📊 The crypto market in suspense: The Fear & Greed index stays in a neutral zone
Welcome to the Daily Tribune on Wednesday, July 3, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, July 3, 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! ⏱
Market indecision: Fear & Greed crypto index in a neutral zone 🤔
The Crypto Fear & Greed index, a key indicator of investor sentiment, has a value of 53, indicating a neutral position. This level reflects significant uncertainty among crypto market participants, hesitating between cautious optimism and lingering concerns. The recent stabilization of Bitcoin around $60,000 reassures some, but trading volumes remain moderate, which is a sign of ongoing caution. Expectations related to regulatory decisions in the United States also contribute to this indecision. This neutral sentiment could lead to increased volatility, as the market can quickly swing depending on the next catalysts. Scenarios for the coming months range from a possible rise with favorable developments, a decline in case of regulatory tightening, and an extension of the current consolidation. 🔗 Read the full article here.
Solana: The Boom of Liquid Staking 🚀
Solana is experiencing spectacular growth thanks to the surge in liquid staking, attracting more and more investors. Currently, over 23 million SOL, equivalent to more than $3.6 billion, are staked on liquidity platforms. Solana's staking rate reaches about 60%, surpassing Ethereum, despite a liquid staking ratio of only 6%. The short unlocking period of funds staked on Solana, which is only two days compared to several weeks for other blockchains like Ethereum and Polkadot, supports this dynamic. Platforms like Jito Labs and Sanctum, as well as the STRADER protocol, play a key role in this growth by lowering entry barriers and offering attractive returns. Re-staking is also emerging as a promising technology, increasing liquidity and flexibility. 🔗 Read the full article here.
Ethereum: 78% of supply held by long-term investors 💎
Approximately 78% of Ethereum's total supply is now held by long-term investors, often referred to as "diamond hands," who acquired their ETH more than a year ago and show reluctance to sell. These data, revealed by the analytics platform IntoTheBlock, illustrate growing confidence in Ethereum's future value. This significant retention of ETH contributes to market stability by reducing selling pressure, potentially attracting new investors looking for assets perceived as more stable. Unlike Ethereum, Bitcoin is experiencing the opposite trend with long-term investors reducing their exposure. In May, around 160,000 BTC were liquidated, representing a value of $10.1 billion. This divergence highlights different strategies between the two major cryptocurrencies. The increased retention of Ethereum by long-term investors could mark a turning point, positioning Ethereum as a safe haven in an often volatile market. 🔗 Read the full article here.
MiCA: Circle Authorized to Issue Stablecoins in Europe 🌍
The European regulator MiCA (Markets in Crypto-Assets Regulation) has approved Circle to issue stablecoins in Europe, marking a major milestone in the regulation of digital assets on the continent. Circle, known for its USDC stablecoin, can now offer a stable and regulated alternative to volatile cryptocurrencies. Stablecoins, backed by fiat currencies like the dollar, are attractive for daily transactions due to their stability. This regulation imposes strict transparency and reserve management requirements on Circle, which should enhance user and investor confidence. 🔗 Read the full article here.
Crypto of the day: Conflux (CFX)
The Conflux blockchain stands out for its innovative approach to hybrid consensus, combining the benefits of proof of work (PoW) and proof of stake (PoS) to offer increased scalability and security. This technology allows for increased transaction throughput while reducing fees, making it an ideal platform for decentralized applications and financial services.
The native crypto of Conflux, CFX, is mainly used to pay transaction fees, participate in network governance, and stake to secure the blockchain. Initially distributed through an initial coin offering (ICO) and via mining, it offers holders advantages such as staking rewards and voting rights on development proposals. CFX can be used for payments, smart contracts, and decentralized applications, increasing its utility and value within the Conflux ecosystem.
Recent Performances:
Current price: €0.1726
Percentage increase/decrease: +3.43% (in 1 day)
Market capitalization: €732,615,848
Rank on CoinMarketCap: #89
Bitcoin rebounds at $60,000: Analysis of July 2, 2024
After dropping to $58,500, Bitcoin managed to reposition itself above $60,000, demonstrating once again its resilience. This price level represents the lower part of the range established since March 2024, triggering significant buying interest. Following this rebound, Bitcoin surpassed the resistance levels of $62,300 and $63,000, reaching a new peak at around $63,700. Currently, Bitcoin is trading around $62,600, with a medium and long-term price structure still bullish. However, the cryptocurrency is below its 50-day moving average, introducing uncertainty about the continuation of this trend. The 200-day moving average remains below the current price and is upward-oriented, reinforcing the potential for a bullish reversal.
The open interest of Bitcoin perpetual contracts has followed the course of the price, with a notable influx of buying positions after the rebound at $60,000. Liquidation data mainly indicates sellers exiting and a positive funding rate, suggesting a mostly bullish orientation of new positions. Significant liquidation areas are identified at $65,000 and $67,500, while key supports are between $59,000 and $58,500. Holding above $60,000 could lead to resistance levels at $64,500 and higher at $67,000 and above. On the contrary, a drop below this threshold could bring Bitcoin back to $57,500 and potentially lower. The current situation requires increased vigilance to detect potential fakeouts and sudden market movements.