Memecoins lose their luster, Tether innovates with Alloy, Paris Match goes digital 📉💡🖼️
Welcome to the Daily Tribune, Wednesday, June 19, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, June 19, 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:
Partly sunny 🌤️
24h crypto recap! ⏱
AI cryptos enthusiasm precedes the drop 📉
Cryptocurrencies related to artificial intelligence, such as FET, RNDR, TAO, and GRT, have recorded a significant decline of over 20% in one week, despite a peak of interest observed through Google Trends. This maximal investor interest coincided with market peaks, a recurring phenomenon in the crypto sector. Meanwhile, the CoinDesk 20 index lost 6% and bitcoin only 2.8%, illustrating the increased volatility of AI cryptos in the face of market interest fluctuations. Investors must be wary of interest peaks that can precede significant corrections. 🔗Read the full article here.
Tether introduces Alloy, a gold-backed stablecoin 🪙
Tether has launched a new stablecoin called Alloy (aUSDT), backed by physical gold through Tether Gold (XAUt). Alloy aims to offer the stability of gold while retaining the functionality and value of the US dollar without being directly backed by it. This innovation allows users to mint aUSDT by depositing XAUt through a smart contract and price oracles. This launch comes after Tether recorded record profits and highlights the increasing importance of tokenizing traditional assets. 🔗Read the full article here.
The end of memecoins euphoria: making way for quality 💼
The cryptocurrency market is experiencing a significant correction, with a particularly sharp drop for memecoins, these speculative assets losing up to 14% of their total value. The market capitalization of memecoins has plunged to $48.8 billion, with some coins like MAGA TRUMP dropping 34%. Even leaders like Dogecoin, Shiba Inu, and Pepe have been impacted. This trend shows that investors are turning to more solid assets, perhaps marking a paradigm shift in the crypto industry. 🔗Read the full article here.
Paris Match immortalizes its iconic photos in NFTs 📸
To celebrate its 75th anniversary, Paris Match has launched an auction of 75 iconic photos in the form of NFTs on the Ethereum blockchain. Among these shots are legendary images of the Rolling Stones, Jack Nicholson, and historical moments like the fall of the Berlin Wall. Each NFT is accompanied by a signed and numbered physical print, combining tradition and modernity. This initiative, carried out in partnership with Focus Bloc and SuperRare, aims to democratize access to heritage treasures with starting bids at 0.3 ETH. 🔗Read the full article here.
Crypto of the day: Render (RNDR)
Render (RNDR) is an innovative cryptocurrency based on the Ethereum blockchain. It stands out for its ability to connect users with intensive graphic rendering needs to those with available GPUs. This decentralized solution allows for optimized use of graphic computing resources, offering significant cost reduction and efficiency for digital content creators and production studios.
The main utility of RNDR is to facilitate payment for graphic rendering services on the Render network. Users purchase RNDR credits to pay for graphic rendering. The initial distribution of RNDR was done through an Initial Coin Offering (ICO), offering investors the opportunity to purchase tokens in exchange for their financial support.
Recent performance:
Current price: €7.92
Percentage increase/decrease: +9.49% (1-day increase)
Market capitalization: €3,087,336,786
CoinMarketCap ranking: #29
Storm in the crypto market: Bitcoin and Ether in freefall, what are the consequences? 🌪️
After bouncing back from the lower part of this range, it reached a resistance around $71,000 - $72,000. Currently, the price is trading below $71,000, indicating a period of short-term indecision. Despite this hesitation, the medium and long-term trend remains bullish, supported by the 50-day and 200-day moving averages.
Let's move on to derivatives and technical data. The open interest of Bitcoin perpetual contracts and a positive funding rate indicate bullish conviction among speculators. Liquidations remain low, suggesting a healthy market. However, the liquidations heat map shows critical areas between $72,000 - $74,000 above the current price and between $65,000 - $67,000 below. These areas are major points of interest, as reaching these levels could trigger significant orders, increasing volatility.
For assumptions about the Bitcoin price, as long as it remains above $66,000, a breakout of $72,000 could lead to the ATH of $74,000 or even $78,300, representing a 13% increase. If Bitcoin falls below $66,000, the next supports would be at $65,000 and $63,000, with a potential downside towards $60,000, a 13% decrease. It is crucial to monitor price reactions at these levels to validate or invalidate the envisaged scenarios, while remaining cautious in the face of possible false signals and market pressures.