😱 Fear & Greed Index falls to 27, 🚀 USDT surpasses Bitcoin, Ethereum, and Solana!
Welcome to the Daily Tribune, Wednesday, July 10, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, July 10, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
You may have been surprised to receive the Spanish version of our newsletter a few minutes ago due to a technical bug. We apologize for the error, and here is the correct English version.
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24h crypto recap! ⏱
🔍 France: Crypto tax could triple after left-wing victory!
The results of the recent elections in France have raised concerns about the future of cryptocurrency taxation. With the left-wing victory, tax reforms are being considered, which could reduce the tax benefits for cryptocurrency holders. Currently, occasional gains are subject to a flat-rate levy of 30%, while professional activities are taxed up to 45%. However, a revision of this legislation could increase these rates. The specific provision of the 2019 Financial Act on the taxation of individual gains could be called into question. Investors fear higher taxes and stricter regulations, following the example of other European countries. The Directorate General of Public Finances (DGFiP) is already monitoring cryptocurrency holdings, and this monitoring could intensify with new regulations. 🔗 Read the full article here.
🌟 Crypto: USDT surpasses Bitcoin, Ethereum, Solana…
Tether (USDT) recently reached a historic milestone, surpassing Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Solana (SOL) in terms of 24-hour transaction volumes. With a daily transaction volume exceeding $55 billion, USDT highlights the growing importance of stablecoins in an evolving crypto ecosystem. This performance is mainly due to the increased volatility of the crypto market, pushing traders to turn to more stable assets like USDT. The implications of this dynamic are significant for the overall crypto market, and the prospects for USDT and stablecoins in general are promising, although they depend on future regulations and global crypto adoption. 🔗 Read the full article here.
🤝 Crypto: France and Hong Kong collaborate to innovate
The Bank of France (BDF) and the Hong Kong Monetary Authority (HKMA) have announced a strategic partnership to explore the opportunities offered by wholesale central bank digital currency (wCBDC) and tokenization. This memorandum of understanding aims to enhance interoperability between the financial infrastructures of both regions, with the goal of creating a more transparent and efficient financial ecosystem, facilitating real-time cross-border payments. The collaboration between BDF and HKMA could revolutionize financial markets by focusing on transparency, security, and efficiency, while offering faster and cheaper transactions. By leveraging crypto technologies and optimizing cross-border payments, this initiative promises to redefine global financial market standards and serve as a model for other institutions. 🔗 Read the full article here.
📉 Crypto: Fear & Greed Index at its lowest level in 1.5 years with 27!
The Crypto Fear & Greed Index, which measures investor emotions and sentiment, recently reached its lowest level in a year and a half, stabilizing at 27. This level of extreme fear contrasts with the extreme greed observed last March. This decline is attributed to Bitcoin's drop below $54,000, accentuated by the potential liquidations of large Bitcoin holdings by the German and American governments, as well as the Mt. Gox bankruptcy, collectively holding over $20 billion in BTC. These massive sell-offs have intensified fears of a cryptocurrency market slowdown. Selling pressure and global economic uncertainty suggest that the price of Bitcoin could further decline to $50,000 in the coming months. However, some investors see this panic period as a advantageous entry opportunity. 🔗 Read the full article here.
Coin of the day: Bittensor (TAO)
Bittensor is an open-source protocol that powers a decentralized blockchain-based network for machine learning. It enables collaborative training of machine learning models and rewards contributors in TAO based on the informational value they bring to the collective. This blockchain stands out for its ability to offer open access and decentralized governance, enabling global innovation without permission. By facilitating access and utilization of distributed computing resources worldwide, Bittensor creates a true marketplace for artificial intelligence, where producers and consumers interact seamlessly and securely.
The native cryptocurrency of Bittensor, TAO, is primarily used to reward network contributors and access the platform's artificial intelligence services. TAO tokens are distributed proportionally to the value added by users, incentivizing active participation and continuous network improvement. TAO holders benefit from the ability to extract insights from the network and influence its activities according to their specific needs. This cryptocurrency can be used to conduct transactions on the network, access advanced machine learning models, and benefit from innovations developed through decentralized collaboration.
Recent Performances:
Current Price: €241.53
Percentage Increase/Decrease: +10.60% (in 1 day)
Market Capitalization: €1,696,678,017
Rank on CoinMarketCap: #46
Bitcoin Shouldn't Drop Anymore and Could Rebound According to Bitfinex
Bitfinex announces a potential turning point for Bitcoin, indicating that prices may have reached a local bottom and show signs of stabilization. Experts from the crypto exchange observe favorable market indicators, suggesting a significant decrease in price fluctuations after Bitcoin bounced back above $57,000 following a low at $53,219. Market derivatives data reveals a reduction in the spread between implied and historical volatility by nearly 90%, indicating expectations of more stable prices among traders. Additionally, the short-term spent output profit ratio (SOPR) of holders at 0.97 indicates selling at a loss, which could reduce selling pressure.
The prospects for the Bitcoin market appear promising with signs of stabilization and a decrease in selling pressure. Long-term holders continue to profit from their positions, a positive indicator for the overall health of the market. Furthermore, Citibank's forecasts regarding rate cuts by the US Federal Reserve, expected in September, could inject new liquidity into financial markets. This dynamic could lead to renewed interest in risky assets like Bitcoin and strengthen its position in the market, providing a more stable environment for short-term prices.