📉 Bitcoin on red alert: Is the collapse towards $50,000 inevitable?
📉 Bitcoin on red alert: Is the collapse towards $50,000 inevitable?
Welcome to the Daily Tribune Saturday, September 07, 2024 ☕️
Hello Cointribe! 🚀
Today, it is Saturday, September 07, 2024, and like 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:
Stormy ⛈️
24h crypto recap! ⏱
🗳️ Trump widens the gap on Polymarket: a crypto-deciding advantage?
Donald Trump is leading Kamala Harris in the polls ahead of the 2024 U.S. presidential election, with a 7-point advantage. This momentum is partially fueled by his public support for cryptocurrencies, particularly Bitcoin, which he wants to position as a strategic pillar of the American economy. Trump stands out with a pro-crypto approach that appeals to investors and young voters, in contrast to the more moderate and regulatory positions of Harris. This political shift could mark one of the first American elections where cryptocurrencies play a central role, potentially influencing the votes of a significant portion of the electorate.🔗Read the full article here.
📉 Ethereum at its lowest on exchanges: An exodus towards decentralization
In 2024, Ethereum reserves on centralized exchange platforms reached a historically low level, unseen since 2016. This significant drop, marked by a withdrawal of over 2.3 million ETH since the beginning of the year, reflects a growing trend among investors to prioritize the self-custody of their assets. This trend is primarily driven by the rise of decentralized finance (DeFi) and Ethereum staking, which offer investors safer and more profitable alternatives to hold and grow their cryptos. Increasing concerns about security and regulation are also pushing users to flee centralized exchanges in favor of private custody solutions, reinforcing the decentralization of the market.🔗 Read the full article here.
🇻🇪 Bitcoin: The bold bet to save the Venezuelan economy
Faced with the economic collapse of Venezuela, María Corina Machado, a figure of the opposition, proposes a radical strategy: to use Bitcoin as a national reserve. With inflation estimated at 1,700,000% and a massive devaluation of the bolivar, Machado sees Bitcoin as a solution to protect citizens' assets and stabilize the economy. She envisions Bitcoin as a "humanitarian tool" and a strategic lever to build a new democracy and restore economic confidence. This plan, although risky, could serve as a model for other struggling nations looking to free themselves from international financial pressures while ensuring economic sovereignty. However, the implementation of this project would face numerous challenges, including regulation and market volatility of cryptos.🔗 Read the full article here.
💳 Mastercard revolutionizes payments
Mastercard, in partnership with Mercuryo, launches a Bitcoin card allowing users to pay directly in cryptocurrency at over 100 million merchants worldwide, without prior conversion to fiat currency. This self-managed card gives users complete control over their assets, allowing them to spend their cryptos easily and securely. With moderate fees, the card offers a practical and revolutionary alternative for Bitcoin holders, removing barriers between traditional payments and the blockchain. This initiative is part of a broader strategy by Mastercard to integrate cryptos into the daily economy.🔗 Read the full article here.
The crypto of the day: Sui (SUI)
Sui is an innovative blockchain that emphasizes scalability and speed, aiming to solve the limitations of traditional blockchains through its unique architecture based on parallel transaction models. This technology enables fast transactions and low latency, optimizing performance for users and developers.
The native crypto, SUI, plays a key role in the network as a means of payment for transaction fees and gas, and is used for protocol governance. Initially distributed through public sales and private allocations, SUI offers benefits such as reduced fees and privileged access to network services, encouraging active use of the platform.
Recent performance
Current price: €0.8725
Increase/decrease in percentage: 6.84% (increase over 1 day)
Market capitalization: €2,329,111,581
Rank on CoinMarketCap: #31
📉 Bitcoin under pressure: towards a fall below $50,000?
Bitcoin is experiencing a new wave of pressure as financial markets are shaken by disappointing U.S. economic indicators. The recent U.S. jobs report, revealing the creation of only 142,000 jobs against the expected 160,000, has plunged Bitcoin to $53,829, its lowest since early August. This context of heightened nervousness among investors, combined with speculation about future decisions by the Federal Reserve, intensifies uncertainty in the markets. As a result, cryptos, just like traditional assets, have seen their volatility increase, with a massive withdrawal of investors from Bitcoin ETFs, which recorded a net outflow of $211 million in a few days.
Arthur Hayes, co-founder of BitMEX, sounds the alarm on this downward trend, estimating that Bitcoin might slip below the $50,000 threshold. For him, the recent liquidation of positions and the disengagement of institutional funds such as Grayscale and Bitwise indicate a significant loss of confidence in Bitcoin's resilience to current economic challenges. The coming days will be crucial in determining whether Bitcoin manages to stabilize its price or continues its descent, marked by a market dynamic more fragile than it appears.
🔗 Read the full analysis here.
