Author: The Daily Hodl
A Chinese woman charged for her role in laundering the proceeds of a multi-billion dollar fraud scheme is now reportedly behind bars. According to Reuters, Wen Jian was sentenced to six years and eight months in prison on Friday after jurors found her guilty of one count of money laundering in March. Prosecutors say that Wen converted Bitcoin (BTC) into cash and property to hide the source of money that was purportedly stolen from nearly 130,000 investors in a $6.4 billion wealth scheme that took place in China between 2014 and 2017. The scheme is believed to have been masterminded…
New data from market intelligence firm Kaiko Analytics shows that hedge funds are net short on Bitcoin (BTC) and Ethereum (ETH) on the Chicago Mercantile Exchange (CME). In a new research article, the crypto analytics platform says that while hedge funds are net short on both BTC and ETH on the CME, it does not mean the funds are bearish on crypto, but rather, that they are engaging in basis trades, a type of arbitrage strategy. Net short means that the hedge funds have accumulated more short positions than long positions in the crypto derivatives markets. Says Kaiko Analytics, “This…
A widely followed trader says that Ethereum (ETH) is about to vastly outrun Bitcoin (BTC) and is predicting one memecoin will rally hard. Pseudonymous trader Bluntz tells his 259,000 followers on the social media platform X that he’s got his eye on the two-week chart of the Ethereum versus Bitcoin (ETH/BTC) pair. The trader says that ETH/BTC is just days away from printing a rare bullish divergence, hinting at an outperformance of Ethereum over Bitcoin. A bullish divergence may indicate reversal areas amid rising momentum even though the price moves down or sideways. Bluntz targets the 0.1 BTC level ($6,907),…
An analyst known for making macro crypto calls thinks the altcoin market is poised to spark steep rallies similar to the ones witnessed in 2016 and 2021. Pseudonymous analyst TechDev tells his 451,900 followers on the social media platform X that he’s watching the OTHERS chart, which tracks the total market cap of crypto excluding the 10-largest digital assets and stablecoins. According to the crypto strategist, OTHERS appears to be following a “textbook” bullish formation after breaking out from a rounding bottom pattern. “Alts are entering textbook markup.” Looking at the trader’s chart, OTHERS seems to have printed the exact…
A widely followed crypto strategist thinks that Bitcoin (BTC) is in a position to ignite a breakout rally on the way to fresh all-time highs over the next few days. In a new video update, pseudonymous analyst Credible tells his 53,200 YouTube subscribers that Bitcoin may have just started a five-wave rally that could send BTC above $100,000. Credible relies on the Elliott Wave theory, which states that a bullish asset often witnesses a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods. According to the analyst, Bitcoin’s recent move…
The native altcoin of a decentralized education platform surged by over 117% this week amid news that a web3 firm has plans to purchase the token. Open Campus’ governance and utility asset, EDU, is trading at $1.10 at time of writing, up from its seven-day low of $0.505. The 252nd-ranked crypto asset is also up more than 12% in the past 24 hours. Open Campus aims to foster an ecosystem that “connects learners, educators, content creators and educational institutions,” according to the project’s whitepaper. The EDU Chain bills itself as the “first layer-3 blockchain built for education.” EDU’s price surge…
A widely followed crypto analyst says that Ethereum’s (ETH) balance on crypto exchange platforms is spiking amid a possible sell-the-news event. In a new thread, crypto trader Ali Martinez tells his 62,700 followers on the social media platform X that over the last two weeks, hundreds of thousands of ETH have been transferred to wallets linked to crypto exchanges. “Looking at Ethereum’s balance on exchanges reveals a spike in the tokens available to sell. Over the last two weeks, over 242,000 ETH have moved to cryptocurrency exchange wallets. This indicates increased trading activity on exchanges that can contribute to price…
The crypto exchange giant OKX will shutter its digital asset trading services in Hong Kong at the end of the month. OKX says it decided to pull its application for a virtual asset trading platform license in Hong Kong “after careful consideration of the business development prospects.” The exchange will stop providing trading services on May 31st, though its customers will still be able to make withdrawals. OKX’s web3 self-hosted wallet will also continue to provide services to customers. OKX is one of ten crypto exchanges that have withdrawn their trading platform license applications in the special administrative region. The…
The chief investment officer of crypto fund manager Bitwise is predicting new all-time highs for Ethereum (ETH) if spot ETH exchange-traded funds (ETFs) are ultimately approved. Earlier this week, the U.S. Securities and Exchange Commission (SEC) approved a rule change that sets the stage for the potential green lighting of spot market Ethereum ETFs. In a new interview on the Bankless podcast, Matt Hougan predicts investor inflows into ETH ETFs would total billions of dollars and drive ETH beyond its all-time high of about $4,900, which it hit back in November 2021. “I don’t think Ethereum ETFs will match Bitcoin…
A closely followed crypto analyst says that Bitcoin (BTC) is no longer in the “danger zone,” when there is a likelihood of a dip below its range low. Pseudonymous trader Rekt Capital tells his 472,200 followers on the social media platform X that while the “danger zone” has passed, Bitcoin could still dip about 13% from its current value. Based on past cycles, Bitcoin enters the “danger zone” after a halving event, when miners’ rewards are halved, and declines significantly, according to the analyst. After the “danger zone,” Bitcoin historically enters a “post-halving reaccumulation” phase when it trades sideways within…