🛑 Bitcoin Halving 2024: Why the expected effect is not on schedule!
🛑 Bitcoin Halving 2024: Why the expected effect is not on schedule!
Welcome to the Daily Tribune Friday, September 6, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, September 6, 2024, and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
🛑 Bitcoin: A 2024 Halving that disappoints
The Bitcoin halving in April 2024 did not produce the expected effects, leaving the cryptocurrency still 10% below its all-time high of 2021. Traditionally, a reduction in the post-halving mining supply should have boosted the price of Bitcoin, but this time, the market is stagnant, intensifying investors' concerns. In addition to this internal dynamic, macroeconomic uncertainty, notably the upcoming decisions by the US Federal Reserve on interest rates, weighs heavily on the trajectory of Bitcoin. While some hope for a rebound if the Fed cuts rates, others fear an additional drop of 20%, highlighting the current instability of the market.🔗Read the full article here.
🚀 Shiba Inu revolutionizes Blockchain development
Shiba Inu (SHIB) continues to surprise the crypto world with the launch of ShibDev, a portal dedicated to developers designed to stimulate innovation on its second-layer blockchain, Shibarium. ShibDev offers powerful tools such as API key management, access to nodes, and an intuitive interface to create decentralized applications (dApps), making development more accessible and smooth. The portal responds to the varied needs of developers, whether they are working on DeFi projects, NFTs, online games, or DAOs, while providing a testing environment and detailed resources. ShibDev positions Shiba Inu not just as a memecoin, but as a robust blockchain development platform ready to compete with giants like Ethereum.🔗 Read the full article here.
📊 Bitcoin: A record hashrate despite challenging conditions
The hashrate of Bitcoin reached 665 exahashes per second (EH/s) on September 4, 2024, approaching its historical record of 677 EH/s despite a 2.99% increase in mining difficulty and a decrease in miner revenues. This resurgence in power shows that miners remain active, aided by high transaction fees, the introduction of more efficient mining equipment, and the sale of shares in listed mining companies. However, economic conditions remain challenging, with revenues per petahash still low. To continue to thrive, miners may need to adopt innovative strategies such as renewable energy or diversify their activities.🔗 Read the full article here.
📈 XRP: Trading volume explodes by +45% in 24 hours!
XRP recorded an impressive surge in its trading volume, with a 45% increase in the derivatives market, reaching $1.13 billion in 24 hours. This performance places XRP in eighth position in the crypto derivatives market, while in the spot market, the trading volume also rose by 33.22%, reaching $1.085 billion. This resurgence in activity occurs despite Ripple's recent release of a billion tokens and seems driven by the resurgence of volatility in financial markets. Traders are taking advantage of this increased volatility and using hedging and speculation strategies to capitalize on price fluctuations, although this dynamic may change rapidly depending on future economic developments.🔗 Read the full article here.
Crypto of the day: MultiversX (EGLD)
MultiversX (EGLD) is an innovative blockchain distinguished by its highly scalable architecture and its ability to handle a high number of transactions per second through adaptive sharding. Its added value lies in the speed and efficiency of transactions, providing a viable solution for decentralized applications and businesses seeking to integrate blockchain into their operations.
The native crypto EGLD is primarily used to pay transaction fees, secure the network through staking, and participate in governance. EGLD holders benefit from incentives in the form of staking rewards and have the opportunity to participate in key network decisions. Used for payments, governance, and to support the dApp ecosystem, EGLD combines utility and value in the crypto universe.
Recent Performance
Current price: €24.68
Percentage increase/decrease: -7.59% (decrease over 1 day)
Market capitalization: €674,711,963
Rank on CoinMarketCap: #81
📉 Crypto: Cardano (ADA) drops 66%, an opportunity to seize? Technical analysis of September 5, 2024
Cardano (ADA) recently went through a period of high volatility, marked by a drop of 66% after reaching a peak of $0.80. Since this peak, ADA has oscillated between several support and resistance levels, undergoing a significant contraction down to $0.45 before hitting a low of $0.28. The current trend is clearly bearish, confirmed by the 50 and 200-day moving averages, as well as by market indicators showing persistent selling pressure. Although the price has recently rebounded slightly to reach $0.40, the lack of buying support remains concerning, and traders should monitor key levels of $0.30 for a potential bullish recovery.
In the derivatives market, the volume of ADA/USDT perpetual contracts experienced an increase followed by a decrease, reflecting continued selling pressure. The heat map of liquidations indicates that critical areas are around $0.31, which could trigger increased volatility if the price approaches these levels. Projections for ADA remain uncertain: a recovery above $0.30 could lead to a rise towards $0.40 and beyond, while failure to maintain this support could push ADA towards new lows at $0.24.
🔗 Read the full analysis here.
