💥 Bitcoin in free fall, Ethereum experiences massive outflows, and Bittensor hacked!
Welcome to the Daily Tribune, Thursday, July 04, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, July 04, 2024, and like every day from Tuesday to Saturday, we summarize the news from the past 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 in disarray: Black day for the crypto market 🌑
The crypto market experienced a day of major turbulence, with a significant drop in Bitcoin, which is dangerously approaching $60,000. Currently at $60,700, Bitcoin has decreased by 3% in the day and 1.4% in the week. Major altcoins like Ethereum, BNB, SOL, and DOGE also recorded significant declines, while XRP managed to stay in the green thanks to positive legal news regarding Ripple and the SEC. This plummet is attributed to the caution of the US Federal Reserve about a possible interest rate cut, expressed by Jerome Powell, and manipulative liquidity movements on exchanges. The upcoming economic and political decisions will be crucial for the future trajectory of the crypto market. 🔗 Read the full article here.
Ethereum in crisis: The largest capital outflow since August 2022 🚨
The Ethereum blockchain is going through a period of turbulence with a capital outflow of $61 million in just one week, according to a report by CoinShares. This is the worst performance for Ethereum since August 2022, marking the third consecutive week of capital outflows for digital assets. Trading volume has indeed increased by 43%, but remains below the annual average, indicating a decline in investor confidence. Meanwhile, Bitcoin, Solana, and Litecoin are experiencing capital inflows, contrasting with Ethereum's situation. This massive outflow could encourage dApps and ERC-20 token developers to turn to competing platforms. 🔗 Read the full article here.
Crypto: Ripple teams up with Binance to counter the SEC ⚖️
Ripple has recently leveraged a favorable court decision regarding Binance to strengthen its defense against the SEC. On June 28, the United States District Court for the District of Columbia partially dismissed the SEC's charges that certain cryptocurrency sales were equivalent to securities sales. Ripple quickly highlighted this decision in reference to a previous ruling by Judge Analisa Torres, which distinguishes sales on the secondary market from institutional sales. This decision criticizes the SEC's strategy of regulating the crypto industry through litigation without providing sufficient clarity, thus supporting Ripple's argument for the need to clarify the legal status of cryptocurrencies. Ripple is using this argument to challenge the severity of the sanctions requested by the SEC and demonstrate that it did not act in contempt of the law. This case highlights the complexity of crypto regulation and could significantly influence the future of digital asset regulation. 🔗 Read the full article here.
Crypto: Bittensor's TAO collapses 15% after massive attack 💥
The Bittensor blockchain has suffered a major attack, resulting in a 15% drop in its native cryptocurrency, TAO. The incident led to the theft of $8 million from a user's wallet, forcing developers to temporarily suspend the network to limit the damage. The attack, which targeted several wallets, emptied one of them of 32,000 TAO, causing the price to drop from $281 to $237 in a matter of hours. Ala Shaabana, co-founder of Bittensor, announced the activation of the blockchain's "safe mode" to maintain block production while freezing transactions. Analysts suspect a compromised private key as the main vector of the attack. Despite this setback, Bittensor remains strong with a market capitalization of $1.6 billion, thanks to its innovative technology that interconnects machine learning models on a global scale. 🔗 Read the full article here.
Coin of the day: Celestia (TIA)
Celestia is an innovative modular blockchain designed to separate the consensus layer from the transaction processing layer, offering increased scalability and flexibility. This architecture allows developers to deploy custom blockchains without having to manage their own validation network, reducing costs and complexities.
Celestia's native cryptocurrency, TIA, is mainly used to secure the network through staking and to pay transaction fees. Initially distributed through a private sale and community airdrops, TIA offers benefits such as staking rewards and participation in governance decisions. Token holders can also use TIA to interact with services and applications deployed on the Celestia platform.
Recent Performance:
Current Price: €4.66
Percentage increase/decrease: -12.95% (in 1 day)
Market Cap: €909,216,111
CoinMarketCap Rank: #67
Solana's rebound? Analysis of July 03, 2024
Solana recently bounced for the third time on the support level of $125, after a drop of over 40% from its peak at $211. This bullish movement is partly due to ETF announcements by Canadian and American institutions, creating optimism among investors. However, Solana did not experience the same impact as Bitcoin during similar announcements, remaining heavily influenced by the overall decline in the crypto market. Currently, the price of Solana is trading around $145, below its 50-day moving average but above its 200-day moving average, suggesting potential future volatility. Oscillators show increasing buying interest, indicating that Solana could form a bottom before a bullish continuation.
The open interest of SOL/USDT contracts and positive funding rates show a majority participation of buyers. Despite low liquidations, critical liquidation zones are located around $137 and $180, which could lead to increased volatility if the price approaches them. If Solana remains above $125, a rise towards $170 or even $190 is possible, with potential resistances at $210 and $265. In case of a drop below $125, support levels are at $110, $100, and $86. The medium to long-term trend remains positive, but caution is advised in the face of possible unpredictable market movements.