New King of Stablecoins? (USDC) 👑 Plus: More Pain to Come? (After Terra Luna) + The Merge! 🚀 - YouTube

Let's kick things off with a tweet 😎 "Sellers of  stocks will not find better alternatives over time  

and will return to the stock market at much higher  prices. We thank these people. We'll buy your  

stocks and hold them for now while you're scared."  Personally I think the assertion is slightly off..  

replace stocks with crypto, and we've got a spot  on tweet we can harken back to throughout the ups  

and mostly downs of this bear market. Sellers of  crypto will not find better alternatives over time  

and will return to the crypto market at much  higher prices 📈 Thank these people.. we will  

buy your crypto and hold them for now while  you're scared! Hello I'm Crypto Casey 👋 and  

welcome to another episode of Crypto This Week.  Every Sunday we explore the latest global news  

stories affecting the crypto markets as well as  the ever-changing macroeconomic environment of the  

world at large. This video is sponsored by NordVPN  a virtual private network service provider, more  

on them in a bit. Wednesday AMA or ask me anything  on my instagram stories is back by popular demand  

so be sure to scroll down to the description area  below to access my only official social media  

profiles anything not listed here is 100 a scammer  that will message you and ask you for money or  

crypto so beware and stay vigilant in these crazy  times cryptofam awesome let's hit crypto this week  

the lifeblood and necessary evil of the global  crypto markets is a project with a history plagued  

with sketchiness tether and despite all the fud or  fear uncertainty and doubt all these years tether  

has endured many trials and tribulations and has  come a long way its most recent test came last  

week when the tether supply plummeted 7.4 billion  dollars amid de-pegging concerns after the terror  

collapse could tether go bust and bring the  entire crypto market down with it well anything  

is possible just last week we experienced likely  the most devastating fallout from a large market  

cap project with tara it's looking more and more  like the creators did not have good intentions  

all along while with tether it seems like they  are committed and want their project to succeed  

and remain a staple in the space tethers 82.4  billion reserves exceed market cap of usdt  

tether quarterly report indicates that it is  still fully backed by cash and cash equivalents  

including commercial paper and u.s treasuries the  world's biggest stablecoin has just released its  

quarterly transparency report a day before the  deadline of may 20th the report indicates that  

tethers reserves were 82.4 billion dollars  as of march 31st which exceeds the amount  

required to redeem the digital tokens issued it is  important to note that this report does not cover  

the past few weeks volatile events nice though  tether seems to be on a path to righteousness  

since the terror debacle people have started  fleeing to a competitor that has trailblazed the  

path to stablecoin transparency the big winner  from the crypto crash usdc stablecoin every  

market including a bearish one has its winners and  losers as ust was headed for zero and usdt tether  

was processing billions in redemptions usdc was  padding its market cap at the start of the crash  

on may 8th usd coin had a market capitalization  between 48 billion and 49 billion dollars  

after an almost imperceptible dip it began heading  upward on may 11 and now sits at 52.26 billion  

near its all-time high of 53.6 billion dollars set  in march sweet so when it comes to stable coins  

i prefer and trust usdc the most  and sure i use tether when i need to  

but if you are parking funds on the sidelines  safest is us dollar and stablecoin wise it's usdc  

and it's looking like a lot of people are fleeing  into cash for the past several months more than  

seven trillion dollars has been wiped out from  the stock market this year the meltdown of 2022  

has wiped out more than seven trillion dollars in  market value from the blue chip stocks in the s  

p 500 the index is down nearly 18 since the  end of december the s p 500 is now barely above  

bear market levels which is a 20 decline from a  recent closing high following a 0.1 drop thursday  

and briefly the s p 500 slipped below bear market  threshold the s p 500 on friday traded below 3832

the level that marks a 20 pullback from the  large cap us benchmarks january 3rd record  

close a finish below that level would meet  the traditional definition of a bear market  

so stocks are at a bear market threshold and  crypto for now still mirrors the stock market  

activity so what can we expect from crypto this  bear season there's more crypto destruction to  

come says blockchain.com ceo peter smith ceo  of blockchain.com says creative destruction is  

ultimately helpful in consolidating the crypto  economy and there are weak protocols assets and  

investors still to be exposed after the recent  market volatility it's going to take a few weeks  

if not months to see the effects of a really  brutal two or three weeks for crypto he told cnbc  

more pain is coming smith says more risk will be  exposed but ultimately it's a good thing for the  

decentralized economy for the crypto investor he  says the lesson of the past few weeks should be  

back to the crypto equivalent of the traditional  market investing concepts of dollar cost averaging  

slowly building a position and an asset over time  so all your money isn't exposed to any single bout  

of volatility and you need to be prepared to hold  it for quite some time smith added because we're  

still in really the nascent period of building  this whole finance system out and if you've been  

following this channel you already know these  key crucial facts we need to accept and embrace  

one there's likely more pain to come two the  best thing we can do is dollar cost average in  

and three the biggest point that most people for  some reason refuse to accept and refuse to believe  

we are still early sure crypto has become a  multicellular organism but we are still an  

amorphous creature barely crawling out of the  primordial ooze when it comes to adoption and  

development and if you don't want to accept and  embrace that fact not belief fact then please  

kindly sell us your crypto so that we can emerge  from the ashes of this bear market like phoenix's  

on top of the next full cycle and then maybe we  will sell you back the crypto at a higher price  

when you're not scared anymore or maybe we won't  and we'll continue to diamond hand into oblivion  

the choice is yours and if you want to ride out  this bear market together make sure you check out  

my bear market series where we cover strategies  and plays that help people become millionaires  

in bear markets by clicking on the link above  and whether or not you've been stacking sats  

or are new to the space as a crypto investor using  a vpn is an easy effective and important way we  

can further protect ourselves and our investments  vpn or virtual private networks prevent people  

companies and software apps from watching and  tracking your online activity which as a crypto  

investor can protect you when you're connected  to public networks as some hackers have ways to  

steal your data when connected to public networks  my personal favorite vpn provider is nordvpn and  

if you use the link below in the description area  nordvpn is offering us their two-year plan at a 70  

discount with one month completely free so  you can try it out this works out to be about  

3.70 per month the price of a cup of coffee  with the benefits of protecting your privacy  

and your crypto investments it's extremely  easy to set up and very user friendly  

which is great whether you are new or experienced  in technology you can pay for nordvpn services in  

both fiat or cryptocurrency so be sure to scroll  down below to redeem their offer (https://bit.ly/NordVPN-37g) ⛰️ nice let's check  

out some exciting ethereum updates and wrap up  with some bullish adoption stories from the week  

the test net merge would allow developers to work  on any potential risks or bugs ahead of ethereum's  

move to a proof of stake network ethereum's roxton  public test net will undergo a merge next month  

ahead of a rollout on the main network developer  activity on github shows the merge refers to  

ethereum's long-awaited move to a proof-of-stake  network from its current proof-of-work design  

after the shift transactions on the ethereum  blockchain would be processed and validated  

by stakers instead of miners which would in  turn create a faster and eco-friendly network  

brilliant so when can we expect the actual merge  following the test net ethereum co-founder vitalik  

buterin says the blockchain's highly anticipated  merge will happen in august of course there's  

always a risk of problems there's also a risk of  delays peter and said if such problems or delays  

arise the merge might be pushed to september or  october he said sweet so just to let everyone know  

this switch from proof of work to proof of stake  is still just a phase of the ethereum 2.0 upgrade  

which means there is still another year or likely  a few more years before it's 100 complete will we  

see faster and cheaper gas fees once the merge  happens probably not we will probably have some  

upward price movement leading up to the merge  but once it's complete and it's successful i  

think many people will be kind of disappointed it  won't be until the sharding phase is implemented  

where we should see a massive improvement in the  tech so if you would like to learn more about the  

ethereum 2.0 upgrade you can check out my video  guide for beginners by clicking on the link above  

cool all right let's end on a high note in  rapid fire through these bullish news stories  

bitcoin production roars back in china  despite beijing's ban on crypto mining  

exactly one year ago a global superpower  tried to ban 1 billion people from bitcoin  

they've already failed bullish next crypto  exchange ftx us moves into stock trading the us  

affiliate of crypto exchange ftx plans to roll out  zero commission stock trading ftx us will offer  

no fee brokerage accounts commission free trading  and market and company data so more stock traders  

will have more exposure to crypto bullish and  if you're in stocks and want to get into crypto  

or if you're in crypto and interested in dabbling  in stocks you can scroll down to the description  

area below to access ftx's correct and official  site or feel free to pause the video and use the  

qr code on the screen (https://bit.ly/FTX-37f) 🌎 nice this week more off  chain industries are moving on chain ernst young  

unveils supply chain manager on polygon network  it marks the first joint project between the  

accounting firm and the ethereum scaling platform  and just a little gem for you guys with ethereum  

2.0 completion still years away polygon or matic  has been extremely important in the survival of  

the ethereum network and will absolutely continue  to be important and even when the upgrade is done  

layer two solutions that foster and develop a big  ego system like polygon will still be relevant and  

exist once the upgrade is complete so that's why  polygon is one of the main projects i'm personally  

dc'ing to this bear market season cool and despite  the bear market season money continues to pour  

into the crypto space three billion dollars  flows to metaverse and web3 gaming this month  

as a16z tips in 600 million the move by a16z marks  nearly 3 billion dollars committed by venture  

funds and gaming industry giants into web3 gaming  or metaverse projects since mid april venture firm  

white star capital raised 120 million dollars for  its decentralized finance defy and gaming focused  

fund along with a 200 million dollar allocation to  blockchain gaming projects by framework ventures  

both taking place in april 2022 metaverse projects  are also gaining massive sums from gaming industry  

titans last month epic games creator of the  popular fortnite title raised two billion dollars  

to create a metaverse with funding from sony and  lego amazing and in case you missed it check out  

my bear market gaming crypto picks i plan on dca  in two by clicking on the link above or if gaming  

seems too risky for you and you want to stick with  the big caps micro strategy chief says bitcoin is  

going to go into the millions despite bitcoin's  violent sell-off microstrategy ceo michael saylor  

is holding firm the bitcoin bull said he's in  it for the long term and his strategy is to buy  

and hold the cryptocurrency sweet and we've got  more companies adopting shopify expands crypto  

payment options with krypto.com packed shopify  merchants also have access to jack mahler's strike  

coin based commerce and bitpay and we've got whole  industries adopting crypto shiba inu dogecoin and  

others to be accepted as payment at thousands  of restaurants a new collaboration between  

major global restaurant software and payment  solution provider lavu and fintech payments firm  

verifone is set to allow thousands of restaurants  in 65 countries to accept several cryptos as a  

payment method these cryptocurrencies include  the meme inspired cryptocurrencies sheba inu  

and dogecoin as well as several stable coins  in leading assets like bitcoin and ethereum  

nice our final story gives us some intel into  where the industry is headed from an industry  

leader crypto's future is self-custody dealing  blow to exchanges ledger vp says self-custody  

is a natural progression of the industry and  inherently unique to crypto's founding principles  

according to ledger executive charles hamill the  products that the most crypto forward people are  

using today will be used by mainstream  customers in a year and by institutions  

a few years after that armstrong wrote we need to  start integrating them today ledger unveiled plans  

to add a crypto wallet extension ledger connect on  safari that will allow users to connect hardware  

wallets to web3 applications such as ethereum and  solana we want to reduce the friction for ledger  

users to bring their keys to web 3 hamill said so  if you haven't already be part of that future now  

instead of waiting for it to come by investing in  your very own hardware wallet if you would like to  

check out ledger's security devices scroll down to  the description area below to access the correct  

and official site or feel free to pause the  video and use the qr code displayed on the screen  (https://bit.ly/Ledger-37f) 🔐 

awesome well that was crypto this week with  me crypto pc if you enjoyed the episode please  

make sure to like this video subscribe to the  channel and click the bell notification to stay  

up to date on all the latest videos so how has  your bear market journey been so far does my  

bear market video series and crypto this week  news coverage have you bullish or are you still  

wary of the crypto market and its future let me  know in the comments below. ❤️ Be safe out there.