🔄 Binance: Richard Teng's impressive turn!
Welcome to the Daily Tribune Wednesday, April 10, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, April 10, 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:
Cloudy ☁️
24-hour crypto summary ! ⏱️
🚨 Strengthening of crypto sanctions by the US Treasury
The US Treasury is intensifying its efforts to combat the malicious use of cryptocurrencies in response to their increased use by terrorist groups such as Hamas and the Palestinian Islamic Jihad. The institution is seeking additional legal tools to enhance its enforcement and sanction capabilities against national security threats, particularly related to the concealment of identities and illicit transfer of funds through digital assets.
Adewale Adeyemo, the Treasury's Deputy Secretary, highlighted the need for these new powers during a Senate hearing, emphasizing the importance of adapting sanction mechanisms to technological developments in order to effectively target malicious actors in the virtual currency ecosystem. This approach comes amid growing concerns about illicit transactions, such as terrorism financing and circumvention of economic sanctions, involving Russia, North Korea, and various entities through cryptocurrencies.
💣 Arthur Hayes anticipates a Bitcoin drop after the Halving
Arthur Hayes shares his predictions of a period of high turbulence for Bitcoin and anticipates a significant collapse before and after the next Halving event. He attributes this imminent volatility to a series of macroeconomic factors that could drastically reduce liquidity in US dollars, including tax payments, ongoing quantitative tightening by the Federal Reserve, and an increase in the General Treasury Account balance. These conditions, combined with the Bitcoin Halving scheduled for April 20, could trigger panic among investors, leading to a freefall in the prices of risk assets, including Bitcoin.
In response to this scenario, Hayes has implemented a preservation strategy by liquidating some speculative positions on altcoins and repositioning into stablecoins to generate returns. He plans to maintain this defensive posture until May 1, after which he believes the market could offer more favorable conditions to establish short positions on Bitcoin and other cryptocurrencies.
🔄 Binance reinvents itself under the leadership of Richard Teng
Richard Teng, at the helm of Binance, marks a significant departure from the exchange's past by redefining its focus on compliance and business ethics. Teng's arrival is accompanied by an explicit rejection of the former practices deemed illegal or borderline legal that were dominant under the management of former CEO Changpeng Zhao. This strategic shift is demonstrated by a firm commitment to continue on the path of legality, which is crucial to maintaining Binance's leadership position in the cryptocurrency industry.
Recent legal developments and the resulting sanctions have served as a catalyst for this evolution, prompting Binance to reassess its strategic priorities and operational model. The willingness to rectify past mistakes while maintaining ambitious growth demonstrates Binance's determination to confront regulatory challenges head-on while continuing to play a leading role in the global cryptocurrency ecosystem.
⚖️ Bitcoin, the remedy for galloping inflation
In the face of increasing inflation, particularly in the United States, where the rate has risen by nearly 40% since 2019, Bitcoin positions itself as an attractive alternative for value preservation. Official figures often underestimate real inflation due to substitution effects and adjustments in the quality of goods and services, thus masking the true impact on consumers' purchasing power. This inflation, which significantly erodes savings and reduces purchasing power, contrasts with the performance of wages and pensions, which struggle to keep up with rising prices, thereby exacerbating the economic precariousness of many families.
Bitcoin, with its finite quantity and resistance to inflation, offers an alternative as a store of value in this unstable economic context. Unlike fiat currencies, whose value can be diluted by central bank policies favoring debt and monetary issuance, Bitcoin stands out for its intrinsic scarcity and independence from traditional monetary systems.
Crypto of the day: Synthetix (SNX)
Synthetix is at the forefront of the decentralized finance (DeFi) sector, offering a blockchain platform for the creation of "synthetics", digital assets that represent investments in real-world assets such as currencies, commodities, or stocks, without requiring direct ownership. This major innovation allows for diversified exposure to traditional assets while benefiting from the transparency and security of the blockchain.
The native crypto, SNX, serves as collateral for these synthetics. SNX holders can directly influence the platform's development, benefit from its growth, and use SNX for synthetic creation, staking, and participation in platform governance.
Recent performance
Current price: $3.88
Percentage increase/decrease: - 7.58% (1-day increase)
Market capitalization: $1,268,764.52
CoinMarketCap ranking: #86
Technical analysis of the day: Ethereum (ETH)
After an impressive six-week streak of consecutive gains, the curtain seems to be temporarily closing on this performance, with ETH taking a breather and consolidating its recent gains. The coin entered a scene where Ethereum, after reaching highs of $4,091, had to quickly descend, losing over 25% of its value before finding support at around $3,060. However, like any good drama, a twist was inevitable: ETH regained its momentum and climbed back up to just below $3,700, demonstrating the resilience and dynamics often characterizing cryptocurrencies.
Currently valued at $3,500, ETH seems comfortably settled above the $3,350 value area, which appears reassuring at first glance. However, a wave of uncertainty is sweeping through the market, fueled by Ether's tendency to flirt with levels below its 50-day moving average. This phenomenon should not be taken lightly, as it could foreshadow a deeper trend change, potentially intensifying selling pressure. Caution is advised, as if Ethereum's momentum weakens, the long-term implications for its price could be worrisome.
Open interest on ETH/USDT contracts reveals a roller coaster narrative, with a rise followed by a slight dip, illustrating the tension between optimism and caution among investors. More importantly, the predominantly liquidation of long positions during the recent declines indicates buyer capitulation, although recently, a renewed buyer interest seems to have emerged. This indicates that despite recent turbulence, confidence in ETH's potential to bounce back remains. The liquidation heat map, pointing to key liquidation zones around $3,700, $3,800, and $4,100, highlights crucial thresholds that, if breached, could either unleash Ethereum for new highs or plunge it back into the depths of volatility.