Massive USDT withdrawals from Binance, XRP on the rise?
Welcome to the DailyTribune of Tuesday, November 28th, 2023 ☕️
Hello Cointribe! 🚀
Today is Tuesday, November 28th, 2023, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24-hour crypto summary ! ⏱️
🌍 BRICS: Gold or crypto for the common currency?
The BRICS (Brazil, Russia, India, China, South Africa) are considering launching a common currency, but the choice between gold and crypto is being debated. Gold offers stability and reliability, but its implementation faces logistical challenges and the dominance of the US dollar. On the other hand, crypto, with its decentralized nature, promises transparency and financial inclusion, but its price volatility and the need for central banks to relinquish some control remain major concerns.
The advantages of gold include the elimination of the need for a unified fiscal policy or bond market between BRICS nations. However, logistical difficulties, fundamental differences between BRICS countries, and the need for a single central bank are major obstacles. On the other hand, crypto could offer economic efficiency, increased transparency, and promote financial inclusion, despite the challenges of price volatility and loss of control by central banks. Regardless of the revolutionary choice, it will mark a decisive turning point in the history of the global economy and could challenge the dominance of the US dollar.
Gold, as a tangible and historically reliable asset, offers protection against inflation and economic turbulence, but lacks flexibility and agility in the digital financial landscape. On the other hand, a common currency based on crypto could not only symbolize technological advancement but also offer an alternative to traditional financial systems, promoting greater financial autonomy. However, this would require robust infrastructure and appropriate regulation to manage volatility and ensure security.
🚀 Ripple's XRP: Ready for takeoff?
XRP, Ripple's cryptocurrency, is currently in a promising technical configuration known as a bullish flag. This formation suggests a potential increase in XRP price, with an estimated bullish target of around $0.75, representing a gain of over 20% compared to its current value.
At the same time, on-chain data indicates that XRP whales, holding between 100,000 and 10 million tokens, have massively accumulated XRP during the recent price correction. This accumulation suggests strong bullish conviction among the most informed investors. Moreover, the expected outcome of the SEC vs. Ripple lawsuit in April 2024, with a possible settlement, could also positively influence the price of XRP. These combined factors position XRP for a potential massive revaluation and a surge to new highs.
The technical configuration of XRP suggests an increase, but this needs to be evaluated in the context of the regulatory challenges Ripple is facing. The SEC lawsuit is more than just a legal battle; it represents a fundamental test for the legitimacy of cryptocurrencies within the US regulatory framework. A favorable outcome for Ripple could not only propel XRP but also establish a precedent for the classification and regulation of cryptocurrencies in the United States.
📉 Binance: Massive USDT withdrawals and growing concerns
Binance is facing massive withdrawals of USDT (Tether), with $100 million withdrawn on November 23, the largest withdrawal observed in the last three months. This situation is causing concerns within the crypto community, especially after the departure of Changpeng Zhao (CZ), the former CEO of Binance. The drop in the price of Binance's native cryptocurrency, BNB, which recently traded at $233.24 per coin, is another sign of the current uncertainty. Although the trading volume on the platform recently exceeded $2 billion, indicating a certain form of stability, concerns persist.
At the same time, cryptocurrency exchange platforms, including Binance, are facing increasing regulatory pressure, particularly in the United States. John Reed Stark, a former SEC official, has even advised to immediately leave these platforms due to high risks and inherent insecurity. Binance has already paid over $4 billion in fines to comply with regulations. Despite the challenges, CZ has expressed his determination to continue building and developing Binance.
In a market where perception and trust play a crucial role, such fund movements can signal underlying concerns about the platform's stability or the solidity of USDT itself.
💼 Ethereum: Mysterious transfer of 2 million ETH
The Ethereum Foundation recently made a significant transfer of 2 million ETH to a secure multisignature crypto wallet. This transaction, which caught the attention of the crypto community, comes at a time when ETH has experienced a slight price increase followed by a devaluation of 4.23%. Blockchain analysts, such as @lookonchain and @OnchainDataNerd, quickly reported this movement, raising questions about the motivations behind this significant operation, especially coming from the Ethereum Foundation itself.
This is not the first time the Ethereum Foundation has made such transfers. Similar operations had already been observed earlier in the year, involving amounts of 1,000 ETH. The reasons for these transfers remain unknown, as no official comments have been provided by Ethereum representatives. This lack of explanation has led to various speculations, including the hypothesis that the Ethereum team, led by Vitalik Buterin, may be gradually liquidating its ETH holdings. This situation worries some members of the crypto community who fear a potential new drop in the price of ETH, currently valued at $2,026, down 2.09% in the last 24 hours.
The significant transfer of ETH by the Ethereum Foundation can be seen as a strategic move, but it also raises questions about asset management and transparency within the Foundation. This transfer could indicate a reallocation of resources in preparation for future developments or an attempt to diversify assets. However, the lack of clear communication can fuel speculation and uncertainty, highlighting the importance of governance and transparent communication in blockchain projects.
Crypto of the day: Oasis Network (Rose)
Oasis Network (ROSE) is a layer 1 blockchain focused on privacy, designed for open finance and responsible data economy using the Cosmos SDK. This approach allows Oasis to interact with the Cosmos (ATOM) blockchain ecosystem and differentiate itself by prioritizing user privacy and data confidentiality.
Oasis's architecture, separating consensus and contract settlement layers, offers high throughput and enhanced security. This structure enables support for various customizable execution environments (ParaTimes), similar to Avalanche or Polkadot.
Oasis's native cryptocurrency, ROSE, is essential for the operation of its protocol. It is used for transaction fees, staking, and delegation for network security. The initial distribution of ROSE was carried out through various mechanisms, including public and private sales, staking rewards, and community programs.
ROSE holders benefit from several advantages, including participation in network governance, the opportunity to earn staking rewards, and access to unique services and applications on the Oasis blockchain. ROSE can be used for transactions, investments in DeFi projects, and as a means of active participation in the Oasis ecosystem.
Recent Performance
Current Price: €0.077
Price Variation (24h): 8.87% (increase)
Market Cap: €521,481,169
Rank on CoinMarketCap: #82
Please note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making a financial decision.
Crypto analysis of the day: Bitcoin (BTC)
Bitcoin, our dear BTC, recently reached a new annual high, flirting with $38,000 before falling below this resistance. This movement has sparked animated discussions: are we witnessing a bullish trap, an \"upthrust\"? The situation is complex, but don't worry, we will clarify things.
First, let's observe Bitcoin's behavior in relation to its 50-day and 200-day moving averages. These indicators, which seem to follow an upward trend, suggest a period of consolidation. This is a positive sign, but beware, the oscillators show bearish divergence, indicating a possible short-term decline. This means that even if Bitcoin stays above the $36,710 support level (thank you, Fibonacci!), we must remain vigilant regarding a potential correction.
Next, let's look at BTC derivatives, especially BTCUSDT. Despite the recent drop in the price of Bitcoin, open interest has remained stable, which could indicate that investors are holding their positions. This is a crucial point to understand: investors seem confident, despite the turbulence. The liquidations heatmap shows that significant orders could be triggered around $34,000, which could increase volatility. For traders like us, these areas represent potential opportunities.
In conclusion, Bitcoin is at a crossroad. If BTC surpasses $38,000 again, we could see a continuation of the bullish trend, with targets around $40,000, or even $42,000 - $43,000. However, if Bitcoin fails to stay above $37,000, a return to $36,000, or even $35,000 or $34,000, is possible.
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