welcome back everybody to altcoin daily you subscribe for daily videos on everything going on
in cryptocurrency we keep you updated we keep you informed this video is all about ethereum
everything in crypto depends on ethereum's next move and in this video we'll be diving into that
to try to determine ethereum's next move and the next move for all of cryptocurrency but first
bitcoin the bitcoin balance on exchanges continues its macro decline since march 2020 so this is
seemingly bullish and this is different from the past and prior bear markets where the balance of
bitcoin on exchanges during bear markets was increasing this is something to keep an eye on
over the next few years and certainly a long-term bullish indicator for bitcoin taking a look at
bitcoin's volume as you can see we have unusually low volume something that we've seen in the past
usually low volume comes before high volume when sellers are exhausted and done that's when the
buys start flying in usually once we get this large green weekly volume it's probably already
too late to take advantage of the most upside it's before this happens when you can really
take advantage of bitcoin and crypto's volatility something to think about however the main signal
right now for the cryptocurrency market is ethereum and actually ethereum maintaining 1
800. right now ethereum is above this you tell me in the comments below what ethereum is at when you
watch this video because this is crucial as long as we're above it then there's a chance for more
upside below 1800 things look rough bitcoin is already below its trend line actually but
ethereum has been leading and still above support so it's up to eth ethereum's next move is crucial
for further upside in the short term in the cryptocurrency market so the only question is
what will be ethereum's next move will we maintain above 1800 or sink below it that's what i want to
try and determine in this video so let's take you through some bullish and bearish catalysts for
ethereum in the short term bullish in the ethereum core devs meeting today a final main net date for
the merge was confirmed this means the ethereum merge will officially go live in about 28 days
around september 15th perhaps september 14th depending on what time zone you're in so this
is a bullish catalyst for ethereum a bearish catalyst for ethereum we've been reporting
to you about this tornado cash as you know they arrested the developer of tornado cash i repeat
a man was arrested for writing code that served as a public good for people to maintain their privacy
online they put a man in jail because bad people used his open source code this cannot stand in a
free society so on the one hand it's bullish that ethereum has reached a level where governments are
slowly starting to fight it on the other hand it's bearish that governments are starting to
fight it another silver lining however so i put this under the bullish category with ethereum
censorship at the forefront of conversations nowadays you know thinking about the future of a
censorship-resistant protocol a pretty important question was asked to some of the biggest most
powerful people in ethereum's ecosystem question was posed to light up finance coinbase kraken
staked in bitcoin swiss of course there's many others besides these five but these are some of
the biggest including coinbase one of the biggest and they asked them if regulators
asked you to censor at the ethereum protocol level with your validators because they're going to be
holding a lot of staked eath will you a comply and censor at the protocol level or will you be
shut down the staking service and preserve network integrity so a bullish catalyst for ethereum
we'd rather stop staking than censor ethereum coinbase ceo took to twitter to say asked if
coinbase would rather comply with requirements to censor ethereum's transaction at network level or
close its staking service ceo brian armstrong said that the exchange would likely opt for
the latter coinbase ceo brian armstrong said that the exchange would prefer to close its staking
service then comply with possible regulatory requests to censor ethereum transactions huge that
he's saying this armstrong's comments come amid a heated debate concerning the prospective strength
of ethereum's censorship resistance after it transitions to proof of stake according to beacon
chain staking data coinbase is set to become the third largest ethereum validator following the
merge so the fact that brian armstrong said this and this is exactly what he said it's a positive
it's a hypothetical we hopefully won't actually face but if we did we'd think we'd go with b
got to focus on the bigger picture there may be some better option c or a legal challenge as well
that could help reach a better outcome so we don't know if he would refuse to censor he could change
his mind but the fact he's saying this at all and responding bullish for ethereum bullish catalyst
another bullish catalyst it took five years to get one million ens domains dot eth domain name
registrations it took five years to get one million and less than four months to double
that ethereum name creation doubles in four months to two million e s registrations have accelerated
exponentially in the lead up to the merge as the crypto world gears up for the ethereum merge
next month the number of ethereum name service ens addresses created has surged surpassing 2
million yesterday after crossing 1.8 million mark two weeks ago quote two million ens names created
tweeted the ens domains account it took five years to get 1 million names and 3.5 months to get 2
million names and we're just getting started and if you're unfamiliar what exactly we're talking
about the ethereum name service manages the issuance and renewal of dot eth domain names built
on the ethereum blockchain the domains can also be sold as nfts cryptographically unique tokens that
show proof of ownership of digital or physical objects and ens name can be linked to an ethereum
wallet and used as the address in place of the usual long string of characters so the fact that
people are into this bullish for ethereum another bullish catalyst for ethereum i guess but overall
this is weird and not great for the rest of crypto save for cryptocurrencies did you see this new
regulatory challenges in canada for crypto you are allowed to buy as much bitcoin ethereum litecoin
be cash as you want in canada but any other crypto has a limit of thirty thousand dollars net buy
per year bra so this is part of the official document canadians are getting all over canada
if you live in an applicable province net by limits affect the net amount of crypto
you can buy to 30 000 these limits reset annually after 12 months have passed your limit will reset
there are four unrestricted cryptos that they that do not count towards the limit that means you can
buy and sell as much of these cryptocurrencies as you wish bitcoin ethereum litecoin be cash
when you try to buy restricted cryptocurrencies you use some of your limit selling restricted
cryptocurrencies will add space back to your limit to a maximum of 30 000. very weird
yo what the f so you buy 20 000 of solana a restricted cryptocurrency you've now used
20 000 of your 30 000 annual limit if you want to purchase more crypto you are limited to a maximum
of 10 000 canada what the f is you doing canada enshrining certain cryptocurrencies
is unrestricted and the rest restricted with a shared buying limit is completely effing nuts
like what the hell also lol at enshrining litecoin and be cash this law basically says
the only jelly beans you can buy more than five of are vomit flavored it is nice to see however and
you know another reason why i put this as a win for ethereum glad to see ethereum people pushing
against regulations that privilege eth over other legitimate cryptocurrencies not dug into the
details of what specifically is going on and what and to what extent it's a government thing versus
a compliance decision of one business but either way yeah this is a win for ethereum a negative
for ethereum ethereum foundation makes it clear the merge will not improve fees and throughput
you have to wait for layer two for that quote gas fees are a product of network demand relative to
the network's capacity the website's newly updated summary explains the merge depreciates the use of
proof-of-work transitioning to proof-of-stake for consensus but does not significantly change
any parameters that directly influence network capacity or throughput so what will because it's
got to happen eventually if ethereum is to have a future while transaction fees on ethereum will not
change after the merge users who want lower fees will have to leverage layer 2 l2 scaling solutions
and wait for more ethereum upgrades following the merge ethereum will implement the surge the
verge the purge and finally the splurge after the merge the next two the surge aims to help improve
scaling by leveraging zero knowledge roll-ups zk roll-ups via sharding techniques ethereum's the
verge transition will apply vertical trees in order to achieve statelessness by using
merkle proof upgrades so we'll have to wait for the surge in the verge at least to really get
those fees down so those are the catalysts for ethereum as we said 1800 is the level to watch
based on everything going on that we just went over i think ethereum will continue pumping
into the merge nobody knows the future you let me know what you're doing are you trading the merge
will you just keep holding the merge for more information on that make sure you check out this
video we put out the other day my name is aaron at altcoin daily subscribe to the channel we bring a
video to you every day keeping you informed smash the like button i'll see you tomorrow