The CFTC challenges Gary Gensler on the status of cryptocurrencies 🏛️
Welcome to the Daily Tribune on Friday, July 12, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, July 12, 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:
Rainy 🌧️
24h crypto recap! ⏱
Bitcoin reaches $59,000 before dropping! 📉
Bitcoin briefly reached $59,000 following the release of the latest Consumer Price Index (CPI) data in the United States, before quickly correcting downwards. June's annual inflation was slightly lower than expected, at 3.0% compared to the anticipated 3.1%, sparking investor optimism for a possible easing of Fed monetary policy. This enthusiasm propelled the price of Bitcoin to a peak, before quickly dropping due to profit-taking and economic uncertainties. 🔗 Read the full article here.
Conflict between the CFTC and Gary Gensler on the nature of cryptos ⚖️
Commodity Futures Trading Commission (CFTC) President Rostin Behnam stated to the Senate Agriculture Committee that 70 to 80% of cryptocurrencies are not securities. This statement contrasts sharply with the position of SEC Chairman Gary Gensler, who believes that most cryptos are securities. The recent court decision in Illinois recognizing Bitcoin and Ethereum as commodities under CFTC jurisdiction further strengthens this divergence. Behnam is calling for new legislative authority to regulate non-securities digital assets, aiming to provide a clear framework and protect investors, while supporting innovation in the crypto industry. 🔗 Read the full article here.
Trump in Nashville for the Bitcoin 2024 conference: An electoral strategy? 🗳️
Former US President Donald Trump will participate in the Bitcoin 2024 conference in Nashville, marking a turning point in the integration of cryptocurrencies into the political debate. Trump, who has made pro-Bitcoin statements, is committed to supporting the Bitcoin mining industry and now accepts cryptocurrency donations for his campaign. This approach has earned him the support of influential figures such as the Winklevoss twins. His participation in this strategic event strengthens his position with the crypto electorate, with a 63% chance of winning according to Polymarket. Rival candidate Robert F. Kennedy Jr. is also expected, promising to protect the rights of Bitcoin users. The conference could influence the Biden administration to clarify its position on cryptos. 🔗 Read the full article here.
The advent of Cardano's CIP-1694 update propels ADA 🚀
Cardano's ADA cryptocurrency has recently recorded a significant increase, reaching $0.3839. This rise is driven by the announcement of the CIP-1694 update, scheduled for the end of July, which will bring significant improvements such as increased speed, better efficiency, and decentralized governance. Cardano founder Charles Hoskinson confirmed that all elements of this update are finalized, marking a key step towards a fully decentralized blockchain. Analysts, like Nick Regan of Cheeky Crypto, attribute this momentum to the anticipation of the CIP-1694 hard fork and the Node version 9.0.0. This update is crucial for Cardano's Voltaire era. Santiment data also shows growing adoption of the blockchain with an increase in active addresses and new capital inflows, reflecting investor confidence. 🔗 Read the full article here.
Cryptocurrency of the day: Maker (MKR)
Maker (MKR) is the governance token of MakerDAO and the Maker protocol, both based on the Ethereum blockchain. These platforms allow users to issue and manage the stablecoin DAI, which has a stable value pegged to the US dollar. MKR plays a crucial role in the decentralization and management of DAI, providing stability and reliability to financial transactions on the blockchain.
MKR is mainly used to vote on development proposals for the Maker protocol. Although it does not pay dividends, it offers voting rights to its holders. The initial distribution of MKR was done through private and public sales, allowing investors to support the project from its early stages. MKR holders have the opportunity to actively participate in the governance of the platform, directly influencing its future development.
Recent performance
Current price: €2,195
Percentage change (1 day): 5.08%
Market capitalization: €2,045,252,689
Rank on CoinMarketCap: 39
Crypto analysis of July 11, 2024: Near
The crypto NEAR experienced a drop of over 50%, reaching a low point at $0.97 before briefly rebounding to $4.6. Initially propelled by general crypto market interest and its indirect association with Nvidia, NEAR saw its price rise to $9 before coming back down. Despite an attempted rebound to $4.3, a new wave of decline brought the price back to this level, forming a double top, a potential market reversal signal. Currently, NEAR is trading around $4.6, but remains below the 50 and 200-day moving averages, indicating an uncertain trend.
Medium and long-term outlook for NEAR remains positive despite recent fluctuations. If the price holds above $4.3, an increase to $5.4 or even $9 is possible, representing a potential increase of 94%. However, if NEAR falls below this support, it could drop between $3.6 and $3.1, or even as low as $2.75, marking a potential decrease of 40%. Investors should monitor market reactions to key levels to confirm these assumptions while remaining cautious of increased volatility and possible market "fake outs". 🔗 Read the full analysis here.
