🚀 XRP adrift, the US Treasury moves to blockchain
Welcome to the Daily Tribune of Thursday, October 31, 2024 ☕️
Hello Cointribe! 🚀
Today is Thursday, October 31, 2024 and as every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you should not miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy 🌧️
24h crypto recap! ⏱
The mBridge project falters under international tensions 🌐
The mBridge project, a blockchain initiative supported by the Bank for International Settlements (BIS) aimed at facilitating transactions between central bank digital currencies (CBDCs), is facing difficulties due to increasing geopolitical tensions. Launched with the participation of China, Hong Kong, Thailand, and the United Arab Emirates, mBridge aimed to become an alternative to the current banking correspondence system dominated by the dollar.
However, pressures from the West and the rising tensions surrounding international payment networks are calling into question the project's viability, particularly with the opposition of the United States to CBDCs, reinforced by Donald Trump. The latter indeed advocates Bitcoin as a more neutral store of value solution. If the mBridge project is put on hold, it would strengthen Bitcoin's position in a context where sovereign digital currencies are seeking to emancipate themselves from American hegemony.
The US Treasury bets on blockchain and crypto to transform access to banking services 🏦
The US Department of the Treasury has unveiled an ambitious strategy aimed at using cryptocurrencies, stablecoins, and blockchain to expand access to financial services for underbanked populations. This plan is part of a broader effort to modernize the financial system, with the goal of making banking services more accessible, particularly for rural or remote communities.
By leveraging the transparency and security offered by blockchain, the Treasury aims to reduce transaction costs and time. However, this initiative poses regulatory and security challenges, and the Treasury is working with other agencies to establish robust frameworks that ensure stability and user protection. By integrating digital assets, the United States hopes to both promote financial inclusion and strengthen its global economic competitiveness.
Digital Euro: A source of concern for the autonomy of European states 💶
The European Central Bank (ECB) is resolutely advancing in its digital euro project, but this initiative is causing tensions with several EU member states, including France and Germany, concerned about a potential loss of autonomy. The ECB wishes to exercise strict control over the quantity of digital currency held by citizens, which, according to some governments, could concentrate too much power in the hands of the European institution.
This project aims to affirm European monetary sovereignty, limiting dependence on American payment giants. However, member states fear that this centralization could affect the stability of national banks in the event of a massive transfer of bank deposits to digital wallets during a crisis. Faced with this dilemma between monetary integration and national sovereignty, negotiations are intensifying, and the outcome of this debate could redefine the monetary architecture of Europe.
XRP in turmoil: institutional investors desert ⚠️
XRP is going through a difficult period, marked by stagnation while the global market benefits from a dynamic recovery. Although Bitcoin and altcoins like Solana are showing significant increases, XRP has only progressed marginally, reaching barely 0.32% in 24 hours and 0.33% in the week. This weak performance, coupled with the growing dominance of Bitcoin which monopolizes nearly 60% of the crypto market capitalization, leads institutional investors to redirect their funds towards more profitable assets, making XRP less attractive.
This loss of interest is also reflected in a declining transaction volume, which exposes XRP to a potential break below the $0.50 threshold, a critical level. If XRP fails to attract more trading volumes or new investors, it risks losing its position in the top 10 cryptocurrencies.
Ethernity Cloud: a decentralized alternative for a more secure and affordable cloud ☁️
Ethernity Cloud offers an innovative solution in response to the challenges of cost and centralization of traditional cloud. With its Self-Development Kit (SDK), this platform enables developers to create secure decentralized applications, relying on technologies like Intel SGX and IPFS to ensure data confidentiality and availability.
Ethernity Cloud's decentralized architecture promotes a circular economy, minimizing dependence on centralized data centers and thus reducing the carbon footprint. Supported by comprehensive documentation, an active community, and support tools, the SDK facilitates the adoption of this alternative model, allowing developers to deploy high-performing and secure applications while contributing to a more sustainable cloud.
The crypto of the day: Ondo (ONDO)
Ondo Finance positions itself as an innovative solution in blockchain, focused on integrating real-world assets into the decentralized universe. This blockchain enables transparent and secure transactions, particularly through digital asset solutions that open up possibilities in the DeFi sector.
The native crypto ONDO is primarily used to facilitate financing operations on the platform, thus offering holders discounts on transaction fees and privileged access to financial products. Distributed through various phases of financing and community initiatives, ONDO rewards its holders by providing yield opportunities.
Recent performance
Current price: €0.6909
24h change: - 6.80%
Market capitalization: €956.34M
Rank on CoinMarketCap: #70
Crypto analysis of the day: Cardano (ADA)
After a 66% drop, the price of Cardano (ADA) shows signs of stabilization around $0.35.
The resistance and support levels have formed at $0.40 and $0.30, respectively, while increasing higher lows suggest a possible bullish structural change. However, despite this growing buying interest, the medium-term trend remains bearish according to technical indicators such as the 50-day and 200-day moving averages, highlighting the caution to be adopted by investors facing fluctuations at this critical level.
Meanwhile, interest in ADA/USDT perpetual contracts reflects a majority of buyers, but notable sell liquidations remain, illustrating a delicate balance between buyers and sellers. Key liquidation zones around $0.37 and $0.39 above the current level, as well as at $0.34 below, could amplify volatility by attracting more order volumes. If Cardano manages to break through $0.40, it could potentially target $0.45 or even $0.50 in bullish extension, but a drop below $0.30 could bring it back towards support levels around $0.24, intensifying selling pressure.
🔗 Read the full analysis here.
