🌐 More than 617 million people worldwide own cryptocurrencies!
🌐 More than 617 million people worldwide own cryptocurrencies!
Welcome to the Daily Tribune Friday 23 August 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, August 23, 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:
Partly sunny 🌤️
24h crypto recap! ⏱
🚀 Cardano surges 8% thanks to the Chang hard fork
Cardano recently experienced an 8% increase following the announcement of the upcoming launch of the Chang hard fork, scheduled for August 27, 2024. This update is a crucial step towards fully decentralized governance, allowing the community to propose and vote on protocol changes. The hard fork will also introduce significant technical improvements, including better management of staking pools and reduced transaction fees, making the platform more attractive to users and developers. With over 200 million users, Cardano continues to invest in security and user experience, including through a bug bounty program with a million-dollar fund. This advancement positions Cardano as a leading player in the crypto market, with the ambition to surpass Bitcoin. 🔗Read the full article here.
🚀 Binance says no to an IPO and focuses on massive recruitment
Under the leadership of Richard Teng, Binance is adopting a long-term strategy aimed at building a sustainable company that will thrive for the next 50 to 100 years without resorting to an initial public offering (IPO). This vision allows Binance to maintain greater flexibility and independence, essential for quick adaptation to crypto market changes. At the same time, Binance has launched an extensive recruitment campaign, planning to hire nearly 1000 new talents to strengthen its teams in various domains, including business development, customer support, and engineering. With over 200 million users and a visionary approach, Binance continues to invest in its human capital to maintain its leadership in the crypto sector. 🔗 Read the full article here.
⚠️ McDonald's falls victim to a crypto scam on Instagram
McDonald's recently suffered a cyber attack where hackers took control of its Instagram account to promote a crypto scam, generating approximately $700,000 in record time. The hackers posted misleading messages promoting a token named GRIMACE, based on the Solana blockchain, promising quick gains to users. In a matter of minutes, the token price skyrocketed by 195,000%, before the hackers removed all liquidity, leaving investors empty-handed. After the attack, the cybercriminals openly thanked the victims on McDonald's Instagram account for the stolen $700,000. McDonald's eventually regained control of its account and deleted the fraudulent posts, but this attack highlights the vulnerability of large companies to cyber threats and the need to strengthen their digital security. 🔗 Read the full article here.
🌐 Over 617 million people now own cryptocurrencies despite a declining market
In 2024, crypto adoption reached a record high, with over 617 million people owning digital assets, representing a 6.4% increase in just six months. This growth is driven by major events such as Bitcoin's fourth halving and Ethereum network improvements through the Dencun update, which significantly reduced transaction fees. Despite this increasing adoption, the crypto market experienced a 14% decrease in total market capitalization during the first half of 2024, indicating a phase of readjustment after a period of strong growth. Nonetheless, the interest in stablecoins, with a market capitalization of $161 billion, and the growing institutional support could signal market consolidation and pave the way for a new growth phase. 🔗 Read the full article here.
Crypto of the day: Avalanche (AVAX)
Avalanche is an innovative blockchain platform that stands out for its ability to offer ultra-fast and scalable transactions while maintaining low transaction costs. The added value of Avalanche lies in its unique consensus protocol, which allows for almost instant finality in less than a second. This speed and efficiency make it an ideal platform for decentralized applications (dApps) and decentralized finance (DeFi) solutions. The Avalanche blockchain also enables the creation of customizable subnets, offering unmatched flexibility to developers and businesses looking to leverage blockchain technology for specific use cases.
The native token of Avalanche, AVAX, is primarily used to secure the network through staking, pay transaction fees, and serve as a medium of exchange within the Avalanche ecosystem. AVAX holders benefit from a share of the rewards generated by staking while having voting rights on governance proposals. AVAX was initially distributed through a public and private sale, attracting interest from institutional and individual investors. Benefits for holders include reduced fees on the Avalanche network and the opportunity to actively participate in network governance while taking advantage of earning opportunities through staking.
Recent Performance
Current Price: €24.14
Percentage Increase/Decrease: 11.69% (1-day increase)
Market Cap: €9.78 billion
Rank on CoinMarketCap: 12
Tron outperforms the market! Analysis on August 22, 2024
Tron (TRX) has outperformed the cryptocurrency market by reaching its highest annual level at $0.16, despite a general decline in interest in cryptos. After hitting a low point at $0.045, Tron started a steady ascent, supported by the growing attraction of DeFi on its blockchain, which attracted significant liquidity. Currently, TRX is trading around $0.14, well above its 50 and 200-day moving averages, indicating a strong bullish trend in the short, medium, and long term. However, the selling pressure that followed this peak shows that maintaining this momentum will heavily depend on buyer support.
In parallel, the increasing interest in TRX/USDT perpetual contracts and the rising Cumulative Volume Delta (CVD) suggest predominantly buy-oriented speculation, despite recent market fluctuations. Significant liquidation zones located below the current price, particularly between $0.12 and $0.13, could lead to increased volatility if TRX approaches these levels. Continuing the bullish trend could see TRX break through new resistances at $0.166 and $0.176, while a bearish reversal could bring the price back to supports at $0.137 or $0.126, with a 22% downside risk if these levels are reached.
🔗 Read the full analysis here.
