Hello Cointribe! 🚀
Today is Tuesday, December 5, 2023, 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 ⛅
24-hour crypto summary ! ⏱️
📈 Gold Shines Brighter Than Bitcoin: New All-Time Highs!
Gold has recently surpassed the impressive milestone of $2,100 per ounce, reaching an all-time high of $2,127, far outpacing the performance of Bitcoin. This meteoric rise in the precious metal comes in a favorable economic context, with a negative correlation to expectations of the Fed's interest rate hikes. In comparison, Bitcoin still has to rebound more than 60% to surpass its previous all-time high.
The gold market is currently benefiting from a stable US dollar despite geopolitical tensions and economic uncertainties, reinforcing its safe-haven status. Meanwhile, Bitcoin, although experiencing a 140% increase over the year, remains far from its record, highlighting the divergence in trajectories between gold and cryptocurrency. However, both remain popular safe-haven assets in times of uncertainty.
The recent rise in gold reflects a preference for traditional safe-haven assets in times of geopolitical uncertainty. This trend highlights the persistence of confidence in tangible assets compared to digital assets during times of crisis!
🚀 Bitcoin Soars: Heading Towards $100,000?
Bitcoin has recently surpassed the significant threshold of $40,000, reaching $40,846 over the weekend, marking its highest level since April 2022. This spectacular rise rewards investors' patience after a challenging 2022, where Bitcoin had lost up to 70% of its value. Over the year, BTC has recorded an impressive 140% increase against the US dollar, with an increase of nearly 50% in just one month.
The anticipation of the approval of a Bitcoin ETF in the United States is a key factor in this rise. Several major firms, including BlackRock and Grayscale, have filed applications with the SEC. The probability of approval for these ETFs is estimated at 90% by January 2024. This prospect, combined with the recent increase in Bitcoin, has triggered a massive liquidation of short positions.
The breakthrough of $40,000 by Bitcoin indicates a renewed investor confidence, potentially driven by the anticipation of Bitcoin ETFs. This suggests a maturing and increasing adoption of cryptocurrencies in the traditional financial sector, while highlighting the market's sensitivity to regulatory developments.
🚀 Binance Boosts Terra Classic (LUNC)
Binance, the world's largest cryptocurrency exchange, recently announced the launch of new trading pairs, including Terra Classic (LUNC), resulting in a spectacular increase of over 60% in LUNC's value. This announcement was followed by the destruction of 3,903,522,969.89 LUNC tokens by Binance, corresponding to trading fees on LUNC pairs between October 31 and November 29, contributing to the reduction of the total circulating supply of LUNC and the increase of its value.
Following this announcement, the price of Terra Classic experienced a remarkable increase of nearly 65% in 24 hours and 110% over a week, propelling its market capitalization to $1.4 billion. LUNC is now ranked 43rd in terms of market capitalization, with a 152% increase in 24-hour trading volume.
The impact of Binance on the rise of LUNC illustrates the significant influence of major exchange platforms on cryptocurrency markets.
🌟 Bitcoin: The Bull Run is On!
Bitcoin has recently reached the $40,000 mark, marking a rise of 142% since the beginning of the year and 160% compared to its previous year's low. This surge is driven by the anticipation of an imminent Bitcoin ETF and the upcoming \"halving\" in April, which will halve the miners' reward, making Bitcoin twice as rare as gold. Meanwhile, gold has also experienced an increase, mainly due to current geopolitical tensions, including the conflict between Israelis and Palestinians and acts of piracy in the Red Sea, which threaten the global supply chain and exacerbate inflation.
These geopolitical events have led to an increase in the value of gold, considered a safe haven in the absence of a Bitcoin ETF. Meanwhile, Bitcoin is seen by many as an improved version of gold, thanks to its scarcity and ease of transaction. Experts, including those from Standard Chartered Bank, predict that Bitcoin could reach $100,000 in 2024.
The parallel rise of gold and Bitcoin, although for different reasons, suggests a shift in investor perceptions of safe-haven assets. Bitcoin is gaining legitimacy as a hedge asset but remains influenced by factors distinct from those affecting gold. This divergence indicates that Bitcoin and gold could play complementary roles in investment portfolios, providing coverage against different types of economic and geopolitical risks.
Crypto of the day: Centrifuge (CFG)
Centrifuge represents a major innovation in the decentralized finance (DeFi) world by bridging the gap between real-world assets (RWA) and the blockchain. Its unique value proposition lies in its ability to offer small and medium-sized enterprises (SMEs) access to cheaper funding, while providing investors with a stable source of income less dependent on cryptocurrency volatility.
The native crypto of Centrifuge, CFG, is used to tokenize real assets such as invoices or real estate, which can then be used as collateral in the decentralized lending protocol Tinlake. This approach offers CFG holders benefits such as liquidity access and participation in the protocol's governance, while paving the way for wider use of cryptocurrencies in traditional financial transactions.
Recent performance
Current Price: €0.6514
Percentage change: Decrease of 3.50% in 1 day
Market Cap: €234,688,033
Rank on CoinMarketCap: #152
Please note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making any financial decisions.
Crypto analysis of the day: Bitcoin (BTC)
Bitcoin has recently achieved an important milestone by surpassing the $38,000 resistance. This breakthrough has led to a new annual high around $42,000. This is exciting news for investors, but it requires careful analysis. Bitcoin closed December with an increase of over 9% and started January on a positive note. However, a divergence is forming on the RSI indicator, suggesting a possible consolidation or correction ahead. As an investor, it is crucial to monitor these signals to adjust your strategies accordingly.
The Bitcoin derivatives market (BTCUSDT) has also experienced an increase, with a significant increase in open interest. This indicates a growing interest from traders in buying Bitcoin. The closest liquidation area is between $43,000 and $47,000. As the market approaches these levels, we could see an increase in volatility. For traders, these areas represent potential opportunities, but they require increased vigilance and an understanding of the associated risks.
If Bitcoin manages to stay above $42,000 - $43,000, we could witness a continuation of the bullish trend, with potential resistance around $48,000. On the other hand, if Bitcoin fails to hold these levels, a return to $40,000 could be considered, with a potential downside to around $38,000. These scenarios are based on technical analysis, but remember, the cryptocurrency market is influenced by many other factors, including fundamental elements.
In conclusion, Bitcoin shows persistent bullish momentum, but with an increase of over 50% in three months, the risk of a correction should be taken into account. It is essential to remain attentive to market reactions at different key levels to confirm or refute these assumptions.