Bitcoin falls, Ethereum attracts whales 🌊
Welcome to the Daily of Tuesday, December 12, 2023 ☕️
Hello Cointribe! 🚀
Today is Tuesday, December 12, 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:
Partly Cloudy ⛅
24-hour crypto summary ! ⏱️
📉 Bitcoin: Roller Coaster!
Bitcoin has recently experienced a significant fall, briefly dipping below the $40,000 mark. This 7.5% drop, followed by a slight recovery, has reignited discussions about the stability and future of this virtual currency. The volatility of Bitcoin, influenced by various factors such as regulatory decisions and market fluctuations, is a well-known phenomenon.
The cyclical nature of financial markets, whether traditional or digital, is reflected in the dynamics of Bitcoin. Experts like Richard Galvin from Digital Asset Capital Management view these fluctuations not as a cause for alarm, but as a necessary readjustment. Despite the recent fall, it should not be forgotten that Bitcoin has recorded an impressive increase of over 150% since the beginning of the year. Investors remain attentive to the decisions of the U.S. Federal Reserve regarding inflation and monetary policy, which could influence the future of this cryptocurrency. In this context, Bitcoin, although wavering, continues to generate significant interest and speculation.
The recent fall of Bitcoin reflects its inherent volatility, a characteristic trait of cryptocurrencies. This instability, while a source of concern for some, offers buying opportunities for others.
🔄 Mike Novogratz: From Critic to Admirer of XRP
Mike Novogratz, CEO of Galaxy Digital, is known for his criticism of Ripple's XRP. However, he recently changed his mind, publicly admitting that he was wrong about the relevance of this cryptocurrency. This change of heart follows Ripple's significant legal victories in 2023. Novogratz, who had previously expressed doubts about the long-term viability of XRP, now recognizes the positive impact of the XRP community in improving the ecosystem around this cryptocurrency.
XRP, despite experiencing a 6% drop in the past 24 hours in a broader market correction, remains a subject of interest. Analysts anticipate a potential rebound of XRP and suggest that its price could reach a key Fibonacci level after the correction. Currently trading around $0.62 and remaining above the 200-day exponential moving average, the recovery of XRP is expected.
Mike Novogratz's change of opinion regarding Ripple's XRP demonstrates that expert perspectives and market trends are prone to rapid reversals, particularly in the face of legal and regulatory developments.
🐳 Ethereum: Whales Seize the Opportunity
Ethereum (ETH) has recently experienced a significant drop of over 5%, a movement that has been seen by some strategic investors as an opportunity to accumulate more ETH at favorable prices. Lookonchain data reveals that a whale has deposited $55 million in USDT on Binance, indicating a clear intention to buy more ETH during this period of decline. And this behavior is not isolated!
DWF Labs, a major player in the cryptocurrency market, has also revealed its largest accumulation of ETH in the past two months, transferring 280 ETH ($626,000) from Bitfinex. This strategic accumulation underscores the continued confidence of major players in the long-term stability of Ethereum, even in a period of correction. Although the cryptocurrency market is dominated by Bitcoin, several analyses suggest that Ethereum remains undervalued compared to its strong fundamentals.
The accumulation of Ethereum by whales during its price correction suggests continued confidence in its long-term potential. This indicates that institutional investors see beyond short-term fluctuations, focusing on Ethereum's solid fundamentals and its growing role in decentralized finance (DeFi) and blockchain applications.
🌐 Putin and Blockchain: Towards New International Transactions
Vladimir Putin, at the VTB Bank's "Russia Calling" forum, discussed radical changes in global economic relations attributed to the emergence of a multipolar model. He criticized the attempts of Western elites to contain global economic growth through sanctions and conflicts, highlighting that these actions have discredited dollar and euro transactions via the SWIFT network. Putin emphasized Russia's resilience in the face of these sanctions, including detaching from Visa and Mastercard systems and turning to alternative national and international solutions.
Putin mentioned the use of blockchain and central bank digital currencies (CBDC) for international transactions, suggesting a transition to more advanced technologies. He had previously mentioned the possibility of using bitcoin for payments and even as a reserve currency. Bitcoin, with its characteristics as a reserve currency and payment system, could become a viable alternative to the dollar/SWIFT duo. Russia is also working on a CBDC for daily use, although this initiative raises some concerns.
Putin's interest in blockchain and CBDC as alternatives to traditional financial systems highlights a strategic move towards de-dollarization in international transactions. This could signal a transition towards a more fragmented and multipolar global financial architecture, where blockchain plays a key role in creating alternative payment systems that are potentially more resilient to political influences and sanctions.
🌐 Rayn reinventing savings with blockchain and AI
Rayn, formerly known as Akt.io, is an innovative company based in France that is redefining the concept of savings using blockchain and artificial intelligence. Registered as a Digital Asset Services Provider (PSAN) by the French Financial Markets Authority (AMF), Rayn focuses on improving savings for individuals in Europe. Their main offering, the "Coffre Flex", offers a competitive interest rate, with daily interest payments, highlighting the active valuation of users' savings.
At the heart of Rayn's strategy is the use of blockchain for increased transparency and security, which provides individuals with visibility and control comparable to that of financial institutions. In parallel, the company employs artificial intelligence for sophisticated risk management, adapting asset allocations to individual risk profiles and market trends. This innovative approach aims to democratize access to advanced financial tools, making investment accessible and simple, even for non-experts.
Crypto of the day: Oasis Network (ROSE)
Oasis Network (ROSE) is an innovative blockchain that focuses on privacy and scalability. It provides a unique platform for decentralized applications (dApps) and non-fungible tokens (NFTs), while integrating advanced privacy features. This approach not only allows for more efficient and secure transactions but also enables the private and reliable management of sensitive data, opening up new possibilities in decentralized finance (DeFi) and personal data.
The native cryptocurrency of the Oasis Network, ROSE, plays a central role in the operation and security of the network. It is used for transaction fees, delegation, and validation as part of the network's proof-of-stake (PoS) consensus. ROSE holders can participate in network governance, earn rewards by staking their tokens, and contribute to the security and stability of the blockchain. The initial distribution of ROSE was carried out through various mechanisms, including public and private sales, ensuring broad distribution and community participation.
Recent Performance of Oasis Network (ROSE)
Current Price: €0.081
Price Change (24h): +2.05%
Market Cap: Approximately €546 million
Rank on CoinMarketCap: 93rd
Note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making a financial decision.
Crypto analysis of the day: Bitcoin (BTC)
Last week, Bitcoin experienced ups and downs, first reaching $42,000, then $45,000, before entering a phase of horizontal consolidation. But beware, this consolidation was broken downwards, pulling Bitcoin towards $40,300. Although this level attracted buying interest, temporarily pushing BTC back above $42,000, this interest did not persist. Currently, Bitcoin is trading around $41,800, remaining above its 50-day and 200-day moving averages. This indicates that, despite this decline, Bitcoin still maintains a medium-term bullish trend.
From a technical perspective, a daily divergence is confirmed, particularly on the RSI, signaling a possible upcoming bearish period. However, as long as Bitcoin holds above the psychological threshold of $40,000, there is hope for a rebound. If Bitcoin manages to surpass $42,000 again, the next target would be $45,000, representing an increase of nearly 9%. Conversely, if Bitcoin falls below $40,000, it could drop to $39,000 or even $38,000, marking a decrease of approximately 7%.
In conclusion, although Bitcoin has recently experienced an increase, reaching new annual highs, the recent drop raises questions. For now, it is too early to say that the overall trend is being questioned, but it is crucial to remain vigilant. Keep a close eye on price reactions at different key levels to confirm or refute current assumptions. And remember, cryptocurrencies are dynamic markets influenced by a multitude of factors, not just technical ones.
