HomeCryptocurrencyThe Crypto Market is BROKEN 💥 (Bitcoin, Ethereum, Solana, & Binance News)

The Crypto Market is BROKEN 💥 (Bitcoin, Ethereum, Solana, & Binance News)

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all right welcome back everybody to my name's austin the cryptocurrency market continues to drain lower especially altcoins as btc dominance continues to climb higher and while eventually a bounce will happen bounces happen in bear markets just as much as bull markets while eventually a bounce will happen based on the macro economic landscape over these next few months i would expect this trend to continue in today's video i want to keep you updated on the latest news involving bitcoin involving ethereum involving solana as well as lower cap altcoins and much more so like always check the timestamps down below smush that like button and let's jump in starting with bitcoin and billionaire bill miller doubling down calling bitcoin insurance against financial catastrophe and just as a reminder bill miller made his billions by investing wisely and he is heavily respected in the traditional world so when he talks people usually listen and he's not backing down on his long-term bullishness of bitcoin i do want to play you a clip but first off in a direct quote an example he gives just one of many reasons on why bitcoin is valuable when the u.s pulled out of afghanistan western union stopped sending remittances there or taking them from afghanistan but if you had bitcoin you are fine your bitcoin is there you can send it to anybody in the world if you have a phone so that's why bitcoin is better from a monetary point of view but what about a store of value point of view let me play this quick 60 second clip of bill miller explaining why bitcoin is better than gold from a supply and a demand point of view watch this so that's the you know my key to bitcoin is that it's the only economic entity in the world mona certainly monitored it's just called economic entity in the world um that that the uh supply is unaffected by the demand so you know if gold which is what's called 1800 today something like that if gold was eighteen thousand dollars instead of eighteen hundred there'd be a lot more gold mined so gold that was uneconomic to mine today would become economic and um i mean charlie munder has said i think at the berkshire meeting that he expects that any fiat currency in 100 years will be worth zero compared to what it's worth today um that's because they keep creating more of it and with bitcoin you know there's the supply this year will grow about 1.7 maybe and so the only question you have to ask about bitcoin is over the long term will the demand exceed in essence 1.7 then 1.5 percent then all the way down to you know zero and i i think it's going to grow demand is going to grow faster than that side and that's true when people want more gold out of the earth they can just mine more gold with bitcoin no matter how many miners hop in or hop out of the network the block reward does not change you can't mine double the bitcoin this month that you did last month the bitcoin protocol just keeps on ticking keeps on producing no matter what the people do and next up let's talk about altcoins and again check the timestamps down below find the news that's best for you first up solana's blockchain clock loses track of time it's now running 30 minutes behind so in other words what does this mean well slower slot times have caused the clock to drift meaning the on-chain time is now behind the real world time while this issue does not affect network operations it could contribute to reduced earnings from staking rewards so the solanus stakers are really the ones being punished in all this and i want to reiterate according to the notice this issue does not impact any network performance transactions on the network will however show timestamps that are different from the wall clock time so i'm not going to bore you with a technical aspect of this but again how this affects you is because solana's staking rewards are paid on each epoch and because now there's fewer epochs because of the sluggishness this will mean a reduction in the earnings collected by delegators and validators on the network now i fully expect them to get this fixed i mean solana's been down a lot worse in the past six months but this is just a bummer because if you were staking on the solana blockchain and now you're getting less rewards and you did nothing wrong would this encourage you to say hey maybe i'll stake or polkadot or big daddy eth next up binance becomes the first major crypto exchange to gain regulatory approval in italy and by the way not but just two weeks ago they did the same thing in france as well and by the way we should mention this too binance to advise on crypto strategy as kazakhstan looks to boost their industry now kazakhstan is already known as a bitcoin mining hub but they're now trying to attract more crypto firms and broaden the industry so binance is now an advisor and in terms of what does that entail well binance will help kazakhstan develop their digital asset regulation help write the regulation as well as they'll also try to integrate banking infrastructure within the cryptocurrency market and help the country's blockchain strategy so this is very interesting kazakhstan is already one of the world's biggest bitcoin mining hubs relatively speaking to the size of their country and now they want to be a much bigger crypto hub next piece of news for ethereum ethereum liquidations top 157 million after their merge upgrade test hits a snag so following the beacon chain's block reorg vent and the beacon chain is basically eth2 after that ethereum dropped over seven percent on friday morning amid concerns around its planned merge so a lot to unpack there do not be worried let me explain and just first over the last seven days ethereum shed more than sixteen percent of its value tumbling from over two thousand dollars on monday to as low as one thousand seven hundred and thirty one dollars in the early hours on friday this drastic price shift also led to over 157 million dollars in each liquidations more than 75 percent of these liquidations were long conditions being liquidated from bullish crypto traders so traders were bullish on eth and they got punished they got liquidated as the whole market came down anyway the news today is this which is actually a few days ago the beacon chain a sort of ghost version of eth running in parallel to the current ethereum experienced a block reorg and such an event means that for a brief moment the beacon chain had been forked and blocks of transactions were being processed on yet another parallel version of the beacon chain basically a 51 attack that happened wednesday the price dipped and then longs got liquidated honestly i'm not too worried this test period is when you want to find issues that's how the developers can make it better and next quick piece of news for file coin lockheed martin and the file coin foundation to explore hosting blockchain nodes in space and again lockheed martin is a defense contractor and filecoin foundation obviously behind filecoin they're putting nodes in space now how do they plan to do this well lockheed and filecoin plan to identify a satellite or identify other spacefaring platforms that can hold the technology to operate an interplanetary file system node ipfs node identify that platform's needs and then try to identify a test mission so if you hold filecoin just know they're only exploring this at this point but they do plan to identify a test mission by august of this year next piece of news for steppen step in to block mainland china users to comply with regulatory policies and just as a reminder step in is a popular exercise to earn move to earn game based on solana and bnb that was created by two chinese immigrants now living in australia so i assume they did have high hopes in getting the chinese user base on their app well now just as preemptive caution to try and be regulatory compliant on july 15th steppen will clear all accounts based in mainland china for local compliance reasons and before them the platform does advise users who plan to reside in mainland china long term to sell their assets on the platform if possible obviously the price dipped on the snooze the whole crypto market dipped this week but after the news was announced jerry the firm's founder did note that mainland chinese users only make up about five percent of the platform's overall user base implying that the company's exit from this market will not have a significant impact on its financial success according to steppin's official twitter daily active users increased to more than half a million in may up from 300 000 users in april so interesting to see the growing pains i'll keep you updated next piece of news for tara slash tier two the new tara blockchain launch is expected this saturday with the luna airdrop to follow and just to get ultra specific here was that direct announcement from twitter from tara yesterday we said tara 2.0 is coming well tomorrow saturday it arrives the community has been working around the clock to coordinate the new chains launch subject to potential change we expect to go live on may 28 2022 now the big question is because tara luna is technically a dap platform like ethereum like etc a dap platform which chain are the dapps gonna choose popular applications from the current chain which will continue as classic after the launch of tera 2.0 are expected to migrate to the new chain so we will see the winner will obviously be where the daps go where the developers go next quick piece of news for imposters and again imposters is a play to earn social deduction metaverse built an unreal engine and powered by nfts so a play to earn game at its most simple layer and their materials box minting is now live so they already launched their imposters and their ufos and their pets and now their material boxes are live furthering the growth of the ecosystem and this is just a visual of somebody's collection of they got the imposters then the ufos then the pets now the boxes in preparation for the game hopefully by the end of this year and next up last but not least if you will be in the austin texas area june 7th to june 8th erin and i will be speaking come check us out and there's a link down below use promo code altcoindaily22 for a 30 discount on your ticket so if you'll be in the area come hang out all right that is the video my name's austin like always see you tomorrow

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