Fake News FUD Tanked Crypto (Altcoin Season Soon!) – Last Week Crypto

Another new background for you guys this week. And a new president of the 
United States. Fun fact:   $1,000 of Bitcoin when Donald Trump 
took office is worth $50,000 today. And here’s the Price of Bitcoin on 
the first day of past presidencies:   Barack Obama (2nd term): $17, Donald 
Trump: $917, Joe Biden: $30,000. 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 all of the fake news 
FUD, fear uncertainty and doubt, that caused the   dip, liquidity issues bitcoin is facing in the 
marketplace, and a flurry of extremely bullish   news that was largely overlooked due to the 
media’s emphasis on unfounded fake news instead. To check out the links to all of the articles we 
discuss, go to CryptoCasey.com/Last-Week-Crypto. This week’s episode is 
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some weekly live content soon. Awesome. It’s time for Last Week Crypto. Looking at the top cryptocurrencies by 
market cap, Bitcoin down 13.4%, ETH up 4.4% Polkadot up 32.7, and XRP down 3.3% Looking at the top gainers 
this week: Enjin up 120.5%, Curve DAO up 90.1%, Decentraland up 71.6%, and Hedera up 65.6%. Overall, a bearish week for the crypto markets. 
So let’s go straight into the FUD that caused it. The new Treasury Secretary, Janet 
Yellen, was one of the main causes   of the dip.

And I don’t know about you, but 
yellen's image in my brain exists as this. Yeah, totally photobombed by a bitcoin 
plug. So is she salty about it? Well, this week Janet Yellen suggests 
'curtailing' cryptocurrencies such as Bitcoin,   saying they are mainly used for illegal financing. Mainly used for illegal financing, eh? Actually,   Criminal Activity in Crypto 
Transactions Fell Sharply in 2020. Chainalysis reports in 2020, cryptocurrency 
criminal activity fell to 0.34%, or $10 billion dollars in transaction volume, 
compared with 2019, when criminal activity   represented 2.1% of all transaction volume 
or roughly $21.4 billion worth of transfers. So Yellen’s narrative about crypto 
being mainly used by criminals is   completely unfounded and clearly easy to refute. That FUD, debunked.

But it didn’t stop there,   Yellen says the administration 
will fight currency manipulation. Oh, please. If the US truly wanted 
to fight currency manipulation,   it'd instruct the Fed to stop QE, taper 
their entire balance sheet, & let the   market set the US government's 
interest rates in the free market. But we all know that’s never going to happen. 
Yellen especially would never advocate for   any of that considering Yellen Earned $7.2 Million 
dollars In Speaking Fees Over Last Two Years She’s earned more than $7 million dollars 
in speaking fees from banks and large   companies since leaving the 
Federal Reserve in 2018, a record that will force Yellen to seek 
permission before working at Treasury   with some of Wall Street’s 
largest financial institutions. Yeah, she’s totally bought and 
paid for, but let’s be honest.   She’s not going anywhere. We’re 
just going to have to deal with it. But, it actually probably won’t be all that 
bad.

She’s bullish on stimulus for one,   in support of Biden’s proposed $1.9 
trillion dollar relief plan saying, “Neither the President-elect, nor I,   propose this relief package without an 
appreciation for the country’s debt burden.   But right now, with interest rates at historic 
lows, the smartest thing we can do is act big,” And if you’re in crypto, you know 
stimulus is great for the market   because a lot of people use their stimulus 
checks to buy stocks and cryptocurrency. Another reason Yellen won’t be all 
that bad is because later in the week,   she actually started changing 
her tune about crypto saying:   US government should consider benefits 
of cryptocurrencies and digital assets When asked specifically about her views on the 
potential benefits and risks, Yellen wrote: "I think it’s important we consider the benefits 
of cryptocurrencies and other digital assets,   and the potential they have to improve 
the efficiency of the financial system. At the same time, we know they 
can be used to finance terrorism,   facilitate money laundering, and support 
malign activities that threaten U.S.

National   security interests and the integrity of the 
U.S. and international financial systems. I think we need to look closely at how 
to encourage their use for legitimate   activities while curtailing their use 
for malign and illegal activities." "If confirmed, I intend to work closely with 
the Federal Reserve Board and the other federal   banking and securities regulators on how to 
implement an effective regulatory framework   for these and other fintech 
innovations," she concluded. So all-in-all, I think the 
Yellen FUD is just that,   FUD. Fear, uncertainty, and doubt. All unfounded. Here’s another fake news FUD story 
that put the crypto market in a slump.   Bitcoin falls 11% after report suggests a critical   flaw in the cryptocurrency called 
'double spend' may have occurred. Geeze. No, no, no, no. Here’s A more 
detailed explanation of the whole "A   double-spend broke Bitcoin" FUD that was 
circulated by an irresponsible publication.

You can check out this Twitter thread 
by blockchain technology legend Andreas   Antonopolous if you’d like to read a longer, 
more technical explanation of what happened. But long story, short Nothing weird or 
outside the consensus algorithm happened.   Bitcoin continues to work exactly as it should. The only thing that happened is bad 
"journalism" if it can even be called   that. In a bubbly market, a rumour can 
circle the globe before it is debunked. Consider it debunked. So basically to recap, these were the 
Crypto headlines this week: YELLEN:   CRYPTO IS FOR CRIME, BTC DOUBLESPEND CATASTOPHE,   NO DOUBLESPEND HAPPENED, YELLEN: 
CRYPTO CAN IMPROVE FINANCIAL SYSTEM Leaving New retail investors like: Yeah, so basically there was no legitimate 
cause for the dump in the crypto market.

Here’s some advice from Lark Davis 
we all should take heed of as   crypto investors during this bull cycle. Retail selling, big money buying. In 
a day or two we will start getting   all the stats showing institutions 
buying the bitcoin dip again. There are 3 players in crypto, whales, 
plankton, & remoras. Whales eat plankton,   but Remoras follow the whales 
and thrive. Be like the remora. Because if you’re not like the remora, 
you’re going to be like these People   trying to trade Bitcoin, saying “Time 
to buy bitcoin” at the market highs,   and saying “Time to sell to 
whales!” basically at the lows. And by whales, it’s becoming more and 
more big institutional investments firms.   But, Casey Bitcoin Needs More Liquidity 
to See Greater Institutional Adoption Insufficient market capitalization is the 
biggest barrier to institutional adoption   of cryptocurrencies, new research finds. But, is it really? This is another 
example of poor journalism, because   this is actually an extremely bullish scenario 
for bitcoin because despite the plunge,   data suggests the number of HODLers is 
increasing as liquidity is getting sucked up. So liquidity in finance describes how 
quickly an asset can be converted to cash.   Or it can be used to describe market activity.

A market with a lot of liquidity means there   are a lot of buyers and sellers 
trading that particular asset. In the case of bitcoin, liquidity is decreasing. 
Not because it can’t be converted to cash quickly,   and not because there is low market activity. Liquidity in the bitcoin market is low 
because people are definitely listening   to me and moving their bitcoin off of the 
exchanges onto cold storage hardware wallets. And people that have bitcoin are not selling their 
bitcoin. People and big institutions buying and   holding more bitcoin than are being minted 
is creating a bitcoin shortage on exchanges. Check this out: Going long: 270K Bitcoin 
moved into storage in a month. Investors   are in it for the long run, locking 
270,000 BTC away over the last 30 days. The data shows that Bitcoin’s (BTC) liquid supply 
has consistently fallen over the last nine months,   with liquid supply currently sitting at 
21.3% and showing no signs of reversing. Bitcoin’s increasingly illiquid 
supply could be bullish for its price,   with new retail and institutional traders 
vying for an increasingly diminishing supply. Glassnode estimates that nearly 80% of 
the 18.6 million circulating Bitcoin   are currently stored in “illiquid” wallets.

So how can you tell me that “Bitcoin Needs More 
Liquidity to See Greater Institutional Adoption,”   when, in addition to the 
bullish scenario for the price, BlackRock May Start Trading 
Bitcoin Futures in its Funds.  Asset management giant BlackRock 
may start investing in cash-settled   Bitcoin futures trading, according to SEC filings. So bitcoin liquidity is decreasing, but you 
know what else is decreasing? Bitcoin dominance Bitcoin dominance describes the percentage 
of bitcoin’s market cap, or the value of the   total amount of money in bitcoin, compared to 
the total market cap of all cryptocurrencies. And when bitcoin dominance decreases,   that means money is flowing into altcoins. 
Which will eventually trigger what we’ve   all been waiting for since the last bull 
cycle in 2017. That’s right: altseason. Bullish. You know what else is bullish. This 
development we’ve been following for quite a   few episodes: SpaceX expands public beta test of 
Starlink satellite internet to Canada and the UK The company has launched more than 1,000 
of its Starlink satellites to date,   as it aims to build an interconnected internet 
network with thousands of satellites that   are designed to deliver high-speed 
internet to anywhere on the planet.

And when anyone anywhere has 
high-speed internet all over the world,   that means everyone who has been bankless 
and prevented from participating in the   traditional financial system at large, 
will have access to cryptocurrency. An extremely, extremely bullish case 
for the space. It’s going to be amazing. And here’s another bullish story for the space:   Gemini Completes SOC 1 Type 2 and SOC 2 Type 
2 Examinations — Leading Crypto Industry Making them the world’s first 
cryptocurrency custodian and   exchange to demonstrate this standard of 
financial operations and security compliance. And Gemini isn’t the only one making moves:   Nebraska senator introduces bills to 
allow state banks to custody crypto. “We need to be a leader in FinTech,” 
said State Senator Mike Flood. Amazing moves in the banking space for crypto. 
In addition, we are seeing higher perceived value   of digital assets in NFT’s or non-fungible 
tokens as artist Justin Roiland sold a paper   drawing of “The Smintons” eBay, and it went for 
$14,999. While the NFT version went for $290,000. We’re seeing blockchains do 
what they do best – store value. The blockchain version has perfect provenance 
and censorship resistance, so it wins.

And as if it couldn’t have gotten 
any more bullish this week news-wise,   in spite of fake news FUD 
artificially tanking the market, President Biden freezes FinCEN's 
proposed crypto wallet regulations. President Joe Biden has frozen 
all regulatory processes   including proposed FinCEN rules 
detrimental to the crypto industry. And in case you don’t remember, this 
is the regulatory BS they were trying   to impose requiring registration of 
self-custody crypto wallets before   you’re allowed to withdraw cryptocurrency 
from exchanges to your own personal wallets.

And even though Biden has kicked 
this can of an issue down the road,   it doesn’t mean you should continue to wait 
to own and completely control your own crypto. So once you have bitcoin and other cryptos, 
make sure you are transferring it off of   the exchange to hold long term on a 
cold storage hardware wallet ASAP. The best time to get a cold storage hardware 
wallet was yesterday, the next best time   is today, so 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 backup 
pack.

Scroll down and check them out. And before you berate me about Ledger, 
check out my video explaining the hack   that cites blockchain’s most trusted experts 
on the matter by clicking the link above. Once your crypto is secure and protected, you also 
need to protect your ability to generate income,   and there are a ton of opportunities currently 
available in the cryptocurrency and blockchain   tech space, and the opportunities will 
continue to exponentially increase. So if you are interested in learning how to become 
a developer in the industry or learn more about   the advanced technical concepts of blockchain 
technology, check out Ivan on Tech’s academy. Using the link in the description area, you 
can access the academy at a discounted price,   so scroll down and check it out. At the end of the day, the most 
important thing to understand is:   The next 6 months in Crypto will be 
the best time of your life so far Life changing gains are coming! Also, Bitcoin is not for the faint 
hearted, you will be tested constantly.   HODL sounds easy, but in practice it is 
an emotional game played out over years.

When BTC hits 6 digits remember that 
you deserve it for your hard work. 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 are you bullish or bearing on yellen? We're you freaked out by the FUD 
this week? or did you buy the Dip? Let me know in the comments below. Be safe out there..

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