⚖️ Binance vs SEC: An imminent outcome, 🌪️ Bitcoin halving puts miners to the test!
Welcome to the Daily Tribune on Tuesday, March 26, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, March 26, 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:
Sunny ☀️
24-hour crypto summary ! ⏱️
🔚 Binance vs SEC: A crucial crypto turning point
After a long period of legal confrontations, the case between Binance and the SEC (Securities and Exchange Commission) is heading towards its conclusion. This episode marks a decisive moment for the cryptocurrency ecosystem, both for market players and observers. The fight has been marked by a series of complex legal requests and strategic depositions, where each party has tried to gain an advantage. The SEC has notably demanded that Binance, one of the world's largest cryptocurrency exchange platforms, provide comprehensive details about its internal operations, including the management of client assets and cryptographic wallet software. In response, Binance has submitted 300,000 pages of documents, claiming to have fulfilled its disclosure obligations.
The resolution of this conflict now seems close, with particular attention being paid to Changpeng Zhao (CZ), founder of Binance, who is at the heart of the final discussions with the SEC. The US regulator has postponed CZ's conviction to April 30, 2024. Despite tense discussions, CZ has expressed his willingness to address the SEC's concerns, which could signal a potential improvement in relations between the two entities. The court plans to conclude all investigation and deposition processes by April, indicating that the end of the dispute is imminent. The outcome of this case will undoubtedly have a major impact on the cryptocurrency market, regardless of the result.
🐋 The big whale comeback
The year 2024 marks a turning point with the massive return of major institutional investors to the cryptocurrency space, a phenomenon led by major players such as Goldman Sachs. This resurgence of interest, fueled by the recent approval of bitcoin ETFs, raises concerns about the impact on the principles of freedom and decentralization that are at the heart of the crypto ecosystem. Goldman Sachs' initiatives, including expanding its offering of crypto derivatives such as cash options on bitcoin and futures contracts on Ethereum, seem to deviate from these founding values.
Beyond the introduction of derivative products, Goldman Sachs' strategy is part of a much larger vision to integrate the crypto space into the traditional financial system, a sort of "recolonization" of this emerging sector. Massive investments in crypto infrastructure, while appearing as a growth opportunity, could ultimately serve the interests of traditional finance. Initiatives such as the GS DAP platform, which envisages tokenizing assets on private blockchains, reveal an ambitious plan to reshape the crypto ecosystem in the image of the existing centralized financial system. This approach, illustrated by a pilot operation connecting exchanges, banks, and asset managers on a private network, threatens the dream of independence of crypto pioneers.
🚀 Altcoins on the rise: The challenge of dominance against Bitcoin
The competition for supremacy in the crypto ecosystem is intensifying between Bitcoin and altcoins, with a particularly notable dynamic this week. While Bitcoin (BTC) is going through a consolidation phase, altcoins seem to be gaining ground and raising many questions about the approach to the long-awaited "altcoin season." According to Michael van de Poppe, a recognized crypto analyst, despite a recent correction, the altcoin market has been on an upward trajectory since last October, with a total market capitalization (excluding Bitcoin and Ethereum) following a significant upward trend. This upward trend has broken through several important resistance levels and seems ready to continue its momentum, with projections aiming for a next peak at $840 billion, or even higher, at $1.131 trillion.
Meanwhile, Bitcoin is entering a consolidation phase, which historically has often favored outperformance of altcoins. This phenomenon suggests that investors may witness a new period where altcoins outperform Bitcoin in terms of gains.
⛏️ Bitcoin Halving: A storm on the horizon for small miners
The fourth Bitcoin halving, scheduled for April 2024, generates a mix of anticipation and worry within the crypto community. Investors eagerly await this event, hoping it will trigger a new bull run due to the decrease in the supply of Bitcoin. However, this prospect is not as joyful for everyone, especially for small miners who fear imminent financial challenges. According to Fred Thiel, CEO of Marathon Digital, this upcoming halving will put considerable pressure on these small players, potentially forcing them to face serious financial difficulties. Despite Marathon Digital's successes in 2023, including impressive Bitcoin production and remarkable financial performance, the company is also scrutinized for controversial practices such as transaction censorship and the deployment of services that negatively impact the revenues of competing miners.
Unequal access to financing and advanced equipment creates a growing gap between large and small miners, making the latter less competitive. Anticipating these challenges, Marathon Digital is not staying idle and is considering acquisitions to strengthen its position in the industry. The company has already made significant acquisitions in Texas and Nebraska, preparing itself for the uncertain times ahead. With exceptional financial performance in 2023, Marathon is getting ready to navigate the changing landscape of Bitcoin mining.
Internet Computer: Towards a new horizon for Blockchain and Web3
The Internet Computer platform, driven by the ambition of its founder Dominic Williams, is emerging as a potential paradigm shift in the blockchain world. Initiated with the goal of transcending the limits of traditional blockchains, the Internet Computer stands out with its promise of full decentralization and unprecedented smart contract execution capabilities at scale. This innovation marks a significant step towards a fully decentralized internet, promising to push the boundaries of current possibilities.
In addition to notable technological advancements resulting from substantial investment in research and development, this third-generation platform offers a revolutionary feature with its "chain key" technology, which facilitates direct interoperability with other blockchains. This interconnection capability opens the door to a new generation of DeFi services and enriched decentralized finance on Bitcoin, enabling direct interaction between Internet Computer's smart contracts and assets from other networks.
Coin of the day: Polymesh (POLYX)
Polymesh is a specialized blockchain primarily designed for regulated assets and financial markets. It introduces significant innovations in compliance, security, and governance, directly addressing the needs of financial institutions. The added value of Polymesh lies in its ability to simplify complex transactions while adhering to strict regulations in the financial industry.
The native cryptocurrency of this platform, POLYX, plays a central role in the ecosystem by facilitating transactions, paying network fees, and participating in securing the blockchain through staking. POLYX holders thus benefit from governance rights and can influence the future development of the platform, which is a considerable advantage. In addition, POLYX can be used for various functions within the Polymesh ecosystem, offering flexibility and investment opportunities to users.
Recent Performance
Current price: $0.6409
Change in 24 hours: 54.35% (increase)
Market capitalization: $536,587,647 (Conversion needed to obtain the amount in €)
Rank on CoinMarketCap: 163
Technical analysis of the day: Bitcoin (BTC)
Bitcoin has once again surpassed the $70,000 mark. After a decline of over 10%, this spectacular recovery to surpass $70,000 marks a turning point, especially after flirting with $60,000. This renewed interest in Bitcoin, shown by buyers as soon as the $62,000 threshold, indicates a potential short-term trend reversal. What is even more fascinating is Bitcoin's resilience, as it not only regained its value but also appears to be preparing to test new highs.
Let's take a closer look at the current indicators. Bitcoin is trading around $70,500, gradually moving away from its 50-day moving average, which is already inclined towards the positive. This only reinforces the anticipation of a continuation of this upward trend. The observed momentum clearly reflects a market that, despite turbulence, maintains unwavering confidence in the leading cryptocurrency. This recovery is further symbolized by an increase in open interest on BTC/USDT contracts, a tangible sign of investors' optimism.
For enthusiasts and investors, this situation presents key areas of interest, particularly around $75,000 and $63,000. Approaching these levels could mean increased volatility, offering opportunities for both buyers and sellers. But as always in investment matters, caution is advised. It is important to keep an eye on these key levels to anticipate potential movements.