🐕💫 Memecoins & AI: The New Kings of 2024!
🐕💫 Memecoins & AI: The New Kings of 2024!
Welcome to the Daily Tribune, Thursday, April 4, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, April 4, 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:
Partiellement ensoleillé 🌤️
24-hour crypto summary ! ⏱️
🚀 Crypto Narratives 2024: When Memecoins and AI Soar!
In 2024, the cryptocurrency sector was marked by the meteoric rise of memecoins and artificial intelligence (AI), defying expectations. Memecoins, with an average increase of 1,313%, dominated the market thanks to established values like Dogecoin and Shiba Inu, as well as new entrants. AI was not left behind, recording an average growth of 222%. The Reel World Assets and DeFi sectors also experienced remarkable growth, proving the diversity and resilience of the market.
The performance of traditional cryptocurrencies brought a certain stability amid the excitement of niches. Solana, Toncoin, and Bitcoin Cash, for example, saw their value increase by about 70%. However, the scalability solutions sector for Ethereum showed more modest growth. This panorama illustrates the constant dynamics of the cryptocurrency world, ready to reinvent itself and explore new horizons.
🚓 USA - Feds Transfer $139 Million of Stolen Bitcoin!
In the United States, a discreet operation was carried out by federal authorities to transfer $139 million worth of Bitcoin, seized from reserves on Silk Road, to a wallet suspected to be linked to Coinbase. The government intervention against Silk Road, famous for its illegal transactions covered by Bitcoin anonymity, marked a significant turning point in the fight against cybercrime.
The motivations behind transferring these bitcoins to Coinbase remain speculative, with theories ranging from an upcoming auction to increased regulation by US financial authorities. This action rekindles the debate about the future of cryptocurrencies and the role of the state in this initially decentralized sector, highlighting the tensions between the founding principles of Bitcoin and the imperatives of regulation and control.
🏦 Bitcoin Rejected by Goldman Sachs!
Goldman Sachs, one of the most influential investment banks on Wall Street, has expressed a firmly skeptical stance towards Bitcoin and cryptocurrencies in general, considering them unsuitable for serious investments. According to Sharmin Mossavar-Rahmani, Chief Investment Officer, Bitcoin should not be considered a viable asset class. This statement contrasts sharply with the growing interest of other financial institutions in cryptocurrencies.
Despite this public stance, Goldman Sachs has nevertheless explored the crypto space, opening a cryptocurrency trading desk in 2021 and investing in Bitcoin-related financial products. This duality highlights a tension between traditional conservatism and the necessary innovation in a rapidly evolving sector.
💰 When the IMF Favors Bitcoin
The International Monetary Fund (IMF) has recently highlighted the prohibitive costs of international money transfers, which can reach up to 50% for modest amounts. This situation showcases Bitcoin as a potentially more cost-effective alternative for such transactions. Despite doubts about its ability to become a universal means of payment, Bitcoin offers undeniable advantages for international transfers, with significantly lower costs than traditional systems.
Bitcoin and the Lightning Network present themselves as effective solutions to reduce transfer fees, particularly in regions where current costs are exorbitant, such as certain parts of Africa. This situation illustrates the disruptive potential of Bitcoin to challenge established financial structures and provides an interesting perspective on the future evolution of global money transfers.
Crypto of the day: Bitcoin Cash (BCH)
Bitcoin Cash (BCH) stands out as a major innovation in the cryptocurrency world and resulted from a fork of Bitcoin in 2017. This separation was motivated by the desire to increase the size of blockchain blocks, thus allowing a greater number of transactions to be processed and reducing fees, offering a tangible solution to the scalability limitations of its predecessor.
Bitcoin Cash holders benefit from advantages such as minimal transaction fees and fast confirmation times, making transactions more efficient compared to Bitcoin. BCH can be used for online payments, fund transfers, and even as an investment or store of value, although the latter usage is less common due to its volatility.
Recent Performances
Current Price: The current price of Bitcoin Cash is around $668.51 USD
Percentage Increase/Decrease: Bitcoin Cash has experienced a significant increase of 9.86% in the last day
Market Cap: The current market cap of BCH is about $13.161 billion
Rank on CoinMarketCap: BCH ranks 13th on CoinMarketCap
Technical Analysis of the Day: Bittensor (TAO)
Bittensor (TAO), after a meteoric rise, is showing signs of slowing down. For those who are discovering it, this crypto has made a spectacular leap of 700% in less than two months, going from $46 to a dazzling peak of $757, largely thanks to the enthusiasm for artificial intelligence and its ability to position itself as a key player in this revolution. But recently, after reaching this peak, TAO experienced a significant correction, dropping by nearly 40% and leaving many investors uncertain.
This correction, though concerning at first glance, was followed by an interesting rebound. This rebound, bringing us back above the psychological threshold of $500, suggests a reintegration of support and, perhaps, a regained confidence of investors. However, the situation remains complex. Although TAO has regained ground, the current price around $570 does not completely move us away from a short-term bearish perspective. The cryptocurrency has fallen below its 50-day moving average, a sign often interpreted as a potential warning for traders.
So, what does the future hold for Bittensor? If TAO manages to stay above $470, we could witness a continuation of the bullish trend, with targets at $645 and, if exceeded, why not a return to the peak at $760 or higher. However, an inability to stay above $470 could signal a deeper correction, potentially towards $415 or even $350. These price movements offer unique opportunities for savvy investors willing to navigate through these volatile waters.
