Bitcoin attacked…!
Welcome to the Daily Tribune of Tuesday, December 19, 2023 ☕️
Hello Cointribe! 🚀
Today is Tuesday, December 19, 2023, and like every day from Tuesday to Saturday, we summarize the news of the past 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 ! ⏱️
🌪️ Bitcoin in turmoil: DoS attacks and surge in fees
Bitcoin, the queen of cryptos, is currently facing denial-of-service (DoS) attacks attributed to young anime fans. Meanwhile, the integration of non-financial data into Bitcoin transactions, including Ordinals notations, is putting increased pressure on transaction fees and network capacity. This situation has led to a significant increase in transaction fees, reaching nearly $40, and raises questions about the "democratic" future of Bitcoin.
Indeed, high transaction fees make the market less accessible to small investors and spark a debate within the community about the need to adopt solutions like the Lightning Network. These challenges, although formidable, could stimulate innovation and the evolution of Bitcoin, leading to a more resilient and adaptive future for the crypto.
The DoS attacks on Bitcoin reveal a growing tension between innovation (such as Ordinals notations) and network stability. These attacks, although minor, signal a potential risk of more sophisticated manipulation that could undermine confidence in the robustness of Bitcoin. The rise in transaction fees, in response to these attacks, raises questions about the scalability of Bitcoin and its ability to maintain low transaction costs, a key element for its long-term viability as a digital currency.
💰 Fidelity predicts a $15 trillion valuation for Bitcoin by 2030
Fidelity Investments, one of the world's largest asset managers, predicts a massive valuation for Bitcoin by 2030. Jurrien Timmer, Director of Global Macro at Fidelity, compares Bitcoin to "exponential digital gold" and highlights its potential in a context of monetary inflation. He emphasizes Bitcoin's 21 million coin limit and the Stock-to-Flow (S2F) ratio, which will become twice as difficult to create as gold after the next "halving".
This analysis predicts that Bitcoin will reach a market capitalization of $15 trillion by the end of the decade. This would represent a significant increase compared to its current market cap, with a potential price per Bitcoin reaching $645,000. This prediction is based on the exponential growth of Bitcoin adoption, similar to that of other historical technological innovations.
While not unrealistic, Fidelity's prediction relies on assumptions of macroeconomic stability and institutional adoption, which are far from imminent.
🚫 Cardano vs Ripple: Charles Hoskinson rejects any collaboration with XRP
Charles Hoskinson, the founder of Cardano, has firmly rejected the idea of collaboration between Cardano and Ripple's XRP. He cites a lack of technological alignment and ongoing harassment from the XRP community as the main reasons for his opposition. Tensions between Hoskinson and the XRP community are not new, marked by critical exchanges and frequent attacks.
Hoskinson also highlights fundamental differences in the goals of the two platforms. According to him, XRP serves distinct purposes as an interbank settlement system and CBDC stack, which is contrary to the visions of platforms like Ethereum, Polkadot, or Algorand. These divergences, along with persistent personal attacks, make future collaboration between Cardano and Ripple unlikely.
The refusal of collaboration between Cardano and Ripple by Charles Hoskinson highlights the ideological and strategic divergences in the crypto ecosystem, especially the divide between interbank solution-oriented approaches and those favoring decentralized applications.
🔥 Shiba Inu: Massive token burn and prospects
Shiba Inu has recently burned over 8 billion SHIB tokens. This initiative was carried out by the Shiba team, with the tokens coming from network fees accumulated on Shibarium, Shiba Inu's Ethereum layer 2 blockchain. The purpose of this burn is to increase the scarcity level of SHIB, with 70% of transaction fees going to \"dead wallets\".
The impact of the burn on the SHIB price is already noticeable, with a 3% increase in the past 24 hours. Moreover, for many analysts, this is a deliberate strategy to increase the value of SHIB. A strategy that could potentially lead to a bull run for the memecoin, which continues to gain popularity and adoption.
This massive burn reflects a growing trend among cryptocurrencies to manipulate supply to influence prices, rather than focusing on developing real use cases and adoption.
Wecan Group expands its horizon: Listing of the WECAN Token on Bitstamp and partnership with Cointribune's 'Read to Earn'
Wecan Group takes a giant step forward with two major announcements. First, the WECAN Token, the native asset of Wecan Group, is about to enter Bitstamp, one of the world's largest cryptocurrency exchanges. Scheduled for December 20, 2023, this listing in EUR and USD marks a significant milestone for the company and underscores its success and expansion in the global financial ecosystem.
In parallel, Wecan Group joins our Read to Earn program as a partner. This program, already popular among cryptocurrency enthusiasts, rewards our readers for their engagement and thirst for knowledge in the blockchain and cryptocurrency field. Wecan Group's association with this program demonstrates its commitment to education and democratizing access to information about blockchain and cryptocurrencies.
The crypto of the day: Fusionist (ACE)
Fusionist (ACE) is a cryptocurrency operating on the BNB Smart Chain (BEP20). It stands out with its innovative approach in the gaming and social token space, offering a new dimension of interaction and engagement in the digital space. Fusionist aims to revolutionize the user experience in games and social networks by integrating blockchain for increased transparency and efficiency.
The ACE crypto is designed to be used within the Fusionist ecosystem, facilitating transactions, rewards, and social interactions. It has been distributed through market mechanisms, including exchanges and liquidity pools. ACE holders benefit from advantages such as participation rewards, voting rights in community decisions, and access to exclusive content and experiences. ACE can be used for in-game purchases, trading on social platforms, and as a means of valuing user engagement.
Recent performance
Current price: $13.53 (approximately €12.42)
Percentage increase/decrease: -11.78% (1-day decrease)
Market capitalization: $297,251,901.29 (approximately €272,930,000)
Rank on CoinMarketCap: 150
Please note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making any financial decisions.
Crypto analysis of the day: Bitcoin (BTC)
After flirting with $45,000, Bitcoin experienced a slight regression, stabilizing around $40,000. Currently, Bitcoin is holding above its 50-day and 200-day moving averages, an encouraging sign for optimists. However, an astute observer will notice the divergence on the RSI, suggesting a possible bearish trend on the horizon.
BTCUSD open interest has risen, indicating renewed trader interest. But beware, liquidations, while not exceptional, favor buyers. What is fascinating here is the liquidations heatmap, revealing key zones around $43,800 and $40,500 - $40,100. These levels could be triggers for volatility, attracting investors like magnets. For seasoned traders, these zones represent strategic opportunities while for novices, they are reminders to exercise caution.
If Bitcoin holds above $40,000, we could see it surge towards $45,000, or even $48,000 or $50,000. That would represent a significant increase. But, and it's a big \"but,\" if Bitcoin falls below $40,000, we could witness a slide towards $39,000, or even $38,000. In that case, brace yourself for a decrease of about 10%. As always, these analyses are based on technical criteria, but remember that the world of cryptocurrencies is dynamic and can be influenced by unpredictable fundamental factors.
