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Tuesday, October 4, 2022

Crypto.com Hacked – BTC CRASH & MORE!!

Welcome to the coin bureau weekly crypto review here: are this week’s top headlines in the crypto news nfts, please, the ufc launches an nft marketplace, bud light to tease its nft during the super bowl and twitter introduces nft profile pictures. What’S next for this crypto niche el salvador in the spotlight, president najib buchelli changes his profile pic while buying the dip and meets with the turkish president to discuss important matters. Is turkey about to do a 180 on btc bullish signs for bitcoin fidelity releases, a crypto report, bitcoin’s hash rate hits another all-time high: intel teases a next generation bitcoin mining machine and american banks inch towards crypto trading. When could we see a crypto market reversal, big crypto bucks, crypto projects raise hundreds of millions while vcs and crypto companies put down billions. Where is all this money going money gone from crypto.

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om? One of the biggest companies in the industry gets hit with a hack and confirms that 400 users were affected. Everything you need to know. Crypto ad bans, the united kingdom, spain and singapore move to make crypto ads illegal, despite increasing adoption. Why are they doing this washington woes and warnings, fiat currency versus cbdc politicians versus proof of work and people versus politicians?

A short summary of everything that happened and how it could affect crypto and a closer look at what comes next in this week’s crypto market forecast, all this and more in just a moment good morning afternoon or evening. Thank you for tuning in my name is guy, and what you’re about to see is ducational content, not financial advice? You can find any topics you’re looking for using the time stamps in the video timeline and now for today’s top stories.

The ufc finally launched its highly anticipated nft marketplace called ufc strike, something that had been announced almost two years ago, ufc strike nfts will be issued on the flow blockchain, the same one used for the nba’s top shot nft marketplace. If you watched my recent video about the top nft issuers, you’ll know that the flow blockchain was built by dapper labs, the company behind cryptokitties, in addition to the ufc and the nba, the flow blockchain will soon support the nfl’s own upcoming nft marketplace dubbed all day.

An exact launch date for the nfl’s all-day nft marketplace has yet to be announced, but it is expected to be released before the end of the current nfl season now, given that each nfl season ends with the super bowl, it’s reasonable to assume that this is when The nfl’s nft marketplace will be released, it looks like bud light will be revealing its own nft during the super bowl, as per an agreement made between the beer company and the nouns foundation, who gifted bud light, one of their famous nfts in exchange for exposure during.

The event bud light is also expected to sell limited edition beers, which will only be available to noun holders, though it’s not currently clear whether this exclusive beverage will be sold at the super bowl. What is clear, though, is that bud light has already begun delivering on its promises by changing its profile picture on twitter to noun number 179. Oddly enough bud, lite has apparently not taken advantage of twitter’s recently introduced nft profile picture feature which is currently limited to twitter. Blue users on ios this might have something to do with the fact that twitter’s nft profile pictures connect to a person’s crypto wallet to prove ownership, something which simultaneously reveals that person’s crypto holdings in said wallet. It might also have to do with the fact that twitter’s new feature doesn’t filter for verified nft collections, meaning anyone can copy and paste and mint a fake board ape and have it as their twitter profile picture.

Another prolific personality who changed their profile picture over the weekend, was salvadoran president najeeb bukheli, who added a hat and name tag with the mcdonald’s logo to his existing photo. Now this is a reference to the popular meme which pokes fun at the idea that crypto investors will have to resort to working a minimum wage job when the crypto market crashes. This context makes najib’s profile picture change a bit concerning, given that he’s the leader of a country and because najib bought the dip shortly before changing his profile. Pick el salvador’s latest purchase of btc brings the country’s total to 1801 btc and marks the lowest entry price. Since it made btc legal tender last september, the salvadoran government’s chivo bitcoin wallet also recently surpassed four million users, accounting for about two-thirds of the country’s total population.

El salvador’s bitcoin adoption has left many wondering which country will be next to adopt btc as legal tender, and there are many contenders if you watched last week’s crypto review you’ll know that the island nation of tonga seems to be next in line, given the economic similarities. It has with el salvador, namely a largely unbanked population, that’s heavily reliant on remittances. One of the last countries that comes to mind in this respect is turkey, which made crypto payments illegal last year and appears to be on the cusp of a full-scale crypto crackdown. This is because the value of the turkish lira has been crumbling due to poor central bank monetary policy, and millions of turks have been turning to cryptocurrencies to protect their purchasing power. It should come as no surprise, then that president buchelli’s announcement that he would be meeting with turkish president, tayyip erdogan took many by surprise.

Although many media outlets report that no crypto related discussions took place, many find it hard to believe that it didn’t come up. Given the peculiar circumstances, both countries find themselves in, even if bitcoin was discussed, though it’s unlikely that it will become legal tender in turkey, given the country’s size and economic profile. Unfortunately, it seems that nobody noticed another bullish headline around that time, which is that bulgaria is exploring crypto payments now, if you’re wondering which countries could be next to adopt btc as legal tender, be sure to check out my video about that. Using the link in the description once you’re done watching this video anyways, if you needed any more confirmation that crypto is more than a meme look no further than the recent crypto report put out by fidelity. The second largest asset manager in the world, fidelity’s report can be summarized in a single sentence quote.

There is very high stakes, game theory at play here, whereby, if bitcoin adoption increases the countries that secure some bitcoin today will be better off competitively than their peers. Well, it’s evident that bitcoin adoption is increasing, so, according to fidelity, this means countries should buy btc and as the demand for btc increases, so too does the incentive to mine bitcoin, which is why the hash rate of its network continues to hit all-time highs, regardless of The price, as some of you will know, bitcoin’s hashrate, tends to be correlated with the price of btc and though there have been some divergences in that regard as of late, it may only be a matter of time before the two come back in line. In the meantime, tech companies around the world continue to develop crypto tech such as intel, which is expected to announce a next generation bitcoin mining machine. In february the so-called bonanza mine reduces the energy required to mine one btc by 15, something which could have a profound effect on the energy use of the crypto mining industry. If it’s widely adopted.

What’S more, is that intel filed the patent for its next generation? Crypto mining machine way back in 2018, which just goes to show what a long-term vision it has when it comes to crypto. Now this is all pretty damn bullish, but it pales in comparison to an even more bullish announcement that was apparently missed by the crypto media. This is that around 300 u.s banks will be introducing crypto trading to their clients in the coming weeks, something that is the product of a partnership between them and nydig, which was penned last june.

Now accessibility is arguably the most important factor when it comes to the crypto market, and this upcoming integration will make crypto as accessible as possible to millions of us investors. This means that it could be the catalyst for a crypto market reversal and it’s not the only upcoming crypto milestone either more about the others in the description anyhow, it’s not just banks that are betting big on crypto these days, there’s been no shortage of active investment From vcs and companies from inside and outside of the industry, and this investment has only continued to accelerate regardless of current market conditions. For starters, there’s crypto.com, which announced that it would be increasing its existing 200 million d5 nft and crypto gaming fund to 500 million and then there’s animoka brands, which announced a 360 million dollar, raise last tuesday, bringing the nft and crypto gaming companies valuation to over 5 Billion this is 40 million less than privacy, preserving secret networks, 400 million ecosystem fund, which was announced last wednesday and consists of money pooled by various crypto vcs andreas and horowitz one such crypto vc firm also revealed on thursday that it’s building a 4.5 billion crypto fund, Which will focus on web 3?

And then, on friday crypto indexing protocol, the graph announced a 50 million raise funded by various fintech vcs. This brings the grand total to over 6 billion and that’s just counting the headlines that caught my eye. I know there are many hundreds of millions that i missed or didn’t even make the news now make no mistake. These massive raises confirm that crypto is not a phase most. If not, all of these big investors are in it for the long haul and they’re placing some seriously big bets on crypto projects if you’re curious about which cryptocurrencies have raised the most money post, ico i’ll leave a video about that.

In the description, though, i will note that many of those projects have raised millions more since that video went out hard to keep up with a runaway train, but back to crypto.com. On the same day, the company announced it would be increasing its crypto funding. It also announced on twitter that some users were reporting quote suspicious activity and that crypto.com had paused withdrawals from its app out of caution.

For those who don’t know, the crypto.com app is custodial, meaning any crypto you have on. There is being held in one big wallet that is not owned by you. By contrast, the crypto.com wallet is non-custodial, meaning any crypto you have on.

There is owned by you, the custodial nature of the crypto
Com app makes it not much different from a cryptocurrency exchange. This makes it a very lucrative target for hackers, hence why crypto.com purchased a 750 million dollar insurance policy last september. Hopefully, this insurance policy came in handy because it looks like a hacker was able to bypass two-factor authentication for around 500 crypto.com users and withdraw their btc and eth.

The total amount stolen is estimated to be around 33 million dollars worth crypto.com’s response to the incident came almost four days later and it included the announcement of the company’s account protection program which will reimburse up to 250 000 of any crypto stolen from a user by An unauthorized third party, the program, will go into effect on february the first now, while this is certainly reassuring, it seems that many crypto.com users are still having issues regaining access to their accounts and not just the ones who are affected by the hack. Many have also pointed out that crypto
Com has spared next to no expense when it comes to marketing, which begs the question of why the security of its platform is subpar. In any case, this isn’t is only one on a long list of crypto hacks that can be easily avoided by using a non-custodial wallet and, if you’re wondering which ones are about that, i have a video for you in the description.

Speaking of marketing, it looks like the global war on crypto ads has officially begun. The first shot was fired by the united kingdom a few months ago and though it started as a bam on mean coin ads. It’S close to evolving to a blanket ban on crypto ads of all kinds. According to coindesk, the financial conduct authority or fca will limit crypto ads to so-called sophisticated investors, aka high net worth individuals in the country starting later this year. This slippery slope is why similar headlines in spain and singapore give me the chills to be fair.

All spanish regulators want for now is for crypto influencers to disclose whether they’ve been paid to promote the crypto projects. They’Re talking about and give unbiased analyses of coins and tokens now, not only is this a reasonable regulation, but it’s also one that the coin bureau abides by, including our spanish language channel. We are not paid to promote crypto projects and we do our best to give unbiased analyses of coins and tokens. As for all spanish influencers, who are shamelessly shilling, a hefty fine is in their future. Meanwhile, singapore seems to be a few steps ahead of the uk.

This is because it has not only banned crypto ads, but crypto atms as well. Regulators claim that the mere presence of crypto atms is a form of advertising, something which caught many atm operators off guard. This aggressive stance suggests there’s more to singapore’s crypto ad crackdown than consumer protection, and you could argue that it has its origins in singapore’s own central bank, digital currency. Singapore is currently developing its cbdc, and other countries in the region have explicitly stated that they are using cbdc’s to combat cryptocurrency. This is why the federal reserve’s recent digital dollar white paper could foreshadow some very bad news for the crypto market in the united states.

I’Ll be covering the digital dollar white paper later this week. So all i’ll say here is that the federal reserve itself seems to be torn on whether or not to issue a cbdc. This is simply because cbdc’s give way too much power to the people in power and even if the intentions of the people in power today are good and just there’s no guarantee that this will be the case when the next person comes around. Even so, u.s politicians continue to push for a digital dollar and it may also be the primary driver behind the concerns they claim to have around bitcoin mining.

This was discussed at length in a hearing last week, which i’ll also be doing a video on. So all i’ll say here is that there are very few us politicians who are legitimately concerned about bitcoin mining. In fact, many of them have bought the idea that bitcoin mining can be used to subsidize renewable energy, something that i talked about in another video that you can find in the description. Moreover, by this point in time, bashing bitcoin would make a politician very unpopular with the people and that’s something that they seem to be hyper aware of as well. Another thing that the people don’t like is all the insider trading going on in the white house, which is why a bipartisan bill looking to block politicians from doing just that might actually pass.

Funnily enough, the politician who is in favor of banning other politicians from trading stocks is expected to retire at the end of the year. If you want to know more about just how bad insider trading is in the halls of power check out the video in the description, turning to the charts, we can of course see that it’s been an abnormally bloody week for the crypto market. Btc is barely holding on at 35k and it’s honestly looking pretty bad on the daily chart. The weekly chart tells a different story, however, as you can see, we’ve wicked out of the lower end of the bollinger bands in the past and the rsi is extremely oversold. What this means is that the weekend might have been the perfect, buy the dip opportunity and we could start to see a reversal in the coming weeks.

This ultimately depends on what happens this week and that is almost anyone’s guess. The thing i’ll personally be paying attention to is the federal reserve’s meeting and press conference which are scheduled for tuesday and wednesday. Let’S hope papa powell says something that will make the markets pump and you can find out what he’s been saying lately using the link in the description. This week’s winners are well. There are no winners this week unless you count stable coins, which seem to be up a whopping, 0.

percent, that’s more than the interest you earn at a bank these days. In all seriousness, there are two things i want to point out when it comes to last week’s crypto market activity. The first is how well decentralized stable coins like ust, held up under pressure, ust, barely budged off its peg, and its market cap actually rose by a few hundred million in response to all the demand. This translated to a weekend pump for luna what’s interesting, is that the cryptocurrencies that felt the brunt of last week’s crash were ethereum competitors such as near protocol, phantom avalanche and harmony. Now the answer to this mystery seems to lie in bitcoin’s dominance which rose substantially while ethereum dominance and altcoin dominance fell.

Basically, people who were still in the green on altcoins rotated what remained of their gains into btc. But it looks like this trend was short-lived, as we’ve already seen signs of a rebound among alts and a corresponding decline in dominance. I will never forget what one of my favorite crypto youtubers said, and that’s that the crypto market will be extremely volatile as we approach the top. If you’ve invested too much or worse borrowed to invest, you will quote puke your position, as perhaps some of you have already done. If that’s the case, don’t sweat it we’re still early, and i think it’s too soon to say that the bull market is over more about that in a video later this week, and that’s all for today’s coin bureau weekly crypto review, if you enjoyed it folks, you Know what to do hit that, like button subscribe button and bell icon too, if you want more of me head on over to twitter, tiktok and instagram to get a sneak peek behind the scenes.

If you join my telegram channel you’ll get the daily crypto updates. You crave and signing up for my weekly newsletter is a great way to get the tools, tips and tricks you need to get paid and of course, you can support the channel by heading over to the coin, bureau, merch store and picking up a shirt or hoodie Or both links to all these resources are in the description. Thank you. So much for watching and i’ll see you all. In next week’s episode you

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