📉 Dark forecasts: 10x Research alerts on Bitcoin
📉 Dark forecasts: 10x Research alerts on Bitcoin
Welcome to the Daily Tribune, Tuesday, August 6, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, August 6, 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:
Sunny ☀️
24h crypto recap! ⏱
A plunge of 500 Billion dollars!
The cryptocurrency market experienced a massive plunge, losing about 500 billion dollars in just three days, marking the biggest drop in a year. This crash was amplified by weak employment data, the slowdown of big tech companies like Microsoft and Intel, and the resurgence of recession fears. Bitcoin (BTC) and Ether (ETH) dropped 20% and 28% respectively in a week, with massive sales from Jump Crypto worsening the situation. The Solana (SOL) network was particularly affected, losing 30.6% of its value. Fear dominates the market, with the Crypto Fear and Greed Index falling to its lowest level in 23 days. But a certain recovery can be observed this morning.🔗 Read the full article here.
Bitcoin in peril facing a faltering US economy
A report from 10x Research warns of a possible drop of Bitcoin (BTC) below $50,000 due to economic uncertainty in the United States. The slowdown of the ISM Manufacturing Index, a key indicator of the American economy, predicts difficulties for digital assets. Markus Thielen, founder of 10x Research, advises traders to remain cautious, especially with leveraged long positions. Moreover, the S&P 500 could also experience a 20% correction, further pressuring the crypto market. 🔗 Read the full article here.
Whales betting on the rebound!
Despite a recent 4% decline in the global crypto market, whales, those big investors, are actively accumulating assets in anticipation of a recovery. Cryptocurrencies like Toncoin (TON) and TRON (TRX) have seen increasing interest from these players, with a significant increase in whale holdings. Data shows that the number of large addresses holding TON has increased by 2% in a month, signaling a strong buying opportunity. Similarly, TRX has observed a positive net flow of 243% among top holders, which is often a bullish indicator. These strategic movements, along with technical indicators such as the Chaikin Money Flow for BNB, indicate a trend of accumulation despite the current market turbulence.🔗 Read the full article here.
📈 Bitcoin dominance reaches a peak of 58%
Bitcoin has reached a dominance of 58% in the cryptocurrency market, an unprecedented level in several months, as the global market undergoes a severe correction. While Bitcoin dropped by 13% in 24 hours, altcoins were hit even harder, with declines of up to 35%, especially for Solana. This increase in Bitcoin dominance highlights its perception as a relative safe haven in a context of high volatility and risk aversion. Traditional financial markets, such as the Nikkei 225 and stock exchanges in South Korea, have also experienced significant declines, reflecting a global "risk-off" sentiment. Investors are turning to Bitcoin, considered the least risky of crypto assets, despite current economic and geopolitical concerns. 🔗 Read the full article here.
Crypto of the day: Bittensor (TAO)
Bittensor is an innovative blockchain focused on artificial intelligence and Big Data, offering a decentralized platform for distributed computing. Its added value lies in creating a network to share and monetize AI models while preserving data privacy.
The native cryptocurrency, TAO, is primarily used to reward participants contributing to the network through their computational resources and data. TAO holders benefit from the opportunity to participate in the network as validators or network participants, earning rewards proportional to their contribution. It can be used for accessing network services and for transactions within the Bittensor ecosystem.
Recent performance:
Current price: €231.83
Percentage increase/decrease: 27.18% (1-day increase)
Market capitalization: €1,821,929,084
CoinMarketCap ranking: 40
Bitcoin: End of bullish cycle or just a correction?
Bitcoin, after briefly reaching a peak of $70,000, experienced a significant correction, dropping more than 26% in just one week. This reversal occurred in a difficult global economic context, with negative economic indicators and heightened geopolitical tensions, particularly in Iran. These factors intensified sales in the cryptocurrency market, causing BTC to drop to a minimum of $49,250. Despite a slight recovery that brought the price to around $56,000, the overall sentiment remains negative, exacerbated by concerning technical indicators. In particular, Bitcoin is below its annual VWAP as well as its 50 and 200-day moving averages, signals generally interpreted as bearish. The possible formation of a "death cross" adds further pressure, prompting investors to exercise caution.
The future movements of Bitcoin will largely depend on its ability to maintain above certain critical levels. If the price manages to stay above $53,400, an increase towards $58,000 or even $59,000 could be considered, with major resistance around $60,300 to $62,300. Conversely, a break of this support could lead to further decline towards $49,300 or even lower, with subsequent support at $48,300 and $46,700. The level of $45,500 could represent a final stronghold in case of continued downward trend. These scenarios are reinforced by weakened momentum indicators, such as oscillators, which all point to increased selling pressure. The situation remains uncertain…
🔗 Read the full analysis here.
