🇩🇪 Germany continues its massive Bitcoin sales, market under pressure
Welcome to the Daily Tribune Thursday, June 27, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, June 27, 2024 and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24h crypto recap! ⏱
Hamster Kombat: The crypto game that threatens Bitcoin 🐹
Hamster Kombat, a "tap-to-earn" game, allows players to earn tokens by clicking on a hamster image and performing tasks such as referrals. In less than 80 days, it has gained nearly 200 million users worldwide, surpassing even Notcoin in popularity. The game plans to launch its native token, $HMSTR, on the TON blockchain with an imminent airdrop. However, this rapid rise has raised concerns in Iran, where the game has surpassed Bitcoin in terms of Google searches, worrying authorities ahead of the presidential elections. Hamster Kombat shows how blockchain games can quickly influence the economy and government regulations. 🔗 Read the full article here.
Germany continues to liquidate Bitcoin 💸
Germany recently conducted a massive sale of Bitcoin, transferring over $170 million in BTC to exchanges such as Coinbase and Kraken. On June 25, 2024, the German government's wallet (BKA) sold 900 BTC in three separate transactions, while still holding 46,359 BTC, worth over $2.8 billion. These sales come as Bitcoin struggles to maintain its value above $60,000, raising concerns about increased selling pressure. Despite this, companies like MicroStrategy continue to buy Bitcoin, strengthening their confidence in the asset. The funds sold are from seizures related to previous criminal operations. 🔗 Read the full article here.
EU hits hard against the Kremlin with radical economic sanctions 💥
The European Union has imposed new economic sanctions targeting crypto asset providers linked to Russia, in order to limit the Kremlin's financial capabilities. These measures include a total ban on interactions with crypto asset providers that facilitate transactions for the Russian defense, and a ban on using the SPFS financial messaging transfer system, the Russian alternative to SWIFT. In addition to these restrictions, the EU also targets the "dark fleet of Putin" a fleet of tankers accused of bypassing sanctions to export oil. 27 vessels and 61 new entities have been added to the blacklist. The EU aims to further isolate Russia from international financial networks and cut off the financial flows fueling its military capabilities. 🔗 Read the full article here.
MiCA Regulation: 80% of crypto companies are unaware of this crucial deadline 🕒
MiCA regulation imposes new disclosure obligations on crypto companies in Europe regarding environmental sustainability, but many of them seem to misinterpret the set deadlines. According to Tim Zölitz from Crypto Risk Metrics, a majority of crypto asset service providers are unaware that the environmental, social, and governance (ESG) data disclosure obligations start on January 1, 2025, and not in 2027 as some believe. This confusion could have significant regulatory consequences. Crypto Risk Metrics has signed a protocol with the Digital Token Identifier Foundation to improve transparency and help companies comply. MiCA rules stipulate that token issuers must start disclosing their environmental impacts from June 30, 2024. Despite clarifications from ESMA, many companies are still unaware of the specific requirements, which could affect their compliance and reputation. 🔗 Read the full article here.
Crypto of the day: Kaspa (KAS)
Kaspa stands out for its use of the GHOSTDAG consensus technology, which allows for parallel blocks instead of a single chain. This innovation greatly improves scalability and transaction speed compared to traditional blockchains.
The native cryptocurrency, KAS, is mainly used for payments and transaction fees on the network. KAS was distributed through a mining process, providing an incentive for miners to secure the network. KAS holders benefit from fast transactions and reduced fees, and can use the currency for various decentralized applications and payments.
Recent performance:
Current price: €0.1753
Percentage increase/decrease: 9.14%
Market capitalization: €4,202,102,181
Rank on CoinMarketCap: #24
Ethereum's momentum continues to decline
After reaching a peak of $3,950 following the approval of Ethereum spot ETFs, Ethereum has faced increasing selling pressure, driven by the decline of Bitcoin. This trend has pushed its price down, reaching a buyer interest point around $3,250, allowing it to hold above $3,300. However, Ethereum is currently below its 50-day moving average, which is concerning for its medium/long-term structure, although it remains above its 200-day moving average. Ethereum's bearish momentum is supported by current oscillators and price trends, suggesting a possible continuation of this selling pressure.
The open interest of perpetual contracts on Ethereum reflects this bearish trend, indicating position exits by speculators and capitulation of buyers, with mostly buying liquidations and a continued decline in funding rates. Significant liquidation zones are currently above and below Ethereum's current price, implying increased volatility risk if these levels are reached. If Ethereum manages to hold above $3,250, a bullish recovery could emerge; otherwise, a decline towards $3,000 or even $2,800 could materialize. It is crucial to monitor price reactions at these key levels to assess future prospects.