📉 Bitcoin spot ETFs in free fall: Concerning decrease in trading volume!
📉 Bitcoin spot ETFs in free fall: Concerning decrease in trading volume!
Welcome to the Daily Tribune, Wednesday August 21st, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday August 21st, 2024 and like every day from Tuesday to Saturday, we will 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 spot ETFs reach historical low since February
The market for Bitcoin spot ETFs in the United States is going through a period of marked slowdown. The volume of transactions has dropped to $779.87 million, a level never seen since February, in stark contrast to the peak of $5.24 billion reached in early August. This decline is attributed to a consolidated market, where investors are adopting a waiting attitude due to economic uncertainties and summer vacations. Despite this, some funds like those of BlackRock and Fidelity have seen significant net inflows, while others, like the Bitwise ETF, have experienced significant outflows. Meanwhile, Ethereum ETFs have also recorded their lowest trading volume, with net outflows of $13.52 million, exacerbated by regulatory concerns and controversies surrounding Solana ETFs. 🔗Read the full article here.
🚀 Dogecoin jumps 6% after Elon Musk's announcement
Dogecoin (DOGE) recorded a significant increase of 6% after Elon Musk reacted positively to a suggestion on the X platform (formerly Twitter). During a campaign stop, Donald Trump offered Musk a role in his administration if reelected. Musk, known for his humor and support for Dogecoin, quickly accepted Trump's proposal by stating, "I am ready to serve." This interaction immediately ignited the crypto community, propelling the price of Dogecoin to $0.1052 in just a few hours, once again demonstrating the significant impact of Musk's actions on the crypto markets. 🔗 Read the full article here.
💸 Solana faces record outflow of $39 million
Solana is facing a massive outflow of capital, amounting to $39 million, a record for the network. This withdrawal is largely due to the sharp decline of memecoins such as Bonk (BONK) and Dogwifhat (WIF), which lost 12.9% and 22.1% of their value respectively in one week. The enthusiasm for these cryptos had initially boosted the Solana ecosystem, but their decline has led to a significant drop in trading volumes, highlighting Solana's dependence on these speculative assets. This critical situation is pushing Solana to consider a strategic reevaluation to diversify and stabilize its ecosystem, as its reputation as an alternative to Ethereum could be at stake if it fails to attract new growth drivers. 🔗 Read the full article here.
🐋 Bitcoin whales' decisions threaten market stability
The Bitcoin market is at a critical turning point as whales, those large BTC holders, are torn between cashing in their profits and maintaining a bullish outlook. Recently, whales have cashed out over $92.7 million, reflecting caution that could trigger a short-term bearish trend. However, at the same time, substantial amounts of Bitcoin have been withdrawn from exchanges, a movement often seen positively as it reduces the likelihood of immediate sales. This could support prices and even initiate a rally. Nevertheless, the market remains under pressure: if Bitcoin surpasses $60,000, massive liquidations could occur, increasing volatility. The support level at $56,427 is crucial, but the $60,000 threshold must be carefully monitored as it could trigger significant fluctuations. 🔗 Read the full article here.
Cryptocurrency of the day: TRON (TRX)
The Tron blockchain stands out for its goal of offering a decentralized infrastructure that allows content creators to directly share their works with the public, without intermediaries. This innovation aims to revolutionize the entertainment industry by empowering creators and reducing costs for consumers.
Tron's native cryptocurrency, TRX, plays a crucial role as a means of transaction on the network. Initially distributed through an ICO in 2017, TRX is used to pay transaction fees, earn rewards for block validation, and participate in network governance. TRX holders benefit from low-cost usage, fast transaction speeds, and the ability to stake their tokens to generate passive returns.
Recent Performances
Current price: €0.1506
Percentage increase/decrease: +12.37% (1-day increase)
Market capitalization: €14,237,684,409
Rank on CoinMarketCap: #10
💥 Goldman Sachs revises its forecasts: A blow for Bitcoin?
Goldman Sachs recently lowered its recession forecasts for the United States, reducing the probability from 25% to 20%. This revision is motivated by positive economic signals, such as the unexpected 1% increase in retail sales in July and the decrease in weekly unemployment claims, indicating continued resilience in the job market. These factors suggest that the US economy could avoid an imminent recession, thus strengthening confidence in traditional financial markets. However, Goldman Sachs remains cautious, noting that this revision could be adjusted based on upcoming economic reports, particularly those on September employment.
For the Bitcoin market, this news is less encouraging. The revision of recession forecasts could limit Bitcoin's appeal as a safe haven, a role it has often played during times of economic turmoil. Although some traders may hope for a decrease in interest rates in September, this prospect is risky. A rate reduction could signal a broader economic slowdown, which has not always benefited Bitcoin in the past. In 2019, a series of rate cuts initially boosted Bitcoin before its value dropped significantly, highlighting the volatility and unpredictability of crypto markets in response to major economic decisions.
🔗 Read the full analysis here.
