Bitcoin: Hedge Funds bet on an imminent drop 📉
Welcome to the Daily Tribune on Tuesday, May 28, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, May 28, 2024, and like every day from Tuesday to Saturday, we summarize the news of 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! ⏱
Argentina and El Salvador unite 💼
Argentina is getting closer to El Salvador, a pioneer in the crypto field, to integrate digital assets into its economy. Under the impetus of pro-bitcoin President Javier Milei, Buenos Aires is engaging in discussions with San Salvador to learn from its experience with bitcoin. In 2021, El Salvador became the first nation to adopt bitcoin as its official currency. This rapprochement aims to make bitcoin a major currency, challenging the dollar and traditional currencies. The Argentine Minister of Foreign Affairs recently mentioned the legalization of crypto payments, marking a step towards a new financial era in Latin America. 🔗 Read the full article here.
60% of Americans are in the dark 🤔
Despite the rise of cryptocurrencies, 60% of Americans still do not understand the basic concepts of blockchain in 2024. This lack of understanding is particularly pronounced among young Generation Z and even among investors themselves, with 35% admitting their lack of knowledge. However, millennials seem to be more familiar with the subject, although significant disparities remain between genders. The study also reveals a strong desire for learning, with 27% of respondents seeking to deepen their knowledge through educational resources. This appetite for education highlights the importance of popularization to firmly anchor crypto in American society. 🔗 Read the full article here.
Hedge funds predict a Bitcoin drop 📉
Hedge funds are taking net short positions on bitcoin (BTC) and ether (ETH) futures contracts, anticipating an imminent drop. According to an analysis by Kaiko, these funds are using this hedging strategy to protect themselves against the extreme volatility of the cryptocurrency market. Perpetual futures contracts, with often higher financing rates than 0.07%, play a central role in this approach, indicating strong demand for long positions. However, the caution of hedge funds in the face of possible overvaluation of assets suggests anticipation of a short-term correction. This sophisticated risk management strategy could signal an upcoming price drop, influencing the overall sentiment of the crypto derivatives market. 🔗 Read the full article here.
Uniswap hides 40 million dollars for mysterious activities 💸
The Uniswap Foundation has recently revealed its significant digital assets, totaling over 41 million dollars in fiat and stablecoins, as well as 730,000 UNI tokens. These reserves are intended for grants and rewards for employees. In parallel, Uniswap is preparing for an important vote at the end of May on a new fee allocation mechanism aimed at strengthening the decentralized governance of its network. This initiative could redistribute some of the revenues to token holders and marks a significant step towards greater decentralization, although the SEC is closely monitoring these developments for regulatory reasons. The year 2024 could be decisive for Uniswap and DeFi, with clear ambitions for an open and transparent financial ecosystem. 🔗 Read the full article here.
Crypto of the day: Lido DAO (LDO)
Notcoin is based on the TON blockchain, bringing innovations in transaction speed and scalability. Its added value lies in its easy integration with decentralized applications (dApps) and its ability to handle multiple users simultaneously.
The NOT token is mainly used for transaction fees on the network and to participate in governance. Distributed via airdrops and reward programs, it offers advantages such as fee discounts and voting rights on network improvement proposals. Usable in various ecosystems, it supports applications ranging from gaming to decentralized finance (DeFi).
Recent performance
Current price: 0.00785 €
Percentage increase/decrease: +40.14% (1-day increase)
Market capitalization: 806,377,715 €
Rank on CoinMarketCap: 101
Bitcoin: A rise to $80,000 by the end of May? 📈
BitQuant, an influential technical analyst, predicts that Bitcoin could reach a new all-time high of $80,000 by the end of May and $95,000 in June. This prediction is based on a technical analysis of current market trends and has sparked enthusiastic support among cryptocurrency supporters. BitQuant believes that the technical signals are favorable and anticipates a natural but not alarming correction after reaching near $100,000. However, this optimistic outlook is countered by other experts who warn of market volatility.
Michael Von de Poppe, another reputable trader, takes a more cautious position, predicting that Bitcoin will stay between $67,500 and $68,000 with short-term fluctuations. Willy Woo, a respected analyst, although confident in the long-term potential of Bitcoin, prefers to remain reserved about precise predictions for the month of June. These diverging opinions reflect the complexity and unpredictability of the cryptocurrency market. Despite these contrasting views, optimism remains among Bitcoin supporters, and the weeks to come will be crucial in observing the evolution of these predictions.