Interest rates worry the market, major improvements for Cardano 🌌
Interest rates worry the market, major improvements for Cardano 🌌
Welcome to the Daily Tribune on Tuesday, April 9, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, April 8, 2024, and like every day from Tuesday to Saturday, we'll 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 ! ⏱️
🌀 Cardano: Promises of improvement despite skepticism
Amidst the criticism surrounding the future of Cardano (ADA), its founder Charles Hoskinson remains reassuring by announcing two major updates aimed at enhancing the blockchain. On one hand, the planned \"Chang\" hard fork for this year, which aims to establish a community governance allowing ADA holders to participate in decisions. This initiative seeks to further decentralize Cardano. On the other hand, the introduction of Ouroboros Leios, a new version of its consensus model, promises to improve throughput, scalability, and transaction speed without compromising network decentralization. These advancements are presented as crucial in maintaining Cardano's competitiveness in an ever-evolving crypto ecosystem.
Hoskinson vigorously defends the Cardano ecosystem and attributes a great deal of disapproval to emotional and short-term reactions. He highlights the transformative nature of the next steps for Cardano and announces a period of major change for the blockchain.
🚀 A $5 trillion market
Brad Garlinghouse shares a bold vision for the future of the crypto market. The CEO of Ripple predicts a total market value reaching $5 trillion by the end of 2024. This prediction is based on several determining factors, including a significant increase in institutional engagement through Bitcoin ETFs, an instrument that has already generated considerable capital flows into the sector. Additionally, he views the upcoming Bitcoin halving as a potential growth driver historically conducive to price increases due to the reduction in the supply of new bitcoins in the face of increasing demand.
Another crucial element highlighted by Garlinghouse is the positive evolution of crypto regulation in the United States. He envisions regulatory relaxation that could serve as a catalyst for market expansion. This combination of macroeconomic and regulatory factors outlines a promising future for the crypto sector and lays the groundwork for unprecedented growth.
⚠️ Cryptocurrency tested by interest rates
Jamie Dimon, CEO of JPMorgan, issues a warning about a scenario that could potentially be detrimental to the global economy and, in turn, the crypto market. According to him, interest rates could soar well beyond current expectations, a situation that could severely impact financial markets, including the cryptocurrency sector. He attributes this potential increase in rates to various factors, including increased military spending, public deficits, and the repercussions of geopolitical conflicts on the commodity market. This analysis contrasts with the widespread optimism and highlights the risks of higher-than-expected inflation.
From this perspective, the crypto market appears particularly vulnerable. Cryptocurrencies, reactive to interest rate fluctuations, could be hit hard by the consequences of a more restrictive monetary policy.
🔝: Bitcoin ETFs continue to break records
The current landscape of Bitcoin ETFs reveals an interesting dynamic of supply and demand, marked by significant absorption of newly minted bitcoins by these funds. BlackRock stands out with an impressive stockpile of 264,000 BTC, equivalent to 1.35% of all bitcoins in circulation, followed by Fidelity and Ark Invest. However, withdrawals from the GBTC (Grayscale) ETF are hindering the achievement of new highs for the price of bitcoin.
Analysis of on-chain movements since the beginning of the year highlights the strong demand for ETFs compared to available supply. With the upcoming halving and the potential arrival of Chinese ETFs, the market is heading towards a period of high volatility, potentially conducive to establishing new price records for bitcoin.
Coin of the day: Saga (SAGA)
Saga positions itself as a notable innovation in the blockchain space, specifically targeting the gaming and entertainment sector. With its blockchain designed to offer an improved user experience and enhanced gaming performance, Saga aims to solve key problems encountered in traditional blockchain games, such as high latency and transaction costs.
Initially distributed through a series of public sales and reward mechanisms for the community, SAGA offers holders various advantages, such as transaction fee discounts, voting rights on important ecosystem decisions, and privileged access to exclusive games and events. As the currency of the Saga ecosystem, SAGA is used to buy, sell, or exchange digital assets in games, thereby providing unprecedented fluidity and integration among the different components of the Saga entertainment ecosystem.
Recent performance
Current price: €3.50
Percentage increase/decrease: +29.02% (1-day increase)
Market capitalization: €3,069,740,417
Rank on CoinMarketCap: #43
Technical analysis of the day: Bitcoin (BTC)
In the early days of April, Bitcoin sailed through turbulent waters, dropping to a floor of $64,500 before making an impressive rebound to $72,000. This momentum shows how unpredictable the crypto market can be.
Careful observation of technical signals, including the 50- and 200-day moving averages, suggests a generally bullish trend. However, a slight rebound signaled by oscillators reminds us to exercise caution. Derivatives markets, with open interest closely following the price of Bitcoin, provide a glimpse into traders' expectations. Increased liquidation of short positions and a slight increase in the funding rate indicate increased interest in long positions, implying renewed confidence in Bitcoin's ability to maintain or increase in value.
If Bitcoin manages to solidify above $69,000, we could witness a continuation of the bullish trend, potentially up to $75,000, surpassing new resistance levels with a possible increase of over 7%. Conversely, a decline below $69,000 could indicate a retreat to $67,000 or even $64,000, marking a decrease of around -9%.
