💡 Bukele launches a pro-Bitcoin bank, ⚠️ Wave of liquidations on Ethereum
Welcome to the Daily Tribune Tuesday, June 18, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, June 18, 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:
Partly cloudy ⛅
24h crypto recap! ⏱
🌪️ Ethereum: Wave of massive liquidations
The cryptocurrency market has been shaken by a wave of massive liquidations, with a spectacular increase of 78.8% in just 24 hours, reaching over 75 million dollars. Ethereum has been particularly affected, recording 19 million dollars in liquidations, surpassing Bitcoin with 8.2 million. Major platforms like Binance and OKX have concentrated a large part of these liquidations. This increased volatility of Ethereum could encourage investors to review their investment strategies and promote portfolio diversification. 🔗Read the full article here.
🌍 Ripple collaborates with 10 governments for CBDCs
Ripple has announced strategic partnerships with ten governments for the development of central bank digital currencies (CBDCs). Among the countries involved, Bhutan, Palau, Montenegro, Georgia, Colombia, and the United States are at the forefront. These collaborations aim to use Ripple's blockchain technology to improve the security and efficiency of financial transactions. The initiatives include the development of environmentally friendly digital currencies, the modernization of monetary policies, and the improvement of high-value payment systems. The potential implications of these projects for the future of global financial transactions are vast and promising. 🔗Read the full article here.
🏛️ The new European Parliament could support the crypto industry
The newly elected European Parliament sends positive signals to the cryptocurrency industry, promising favorable and structured legislation. This legislative stability is essential for crypto companies looking to innovate without fearing sudden regulatory changes. The planned initiatives should encourage the adoption of blockchain technology and cryptocurrencies, transforming the EU into a conducive environment for startups and large companies in the sector. Market players are eagerly awaiting to see how these policies will influence the European digital economy. 🔗Read the full article here.
🏦 El Salvador: Nayib Bukele launches a Bitcoin bank
Salvadoran President Nayib Bukele continues to demonstrate his commitment to Bitcoin with a bold proposal to create a private investment bank dedicated to this cryptocurrency. This initiative, announced at the beginning of his second term, aims to offer financial services without the restrictions of traditional banks. The new bank, which will require a minimum social capital of 50 million dollars, could operate in US dollars and bitcoins and could also become a provider of digital asset services. This project highlights Bukele's ambition to position El Salvador as a technological and financial leader. 🔗Read the full article here.
Crypto of the day: aelf (ELF)
Aelf is an innovative blockchain that stands out for its modular architecture, allowing for increased customization and scalability. It offers a decentralized solution for businesses, aiming to improve the efficiency and flexibility of blockchain applications. Aelf offers sidechains for different tasks, ensuring optimal performance without congestion. This unique approach adds value by facilitating integration and interoperability between various sectors.
ELF, the native cryptocurrency of the aelf blockchain, is mainly used to pay transaction fees and participate in network governance. The initial distribution of ELF was done through an ICO in 2017. ELF holders benefit from advantages such as the ability to vote on protocol updates and stake their tokens for rewards. ELF can be used to execute smart contracts, access blockchain resources, and participate in governance decisions.
Recent Performance:
Current price: €0.4264
Percentage increase/decrease: +18.33% (1-day increase)
Market cap: €313,235,722
Rank on CoinMarketCap: 167
Crypto analysis: Bitcoin (BTC)
After failing to reach its latest peak of $72,000, Bitcoin experienced significant selling pressure, causing its price to fall below $67,000. Currently, Bitcoin is trading around $65,600, and a support zone is located at $65,000, corresponding to the 50-day moving average. This zone is crucial for maintaining the medium to long-term structure of Bitcoin. If the price holds, a reintegration of $67,000 could be possible, with a target at $72,000 and possibly $78,300 according to Fibonacci extensions.
Derivatives analysis shows persistent speculative interest, despite a declining funding rate, indicating a fragile balance between buyers and sellers. Recent liquidations at $65,000 show capitulation from buyers, but buying absorption is underway. If Bitcoin fails to hold above $65,000, a retreat to $63,000 or even $60,000 is possible. The momentum remains weak, and the market could see an increase in volatility approaching these critical levels.