welcome back everybody to altcoin daily if you hold ethereum you have 10 hours or less
before a major change happens i'm going to be cluing you in in this video also the recent cpi
inflation numbers came out today i'm going to tell you what this means for bitcoin and cryptocurrency
and play you a clip my name is aaron at altcoin daily subscribe to the channel join the team we
post a video every day keeping you updated let's start with ethereum get into bitcoin and then get
into a select few altcoins are you excited about the future of ethereum do you hold ethereum if you
do you have about 10 hours actually a little bit less than 10 hours until the last gourley test net
merge goes live this is the last test net before the main net merge meaning the merge is coming in
about a month well let's go over this what's going to happen as ethereum merges to proof of stake
soon the current ethereum mainnet will merge with the beacon chain proof of stake system this will
mark the end of proof-of-work for ethereum and the full transition to proof of stake
this sets the stage for future scaling upgrades including sharding the merge will reduce ethereum
energy consumption by about 99.95 percent this merge sets the stage for a variety
of layer twos which will really help with ethereum fees and also the ethereum issuance
and the supply versus demand in general it makes ethereum more appealing to us as investors 99.999
of the world doesn't know about the merge and what it will do for ethereum think about it
every year ethereum's cell pressure drops by 8 billion each issued per year today about four
and a half million each issued per year after the merge a little bit over half a million post
merge will have negative issuance due to eip-1559 burn rate making ethereum deflationary of sorts
and exactly like i predicted ethereum is pumping into the merge this is ethereum versus bitcoin
this is a very important chart to keep track of the eth bitcoin ratio just hit its highest
level since january this is the current chart as you can see ethereum is actually close to its
all-time high versus bitcoin the closest it's been for a while as you can see there's a nice little
launch pad forming here re-testing previous resistance ethereum versus bitcoin looking
great ethereum versus us dollar like we normally look at the chart looks great but ethereum versus
bitcoin which is something to keep track of is also looking bullish the only question is will
ethereum break above this resistance ethereum versus bitcoin is showing some bullish signs
but no volume and momentum slowing down doesn't give me that much confidence that this will hold
or break above sorry sure speculation and news can easily change this we will continue to watch
keep the questions coming in the comments we will continue to keep you posted and this is
just to let you know that ethereum just rallying higher and higher isn't necessarily in the cards
this price chart the shape of this it does look bullish to me but we need to see that volume we
need to see that continued momentum and that's what we watch on a daily basis on this channel
and many people are looking at ethereum and crypto in general in ways like they've never done before
crypto has found a floor thanks to the ethereum merge this is according to jp morgan which is
interesting i don't know if you saw the recent report the takeaway is that jp morgan thinks
that the cryptocurrency market bottom could be in citing limited contagion effects from terra's
implosion and renewed confidence in the market thanks to ethereum's upcoming move to proof of
stake and if ethereum merges to proof of stake without any problems jp morgan says that could be
very bullish for ethereum but whether the merge is a buy the rumor sell the news event there's still
plenty of reason i think to be bullish just going forward in general now that the merge is about to
happen coinbase betting big on staking ahead of the ethereum merge the company aims to be
the top provider of staking services and already considers it an early win so coinbase recently
came out and said we're gonna we want to be the primo place for institutions to stake ethereum
and we want to be the primo place for retail people like you and me to stake ethereum i think
people are going to choose the dude on coinbase just because of the ease the amount of money
coinbase is going to print from staking and q4 is nuts people will give coinbase a percentage say 20
of the staking reward to handle their eat steaks all day long i tend to agree with this there's no
problem with this people want to use coinbase people want to do it themselves either way i
think people will choose to lock up some portion of their ethereum and stake it for that yield
let's talk about bitcoin and obviously crypto in general let's talk about the consumer price index
the new inflation numbers and what this means for the cryptocurrency market bitcoin rallies as u.s
inflation cools to 8.5 percent so did you clock this today the u.s consumer price index data for
july has just come out today at 8.5 percent 20 basis points lower than economists expectations
the cooling suggests inflation may have peaked in june meaning the federal reserve could turn dovish
sooner than previously expected bitcoin and ethereum both surged as the numbers dropped
so what is the takeaway what does this mean i loved this person's write-up
there are some spelling mistakes but keep this u.s inflation comes in at 8.5 percent
finally below estimates here is why that is really good for crypto just now uscpi has officially been
released and comes in at eight point five percent that's a good margin below the estimates of eight
point seven percent and massively below last month's cpi numbers of nine point one percent
markets will now probably start to rally and that lower inflation was crucial for crypto
to continue its rally and expand it further on also in yesterday's posts about inflation numbers
i laid out scenario of lower than 8.7 percent inflation and that will mostly happen now it has
especially been important as the fed will have no argument at all now to do a 100 basis point hike
and be looking at a 50 basis point hike next month that could make markets pump even more as
the fed is looking to pivot now who knows whether inflation has peaked now but the us government
will definitely make it seem that way as we're going into the midterm elections crypto will have
less moving forward from the fed and a reversal at least for now it's actually possible tldr
this is another indication that crypto possibly could have bottomed definitely
a relief rally will continue to happen and we're already seeing it as bitcoin ethereum
and crypto and a lot of investable assets are going up based on the cpi numbers now
institutions have been buying bitcoin retail people have been buying bitcoin this is tom
farley far peak chairman and ceo explaining that people have been buying the bitcoin dip
bitcoin specifically because bitcoin's the easiest one for these institutions to buy it's the you
know fundamentally the safest anyway listen to him explain it then we'll get into some altcoin what's
happened with bitcoin when bitcoin was at 60 000 you had a lot of institutions on the sideline
who were looking and saying boy we'd like to invest we'd like to allocate one two three percent
of our portfolios pension funds for example but it's 60 000 it feels toppy there's some mania but
they've done the diligence they've met with their investment committees and so as it went down to 17
000 it wasn't a shock to me that you saw some of those institutions step in for the very first
time buy bitcoin store it in their portfolio so i knew there was a buyer but interesting
that those institutional buyers stepped in when it it was showing its volatility you would think
that the opposite would be true that they would want to stay away unless you think now that this
is such a critical asset class that no one can afford not to be in it yeah well it was a moment
of capitulation so i if we could see all the books and records i think would be a combination
of some really smart bitcoin whales that have been in it for 10 years and then fairly quickly
some of those institutions stepping in that's exactly what's happened i mean look in crypto
yes bitcoins up 40 it doesn't mean it's gonna go up another 40 but in crypto there's bitcoin and
then there's literally everything else bitcoin is trusted it's largely censorship resistant
there will only ever be 21 million bitcoins it will have to be a component in a portfolio of
broad portfolios like a pension fund maybe just to a small extent but it will have to be there
and then there are all other cryptocurrencies everything else looks like a speculative stock
maybe if you invest in it you make money maybe you lose all of your money one more thing to
mention uniswap continues to lead in the hearts and minds and metrics for decentralized exchanges
uniswop is the clear leader among lps considering volume as a metric with over 65
share in july so uniswap versus others you can see it's clear it carries the market share
my name is aaron at altcoin daily again guys make sure you check out our mark cuban interview make
sure you check out this interview right here it's a good one see you tomorrow