🚀 VanEck files an ETF Solana application!
Welcome to the Daily Tribune on Friday, June 28, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, June 28, 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:
Sunny ☀️
24h crypto recap! ⏱
VanEck files an ETF Solana application 🚀
VanEck, a renowned investment manager, has officially filed an application with the SEC to launch the first Solana ETF in the United States, marking a major milestone for the institutional adoption of this cryptocurrency. This ETF, named VanEck Solana Trust, will track the spot price of Solana and will be listed on the Cboe BZX Exchange. The announcement immediately influenced the market, leading to a 6% increase in the price of Solana, now at $148. This initiative closely follows a similar application filed by 3iQ on the Toronto Stock Exchange. By venturing into the Solana universe, VanEck reaffirms its confidence in the potential of this blockchain while diversifying investment options for traditional players. 🔗 Read the full article here.
Ripple ready to unlock 1 billion XRP in July 💥
On July 1st, Ripple will release 1 billion XRP, valued at approximately $470 million, as part of its monthly unlocking program in place since 2017. Using two specific wallets, Ripple unlocks 500 million XRP monthly each, an operation that often influences the market by exerting downward pressure on the price of XRP. In June, Ripple sold 200 million XRP and rescheduled the remainder for future sale in 2027. This strategy resulted in a significant drop in the price of XRP, which fell by 9.25% after the unlocking in June, currently trading at $0.467. 🔗 Read the full article here.
Bitcoin dominance drops to 52% 📉
Bitcoin has seen its dominance in the crypto market drop drastically to 52%, an unprecedented level that could signify significant changes in the crypto ecosystem. This rapid decrease of over 2% in just 24 hours is the result of an accumulation of BTC without buyers in OTC reserves, signaling a growing disinterest from institutional investors. Altcoins have taken advantage of this situation to gain market share despite the decrease in Bitcoin's value. Currently, Bitcoin's dominance remains just above 53% with a market capitalization of over $1.2 trillion, compared to $2.27 trillion for the entire crypto market. This redistribution of capitalization could encourage increased diversification of investors' portfolios towards alternative digital assets. However, this dynamic reflects a general caution from major investors due to market volatility, as OTC reserves continue to increase with over 103,000 BTC recently added. 🔗 Read the full article here.
Ethereum ETFs ready to attract $15 billion in investments by 2025 🌟
According to Matt Hougan, Chief Investment Officer at Bitwise, Ethereum ETFs could attract up to $15 billion in investments within 18 months of their launch. This optimistic forecast is based on market potential analysis and the increasing interest of institutional investors in Ethereum. Hougan anticipates that Ethereum ETFs will represent about 26% of the combined Bitcoin-Ethereum market, thanks to Ethereum's strong market capitalization, currently at $432 billion. The launch of ETFs will also benefit from the expected conversion of the Grayscale Ethereum Trust into an ETF, immediately adding $10 billion in assets. Although the prospects are promising, Hougan is tempering his initial forecasts from $25 billion to $15 billion, taking into account factors such as the slight underperformance of Ethereum ETPs and the likely absence of "carry trade" for these ETFs. 🔗 Read the full article here.
Crypto of the day: Avalanche (AVAX)
Avalanche (AVAX) is an innovative blockchain known for its speed, scalability, and low energy consumption. It distinguishes itself with its unique consensus protocol that allows for near-instant and secure transactions. Avalanche's architecture consists of three main chains (X-Chain, C-Chain, P-Chain), each optimized for specific tasks, enhancing flexibility and efficiency. This structure also enables interoperability with other blockchains, increasing its value within the cryptocurrency ecosystem. Avalanche's key innovation lies in its ability to process thousands of transactions per second without compromising decentralization.
The native cryptocurrency of Avalanche, AVAX, plays a crucial role in the platform's operation. It is used to pay transaction fees, participate in network governance, and secure the blockchain through staking. The initial distribution of AVAX was conducted through a public sale, a presale, and rewards for early validators and contributors. AVAX holders benefit from the opportunity to receive staking rewards, incentivizing participation in the network. Additionally, AVAX can be used in various decentralized applications (dApps) developed on the Avalanche platform, strengthening its utility and demand in the market.
Recent Performances:
Current price: 28.10 €
Percentage increase/decrease: +7.84% (1-day increase)
Market capitalization: 11,017,548,647 €
Rank on CoinMarketCap: #11
AI crypto Fetch.ai bounces back after a 65% drop.
Fetch.ai has experienced a spectacular increase of over 6,400% since its lowest level in November 2022, reaching an all-time high (ATH) just below $3.50. However, significant selling pressure has brought its price down to around $1, partly due to the overall decline in the crypto market. Recently, Fetch.ai seems to have found support around $1.11, attracting new buying interest and supporting a medium and long-term bullish trend. This recovery allowed the crypto's price to regain the $1.30 level and recover its 200-day moving average, which could indicate a continued upward momentum.
Technical analysis shows that the FET/USDT perpetual contracts have followed this trend, with an increase in open interest and dominant selling pressure, as evidenced by the liquidation of long positions. The liquidation heatmap reveals critical areas around $1.8 to $2, and support levels at $1.30 and below. If Fetch.ai's price holds above $1.11, an increase to $2.30 or even $3.50 is possible. However, a drop below this support could bring the price to $0.65 or even $0.50. Investors must remain vigilant and closely monitor price movements at key levels to confirm the trends.
