📈 Bitcoin ETFs attract over $1 billion in ten days
Welcome to the Daily Tribune, Saturday, July 20, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, July 20, 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:
Sunny ☀️
24h crypto recap! ⏱
💥 Microsoft Azure Outage: The Major Danger of Centralized Solutions!
On July 19, 2024, Microsoft Azure experienced a major outage, disrupting cloud services globally. This interruption, caused by a configuration change in Azure potentially related to a Crowdstrike update, affected critical sectors such as banks and airports. This incident highlighted the vulnerabilities of centralized cloud infrastructures and underscored the importance of decentralized solutions like Ethernity Cloud. Utilizing over 5,000 globally distributed nodes and advanced encryption technologies, Ethernity Cloud offers enhanced resilience and security, avoiding single points of failure. 🔗 Read the full article here.
🔄 Token Migration: Polygon to Transfer MATIC to POL in September!
On September 4, 2024, Polygon will undergo a major migration, transferring MATIC tokens to a new token called POL. This crucial step in the "Polygon 2.0" roadmap aims to transform Polygon into a "network of networks." POL will become the main token for gas and staking on Polygon's main blockchain (Polygon PoS) and for chain validation within the Polygon ecosystem. The migration of MATIC tokens to Polygon PoS will be automatic, but MATIC users on the zkEVM rollup, centralized exchanges, or Ethereum will need to follow specific steps to migrate to POL. This new token, described as "hyperproductive," will offer enhanced security and decentralization by allowing holders to become validators on Polygon chains. 🔗 Read the full article here.
📈 Massive Capital Inflow: Bitcoin ETFs Attract Over $1 Billion in Ten Days!
Bitcoin ETFs have recently attracted over $1 billion in just ten days, demonstrating increased investor interest despite market volatility. Among the funds, the BlackRock IBIT ETF recorded a net inflow of $102.67 million in a single day, bringing its total assets to $20.67 billion. In contrast, the Grayscale GBTC ETF experienced net outflows of $22.54 million. Other ETFs like Fidelity and Vaneck also recorded significant inflows. This sustained interest occurs despite a recent decline in Bitcoin prices, signaling persistent optimism about Bitcoin's resilience and long-term prospects. Experts, including Michael van de Poppe, project that this institutional accumulation could propel the price of Bitcoin to $100,000, despite current fluctuations. 🔗 Read the full article here.
🇷🇺 Bitcoin and CBDC: Russia Opts for Dual Strategy
Russia is turning to alternative payment systems by soon launching the digital ruble, a CBDC designed to complement cash and smart cards. Following a satisfactory testing phase, the large-scale implementation of the digital ruble is planned to facilitate national and international payments, particularly since Russia's disconnection from the SWIFT network. However, limitations such as the inability to borrow in digital rubles or earn interest on deposits could hinder adoption by citizens. At the same time, Vladimir Putin, while warning about the impact of Bitcoin mining on electricity, is protecting the Bitcoin industry. A new law under preparation could restrict Bitcoin payments to international purposes only, banning domestic transactions, while regulating mining activities to avoid electricity shortages. 🔗 Read the full article here.
Crypto of the Day: Sei Network (SEI)
Sei Network stands out for its speed and scalability, integrating advanced features for digital asset trading. The Sei Network blockchain offers a robust and secure infrastructure, enabling fast and efficient transactions, which is particularly beneficial for decentralized financial applications (DeFi). The main innovation lies in its ability to support high transaction volumes without compromising security, making it a preferred platform for traders and dApps developers.
The native cryptocurrency of Sei Network, SEI, is primarily used to pay transaction fees, participate in staking, and as a means of exchange within the ecosystem. The initial distribution of SEI was done through a public sale and staking rewards. SEI holders benefit from reduced transaction fees, staking rewards, and access to premium features. SEI can be used to facilitate transactions on the platform, participate in staking programs to earn rewards, and be exchanged for other digital assets.
Recent Performance:
Current Price: 0.3801€
Percentage Increase/Decrease: + 20.59% (1-day)
Market Cap: 1,206,973,646 €
Rank on CoinMarketCap: #67
🚀 Bitcoin Soars Again: Setting Course for $67,000!
Bitcoin experienced another spectacular surge, surpassing $66,000 in the evening of July 19. This sudden rise occurred in a context of political confusion in the United States, fueled by rumors of a possible withdrawal by Joe Biden from seeking reelection. The impact of the global computer crash involving Microsoft CrowdStrike software also played a role in strengthening Bitcoin's appeal as a safe haven asset. Mass liquidations of short positions contributed to this surge, with losses of over $170 million in 24 hours.
Current conditions seem favorable for further Bitcoin growth. Technical indicators and positive market movements support investor optimism. Perpetual futures contract funding rates have returned to flat levels, suggesting regained stability. In addition, interest in Bitcoin ETFs remains strong and signals sustained investor confidence in Bitcoin's potential. However, challenges remain, including the recent BTC repayments by the Mt. Gox exchange and signs of global economic weakness. Despite this, analysts remain overall optimistic about Bitcoin's continued progress.