CRYPTO & INFLATION Battle Goes GLOBAL (Fed FRANTIC Over Gas Prices)

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the u.s and europe give their two cents on how to commit to sanctions without causing a surge in oil prices or should i say they gave their three cents considering the european central bank is following the fed's lead and plans to raise rates to combat you guessed it inflation and ethereum dev creator tim baco says the test merge from ethereum's longest running test net to the eth2 beacon chain was smooth like butter my name is frankie candles and this is your nightly crypto news wrap up let's get it the us and its allies are in a pickle a new pickle i should say committing to russian sanctions without causing a crisis for global oil prices this week janet notel and yellen said the u.s is in talks with european allies to create a buyer's cartel and cap prices of russian oil limiting the profits for russia to stabilize prices russian oil will need to continue to be available to buyers like india and china with the mechanism put in place by western countries to restrict russian revenues the eu and the u.s have moved to ban russian oil imports but yellen says that this could dramatically raise global oil prices to solve this issue the g7 is looking to use insurers to set a price cap discussing the idea that insurance companies would cover russian oil shipments to non-european countries only if the price cap requirement is met u.s treasury officials are traveling to the uk and other european countries this week to discuss their next move let's take a look at what bitcoin's next move might be hey frankie candles what are the charts saying frank right thanks man let's go ahead and do a little market watch here guys we've got bitcoin coming in at thirty thousand one hundred and fifty seven dollars uh down about a half percent for the day ethereum coming in at 17.95 let's go ahead and check our top gainers helium once again in the top gainers up 12 and 40 on the week killing it v chain up six percent and four percent on the week chain link up six percent polygon up four percent and last but not least we got theta up four percent guys bitcoin continues to range sideways for we're at about a month of sideways action at this point i think we're gonna make a breakout or breakdown any day here uh lower time frames look at a little more bearish right now but the longer time frames are looking bullish so maybe we have a little sideways bearish action before getting a break up if you guys are interested in trading you can follow me on youtube at frankie candles or at frankie underscore candles on all socials back to the news thanks frank we love frank's ta he's been spot on with some of the major price moves we've seen in the past few months if you love this kind of crypto content take a minute and smash up that like button it's the best way that you can help the channel and it gets more crypto content out to more people let's make understanding crypto go viral the european central bank or ecb plans to raise rates for the first time in over 10 years this comes after eurozone court inflation numbers rose to 3.8 percent in may until now the ecb has had a negative interest rate with lenders being credited interest rather than interest needing to be paid out by borrowers the good times may be coming to an end as the ecb announced plans to raise its key interest rate a quarter of a percent point in july and then possibly again in september from there expecting a gradual but sustained path of future increases in interest rates the ecb is seeking to end its aggressive bond buying program on july 1 as well the moves are still being described as dovish but the outlook is sending a more hawkish message the ecb is preparing the market for a series of rate hikes until they can get inflation under control which they forecast as jumping to 3.5 percent in 2023 and retreating to 2.1 percent in 2024.

Not surprisingly european stock sold off following the announcement with stocks europe 600 pulling back 1.4 percent this shift is showing how inflation is becoming a global issue affecting advanced economies equally as we experience the same economic pressures lockdowns in china the war in ukraine and let's not forget the printing of fiat currency that's backed by nothing and government handouts during the pandemic european investors are pricing in five quarter-point rate hikes by the end of the year ethereum came out with some good news on wednesday successfully merging its longest running test net robstin with ethereum's proof of stake beacon chain the test ensured that software running on ethereum was stable and ready for final transition to proof of stake with ethereum foundation's tim baiko saying that the network is now stable and ready for what the ethereum main net will execute this fall when ethereum moves to proof of stake transactions will be verified by staked ether rather than energy consuming proof-of-work mining more test runs are in the works before the final rollout with gurley and sepolina test nets still to be used bringing the code closer to what will be used when the eth 2.0 main net goes live next steps are set to be discussed during this friday's all-core devs call it's becoming obvious that the world has a money problem with soaring global inflation and gas prices running out of control we're so tied up in the global supply chain fiat currency is showing its true colors while ethereum is showing how reliable is blockchain can and likely will continue to be that's why you'll see me putting my bets on crypto that's all i got be blessed frankie candles out [Music] you

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