📉 Cryptos plunge after Powell's announcements !
Welcome to the Daily Tribune of Thursday, December 19, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, December 19, 2024 and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss !
But first…
✍️ Cartoon of the day:
24h crypto recap! ⏱
🚀 Deutsche Bank adopts Ethereum with an innovative Layer 2
Deutsche Bank takes a major step in blockchain adoption by launching "Dama 2", a project based on ZKsync technology to create a Layer 2 on Ethereum. This project aims to reduce costs and transaction delays while meeting strict regulatory compliance requirements. Integrated into the Monetary Authority of Singapore's Project Guardian initiative, this system combines decentralization and regulation by adding advanced tracking and auditing tools for regulators. With a functional version expected in 2025, Deutsche Bank aims to become a model for financial institutions by proving that innovation and compliance can coexist, while securing transactions on public blockchain.
📉 The Fed lowers its rates and shakes up the crypto market
The crypto market, already volatile, has experienced a new shock following the Fed's announcement of a 0.25% cut in its key rate. Although largely anticipated, the upward revision of inflation forecasts for 2025 to 2.5% (compared to 2.1% previously) surprised investors. This announcement triggered a sharp drop in Bitcoin (-4.6%, reaching $100,300) and Ethereum (-5.96%, at around $3,600). Massive liquidations of long positions have amplified volatility, while analysts identify a critical support zone for Bitcoin between $98,000 and $100,000.
🌍 Russia allies with BRICS to dominate Bitcoin mining
Russia is strengthening its position in the Bitcoin industry with massive investments aimed at tripling the energy capacity of its mining facilities, reaching 1 gigawatt-hour. Supported by a new law signed by Vladimir Putin, the Russian industry is preparing to welcome investments from BRICS countries, fostering the emergence of a decentralized multipolar economy. BitRiver, a key player in the sector, claims that these partnerships will strengthen the financial sovereignty of BRICS while reducing their dependence on the dollar. As Europe struggles to catch up with its technological lag, Russia and its allies, such as Ethiopia and the United Arab Emirates, are accumulating strategic reserves, estimated at over 300,000 BTC, in anticipation of a major geopolitical shift towards a dedollarized economy.
🏆 Bitcoin ETFs dethrone gold: A historic first
In less than a year since their launch in January 2024, Bitcoin ETFs have surpassed Gold ETFs in terms of assets under management (AUM) in the United States, marking a turning point in investment history. Bitcoin, often referred to as "digital gold", attracts attention due to its fixed rarity (21 million BTC) and appeal during inflationary periods. The approval of BTC ETFs by regulators, combined with the involvement of giants like BlackRock and Fidelity, has propelled their adoption in traditional financial markets. This shift reflects a generational change, where young investors favor modern and decentralized assets.
Crypto of the day: Movement (MOVE)
Movement is an innovative ecosystem of modular blockchains based on the Move language and interoperable with the EVM ecosystem. This Layer 2 (L2) infrastructure for Ethereum, powered by ZKsync technology, enhances performance and reduces transaction costs, while ensuring robust regulatory compliance.
The native token, MOVE, is used for transaction fees, staking, and governance rights. Distributed via platforms like Binance and Bybit, MOVE offers holders advantages such as reduced fees and participation in governance initiatives. It is primarily used for secure transactions, access to administrative tools, and as a store of value within the blockchain ecosystem.
Recent performance
Current price: €0.72
24h change: +8.15%
Market capitalization: €1.6 billion
Rank on CoinMarketCap: #84
Technical analysis: Toncoin (TON)
Toncoin (TON) is going through a phase of volatility marked by a notable drop after reaching its all-time high of $8.28. Although it has regained some strength around $4.45, the cryptocurrency struggles to break the resistance at $6.8, reinforcing selling pressure.
Technical analysis reveals a double bottom setup, often heralding a bullish reversal, but the current price hovers around $5.46. This level is near a critical support zone, and despite a significant retracement of 78.60%, medium and long-term trends remain oriented upwards, supported by a favorable crossover of the 50 and 200-day moving averages.
However, data on perpetual contracts TON/USDT show a withdrawal of speculative positions and a revision of funding rates, reflecting some investor pessimism. Key liquidation zones concentrate around $4.6 and $7, increasing the risk of heightened volatility. If TON remains above $4.45, a recovery towards $6.8 or more could be considered. Conversely, a breakdown below this threshold could lead to a pullback towards $4 or even $3.3, questioning its bullish momentum.
