Author: The Daily Hodl
A whale has aggressively scooped up the crypto market correction, quietly accumulating nine figures worth of Ethereum (ETH). First spotted by tracking firm Lookonchain, an entity known as “7 Siblings” has accumulated $129 million worth of ETH near the $2,300 level. “While you guys were panic selling due to the market crash, the entity ‘7 Siblings’ with $1.57B assets quietly bought 56,093 ETH ($129M) at the bottom! 7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours of buying! The average buying price is $2,305.” 7 Siblings…
Hackers are reaping the rewards after exploiting a Ronin (RON) bridge for $10 million in Ethereum (ETH). According to the gaming-focused blockchain’s X account, white hat hackers have returned $10,000,000 in USDC to the network and will receive $500,000 in compensation for their efforts. “The ETH (~$10 M) has been returned and we expect that the USDC will be returned later today. We thank the white hats for their vigilance and integrity. The Bug Bounty Program will reward the white hats with a 500 K bounty. The bridge will undergo an audit before it is reopened. We will provide updates…
Fidelity Investments’ global macro director Jurrien Timmer predicts that Bitcoin (BTC) will never reach millions of dollars in value for one key reason. In a new interview with Scott Melker, Timmer says that Bitcoin will not hit the astronomical seven-figure price because investors tend to value assets against other assets. “I was on another podcast and the question was, Will Bitcoin just eat everything else? And I don’t think that’s going to happen. I think it’s doing it in a way right now, and it has been, but it’s not going to replace real estate or equities or other assets…
A top crypto strategist thinks Bitcoin (BTC) and the crypto markets are due for another correction before seeing a sustained recovery. Pseudonymous analyst The Flow Horse tells his 223,400 followers on the social media platform X that markets often do not instantly reverse after an extreme correction. On Monday, Bitcoin dropped by as much as 15% to $49,000 before BTC bulls stepped in and pushed the price above $50,000. According to the analyst, it is more likely for markets to revisit lows before any recovery could take place. “After significant moves like this, we don’t often see a quick reversal…
The crypto market endured a massive correction on Sunday and Monday, but it’s not all bad news, according to one popular digital asset analyst. The pseudonymous trader known as Credible Crypto tells his 407,400 followers on the social media platform X that Bitcoin (BTC) witnessed a “beautiful wipe” of its open interest (OI), which tracks the total number of outstanding derivatives contracts for a given asset. “Nature is healing. Note that the lower dotted green line is the lowest recorded OI we have seen in this entire range and the closer we get to that level, the healthier it is.…
A closely followed economist believes crypto and the US stock market are still poised to witness a massive upside move despite the latest correction. Henrik Zeberg tells his 147,900 followers on the social media platform X that it is not yet the time for crypto and stocks to collapse and enter a period of a sustained downtrend. “Now everybody finds it easy to see, that markets can drop hard – and we will have a recession. That was hard for some people a few weeks ago…. But this is not it….. yet!” Earlier this year, Zeberg predicted that stocks and…
A closely followed crypto strategist thinks three altcoins including the layer-1 project Sui (SUI) are in the midst of a clear downtrend. Pseudonymous analyst Altcoin Sherpa warns his 218,900 followers on the social media platform X that SUI, along with fellow smart contract platform Near (NEAR) and the AI-focused Artificial Superintelligence Alliance (FET) are trading in bear territory. “The really scary thing is that we still have a long way to go for some of these coins. An unstable BTC environment coupled with supply unlocking (peep SUI) means a recipe for disaster for many of these coins. Clear bearish market…
A veteran trader who accurately predicted the May 2021 crypto collapse says that Bitcoin (BTC) is setting up for a solid end-of-year performance. Pseudonymous trader Dave the Wave shares a chart with his 145,000 followers on the social media platform, suggesting that Bitcoin is trading within a range between $54,000 and $74,000. However, the trader’s chart also suggests that by the end of this year, the range will brush up against a long-term diagonal support that could act as a launch pad for upward price action before 2025. “BTC setting up for 4th quarter fireworks…” Explains the analyst, “With BTC…
Analyst Benjamin Cowen is warning that altcoins could correct even further based on historic precedence. In a new video, Cowen tells the 804,000 subscribers of his YouTube channel that the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, may be repeating a similar 2019 pattern. “You can see that in 2019 [altcoins] put in this low and then a high. Same thing right here [in 2024], a low, and then a high. And then they bled back down back to this low, and then they ended up holding it for…
Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions from digital asset investment vehicles last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $528 million in outflows last week due to fear of a recession in the United States. “Digital asset investment products saw outflows for the first time in 4 weeks totaling US$528m in what we believe is a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes.” The US led outflows at $531 million. While…