Author: The Daily Hodl

Cryptocurrency exchange Bybit announced Tuesday it will close its non-fungible token (NFT) marketplace on April 8 as the company refocuses on its core trading services. The decision comes after a February security breach that cost the company $1.46 billion in stolen digital assets, which is believed to be the biggest known heist of all time. Bybit has instructed users to transfer their NFTs to external wallets before the closure date to avoid potential losses. The move comes during a broader cooling of the NFT market, with trading volumes declining significantly across major platforms in recent months. However, many in the…

The selling of Bitcoin (BTC) by long-term holders is being quickly absorbed by buyers, according to digital asset analytics firm Glassnode. Glassnode says that long-term holders – or those holding their coins for more than 155 days – are starting to re-accumulate BTC after a second wave of selling, reducing volatility on the price chart. “Across the 2023-25 cycle, long-term holders have distributed over 2 million BTC in two distinct waves. Yet, each has been followed by strong re-accumulation, helping absorb the sell-side pressure. This cyclical balance may be stabilizing price action.” The firm says that Bitcoin holders closing in on…

Nearly one-third of the South Korean population has reportedly invested in Bitcoin (BTC) and other digital assets. The Seoul-based news agency Yonhap, citing data released by the South Korean government, reports that as of late February of this year, 16.29 million people have opened accounts on Upbit, Bithumb, Coinone, Korbit and Gopax, the country’s top five domestic crypto exchanges. South Koreans with accounts at multiple exchanges were reportedly only counted once to keep the data accurate. The country currently has an overall population of nearly 52 million. There were 14 million crypto investors in South Korea in March 2024, and…

Crypto analyst Jamie Coutts says that a breakdown in the US Dollar Index (DXY) could be hinting at coming rallies for Bitcoin (BTC). In a new interview on the Less Noise More Signal YouTube Channel, Coutts shares a chart that shows the price of Bitcoin overlaid with large down moves – of at least 2.5% or more – in the DXY. The DXY measures the strength of the USD against a basket of other major foreign currencies weighted by volume and often moves inversely to risk assets like Bitcoin. According to Coutts, many of the large downward moves in DXY…

The bankrupt crypto exchange FTX is reportedly primed to begin paying its main group of creditors at the end of May. Business restructuring lawyer Andrew Dietderich said in court last week that the payouts are scheduled to begin on May 30th, Bloomberg reports. FTX will use its $11.4 billion cash reserves, which were amassed after the crypto exchange went down, to reimburse major creditors. FTX classifies its main creditors as individuals and institutions that had millions of dollars stashed in the platform prior to its collapse. Meanwhile, smaller creditors categorized in FTX’s “Convenience Class” started receiving distributions in February, per…

A closely followed crypto strategist believes that the native asset of a layer-2 scaling solution could witness an over 3x rally this year. Pseudonymous analyst Inmortal tells his 231,000 followers on the social media platform X that he’s bullish on Mantle (MNT), noting that he believes the altcoin has already printed a 2025 bottom at around $0.6. According to the trader, a 279% rally for MNT this year is a high-probability scenario. “Starting to feel like bottom is in. Big players have been buying over the last few weeks, and it shows. $3 in 2025 is very likely, high-conviction play…

A closely followed crypto analyst is warning that payments token XRP and three other altcoins may suddenly collapse. In a new post, crypto trader Ali Martinez tells his 134,500 followers on the social media platform X that XRP may be forming a head-and-shoulders (H&S) pattern on the daily chart. An H&S structure is a bearish pattern indicating that an asset has lost momentum to sustain its uptrend after failing to print new highs. He also says that the Ethereum (ETH) hard fork Ethereum Classic (ETC), decentralized finance (DeFi) protocol Yearn.Finance (YFI) and a Bitcoin (BTC) hard fork Bitcoin Cash (BCH)…

A crypto analyst known for accurately calling Bitcoin’s pre-halving correction last year believes that BTC needs to reclaim a key technical indicator as support to regain bullish momentum. Pseudonymous crypto strategist Rekt Capital tells his 542,600 followers on the social media platform X that BTC appears to be mirroring its price action in 2021 when Bitcoin consolidated between two key exponential moving averages (EMAs) on the weekly chart. According to Rekt, Bitcoin must convert the 21-week EMA into support to trigger the resumption of bullish price action. “Earlier this week, Bitcoin rejected from the 21-week EMA resistance (green). As a…

A closely followed crypto strategist is warning that top memecoin Dogecoin (DOGE) is at risk of heading to much lower levels amid the marketwide correction. Pseudonymous analyst Cheds tells his 353,200 followers on the social media platform X that he thinks DOGE could witness a 33% corrective move if it loses a key support area. “DOGE $0.11-$0.12 range incoming. Mark $0.16.” In a strategy session, Cheds explains why he thinks DOGE could tumble before potentially bottoming out. “There’s no reason to get excited [about DOGE]. It’s a bad chart. It looks like [$0.11] is going to come and test lower.…

Crypto asset manager and research firm CoinShares says institutional investors poured millions of dollars into altcoin digital asset investment products last week. In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products enjoyed inflows last week after record-setting levels of outflows. “Digital asset investment products saw US$226m of inflows last week suggesting a positive but cautious investor. Following the largest outflows on record, ETPs have seen 9 consecutive trading days of inflows. Last Friday was the exception, seeing minor outflows totaling US$74m, likely in reaction to core personal consumption expenditure in the US coming in above expectations, implying…