💥Former Binance CEO sentenced to 4 months in prison!
Welcome to the Daily Tribune Wednesday, May 01, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, May 01, 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:
Stormy ⛈️
24h crypto recap! ⏱
🔒 Light sentence for Changpeng Zhao
Changpeng Zhao, the founder of the crypto exchange Binance, received a surprisingly lenient sentence of four months in prison despite serious accusations of fraud and regulatory non-compliance against him. Prosecutors had initially sought three years of imprisonment.
This judicial decision has sparked a heated controversy. Many fear that it downplays the seriousness of the offenses in the cryptocurrency industry and sets a worrying precedent. In addition to the prison sentence, Zhao will also have to pay a fine of 50 million dollars. 🔗 Read the full article here.
🚀 Audacity or recklessness? MicroStrategy bets on Bitcoin again
MicroStrategy continues to strengthen its position in Bitcoin with recent acquisitions despite a significant net loss in the first quarter of 2024. The company added 122 Bitcoin to its portfolio in April, bringing its total to 214,400 BTC.
This bold strategy comes at a time when the company recorded a net loss of 53.1 million dollars and a 5.5% decrease in revenue compared to the previous year. Despite these unfavorable figures, the company remains determined to invest in Bitcoin, raising questions about the long-term viability of this approach. 🔗 Read the full article here.
💥 Drastic fall of Bitcoin and its external influences
Bitcoin has experienced a significant drop, losing 9% of its value and stabilizing around $60,000. This decline is attributed to several global factors, including the devaluation of the Japanese yen and expectations of decisions by the U.S. Federal Reserve.
Experts, like Raoul Pal, see this drop as a possible buying opportunity. The implications of international monetary movements on Bitcoin remain the subject of speculation and highlight its increasing integration into global financial dynamics. 🔗 Read the full article here.
🌎 Mass adoption by Canadian institutions: Cryptos take root
Interest in cryptocurrencies by Canadian institutional investors has skyrocketed, with 75% of them having invested in these assets in 2023, compared to 29% in 2021. This trend is supported by increased demand for crypto-related services, facilitated by favorable regulation compared to the United States. Canadian companies are also seeking alternative assets to hedge against inflation, contributing to this growth. 🔗 Read the full article here.
⚖️ Justin Sun confronts SEC over Ethereum ETFs
Justin Sun, a prominent figure in the TRON blockchain, expresses doubts about the imminent approval of Ethereum ETFs by the SEC, citing the need for an extended educational campaign for regulators. This position comes as the SEC has already rejected several similar requests for Bitcoin ETFs.
The prospects for approval of Ethereum ETFs remain uncertain, with estimates giving only a 35% chance of acceptance in May. Sun, facing fraud charges by the SEC, remains a controversial figure in this regulatory dialogue. 🔗 Read the full article here.
Crypto of the day: Cosmos (ATOM)
Cosmos (ATOM) stands out as a blockchain ecosystem that aims to solve some of the most persistent problems in the field of blockchains, such as scalability and interoperability. Thanks to its unique architecture, Cosmos allows different blockchains to communicate with each other seamlessly, facilitating their use for a variety of decentralized applications.
The native currency of this ecosystem, ATOM, is mainly used for network governance and payment of transaction fees. ATOM holders have the right to vote on network upgrade proposals, giving them direct influence over the future evolution of the platform. In addition, ATOM can be staked to help secure the network, with rewards generated in return, providing an economic incentive to support the proper functioning of the ecosystem.
Recent performance
Current price: €7.9253 (equivalent to $8.25)
Percentage increase/decrease: +4.24% (1-day increase)
Market capitalization: €3,224,982,789
Rank on CoinMarketCap: #29
Technical analysis of the day: Cronos (CRO)
The price of Cronos (CRO) has experienced a remarkable rise since its low point at $0.05, recording an impressive increase to reach $0.18. After this rapid ascent, the price has slightly pulled back, falling below the $0.12 mark, a level that now appears crucial for the cryptocurrency's future trend. Despite this correction, the overall trend of CRO remains bullish. However, technical analysis indicates some caution, as the rejection of the 50-day moving average and the decrease in upward momentum suggest increasing uncertainty about CRO's ability to maintain its momentum.
In the face of these developments, two main scenarios emerge for the future of CRO. If the price manages to stabilize and bounce back above $0.12, this could indicate a possibility of retesting resistances above $0.14 and potentially $0.16 or $0.18. On the other hand, if the price falls below this key support level, a move towards lower levels around $0.10 could occur, with the risk of a decline to $0.08 or $0.09. These thresholds will be crucial in understanding the future direction of CRO's price and require careful monitoring to adjust investment strategies accordingly.
