🚀 Bitcoin and Ethereum ETFs are coming to Hong Kong!
🚀 Bitcoin and Ethereum ETFs are coming to Hong Kong!
Welcome to the Daily Tribune, Tuesday, April 16, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, April 16, 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 🌧️
24-hour crypto summary ! ⏱️
🏦 Crypto revolution at a German federal bank!
Landesbank Baden-Württemberg (LBBW), one of the largest federal banks in Germany, takes a decisive step towards the adoption of cryptocurrencies by announcing the launch of custody services for digital assets. This initiative, coinciding with the imminent entry into force of the MiCA regulatory framework of the European Union, symbolizes the growing confidence of the traditional banking sector in blockchain technologies. Landesbank Baden-Württemberg aims to collaborate with the Austrian exchange Bitpanda.
This development is a response to similar movements by other major banks in Germany. For example, DZ Bank recently unveiled its cryptocurrency trading project for 2024, while Deutsche Bank has been collaborating with Swiss startup Taurus since 2023 for digital asset tracking. LBBW's commitment in this field is a strong signal of the gradual integration of crypto into the traditional financial system.
⚙️ Solana tackles congestion with update 1.17.31!
Solana has introduced a major update, version 1.17.31, for its main network, aiming to combat the congestion that hampers transaction efficiency on its blockchain. This update is a response to the persistent problems of spam and network congestion that hinder smooth operations. It includes an innovative feature called Stake-Weighted Quality of Service (SWQOS), which prioritizes transactions from validators who have the most stake in the network, ensuring optimal performance for key players.
The impact of this update is significant for both users and developers operating on the Solana blockchain. Users will benefit from faster and less likely to be abandoned transactions, while developers will see increased stability for their decentralized applications. This improvement is a step towards the near-elimination of congestion issues, with plans already in place for future updates, including version 1.18, which promise to further enhance the robustness of the Solana platform.
💥 Ripple releases 100 million XRP amid turmoil!
Ripple has carried out a massive sale of 100 million XRP, worth approximately $50 million, during a period of heightened tension in the cryptocurrency markets exacerbated by the Iran-Israel conflict. This move was made outside of its usual liquidation schedule, raising questions about the company's strategy and the potential impact of this sale on the price of XRP, which is already under pressure. Historically, similar sales have often been followed by price drops of XRP, increasing concerns during the current geopolitical crisis.
However, some analysts are considering more positive prospects due to the upcoming Bitcoin halving, an event expected to cause price increases among altcoins, including XRP. Additionally, a recent court decision in favor of Ripple, declaring that XRP is not a financial security, has also strengthened investor confidence. Analysts predict that XRP could retest its historical highs of $3.84 around the halving and potentially reach up to $5.85 by 2025 if the bullish trend continues. Despite the volatility, Ripple maintains a strong position with a market cap close to $30 billion, and technical indicators suggest a possible rebound if the support at $0.46 holds.
🌐 Hong Kong launches first Bitcoin and Ethereum ETFs!
Hong Kong has officially approved the first exchange-traded funds (ETFs) for Bitcoin and Ethereum, marking a key milestone in its efforts to position itself as a major financial center for digital assets in Asia. The main players in this initiative, China Asset Management, Bosera Asset Management, and HashKey, have been authorized to launch these innovative products that will allow investors to access cryptocurrencies without physically holding them.
The Securities and Futures Commission (SFC) of Hong Kong has clarified that the approval of these ETFs is conditional, requiring fund managers to adhere to strict compliance and surveillance standards. This regulation is intended to maintain the integrity and stability of the financial market while protecting investors. With this approval, Hong Kong confirms its commitment to innovation in the financial sector while offering a strict regulatory framework, which is crucial to attract institutional and individual investors looking to diversify their portfolios with digital assets.
Crypto of the day: SuperRare (RARE)
SuperRare operates on the Ethereum blockchain, leveraging this technology to offer a dedicated marketplace for digital artworks and NFTs (Non-Fungible Tokens). SuperRare's main innovation lies in its art-focused approach, allowing artists to tokenize their work and sell it as NFTs. The added value of this platform is that it creates unquestionable proof of authenticity and ownership for digital artworks, which is essential in a market often plagued by issues of copying and copyright.
The platform's native cryptocurrency, RARE, primarily serves as a governance and reward token. RARE holders can participate in important decisions regarding the platform's evolution through voting, influencing aspects such as transaction fees and upgrade proposals. Additionally, holding RARE can grant benefits such as fee discounts and access to exclusive sales.
Recent performance
Current price: Approximately €0.1165
Percentage increase/decrease: Up 7.41% in one day
Market cap: Approximately €80,929,246
CoinMarketCap rank: #475
Bitcoin Halving 2024: A Countdown to History!
Bitcoin is experiencing a significant drop of nearly 15%, falling below the psychological threshold of $61,000. This drop comes just one week before the Halving, an event that halves the miners' reward and historically has a bullish impact on prices.
Technical analysis reveals that Bitcoin was forming an ascending triangle before encountering strong resistance around $72,000. This selling pressure redirected the price to lower levels, testing support at $61,000, which has already proven its resilience in the past. Despite a timid rebound, the current market pattern forms a double top, potentially indicating a short-term reversal. However, it is important to note that the overall trend remains bullish. Caution is warranted as the price is currently trading below its 50-day moving average, which could indicate a slowdown in this bullish trend.
What we need to watch now is the market's reaction to critical liquidation zones, located between $58,000 and $72,000. These zones are likely to trigger significant orders, thus increasing volatility. In the short term, if Bitcoin maintains support above $60,000, we could see a rise towards $67,000, or even $69,000. Conversely, a drop below $60,000 could lead to a descent to $58,000 or lower, marking a potential decrease of around 11%.
