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Title : Crypto News: BTC Seizure, Polygon, Tesla, Aave & More!!
link : Crypto News: BTC Seizure, Polygon, Tesla, Aave & More!!

Crypto News: BTC Seizure, Polygon, Tesla, Aave & More!!

Crypto News: BTC Seizure, Polygon, Tesla, Aave & More!! 

Welcome to the coin bureau weekly crypto review here are this week's top headlines in the crypto news billions in bitcoin seized by us authorities over 94 000 BTC from the 2016 bitfinex hack are found in the hands of some particular people who will get to keep it corporate crypto adoption BlackRock plans its crypto entry tesla continues to hold KPMG adds crypto to its portfolio and McDonald's reveals its metaverse patents why wells Fargo says we're still early crazy crypto-cash polygon Allio alchemy and animoka brands collectively raise over a billion dollars in a week what does this mean for the crypto industry play to earn economics ax infinity adjusts SLP issuance to ensure the game endures could this be a way to test monetary policy in a decentralized manner us dollar in the gutter inflation hits another record high as consumer 

debt hits record levels how bitcoin fixes this the drive for decentralization tally coin raises BTC for truckers Assange Dao raises 50 million dollars for a legal defense and ave releases a decentralized social media platform is this the beginning of the end for centralized censorship regulation retaliation crypto companies accelerate lobbying efforts ahead of the midterm elections will it be enough to prevent a crypto crackdown 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 the guy and what you're about to see is educational content, not financial advice you can find any topics you're looking for using the timestamps in the video timeline and now for today's top stories last week the united states department of justice announced that it had recovered 3.6 billion worth of BTC that had been stolen from the bitfinex cryptocurrency exchange in 2016. 

the btc was found to be in the possession of two peculiar people in new york city who were subsequently charged with laundering the stolen coins as i mentioned in my recent video about the dark side of nfts money laundering involves making the proceeds from illicit activities look legit using say a business that accepts lots of cash as payment what's odd is that the couple who allegedly conspired to launder the stolen btc put their personalities on full public display while simultaneously using sophisticated techniques to hide their btc sales what makes this even more odd is that the couple kept the private keys to their btc stash on a cloud drive connected to the internet such as google drive this is eerily like the amateur error made by the hackers behind the colonial pipeline attack last year who likewise put the private keys to the wallet holding their stolen btc on google drive making it possible for us authorities to recover the funds shortly after the ransom was paid the recovery of bitfenix's btc has consequently raised a lot of eyebrows in the crypto community especially since the couple have not been charged with being behind the bitfinex hack itself the bigger question is what will happen to the over 94 000 bcc that's currently being held by u.s 

authorities given that it rightfully belongs to bitfinex as many have pointed out the contentious relationship between u.s regulators and usdt issuer tether means that bitfinex may struggle to get it back since bitfinex is effectively tether's sister company others have pointed out that it's possible that u.s authorities will try to return the BTC directly to those affected by the bitfinex hack in 2016 though it's unclear how exactly this would be coordinated without bitfinex's help the third possibility is that u.s authorities will simply opt to auction off the recovered BTC to wealthy individual and institutional investors the same way they did with BTC seized in the past this would be the ideal scenario for Blackrock given that the asset manager is reportedly looking to offer crypto investing to its clients with direct exposure to the underlying assets for those unfamiliar BlackRock is the biggest asset manager in the world with over 10 trillion dollars in assets under management this includes hundreds of millions of dollars in crypto mining companies via its ETFs and a more than 16 stake in MicroStrategy which itself owns over 125 000 BTC worth 5.3 billion dollars 

BlackRock insiders did not provide dates on when the asset manager will offer these services but according to sources the company is looking to integrate this crypto trading functionality in its Aladdin institutional software I talked about the significance of this in a telegram post recently which I'll leave in the description for you speaking of adoption in relief to crypto holders tesla's recently released sec filings for 2021 revealed that the company had not sold any BTC besides the small amount that had been sold at the start of the year to quote prove liquidity some have taken this as a sign that the crypto market has yet to reach the top of its current bull cycle since tesla would have otherwise sold some or all of its holdings tesla's BTC treasury has inspired other publicly 

listed companies to add BTC to their balance sheets and the latest one to join the list is KPMG one of the big four accounting firms in a statement KPMG's Canadian arm explained that it had added BTC and eth to the corporate treasury because it sees cryptocurrency as a quote maturing asset class KPMG's crypto acquisition is significant because the company is committed to using and has even been working to standardize ESG scores with the help of other accounting firms as I mentioned in my video about coin shares bitcoin mining report ESG concerns are one of the only things standing between institutional investors and cryptocurrency KPMG's move, therefore, sends a sign to ESG oriented investors that they can invest in cryptocurrency without violating their commitments to using criteria meanwhile McDonald's has filed for 10 metaverse patents in the united states which include things like virtual McDonald's restaurants with real-life home delivery 

the sale of virtual food as NFTs and even virtual events it's not currently known whether McDonald's will opt to create its own metaverse or buy land in an existing one but its real-world operations suggest it may in fact buy up existing virtual land this is because McDonald's owns the land its real-world restaurants are built on and that technically makes it one of the largest real estate companies in the world now in the middle of all this corporate cryptocopping wells Fargo released a crypto report which argues that we're still in the early days of cryptocurrency if you're wondering just how early we are this chart presented by the bank basically sums it up cryptocurrency is where the internet 

was in the 1990s further proof of crypto's early-stage status can be found in the incredible amount of capital being piled into the industry almost every week for example polygon recently raised 450 million dollars from various venture capital firms inside and outside of the crypto space as well as wealthy individual investors such as Kevin O'Leary in addition to further legitimizing polygon as a project it proves that

 there is a lot of demand for Ethereum scaling solutions even with Ethereum 2.0 around the corner according to polygon co-founder Sandeep newell Ethereum 2.0 will only increase Ethereum's transaction speed from 15 tps to 20 tps meaning layer 2s will be required until shard chains are introduced even then it's likely that Ethereum will continue to require layer twos due to high demand another crypto project called allio also recently raised 200 million dollars from various VCs what's interesting is that Dalio's focus is privacy and privacy 

has recently been a contentious topic in crypto for regulatory reasons recent raises by other privacy-oriented crypto projects such as secret network suggest individuals and institutions are pushing for privacy which is certainly a good sign there's also been a push to improve developer tooling in cryptocurrency and this is something alchemy has been doing since 2017. like also alchemy recently raised 200 million dollars bringing the company's total valuation to a staggering 10.2 billion dollars and the contents of its coffers to over 500 million this is about the same amount animoka brands is expected to raise in an upcoming funding round which would bring its valuation to a modest 5 billion if you 

watched my video about the sandbox you'll know that animoka brands are the company behind that project as well as a handful of other metaverse worlds and play to earn games speaking of play to earn games axionfinity recently adjusted the tokenomics of SLP to prevent its economy from imploding for context smooth love potion or SLP is a crypto token earned by axey infinity players and it's required to breed its in-game avatars which are known as axes any SLP used for breeding is burned now until recently SLP minting was 

outpacing SLP burning by a factor of four this flood of SLP supply caused its price to crash in the absence of demand from breeders in turn this caused axey infinity players to leave for greener pastures since their play to earn profits were cut resulting in the first decline in user activity since the game's release the axion affinity team noticed this and tweaked SLP's tokenomics to reduce issuance and bring it back inline 

with the demand coming from axis breeders this caused SLP's price to explode and axis infinity user growth is likely to follow on the prospect of renewed play to earn profits as I mentioned in my video about axioinfinity its in-game economy is a perfect parallel to the real world economy because both rely on constant growth whereas central banks control the issuance of money the axis infinity team controls the issuance of SLP and this makes it the perfect sandbox to test monetary theories the thing is that many people around the world currently 

rely on taxi infinity for income because of the pandemic and this means any economic experimentation can have very real economic consequences funnily enough axes infinity has proven yet again that cryptocurrency projects are more responsible with monetary policy than central banks which continue to print fiat currencies at the expense of the average person case in point in the united states inflation is now running hot at 7.5 percent the highest in over 40 years 

if you watch my video about how the cpi is measured you'll know that official inflation statistics are misleading, to say the least unofficial inflation statistics suggest that inflation is running even hotter at 15 and by unofficial I mean the 1980s cpi measurement this inflation is due to a combination of money printing by the federal reserve in response to pandemic restrictions as well as supply chain problems caused by pandemic restrictions notice a pattern this inflation combined with low-interest rates has incentivized 

consumers in the united states to borrow more than ever before causing consumer debt to reach over 15 trillion dollars in 2021 this is bad news because the federal reserve is expected to begin raising interest rates in the coming weeks in an attempt to tame inflation this means this 15 trillion dollars of debt is going to become a lot more expensive to pay off and we could even see some individuals and institutions start to default on debt payments they can't afford if that happens assets will be sold to cover the costs of servicing that debt and this will lead to a market crash across the board history suggests that the federal reserve will reverse course and reduce interest rates when the markets start to collapse but doing so would 

result in even more borrowing and therefore more inflation put simply it's not looking good for feared and this leaves only two solutions a central bank digital currency which puts governments in total control of monetary policy or cryptocurrencies with immutable monetary policies built into their code current trends suggests that crypto is where people are increasingly placing their bets particularly BTC which was built as a response to the same reckless monetary policies we're seeing today BTC doesn't just make it possible to protect your purchasing power either it's an unstoppable currency 

the importance of this value proposition is becoming more apparent by the day as centralized entities crack down on funds being sent to truckers currently protesting pandemic restrictions in Canada this response to opposition by the people in power should serve as a wake-up call to how much control they have over the existing financial system these methods could just as easily be used to suppress other protests in the future and that should concern you regardless of your views on the trucker protests while BTC is being held up as the solution the fact of the matter is that BTC is not legal tender and that means the million or so dollars 

in btc raised by tallycoin may be difficult for the protesters to withdraw by contrast the 53 million dollars in eth raised by a decentralized autonomous organization dedicated to the release of wikileaks founder julian assange will likely have no issues being withdrawn and it looks like it already has been via the sale of an nft what makes the assange dao raise different from the tally coin raise is ultimately optics everyone knows who julian assange is and he's only in prison because he founded a website which leaks sensitive information about the government that the public has a right to know conversely it's admittedly a little unclear as to who's leading the trucker protests and how the funds are being used the scary thing is that the optics of these and other situations are influenced and sometimes even shaped by big tech companies who have their own biases and interests as such the free flow of information is as important as the free flow of money and the free flow of information is something that decentralized social media platforms are trying to facilitate the latest development on this front is the release of lens protocol a decentralized social media 

a platform built by the RV d5 protocol lens protocol makes it possible to turn any user-generated content on its platform into NFTs on the polygon blockchain these nuts can then be ported over to other decentralized social media platforms thanks to Ethereum's composability now lens protocol is still very much in its infancy but it marks a very important step towards the censorship-resistant transfer of both information and value in an increasingly digital world, unfortunately, it's very likely that big tech companies will begin lobbying for harsher social media regulations once viable alternatives begin to emerge from the crypto sphere luckily it looks like there's no shortage of pro-crypto capital that's been allocated to prevent any such scenario from happening a recent report by crypto head found that the money spent on crypto lobbying in 2021 

is estimated to have amounted to around 5 million us dollars now this is a fraction of what big tech companies spend on their own lobbying efforts but crypto lobbying is growing at a much faster rate having more than doubled in the last year alone now coin base is putting together a political action committee or pac which will help fund the campaigns of pro-crypto politicians in the united states a former world economic forum executive also recently left her post to head the crypto council for innovation a crypto lobbying group in the united states even the NFL is lobbying the sec to be more friendly towards cryptocurrency now when you couple this with a December survey of American voters which found that they wouldn't vote for anti-crypto politicians you have a recipe for some pro-crypto regulation this pro-crypto pressure might be a part of why theirs came out to confirm that cryptocurrency miners validators and developers won't be subject to the problematic provision in the infamous infrastructure bill the only wild card left in the equation seems to be all the concerns around the energy use associated with proof-of-work crypto mining 

which seems to be limited to a fringe group of u.s politicians if you want proof of that look no further than the link in the description turning to the charts we can see that BTC is at yet another crossroads prices are currently sitting on the 50-day moving average which is a significant zone of price support and resistance I see a small bull flag forming for BTC on the daily which may or may not play out my bets are on a pump in which case we could rise back up to 46k in the coming days if we manage to break above the 46k mark this will see a completion of a cup and handle pattern which could push BTC as high as 56k in the next 

few weeks all the while the balance of BTC on exchanges continues to fall and that has me feeling damn bullish regardless of what's happening in the here and now this week's winners are smooth love potion Shiba in una studio xrp and Kadena if you were paying attention earlier you'll know that SLP is pumping because of axis infinity's tokenomics adjustments as you can see SLP is still a long way from its all-time high and the massive increase in its circulating supply since that time means it's unlikely to reclaim those levels anytime soon as for Shiba Inu it appears to be creating a metaverse world of its own as far as I understand 

shiba inu will soon begin selling land in its upcoming metaverse and leash token holders will get the first pick shib still seems to be stuck in hibernation but if that cup and handle plays out on the daily we could see a fifty percent pump follow in the near future next up is una said leo which is bitfinex's exchange token now leo is pumping because of a blog post by bitfinex where they said they'd use 80 of the stolen btc to buy back and burn the leo token assuming they get the btc of course what's strange is that leo started pumping one week before the dog announced it retrieved the btc so much so that it made the weekly winners list last week nothing more than a coincidence i'm sure another crypto which made the weekly winners list last week was xrp and this time it seems to be pumping on the news that ripple has joined the digital euro association a think tank that seeks to assist the european union in the development of its central bank digital currency although xrp is still struggling to recover from its recent losses it remains in a strong long-term uptrend that began back in 2020 xrp could also see some positive price action if ripple resolves its lawsuit 

with the sec more about that in the description finally, we have cadena whose kDa coin seems to be rallying on the open sourcing of Cadena's developer documentation and the upcoming launch of Cadena's do platform before you ape in bear in mind that kda has very limited exchange support so this could impact on liquidity for what it's worth kda is also in a clear uptrend if you're wondering where the crypto market as a whole is headed next you can check out my video about that using the link in the description and that's all for today's coin bureau weekly crypto review if you 

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