Ladies and gentlemen, welcome back to another video. I hope you guys have all been doing well so eip1559, also known as ethereum's london, hard fork upgrade, is officially live right now in this video we're going to be going over everything you need to know about ethereum the london heart upgrade london hark upgrade the london Hard fork upgrade and we're also going to be talking about some additional crypto news, like coinbase, stepping in adding visa and mastercard to apple pay and other additional features and towards the end of the video we're going to be talking about crypto regulations, because that is stepping Up right now that is going to be an important deal and we have a lot of talks going on in the government right now with regards to what they want to do, moving forward with crypto and how this could be good or bad for the overall industry. Guys, if you do appreciate content like this, don't forget to drop a like down below on this video
That really does help this channel get pushed out by that almighty, youtube algorithm and, like always hope you guys are having a fire day, Let'S hop into the computer and see what's happening all right, so the global crypto market cap for today is up almost one percent. Today, at 1.65 trillion dollars and the total crypto market volume is actually up quite a bit 21 at 93 billion dollars. Now. Bitcoin'S dominance is down just a tad bit and that's because a lot of the money has been going into ethereum for today.
So to kick things off, Let'S first talk about ethereum, where we're at with that, and what some of these upgrades actually mean and then we'll talk about bitcoin and some of the other rising all coins in the market. Now, first of all, eip150 is actually trending over. Here on twitter In the united states and there's just a bunch of articles coming out from major mainstream media news outlets. Talking about this upgrade and the significance of it now the ethereum london hard fork finally going live. This is going to make ethereum a deflationary asset and it's going to have a significant overhaul of the network's transaction fee market and other parameters such as gas refunds, among others under eip-1559. Each transaction on ethereum will involve burning the base fee, which automatically decreases the ether circulating supply. Several exchanges, including binance, announced a temporary post deposit and withdrawals on the ethereum network due to the london hard fork upgrade, so we go ahead and open up a tweet from binance. You can actually see that they did estimate a two hour.
Wait on deposit and withdrawals for ethereum. I also got an email from gemini earlier yesterday regarding the same amount of information, uh pretty much saying two hour, wait time on withdrawals and deposits. So this is completely normal for exchanges to do this, making sure that there isn't any type of random fluctuation or mishaps going on in the network, while it proceeds with the upgrade
So now that ethereum has now gone into that deflationary asset. With the recent upgrades, we can go ahead and see how much uh fees have been burned with ethereum, so about 1 500 for ethereum have now been burned. Now, a lot of the questions that i've been receiving in my dms is whether or not brian do you think ethereum could now overtake a bitcoin
Do you think that flipping is gon na happen soon? What'S gon na happen, with gas fees? Is ethereum really gon Na start to blow up now? I believe this type of network upgrade was a huge tremendous progress to the overall growth of both ethereum and the general crypto market, with ethereum Now moving over into the proof of stake concept and now not having that inflationary asset that we've seen before in the past. As long as the demand with ethereum continues to stay constant, especially with all the developments that we have with nfts uh other video games Using the ethereum platform and other d5 products, this is just another support in the idea that, as long as supply goes down with Basic economics and demand continues to go up because of all the projects and protocols using the ethereum network. We are only going to see The price of this continuing to rise. So for me personally, i actually went ahead and invested into ethereum last time close to two thousand dollars when it was at its dip.
That was no more than a week ago, and that is free, easy money right there. So, just by watching this content following along in the patreon, i actually make those type of alerts and anytime we have a dip in the market. I do believe that is a huge opportunity to either make that quick swing trade or to lower your average cost If you're going long with an investment just like this. Now, if we take a look at ethereum gas prices - surprisingly, it is still a little high for where it is right now, but i do believe it's just going to take some more time for those network effects To take place, and i do believe that gas fees Over time it's going to go down uh, but there is still a little bit of some controversy right now saying that gas fees may continue to go up with regards to eip1559
I think that's just gon na be short-term volatility, just like we see in current stock prices or the prices of other crypto projects. If we continue to wait this out and go along over time, i do see this stabilizing and if we even look at the past one year right now, where we are with the price of ethereum gas fees, we're still not that high relative to where we were Even just a year ago, if we pull the charts back to the one month, you can see that there was definitely a huge opportunity to buy up the dip with ethereum. If we go into the five days or within this past week, you'll notice that there's been a lot of crazy action, we'll see a lot of very quick highs of different resistance levels getting tested throughout the week and then we'll see a lot of quick dumps happening.
Some consolidation phase, where we're trading a bit more sideways and then boom just having an explosion. Now there is clear manipulation going on in the price of bitcoin. When you see these huge falls, and these huge red sticks just happening in a short period of time, but in the grand scheme of the project, when fundamentally the crypto project is continuing to make upgrades, it's continuing to get better and there's continued more mass adoption. For it, regardless of whatever manipulation these whales or institutions, want to enact it's not going to make a difference, because more and more people and other institutions are going to continue to add into their investment, which is gon na. Thus further push up the price of ethereum. Now we go back to the one year, you can see.
We'Ve still been making tremendous amount of progress with ethereum back at under 300 just about a year ago and still at 2, 800 right now. Now the fact that we did even test past four thousand dollars on this chart right here during the height of this bull run. This should be more indication or more confidence to you that we can still return back to those levels and we're nowhere near the last all-time high that we experienced back in may. I am still continuing to hold on to my investment and anytime, like i said you have these dips, it is very easy money to make in these swing trades right here. You just got to make sure you take your emotions out of it and tell yourself: hey. Look when the price is falling and the entire market is fearful. I know that i've made a strategy or a game plan to enter instead of selling my positions when everyone is afraid - and you can find yourself still profiting in the short-term volatility of the market.
Just like this now, i'm really curious to see what's gon na happen with the price of ethereum bitcoin back at forty thousand dollars today, at the time of filming this video ethereum close to twenty eight hundred dollars and that price target for three thousand dollars like i've, Been preaching, i don't even know how many times on this youtube channel, it's gon na happen. It'S gon na happen. What, whether it's this week next week or even in a month, three thousand dollars is gon na happen. Just mark my words and wait for it. Now, on top of that looks like we're getting some better movement from voyager ave compound horizon uh all up a pretty dramatic amount, even in the past seven days, but it looks like for the most part. Most cryptocurrencies are either trading sideways. Where they're down about five to ten percent and what i believe is gon na happen, at least with all coins - is that they're gon na continue to rise, even as we see the price of bitcoin and ethereum going up guys check a look at the watch.
Some of my videos from like three weeks ago and see where the volume of crypto right now compared to where we were naturally a lot of this ends up flowing back into all coins. So i would not be surprised if you are taking some l's or you're still down a little bit of money in other projects, say like cardano, xrp doge, if you're invested into dodge or chain link, which i am that's going to continue to go up over time, You just still need to have patience in the market and just stay tuned for content, just like this, so you're educated on. What'S going to happen next now, on top of seeing all that additional news from ethereum and getting that growing confidence, we're actually getting more reports and data showing institutional demand is rising for ethereum rather than bitcoin. So this article right here does a good job at highlighting some of the reports that we saw from genesis, and this kind of gives us an idea of what the hedge funds or institutions or larger whales with bigger pockets are planning to do so.
We'Re getting a better idea right now that bitcoin is more of like an example like a gateway. Drug bitcoin allows these institutions to really step into cryptocurrency and get an idea of the market, but once they get bit by that crypto bug and they realize hey bitcoin - does a good job at staying with the basics and being a a hedge or store value against Inflation, but with other crypto projects, if you want to focus on innovation, if you want to focus on other aspects that really bring development to the world, then they start looking to the next cryptocurrency, which is ethereum. So this actually gives us a better idea of. What'S going on with institutional demand, so bitcoin's dominance in terms of market cap declined from over 70 at the end of 2020 to under 45 at the end of quarter, two as ether and most of the main decentralized finance tokens more than doubled in price.
From the beginning of the year, they also stated that genesis continued to see significant growth in institutional interest throughout the quarter. The firm's new loan originations increased almost 700 percent year over year to an all-time high of 25 billion dollars in quarter two and we're 60 percent higher quarter over quarter. They also stated right here: ethereum took most of that share from bitcoin, with ethereum accounting for roughly 25 of overall volume on the desk.
Genesis also saw continued demand for all coins. This quarter without performance of ethereum over bitcoin in the first half of quarter, two trading in uni, sushi ave and other ethereum based d5 protocols picked up. Genesis also saw an increase in trading for some ethereum competitors like seoul. Bmb as ethereum gas prices skyrocketed during the market run-up, which led investors to search for cheaper ways to participate in the ecosystem. Now, in terms of other crypto news, coinbase goes ahead and adds apple pay option for bitcoin and ethereum buys so apple pay has been available on coinbase, but only for those with the company branded debit card.
Now anyone with a visa or mastercard can actually go ahead and use this too and keep in mind. This has to be debit cards and it's still not for credit cards just yet so the company's thursday announcement, which came in a blog post, means that the option will become available to most consumers. Since a large number of mainstream banks, debit cards rely on the visa and mastercard network. Throughout this past year, we've been seeing visa and mastercard getting more and more involved into cryptocurrency, and that's not because they see cryptocurrency as this competition or as this way to replace them. I think visa and mastercard and other credit card processors. They really understand their dominance. In the market, but they also realize that they can work side by side with a lot of these exchanges. Now, on top of that, coinbase also went ahead and talked about rtp, so this is actually real-time payments which enable customers in the us, with linked bank accounts to instantly and securely cash out up to a hundred thousand dollars per transaction.
Rtp refers to a new service adopted by a growing number of u.s banks that allow for near instantaneous transfers between a different financial institutions. The service is a major advancement over the current ach system, which can result in basic money transfers taking days to complete. Now, if you guys have ever tried to buy the dip - and you have a fresh new coinbase account, they may not actually allow you to get that money in your account. Unless you wait a few business days and by then maybe the dip already gets bought up. It happens to a lot of people and having this type of payment system, the rtps it's going to allow people to quickly and more securely, buy those dips up or invest when you want to, and you don't have to wait for that ach loading time, because if You want to invest into crypto instantaneously. You shouldn't be running into different type of frictions like this. It should be happening a lot more quicker because if i'm trying to buy stocks, i know i can do that very easily with a lot of the brokerages that exist today. I strongly believe that the developments just like this are going to be such a good push towards where crypto is headed and overall drive the price of everything up now.
On top of that, we need to talk about u.s crypto regulations because they are heating up and we have three major themes that are emerging right now, all right, so cryptocurrency regulation is tucked into a provision of the 1 trillion dollar bipartisan infrastructure bill moving through congress. This week, so this provision would expand the definition of a brokerage to include companies that facilitate digital asset trades. Like cryptocurrency exchanges, the change would mean increased tax reporting responsibility to help the irs track. Crypto tax evasion, some lawmakers and industry groups argue that the language of the draft is too broad scc. Chairman gensler also spoke tuesday about a need to increase regulation and help prevent more ransomware attacks like the one that shut down the colonial pipeline back in may now, while gensler didn't comment on exactly how the sec planned to stop these crimes, he did say that the Agency would continue to exercise the full extent of its power.
The sec will continue to take our authorities as far as they go. Gentler said during an appearance at the aspen security forum in colorado. So whenever we see more further cryptocurrency regulation and congress bringing up the idea of oh crimes, we got ta prevent crimes and we got ta stop tax evasion. This just proves to me how much that they believe that there's gon na be money flowing into cryptocurrency in the near future. The fact that they want to act on this now as developments continue to get made. It looks like it's less for the people staying organized with taxes and making sure that they get their entire cut, because uncle sam and the government they're gon na always want their taxes from the people. Now our government leaders are gon na argue that hey. This is all gon na be made for you, so it's gon na be easier for you to protect you, the people, so there isn't crime. I mean even going back to the colonial pipeline.
We realize there's so many holes in that story and even the fact that the fbi was able to gather all of that crypto that was held as ransom too. I mean we're not even gon na go into the conspiracy of different uh projects and and different events that have taken fold this past year, because you know we're like a news channel. I don't even know what we're just we're just spitting the facts on this channel. So we're not gon na go into opinionated uh different events going on, but just the fact that the government is trying to say. Oh, this is to make things easier for you. I mean you have to realize that even with taxes, the government can make this easy. They can actually simplify a lot of things, but the reason why it's so complicated and the reason why accounting firms and just auditing firms exist today with multi like big four corporations. They exist because the government officials are getting lobbied so significantly every single year from other companies and institutions that allow you to use their tax services, so they can make additional money now.
I just wouldn't be surprised if we're gon na get more lobbying from other tax corporations involving themselves in the crypto space, but the fact that they are trying to regulate this more and more. Yes, this is natural, and yes, this is good to see, and it's always good to have some type of insurance and regulation amongst it. But i do believe that the government is going to try their best to track as much of this as possible for their benefit.
Now gensler also hinted tuesday that increased, stable coin regulation could help with the cryptocurrency crime problem, as the majority of what happens on cryptocurrency exchanges and platforms is crypto to crypto. Now, chairman jerome powell has also spoken about stable coin regulation. Recently too, while testifying before the u.s house of committee on financial services, earlier this month, powell said that if stable coins are going to be a significant part of the payments universe, we need an appropriate regulatory framework which we frankly don't have now.
With regards to stable coin regulation, this is actually an aspect that i do fully agree with, because there is a lack of transparency with some of the larger institutions, like we talked about before on this channel with tether having a lot of holes in it as well. We just need to get more clarification from a lot of these stablecoin projects so that we know that our money is backed up. I personally do not use tether and i don't recommend my people to use it either, just because of those holes when there are a ton of other stable coins that are still backed and insured. I like to use usdc or even gemini usd, which does have more proper backing and shows you all the paperwork online in which they do have that money. In case something goes south and you do want to pull your staple coins out alongside with every person in the market. So that's why i say: if you are going to use stable coins and earn additional rewards, you can actually go ahead and check out blockfy
They allow you to stake, your stablecoin earn free interest up to it and i believe it's eight to nine percent right now at the time of filming this video. So it's just additional money that you can use in case. You want to sit your money on the sideline and not put in a savings account where you literally will be losing money due to the current inflation rates right now to exist now. One more aspect of regulations with regards to the government is going to be cryptocurrency.
Etf, so this is going to be a huge, huge point, because etfs are going to really allow for more additional larger funds to get into cryptocurrency. But it looks like the sec has yet to approve a cryptocurrency etf, despite several proposed funds from different institutions and exchanges. But gensler revealed on tuesday that it may be coming up, so this is actually going to be one of the most monumental moves that we may see in cryptocurrency. I wouldn't even be surprised if we see the market cap of the entire cryptocurrency market go up to past two trillion dollars, which would mean a bitcoin of past sixty thousand dollars, sixty five thousand dollars in the last all-time high ethereum breaking even four to five thousand Dollars, at least that if we get this one thing right here, this is etfs all right guys. Thank you all so much again for watching this video all the way till the very end. If you found any type of value, make sure you guys like this video subscribe to the channel, if you haven't yet already and comment down below the word for this video and that's going to be chord check out the links down below in the description block by Earn additional interest on your cryptocurrency check out weeble, where you can get up to eighteen hundred fifty dollars after depositing 100 into the app where you can trade, both stocks and crypto, and one last thing protect yourself with the vpn i teamed up with surf shark in Order to give you guys, 83 off and three months, free using my link down below