Crypto in UpHill Battle! (Can it Survive?) – Last Week Crypto
Crypto every sunday we reviewed the performance of the largest cryptocurrencies top gainers, as well as the latest global news stories affecting the crypto markets. This past week this week we will discuss the dead horses that are evergrand china, crypto bans, us government squabble over crypto regulations and all the relevant details in between this weeks, episode is brought to you by crypto.com, an exchange with over 100 different cryptocurrencies and over 20 Different fiat currencies on crypto.coms mobile app: you can buy crypto with bank transfers, credit debit cards or crypto at true cost with no markups. They also have a desktop exchange that is solely for crypto to crypto trading. If you use the link below to sign up for crypto.com, youll receive 25 worth of cryptocurrency for free when you use the referral code, crypto casey all while supporting the channel. Also, every wednesday i conduct a weekly ama or ask me anything at instagram.com forward, slash crypto, casey, so use the link to my one and only official instagram account listed in the description area. To follow me and ask me anything: you want every wednesday ive set up a discord channel where we can all chat daily about all things crypto together, so scroll down to click on the invite link below to join us cool its time for last week, crypto Music. Looking at the top cryptocurrencies by market cap bitcoin down 9.4 percent eth down 14.6 percent cardano up 2.1 percent and by nance coin down 13.
7 percent, looking at the top gainers this week, decentralized, social up, 71.2 percent, ceelo up 34 olympus up 22.5 percent and cosmos up 20.1 percent by now, weve all heard of chinas largest debt holding real estate development company evergrand, who is starting to miss interest payment deadlines on their loans and without knowing how deep and entangled evergrands debt is in the entire global financial system. Naturally, the traditional markets reacted negatively, bringing crypto down with it. We still need some time to elapse in order to fully realize what impact evergrand potentially going under will have on a global scale, but at the moment, its looking to me like a controlled detonation of sorts by the chinese government, look it very well could turn out That evergrand is the first domino to fall in another global financial crisis, but for me personally, it feels like western media is sensationalizing and overhyping some of this negative news. I agree with davina mira of first global on this one. That evergrand is part of a deliberate move by china. In our view, the issue is part of a deliberate move by the chinese government to let a few businesses fail to rein in a bigger problem, so they will not let it go out of hand. The situation is similar to a controlled detonation in a relatively controlled economy like china. This is entirely possible. This is in contrast to several somewhat sensational reports and videos floating around and for all practical purposes.
A default of evergrand has already been priced in and not just its own bonds, but even overall high yield bonds in china and asia have already reacted. So theres not much further downside there. So yeah thats, where my thoughts and feelings are on the evergrand matter. At the moment, until more time passes and we can assess how pervasive the damages actually are and also this week from the same neck of the woods, china declares all cryptocurrency transactions illegal effectively. Banning digital tokens, such as bitcoin virtual currency, related business activities, are illegal financial activities. The peoples bank of china said warning. It seriously endangers the safety of peoples, assets yeah, so theyve been doing this now for several years. China is yet again banning cryptocurrency. There really isnt anything new here on that front. Chinas crypto ban has almost achieved a meme like status, but here are the lingering impacts. Greg king founder and ceo at crypto fund osprey funds said that theres strong demand for cryptocurrencies on a global basis and chinas only part of that. However, aside from the price impact chinas, most recent strike on cryptocurrency may further change the global distribution of the crypto industry. After china started cracking down on crypto mining in may, some chinese miners have been migrating to places such as the us and kazakhstan. Crypto exchanges may double down their efforts to move out of china as well industry experts said, according to the latest statement from peoples bank of china, employees in mainland china, that work for overseas crypto exchanges or anyone that provides services such as market and technical support for Such exchanges shall be subject to penalty according to the law.
Asias crypto trading volume currently accounts for 45 of the global volume. Crypto exchanges, including binance wobby and ok x, have the largest market share in mainland china, while fdx and bitmex dominate hong kong according to funstrats. Okay, so the long and short is china is boxing themselves out of the crypto space entirely, which is terrible for any crypto investors and businesses currently residing in china. But on the flip side there are opinions floating around that china banning crypto transactions is great news for bitcoin, says an investment firm, ceo ross gerber of gerber kawasaki wealth. The real issue is about control and what governments dont like is that bitcoin takes control of peoples. Monetary futures away from governments and places it in the hands of individuals, gerber, said and thats exactly whats happening globally right now, chinas authoritarian crackdown on crypto, including bitcoin, is a big opportunity for the us. Senator toomey wrote in a tweet its also a reminder of our huge structural advantage over china. So the big question now is: will the u.s seize upon this amazing opportunity to reclaim our status of the top innovative country in the world or will we squander it in the spirit of public policy frameworks, bureaucracy and investor protections? Well, we are going to find out soon enough stable coins in the spotlight, as us begins to lay ground for rules on cryptocurrencies sponsors say: stable coins are safe, but regulators are concerned about potential risks to financial stability.
The biden administration is taking aim at so called stable coins, as it begins to lay the ground for stricter regulation of cryptocurrencies that could shape the future of digital money. What does that entail? Well, unfortunately, biden reportedly is set to nominate a law, professor critical of crypto and big banks to run the occ president, joe biden is set to nominate cornell university law, professor saul omarova, to head the office of the comptroller of the currency. According to a bloomberg report, the banking law, professor, has been a critic of cryptocurrencies and envisions a larger role for the government in overseeing banks. Omarova needs senate confirmation to serve a five year term lovely. So we are definitely in an uphill battle at the moment with capitol hill, especially after the testimony sec, chair gensler gave congress a couple weeks ago, and if you would like to watch the highlights of that event, as it relates to crypto check out my video by Clicking on the link, above all in all the us has an incredible opportunity that china is practically handing us on a silver platter to become the leading country in the cryptocurrency markets and industry at large. But lobbyists wall street politicians and their big corporate cronies will be the ones buying and paying for the regulations and legislation that will pass. Crypto has definitely come a long way on the lobbying front and becoming more substantial, but we are very much at the mercy of lawmakers as they squabble over what they think.
The regulatory landscape for crypto should look like make sure you are transferring your crypto off of exchanges to your own cold storage hardware wallets last week. I did a video outlining the importance of this, so if you missed it, click on the link above to check out my crypto wallet guide for beginners. If you havent gotten a wallet, yet you can scroll down to the description area below to access the correct and official sites of my recommended hardware wallets bc. Vault is my personal favorite. Another option is the ledger: nano backup pack so scroll down to check them out or if you would rather make income from your idle digital assets, youre planning to hold for the long term. You can safely earn interest with services provided by blockbuy with a block by interest account. Your cryptocurrency can earn up to 8.6 apy interest accrues daily and is paid monthly. There are no hidden fees and no minimum balances. So if youre interested in checking out block fi, you can get up to a 250 bitcoin bonus when you use the link in the description area all while supporting the channel protecting your ability to generate income, so you can buy more. Crypto is another important thing to consider, so, if youd like to learn more about the advanced technical concepts of blockchain and become a developer in the space check out ivan on techs academy, if you use the link below you can access the academy at a discounted price.
So scroll down to check it out sweet. So, at the end of the day, until more regulatory clarity is established in the crypto realm tons of big institutional money, waiting on the sidelines will continue to be stuck on the sidelines and crypto market movements will continue to mirror the stock market and continue to be At the mercy of all global macro events like the evergreens of the world thats, why its so important not to rely on charts historical data and crypto influencers that are not keeping their finger on the macro pulse of the world. It is very dangerous to rely on price predictions in our place in this current market cycle bull or bear in a crypto hype, echo chamber, so we have to branch out and have a worldly approach, while invested in this space together, awesome. Well, that was last week. Crypto with me cryptocasey, if you enjoyed the episode, please make sure to like this video and subscribe to my channel for more crypto content.