🔻 Bitcoin flirts with danger!
Welcome to the Daily Tribune on Wednesday, May 15, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, May 15, 2024, 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 sunny 🌤️
24h crypto recap! ⏱
📉 Bitcoin on the edge of the abyss – far from the expected $70,000!
Bitcoin is currently in an uncertain period, far from the expected $70,000 per unit. The selling signals seem to dominate, with a low Coinbase Premium index indicating a lack of buying by US investors. This is accompanied by a general trend of selling rather than accumulating BTC. The recent price increases to $62,785 could turn out to be ephemeral, as the current market conditions do not favor a sustainable rebound. The situation is even more concerning given that the current Sharpe ratio indicates increased risk without proportional expected profits. 🔗 Read the full article here.
🌍 Bitcoin: El Salvador strengthens transparency with a dedicated website for its crypto treasury
El Salvador, a pioneer in adopting Bitcoin as legal tender, has recently strengthened the transparency of its Bitcoin reserves by launching a dedicated website. This site provides a complete view of the country's BTC holdings, including details of acquisitions, average purchase price, and unrealized profits, currently amounting to over $57 million. This step towards greater transparency could solidify El Salvador's position as a leader in the government use of Bitcoin, while offering a model for other countries interested in similar initiatives. 🔗 Read the full article here.
🚀 Crypto: Vitalik redefines gas fees with Ethereum EIP-7706!
Vitalik Buterin, co-founder of Ethereum, has introduced an innovative proposal, EIP-7706, to readjust transaction fees on the Ethereum blockchain. This proposal aims to create a more granular fee structure that separates transaction fees for data essential to the execution of smart contracts. The goal is to reduce costs for users and improve network scalability by optimizing gas management. This initiative could transform the way transactions and smart contracts are handled, improving the overall efficiency of the Ethereum network. 🔗 Read the full article here.
⚖️ The End of Bitcoin in the United States? The Senate takes action!
In the United States, the future of Bitcoin is currently threatened by new regulatory interpretations from the Department of Justice (DOJ), which could criminalize the development of non-custodial Bitcoin software. This development has sparked a firm reaction from influential members of the US Senate, who have written a letter to the Attorney General, strongly criticizing this interpretation as a direct threat to innovation and financial privacy. Senators fear that this approach will constrain technological developments in the field of cryptocurrencies and drive talent out of the United States. 🔗 Read the full article here.
Cryptocurrency of the day: Internet Computer (ICP)
Internet Computer (ICP) is a revolutionary blockchain designed to extend the functionality of the internet by supporting backend applications running directly on the web, eliminating the need for servers and commercial cloud services. Its unique infrastructure allows for rapid content deployment, advanced computing capabilities, and real-time interactions.
The native cryptocurrency, ICP, enables participation in network governance, rewards participants, and facilitates transactions within the ecosystem. The distribution of ICP has been done through public sales and allocations to key contributors, encouraging widespread distribution and active participation in the maintenance and growth of the network. ICP holders have voting rights in network governance and can earn rewards by supporting its operation and expansion.
Recent Performances of Internet Computer
Current Price: €12.07
Percentage Increase/Decrease: +1.08% (1-day increase)
Market Cap: €5,587,206,151
Rank on CoinMarketCap: #20
Technical Analysis of the Day: Bitcoin (BTC)
After a fall to $60,000, Bitcoin has shown signs of a rebound with a recent rise to $62,000, sparking renewed interest among buyers. However, the current price below the 50-day moving average and the stabilizing momentum of Bitcoin reveal a phase of indecision. Technical indicators, including oscillators, suggest that although Bitcoin is currently weak, it could potentially regain bullish momentum if current conditions persist.
In the derivatives market, particularly BTC/USDT contracts, open interest shows a slight buyer resurgence since mid-April, but funding rates fluctuate between positive and negative, reflecting a period of indecision among investors. Significant liquidation zones around $64,000 and $65,500 could play a key role in increasing volatility if the market reaches these levels. If Bitcoin maintains support above $60,000, a breakthrough beyond $64,000 could be conceivable, with further resistance around $67,000 to $68,000.
