💣 Binance under scrutiny: The exchange allegedly froze Palestinian assets at the request of Israel!
💣 Binance under scrutiny: The exchange allegedly froze Palestinian assets at the request of Israel!
Welcome to the Daily Tribune Wednesday, August 28, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, August 28, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
🛑 Pepe in danger: Holders threaten price stability
Pepe (PEPE) is going through a critical period with alarming signs that could severely affect its price. The Mean Dollar Invested Age (MDIA), an indicator that measures how long tokens stay in the same wallets, shows increased activity and suggests that many investors are getting rid of their tokens. This trend, combined with a significant decrease in trading volume, suggests a weakening of the recent upward trend. Technically, PEPE is at a critical point and struggling to stay above the 50-day exponential moving average and trapped in a descending triangle, which is generally a bearish sign. However, hope remains: if whales, these large investors, decided to intervene, they could potentially reverse the situation. 🔗 Read the full article here.
📉 Ethereum in decline: Transactions drop by 55% in August
Ethereum is going through a difficult phase with a 55% decrease in transaction volume in August 2024. This slowdown is attributed to several factors, including a growing disinterest from institutional investors and a general decline in economic activity on the network. The daily trading volume has dropped from $6.56 billion at the end of July to only $2.9 billion in August, while the number of daily transactions reached a low of 1.07 million, its lowest level in several months. Coinbase analysts explain this situation as a usual seasonal cycle, but note that the decline is less pronounced than in previous years. Furthermore, Ethereum ETFs are underperforming compared to Bitcoin, which reinforces investor skepticism. Despite these alarming signs, some experts remain optimistic about the long-term future of Ethereum and even believe that it could surpass Bitcoin in terms of market capitalization. 🔗 Read the full article here.
🚨 Binance accused of seizing Palestinian funds on Israel's orders
Binance finds itself at the center of a major controversy, accused of freezing funds belonging to Palestinian users on orders from Israeli authorities. This accusation, brought by Ray Youssef, co-founder of Paxful, has caused an outcry in the crypto ecosystem. According to Youssef, this action was taken following a request from the Israeli army, justified by a letter from the Israeli National Bureau for Combating Financing of Terrorism, which cites anti-terrorism laws to legitimize the seizure of cryptocurrencies allegedly linked to terrorist organizations. In response, Binance firmly denied these accusations, stating that only a few accounts involved in illegal activities have been affected. The platform emphasizes its commitment to comply with international sanctions and regulations while maintaining a safe crypto market. 🔗 Read the full article here.
🚀 Bitcoin ETF: A symbolic threshold in sight
Bitcoin ETFs continue to gain popularity, with impressive capital flows despite the decline of Bitcoin in the second quarter. Bitcoin ETFs attracted $252 million in a single day, bringing the weekly total to $506 million, making it the best week in a month. In total, Bitcoin ETFs now hold 922,000 BTC, quickly approaching the symbolic threshold of one million BTC. This steady progress contrasts sharply with Ethereum ETFs, which experienced a hemorrhage of $460 million. Despite the decline in Bitcoin's price, institutions continue to invest heavily, with retail investors holding 78% of the ETF shares. At this rate, the one million BTC held by the ETFs could be reached in the coming months, marking a major milestone for Bitcoin's institutional adoption. 🔗 Read the full article here.
Crypto of the day: Toncoin (TON)
Toncoin is the native cryptocurrency of the TON (The Open Network) blockchain, originally developed by Telegram. This blockchain stands out for its innovative approach to scalability, transaction speed, and energy efficiency through its Proof-of-Stake (PoS) consensus. It offers smart contract functionalities and positions itself as a Layer 1 blockchain with extensive interoperability. Its added value lies in the ability to process fast and low-cost microtransactions, suitable for messaging applications and other digital services.
Toncoin is mainly used to pay transaction fees on the TON network, participate in block validation, and secure the network through staking. The cryptocurrency was initially distributed through an airdrop to the community and private sales to strategic investors. Holders benefit from advantages such as staking rewards and governance rights in the network's development. It can be used for payments, trading on decentralized exchanges (DEX), and accessing various services based on TON.
Recent Performances:
Current price: €5.49
24-hour variation: +0.51%
Market capitalization: €13,979,227,820
Rank on CoinMarketCap: #9
🚨 Toncoin in free fall: Arrest of Telegram's CEO shakes the market!
Toncoin experienced a sharp decline of 27% following the arrest of Pavel Durov, the CEO of Telegram, news that quickly shook the market. Prior to this event, Toncoin had already faced selling pressure after reaching a historic high of $8.29, but it had found buying support around $4.80. Durov's arrest intensified volatility, pushing the price to about $5.20 currently. Although the short-term trend remains bearish, Toncoin still holds above its 50-day and 200-day moving averages, suggesting a positive outlook in the medium and long term despite current uncertainties.
Technical analysis shows that open interest in TON/USDT contracts has increased significantly, reflecting a resurgence of speculative activity during the decline. Key liquidation areas are around $6, $7.2 to $7.8, and $8.1 to $8.5, where a movement towards these levels could trigger increased volatility. If Toncoin can maintain above $5, it could aim for higher levels around $7 and beyond. However, if the cryptocurrency fails to stabilize its price, it could drop back to €4.8 or even lower.
🔗 Read the full analysis here.
