⚖️ Cryptos classified as traditional currencies? USA prepares regulatory revolution
⚖️ Cryptos classified as traditional currencies? USA prepares regulatory revolution
Welcome to the Daily Tribune on Tuesday, August 20, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, August 20, 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:
Partly sunny 🌤️
24h crypto recap! ⏱
🚨 Polygon drops MATIC for POL: What's Changing?
Polygon, a major player in Ethereum scalability, announces a major transition: on September 4, 2024, the native token MATIC will be replaced by POL. This evolution aims to improve the efficiency of the network by adopting POL as the new gas and staking token for the Polygon Proof-of-Stake (PoS) network. MATIC holders on the Polygon PoS network will see their tokens automatically updated, while those on Ethereum, Polygon zkEVM, or centralized exchanges will need to manually migrate to POL. This migration, on a 1:1 basis, sets the stage for the strengthening of the AggLayer, a decentralized network ecosystem using Polygon's Chain Development Kit (CDK). POL will play a key role in this new environment, particularly in the future Staking Hub scheduled for next year. 🔗 Read the full article here.
🇺🇸 USA holds a treasure trove of Shiba Inu: 54.89 billion tokens!
The U.S. government finds itself in possession of an impressive stockpile of 54.89 billion Shiba Inu (SHIB) tokens, representing a value of approximately $729,581. This amount makes SHIB the only asset in the billions within the state's blockchain portfolio, which totals $12.43 billion in digital assets, including $12.04 billion in Bitcoin. This situation makes the USA a true "whale" in the SHIB market, capable of causing significant price movements if liquidated. While no sales have been announced, speculation is rife about the possible repercussions on the market. A similar precedent with the Bitcoin held by Germany, sold for $2 billion, led to a notable drop in its price. Thus, a sale of SHIB by the USA could create significant downward pressure on this asset. 🔗 Read the full article here.
⚖️ USA considering reclassifying cryptos as currencies: A radical change!
The U.S. Treasury and the Federal Reserve are considering a major overhaul of cryptocurrency regulations by reclassifying them as "currencies" under the Bank Secrecy Act. This initiative, potentially scheduled to take effect by 2025, could deeply transform the crypto ecosystem by subjecting it to the same transparency and compliance requirements as traditional currencies. This change aims to strengthen the fight against money laundering and the financing of terrorism by fully integrating digital assets into existing frameworks. While this move may bring increased institutional recognition to cryptocurrencies, it could also hinder innovation by imposing stricter legal constraints on market participants. 🔗 Read the full article here.
🛑 75% of Bitcoins unmoved for 6 months: HODLers remain calm
Despite the recent market volatility, 75% of Bitcoins in circulation have not moved for more than six months, according to Glassnode data. This dramatic increase from the previous week's 45% shows the determination of long-term investors who maintain their confidence in the long-term potential of Bitcoin, even in the face of a 10% drop in its price over the past month. However, this inertia could create supply pressures, with a significant reduction in available Bitcoins if demand increases. Miners, on the other hand, face reduced margins, forcing them to sell some of their reserves to stay afloat, thus increasing the pressure on the market. This situation recalls previous market lows, often followed by spectacular rebounds. 🔗 Read the full article here.
Crypto of the day: Avalanche (AVAX)
Avalanche is a third-generation blockchain that stands out for its ability to process thousands of transactions per second while remaining decentralized. It brings notable added value with its innovative consensus, which allows for near-instant finality, making transactions faster and more secure.
The native cryptocurrency of Avalanche, AVAX, is mainly used to pay transaction fees, secure the network through staking, and participate in governance. Distributed during an ICO in 2020, AVAX offers holders the opportunity to generate passive income through staking while actively participating in the ecosystem. This cryptocurrency can be used to develop decentralized applications (dApps) and exchange assets on the Avalanche blockchain.
Recent Performance
Current price: €19.79
Percentage increase/decrease: +5.59% (1-day increase)
Market capitalization: €8.19 billion
Rank on CoinMarketCap: 12
🔥 Bitcoin: Reserves running out, imminent bullish rally?
Bitcoin reserves on exchanges have reached their lowest level since 2020, falling to approximately 2.6 million BTC in August 2024. This decrease in reserves indicates that investors are massively withdrawing their bitcoins from trading platforms to store them in private wallets, reducing the available supply on the market. Such a situation can lead to a decrease in selling pressure, creating a favorable environment for a potential rise in Bitcoin prices. This movement of funds could be interpreted as a sign of increased confidence in the long-term value of BTC, despite recent market turbulence.
In parallel, Bitcoin is currently trading around $59,945, but is facing significant resistances at the levels of $61,532 and $62,679. Although short-term indicators are bearish, the continued decrease in reserves on exchanges could reverse this trend by limiting the available supply for sale, thus favoring a possible bullish recovery. If this dynamic continues, a bullish rally could be on the horizon, driven by increased demand and restricted supply in the markets.
🔗 Read the complete analysis here.
