🇷🇺 Russia Accelerates: A Strategic Reserve of Bitcoin in Preparation!
Welcome to the Daily Tribune of Wednesday, December 11, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, December 11, 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:
Sunny ☀️
24h crypto recap! ⏱
🇷🇺 Russia: A Strategic Reserve of Bitcoins in Preparation
Russian Deputy Anton Tkachev proposed to the Minister of Finance the creation of a strategic reserve of bitcoins in response to international sanctions and the limits of traditional reserves like the dollar or the euro. This initiative is part of a growing trend of global dedollarization, with alternatives such as gold or cryptocurrencies.
Vladimir Putin recently mentioned bitcoin as an essential solution to reduce dependencies on dominant currencies. This strategy aims to strengthen the Russian economic resilience against geopolitical tensions while leveraging the advantages of bitcoin: its absolute scarcity and immunity to seizures. Russian miners, already holding 17% of the global hashrate, could play a key role in this transition. A race between Russia and the United States seems to be underway to capitalize on this strategic potential.
🌆 Vancouver: A Bold Move Against Inflation with Bitcoin
Faced with rising inflation that burdens municipal finances, the Mayor of Vancouver, Ken Sim, proposes an innovative solution: to integrate Bitcoin into the city's financial reserves. This project aims to diversify municipal assets and protect taxpayers' purchasing power while attracting crypto businesses to boost the local economy.
Inspired by examples like El Salvador or Lugano, this initiative also includes the acceptance of municipal payments in BTC and the development of a secure framework for its storage and conversion. While this proposal is hailed as an economic shield by its supporters, it also raises concerns related to volatility and strict regulation of cryptos in Canada. A detailed report is expected for 2025 to assess the risks and opportunities of this strategy.
💼 Riot Platforms: $500M Raised for Bitcoin, an Ambitious Bet
Riot Platforms, a major player in Bitcoin mining, plans to raise $500 million through convertible bonds, maturing in 2030, to strengthen its BTC reserves. This initiative comes in a context of institutional enthusiasm for Bitcoin, close to its historical highs. The company, already holding over 10,000 BTC, aims to purchase more cryptos and expand its activities. This strategy reflects a trend among large companies in the sector that are massively accumulating digital assets despite their volatility.
Other giants like Marathon Digital and Core Scientific have followed a similar approach, demonstrating increased confidence in Bitcoin as a long-term store of value. However, this approach carries risks, notably the financial burden of the bonds and the uncertain profitability of purchases at high prices. Riot Platforms thus hopes to consolidate its position as a leader, although the success of this initiative will largely depend on the evolution of the crypto market.
🀄 China and Bitcoin: CZ Predicts an Inevitable Strategic Reserve
During the Bitcoin MENA conference, Changpeng Zhao (CZ), former CEO of Binance, stated that the creation of a strategic reserve of bitcoins by China is an inevitable evolution. Although no tangible evidence exists at the moment, CZ believes that the country could quickly make this decision, following the example of the United States, which is also considering a similar reserve.
This initiative could disrupt the global market, as the simultaneous entry of the two largest economies into the BTC race would lead to a massive increase in demand and prices. According to CZ, if "small countries" adopt this strategy first, China could act decisively to secure its place in the global crypto ecosystem. Such a decision would profoundly transform the economic and geopolitical balance surrounding cryptocurrencies.
Crypto of the Day: Xrp (XRP)
The XRP Ledger blockchain stands out for its fast and energy-efficient approach. Designed to optimize cross-border payments, it uses a unique consensus mechanism instead of traditional mining, allowing for near-instant transactions with minimal fees. This innovation offers an efficient alternative to traditional banking systems, especially for financial institutions looking to cut costs.
The native cryptocurrency, XRP, serves as a bridge for currency conversions on the RippleNet network. Pre-mined at 100 billion tokens, it is primarily used to facilitate international transfers. Its advantages include very low fees (0.00001 XRP per transaction) and exceptional speed (4 seconds on average). For holders, XRP can be used in transactions or as an investment, with growing adoption in blockchain ecosystems.
Recent XRP Performance
Current Price: €2.38
Change (24h): +6.5%
Market Capitalization: €135.72 billion
Rank on CoinMarketCap: 4
Technical Analysis: Ethereum (ETH)
Ethereum has crossed the $4,000 threshold after an impressive increase of over 47% in November, supported by strong bullish momentum since its key support at $2,400.
Following a consolidation around $3,500, the cryptocurrency reached this new peak before encountering significant resistance, leading to a drop towards $3,700. Technical indicators, including the annual VWAP and the 50 and 200-day moving averages, confirm a clear bullish trend in the short, medium, and long term. However, recent price movements reveal some weakness in the current momentum, signaling the need to monitor critical levels to anticipate upcoming developments.
The analysis of ETH/USDT perpetual contracts highlights stagnant open interest, reflecting a lack of inflow of new capital and the closing of long positions. Moreover, the recent massive liquidations around $4,000 indicate increased selling pressure, creating a volatility environment.
Crucial support levels to watch include $3,500, $3,250, and $3,000, while a recovery above $4,000 could pave the way for bullish targets up to $4,650 or even $5,000 in case of continuation.
