📉 Solana collapses: On-chain activity in free fall!
Welcome to the Daily Tribune of Tuesday, December 24, 2024 ☕️
Hello Cointribe! 🚀
Today, it is Tuesday, December 24, 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:
24h crypto recap! ⏱
🎯 Metaplanet makes a record purchase of Bitcoin
The Japanese investment company Metaplanet has marked a turning point by making a record acquisition of 620 Bitcoins for an estimated value of 60 million dollars. This transaction, made on December 23, 2024, quadruples their previous purchase of 159.7 BTC in October, consolidating their position among the largest institutional holders of Bitcoin with a total portfolio of 1,762 BTC, valued at approximately 168 million dollars. With an impressive return of 310% between October and December, Metaplanet positions itself as an Asian leader in strategic cryptocurrency investment.
To finance this ambitious strategy, a stock acquisition program has been launched, allowing them to broaden their approach beyond simple purchases. This strategic decision has propelled their market value to new heights, although it was recently impacted by a 13% decline. Nicknamed the "MicroStrategy of Asia," Metaplanet continues its commitment to Bitcoin-driven growth.
📉 Solana: A historic loss of 1.1 billion dollars in TVL
In December 2024, Solana recorded a dramatic drop in its Total Value Locked (TVL), falling below 8.01 billion dollars and marking a decrease of 1.1 billion in just three weeks. This decline of 12% reflects a notable drop in on-chain activity, accompanied by a decrease of 7% in daily active addresses and a 24% drop in revenue generated by the network.
Flagship protocols like Jito have also been impacted and have suffered a 28% decline in their own TVL. Meanwhile, the native token SOL saw its value fall by 28% over the month, exacerbating concerns about the attractiveness and sustainability of the ecosystem. In the face of these challenges, Solana is exploring solutions to regain user trust and revitalize its on-chain activity, notably through economic incentives and technological innovations.
🚨 Bitcoin ETFs under pressure: BlackRock records a record outflow of 73 M$
BlackRock's Bitcoin exchange-traded fund (IBIT) experienced a record outflow of 72.7 million dollars on December 20, 2024, marking a worrying turn for the Bitcoin ETF market. This massive withdrawal comes shortly after a 208.5 million dollar outflow from Fidelity's Bitcoin fund, the FBTC. Analysts attribute these movements to increased volatility in crypto markets and macroeconomic uncertainties.
Despite this apparent decline in confidence, Bitcoin has shown signs of recovery after a drop to 92,600 dollars, hinting at a potential rebound for ETFs. Experts estimate that these funds could attract new investments as the market stabilizes.
🏈 A former athlete leads the Crypto Council: Trump surprises again
Donald Trump has appointed Bo Hines, a former college football player and law graduate, to head the "Crypto Council" in an audacious move to promote digital innovation. Supported by pro-crypto funding and collaborating with David Sacks, dubbed "crypto tsar", Hines embodies a vision resolutely focused on the future of digital assets.
This appointment fits into Trump's strategy to make the United States the global capital of crypto, with massive investments and strategic appointments, particularly in regulation. Despite criticism, the Trump administration continues to ensure a favorable framework for the expansion of the crypto industry.
The crypto of the day: Virtuals Protocol (VIRTUAL)
Virtuals Protocol, based on the Ethereum ecosystem, stands out for its advanced integration of artificial intelligence technologies in blockchain applications. It allows users to create and interact with personalized AI agents, promoting a more intuitive adoption of decentralized digital services. Its added value lies in its ability to merge the advantages of decentralization with intelligent tools, thus creating a unique environment for users and developers.
The native token, VIRTUAL, plays a central role in the ecosystem by enabling payments, staking, and interactions with AI services. Initially distributed via a public and private sale mechanism, it incentivizes its holders with attractive staking rewards and discounts on platform fees. It can be used to access advanced network features, thus enhancing its utility for engaged users.
Recent performances
Current price: 3.10 €
24h change: +21.2% (significant increase)
Market capitalization: 3.10 billion €
Rank on CoinMarketCap: #52
Bitcoin under threat of a crash at $20,000!
Bitcoin, after a period of relative stability, faces alarming technical signals that could herald a drop towards $20,000. Among these signals, the formation of a bearish "Bearish Engulfing" pattern on the weekly charts indicates a potential multi-week correction, marking the end of a bullish trend.
Meanwhile, the loss of critical support levels fuels bearish pressure. Analysts, such as Rekt Capital, observe that such corrections, potentially reaching 30%, are common even in bullish markets. The outlook is exacerbated by a global contraction of the money supply of 4.1 trillion dollars, a factor that reinforces uncertainties.
Despite this uncertain climate, some experts see opportunities. The "Dollar-Cost Averaging" (DCA) method is highlighted to take advantage of these potential drops and mitigate the effects of volatility. CryptoQuant identifies this phase as favorable for gradual accumulation for long-term investors. However, the low liquidity typical of year-end holidays could exacerbate fluctuations.
Critical areas, located around $115,000 and below $80,000, could provoke significant movements, amplifying short-term volatility. If these conditions pose challenges, they could also set the stage for a sustainable recovery if the market overcomes current economic and technical pressures.
