🐋 Ethereum Plunges by 9%: Whales and ETFs Shake Investors!
🐋 Ethereum Plunges by 9%: Whales and ETFs Shake Investors!
Welcome to the Daily Tribune Thursday, August 29, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, August 29, 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 cloudy ⛅
24h crypto recap! ⏱
🪙 Stock listed companies triple their Bitcoin holdings!
Stock listed companies are increasing their investments in Bitcoin, with their crypto holdings going from $7.2 to $20 billion in just one year, a nearly 200% increase. This movement was initiated by MicroStrategy, which now holds 226,500 BTC. A survey conducted by Nickel Digital with 200 institutional investors reveals that 75% of organizations invested in crypto believe that Bitcoin should be part of public companies' balance sheets, and 58% predict that more than 10% of listed companies will have Bitcoin in their reserves within five years. This growing adoption, although significant, still represents only a fraction of the total Bitcoin supply and suggests considerable institutional expansion potential. 🔗Read the full article here.
📉 Notcoin cryptocurrency drops by 20% after the Telegram case!
The arrest of Telegram CEO Pavel Durov has caused an earthquake in the crypto market, leading to a 20% drop in Notcoin's value. This decline reflects a major loss of investor confidence, exacerbated by a 76% decrease in the number of active addresses trading Notcoin in one week. Despite this crisis atmosphere, "whales" (large investors) are increasing their positions, with a 312% increase in the net flow of accumulated Notcoin over seven days. However, technical indicators remain pessimistic, with a negative Chaikin Money Flow and an RSI below the neutral mark, signaling increased selling pressure. The future of Notcoin is uncertain: while whales are betting on a recovery, the overall sentiment remains fragile, leaving the door open for further declines. 🔗 Read the full article here.
💥 Crypto: Ethereum plunges, whales and ETFs dampen investor morale
Ethereum experiences a sharp 9% drop in 24 hours, impacted by massive selling from whales and significant outflows from ETFs. Large holders have transferred and sold substantial volumes of ETH to avoid liquidations, while ETFs such as Grayscale and Fidelity have recorded net withdrawals of $13.2 million over eight days. This massive withdrawal reflects a growing loss of confidence among institutional investors, amplifying selling pressure in the market. The crypto community, marked by increasing doubts about Ethereum's future, questions the actions of key figures like Vitalik Buterin, even though he reaffirms his commitment to ETH. Technical signals show persistent selling pressure, with the risk of further declines in the price of Ethereum, which could slide to support levels between $2,000 and $2,300 if the current trend continues. 🔗 Read the full article here.
⚡️Bitcoin: Texas mining giant declares bankruptcy
Rhodium Enterprises, a major player in Bitcoin mining, has filed for voluntary bankruptcy in Texas, with an estimated liability between $50 and $100 million. This bankruptcy comes after the failure to repay a $54 million loan last July, despite two restructuring attempts. The Bitcoin mining sector is facing a crisis exacerbated by the post-halving reward reduction and increasing energy costs. Ironically, this collapse is happening as Texas makes efforts to support the industry, including tax exemptions for miners using alternative energy sources such as flared gas. 🔗 Read the full article here.
Crypto of the day: Internet Computer (ICP)
Internet Computer (ICP) revolutionizes blockchain by enabling the deployment of decentralized applications at the speed of the Internet, directly on the network, without going through traditional servers. Its added value lies in its ability to offer an alternative to centralized cloud services, while ensuring a more secure and censorship-resistant internet.
The native crypto, ICP, is used to power applications, participate in governance, and reward network validators. Initially distributed through private sale and airdrop, ICP offers staking opportunities and active participation in network governance. It can be used to pay transaction fees on the network and deploy smart contracts.
Recent performance
Current price: €7.53
Percentage increase/decrease: +4.79% (1-day increase)
Market capitalization: €3,832,329,022
Rank on CoinMarketCap: #23
📊 AAVE: Rebound or new drop ahead? Technical analysis of key levels to watch!
AAVE recently went through a consolidation period between $46 and $123, before surpassing this level to reach a peak of $154 in March 2024. However, after initial buyer interest, the price corrected to $75, where buyer support allowed for a 105% rebound in two months. Despite this bullish momentum, overall market pressure has slowed its progress, and the current price is around $121. Short, medium, and long-term trends remain positive, supported by upward-oriented moving averages, although signs of weakness are observed in technical oscillators.
Derivative analysis shows an increase in open interest and increasing CVD, suggesting speculative interest oriented towards buying on AAVE. Recent liquidations, mostly selling, indicate a capitulation of selling pressure, which could potentially support an upward movement. If AAVE's price holds above $105, a breakthrough at $153 could be considered, with the next resistance at $200. However, a failure at this level could bring the price back to $90 or even $75.
🔗 Read the full analysis here.
