Author: The Daily Hodl
BitMEX founder and crypto industry veteran Arthur Hayes says there’s a massive trade to play as the digital asset market edges higher. In a new interview on the CryptoBanter YouTube Channel, Hayes says that the crypto bull market started in March of 2023 when the Federal Reserve printed trillions of dollars to support the struggling US banking sector. Hayes refers to the move as a “stealth” printing of money that ultimately triggered Bitcoin’s (BTC) move into a new bull market. “Every bull market feels good in the beginning and then it gets overextended and then we fall. We’ve started the…
Bitcoin (BTC) veteran Tuur Demeester says that the crypto king could be headed much higher than many anticipate as it battles for store-of-value supremacy against gold. Demeester tells his 282,000 followers on the social media platform X that he agrees with the thesis that Bitcoin will eventually reach the same market capitalization as gold, perhaps as soon as the current market cycle. Demeester, editor-in-chief of the Bitcoin analysis firm Adamant Research, clarifies that parity with gold’s market cap will act as more of a “magnet” for investors, with a target near $300,000 being the likely final income. “To be clear:…
The price of Bitcoin (BTC) is going parabolic. BTC has surged from about $76,000 on Friday to $79,373 at time of publishing. The leading crypto asset has forcefully rallied following Donald Trump’s sweeping victory over Kamala Harris last week. Trump has called himself the pro-Bitcoin and crypto candidate, stating he will support the $2.6 trillion industry and create a strategic Bitcoin reserve. In the days before the election was called, BTC was priced at about $68,000. Bitcoin ETFs have also witnessed major accumulation amid Trump’s re-ascention. Despite launching early this year, BlackRock’s spot-Bitcoin exchange-traded fund is now bigger than its…
A Solana (SOL)-based decentralized exchange (DEX) altcoin surged by more than 5x on Friday after South Korea’s largest crypto exchange rolled out trading support for the asset. Traders on the Seoul-based Upbit can now purchase and unload DRIFT, the native asset for the Drift Protocol, an open-source DEX that enables transparent and non-custodial trading. Explains the project’s whitepaper, “Drift was designed with a goal to be capital-efficient but also protective of your assets. We achieved that by setting up sophisticated cross-margined risk engine – a system of tools with an extensive protection from over-extending risk. For instance: In the lend/borrow markets,…
A widely followed cryptocurrency trader is warning that one low-cap memecoin built on the Solana (SOL) blockchain may abruptly witness a bearish reversal. Pseudonymous trader Bluntz tells his 286,900 followers on the social media platform X that the hippopotamus-themed memecoin Moo Deng (MOODENG) looks to be in the midst of an ABC corrective move after briefly shattering the $0.30 level. Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness rallies after completing an ABC move down. According to the analyst, MOODENG moved too high too fast it needs a significant correction before the next…
Bitcoin (BTC) cracked $77,000 and set another new all-time high on Friday, one day after the U.S. Federal Reserve opted to lower interest rates again. The Federal Open Market Committee (FOMC) voted this week to lower the Fed’s policy interest rate by one-fourth of a percentage point, following September’s 50 basis-point cut. Fed Chair Jerome Powell noted at a press conference on Thursday that inflation has dropped from a peak of 7% to 2.1% in September, though he said the Fed’s goal is still to reduce it to 2% even. “We see the risks to achieving our employment and inflation…
Decentralized finance (DeFi) passed gaming last month to become the top sector in the decentralized app (DApp) space, according to a new analysis from the market intelligence firm DappRadar. DappRadar notes that DeFi now accounts for 34.5% of overall DApp activity, compared to 24.5% for gaming and 17.7% for non-fungible tokens (NFTs). “In a notable shift, the gaming sector has lost its leading position within the DApp industry, now outpaced by DeFi. This rise in DeFi usage reflects not only October’s market activity but also highlights the impact of the U.S. elections in early November, which contributed to a surge…
Macro guru and Real Vision CEO Raoul Pal is saying that Solana (SOL) is likely to outperform Ethereum (ETH) this cycle but that one altcoin could potentially do even better. According to Pal, one top-20 altcoin by market cap and a relatively new entrant in the layer-1 sector is likely to outperform not just Solana and Ethereum but also Bitcoin (BTC). “My view is that ETH begins to outpace BTC for the rest of the cycle but underperforms SOL and SOL underperforms SUI as SUI is in the ultimate performance stage of adoption – early > proven.” Sui (SUI) is…
A widely followed analyst and trader is leaning bullish on a large-cap altcoin amid a broader crypto market rally. The analyst pseudonymously known as Pentoshi tells his 809,700 followers on the social media platform X that Solana (SOL) is in the “all-time high waiting room.” On the weekly time frame, Pentoshi shares a chart suggesting that Solana has formed a double-bottom pattern, a technical analysis structure that’s typically considered bullish as buyers step in to keep an asset from printing new lows. According to the widely followed analyst, Solana is on the cusp of taking out its resistance at around…
Popular quant analyst PlanB says Bitcoin (BTC) is now set up to have a series of big rallies based on historic precedence. In a video update, the pseudonymous analyst tells his 182,000 YouTube subscribers that his stock-to-flow (S2F) model indicates Bitcoin could exceed $250,000 in the coming years. His stock-to-flow (S2F) model, which was traditionally used for traditional commodities before he adapted it to Bitcoin, predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. Historically, PlanB’s S2F model has signaled the beginning of strong bull runs immediately after the…