hello! I'm CryptoCasey! And welcome to
Last Week in Crypto. Every Sunday we
review the performance of the largest
crypto currencies, top gainers, as well as
the latest global news stories affecting
the crypto markets this past week. This
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in this episode, we will talk about what
happened in the market, the market cap of
decentralized applications on Etherium,
what's happening in the defi asset class,
how institutional investors are
absolutely flocking to crypto in droves,
and what that means for the future value
of the cryptocurrency market at large.
To check out the links to all the articles
we discussed, go to
cryptocasey.com/last-week-crypto. So let's
get started!
Bitcoin seven-day moving average was
about negative zero point nine percent
in etherium at negative three point
seven percent overall. And looking at the
charts it's just been steady uneventful
sideways movement staying between a
narrow range of ninety one hundred and
ninety three hundred dollars which
although very unexciting, the price
stability is a great sign that Bitcoin
may have found its bottom price point
and also could be indicative of its
decoupling from the traditional markets.
The crypto markets are extremely hard to
predict though so we shall see after the
US presidential election. Because we all
know Trump is doing everything within
his power with the feds handy-dandy
money printer to keep the stock market
artificially propped up at least until
then. The top gainer this week was Aurora
up an insane 465 percent. And if I'm
being completely honest, I had never
heard of this coin before looking at the
chart today. And none of the other crypto
content creators or information sources
that I follow have even brought this
project up before as far as I can
remember. But that's crypto for you! Next
top gainers include Elrond which was a
top gainer in our previous episode is up
82% Aive up 56% followed by IExec up
51%. Nice! Touching on one of the top-10
gainers this week, In this article
released Monday the 13th chain-linked
was described as becoming the Tesla of
cryptocurrency hitting an all-time high
of $8.40. How much higher can links price
go? After breaking past five dollars
surging nearly 100 percent in a matter
of days links are past EOS and CRO
claiming a spot among the top 10 crypto
currencies in market cap. In addition to
being a top gainer this week and as link
as an IRC 20 token built on the etherium
network, it makes perfect sense that in
another article released this week the
combined market cap of ERC 20 tokens now
surpasses that of etherium itself so
etherium based tokens are now
collectively valued at thirty three
billion while etherium market cap sits
at around 27 billion.This is huge
because the total value of the economy
built
on etherium is now more valuable than
the entire actual etherium foundation.
An analogy that might help you wrap your
heads around things is imagine the Apple
AppStore where companies and developers
use apple's programming protocols to
build valuable product and service
applications to then launch on Apple's
App Store ecosystem. And to make this
analogy more realistic, imagine the apps
on the App Store can only exist on
Apple's App Store and nowhere else. Not
on a browser, any other platform or
anywhere else. The apps entire existence
is completely predicated on the
existence of the Apple App Store. So they
can't operate without it. With all of
these variables in mind, imagine that all
of the apps in Apple's App Store have a
greater total market value than the very
foundation on which those apps are built
the Apple App Store itself that's kind
of where aetherium is right now etherium
is the Apple App Store and all the ERC
20 tokens built on etherium are the apps
and they have more market value than
etherium itself. Also, this doesn't even
consider the etherium based tokens like
those using the ERC721 standard which
account for millions of dollars on their
own so the gap is even wider. Why is it
so? Well, let's explore an article that
came out this week about the new class
of crypto assets that will outperform
Bitcoin in etherium in an emerging bull
run according to crypto analyst Luke
Martin. The popular trader and head of
venture coyness says he believes the
emerging class of all coins are just
getting started in mainstream investors
remain unaware of the DeFi movement and
if you don't know what DeFi is, you can
check out this video guide I just
released explaining what DeFi on the
etherium network is and its implications
for the future of our global financial
economy. He goes on to say you have
things like compound which ripped to a 1
billion dollar market cap things like
lint up almost 100 times and link
reaching all-time highs. Regardless of
what Bitcoin or ETH or the rest of the
crypto market does, right now, money is
being allocated to these DeFi altcoins.
It's been the best performing group
he thinks it will continue to be. And I
agree with him. Taking a look at the
quarter to DeFi report that came out
this week from consensus, check out this
interesting diagram that shows you how
active people are in the space currently
despite how new and emergent DeFi is.
This chart depicts all the addresses as
tiny dots that transacted within
specific DeFi protocols as well as the
interactions between each DeFi protocol
represented by lines all in quarter two
of this year which makes up just shy of
80,000 unique addresses. You can see the
DeFi projects with the most users this
past quarter or uni-swapping fibre which
are both decentralized exchanges
followed by compound, a money market
lending protocol, as well as augur
maker Dow Bank or and aive I highly
recommend checking out the whole report
to really start to grasp the gravity of
the defy space as far as adoption and
the implications it has to revolutionize
the future of our global financial
system so considering how the value of
all aetherium based apps has eclipsed a
theorems market cap and if we take a
look at how much ether is locked in to
defy right now which is a total of 3.5
million eighth I think we can all agree
that aetherium is beating Bitcoin in
more ways than one
which was the title of a Forbes article
published Tuesday it reads aetherium the
second most valuable cryptocurrency
after Bitcoin has almost doubled in
value so far this year and the number of
active aetherium addresses is growing at
nearly twice the rate of bitcoins up 118
percent since the beginning of the year
leaving bitcoins 49% increase in active
addresses in the dust also
aetherium price is up almost 90 percent
from its $130 price point at the start
of January to around $240 while Bitcoin
continues to try and fail at breaking
through the $10,000 mark though bitcoins
price has not been as exciting to watch
this year things have been heating up
under the surface as Wall Street loses
its fear of Bitcoin Thursday an article
was published stating 2020 has marked a
big shift in attitudes and
cryptocurrency from Wall Street
when it comes to the US dollar the
apocalyptic vibe has shaken the faith of
the most faithful and turned the Bitcoin
fearful into crypto fearless Wall Street
veteran Jenny taw shares that more and
more of her boomer friends are saying
let's pull money out of the bank right
because banks can shut down anytime and
you can't go and withdraw your money so
they are beginning to feel digital
currency is more effective Mike Alfred
the CEO of crypto markets analytics
company digital assets data says another
part of the appeal is getting in early
on an emerging asset class like internet
stocks in the 90s he agrees with Tom
that a major catalyst for this shift is
a loss of faith in the system the
printing of trillions of dollars and
people feeling that maybe the US dollars
are not as safe as they thought one of
the big financial institutions at the
forefront of Wall Street's participation
in the crypto currency market is none
other than grayscale and gray scales
quarter - digital asset investment
report was published this week
highlighting inflows of over 900 million
dollars in quarter - alone with an
average weekly investment of 57 point
eight million dollars into their Bitcoin
trust account within the report you can
see some graphs analyzing bitcoins flow
by comparing the amount of Bitcoin
grayscale is accumulating compared to
the amount of newly minted Bitcoin
entering into circulation since the
having event in May gray scales demand
for Bitcoin alone is higher than the
supply of new Bitcoin entering
circulation the report concludes that
it's difficult to ignore the empirical
data signaling a shift in sentiment
towards digital assets from individual
and institutional investors alike pretty
interesting stuff so let's zoom out from
defy and take a look at other news
around the world crypto currency trading
in India sees a 400% jump during kovin
19 lockdown despite lack of clarity on
regulations and possible laws trying to
ban cryptocurrency Kneeshaw Shetty
founder and CEO of Wazir X and exchange
catering to Indian cryptocurrency users
says the lockdown has been a major
factor people have more time to
understand and learn new things also a
lot of people are looking for new
avenues of making money online as they
don't have a job right now or their jobs
are offline and they can't go to work
and this is something very important to
consider as someone obviously interested
in cryptocurrency to some extent if
you're watching this video this is a new
and emerging industry teaming absolutely
overflowing with potential opportunities
as an investor developer consultant
entrepreneur etc so if you are a
beginner and interested in becoming a
profitable cryptocurrency investor I
will be opening up limited access to a
beta version of a course in a few weeks
and after I get feedback on it I'll be
releasing a full-fledged
flagship course for everyone so you can
learn how to take advantage of all of
these opportunities available and
cryptocurrency 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 the best and
pretty much only resource available to
my knowledge is Ivan on tax academy
using the link in the description area
below you can enroll in the course at a
discounted price so if you're interested
in getting more involved in the space
there are resources available you just
need a seize upon them otherwise you may
find yourself stuck and forced to do
something like liquidate your retirement
account to stay afloat in fact a story
released by Thomson Reuters reveals
faced with Kovan 19 the highest number
of Australians have tapped their
retirement funds since April Australians
asked to pull out more than 5 billion
Australian dollars from their pension
funds in the first week of July the
highest since the government granted
early access to retirement savings to
support a coronavirus hit economy the
figures take the total amount
Australians have applied to withdraw to
20 3.3 billion Australian dollars the
government forecasted a total of 27
billion Australian dollars would be
pulled from the world's third largest
pension pool when it first revealed the
scheme scary stuff I have one last story
to share with you from the other side of
the world that will conclude this
episode on a high note
after receiving a secret Bitcoin
donation eladante a small village in El
Salvador adopts Bitcoin as money
the donor partnered with a Michael
Peterson who was given the opportunity
to administer the Bitcoin under one
condition he would not cash it out
beneficiaries of the digital currency
had to learn how to use Bitcoin itself
creating a Bitcoin economy this was the
birth of the Bitcoin beach initiative
Bitcoin Beach set out to create a
sustainable Bitcoin ecosystem where the
majority of the residents are unbanked
and the local businesses don't meet the
requirements that will enable them to
accept credit cards this is an extremely
interesting use case of Bitcoin and if
you check out the article you can see
that they are using Bitcoin to pay for
food utilities hardware supplies and
more but here are two quotes from local
residents that really illustrate the
bigger picture
Jorge Valenzuela shares it's great to
see you thick sighted and dreaming about
their futures in El Salvador and seeing
a path forward here instead of thinking
they need to go to the US they are able
to work help support their families and
go to university Bitcoin has helped me
understand what money really is and has
given me the resources to impact the
lives around me and Roman Centeno
remarks it is amazing what is happening
here in el zonte we are preparing the
kids of the future they are used to it
now they can check their money on their
cell phone they are excited to save this
financial education is important we
never got that opportunity and it's
incredible the opportunities children
have now it makes them believe that
there is a future in El Salvador that
they don't have to leave and go
somewhere else to succeed our kids start
dreaming again they have the time to be
kids to swim in to play Bitcoin gives
them freedom awesome before we conclude
I wanted to make a PSA regarding the
Twitter hack that happened this week in
case you didn't hear big Twitter
accounts like Bill Gates and Elon Musk
were hacked with messages tweeted
requesting followers to send Bitcoin to
a Bitcoin address in order to receive
twice as much Bitcoin in return we are
seeing similar scams everywhere
including even on YouTube ads which is
just terrible so please do not ever send
cryptocurrency or any funds to someone
that claims they will send you more in
return also do not
ever trust someone who claims to be a
trader or broker in this space who
offers to take your funds and generate
profits for you all of those are 100%
scams so be careful out there and always
think twice before considering sending
someone you don't know
cryptocurrency cool well that was last
week in crypto with me crypto Casey -
check out the links to all of the
articles we discussed go-to crypto Casey
comm forward slash last week crypto so
what did you think of the stories we
covered did you find this video helpful
or entertaining or are you going to miss
out on 50 dollars worth of free crypto
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below be safe out there
