Justin Sun offers $2.3 billion to stabilize Bitcoin! 🦸♂️
Welcome to the Daily Tribune Saturday, July 6, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, July 6, 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:
Sunny ☀️
24h crypto recap! ⏱
Bitcoin: Novice traders panic and liquidate $2.4 billion! 📉
The volatility of the crypto market has caused panic among novice Bitcoin traders, who have liquidated nearly 186,945 BTC, amounting to about $2.4 billion. These investors, who entered the market after the launch of the Bitcoin ETF, reacted impulsively to price fluctuations, particularly when BTC dropped to $58,000. Unlike long-term HODLers, who only sold 61 BTC and held their positions, novices suffered significant losses. Experts emphasize the importance of patience and long-term vision to maximize profits in the volatile crypto world. 🔗Read the full article here.
Justin Sun, the Bitcoin superhero savior? 🦸♂️
Justin Sun, founder of Tron, has proposed to buy all the bitcoin held by the German government, valued at over $2.3 billion. This initiative aims to stabilize the market as Germany has started selling its bitcoins, putting downward pressure. Sun hopes to negotiate an off-market purchase to avoid a drop in BTC price. The crypto community is divided: some see Sun as a potential savior, while others remain skeptical about the response from the German government and the overall impact of this proposal.🔗Read the full article here.
El Salvador persists with its Bitcoin strategy despite a volatile market 🌍
El Salvador continues to buy one Bitcoin per day despite the turbulence in the cryptocurrency market. President Nayib Bukele, unwavering in his vision, transferred the country's 5,700 BTC to an offline wallet to secure this investment. This strategy reflects the country's confidence in the long-term potential of Bitcoin. In addition, El Salvador is considering the creation of a Bitcoin bank to facilitate transfers between Bitcoin and the US dollar, supported by Max Keiser, Bukele's Bitcoin adviser. This initiative, while promising for economic growth, is also seen as risky by some economists due to the intrinsic volatility of Bitcoin. 🔗Read the full article here.
Mt. Gox finally repays its creditors after ten years of waiting! 💸
After ten years of waiting and complex procedures, the bitcoin exchange Mt. Gox has started repaying its creditors in BTC and BCH through designated exchanges. Founded in 2010, Mt. Gox went bankrupt in 2014 after losing 850,000 BTC, leading to the suspension of withdrawals and a declaration of bankruptcy. The rehabilitation trustee currently holds 94,457 BTC, of which 47,288 BTC has already been transferred for repayment. Although this restitution is a relief for the creditors, it is causing massive liquidation in the crypto market, reaching $675 million in 24 hours, which could intensify bitcoin sales and exert downward pressure on its price in the short term. 🔗Read the full article here.
Crypto of the day: Tezos (XTZ)
Tezos is an innovative blockchain that stands out for its code security, on-chain governance, and decentralization. Using the Liquid Proof-of-Stake (LPoS) consensus mechanism, it allows any holder to participate in the consensus process, directly or through delegation, and be rewarded for securing the network.
The native crypto XTZ is mainly used to pay transaction fees and participate in network governance. Holders benefit from Tezos' unique ability to upgrade without forking, thanks to its on-chain governance system. XTZ was initially distributed through a successful ICO in 2017 and can be used for staking, payments, and decentralized applications (dApps).
Recent performance
Current price: €0.6767
Percentage increase/decrease: +15.21% (1-day increase)
Market capitalization: €668,409,723
Rank on CoinMarketCap: 82#
Bitcoin: Is it the right time to buy?
The recent fluctuations in bitcoin (BTC) have raised concerns among investors, with experts offering varied and often contradictory forecasts. A crypto analyst known as Moustache argues that the current moment represents a unique buying opportunity for bitcoin, based on the Wyckoff reaccumulation model. According to him, BTC is about to enter the "Spring" phase of the model, marked by price consolidation and potential recovery. With prices dropping below $57,000 in May to reach around $56,500, Moustache observes resistance between $72,000 and the peaks of March 2024. He believes that the retest of support at $56,900 on July 4th could precede a significant price recovery if the current losses do not confirm.
However, not all analysts share this optimism. Willy Woo, an on-chain analysis expert, attributes the recent price drop to miner capitulation, exacerbated by the April 20 halving reducing BTC rewards. According to Woo, this capitulation particularly impacts less efficient miners, who are forced to sell their BTC and exit the market. While long-term holders have stopped selling since the approval of the first Bitcoin spot ETF by the SEC in January 2024, the illiquid supply of BTC remains close to an all-time high. The division among analysts is palpable: Moustache sees an imminent buying opportunity, while Woo and other experts urge caution, with some even predicting a drop in BTC below $50,000.