Author: The Daily Hodl

Defunct crypto lending platform Celsius Network is taking legal action to recover billions of dollars worth of Bitcoin (BTC) that it previously transferred to USDT issuer Tether. In a new complaint filed with the Southern District of New York, Celsius says it is seeking the return of 39,542.42 BTC worth $2.31 billion that were transferred as collateral for the stablecoins that it borrowed from Tether. Celsius alleges that Tether used the asset as payment for its outstanding loan and for less than the reasonably equivalent value of the crypto asset when it became insolvent.  Celsius also wants to recover 15,658.21…

Closely followed crypto analyst Altcoin Sherpa is calling for caution amid what he sees as bearish price action for Bitcoin (BTC). Altcoin Sherpa tells his 219,000 followers on the social media platform X that BTC is continuously printing bearish patterns on the daily chart. He shares a chart suggesting that BTC is forming a simple set of lower highs and lower lows. “Even though we have a lot of euphoria on the timeline (and I’m also looking for dips), we have to still remember that BTC is in a one-day bearish market structure. What would change this? If we break…

A former chief of the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC) says Morgan Stanley will attract government scrutiny with its recent embrace of Bitcoin (BTC). Morgan Stanley recently gave its wealth advisors the green light to pitch Bitcoin exchange-traded fund (ETF) products to its wealthy clients. On the social media platform X, John Reed Stark says that by allowing its brokers to pitch BTC ETFs to clients, Morgan Stanley has now subjected itself to what he says will become “the largest SEC and FINRA examination sweep in history.” According to the ex-SEC official, Morgan…

Crypto veteran Arthur Hayes says the Democrats could stealthily print dollars to trigger stock market rallies before the presidential election. In a new essay, the BitMEX founder says Kamala Harris’ presidential campaign will likely see a big boost if the stock market is booming. But the unwinding of the yen carry trade has triggered a $6.4 trillion global stock market wipeout last week with the S&P 500 witnessing its worst trading day since 2022. In Japan, droves of investors borrowed cheap yen and invested the funds in risk assets that have the potential for high growth such as stocks to…

A crypto whale has been spotted accumulating tens of millions of dollars worth of Ethereum (ETH) in an apparent effort to buy the dip. First reported by blockchain tracking firm Lookonchain, an Ethereum address starting with “0x78D07” bought over $4.7 million worth of Ethereum on Friday, adding to its nearly $100 million ETH stack. “This whale has accumulated 37,800 ETH ($99 million) since May 24th, with an average buying price of $2,420, and currently has an unrealized profit of $7.5 million.” Lookonchain recently spotted one “smart money” whale with a perfect track record of closing trades in profit accumulating about…

CryptoQuant head Ki Young Ju says that on-chain data is signaling that the Bitcoin (BTC) bull market is back on. The CEO of the analytics firm tells his 361,000 followers on the social media platform X that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which tracks phases of investor sentiment, is back to bullish after briefly dipping into bear territory. “Most Bitcoin on-chain cyclical indicators that were hovering near the borderline have now shifted back to signaling a bull market. BTC was discounted for only three days.” Based on the data, Ju says he believes the bull market is still intact.…

Santa Monica, California, is launching a new office dedicated to educating the community about Bitcoin (BTC). In a new announcement, the government of the city of Santa Monica – a part of Los Angeles County – says that it’s opening the Bitcoin Office to help residents and businesses understand its potential and role in the modern economy. “In partnership with Proof of Workforce Foundation, we are committed to providing comprehensive education about Bitcoin and its role in the modern economy, helping Santa Monica residents and businesses alike understand this innovative technology. In addition to providing education, the Bitcoin Office’s mission…

Investing veteran Tom Lee says that the worst of the recent correction in financial markets has likely already passed. In a new interview on CNBC, the Fundstrat founder says he’s looking at the volatility index (VIX), a popular gauge of expected volatility in stock markets. According to Lee, the VIX suggests that markets won’t see significantly lower prices. “The thing that we’re watching is the VIX spike to 60 on Monday which is the third-highest reading ever, and the VIX futures curve inverted which was the steepest inversion since the pre-pandemic times. Both are starting to normalize, I think the…

Gemini co-founders Tyler and Cameron Winklevoss are blasting the Commodity Futures Trading Commission (CFTC) for proposing a new rule against event contracts. In a new thread on the social media platform X, Tyler Winklevoss says that the regulatory body should retract its new proposed guidelines as it would deny US citizens access to event contracts, or futures contracts that offer “yes” or “no” options for outcomes of events such as elections, games or developments. “The CFTC should withdraw its proposed rule on event contracts, which would categorically ban all event contracts in the US, like those traded on Polymarket, the…

Analytics firm IntoTheBlock says that deep-pocketed investors took Bitcoin’s correction toward a low of $49,000 last week as an opportunity to gobble up BTC. IntoTheBlock says Bitcoin witnessed net outflows to the tune of $1.7 billion from crypto exchanges over a one-week period. The analytics firm defines net outflows as the number of coins that have left crypto exchanges minus inflows, or withdrawals minus deposits. The metric suggests that Bitcoin investors have accumulated way more than $1.7 billion in BTC amid last week’s dip considering deposits were subtracted from the data. According to IntoTheBlock, last week’s net outflows represent the…