Welcome back to another exciting week in crypto the market that never sleeps. This week we had one of the biggest upgrades to the ethereum network. We have big news from u.s regulators, the chairman of the sec spoke out, and we also had a very sneaky piece of legislation being added into the u.s infrastructure bill which could cause chaos in the crypto market more on that later, we continue to see big institutions Like jp morgan and wells fargo integrating with crypto, even though it’s still an unregulated market, so lots to cover and in this video we’ll be looking at the price action for the week three charts of the week you’ll find out about the battle going on with us.
Regulators right now and then we’ll finish with the biggest news items of the week. As always, if you do enjoy anything in the video, don’t be shy, drop a like, always appreciated. Okay, first up we have price action for the week ready. Let’S do this, starting with the price of bitcoin, and we use bitcoin as bitcoin still dictates the market, and what are we looking at so the blue line? This is the big run-up in the market and bitcoin up to 65 000.
We then had the 50 crash, sideways consolidation and the most recent breakout here now. The red line is the 200-day moving average, which is a key indicator for many traders, and the green line is the 50-day moving average and, as you can see, we had this dreaded death cross here, which is a very bearish sign, and this did in fact lead To a drop in price, followed by this downward trend, and most recently we had this big rebound in bitcoin breaking above 40 000 and in the last week, or so it’s kind of been trending sideways again now. The key price target i am looking for is this 200-day moving average, which sits at around 44 000 So bitcoin can break above 45 000. This will be a huge bullish sign and let’s layer over the top market sentiment. So this is the fear and greed index and, as you can see a month ago, this was in extreme fear, as we were going through this market crash and more recently.
This is now beginning to change, going into fear and now sitting into neutral, and these both line up, we now sitting in the sideways patting again and the market is feeling neutral. So the death cross did in fact impact the price to the downside as expected, bringing the whole market further down on the positive side, it looks like market sentiment is beginning to change, going from extreme fear to fear and now to neutral and the key price target. I am looking for is bitcoin above this 200-day moving average of around 45 000. This would give a huge bullish sign to traders and could be the turning point back to the next big leg up. Okay, next up, we have three charts of the week check it out.
First up, and i think everyone can see the talking point on this slide, and this has to do with people getting liquidated in their short positions. So when people take out short positions, essentially they’re betting against the crypto market, then about a week ago when we had that huge rebound, this is what happened to people short position. There was almost one billion dollars of people getting liquidated, and this was mainly from the exchanges in the far east, the biggest one being buybit and okx. What is going on with nfts and the openc, so openc is quickly becoming the number one place to buy digital art and crypto collectibles, and this last week digital art has been exploding and i’ll show you exactly what has been selling at the end of this video And third and final is the top 50 performance over the last month. So we can see it’s actually the meme coins that have done the worst shiba inu and dogecoin negative 26 and 14 Bitcoin has held up pretty well at 14 growth, but the one token that exploded over the last month is the axi infinity token axs growing 428.
Other big gains has been luna and qnt, so the short sellers got obliterated at the end of july. In the big market, rebound nfts are exploding right now, thanks to the digital art, space and i’ll show you which ones have just sold for millions of dollars, which is crazy and axe. Infinity has exploded this month, growing 428, as the game took off in popularity and subsequently, speculators have jumped onto the token on to the next big pump. Okay. Moving on this week, we are seeing some big moves in regulation.
We had gary gensler, who is the chairman of the sec speaking out, and there was also some very sneaky bit of legislation just sliding into the? U S infrastructure bill which could cause chaos in the crypto market. Now, although regulation isn’t really a sexy topic, it is important as it can crash the crypto market faster than usain bolt after a dodgy vindaloo. So here is exactly what is going on. So this is gary gensler and he is the chairman of the sec, and so when he speaks, we really want to pay attention, and this was an hour-long speech he gave, which i sat through, and here are some of the highlights.
He says that crypto is a highly speculative store of value. He is technology neutral, but he’s not public policy neutral right now, it’s a bit like the wild west for investor protection and things like fraud. All crypto, but in particular stable coins do impact national security, and we can expect some tighter regulation coming our way and it’s things like d5, that they really don’t like. For example, here is uniswap the largest dex decentralized exchange right now, and its biggest pro is also its biggest con. As all you do is connect your wallet to this website and you can begin swapping your tokens, so you can swap cryptos and money internationally.
Any time of the day – and it’s completely anonymous, you don’t have to give any personal details your name address. Obviously this is a problem for things like money laundering and it’s things like this that the sec and congress really don’t like. You may have seen this. The senate shoves a dangerous last minute: 30 billion dollar crypto provision into the infrastructure bill. So what on earth is going on with this?
Well, here is the founder of coinbase brian armstrong to talk us through it, and i’ll paraphrase this just to make it quick. Basically, if you’ve been following threads on the infrastructure bill, you’ll know that there was a hastily conceived provision related to digital assets, and this could have a big negative impact on crypto in the us. Coinbase is happy to help customers fulfill tax obligations, just like the rest of the financial services industry, but this bill defines brokers to include anyone who effectuates transfers of digital assets. So this is everyone in crypto miners, validators, smart contracts, open source developers could be a broker, which means massive reporting obligations, and it makes no sense as things like. Smart contracts, for instance, are not companies, so they can’t give kyc data and fortunately we have some bull.
Senators in congress and they’ve made amendments to narrow the definition to intermediaries, like coinbase, who can actually provide reporting. But what was really concerning was that this infrastructure bill also imposes sweeping and unprecedented reporting requirements that will force exchanges like coinbase to surveil its customer transactions. In a way, that’s more intrusive than the rest of traditional finance and he just asks that crypto gets an even playing field, as policymakers play a critical role, ensuring that tech innovation can flourish in the united states. But the plot thickens guys as the most recent update is this. We had a couple of senator bears senator warner and portman proposing last minute amendments competing with the widen loomis and toomey amendment, and basically they were trying to exclude proof of work.
So this was really good for bitcoin, but anything that is running proof of stake. It will be disastrous, so this is the latest, but it’s still ongoing. Starting with uruguay, a senator has introduced a bill to enable the use of crypto for payments. Senator satori has introduced a draft bill to regulate crypto and enable businesses to accept crypto payments. Now this wasn’t as far as crypto as legal tender, as el salvador did, but the bill proposes.
Crypto assets will be recognized and accepted by the law and applicable in any legal business. We had search giant google lifts the 2018 ban on crypto exchange wallet advertisements so essentially all the way back in 2018, when crypto was still a dirty word, google had banned anything to do with crypto on its advertising network. However, beginning august, the 3rd advertisers offering crypto exchanges and wallets can begin advertising again now, google still doesn’t like things like initial coin offerings, icos or d5 trading protocols, but exchanges can begin advertising once more. We have more companies adding bitcoin to their balance sheet 41 billion hedge fund golden tree has added bitcoin to its balance sheet, wealthfront to offer grayscale, bitcoin and ethereum trusts. This big robo advisor giant with 25 billion dollars of assets is now letting clients invest up to 10 of their portfolios into crypto and financial giant state street expands.
Crypto services has demand from traditional funds source and when i say, investment giant taker look at this, they are in a hundred geographic markets, they have 42 trillion dollars of assets under custody and almost 4 trillion dollars of assets under management, and they say the growing popularity Of digital assets is showing no signs of a slowdown, so their work with looker will leverage their software and data to help expand. Our digital and crypto asset fund admin, capabilities to alternative managers. Wells fargo starts offering crypto investments to clients, so wells fargo is one of the largest u.s wealth managers and it oversees almost two trillion dollars in assets, and they said that the crypto space has now evolved and matured, and it’s now a viable investable asset and jp Morgan launches in-house bitcoin fund for wealthy clients, the megabank has started pitching private bank clients on a passive bitcoin fund in partnership with new york. Digital investment group so basically transforming this, never bitcoin mega bank to a genuine player in the digital asset space, and you can really hear the bitter resentment from the ceo.
I am not a bitcoin supporter. I don’t really care about bitcoin diamond told the wall street journal. On the other hand, clients are interested, and i don’t tell clients what to do. We had fidelity purchasing a massive seven and a half percent stake in marathon digital holdings, so this is basically one of the biggest bitcoin mining companies in the us which fidelity has snapped up and to finish all this up, we have crypto. Punks mania continues, as 24-hour volume soars to 46 million crypto punks daily volume surged over 600 percent and reports indicate that gary vander chuk purchased cryptopunk2140.
So what exactly are crypto punks well prepare yourself, because this is the mania and it is pixelated digital art and check this out. This is krypto punk, number, 5217 and guess how much this just sold for this week. It was in fact, over five and a half million dollars, yep this little pixelated piece of art just sold for over five million dollars, and i must admit i just simply do not get it similar to the traditional art world, which i also do not get. This is what happened. Last month, we had an artist, create an invisible structure above this white box which sold for eighteen thousand dollars an invisible piece of art sold for eighteen thousand dollars.
So, as you can see another very eventful week in crypto – and here is the summary – the crypto bears in congress – try to slip in some disruptive legislation and there is a battle going on with counter amendments. The chairman of the sec wants tighter regulation on crypto similar to stocks, with the primary aim of protecting investors. Nfts are exploding right now led by the crypto punks digital art, axey, infinity the game and the token have exploded. This month, growing 420 we’ve had more companies adding bitcoin to the balance sheets, financial giant state street wells, fargo and jp morgan launching their crypto offerings due to growing client demand and uruguay drafting a bill to make crypto a form of payment. So there you are guys, as you can see, lots going on and hope you enjoyed just to say then, if you did enjoy anything in the video, then drop a like and a big thank you to everyone who does.