English football club bets big on Bitcoin ⚽️💰
Welcome to the Daily Tribune Wednesday, July 24, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, July 24, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 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! ⏱
Cardano: Resilience and growth 🚀
Cardano (ADA) stands out for its impressive resilience despite a recent drop in its total locked value (TVL) in dollars. With over 94 million processed transactions and 1,300 ongoing projects, the Cardano ecosystem shows significant adoption. The network's TVL is currently 548.4 million ADA, although its value in dollars has fallen to 239 million, down from nearly 500 million earlier this year. Cardano continues to make technological advancements with updates such as Chang and Lace version 1.14, while the Hydra team improves network scalability. Ongoing developments and community engagement promise a strong future for ADA, strengthening its growth potential in a volatile crypto market. 🔗 Read the full article here.
Football and crypto: Real Bedford FC bets on Bitcoin ⚽️
Real Bedford FC, an English lower division football club, has invested $4.5 million in Bitcoin, bringing its total holdings to 82.7 BTC, approximately $5.37 million. Peter McCormack, the club's chairman and host of the "What Bitcoin Did" podcast, explained that this strategic purchase aims to ensure the long-term stability and financial sustainability of the club. Out of the recently acquired 66.9 bitcoins, 15.8 BTC will be reserved for current needs, while the rest will strengthen the treasury. McCormack dreams of transforming Real Bedford into the number one "Bitcoin Club" and attracting fans and sponsors internationally. 🔗 Read the full article here.
Bitcoin surpasses gold: Impressive performance 💰
Michael Saylor, co-founder of MicroStrategy, reaffirms Bitcoin's supremacy over other financial assets. With an annualized return of 55% since August 2020, BTC's performance far exceeds that of the S&P 500 and Nasdaq (13% each), gold (5%), silver (2%), and bonds (-5%). As Bitcoin rebounds to nearly $68,000, Saylor emphasizes that this crypto asset is the best store of value available, despite its perceived volatility. MicroStrategy, staying true to this philosophy, continues to aggressively accumulate Bitcoin and currently holds 226,331 BTC valued at $7.538 billion. 🔗 Read the full article here.
Shiba Inu: Signs of Revival 🔥
Despite its drop to the 15th position in terms of market capitalization, Shiba Inu shows promising signs of a comeback. Since the implementation of the burn mechanism in 2022, which aims to reduce the circulating supply of SHIB, over 41% of the initial supply has been burned. Recently, the burn rate has skyrocketed, with approximately 60 million tokens destroyed in 24 hours. This process, by making the remaining tokens rarer, could increase their value. Additionally, the netflow of exchanges shows a migration of SHIB from centralized platforms to self-custody methods, thereby reducing immediate selling pressure. Open interest in SHIB derivative contracts has also reached a monthly record of over $30 million, indicating increased participation from traders. Furthermore, the Shibarium scalability solution on Ethereum, which has processed over 400 million transactions, strengthens the Shiba Inu ecosystem by improving transaction speed and reducing costs. These indicators suggest a promising future for SHIB, supported by innovative mechanisms and an engaged community. 🔗 Read the full article here.
Crypto of the day: Ethena (ENA)
Ethena stands out for its innovative blockchain-based solutions, offering advanced features for the decentralized finance (DeFi) sector. Its main goal is to provide a robust infrastructure for secure and fast transactions, while reducing transaction costs. Ethena's blockchain offers smart contracts and decentralized applications (dApps) that improve the efficiency and transparency of financial operations.
The native crypto, ENA, is used to power the ecosystem, facilitating transactions and interactions within the platform. ENA holders benefit from reduced fees, staking rewards, and can participate in network governance. Additionally, ENA can be used to pay for services offered on the platform, increasing its utility and demand.
Recent Performance:
Current price: €0.4468
Increase/decrease in percentage: +11.73% (in 1 day)
Market capitalization: €764,285,489
Rank on CoinMarketCap: #86
Bitcoin rises for the second consecutive week: Analysis of July 23, 2024
Bitcoin continues its upward trend for the second consecutive week. Despite a slight correction, the queen of cryptos has reentered key levels around $60,300 and its 50 and 200-day moving averages, signaling a positive medium and long-term trend. Improved price dynamics, supported by oscillators, indicate renewed interest from buyers in the crypto market. This movement is also corroborated by a significant increase in open interest in Bitcoin perpetual contracts, which has increased by over 15%, adding nearly $1.7 billion in new positions. This trend suggests that speculators anticipate further upward movement.
Technical analysis reveals crucial liquidation zones around $67,500, $70,000, and $72,200 above the current price, as well as potential support levels at $62,200 and $56,200 below. If Bitcoin holds above $62,500, a bullish continuation could break resistance levels at $68,500 and $71,700, with a potential target at the all-time high of $73,750. In case of a decline below $62,500, support levels at $60,300, $58,000, and $56,500 will be crucial. 🔗 Read the full analysis here.