🏦 The SEC Approves Ethereum ETFs!
Welcome to the Daily Tribune on Friday, May 24, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, May 24, 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 🌧️
24h crypto recap! ⏱
🚀 USA: House of Representatives Adopts FIT21!
The US House of Representatives has passed the FIT21 bill with 279 votes in favor and 136 against, marking a decisive turning point for the regulation of digital assets in the United States. This bipartisan vote brings regulatory clarity and increased consumer protection, consolidating American leadership in crypto innovation. This bill, supported by lawmakers from both political parties, responds to presidential and financial authorities' recommendations and could transform the crypto industry by establishing a conducive framework for its development. All eyes now turn to the Senate for swift action. Read the full article
🔥 Cardano Accused of Centralization by an Expert
Justin Bons, a prominent figure in the crypto world, has severely criticized Cardano (ADA) for its alleged centralization. According to him, Input Output Global (IOG) has disproportionate power through "genesis keys," allowing them to unilaterally modify protocol rules without consensus. Bons believes that this concentration of power contradicts the decentralization principles advocated by the crypto community. The Cardano community, including Charles Hoskinson, has refuted these accusations, stating that the keys only facilitate upgrades. This debate raises questions about the balance between innovation and decentralized governance. Read the full article
🌟 Solana, DePIN Leader thanks to Render and Helium
Solana is emerging as a key player in the decentralized physical infrastructure (DePIN) sector thanks to the growth of Render Network and Helium Network. A report by Flipside highlights that Solana, with its fast transactions and reduced costs, becomes the preferred platform for these innovative projects. Render Network, specializing in decentralized GPU rendering, and Helium Network, the world's largest decentralized network, have experienced impressive growth since migrating to Solana. This success is based on community engagement and economic incentives, strengthening Solana in the DePIN field. Read the full article
📈 SEC Approves Ethereum ETFs
The US SEC has approved several Ethereum-based ETFs, paving the way for unprecedented exposure of this cryptocurrency in traditional financial markets. Among the benefiting companies are giants like BlackRock, Fidelity, and Grayscale. This historic decision marks a significant breakthrough for Ethereum, similar to that of Bitcoin ETFs earlier this year. However, final approval still requires the green light from S-1 forms, which could take several months. This approval comes amidst growing support within Congress for crypto-friendly regulation. Read the full article
Crypto of the day: ConstitutionDAO (PEOPLE)
ConstitutionDAO is a unique initiative using the Ethereum blockchain to organize a decentralized fundraising campaign to purchase a copy of the US Constitution. This innovation allows for complete transparency of transactions and democratic participation from the community. The added value lies in the use of smart contracts to manage funds and contributions securely and automatically.
PEOPLE is the native cryptocurrency of ConstitutionDAO. It was primarily distributed to project contributors through a crowdfunding campaign. PEOPLE holders can participate in project governance and have a say in important decisions. This crypto can be used to vote on proposals and access exclusive benefits within the ConstitutionDAO community.
Recent Performance
Current price: 0.08033 €
Percentage increase/decrease: +25.36% (1-day increase)
Market capitalization: €404,764,078
Rank on CoinMarketCap: 171
Crypto Analysis: Toncoin (TON)
Toncoin (TON) recently reached its all-time high of $7.67. However, after reaching this peak, TON experienced a correction, dropping to a key support level around $5. Currently, Toncoin is valued at $6.47, and although it is going through a period of short-term uncertainty, medium and long-term prospects remain positive. The cryptocurrency stays above its 50-day and 200-day moving averages, a strong indicator of a solid bullish trend. This suggests that despite short-term volatility, Toncoin could continue to grow in the near future.
In terms of momentum, Toncoin shows signs of recovery, although oscillators indicate recent bearish pressure. Open interest in TONUSDT perpetual contracts reflects this complex momentum. Initially, strong buying conviction was observed, but a recent decrease in open interest signals some hesitation among speculators. Liquidations, mostly of long positions, as well as previously negative funding rates, add to this complexity. However, the stabilization of funding rates indicates a return to balance, suggesting that speculators are starting to reconcile with the underlying value of TON.
For the future, several scenarios are possible for Toncoin. If the price remains above $5.6, it could rise back to $7.46 and even reach its previous ATH at $7.67, with potential resistance at $8.3, representing an increase of over 28%. Conversely, if TON fails to stabilize above $5.6, a drop to $5 or even $4 may occur, implying a decrease of nearly 38%. Investors should closely monitor these critical levels to adjust their strategies accordingly.