📊 ETF Ethereum Struggle to Convince Investors!
Welcome to the Daily Tribune on Friday, July 26, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, July 26, 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:
Sunny 🌤️
24h crypto recap! ⏱
💥 Celeb memecoins take a dive
Celeb memecoins experienced a spectacular 94% drop in June 2024. Popular tokens like Mother and Daddy recorded losses of over 70%. Several factors explain this decline: excessive speculation leading to bubbles, lack of solid fundamentals, market manipulation by celebrities, and increased regulatory oversight. Despite the possibility of temporary rebounds due to the entry of new celebrities or media events, volatility remains high. In the long term, the survival of these memecoins will depend on their ability to offer real use cases and integrate into larger ecosystems. 🔗 Read the full article here.
🚀 Bitcoin reaches 67,000 $ again
Bitcoin climbed to 67,000 $ before Donald Trump's speech at the Bitcoin conference in Nashville. This more than 4% increase in 24 hours reflected investors' expectations of potential announcements from the former president. Rumors circulated about a possible announcement by Trump regarding a strategic reserve of Bitcoin, which prompted many investors to take a bullish position. Speculations included a revaluation of US reserves in Bitcoin and gold, with Trump potentially announcing an increase in the share of Bitcoin in these reserves. 🔗 Read the full article here.
⚡ Bitcoin miners storming the energy market
Bitcoin miners are reinventing themselves as high-tech power plants, which could be the key to their future growth. A report by Bernstein reveals that their energy portfolios could transform them into efficient energy hubs with data center capabilities, opening up lucrative opportunities for investors. Miners such as Riot Platforms, CleanSpark, and Iris Energy stand out for their focus on energy efficiency, a major strategic issue. The 12-year agreement between Core Scientific and CoreWeave in artificial intelligence has already led to a revaluation of the sector, incorporating the opportunities offered by AI and high-performance computing. This quest for efficiency is fueled by the use of state-of-the-art ASICs, allowing for higher hash rates. By maximizing their energy efficiency, Bitcoin miners could become the power plants of the future, marking a revolution in the sector. 🔗 Read the full article here.
🏦 ETF Ethereum struggling to attract investors
Recently launched spot Ethereum ETFs are struggling to convince Wall Street investors, despite the significance of this development for traditional finance. A report from 10x Research reveals that traditional investors are hesitant to engage in these funds due to a lack of understanding and insufficient marketing support. For example, BlackRock failed to convince by presenting ether as a bet on blockchain technology. The outflows from these ETFs are significant, with recent net withdrawals of 133 million dollars. The contrast with Bitcoin is striking, with the latter benefiting from the status of "digital gold" while ether lacks a clear and compelling narrative. Vitalik Buterin's reluctance to publicly discuss ETFs also contributes to the confusion. In addition, technical indicators such as the stochastic indicator suggest a possible correction for ether, signaling an overbought potential. 🔗 Read the full article here.
Cryptocurrency of the day: Conflux Network (CFX)
Conflux Network stands out for its ability to offer a next-generation blockchain infrastructure, combining high performance and security. Using a unique consensus mechanism called Tree-Graph, it improves transaction efficiency and scalability. This innovation allows for fast and low-cost transactions while maintaining a high level of decentralization and security. Conflux Network aims to create an open blockchain ecosystem, offering increased interoperability between different chains and facilitating the adoption of blockchain technology in various sectors.
The native cryptocurrency of Conflux Network, CFX, is used to pay transaction fees and gas fees, secure the network through staking, and participate in platform governance. Initially, CFX was distributed through private sales and an ICO, allowing for broad distribution among investors. CFX holders benefit from reduced transaction fees and have the opportunity to actively participate in the future direction of the network through voting. Additionally, CFX can be used in various decentralized applications (dApps) and for exchanging digital assets on the platform.
Recent performance
Current price: 0.17 €
Percentage increase/decrease: +19.75% (increase over 1 day)
Market cap: 702,598,761 €
Rank on CoinMarketCap: 90
🚀 Bitcoin: New highs in July despite recent declines?
July is typically a period when Bitcoin shows signs of recovery after significant declines. Since 2013, this period has regularly marked turning points for the price of Bitcoin, with notable increases like the 24% increase in July 2020, initiating a major bullish cycle. This historical trend has led analysts to anticipate a 10% to 25% increase this month. However, a recent drop of more than 7% in a week calls this outlook into question. This decline is attributed to a decrease in interest in Bitcoin ETFs, with significant withdrawals observed in funds such as Fidelity Wise Origin and Grayscale Bitcoin Trust.
Despite these recent declines, there are signs of recovery on the horizon for Bitcoin. The Pi Cycle Top indicator suggests that the price of Bitcoin may have reached its low point of the year, signaling a potential recovery. Technical analysis shows an increase in buying pressure, which could reverse the downtrend. On the macroeconomic front, while the US stock markets have recorded significant losses, signs of economic growth exceeding expectations could improve the climate for crypto investments. Additionally, the imminent resolution of a lawsuit accusing Tether (USDT) of market manipulation could positively influence trends. In summary, July could still offer opportunities for Bitcoin, but investors must remain cautious amid current uncertainties.🔗 Read the full analysis here.
