A trader loses 98% of his investment because of Joe Biden! 💥
Welcome to the Daily Tribune on Tuesday, July 23, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, July 23, 2024, and like every day from Tuesday to Saturday, we summarize the news from the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️
24h crypto recap! ⏱
Costly decision for a crypto trader 💸
A trader exchanged 8 million dollars in $JUP for $BODEN, hoping to capitalize on the rise of this new cryptocurrency. However, Joe Biden's unexpected withdrawal from the presidential race caused a market collapse, particularly in the value of $BODEN. Investor panic led to a massive sell-off of $BODEN, reducing its value by 98%. The trader is now left with only $85,000, highlighting the extreme risks associated with cryptocurrency trading and the importance of diversification and risk management. 🔗 Read the full article here.
Official launch of Ethereum ETFs today 📈
July 23, 2024, marks a new milestone for the crypto market with the approval and launch of Ethereum ETFs by the SEC. After years of deliberation and requests, this decision allows investors to access ETH through traditional brokerage accounts. Ethereum ETFs offer direct exposure to the second-largest cryptocurrency by market capitalization, attracting the attention of major financial institutions such as BlackRock, Fidelity, 21Share, and Grayscale. Analysts predict that this new investment opportunity could push the price of ETH to new highs, potentially up to $6,500. However, investment flows may be lower than those of Bitcoin ETFs. 🔗 Read the full article here.
Ethereum celebrates its 10th anniversary 🎉
To celebrate its 10th anniversary, Ethereum is organizing grand celebrations in Tokyo and San Francisco. Since its launch, Ethereum has revolutionized the blockchain world with its smart contracts and decentralized applications (dApps). Today, the platform processes over 1.1 million transactions per day and has a market capitalization of over 415 billion dollars. In Tokyo, EDCON 2024 will bring together Ethereum pioneers, including Vitalik Buterin, to discuss the future of the technology. In San Francisco, events organized by companies like BuildETH and SKALE Network will mark this anniversary. These celebrations, which include discussions on progress and future challenges, testify to Ethereum's lasting impact on the crypto ecosystem. 🔗 Read the full article here.
A golden July for crypto with $3 billion in inflows 🌟
July has been exceptional for the crypto market, with inflows totaling more than $3 billion, mainly due to enthusiasm for Bitcoin ETFs. These investment products have seen a significant increase in incoming flows, with players like BlackRock's IBIT and Fidelity's FBTC leading the way, attracting nearly one billion dollars in a week. ETP trading volumes have also surged, reaching $12.9 billion, although this represents only 22% of the overall crypto market volume. Bitcoin-related products dominated with $1.27 billion in inflows, while Ethereum also benefited from this positive momentum with $45 million in inflows. Regional investments have shown increased confidence in the United States and Switzerland, while Brazil and Hong Kong have experienced capital outflows. 🔗 Read the full article here.
Crypto of the day: Ethereum Name Service (ENS)
Ethereum Name Service (ENS) is a key innovation on the Ethereum blockchain that simplifies the use of complex addresses by converting them into readable names, such as "example.eth". This technology improves the user experience and facilitates blockchain adoption by making transactions and interactions more intuitive. ENS offers added value by enhancing security and reducing errors in blockchain transactions through understandable and personalized domain names.
Its native crypto, ENS, is mainly used to govern the ENS protocol through a decentralized autonomous organization (DAO) model, allowing holders to vote on important proposals. Holders benefit from active participation in the network's development, potential rewards, and can use ENS to pay for domain name renewal fees.
Recent Performances:
Current Price: 27.24 €
Percentage Increase/Decrease: +13.64% (in 1 day)
Market Capitalization: 895,787,423 €
Rank on CoinMarketCap: #71
Positive momentum continues for XRP despite legal challenges
The recent performance of XRP illustrates a volatile period marked by legal developments and favorable market trends. In early July, XRP experienced a dramatic increase from $0.40 to $0.6387, fueled by rumors of a possible resolution to the legal conflict with the SEC. This increase was temporarily interrupted when the secret SEC meeting, a source of optimism, was cancelled, causing a temporary drop in price to $0.54. This volatility reflects fluctuating investor expectations and ongoing uncertainty surrounding the lawsuit, highlighting the significant impact of legal news on market sentiment.
However, legal optimism is not the only driver of enthusiasm for XRP. The overall crypto market momentum also favors major altcoins like XRP. Growing institutional interest in cryptocurrencies, with investors diversifying their portfolios to include assets like XRP, has contributed to increased buying pressure. Additionally, Santiment data shows notable activity on the XRP Ledger, with the creation of 1,721 new wallets in a day, a record since March. This increase in engagement reflects renewed interest in the XRP network, suggesting an optimistic outlook for the future of the altcoin despite ongoing legal challenges. 🔗 Read the full analysis here.