💰 Tether makes a bold bet on Bitcoin!
Welcome to the Daily Tribune, Tuesday, April 2, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, April 2, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't have missed!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24-hour crypto summary ! ⏱️
🔥 Bitcoin fever reaches its peak before the halving!
On the eve of a major event in the crypto ecosystem, the Bitcoin halving, the digital currency experienced a meteoric rise, reaching the historic peak of $71,000 on April 1, 2024. This ascent, fueled by eager anticipation and market speculation, was quickly followed by a sharp drop. The crypto market, already in turmoil, had seen its total capitalization increase significantly.
The prospect of the halving has polarized investment strategies, with some betting on a spectacular rise in prices due to the reduction in the supply of new bitcoins, while others anticipated a possible post-event reversal, following the principle of "buy the rumor, sell the news." Despite the recent price drop, interest in Bitcoin has never been stronger. Crypto exchanges like Coinbase and Binance are planning special trading operations to mark the occasion.
💸 Tether bets on Bitcoin with a $627 million investment!
Tether, the entity behind the USDT stablecoin, has recently made a remarkable acquisition of 8,889 bitcoins, worth approximately $627 million. This strategic purchase not only highlights Tether's commitment to Bitcoin but also reaffirms its confidence in the long-term potential of the world's first cryptocurrency. With over 75,000 BTC under its management, Tether is not only diversifying its assets but openly betting on the value and durability of Bitcoin.
Beyond its considerable expansion into Bitcoin, Tether is actively exploring key technological and infrastructural areas, such as Bitcoin mining and artificial intelligence (AI) technology. This diversification reveals a strategic pivot towards innovation, positioning Tether as an ambitious multidimensional player in the digital asset industry. Investments in AI, in particular, reflect Tether's aspiration to shape the future by developing multimodal and open-source AI models that could establish new industry standards.
🐕 Memecoins: A necessary evil according to Arthur Hayes
Opinions on memecoins, such as Dogecoin or Shiba Inu, vary within the crypto community. Arthur Hayes, co-founder of BitMEX, defends their role in attracting new users and developers to the crypto ecosystem, while Vitalik Buterin, the creator of Ethereum, warns of their risks. Hayes argues that, despite their often frivolous nature, memecoins contribute significantly to blockchain adoption by attracting media attention and stimulating innovation on platforms such as Solana and Ethereum. This dynamic has already been observed with increased activity on the Solana network and the adoption of BRC-20 tokens and Ordinals on Bitcoin, following the growing interest in memecoins.
On the other hand, the risks associated with these playful digital assets are notable. The lack of fundamental value can result in significant financial losses for investors attracted by the lure of easy gains. Vitalik Buterin himself calls for a more responsible approach to the creation of memecoins, suggesting that they should offer real utility or contribute to charitable causes. Despite the warnings, memecoins continue to perform exceptionally well in the market, with significant gains surpassing those of DeFi tokens and Layer 1 platforms.
🚀 Ethereum reaches a new threshold: Record of active wallets
The Ethereum ecosystem is witnessing exceptional positive momentum, not only in terms of the valuation of ether (ETH), its native currency, but also in terms of the record number of active wallets recently reached. This increase, which saw the total number of Ethereum wallets reach 118,230, coincides with a significant rebound of ether, which, despite an initial 25% drop in March, has surpassed the $3,600 threshold. This growth signals increasing interest and greater engagement from the crypto investor community, indicating renewed confidence and attraction to the Ethereum ecosystem.
This upward trend in active wallets and the valuation of ether could foreshadow further positive developments for Ethereum. The MVRV ratio, which compares market value to realized value of ether, indicates a possible undervaluation of the asset despite a recent price decline. This situation, combined with a historical correlation between the increase in ether holders and the MVRV ratio, suggests significant growth potential. Assuming the historical patterns persist, Ethereum could see its price and community participation increase even further, solidifying its position as one of the most influential and dynamic blockchain platforms on the market.
Crypto of the day: Core (CORE)
Built on a robust and secure blockchain, Core aims to provide a platform where users can directly participate in decision-making and the future of cryptocurrency. The added value of Core lies in its ability to offer total transparency, increased security, and real autonomy to its users through a unique consensus mechanism and a resilient architecture.
Core's native cryptocurrency, also called CORE, plays a central role in the ecosystem, facilitating not only transactions and rewards within the platform but also serving as a pillar for decentralized governance. CORE holders have voting rights on platform development and improvement proposals, allowing them to directly influence important decisions. Additionally, CORE can be staked to obtain rewards, incentivizing investors to actively participate in the ecosystem and support network security.
Recent Performances
Current Price: €3.50
Percentage Increase/Decrease: +29.02% (1-day increase)
Market Cap: €3,069,740,417
Rank on CoinMarketCap: #43
Technical analysis of the day: Bitcoin (BTC)
After a majestic flight above $70,000 to close March, Bitcoin offers us a new chapter in its history with a slight turbulence. It's not every day that we see our giant take such a turn, having successfully climbed the ranks month after month, only to pause momentarily. Just imagine, after seven months of uninterrupted ascent, Bitcoin starts April with a slight retracement, showing a 7% decrease. Yet, isn't this the natural cycle of any asset in the financial markets? Like the rhythm of breathing, every rise is followed by a fall, every positive momentum encounters its setbacks.
Let's delve deeper into this analysis. Bitcoin has demonstrated enviable stability, hovering between $68,000 and $71,270 before sliding slightly below this comfortable perch. But beware, this is not the time to let worry overwhelm us. Despite this decrease, Bitcoin remains well above critical Fibonacci retracement levels, established from the $60,000 and $71,270 thresholds. What is remarkable here is that our dear Bitcoin has not yet ventured into negative territory according to these indicators, suggesting that the upward trend is still in play.
However, as every good trader and enthusiast knows, caution is key. The cryptocurrency market is an ocean of volatility, where each wave can either carry to new heights or drag into uncharted depths. The liquidation heat map sheds light on potential turbulence zones, particularly around $68,000, a level that Bitcoin recently tested. Open interest in BTC/USDT contracts also shows a downward trend, indicating that the wind could turn. However, if Bitcoin manages to maintain above the crucial pivot of $65,000, the sky could clear again, paving the way for $72,000 and beyond.
