Cryptocurrency for Beginners: with Crypto Casey

Crypto in Uphill Battle! (Can it Survive?) - Last Week Crypto

September 26, 2021 Crypto Casey Season 2021 Episode 39
Cryptocurrency for Beginners: with Crypto Casey
Crypto in Uphill Battle! (Can it Survive?) - 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 September 19th through September 26th.

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This week we will discuss the dead horses that are Evergrande, China crypto bans, US government squabble over crypto regulations, and all the relevant details in between.


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An interesting week for sure, so let’s discuss the highlights and keep this episode short and sweet to avoid beating a dead horse like the rest of the media.

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 the dead horses that are Evergrande, China crypto bans, US government squabble over crypto regulations, and all the relevant details in between.

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Awesome. It’s time for Last Week Crypto.

1 - Looking at the top cryptocurrencies by market cap, bitcoin down 9.4%, ETH  down 14.6%

Cardano up 2.1%, and Binance Coin down 13.7%.

2 - Looking at the top gainers this week:

Decentralized Social up 71.2%, Celo up 34%, 

Olympus up 22.5% and Cosmos up 20.1%

By now we’ve all heard about China’s largest debt holding real estate development company, Evergrande, who is starting to miss interest payment deadlines on their loans.

And without knowing how deep and entangled Evergrande’s 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 Evergrande potentially going under will have on a global scale, but at the moment, it’s looking to me like a controlled detonation of sorts by the Chinese government.

Look, it very well could turn out that Evergrande 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 negative news.

I agree with Devina Mehra of First Global on this one that 2.5 - Evergrande is part of a deliberate move by China 

2.6 - 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.

2.7 - And for all practical purposes, a default of Evergrande has already been priced in and not just its own bonds but even overall high-yield bonds in China/ Asia have already reacted. So, there's not much further downside there.

So, yeah, that’s where my thoughts and feelings on the Evergande matter are 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, 3 - China declares all crypto-currency transactions illegal, effectively banning digital tokens such as bitcoin.

4 - "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

Yeah, so as they’ve been doing so for several years now. China is yet again, banning cryptocurrency. There really isn’t anything new here on that front.

5 - China’s crypto ban has almost achieved a ‘meme-like status,’ but here are the lingering impacts.

6 - Greg King, founder and CEO at crypto fund Osprey Funds, said that “there’s strong demand for cryptocurrencies on a global basis, and China’s only part of that.”

However, aside from the price impact, China’s most recent strike on cryptocurrency may further change the global distribution of the crypto industry.

7 - After China started cracking down on crypto mining in May, some Chinese miners have been migrating to places such as the U.S. and Kazakhstan.  Crypto exchanges may double down their efforts to move out of China as well, industry experts said.

8 - According to the latest statement from People’s 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 subjected to penalty according to the law.”

9 - Asia’s crypto trading volume currently accounts for 45% of the global volume. Crypto exchanges including Binance, Huobi and OKEx have the largest market share in mainland China, while FTX and Bitmex dominate Hong Kong, according to Fundstrats. 

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:

10 - China banning crypto transactions ‘great news for bitcoin’: says an Investment firm CEO Ross Gerber of Gerber Kawasaki Wealth

11 - “The real issue is about control, and what governments don’t like is [that] bitcoin takes control of people’s monetary futures away from governments and [places it] in the hands of individuals,” Gerber said. “And that’s exactly what’s happening... globally, right now.”

12 - “China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S.,” Senator Toomey wrote in a tweet. “It’s also a reminder of our huge structural advantage over China.”

So the big question now is: will the US seize upon this amazing opportunity to reclaim our status of the top innovative country of 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: 13 - Stablecoins in Spotlight as U.S. Begins to Lay Ground for Rules on Cryptocurrencies
Sponsors say stablecoins are safe, but regulators are concerned about potential risks to financial stability

14 - The Biden administration is taking aim at so-called stablecoins as it begins to lay the ground for stricter regulation of cryptocurrencies that could shape the future of digital money.

Hmm, what does that entail? Well, unfortunately 15 - Biden reportedly is set to nominate a law professor critical of crypto and big banks to run the OCC

16 - President Joe Biden is set to nominate Cornell University law professor Saule 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 Capital Hill, especially after the testimony SEC Chair Gary Gensler gave Congress a couple weeks ago. If you would like to watch the highlights of that event as it relates to crypto, check out my video about it 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 lobbyist, Wall Street, Politicians, and their big corporate cronies will be the ones buying  and paying for the regulations and legislations 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 haven’t gotten a hardware 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.

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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.

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 mercy of all global macro events, like the Evergrande’s of the world. That’s why it’s so important to not rely on charts, historical data, and crypto influencers that are not keeping their finger on the macro pulse of the world.

It’s very dangerous to rely on price predictions and our place in this current market cycle in a crypto hype echo chamber. So we have to branch out, and have a worldly approach while invested in this space together.



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.

So what do you think of the Evergrande situation?

Was it overly hyped or is their massive systemic damage ahead?

Do you think the US will take advantage of this grand opportunity in crypto?

Let me know in the comments below.

Be safe out there.

Introduction Exchange
Join Our Discord Chat!
Market Movements
Evergrande Fiasco
China Conducting Controlled Detonation?
China Bans Crypto AGAIN
China Boxing Itself Out of Crypto
Will US Seize its Opportunity?
Stablecoins in the Spotlight
Biden to Nominate Crypto Critic for OCC
Crypto is in an Uphill Battle
Get a Hardware Wallet ASAP!
Earn Interest from Idle Crypto with BlockFi
Protect Your Ability to Generate Income
Importance of Focusing on Macro Global Environment