🚀 Cardano ready for the Hard Fork, 🏦 SEC on the verge of approving Ethereum ETFs
Welcome to the Daily Tribune on Tuesday, July 9, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, July 9, 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 ☀️
24h crypto recap! ⏱
Cardano preparing to take off with the Hard Fork 🚀
Cardano, known for its rigorous scientific approach, is about to enter the Voltaire era with the major update, Hard Fork Chang, scheduled for this month. This evolution requires that 70% of the stake pool operators install the new version of the node, Cardano Node 9.0. The upgrade will bring significant advances in decentralized governance and community autonomy, including through CIP 1694, allowing ADA holders to vote on proposals and features. The second phase will introduce proxy participation and treasury withdrawals, offering more opportunities for users to fund projects. Historically, hard forks lead to price volatility, but this update could strengthen the attractiveness of ADA to long-term investors, thanks to increased decentralization and strong growth prospects. 🔗 Read the full article here.
SEC ready to approve Ethereum ETFs 📈
The crypto community is abuzz as the approval of Ethereum ETFs by the SEC seems imminent. According to Matrixport, a favorable decision could be announced this week, propelling Ethereum to new heights and bolstering investor confidence in the cryptocurrency market. Major financial players such as BlackRock, Fidelity, and Grayscale are already preparing their filings, anticipating a swift approval. Matrixport expects this decision to drive the price of Ethereum up to $3,400, and Bernstein, an asset management firm, sets a long-term target of $6,600. 🔗 Read the full article here.
Surge in the number of wallets holding 1 million XRP 📈
The number of wallets holding at least 1 million XRP has significantly increased in 2024, rising from 1,957 to 2,043, an increase of 86 wallets. This trend reflects growing confidence among major investors in XRP, despite notable volatility in the market. Addresses holding between 10 million and 100 million XRP saw the highest growth, increasing from 190 to 259, while those holding between 1 million and 10 million XRP also grew from 1,570 to 1,586. Despite XRP's disappointing performance this year, with a price drop from $0.60 in January to around $0.46 currently, large investors continue to accumulate this cryptocurrency. This contrasts with the performances of bitcoin and ether, which have increased by 41% and 43.6% respectively in 2024. 🔗 Read the full article here.
PEPE triggers historic liquidations and surprises investors 📉
The extreme volatility of the memecoin PEPE has led to massive liquidations, reaching $17 million in a day following an unexpected 9% rise. Despite a challenging year for memecoins, some investors continue to accumulate PEPE, betting on a future revival. In three weeks, over 1 trillion PEPE have been accumulated by whales, reflecting confidence in a potential rebound. The price of PEPE has fluctuated between $0.00001146 and $0.00000889, with the prospect of a recovery if the $0.00001000 threshold is crossed again. However, a drop below $0.0000775 could lead to prolonged consolidation. 🔗 Read the full article here.
Crypto of the day: Ethereum Name Service (ENS)
The Ethereum Name Service (ENS) brings a key innovation to the blockchain by providing a decentralized domain name system, making it easier to read and remember wallet addresses. Instead of using long and complex addresses, users can register simpler and more accessible names.
ENS uses the ENS token as its native currency, primarily distributed through an airdrop to holders of registered .eth domains before a specific date. Holders of this cryptocurrency have governance rights and can vote on development proposals and improvements to the ENS network. In addition, ENS can be used to pay for domain name renewal fees and other services within the ENS ecosystem.
Recent performance
Current price: €25.18
Percentage increase/decrease: 7.04% increase in 1 day
Market capitalization: €808,177,577
Rank on CoinMarketCap: 70
Whales take advantage of the dip to accumulate Bitcoin!
Despite the recent slump in bitcoin and other altcoins, whales, major investors in the market, see an opportunity and increase their BTC holdings. On-chain data from CryptoQuant shows significant bitcoin accumulation, with more than 46,000 BTC, worth over $2.6 billion, being withdrawn from exchanges. This trend indicates a willingness to hold bitcoin for the long term, interpreted as a potential bullish sign. While many investors panic and sell, whales are betting on future price increases, preferring to avoid short-term market turbulence.
In addition to spot exchange movements, derivatives exchanges have also seen massive BTC outflows, suggesting that investors are seeking to reduce their risk exposure. Unlike spot platforms, derivatives outflows do not necessarily indicate an imminent sale, but rather a transfer to private wallets in anticipation of price stabilization or future increases. This cautious strategy could mitigate short-term market volatility, demonstrating a calculated approach to current uncertainties. The renewed interest of whales in bitcoin suggests intriguing prospects for the future of the market.