Author: The Daily Hodl
A widely followed crypto strategist believes that both Litecoin (LTC) and Ethereum (ETH) are on the verge of igniting breakout rallies. In a new strategy session, Michaël van de Poppe says that Litecoin’s halving narrative could push the peer-to-peer payments network to a level last seen in December 2021. According to the crypto strategist, LTC is one resistance area away from a rapid price expansion. “Litecoin is doing absolutely great, too. It is on the edge of having a breakout… I think the halving is going to take place in (August), which means that we still have six to eight…
JPMorgan Chase & Co. is partnering with six Indian banks to launch a blockchain-based platform for settling interbank dollar transactions in New Delhi’s trading center. According to a new Bloomberg report, the platform will be available 24/7 and will remove the need for manual intervention, which is expected to reduce settlement times and costs. New Delhi is seeking to establish Gujarat International Finance Tec-City, also known as GIFT City, as a viable trading center alternative to Singapore and Dubai. To achieve this goal, the Reserve Bank of India has launched a domestic non-deliverable forward market settled in dollars at GIFT City,…
A widely followed crypto analyst is issuing a warning that the Bitcoin (BTC) top for 2023 is likely already in. In a new video update, prominent crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that Bitcoin’s price action in 2023 may be mirroring 2019 when it declined in the second half of the year. “There’s a high probability that the local highs are in, or even the yearly high could be in for this year. And if it’s not the yearly high, I would expect the yearly high would only be a few thousand dollars higher.” Bitcoin’s recent high…
A popular analyst says that Bitcoin (BTC) and the crypto markets could receive a boost from the resumption of monetary expansion. In a new video update, the pseudonymous host of InvestAnswers says that global liquidity, or the amount of money circulating in the system, has historically been one of the best indicators for the movements of the crypto markets. The analyst says that with liquidity slightly falling over the past year, the trend is likely to reverse and boost Bitcoin in the process. “Global liquidity has fallen down because the US is tampering their money supply. It’s down 4% or…
Digital assets manager CoinShares says institutional investors are likely taking profits on markets as Bitcoin (BTC) and altcoins suffer major outflows for the seventh week in a row. In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $62 million in crypto holdings last week, proportionally similar to the major sell-offs early in 2022. “Digital asset investment products saw outflows totaling US $62 million, marking the 7th consecutive week of outflows that now totals US $329 million, representing 1% of total assets under management (AuM). From a proportional perspective, this now matches the run of outflows…
New data reveals that 50% of all crypto hacks and exploits during the month of May targeted BNB Chain (BNB), the blockchain of Binance, the world’s largest crypto exchange platform. According to a new report by market intelligence platform DappRadar, May saw two dozen incidents amounting to $54 million in losses, a sharp decrease from the two previous months, which saw over $100 million and $200 million in losses, respectively. “According to data from the REKT Database, May 2023 recorded 24 incidents, resulting in a combined loss of $54 million. While this figure may appear relatively lower than the preceding…
A widely followed on-chain analyst says that one signal is pointing toward a possible burst to the upside for Bitcoin (BTC) this month. Popular on-chain analyst Willy Woo tells his one million Twitter followers that the cost-basis analysis of Bitcoin is hinting at an upcoming rally for the top crypto asset by market cap in the month of June. The cost basis is the price paid by investors to purchase an asset, which in this case is Bitcoin. “Cost basis analysis showing upside looking better than downside. Summer months are typically flat or bearish, but every June inside the re-accumulation…
A closely followed analyst says that the fear of missing out (FOMO) could push a wave of retail traders back into Bitcoin (BTC). The pseudonymous trader known as Inmortal tells his 194,900 Twitter followers that BTC has consolidated below the $30,000 price level for so long that a break above the psychological area could be massive for the crypto king. “350 days below $30,000 and counting. I don’t know when, but I know that $30,000 breakout will trigger retail FOMO.” According to the trader, BTC is currently trading in a range between $25,600 and $28,400, with potential entry points for…
JPMorgan CEO Jamie Dimon is forecasting a pause from the Federal Reserve’s rate hikes, but with a caveat for risk-asset bulls. In a new interview on Bloomberg, Dimon, a crypto critic, says that pausing rate hikes is probably the right thing to do at this point. However, the CEO says that after a pause, the Fed will probably have to resume raising interest rates to tame inflation, which Dimon thinks will be more stubborn than originally expected. “My simple view is that they’re right to pause at this point. There’s been a big increase, 500 basis points or so. Take…
Bloomberg Intelligence’s senior macro strategist Mike McGlone says that the second half of the year could be bearish for Bitcoin (BTC) and the rest of the crypto markets. McGlone says that risk assets, such as stocks and crypto, could get cheap in the coming months as he believes that an economic recession is on the horizon. According to the macro strategist, the Federal Reserve is still on the path of increasing interest rates, which he notes could negatively impact the performance of Bitcoin and other crypto assets. “Risk assets can get cheap in recessions. The cat-and-mouse game between the rallying…