Cryptocurrency for Beginners: with Crypto Casey

Will SEC Destroy Crypto in US? (DogeCoin Delirium!) - Last Week Crypto

May 09, 2021 Crypto Casey Season 2021 Episode 20
Cryptocurrency for Beginners: with Crypto Casey
Will SEC Destroy Crypto in US? (DogeCoin Delirium!) - Last Week Crypto
Show Notes Transcript Chapter Markers

This is another episode of a weekly cryptocurrency news series called Last Week Crypto.

We cover the latest global news stories affecting the cryptocurrency markets May 2nd through the 8th of 2021.


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This week we will discuss how the SEC could thwart any chance the US had at becoming a favorable environment for blockchain tech innovation, institutions forging ahead in spite of it, the insane doge coin mania, and some altcoin project updates.

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Back at it after taking a week off, so we’ve got a lot to cover. 

Hello, I’m Crypto Casey, and welcome to another episode of Last Week Crypto.

Every Sunday, we review 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 how the SEC could thwart any chance the US had at becoming a favorable environment for blockchain tech innovation, institutions forging ahead in spite of it, the insane doge coin mania, and some altcoin project updates.

To check out the links to all of the articles we discuss, go to CryptoCasey.com/Last-Week-Crypto.

This week’s episode is brought to you by Crypto.com, an exchange with over 100 different cryptocurrencies and over 20 different fiat currencies.

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If you use the link below to sign up for Crypto.com, you will receive $25 worth of cryptocurrency for free when you use the referral code “CryptoCasey,” all while supporting the channel.

Also, every Wednesday I conduct a weekly AMA or an “Ask Me Anything” at Instagram.com/CryptoCasey.

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.

0 - If you’d like to see me livestream with some other crypto experts in the space, I’ve started livestreaming on the Crypto Banter YouTube channel. 

Most Fridays at 10am eastern standard, I plan on bantering with the crew about crypto, and also co-host some of the weekday shows as well. 

So make sure to follow me on Instagram to get notified when I’m going live. And you can also subscribe to the Crypto Banter YouTube channel for notifications as well.

Alrighty, let’s dive into Last Week Crypto

1 - Looking at the top cryptocurrencies by market cap, bitcoin sideways up .7%, ETH breaking new all-time high’s almost daily at this point, up 35.6%

Binance Coin up 4.1%, and the newest edition to the top 5 by market cap, DOGE up an absolutely mad 99.5%.

2 - Looking at the top gainers this week: 

Bitcoin Diamond up 290.2%, Telcoin up 249.2%

Ethereum Classic up 210.2%, and no surprise here, Dogie Doge also a top gainer.

It’s been a wild ride in the crypto markets for sure. US Treasury Secretary has also been on a ride of her own, flipping back and forth on the existence of her notorious “imaginary” friend, inflation.

3 - 2 days after saying there wasn’t inflation, Janet Yellon now says we expect inflation to be high over the next couple months due to “technical” reasons. You can’t make this stuff up.

Finally admitting some inflation is imminent. Progress? Maybe so. Either way, you know who else besides us crypto fiends is done with the dollar?

4 - Russia slashes dollar & euro from reserves in favor of gold & yuan

And who would blame them. As China embraces and actively develops blockchain technology solutions, the US remains rather stagnant while the SEC suggests action that could create an extremely unfavorable environment for tech innovation in the US going forward, driving projects elsewhere.

5 - SEC Chairman Gary Gensler says more investor protections are needed for bitcoin and crypto markets

6 - play video of gensler

Good intentions behind the regulations to “protect” institutional investors? To “protect” government power and authority over financial ecosystems? To “protect” retail investors?

Ha, after the GameStop, AMC fiasco that happened with these already “regulated” stock exchanges, it seems more likely they want a centralized entity to control crypto exchanges for the benefit of an elite few, and not the general public.

Another thing he mentioned was that a lot of crypto tokens are indeed securities. And if they decide to go after these tokens, we will see them get delisted from US exchanges and any new projects looking to launch would likely not even bother trying to jump through all the regulatory hoops to appease the SEC.

This would further stifle tech innovation and adoption in the United States, causing us to fall further behind China and other countries embracing cryptocurrency and blockchain technology.

As the US government and its regulatory agencies pontificate about how they can maintain their precious power and control over the financial system that’s slowly, but surely slipping away, 

big institutions and corporations are forging ahead trying and meet their clients’ voracious new appetites for digital assets while staying compliant

7 - VanEck submits SEC filing to create an ETH exchange-traded fund

8 - The move comes months after VanEck renewed its efforts to create a bitcoin ETF. The Securities and Exchange Commission recently extended its review period for that proposed product, 

a development that mirrored how the U.S. securities regulator has weighed bitcoin-centric ETFs in the past. To date, no bitcoin ETF has been approved in the U.S.

Meanwhile, several ETH-focused ETFs have gone live in Canada after winning approval from regulators in that country. 

Let’s go ahead and add Canada to the growing list of forward-thinking countries that are regulatory cooler than the power-hungry, control freak that is the United States.

Another institution paving the way to service their clients crypto investment needs: 9 - CME launches micro bitcoin futures.

Exchange giant CME Group has launched micro bitcoin futures, smaller-sized derivatives contracts, opening the door for a broader customer base.

10 - The micro bitcoin futures are 1/10th the size of one bitcoin and will be settled in cash. CME first revealed the product in March.

"At one-tenth the size of one bitcoin, Micro Bitcoin futures will provide an efficient, cost-effective way for a broad array of market participants — from institutions to sophisticated, active traders — 

to fine-tune their bitcoin exposure and enhance their trading strategies, all while retaining the benefits of CME Group's standard Bitcoin futures," said Tim McCourt, CME Group's global head of equity index and alternative investment products.

Nice. And it’s these types of products like futures, micro futures, and options that will be instrumental in decreasing the price volatility of crypto over time as more people and money enter the market.

And another big player that doesn’t want to get left behind: 11 - Goldman Suck’s internal memo unveils new cryptocurrency trading team

12 - Under CEO David Solomon, Goldman has said it is seeking to broaden its market presence by “selectively onboarding” crypto trading institutions to expand offerings. 

The firm also said it launched a new software platform this week that provides the latest cryptocurrency prices and news to clients.

Next, we’ve got one of the more original big financial institutional adopters

13 - PayPal CEO touts ‘next generation digital wallet’ after earnings beat.

14 - With its network of 26 million retailers, PayPal’s crypto ambitions have positioned the company as a rival to Coinbase, the country’s most popular crypto exchange.

The company also announced plans to roll out a “next-generation digital wallet” in the third quarter. Schulman described the product as an “all-in-one, personalized app that will provide increasingly customized and unique shopping, financial services, and payments experiences.”

Very exciting news for sure. However, be mindful that when using PayPal and other apps like Robinhood that you are only getting price exposure to cryptocurrencies.

Meaning you aren’t 100% in control of your digital assets. PayPal and Robinhood don’t allow you to transfer your crypto to your own crypto wallets outside of their centralized networks.

So as the value of crypto increases and regulations for these entities holding crypto on their networks remain uncertain, 

Make sure you are using exchanges that allow you transfer your crypto off of their networks like Coinbase, Crypto.com, Gemini, Kraken, etcetera, 

And then make sure you are transferring your crypto off of the exchanges to hold safely in a cold storage hardware wallet.

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.

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So if you’re interested in learning more about BlockFi, you can get up to a $250 bitcoin bonus when you use the link in the description area to sign up, 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 you’d like to learn more about the advanced technical concepts of blockchain and become a developer in the space, check out Ivan on Tech’s academy.

If you use the link below, you can access the academy at a discounted price, so scroll down, and check it out.

Cool. And as big institutions continue to fomo into crypto as quickly as possible, some of their employees are jumping ship directly into crypto-exclusive projects.

15 - NYDIG Announces Appointment of John Dalby as Chief Financial Officer.
The CFO of Bridgewater Associates joins during a period of rapid growth for NYDIG

16 - NYDIG, the New York Digital Investment Group, a leading provider of investment and technology solutions for Bitcoin, today announced the appointment of John Dalby as Chief Financial Officer. 

Mr. Dalby is CFO of Bridgewater Associates, the world's largest hedge fund.

And in case you didn’t know, the founder and co-chairman of Bridgewater Associates is Ray Dalio, who has expressed skepticism about bitcoin in the past. So let’s check out this humorous tweet:

17 - Ray Dalio: “Bitcoin is a bubble”

Ray Dalio’s CFO: “I’m leaving you for a Bitcoin company”

Nice. Next, let’s touch on some DOGE delirium, then some other altcoin project updates.

By the time you watch this video we will be more certain of the aftermath of this precarious place DOGE found itself in this week:

18 - Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’

Alright so be honest, in the comments below let me know if you thought the price was going to explode upwards or crash downwards during and after Saturday Night Live.

My call was a crash as whales take massive profits from this massive run up the past couple weeks. But give me hell in the comments below if I was wrong. I can handle it.

So going forward, 19 - Dogecoin to Mars? Palantir Co-Founder Joe Lonsdale Thinks So

20 - There's a good chance Dogecoin is going to be around for a while, Lonsdale said Thursday on CNBC's "Squawk Box."

If Elon Musk, CEO of Tesla Inc and SpaceX, decides he wants to make Dogecoin a currency on Mars, "I bet you he could do it," Lonsdale said.

21 - Dogecoin grows at 2% per year he said, adding that there's nothing irrational about a slow-growing cryptocurrency.

22 - "I don't think it's as crazy as it sounds," Lonsdale told CNBC. He followed that up by smiling and saying, "Even though it is dog money."

Musk, Lonsdale, and an armada of Tik Tok influencers aren’t the only one’s seemingly bullish dog money.

23 - Mark Cuban: Dogecoin Will Hit $1 And Become a Stablecoin

Mark Cuban thinks Dogecoin is headed straight for $1—and will stay there. The reason? It's becoming more of a utility, he argues.

Interesting. Well, let’s quickly hit on some altcoin project updates before wrapping up.

24 - The SafeMoon Saga Means More Crypto Chaos
SafeMoon’s $8 billion hustle wasn’t the first of its kind. Nor will it be the last.

25 - On April 20, SafeMoon overtook Dogecoin as the top-searched cryptocurrency in the world. 

The one-month-old DeFi token had all the makings of a breakout success: a large social media following, a function that penalizes sellers, and a rapid return to satisfy even the most demanding moonshot investor.

26 - But as the old saying goes, “up like a rocket, down like a stick.” As more Twitter-fueled investors piled in, prices inexplicably collapsed. In just two weeks, $8 billion of investor money has vanished.

So just a quick PSA, as the crypto bull cycle continues to rage on beware of scammers. They are everywhere. They are in the comments below all my videos impersonating me.

They create fake accounts on all social media platforms like Facebook, Twitter, What’sApp, YouTube, Telegram, etcetera.

They will try to contact you via email. So if anyone ever contacts you saying they can turn your funds into profits or if they ask you to install mining software on your computer for a profit, all of those are 100% scams.

I and no other crypto influencer will ever ask you for money, we will never invest your money on your behalf, we will never ask you to install mining software on your computer, we will never ask you to contact us on whatsapp, we will never ask you for your wallet seed phrases, or anything similar.

The only official accounts I interact on are listed in the description area below. If it’s not listed below, it’s not me. So always stay mindful and alert when people contact you about crypto.

Sweet. Next up: 27 - Watch out Amazon Web Services: Decentralized rival launches testnet.

A decentralized network has launched its private testnet as it aims to dramatically reduce waste when it comes to how the world’s computing resources are used.

28 - Cudos says its infrastructure means laptops, smartphones and company servers that may otherwise lie idle can contribute to exciting projects including DeFi, scientific research, data analytics, artificial intelligence and video rendering — advancing human knowledge.

I love this type of use-case for blockchain technology. 29 - This is a newer, smaller market cap coin at around $40 million at the time of this video, which comes with more risk.

I don’t like to make risky altcoin picks or suggestions. I currently do not have any Cudos, nor am I involved with them. I will be watching them though, as I’m bullish on the use-case if they can pull it off and market the project well.

Another more established set of projects I’m following closely: 30 - Polkadot, Kusama parachain anticipation builds amid uncertainty over launch date.

31 - Since the Polkadot mainnet launch in 2020, the planned launch of the network’s eponymous and Kusama parachains has generated much eager anticipation. 

Yet delays to the auction of slots that have put pressure on Polkadot’s native token appear not to have dampened enthusiasm for the sale, according to a report by Cointelegraph.

Parachain slots had been due for release in the first quarter of 2021, but even with the rollout date still not yet in sight, it appears that projects will be ready to deploy on the network within weeks of obtaining those slots, and demand for them is expected to be strong.

Yes, sometimes software takes much longer than anticipated. I, as well as some of you, are eagerly awaiting some polkadot parachain action.

Awesome.

Well that was Last Week Crypto, with me Crypto Casey.

If you enjoyed the episode, please make sure to like this video and subscribe to my channel for more crypto content.

To check out the links to all of the articles we discussed, go to CryptoCasey.com/Last-Week-Crypto.

So will Dogecoin shift from being representative of a social movement or philosophical battle between the little guys versus big government and corporations into more real-world utility?

What other altcoins are you currently looking at?

Have you guys checked out the Crypto Banter YouTube channel I’m livestreaming on?

Let me know in the comments below.

Be safe out there.


Introduction
Crypto.com
Wednesday AMA
Market Movements
2 days after saying there wasn’t inflation
Russia slashes dollar & euro
SEC Chairman Gary Gensler
VanEck submits SEC filing for ETF
Goldman Sachs internal memo unveils Crypto Team
PayPal CEO touts ‘next generation digital wallet’
Buy a Hardware Wallet ASAP!
BlockFi Crypto Services
Protect Your Ability to Generate Income
NYDIG Announces Appointment of John Dalby
Ray Dalio: “Bitcoin is a bubble”
Doge Make or Break Moment
Dogecoin to Mars?
Mark Cuban: Dogecoin Will Hit $1
SafeMoon Saga
Watch out Amazon Web Services
Polkadot, Kusama parachain anticipation
Outro