Scandal at Binance France!
Welcome to the Daily Tribune of Thursday, December 21, 2023 ☕️
Hello Cointribe! 🚀
Today is Thursday, December 21, 2023, 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 cloudy ⛅
24-hour crypto summary ! ⏱️
🚀 Bitcoin 2024: Bitget predicts a revolution with unprecedented valuations
Bitget, a major player in the crypto ecosystem, recently published its predictions for the Bitcoin ecosystem in 2024. Its analyses focus on macro and micro trends within the Bitcoin ecosystem, and provide insights into potential technological and financial developments. Bitget highlights promising opportunities, including in the Bitcoin NFT market, despite its current modest size. Bitget analysts anticipate significant potential growth, supported by technologies like the Lightning Network, which could become the backbone of the Bitcoin network's technological infrastructure.
Bitget formulates six key predictions for the Bitcoin ecosystem. The first one concerns a potential increase in the price of BTC, reaching up to $100,000 during the next bull market. Other predictions include the growth of the Bitcoin NFT market and the emergence of new opportunities on protocols like Ordinals, Atomicals, or Taproot Assets. In the long term, Bitget envisions the emergence of a BTC virtual machine, unifying development environments. However, they also acknowledge challenges, including the complexity of the Lightning Network, which could limit BTC payment adoption.
Bitget's forecasts for 2024 are not only optimistic, but also strategically aligned with the evolution of decentralized finance and the rise of NFTs. By focusing on the Lightning Network and Bitcoin NFTs, Bitget anticipates a diversification of Bitcoin's use, transforming it from a simple store of value into an ecosystem rich in applications. However, this vision could be hindered by regulatory and technological challenges, including the complexity and adoption of the Lightning Network.
🌪️ Bitcoin BTC: HODLing is gaining popularity according to Glassnode
According to a recent analysis by Glassnode, Bitcoin HODLing has become a preferred strategy among investors. Around 70% of the circulating bitcoins have not been moved in a year, despite a significant increase in BTC's value. This trend suggests that many investors see Bitcoin as a long-term store of value. The term \"HODL,\" originating from a typing error on a Bitcoin forum, has become synonymous with holding cryptocurrencies despite market fluctuations.
With bullish predictions for Bitcoin, developing an exit strategy requires careful consideration. Investors must consider various factors such as minimizing losses and maximizing profits. However, practices like scaling out are common and allow traders to gradually divest their BTC to avoid regrets from impulsive decisions or external influences.
This HODLing trend could signal a future liquidity shortage in the market, leading to extreme price movements in case of massive sell-off.
📉 Binance France: Scandal over a former AMF executive's job change
Binance France is at the center of controversy following the recruitment of Stéphanie Cabossioras, former deputy legal director of the AMF (French Financial Markets Authority). The anticorruption association Anticor has raised suspicions of illegal interests related to this recruitment, which occurred just before Binance France obtained the approval of the \"Digital Asset Service Provider\" (PSAN) from the AMF.
The situation highlights the issue of conflicts of interest between the public and private sectors in France. Voices are being raised to question how easily Binance obtained its PSAN status, despite the legal problems of its parent company. The French national financial prosecutor is currently analyzing the report to decide whether to open an investigation.
Binance France's recruitment of a former AMF executive highlights the sometimes murky interactions between regulators and regulated entities, and underscores the urgent need for clear guidelines and increased transparency in interactions between the private sector and regulators.
🚫 Ethereum: Ruthless censorship of transactions
Ethereum, known for its resistance to censorship and freedom, is facing a major challenge with bloXroute's decision to block transactions involving addresses sanctioned by the OFAC. While this measure is in line with legal requirements, it raises questions about the balance between regulatory compliance and maintaining Ethereum's decentralized nature. Ethereum's users, who appreciate the platform for its efficiency and freedom, may feel the impact of this decision on transaction speed and efficiency.
This bloXroute policy has sparked intense debate in the crypto community. Some see it as a betrayal of the fundamental principles of blockchain, while others consider it a necessary step for Ethereum's integration into the global financial system. The question remains: can we maintain the spirit of decentralization while respecting international regulations? This situation could influence the future of Ethereum and how it is perceived in the crypto ecosystem.
bloXroute's decision to censor certain transactions on Ethereum raises fundamental questions about the future of digital freedom and resistance to censorship in cryptocurrencies. As the industry seeks to comply with global regulations, this decision could foreshadow an era of increased surveillance and regulatory control, threatening the essence of decentralization.
Coin of the Day: Wecan Group (WECAN)
Wecan Token, the cryptocurrency of the prestigious Swiss firm Wecan Group, specializing in innovative blockchain solutions, has recently achieved a decisive milestone by being listed on Bitstamp. This remarkable introduction, which saw the token experience an impressive +1500% increase in value, testifies to its growing recognition in the global financial space and positions Wecan Token as a preferred option for institutional investors seeking diversification and security.
With its initial success in raising $1.9 million and backed by an impressive network of over 13 private banks and 100 financial intermediaries, Wecan Token stands out for its financial strength and commitment to transparency and innovation. With a significant increase in Total Value Locked (TVL) and an expanding user base, Wecan Token demonstrates not only its ability to capture and maintain market interest, but also its potential to be a pillar in the ongoing evolution of the digital financial landscape.
Please note that this information is provided for informational purposes only and does not constitute investment advice. Always do your own research before making a financial decision.
Crypto Analysis of the Day: Tron (TRX)
Today, we will decrypt the silent rise of Tron (TRX). Tron has experienced a remarkable growth of nearly 150% in one year, establishing itself as a major player in our digital universe. After hitting a low point at $0.04550, TRX began an upward structure respected since late November 2022, surpassing a major resistance at $0.093, a former peak corresponding to 38.2% Fibonacci retracement from its all-time high. Currently, TRX is trading around $0.10, just below its 50-day moving average but well above its 200-day moving average, indicating a medium and long-term bullish trend.
However, a bearish divergence seems to be forming, suggesting a possible consolidation or correction ahead. It is crucial to closely monitor price reactions at different key levels to confirm or invalidate these hypotheses. On the derivatives side, TRX/USDT open interest has decreased by 46% since October, indicating a lack of conviction or trader interest, or perhaps profit-taking. The liquidation heatmap reveals a high concentration of orders around $0.10, a key level for investors.
In conclusion, if TRX holds above $0.093, we could witness a bullish continuation up to $0.113 and potentially $0.123. On the other hand, if TRX fails to hold, a return to the $0.085 levels could be considered.