roadmap for improving cross border payments, and they have said these multi cbdc platforms will allow financial institutions to transact directly with each other in digital currencies by participating central banks, eliminating the need for intermediaries and cutting the time And cost of transactions – yes, hello, welcome to cryptocurrency, but it looks like they are finally catching on facebook. The facebook novi digital wallet is ready to come to market, as most states in the us have approved the product. As facebook said on wednesday, that the global payment system is seriously flawed and that this social media giant can fix it and they said, we feel its unreasonable to delay delivering the benefits of cheaper interoperable, more accessible digital payments, so the facebook crypto wallet could be launching Very soon, jack dorsey plans to launch a decentralized exchange just for bitcoin and on friday afternoon, squares general manager. They had a meeting and said this is a problem were going to solve, make it easy to fund a non custodial wallet anywhere in the world through a platform to build on and off ramps into bitcoin. You can think of this as a decentralized exchange for fiat.

Clearly, jack dorsey is a huge fan of bitcoin and another scaling. Solution for ethereum goes live off chain labs launches arbitrarium one and more than 400 teams are already building on arbitrarium one, and this is what happened at launch. You can see. Tens of millions of dollars has flowed into this new scaling solution and for me this was the top story of the week check. This out. Vast bank becomes the first u.s bank to offer crypto services, so we now have the first bank in the us, which is fdic and should which is going to offer the ability to buy, sell and custody cryptos directly from your checking account. So this is huge news and at launch the bank offers eight crypto currencies. They are bitcoin, ethereum, cardano file, coin litecoin, orcid, al grand and bitcoin cash. So this really is the news of the week and i cannot wait for more banks to begin offering crypto. As this is one thing that could send crypto prices to the moon and lets all welcome reese witherspoon to the ethereum club just bought my first eth lets. Do this crypto twitter and to finish solana skyrockets two new. All time highs as competition with ethereum heats up and be sure to stay tuned to my video on monday, guys, as i will be doing a solana price prediction, just how high can solana go so here is your summary for the week nft mania continued as the Largest nft marketplace open sea crushed 3 billion in sales volume.

Fidelity gave a presentation to institutional investors, which included a chart where bitcoin went to a hundred million dollars per bitcoin wow, and i thought i was bullish. It appears the vast majority of b5 volume is not the smaller investor but a large pool of institutional sharks. So investors, beware: central banks around the world are seriously stepping up their cbdc game. We had india, nigeria, australia, singapore, malaysia and south africa all potentially beginning their trials as early as this year and another scaling solution for ethereum just went, live arbitram and just in time as solana is rocketing up the leaderboard and be sure to check in on monday. As i will look at solanas price prediction and well see just how high solana can go so there, you are guys hope you enjoyed never a dull week in crypto, just to say them. If you enjoyed anything in the video, then drop a like and a big. Thank you to everyone who does if you havent yet subscribed to the channel, then click below and join us ive got some great videos coming up that you dont want to miss. Okay, cheers guys thanks for watching and ill see you in the next video bye.