📊 The Bitcoin ETFs do not bring the expected growth
Welcome to the Daily Tribune of Tuesday, November 5, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, November 5, 2024, and like 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:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24h crypto recap! ⏱
📉 Bitcoin ETFs struggle to take off despite expectations
Since the approval of 13 ETFs on Bitcoin by the SEC in January 2024, hopes were high for a marked growth in BTC value. However, the increase remains minimal, with only a 0.34% gain, the Bitcoin standing at $69,456.56 at the beginning of November. Despite increased accessibility for institutional investors, these ETFs did not attract the expected capital, particularly due to the persistent volatility of cryptos and a fragmentation of interest across several competing funds (BlackRock, Invesco, Ark Invest, etc.).
Analysts believe that additional elements, such as technological advancements or a more favorable regulatory framework, will be necessary to see a real push in BTC growth.
🔍 Binance clarifies its listing policy in the face of accusations of opaque practices
In response to criticisms regarding the transparency of its listing practices, Yi He, co-founder of Binance, emphasized that Binance does not require either a percentage of tokens or fixed fees for new listings. Indeed, Moonrock Capital accused Binance of taking up to 15% of the tokens from projects wishing to be listed.
Yi He insisted that since 2018, all donations associated with listings are intended for charitable causes, with no minimum requirements imposed on projects. This clarification aims to defend Binance's reputation in a context of increasing criticism of centralized exchange practices. Influential figures in the sector, such as Andre Cronje, have expressed their dissatisfaction with the restrictive conditions and high fees of centralized exchanges, fueling a gradual shift towards decentralized platforms, perceived as more transparent.
💸 BlackRock injects $2.4 billion into Bitcoin, a turning point for institutional adoption
BlackRock, a giant in asset management, made a massive investment of $2.4 billion in Bitcoin, followed by a new injection of $300 million in 48 hours, as part of its strategy around the iShares Bitcoin Trust ETF. This acquisition brings BlackRock's total Bitcoin holdings to 429,185 BTC, worth approximately $31.04 billion, thus representing 2.04% of Bitcoin's maximum supply.
This strategic move positions BlackRock as a leader for regulated exposure to Bitcoin and opens the door to increased adoption by other institutions. With the already visible spillover effect on market sentiment, this investment could stimulate broadened institutional adoption and strengthen Bitcoin's position as a key asset in traditional finance.
🌊 Panic ahead: Ripple plans a massive sale of 470 million XRP
Ripple is about to release 470 million XRP onto the market, triggering major worries within the crypto community. Typically, Ripple sells about 200 million XRP each month, but this exceptional operation marks a strategic shift. This move, which occurs amidst a tense litigation context with the SEC and economic uncertainties, risks depressing XRP's value, much like what happened last June during a sale of 400 million tokens.
Is this a maneuver to secure necessary liquidity or a strategic decision to reinforce Ripple's position despite legal risks? Some analysts highlight that without major innovations or resolution of its legal issues, Ripple might continue to lose attractiveness among institutional investors.
Crypto of the day: Dogecoin (DOGE)
Dogecoin, launched in 2013, relies on an innovative blockchain based on proof-of-work (PoW) consensus using the Scrypt algorithm, allowing for fast transactions and low fees.
The native crypto of this blockchain, DOGE, was created primarily to be an online "tipping" currency, facilitating micro-transactions among users. Distributed without a maximum issuance limit, it was initially mined and continues to be produced to incentivize users to maintain the network. Its holders benefit from a simple use for quick transactions and a strong adoption in a dynamic community. Dogecoin is also used for donations and fundraising for charity.
Recent Performances
Current price: €0.1681
24h Change: +12.09%
Market capitalization: €24.65 billion
Rank on CoinMarketCap: #8
Technical analysis of the day: Bitcoin (BTC)
After reaching a peak close to $73,600, Bitcoin fell below $68,000, influenced by marked selling pressure. This downturn comes after a solid progression in October (+10.86%), although a shooting star candlestick indicates a loss of bullish momentum.
Bitcoin is now around $67,500, at a key technical level related to the monthly pivot, while remaining in a medium-term bullish trend due to staying above its 50 and 200-day moving averages. This level could serve as support for a recovery, even if oscillators show a weakening of buying strength.
On the perpetual contracts side, a bearish trend dominates among speculators, reflected by a decreasing interest in Bitcoin. Although funding rates remain positive, confirming an underlying optimism, liquidations of long positions occurred, signaling a partial capitulation. Key liquidation zones are found below $73,000 and above $65,000, which could induce increased volatility if these levels are approached.
If Bitcoin stays above $64,000, a recovery towards $69,500 and beyond would be conceivable, conversely, a break below this threshold could trigger a drop towards $62,000 or even $58,000, constituting a long-term support.
🔗 Read the full analysis here.
