🌟 Bitcoin Hits Hard: The Secrets Behind Its Spectacular Rise!
Welcome to the Daily Tribune on Wednesday, February 28th, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, February 28th, 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:
Sunny ☀️
24-hour crypto summary ! ⏱️
🚀 DeFi: Ethereum and Its Impressive Rise!
Ethereum has recently stormed the decentralized finance (DeFi) world with an impressive surge, flirting with $3,300 and pushing its market value close to $357 billion. This rise is fueled by anticipation of the Dencun update, scheduled for March 2024, which promises to bring significant improvements to the network, including a drastic reduction in gas fees thanks to the EIP-4844 proposal. The enthusiasm for Ethereum is also illustrated by a 10% increase in the Total Value Locked (TVL) in layer 2 solutions, reaching nearly $30 billion, which demonstrates renewed confidence in its ability to evolve and offer viable alternatives to reduce congestion and high transaction costs.
The increasing adoption of DeFi platforms on Ethereum signals a paradigm shift in the financial world, with a trend towards locking a larger portion of ETH crypto on these platforms, thus reducing the available supply and potentially pushing prices upwards. Bernstein Research emphasizes the growth of the DeFi ecosystem and layer 2 networks as key elements supporting Ethereum's robustness against Bitcoin. With a 33% increase since the beginning of the year, even surpassing Bitcoin, Ethereum displays strong bullish signals, keeping its value well above the 50-day and 200-day exponential moving averages. However, special attention should be given to the Relative Strength Index (RSI), which signals a possible overheating of the market, potentially leading to a correction.
The recent explosion of Ethereum in the DeFi field goes beyond a simple price increase; it represents a crucial evolution in the way decentralized finance may reshape traditional financial services. Likewise, the Dencun update and the EIP-4844 are not just technical improvements; they represent a strategic turning point towards greater scalability and efficiency, essential for mass adoption. This DeFi rally highlights Ethereum's transition to an ecosystem where finance operates seamlessly, without intermediaries, with profound implications for liquidity, access to capital, and financial democratization. The real question is whether the current infrastructure can support exponential growth without compromising security or accessibility, a challenge these updates seek to address.
💼 MicroStrategy Boosts Its Bitcoin War Chest!
MicroStrategy, under the guidance of Michael Saylor, continues to strengthen its position in the Bitcoin ecosystem by adding an additional 3,000 BTC to its reserves, bringing the total to 193,000 coins. This recent acquisition, valued at $155 million, was made between February 15th and 25th at an average price of $51,813 per BTC. With a total investment of about $6.09 billion to accumulate these bitcoins, the average purchase cost of the company's entire reserves amounts to $31,544 per coin. Michael Saylor, the visionary CEO behind this Bitcoin accumulation strategy, sees it as a long-term vision, considering Bitcoin as the ultimate safe haven, surpassing all other forms of traditional assets.
In addition to its aggressive approach to accumulating bitcoins, MicroStrategy places paramount importance on securing its digital treasury. The company entrusts 98% of its BTC reserves to Fidelity, known for its rigorous protection measures for digital assets, and diversifies its custody strategy by also partnering with Coinbase Prime. This dual strategy aims to maximize security and optimal management of the company's crypto assets, a crucial step as MicroStrategy's BTC holdings now represent nearly 2% of Bitcoin's total circulating supply. This bold strategy has not only solidified MicroStrategy's position as a major player in the Bitcoin ecosystem but has also paid off, with MSTR's stock soaring over 300% since the beginning of 2023, driven by the historic rise in Bitcoin prices.
MicroStrategy's Bitcoin accumulation strategy reveals a new financial doctrine where Bitcoin is seen not only as a store of value but as a central strategic asset in the war against inflation and monetary devaluation. This bold and unconventional approach challenges financial orthodoxy and suggests a new era of corporate treasury management where Bitcoin becomes an instrument of diversification and protection of purchasing power.
⚖️ Ripple Faces a New Legal Challenge With a Class Action Lawsuit!
Ripple, the company behind the XRP cryptocurrency, is facing a major new legal challenge in California, where it is accused of conducting unregistered sales of XRP, thereby violating securities laws. This class action lawsuit, filed on behalf of two separate groups, represents individuals and entities who purchased XRP between July 3rd, 2017, and June 30th, 2023. The legal action is not limited to Ripple but also extends to Bradley Garlinghouse, its CEO, and XRP II, LLC, its subsidiary, all accused of selling XRP without the necessary registration with regulatory authorities, thus violating federal and California securities regulations.
This new lawsuit comes in the midst of an already complex legal context for Ripple, which has been engaged in a legal battle with the Securities and Exchange Commission (SEC) since 2020. Both cases seem to be linked by the central motive of unregistered sales of XRP cryptos. Ripple argues that XRP should not be classified as a security but rather as a digital currency used for international transactions. This distinction is crucial for Ripple because classifying XRP as a security would entail stringent regulatory requirements that lie at the heart of the legal battle the company is waging against the SEC.
The class action lawsuit against Ripple and its executives for alleged illegal sales of XRP goes beyond the legal framework to touch on a more fundamental question: the very nature of cryptocurrencies and their place within the existing regulatory framework. The outcome of this case could redefine the boundaries between digital currencies, financial securities, and utility tokens, profoundly influencing how cryptocurrencies are designed, issued, and marketed.
📈 Bitcoin Soars: Analysis of a Meteoric Rise!
Bitcoin (BTC) continues to surprise the market with an epic rally, recently breaking through the key resistance level of $55,000 to reach a valuation around $57,300. This surge, which saw Bitcoin gain 11.14% in valuation in just 24 hours, confirms the expectations of asset manager VanEck regarding its resurgence in 2024. The sustained interest of institutional investors, coupled with general optimism in the cryptocurrency market, is identified as the main driver of this rise. On-chain data reveals a steady accumulation of bitcoins by whales, indicating strong long-term bullish sentiment and highlighting the growing attractiveness of the asset to investors seeking sustainable profits.
While some, like Michaël van de Poppe, had predicted a 40% drop in its valuation in an austere macroeconomic context, reality seems to be moving in the opposite direction. Renowned investor Robert Kiyosaki has bet on Bitcoin reaching $100,000 by June 2024, a prediction that seems to be gaining credibility given recent performance. Despite a general bullish sentiment, the presence of short sellers betting against Bitcoin only increases market optimism, suggesting a continuation of the upward trend in the price of Bitcoin in the short term, at least.
Faced with macroeconomic uncertainties, monetary crises, and inflation, Bitcoin positions itself as a counterweight. That's its strength!
Crypto of the Day: JasmyCoin (JASMY)
JasmyCoin (JASMY) represents a significant innovation in the Internet of Things (IoT) space. By leveraging the Ethereum blockchain, Jasmy aims to democratize access to data by enabling users to control, share, and monetize their personal data securely. Jasmy's value proposition lies in its ability to provide a decentralized platform that ensures data privacy while fostering an open and fair data ecosystem.
The native crypto, JASMY, serves as the currency within this ecosystem, enabling transactions and rewards. Initially distributed through a public sale, JASMY offers several advantages to its holders, including the right to participate in network governance, access to specific services, and the opportunity to earn rewards by sharing their data. Users can also use JASMY to purchase secure data storage services and other IoT services within the Jasmy ecosystem.
Recent Performances
Current Price: $0.018979685347978864 USD
Percentage Increase/Decrease: 24.49791765% (rise in 1 day)
Market Cap: $935,698,481.5281382 USD
Rank on CoinMarketCap: 89
Crypto Analysis of the Day: Dogecoin (DOGE)
Recently, DOGE has experienced a spectacular rebound, with an increase of over 17%. This movement raises the question: Are we witnessing the grand return of meme coins? To understand this dynamic, it is essential to examine the technical and speculative mechanisms underlying this evolution.
Dogecoin recently flirted with the $0.10 resistance level before experiencing a correction, bringing it back to $0.075. However, this price level has not acted as a point of support but rather the beginning of a consolidation marked by an upward breakout. This consolidation phase around the 61.8% Fibonacci retracement level is particularly noteworthy, emphasizing the strategic importance of the $0.075 threshold. The crossing of the 50-day and 200-day moving averages further reinforces the idea of a bullish trend for DOGE, although the prospect of a short-term consolidation or correction looms, as indicated by the RSI's return to overbought territory.
In the derivatives market, the open interest of DOGE/USDT perpetual contracts has seen an increase parallel to its price, signaling speculative interest leaning towards buying. This situation is corroborated by a liquidations heatmap showing a significant liquidation zone recently reached by DOGE. If the price remains above $0.08, the path seems clear towards $0.10 - $0.11, or even $0.16, marking a potential increase of over 60%. However, a decline below $0.08 could trigger a correction towards $0.075 or even $0.065, translating to a decrease of about 35%.