Quantum computing threatens cryptos, Chris Larsen supports Kamala Harris with 10M XRP! 🖥️💸
Welcome to the Daily Tribune of Wednesday, October 23, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, October 23, 2024, 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:
Rainy 🌧️
24h crypto recap! ⏱
Michael Saylor's unexpected turnaround 🌪️
Michael Saylor, once a fervent advocate of the Bitcoin personal custody, recently surprised the crypto community by encouraging holders to transfer their BTC to financial institutions, rather than holding them themselves in hardware wallets. He claims that the fear of Bitcoin seizure by governments is unfounded, now preferring to place his trust in big banks.
This change in position is shocking, as it distorts the fundamental principle of Bitcoin decentralization, by reinforcing centralization through institutional actors. Many influential figures in the crypto world, such as Simon Dixon and John Carvalho, denounce this shift and fear that it will turn Bitcoin into a mere speculative asset under the control of institutions.
The Chinese breakthrough in quantum computing: a danger for cryptos? ⚠️
Researchers from Shanghai University have made a major breakthrough in quantum computing and raised concerns about the security of cryptocurrencies. Using a D-Wave quantum computer, they reportedly managed to circumvent several encryption algorithms, including those protecting crypto wallets. However, experts, such as Massimiliano Sala, emphasize that this breakthrough remains limited and that there is no evidence of breaches on robust encryption systems, such as RSA at 1,024 or 2,048 bits, used by banks and cryptos.
Although Bitcoin's private keys are not yet threatened by these computers, this advancement sends a clear signal: the industry must prepare for a future where more powerful machines could challenge the current security of blockchains. Cryptographers, including Vitalik Buterin, are already considering updates to counter potential quantum attacks. A rapid adoption of post-quantum encryptions now seems essential to preserve the resilience of systems.
The Minneapolis Fed advocates radical measures against Bitcoin 💥
The Federal Reserve Bank of Minneapolis recently published a report recommending extreme measures against Bitcoin to preserve the viability of permanent budget deficits. Faced with the U.S. national debt, which exceeds $35.7 trillion, and a primary deficit of $1.8 trillion, the Fed proposes either to heavily tax or to simply ban Bitcoin.
According to the report, Bitcoin's decentralized nature and limited supply create a "budget trap," making it difficult to manage public debts by providing an alternative to the traditional financial system. This statement has sparked strong reactions in the crypto sector, where many denounce a coordinated attack on Bitcoin. Figures like Matthew Sigel of VanEck see it as an attempt to ensure that public debt remains the only risk-free financial asset.
Ripple supports Kamala Harris with 10 million XRP 💰
Chris Larsen, co-founder of Ripple, injected 10 million dollars in XRP to support Kamala Harris's presidential campaign through the PAC Future Forward. This financial support adds to Larsen's previous contribution in August, aimed at strengthening Harris's position on cryptocurrencies. Larsen claims that the future of technological innovation, especially in blockchain and crypto, is at stake, and that Democrats must adopt a new approach to crypto regulation.
Brad Garlinghouse, CEO of Ripple, also praised this commitment and emphasizes the importance of countering the "war against crypto." This support comes at a time when Donald Trump, who favors cryptocurrencies, is also attracting significant contributions, making this election a key moment for the future of crypto regulation in the United States. Harris will need to demonstrate her ability to support crypto-friendly policies to hope to catch up.
Crypto of the day: Gala (GALA)
Gala is a blockchain platform specializing in video gaming and NFTs, allowing users to fully own their digital assets in games. The main innovation of the Gala blockchain lies in its ability to decentralize game management, giving players more control over their items and gaming experience.
Its native crypto, GALA, is used as currency to buy virtual items, pay fees, and incentivize nodes to support the network. It was initially distributed through node rewards and token sales. GALA holders enjoy benefits such as rewards and access to exclusive NFTs while participating in the governance of the network. GALA can be used in games within the ecosystem to conduct transactions or exchange items.
Recent performances
Current price: €0.0218
Percentage increase/decrease: +2.70% (increase over 1 day)
Market capitalization: €779.51M
Rank on CoinMarketCap: 81
Technical analysis of the day: Solana (SOL)
Solana continues its rise, having crossed a key resistance level at $164, currently reaching $170. This rise has allowed the cryptocurrency to confirm a medium-term bullish trend, supported by an inverse head and shoulders pattern, generally indicative of a bullish reversal.
Although this momentum is encouraging, Solana will need to maintain its momentum for the daily moving averages to cross upward, thereby strengthening the current trend. Technical oscillators also indicate a return of positive momentum for the crypto.
On the side of SOL/USDT perpetual contracts, open interest has increased, demonstrating speculators' interest in Solana. However, the recent decline in CVD (cumulative volume delta) suggests a predominance of sell orders, illustrating some short-term uncertainty.
The liquidation heat map reveals several key levels, with critical zones at $185 and $195, and important supports at $147, $135, and $127. Solana will need to cross these zones to validate a bullish continuation or risk a return to lower levels.
🔗 Read the full analysis here.