🚀The BRICS mine Bitcoin!
Welcome to the Daily Tribune of Wednesday, October 30, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, October 30, 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:
A quick look at the market…
🌡️ Temperature:
Partially cloudy ⛅
24h crypto recap! ⏱
🌐 The BRICS in Bitcoin mode: An alternative to the dollar?
The member countries of the BRICS are strengthening their interest in bitcoin, with mining initiatives supported by Argentina, the United Arab Emirates, and Ethiopia. These nations are utilizing untapped energy resources for mining; for instance, Argentina is using unused gas with Genesis Digital Assets, and the Emirates manage an operation representing 3% of the global hashrate.
On their side, Russia, which already produces 17% of the hashrate, is establishing a favorable framework to integrate bitcoin into its international transactions, while circumventing sanctions through an experimental crypto platform. With rising monetary tensions, some BRICS members prefer bitcoin for its decentralized nature and low transaction costs, contrasting with gold, deemed impractical in international trade. This trend could herald a new monetary era, where bitcoin replaces the dollar as reserve currency.
🚀 Towards a new peak: Bitcoin on the way to an ATH?
As Bitcoin hovers around $73,000, traders and enthusiasts eagerly await a new historical peak (ATH). After a 4% gain this week, some analysts believe a consolidation could precede a definitive push towards this ATH. The liquidity accumulated around $70,000 shows lower resistance from sellers, encouraging a bullish movement.
Geopolitical and economic factors converge to propel BTC: employment data in the United States, upcoming elections, and the rise of Bitcoin ETFs fuel a volatility that attracts investors. If the levels of open interest on exchanges remain high, a "price discovery" phase could open for Bitcoin, signaling a return to upward movement for digital assets.
🐋 Whales turn to Ethereum: an increase on the horizon?
Large investors, the whales, are increasing their positions in Ethereum. Data from Santiment reveals a spike in institutional purchases since October 24, despite a slight pullback in price to $2,380. This trend is accompanied by a record number of new wallets, with 6,428 wallets created in a single day, reflecting strong confidence in Ethereum.
The long-term accumulation led by these whales and the stability of the price above $2,600 bolster optimism for ETH's future, despite the current market volatility. The context is also supported by technical advancements on Ethereum.
💥 Bitcoin explodes, liquidations too!
Bitcoin has just crossed the $72,000 mark, triggering a wave of massive liquidations of short positions amounting to $240 million. This rally is supported by growing institutional demand and speculation around a decrease in interest rates by the U.S. Federal Reserve. The influx of 47,000 BTC into Asian ETFs and aggressive purchases on Binance have amplified this rise.
Analysts now predict that BTC could reach $75,000 by mid-November, in an optimistic market where volatility promotes new bullish positions. The crossing of $72,000 marks a key milestone for Bitcoin, confirming its strength in a context of increased demand and positive momentum.
Crypto of the day: Bittensor (TAO)
Bittensor is an innovative blockchain that merges artificial intelligence with decentralization, enabling users to contribute to machine learning algorithms in a secure and efficient manner. This revolutionary blockchain architecture makes the machine learning process more accessible and collaborative, offering an alternative to centralized AI solutions.
The native crypto, TAO, is designed to incentivize participants to share their computing resources, rewarding nodes that actively participate in the network. TAO holders benefit from a distribution based on their contribution to the network, reinforcing community engagement. It can be used to secure the network, fund transactions, and support improvements to AI models.
Recent performances
Current Price: €518.23
24h Change: -4.58%
Market Capitalization: €3.82 billion
Rank on CoinMarketCap: 25
Crypto analysis of the day: Binance Coin (BNB)
BNB, the native token of Binance, shows signs of growing interest, positioning near the resistance at $605 after a consolidation phase. Supported by active buyers and increasingly higher lows, the token trades above key technical thresholds like the annual VWAP and the 50 and 200-day moving averages, which recently formed a "golden cross," indicating a potentially bullish trend.
However, despite the positive momentum, the crypto has not yet confirmed a sustainable bullish movement. BNB is currently in a phase of uncertainty, and its progress depends on its ability to surpass this resistance and maintain strong support above $565.
On the derivatives side, open interest on BNB/USDT perpetual contracts is increasing, with dominant buyer interest and rising funding rates, reflecting sustained optimism from investors. Strategic liquidation zones below $620, $600, and $560 could generate increased volatility if reached.
In case of breaking $605, BNB could aim for $635, or even its previous all-time high at $724. However, if the resistance persists, a pullback to $535 or even $470 remains possible, suggesting that investors should monitor these thresholds to adjust their positions.
🔗 Read the full analysis here.
