⚡Bitcoin under fire from the ECB, the response is organized!
Welcome to the Daily Tribune of Thursday, October 24, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, October 24, 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:
Partially sunny 🌤️
24h crypto recap! ⏱
Bitcoin threatened by the ECB: Towards a shocking ban? 🚨
The European Central Bank (ECB) recently attacked Bitcoin in a report, describing the asset as volatile, unproductive, and concentrated in the hands of a few privileged individuals. These criticisms quickly provoked responses from the crypto community, particularly from Murray Rudd of the Satoshi Action Fund, who accuses the ECB of having a biased analysis and ignoring the technological advancements of Bitcoin.
The report would be motivated by an ideological war, especially since the authors are involved in the development of the digital euro. BTC defenders also point out that their criticisms of volatility do not take into account that this is a frequent characteristic of emerging technologies. They also contest the accusations regarding the unequal distribution of wealth in Bitcoin, reminding that the inflation of traditional currencies, like the US dollar, affects purchasing power far more severely.
Avalanche revolutionizes crypto payment with its Visa card 💳
Avalanche launches its Visa card, available in physical and digital versions, allowing users to spend cryptocurrencies such as USDC, AVAX, and other assets at establishments accepting Visa. This card, linked to a self-custodial wallet, ensures greater control over transactions while offering classic features such as 24/7 customer support and no additional fees.
Currently aimed at residents of Latin America and the Caribbean, the card is part of Avalanche's strategy to strengthen the institutional adoption of blockchain. This launch is accompanied by a partnership with Rain Liquidity, reinforcing Avalanche's expansion in the tokenized financial services market. However, users must be attentive to the tax implications of using cryptos for payments.
Bitcoin ready to take off: Signs of monumental ascent accumulate 🚀
Tether (USDT), the largest stablecoin in the world, reached a record capitalization of 120 billion dollars on October 20, 2024. This massive increase in the supply of stablecoins is often seen as a key indicator of a market crypto power surge, potentially announcing a rise in Bitcoin prices. Indeed, data shows that large amounts of Tether have been transferred to exchanges, a strong signal of increased cryptocurrency purchases.
Historically, the month of October, dubbed "Uptober", is favorable for Bitcoin increases, with average gains of 21%. If this trend continues, Bitcoin could surpass the $70,000 mark, triggering a bullish rally by the end of the month.
BlackRock strengthens its position on Bitcoin with a $43 million acquisition 💼
BlackRock, the largest asset manager in the world, recently strengthened its position in the cryptocurrency market by buying $43 million worth of Bitcoin through its iShares Bitcoin Trust (IBIT). This new investment brings its holdings to nearly 400,000 BTC, representing about 1.86% of the Bitcoins in circulation. The iShares Bitcoin Trust allows institutional investors to easily access Bitcoin without the constraints of direct holding.
Despite the volatility of financial markets, this acquisition shows BlackRock's confidence in Bitcoin's long-term potential. CEO Larry Fink sees Bitcoin as an important "independent asset" for diversifying investment portfolios and protecting against inflation.
The crypto of the day: Jupiter (JUP)
Jupiter (JUP) is a native cryptocurrency of a blockchain designed to provide privacy protection solutions and data management. The main innovation of this blockchain lies in its ability to guarantee decentralized and secure transactions while allowing a smooth exchange of data through solutions like Encrypted Messaging.
The JUP crypto has been distributed via airdrops and partnerships with exchange platforms. Its main advantages include fast, secure transactions, and reduced fees, making it an attractive choice for users looking to protect their data while benefiting from a decentralized infrastructure. It can be used to access services offered on the platform and for staking, thereby offering rewards to holders.
Recent performances
Current Price: €1.07
Percentage increase/decrease: +10.40% (over 1 day)
Market capitalization: €1.44 billion
Rank on CoinMarketCap: #56
Technical analysis of the day: Dogecoin (DOGE)
Dogecoin (DOGE) has recently shown signs of recovery, reaching a peak of $0.15 after consolidating around $0.10. This bullish movement was triggered by the breakout of a double bottom, bringing DOGE above several important resistances.
Currently, Dogecoin is trading just below $0.14, but remains above its 50, 100, and 200-day moving averages, indicating a positive trend in the medium and long term. Investor interest in DOGE is confirmed by an increase in DOGE/USDT perpetual contracts, although recent sell orders highlight some short-term pessimism.
The key zone to watch is the resistance at $0.15, which, if breached, could pave the way for further increases up to $0.16 or even $0.20. Conversely, a pullback below $0.13 could lead to a correction towards $0.12 or even $0.10. The liquidation levels identified around $0.13 and below will be crucial in determining the next market movements.
🔗 Read the full analysis here.
