The Bank of Italy challenges Bitcoin 🏦
Welcome to the Daily Tribune Thursday, July 11, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, July 11, 2024, 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 sunny 🌤️
24h crypto recap! ⏱
The Bank of Italy questions Bitcoin! 🚨
The Bank of Italy is about to unveil its guidelines for the implementation of the European MiCA regulation, aimed at regulating cryptocurrencies. Governor Fabio Panetta criticized Bitcoin, stating that it does not meet the fundamental criteria to be considered a currency, due to its lack of stability and associated risks. Panetta highlighted two types of acceptable tokens: ART (asset reference tokens) and EMT (electronic money tokens), backed by a fiat currency. The bank plans severe sanctions for crypto-related offenses, while remaining open to financial innovation through initiatives to familiarize with decentralized finance. 🔗 Read the full article here.
Crypto: Solana ready for an ETF, XRP rejected 🚫
Discussions about crypto ETFs continue with the recent approval of eight Ethereum ETFs by the SEC. However, XRP and Solana are at different stages in this process. Matthew Sigel from VanEck explained that XRP does not yet meet the necessary criteria for an ETF, particularly due to a lack of demand and support from key market players. On the other hand, Solana checks all the boxes with its decentralization, security, and commodity status, making it a promising candidate for an ETF. Investors hope that Solana will be one of the next cryptos to benefit from this regulatory recognition. 🔗 Read the full article here.
The German government does not sell its Bitcoins! Here's the truth 🔍
The recent massive Bitcoin sales were not carried out by the German federal government. Instead, it was the state of Saxony that liquidated a large quantity of its Bitcoin reserves. These BTC, seized during criminal investigations, were transferred to exchange platforms like Kraken, Coinbase, and Bitstamp, creating panic among investors. Contrary to accusations of destabilizing the market, this sale is a standard procedure for confiscated assets, imposed by legal obligations. 🔗 Read the full article here.
Bitcoin's dominance slows the rise of Altcoins! 🛑
Bitcoin's dominance in the cryptocurrency market remains overwhelming and thus slows down the rise of Altcoins. Since the 2024 Halving, Bitcoin has maintained a high market share of 53.9%, preventing the traditional "altcoin season" from manifesting. Previous cycles showed a decrease in Bitcoin dominance followed by a rally of Altcoins, but this year, analysts predict that it may not happen until the end of 2024 or early 2025. Events like the massive BTC sale by the German government and the distribution of BTC by Mt. Gox could also disrupt this cycle. However, investors remain optimistic and patient for a potential surge in Altcoins, hoping that market dynamics will evolve favorably. 🔗 Read the full article here.
Crypto of the day: Cardano (ADA)
Cardano is a blockchain platform that uses a proof-of-stake mechanism, aiming to enable innovators and visionaries to provoke positive changes on a global scale. Founded in 2017 and named after the Italian polymath Gerolamo Cardano, it pays special attention to security, transparency, and fairness.
The native token ADA, named after the mathematician Ada Lovelace, allows holders to actively participate in network governance by voting on proposed changes. Used for developing decentralized applications and smart contracts, Cardano is also recognized for its concrete use cases, such as tracking agricultural products and verifying educational degrees.
Recent performance:
Current price: 0.3619 €
Percentage increase/decrease: +1.85% (in 1 day)
Market capitalization: €12,988,905,494
Rank on CoinMarketCap: #10
Shiba Inu down by 72%: Analysis of July 10, 2024 📉🐕
Shiba Inu, the famous meme coin, has undergone a significant correction of 72% since its last peak, dropping from $0.000045 to around $0.000016. This drop comes after a spectacular 390% rise in less than nine days, fueled by a record number of tokens burned and an inflow of liquidity into the memecoin market. However, the buying interest was not sufficient to maintain the price above critical levels, resulting in a continued decline. Currently, SHIB seems to have found temporary support around $0.000012, but the short-term trend remains bearish.
Technical analysis indicates that Shiba Inu could reach a lower support around $0.000011 if the current trend continues. Recent price movements show weakened momentum, with the price below the 50 and 200-day moving averages, increasing doubts about a quick recovery. Price oscillators confirm this loss of momentum and signal a possible continuation towards lower levels. Traders and investors must closely monitor price reactions at key support and resistance levels to assess the next steps in the Shiba Inu market.