🇸🇻 El Salvador bends to the IMF: the Bitcoin law relaxed!
Welcome to the Daily Tribune of Friday, January 31, 2025 ☕️
Happy New Year to Cointribu! 🚀
Today, it is Friday, January 31, 2025, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially cloudy ⛅
24h crypto recap! ⏱
📱 Massive adoption of crypto wallets: A historic record!
The adoption of mobile wallets is exploding in 2024, reaching a record of 36 million active users in the last quarter. According to Coinbase, this trend shows that investors are no longer just storing BTC but are increasingly interacting with the blockchain ecosystem. The rise of stablecoins also plays a key role, with their use surging by 18% to reach 200 billion dollars in circulating supply. With an annual trading volume exceeding 30 trillion dollars, stablecoins are chipping away at market share from fiat currencies in emerging economies. 🔗 Read the full article
🇸🇻 El Salvador alters its Bitcoin law under IMF pressure
El Salvador relaxes its Bitcoin law by removing the requirement for businesses to accept BTC as a means of payment. This change responds to the IMF's demands, which ties a loan of 1.4 billion dollars to a limitation on the country's exposure to cryptos. This reform was adopted by an overwhelming majority of 55 votes to 2 by the Legislative Assembly. Despite this concession, the country continues to accumulate Bitcoin, bringing its reserves to 6,049 BTC, worth approximately 633 million dollars, with a gain of 127% on its average purchase price. Ironically, Bob Menendez, a former senator opposed to El Salvador's Bitcoin policy, has just been sentenced to 11 years in prison for corruption. 🔗 Read the full article
🔗 Cardano reaches a milestone with the Plomin hard fork!
The Cardano blockchain (ADA) enters a new era with the Plomin hard fork, which formalizes fully decentralized governance. From now on, ADA holders can vote directly on protocol changes, treasury withdrawals, and future hard forks. This advancement strengthens Cardano's participatory democracy model, but the ADA price is still struggling to take off. Currently at $0.91, the token must surpass resistance at $0.962 to hope for a bounce to $1.90, representing a potential of +108%. With 78% of nodes already compatible with Plomin, Cardano establishes itself as a leader in decentralization in the crypto universe. 🔗 Read the full article
🚗 Tesla earns $600 million in profit thanks to Bitcoin!
Tesla announces a record gain of 600 million dollars on its Bitcoin investments in the fourth quarter of 2024, accounting for more than a quarter of its total profit of 2.3 billion dollars. This result was made possible by a new accounting rule from the FASB, allowing companies to value their cryptos at market price rather than just at their purchase price. Tesla now holds 9,720 BTC, valued at over a billion dollars, confirming the relevance of its investment strategy despite initial criticisms. This new accounting approach could encourage other companies to integrate Bitcoin into their balance sheets, as several U.S. states consider creating their own strategic reserves of BTC. 🔗 Read the full article
The crypto of the day: JasmyCoin (JASMY)
JasmyCoin (JASMY) is a Japanese blockchain project aimed at giving users control over their personal data while enabling them to be compensated for sharing it. It relies on an IoT (Internet of Things) infrastructure, allowing for the secure storage and exchange of data. The platform uses data lockers, where users keep their information and share it with companies in exchange for compensation in JasmyCoin.
The goal of Jasmy is to integrate blockchain with IoT to create a secure and decentralized ecosystem for personal data and smart devices.
Crypto native: What is its main utility and how was it distributed?
JasmyCoin (JASMY) is the native currency of the Jasmy platform. It allows:
To pay for access to users' secure personal data.
To reward users for voluntarily sharing their data.
To facilitate transactions within the Jasmy ecosystem.
The project initially distributed its tokens through a listing on centralized exchanges, and it is now available on platforms such as Binance, Coinbase, and KuCoin.
Recent performances
Current Price: €0.0323
24h Change: +24.22%
Market Capitalization: €1.59 billion
Ranking on CoinMarketCap: #69
Bitcoin facing a possible correction: increased risk due to gold's outperformance
Since the beginning of the year, Bitcoin has recorded a gain of 10%, but this performance remains lower than that of gold, which shows a gain of 20% over the same period.
This unusual divergence calls into question the dynamics of the crypto market. Generally, the precious metal moves inversely to the dollar and bond yields, but this trend seems to be reversing. Currently, gold is holding at high levels despite a strong dollar and rising bond yields. This resilience indicates a renewed interest in gold as a safe haven, which could lead to adverse arbitrage for Bitcoin, prompting some investors to reposition themselves in more traditional assets.
From a technical perspective, Bitcoin is at a critical threshold. The Bitcoin/gold ratio is a key indicator for anticipating market trends. If this ratio falls below the threshold of 34, it could signify the end of the bull cycle and pave the way for a more pronounced correction. Conversely, maintaining above this zone would reinforce the current dynamics. In December 2024, this ratio had reached historical highs, but it now seems to be in a consolidation phase. Some analysts remain confident, believing that Bitcoin could follow gold's trajectory with a certain lag, as seen in previous bullish phases of the market.
The current situation of Bitcoin will, therefore, depend on several factors. First, the market's ability to maintain the Bitcoin/gold ratio above its critical threshold will influence short-term price trajectories. Second, the evolution of institutional demand could play a decisive role, particularly with initiatives like Arizona's, which is considering integrating Bitcoin into its public funds. Finally, the macroeconomic impact, including monetary decisions and the trajectory of the dollar, will affect investor behavior. Bitcoin thus enters a pivotal phase where technical signals and market trends will determine whether it can extend its bullish cycle or if it is exposed to a more marked correction.
