🌐 The Solana whales capitalize on memecoins, Wall Street shakes the crypto market…
🌐 The Solana whales capitalize on memecoins, Wall Street shakes the crypto market…
Welcome to the Daily Tribune on Wednesday, April 17, 2024 ☕️
Hello Cointribe! 🚀
Today is Wednesday, April 17, 2024, and like every day from Tuesday to Saturday, we summarize the news from 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 ! ⏱️
🐋 Solana whales battle it out in the memecoin frenzy
In the midst of a period marked by intense volatility in the cryptocurrency market, two major Solana investors have taken advantage of the situation. During the market correction, these \"whales\" made massive acquisitions of relatively obscure memecoins, according to Lookonchain. The first investor, using the wallet 4eocFb, transferred 31,916 SOL from KuCoin, equivalent to $4.56 million, to acquire 500,979 BODEN for $294,000. The second, operating through the wallet 9CjKf5, withdrew 15,751 SOL from Binance (equivalent to $2.25 million) to invest $1.12 million in 4.86 million SLERF and $661,000 in 67.53 million BOME.
On the other hand, four other Solana whales reacted differently to market pressure by liquidating their positions. These investors sold 5.68 million WIF for a total of $12.41 million, with prices ranging between $1.9 and $2.35 per WIF. These sales reflect noticeable nervousness among some major players in the cryptocurrency sector. Despite the speculative and volatile nature of memecoins, the strategy of these Solana whales seems to aim for quick gains and shows confidence in the long-term value of these digital assets.
📉 As Wall Street sneezes, the crypto market catches a cold
The recent crisis in the American market has had a significant impact on the cryptocurrency market, overshadowing the hopes generated by the successful launch of Bitcoin ETFs in Hong Kong. The sharp decline in major US stock indices, including a 250-point drop in the Dow Jones Industrial Average, was driven by increasing Treasury bond yields, influenced by positive consumer spending reports. This situation has caused a widespread drop in the cryptocurrency market, with massive sell-offs and a decrease in demand for Bitcoin ETFs, which saw their holdings drop by 50%.
This climate of economic uncertainty has put the crypto market under strong pressure, with Bitcoin falling below the $62,500 mark. The upcoming Bitcoin halving adds another layer of uncertainty, with predictions of increased volatility and questions about the future value of the cryptocurrency. Despite predictions of long-term strengthening of Bitcoin's value post-halving, investors must remain cautious during this potentially tumultuous period.
📈 Cardano weathers the storm: Smart contract explosion in April
Despite a gloomy atmosphere in the cryptocurrency market, Cardano (ADA) continues to display impressive growth with the addition of over 1,000 new Plutus V2 smart contracts in April. Ranking 11th in terms of market capitalization, Cardano strengthens its position among the most influential blockchain platforms. This month, the total number of Plutus scripts, including V1 and V2 versions, reached 41,743, an increase of nearly 3% since the beginning of the month. Specifically, Plutus V1 scripts increased slightly, while V2 scripts saw a significant jump of 3.52%.
Despite this growth in terms of functionality, the price of Cardano has experienced a decline, falling below $0.4. This retracement is part of a broader decline in the cryptocurrency market, which saw a decrease of over $200 billion in market capitalization. Over the course of a week, ADA dropped by 20.08% and by 32% for the month. However, signs of potential recovery for Cardano are observable on the weekly chart, with a 50-day moving average that could offer crucial support.
🔽 Ethereum crumbles against Bitcoin
Ethereum has reached its lowest level against Bitcoin in three years, despite the recent introduction of several Bitcoin and Ethereum ETFs in Hong Kong. These funds, managed by entities such as China Asset Management, Harvest Global, Bosera, and HashKey, are seen as a potential catalyst for the market, similar to the effect that US ETFs had on Bitcoin. However, the launch date for these Chinese ETFs has not been set yet, although they are expected to be operational as early as next week. The question remains as to whether these newcomers will be able to compete with the volumes managed by giants such as BlackRock and Fidelity, which have already accumulated over $12 billion in net assets.
The regulatory situation and market developments add another layer of complexity. In the United States, the likelihood of the SEC approving an Ethereum ETF seems extremely low. Bloomberg Intelligence analysts are rather pessimistic about an imminent approval, citing the lack of consultations between the SEC and investment funds. They estimate the chances of approval in May at only 35%. Meanwhile, Ethereum continues to lose ground against Bitcoin, with a decrease of over 40% since its shift to Proof of Stake, signaling significant challenges despite the opportunities offered by the new ETFs in Hong Kong.
Crypto of the day: Reserve Rights (RSR)
Reserve Rights (RSR) is a cryptocurrency designed to support the stability of the Reserve Protocol, a system of stablecoins aimed at reducing the volatility often associated with traditional cryptocurrencies. The main innovation lies in the stabilization mechanism that allows Reserve Rights to play a crucial role in maintaining the pegging of the protocol's stablecoins to their respective reserve assets.
RSR holders have the opportunity to participate in network governance by voting on important proposals and supporting the financial health of the system through stabilization mechanisms. Additionally, RSR is used to purchase surplus reserve tokens when they are sold to maintain the stability of the stablecoin, offering the holders opportunities for gain during surplus periods.
Recent performance
Current price: €0.005815
Percentage increase/decrease: Decrease of 0.51% over 1 day
Market cap: €295,169,827
Rank on CoinMarketCap: #197
Technical analysis of the day: Internet Computer (ICP)
Internet Computer (ICP) recently experienced a remarkable decline after reaching $20.96, illustrating the volatility of the cryptocurrency market. This decline brought the price back to around $12, below its previous peak of $16, a level that had previously served as resistance before turning into support. This price zone is also interesting because it corresponds to the 38.2% Fibonacci retracement level, suggesting that the price could find some stability here. This is a classic example of what traders call a "retracement test," where the price returns to test a key level after a significant impulse.
The latest price movements show that buyers have failed to maintain the upward momentum, resulting in selling pressure that pushed the price below the 50-day moving average. This suggests a potential change in short-term market dynamics. Analysis of derivatives, particularly ICP/USDT perpetual contracts, indicates a substantial reduction in open interest and massive liquidations, which may signal buyer capitulation. Such a scenario could open the door to further decline if the current trend continues.
For investors, it is crucial to monitor the liquidation zones that have been identified at around $10.5 and $16. If the ICP price approaches these levels again, it could trigger increased volatility with significant volumes of buy or sell orders, depending on market sentiment at that time.
