End of USDT in Europe? Binance and others on thin ice 🌍💸
Welcome to the Daily Tribune, Friday, April 12, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, April 12, 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:
Cloudy ☁️
24-hour crypto summary ! ⏱️
Bitcoin ETF: Retail market at the forefront 🚀
Since the launch of Bitcoin ETFs in the United States in January 2024, investor enthusiasm has been palpable. Jan van Eck, CEO of VanEck, points out that the majority of this demand comes from the retail sector, with 90% of incoming flows coming from the retail market. Although some \"Bitcoin whales\" and institutions that have already invested in crypto have transferred some of their assets to these new products, the involvement of US banks remains timid, as they have not yet authorized their financial advisors to recommend investing in Bitcoin.
Jan van Eck is optimistic about increasing participation from traditional institutions in the future, despite a start dominated by individual investors. He points out the need for maturity in the Bitcoin ETF sector, which requires technological advancements to attract institutional investors. The main attractions of Bitcoin ETFs for the retail market lie in their convenience, security, and affordable fees, advantages that could ultimately attract a wider audience, including institutional investors.
Solana: Are half of the pre-sales fraudulent? 🔍
Blockaid, a blockchain security company, sounds the alarm: about 50% of pre-sale token launches on Solana are scams. This revelation threatens to undermine trust in the Solana ecosystem, which has been booming thanks to interest in "memecoins". Pre-sales attract massive investments, often made blindly, exposing investors to high risks of scams. Ben Natan, CEO of Blockaid, points to the use of sophisticated social engineering techniques by scammers to trap their victims on social platforms such as Telegram, Twitter, and Discord.
The ease with which these pre-sales can be launched, combined with investors' greed for quick gains, creates an environment conducive to scams. This situation illustrates the need for great caution in crypto investing, especially in a market where the lure of easy gains can turn into a nightmare.
Tether and the European regulatory wall 🚧
Paolo A., head of Tether, shows flagrant resistance to European regulations, which could force Binance and other platforms to remove USDT from their asset listings in Europe. Tether's decision not to comply with the MICA regulation, which requires systemically important stablecoin issuers to hold a large portion of their reserves in cash deposits, reveals a conflict between the decentralized nature of cryptocurrencies and government regulatory efforts. The announcement creates uncertainty for USDT users in Europe, who are faced with the possibility of this cryptocurrency being removed from European exchanges.
Tether's refusal to align with European requirements raises important questions about the future of stablecoins in the EU. While the MICA regulation aims to secure the crypto space for its users, the constraints it imposes could actually encourage operations to regions more receptive to cryptocurrencies or to less stringent platforms.
Bitcoin Halving: Weak influence on price? 💹
As the 2024 Bitcoin Halving approaches, analysts at CryptoQuant question its impact on BTC price, historically seen as a major catalyst for Bitcoin's value. The CryptoQuant report indicates that the impact of the Halving is diminishing, with increasing demand from long-term investors and "whales" surpassing the emission of new bitcoins. This dynamic, marked by a significant increase in large investors holding between 1,000 and 10,000 BTC, could redefine the supply-demand balance after the Halving.
Despite these observations, optimism regarding the Halving's effect on BTC price remains among part of the community. Industry figures like Joe Consorti and Robert Kiyosaki anticipate a Bitcoin at $100,000 following this event, based on historical trends showing a close correlation between Halvings and price peaks. The debate around the influence of the Halving on BTC price continues, with 2024 promising to provide new answers to this persistent question.
Crypto of the day: Ontology (ONT)
Ontology positions itself as a next-generation blockchain, aiming to create a trusted ecosystem through collaboration between multiple blockchains. Its great innovation lies in its ability to support complex data and identity applications, making blockchain technology accessible and useful for businesses of all sizes. The added value of Ontology is considerable, as it not only allows for easy integration with existing systems but also provides a comprehensive solution for secure and verifiable digital identity management. By simplifying the adoption of blockchain, Ontology opens up new paths for interoperability, data privacy, and identity verification in the digital economy.
Ontology's native coin, ONT, serves several key functions within the ecosystem, including network governance, transaction fee payment, and participation in consensus. The distribution of ONT was designed to engage the community and strategic partners, with a significant portion allocated through various airdrops, participation rewards, and community initiatives. ONT holders not only have the opportunity to vote on important decisions regarding network development but also benefit from a reward system that encourages active participation in network maintenance and security.
Recent performance
Current price: The current price of ONT is $0.4528.
Percentage increase/decrease: Ontology has experienced an impressive 20.57% increase in the last 24 hours.
Market capitalization: Ontology's market capitalization is approximately $361 million.
Rank on CoinMarketCap: Ontology ranks #191 according to CoinMarketCap.
Technical analysis of the day: Toncoin (TON)
Toncoin, what an adventure lately! After a rather calm period during the summer of 2023, when its price was flirting with a modest $1, our dear TON has gained momentum, nearing its all-time high at around $3. But that's not all. The real excitement began with a long consolidation phase, a suspenseful four-month period that formed a fascinating symmetrical triangle. This was just the calm before the storm: at the end of February 2024, Toncoin broke free, soaring to new unexplored heights. Imagine, in just seven weeks, it climbed 258%, a remarkable feat especially considering that the rest of the crypto market was showing signs of fatigue.
From a technical perspective, this ascent of Toncoin is even more impressive because it is built on solid foundations: the 50-day and 200-day moving averages. These indicators confirm a bullish trend in the medium and long term. Market enthusiasm is palpable through oscillators, although this same enthusiasm can sometimes sound the alarm for possible overbought conditions. The market may have a bit too much appetite, which often sets the stage for a correction.
Now let's zoom in on the TON/USDT derivatives, and there it gets even more captivating. Open interest in these contracts has significantly increased, parallel to the rise in price. This clearly indicates a strong interest in buying, supported by a series of strategic liquidations based on market movements. Liquidation heatmaps reveal key buying areas around $5.4 and $6.5, essential reference points for investors. If TON holds above $5, we can expect the ascent to continue. However, if the price were to fall below this level, a retracement to $4 or even $3.5 is not excluded.