🚀 Solana withstands the storm, FTX prepares an unprecedented refund!
Welcome to the Daily Tribune of Wednesday, December 18, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, December 18, 2024 and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
24h crypto recap! ⏱
Solana faces the storm: Investors hold on 💪
Solana is going through a phase of great volatility. Historical investors, after having benefited from previous rises, are massively liquidating their positions, their share dropping from 48% in June to less than 5%. This redistribution has allowed new investors, optimistic about Solana's potential, to strengthen their positions. Medium-term holders (6 to 12 months) also rise to 27% of the total supply, demonstrating strategic confidence.
Despite this optimism, challenges persist: the planned unlocking of 11.2 million tokens in March 2025 could put significant pressure on prices. Meanwhile, Solana fights to maintain key levels around $215, crucial for reversing the current bearish trend. Some analysts, like Ali Martinez, however, anticipate a major bullish trajectory, with bold targets ranging from $600 to $4000, if the technical signals confirm.
Bybit leaves the French market from January 2025 🚪
The crypto trading platform Bybit is ending its services in France starting January 8, 2025, citing the increased requirements from the French Financial Markets Authority (AMF). Users are required to withdraw their assets before this date, otherwise their funds (beyond 10 USDC) will be automatically transferred to Coinhouse, a regulated French crypto custodian. Holders will then need to complete a KYC procedure to retrieve their holdings. Accounts containing less than 10 USDC will incur termination fees.
This decision reflects the challenges faced by international platforms amid increasingly stringent European regulations. Bybit, like other major players, opts for a strategic exit, highlighting the tensions between costly compliance and remaining in the market. Meanwhile, France is ramping up its initiatives to regulate the sector, which could drive more crypto businesses towards more accommodating jurisdictions.
Bitcoin in the European Parliament: A political breeze of change? 🌍
European MP Sarah Knafo shook the chamber by arguing that the European Union should stop hindering Bitcoin and take inspiration from the United States, where Donald Trump plans to establish a strategic reserve of BTC. According to Knafo, Europe is losing ground by taxing and regulating excessively, while neglecting the opportunities offered by Bitcoin to protect citizens against inflation.
Although pro-Bitcoin rhetoric is gaining traction, structural challenges such as global energy supply persist. Bitcoin is seen as a universal store of value, but without resolving the underlying energy crisis. The EU is at a strategic turning point between aligning with Bitcoin opportunities or strengthening its regulations.
FTX promises an unprecedented refund of 118%💸
Nearly two years after its dramatic collapse, FTX unveils an ambitious refund plan, approved by the American courts, to return up to 118% of declared claims to its creditors by January 3, 2025. Under the direction of John J. Ray III, the company has recovered billions of dollars, promising transparency and security through partners like Kraken and BitGo. This plan includes strict procedures, including KYC validation via the FTX Customer Portal and the choice between cash or crypto refunds.
This initiative, a first in the history of crypto bankruptcies, could set a precedent for restoring trust in a sector marked by governance scandals, including the recent conviction of Sam Bankman-Fried. FTX thus hopes to turn the page on its chaotic past while laying the groundwork for a stricter and more transparent standard for bankruptcy procedures.
The crypto of the day: Pudgy Penguins (PENGU)
Pudgy Penguins relies on the Solana blockchain, known for its speed and low fees, to provide a seamless experience for users. The project stands out for its community orientation and its commitment to connecting digital culture enthusiasts through symbolic interactions and memes.
The native crypto, PENGU, primarily serves to support activities within the Pudgy Penguins ecosystem, notably through trading, rewards, and events. PENGU holders benefit from participation in a vibrant ecosystem with options for exchanges on platforms like Raydium and OKX.
The utility of the crypto also extends to integrations with digital collectibles, enhancing its appeal to NFT enthusiasts and pop culture fans.
Recent performance
Current price: €0.0265
24h variation: -57.75%
Market capitalization: €1,840,346,486
Rank on CoinMarketCap: 78
Technical analysis: Near (NEAR)
The price of NEAR has experienced a significant rebound, rising from $3.5 to $8.24, registering an impressive increase of over 130% in a month. This movement allowed NEAR to break through several major resistances, notably at $5.9 and $6.5, confirming a medium-term bullish reversal.
Supported by solid technical signals such as the formation of a double bottom and bullish crossovers of the 50 and 200-day moving averages, NEAR maintains a positive underlying trend. However, a recent retracement to $6.21 has temporarily slowed this short-term momentum, revealing a cautious yet optimistic market. Oscillators show consolidation, indicating a potential stabilization before a possible recovery.
If NEAR stays above $5, a recovery towards $8.25 then potentially $9 seems likely, with possible extensions to $12 in case of strong bullish momentum. Conversely, a break below $5 could lead to a retreat towards $4, even $3.5** in case of increased selling pressure. These key levels will determine the upcoming evolution, as the market remains sensitive to heightened volatility.
