📈 Ethereum Whales Prepare for Bull Run!
Welcome to the Daily Tribune, Thursday, June 13, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, June 13, 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:
Cloudy ☁️
24h crypto recap! ⏱
📈 Ethereum: Do whales' activity signal a bullish rally?
The Ethereum (ETH) ecosystem has recently drawn attention with significant whale activity, adding over 240,000 ETH to their wallets in 48 hours, representing over $840 million. At the same time, 336,000 ETH was withdrawn from Coinbase in 24 hours, indicating anticipation of a price increase. These capital movements, often precursor to bullish trends, are reinforced by a possible decrease in interest rates in the United States. With Ethereum supply on centralized exchanges reaching historically low levels and the weakening of the US dollar, historic highs for Ethereum seem possible. Institutional investors and whales, who are generally well-informed, are betting on a significant appreciation of ETH, signaling a prosperous period for the market. 🔗 Read the full article here.
🚀 ASI token merger postponed to July
The ASI Alliance, composed of Fetch.ai, SingularityNET (SNET), and Ocean Protocol, has postponed the highly anticipated merger of their tokens to July 15. Originally scheduled for June 13, this delay is due to complex integrations and coordination with various third parties, crucial for a smooth transition. Humayun Sheikh, CEO of Fetch.ai, emphasized that this delay does not affect progress towards creating a decentralized superintelligence network. This merger is expected to mark a major turning point for decentralized AI infrastructure, challenging the dominance of large technology companies. Token holders have no immediate action to take, and the team assures that the merger will proceed without further delays. 🔗 Read the full article here.
🇺🇸 Trump wants the US to take ownership of the remaining Bitcoins
Donald Trump recently made a bold statement at a gathering in Mar-a-Lago, claiming that the United States should take ownership of the remaining available Bitcoins. Actively supporting the Bitcoin mining industry, he met with key figures in the sector and expressed his desire to see the United States achieve "energy dominance" through Bitcoin. This position could strengthen his popularity among pro-crypto voters and significant influence the political and economic landscape. The Bitcoin industry has welcomed this statement, seeing it as a turning point towards hyperbitcoinization and strong support against the current environmental policies of the Biden administration. 🔗 Read the full article here.
📈 Why did Bitcoin bounce to $69,000 before falling again?
Before plummeting heavily, Bitcoin crossed the $69,000 mark following the release of lower-than-expected US inflation data. The consumer price index report revealed a 3.3% year-on-year increase in May, slightly below the forecast of 3.4%. This news stimulated a wave of purchases, leading to a more than 3% increase in the price of Bitcoin in 24 hours. Massive liquidations of short positions and Bitcoin positions were also observed. The growing interest of institutional investors, combined with favorable monetary policies from the Federal Reserve and other major central banks, strengthens the bullish sentiment. With these factors, the prospects of global monetary easing could push Bitcoin beyond $80,000. 🔗 Read the full article here.
Crypto of the Day: Livepeer (LPT)
Livepeer stands out for its ability to decentralize video streaming, reducing costs and improving efficiency through the Ethereum blockchain. Its protocol allows users to participate in the network by providing their computing resources to transcode videos. This innovative approach offers a decentralized alternative to traditional streaming solutions, bringing increased transparency and resilience while lowering costs for content creators.
LPT, the native token of Livepeer, is primarily used to secure the network and reward participants who contribute to video transcoding. Initially distributed through an airdrop and private sales, LPT allows holders to participate in the governance and staking process, providing rewards based on their contribution. The benefits for holders include passive income through staking and direct influence over network decisions, making their investment potentially lucrative and engaging.
Recent Performance
Current price: €24.11
Percentage increase/decrease: 12.09% (increase in 1 day)
Market capitalization: €789,800,875
Rank on CoinMarketCap: 96
Crypto Analysis: Ethereum (ETH)
After a significant increase of over 20%, the price of Ethereum (ETH) has experienced a significant bearish correction. After rising from $3,000 to $3,800 thanks to the approval of Ethereum spot ETFs, the price then dropped to $3,500 due to the overall decline in the cryptocurrency market, influenced by Bitcoin. Currently, Ethereum seems to be stabilizing around $3,400, demonstrating renewed buyer interest. This stabilization above its 50 and 200-day moving averages maintains the idea of an underlying bullish trend, although oscillators indicate a revised downward momentum. Investors are monitoring key support and resistance levels, including levels below $3,000 and above $3,900.
The open interest of ETH perpetual contracts and the positive funding rate show a majority participation of buyers, despite a slight downward revision in rates, suggesting increased selling pressure. Recent liquidation zones around $3,700 and $3,000 are crucial as they can trigger massive orders and increase volatility. If Ethereum maintains its price above $3,300, a rebound towards $3,900 or even $4,000 is conceivable. On the other hand, a drop below this level could bring the price back to $3,000 or even $2,700.