📈 BTC HODLers more loyal than ever!
Welcome to the Daily Tribune on Wednesday, March 27, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, March 27, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 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 ! ⏱️
🚀 Bitcoin recharge: The leading crypto shines again at $71,000
Bitcoin recently surprised the market by reaching a new price peak of over $73,000, after a severe correction that made it drop to $65,000. The spectacular recovery to $71,000 is attributed to several converging factors, including the increase in open interest on the Bitcoin futures market, which suggests increased use of leverage by investors. In addition, significant crypto liquidations totaling $184 million were observed, indicating a volatile and engaging market dynamic.
Other factors have also contributed to this recovery, such as the announcement by the London Stock Exchange that it will soon introduce Exchange Traded Notes (ETNs) for Bitcoin and Ether, thus reinforcing institutional acceptance of cryptocurrencies. Bitcoin's exit from a downward trend channel on the 4-hour chart, signaling a potential change in momentum, as well as the impact of Bitcoin ETFs and the Coinbase premium, have also played a crucial role. However, despite this increase, concerns remain about the sustainability of this bullish trend in the current context of financial uncertainty and crypto market stability.
🔄 Bitcoin: Unprecedented adoption despite the slowdown
Despite a gloomy period for Bitcoin, marked by slowed on-chain activity, investors seem to be adopting a retention strategy, anticipating a future recovery in the cryptocurrency's value. Glassnode data reveals that the average value of on-chain Bitcoin transfers remains below the 2021 peak, suggesting a trend of accumulation rather than selling among Bitcoin holders. This conservative posture is reinforced by the maintenance of a supply of dormant Bitcoin for three to five years. This indicates a long-term bullish outlook from investors.
Analysts foresee a potentially explosive valuation of Bitcoin, with projections exceeding $150,000 in the coming months. This accumulation trend, a sign of unwavering optimism despite an occasionally unstable market, highlights investors' deep attachment to Bitcoin, which they perceive as more valuable than ever.
⚖️ Ripple fined a historic $2 billion
The SEC has imposed a monumental $2 billion fine on Ripple, marking a new milestone in the legal battle that has been ongoing since 2020 between the company and the U.S. regulator. This lawsuit, focused on the accusation that Ripple illegally raised over $1.3 billion through the sale of XRP, classified as an unregistered security, could have major implications for the future of the cryptocurrency and sector regulation. Ripple intends to defend itself against what it considers a misapplication of the law by the SEC.
The final decision in this case could shape future crypto industry regulations, as market players and regulators continue to navigate a complex and evolving landscape.
🚨 KuCoin and its founders facing U.S. justice
KuCoin, one of the most well-known crypto exchanges, and its founders Chun Gan and Ke Tang, are currently facing serious charges from the U.S. justice system. Their management of the platform is called into question, particularly for non-compliance with banking secrecy laws and lack of registration as a money transfer business. The most alarming accusation concerns non-compliance with anti-money laundering (AML) standards, making KuCoin a conducive environment for money laundering and terrorism financing.
These accusations, highlighting a deliberate violation of U.S. laws and regulations, could have disastrous consequences for KuCoin and its leaders. The founders are currently wanted to answer these charges, with potential penalties of up to five years imprisonment. The implications for KuCoin as a company are also quite serious and threaten its future, as well as that of its users and partners.
Crypto of the day: Zeebu (ZBU)
Zeebu is built on an innovative blockchain designed to overcome the limitations of existing systems in terms of scalability, security, and decentralization. The key innovation of this blockchain may lie in its unique consensus algorithm, which not only accelerates transactions but also reduces their cost, making blockchain technology accessible and viable for widespread adoption. Another significant value is its commitment to environmental sustainability, with perhaps a system that minimizes the energy footprint of each transaction. This creates an ecosystem where users can actively participate without compromising the principles of decentralization or security.
ZBU, the native currency of the Zeebu blockchain, serves several crucial functions: it is used to pay transaction fees, reward network participants, and even govern key decisions in the ecosystem through decentralized voting mechanisms. Initially distributed through a token sale or through a mining or staking mechanism, ZBU aims to reward early users and secure the network. ZBU holders benefit from advantages such as priority transactions, fee discounts, and exclusive access to certain dApps or services within the Zeebu ecosystem. This system creates organic demand for ZBU, potentially increasing its value for holders while supporting the activity and continuous development of the ecosystem.
Recent Performance
Current Price: $3.74
24h Variation: 3.10% (increase)
Market Cap: $1,231,713,374 USD
CoinMarketCap Rank: #209
Today's Technical Analysis: Ethereum (ETH)
After a drop to $3,050, ETH made an impressive 20% comeback, leading us to question the potential continuation of this bullish trend. With the price currently positioned at $3,545, the burning question remains: Will Ethereum continue its ascent?
The recent buying interest that propelled Ethereum from $3,050 to $3,600, and then to $3,680, highlights an intriguing market dynamic. Although Ethereum's price struggles to surpass the $3,680 resistance, this dance around key support and resistance values raises a major intrigue in the market. Ethereum's bounce off the 50-day moving average signals some strength and theoretically suggests the possibility of a bullish continuation. This outlook is reinforced by the slightly positive momentum observed in both oscillators and Ethereum's price itself.
But what do derivatives and the liquidation heatmap tell us? Open interest in ETH/USDT contracts has increased by 16% following Ethereum's rebound, indicating growing buying interest during this recovery period. The liquidation zones, in particular, offer a fascinating window into investor behavior: while a zone around $3,100 attracted buyers, a new zone near $3,700 slightly tilted the balance in favor of sellers. These zones are not just numbers on a chart; they represent the psychological boundaries of traders, where the slightest movement can trigger avalanches of orders, with profound implications for Ethereum's volatility.
If the price holds above $3,300, we could expect a new bullish momentum, potentially up to $3,900 or even $4,100. Conversely, a drop below $3,300 could send us back to $3,000 or lower.