📊 Binance reveals worrying figures
Welcome to the Daily tribune of Friday, December 20, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, December 20, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
24h crypto recap! ⏱
📉 Bitcoin collapses: between turbulence and hope
Bitcoin is undergoing a significant correction phase after reaching 99,000 dollars, falling back to 96,600 dollars. This drop is mainly explained by profit-taking, particularly from institutional investors, and by global economic uncertainties, notably related to decisions from the U.S. Federal Reserve. Analysts identify critical support levels around 90,000 and 85,000 dollars, whose breach could worsen the bearish pressure on the crypto market. Despite this short-term volatility, long-term prospects remain positive, driven by the increased interest in Bitcoin ETFs, with a record of 129.295 billion dollars in assets under management, and by the growing adoption of cryptocurrencies as portfolio diversification tools.
🔗 Kraken deploys Ink on Ethereum to revolutionize DeFi
On December 18, 2024, Kraken announced the early launch of its level 2 blockchain, Ink, on the Ethereum mainnet. Built using the OP Stack technology from Optimism, Ink uses rollups to process off-chain transactions, thereby offering cost reduction and increased processing speeds. Supported by 25 million OP tokens funding, worth 58 million dollars, Ink benefits from strategic partnerships with players like Curve, Frax, LayerZero, and Gelato, enhancing its integration and interoperability in the crypto ecosystem. Kraken aims to improve privacy, security, and user experience while providing increased liquidity.
🐕 Memecoins dethrone Bitcoin: Binance sounds the alarm
According to a global study conducted by Binance, memecoins now surpass Bitcoin in terms of the number of holders, a revealing trend indicating a shift in attitude within the crypto ecosystem. 16% of surveyed users hold memecoins, driven by their financial accessibility and strong community aspect, contrasting with Bitcoin's austere image. The popularity of tokens like Dogecoin and Shiba Inu is amplified by humorous marketing campaigns and their virality on social media. Meanwhile, Google searches for memecoins have surpassed those for Bitcoin, marking a turning point in investor preferences. Although hyper-speculative, memecoins are considered the second expected driving force of the market by 2025, just behind tokens linked to artificial intelligence. Their market capitalization, currently at 117 billion dollars, reflects remarkable growth but remains significantly lower than Bitcoin's 2 trillion dollars.
🚀 Solana shatters records thanks to memecoins!
In 2024, Solana experienced an explosion of revenues linked to memecoins, positioning its blockchain as a major player in decentralized applications (DApps). The revenue generated by these DApps reached 365 million dollars in November, primarily driven by memecoins. Earlier in the year, these applications generated only 600,000 dollars, but this figure surged to 183 million in November, marking a growth of over 300 times. The DApps related to memecoins generated a total of 509 million dollars in 2024, accounting for 83.7% of the total revenue of DApps on Solana. Among them, Pump.fun dominated the market by exceeding 100 million dollars in monthly revenue, although it experienced a notable drop of 66% at the end of the month. Other players like Photon and Raydium also contributed, while Telegram bots generated 300 million dollars, further solidifying the exceptional performance of the Solana ecosystem.
Today's crypto: Kaia (KAIA)
KAIA is based on an innovative blockchain focused on enterprise and level 1 solutions, aiming to provide a secure and scalable infrastructure for decentralized applications (dApps). Its added value lies in the recent merger of Finschia and Klaytn, bringing increased robustness to its ecosystem.
The native crypto, also named KAIA, is primarily used for transaction fees, governance within its network, and access to DeFi services. Distributed with a total supply of 5.89 billion tokens currently in circulation, KAIA offers advantages such as reduced fees and staking potential. Holders can thus actively participate in the evolution of the ecosystem while benefiting from financial rewards.
Recent performance
Current price: 0.2032 $ (approximately 0.19 € according to the conversion rate).
24-hour change: +15.38%.
Market capitalization: 1.19 billion dollars (approximately 1.08 billion euros).
Rank on CoinMarketCap: 76.
🌪️ Trump at the White House: Arthur Hayes predicts an imminent crypto collapse!
Arthur Hayes, co-founder of BitMEX, warns of a potential collapse of cryptocurrencies related to Donald Trump's inauguration. According to him, market enthusiasm could clash with a much slower and more complex economic reality, causing a sharp drop in prices around the inauguration date on January 20, 2025. Hayes believes that high expectations for immediate political support for cryptos will be quickly disappointed, leading to massive sell-offs by investors. Anticipating this situation, he recommends reducing short-term positions to re-enter the market at more attractive prices in the near future.
Hayes predicts that the real economic impact of Trump's policies will take time to materialize, leaving room for a period of uncertainty and volatility for cryptocurrencies. In the short term, he identifies major risks, such as the domino effect of a panic sell-off and a possible break of critical technical thresholds. Nevertheless, he remains confident about a future rebound, emphasizing that this period could represent a buying opportunity for savvy investors. Hayes sees 2025 as the year of reconstruction, with significant recovery potential in the second half of the year.
According to the expert, the recovery of the crypto market could be influenced by global dynamics, with a key role for China rather than the United States in reviving cryptocurrencies. Hayes remains optimistic in the long term, while recommending close monitoring of market movements to take advantage of fluctuations. His strategy relies on a rigorous analysis of economic cycles and an opportunistic positioning in response to potential market disruptions.
