🌉 The London Stock Exchange adopts crypto!
Welcome to the Daily Tribune Tuesday, March 12, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, March 12, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️:
24-hour crypto summary ! ⏱️
🚦London opens up to crypto!
The London Stock Exchange has just reached a historic milestone with the approval of Crypto ETNs by the Financial Conduct Authority (FCA), marking a decisive moment in the institutional acceptance of cryptocurrencies. This development breaks the long-imposed regulatory barriers, opening the doors wide to institutional adoption of cryptos. The decision comes after years of reluctance from financial institutions, which saw cryptocurrencies as too risky and volatile. Now, hedge funds, investment banks, and other financial giants can expose themselves to cryptocurrencies through regulated and familiar instruments such as ETNs.
This initiative positions London and, by extension, Europe, as leaders in the adoption of decentralized finance, thus challenging Wall Street's dominance in the ETF space. With the opening of its exchange to Crypto ETNs in the next quarter, London promises to become the essential hub for crypto.
The bold regulation of the United Kingdom is likely to attract institutional investors in search of new growing asset classes.
💸 Bitcoin to reach one million before 2030: Cathie Wood's vision
Cathie Wood, head of ARK Invest, has recently updated her prediction regarding Bitcoin, now considering that its price could exceed one million dollars before 2030. This ambitious revision is mainly motivated by the launch and enthusiastic reception of the first Bitcoin Spot ETFs in the United States. According to Wood, this enthusiasm for Bitcoin Spot ETFs is a turning point, accelerating ARK Invest's projected timeline for Bitcoin's future valuation.
Wood's prediction is based on the belief that the gradual integration of traditional financial institutions into the Bitcoin market will be the main driver of its valuation in the coming years. She notes that major players such as Morgan Stanley, Merrill Lynch, or Bank of America have not yet fully adopted Bitcoin in their offerings, suggesting significant growth potential as these institutions commit further.
Cathie Wood is not only predicting a rise in prices; she implicitly recognizes Bitcoin as a breakthrough technology capable of redefining the global financial system. Her prediction suggests a transformation where Bitcoin becomes a pillar of the digital economy, challenging not only the primacy of traditional currencies, but also the financial and monetary control mechanisms exercised by states and central banks.
🛡️ Crypto: ICP innovates with a new decentralized sharing system
In the decentralized finance landscape, the Internet Computer (ICP) platform stands out with the launch of DocuTrack, an open-source application designed for secure sharing of sensitive files. Resulting from a collaboration with a Swiss private bank, DocuTrack showcases how ICP's blockchain technology can be used to ensure data privacy and security. The application is based on a fully decentralized infrastructure, eliminating vulnerabilities associated with centralized storage solutions and providing robust protection against cyberattacks, data breaches, and unauthorized access.
DocuTrack not only secures data through its decentralized architecture but also integrates end-to-end encryption for maximum privacy. From the moment a file is created, it is encrypted on the user's local device and maintained in that secure state throughout its transit and storage on the ICP network. Only specified recipients have the ability to decrypt this information, ensuring a zero-trust approach. In addition to its security features, DocuTrack stands out for its user-friendly interface and advanced collaboration functionalities, making the sharing of large files and the management of complex regulatory processes simpler and more transparent for financial institutions. This combination of security, efficiency, and utility positions ICP and DocuTrack at the forefront of the privacy revolution in the crypto space.
The launch of DocuTrack by the Internet Computer (ICP) represents a significant advancement in securing and ensuring privacy in file exchanges in the decentralized finance world. This innovation, beyond its immediate application, is part of a wider industry trend of seeking decentralized solutions to address the weaknesses of traditional centralized systems. The emphasis on "zero trust" approach and end-to-end encryption reflects an increased awareness of the importance of data security in the digital age.
⚔️ Ethereum vs. quantum threat: Buterin's plan
In the face of the emerging threat posed by quantum computers to the blockchain, the Ethereum team, led by Vitalik Buterin, is sounding the alarm and preparing for an unprecedented confrontation. The potential power of these quantum computers, capable of breaking current cryptography algorithms, could jeopardize digital assets worth 200 billion dollars stored on Ethereum. In order to protect these resources and the integrity of the network itself, a revolutionary hard fork is considered, marking Ethereum's first step towards robust defense against this emerging technology.
The emergency plan proposed by Vitalik Buterin includes the complete deactivation of transactions through traditional wallets, considered too vulnerable, in favor of new "smart" wallets built directly on the Ethereum blockchain. These wallets would be immune to quantum attacks through the adoption of STARK (Scalable Transparent Arguments of Knowledge) proofs, an advanced mechanism that allows users to prove ownership of assets without exposing their private keys. This strategy, while requiring significant software updates for users, is seen as a necessary sacrifice to ensure the perpetuity and security of the network in the face of the growing power of quantum computers.
Ethereum's proactive approach to counter the threat of quantum computers demonstrates a keen awareness of the importance of security in a technologically advanced future. This anticipation by Ethereum is not only a safeguard measure but also a strong signal to the entire industry about the need to constantly innovate to remain relevant. Beyond a struggle for security, it is a call to the crypto community to consider the future of blockchain technology beyond current limits.
Crypto of the day: XRP (XRP)
The XRP Ledger (XRPL) blockchain, launched in 2012, is known for its speed (transactions settled in 3-5 seconds), low cost (0.0002$ per transaction), ability to process 1,500 transactions per second, and eco-friendly features. Designed as a faster and more energy-efficient alternative to Bitcoin, XRPL is mainly used for payments, including micropayments, DeFi, and soon NFTs.
XRP holders benefit from a flexible cryptocurrency that can be used for various use cases in the XRPL network, increasing its utility and potential demand.
Recent performance
Current price: 0.68 USD
Percentage increase/decrease: - 5.23% (drop in 1 day)
Market capitalization: 37,674,344,175 USD
Rank on CoinMarketCap: #6
Crypto analysis of the day: Bitcoin (BTC)
What an epic week for Bitcoin! The famous BTC has not only flirted with record highs but has surpassed them outright, breaking through the psychological barrier of $70,000 to rise to nearly $72,000. This performance is the result of an impressive rally, starting around $60,000 after a minor correction, which once again illustrates the resilience and constant appeal of Bitcoin to investors. This remarkable progress highlights the bullish momentum of the market, driven by increasing demand that seems to exceed the available supply, a very positive sign for long-term holders and new entrants to the market.
Let's take a closer look at the technical context of this ascent. BTC has moved away from its 50-day moving average, a movement that signals increased volatility. For novices, volatility can be intimidating, but for experienced traders, it offers opportunities for substantial gains. Technical indicators, including oscillators, show a revised upward trend, suggesting a period of intense buying. This dynamism is supported by the analysis of BTC/USDT perpetual contracts, where open interest has experienced a significant rebound, reflecting renewed optimism despite recent liquidations.
Regarding the future, the path seems set for a continued rise. If Bitcoin maintains its momentum above $69,000, the next target is around $73,000, with even more ambitious prospects reaching $80,000. However, caution is advised. Strong support is forming around $66,000 in case of a pullback, and a potential reversal could send BTC towards $62,000.
The lesson to be learned from this week is twofold: on the one hand, the validation of the strength and unwavering appeal of Bitcoin as an investment asset, and on the other hand, the need to remain vigilant and adaptive in a market that, while full of great promises, is not without its challenges.
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