Author: The Daily Hodl
A crypto strategist thinks that an Ethereum (ETH) challenger is following in the footsteps of a red-hot memecoin that just hit a fresh record high. Pseudonymous analyst Credible tells his 393,500 followers on the social media platform X that the market structure of layer-1 protocol Near (NEAR) looks similar to Pepe’s (PEPE), a memecoin that printed a new all-time high in the last 24 hours. “Looks identical to PEPE and with my expectation of some relief across the board here I think dips are for buying, targeting the highs. I’m long as of last night.” Looking at the trader’s chart,…
El Salvador’s National Bitcoin Office is reporting that its volcano-based geothermal system has mined nearly 474 BTC during the last three years. According to a new report by Reuters, the Central American nation, which became the first country in the world to make Bitcoin legal tender in 2021, has mined about $30 million worth of the crypto king since then using a power plant fueled by a volcano. El Salvador’s Bitcoin Office says the country now holds 5,750 BTC worth about $373 million at time of writing. Using the power of the nation’s Tecapa volcano, the administration of pro-crypto President…
Real Vision analyst Jamie Coutts believes Bitcoin (BTC) and a certain breed of altcoins will be beneficiaries of artificial intelligence’s (AI) rise to prominence. The former Bloomberg analyst tells his 16,200 followers on the social media platform X that AI will need a money system, and that BTC may be the best available form. However, Coutts says that stablecoins and the native tokens of smart contract platforms, such as Ethereum (ETH), Solana (SOL), and NEAR, are also well-suited. “AI needs a money. Bitcoin is the best form factor, but it won’t be the only one. Stablecoins and native tokens for…
Bitcoin (BTC) has printed a sudden 7% bounce following data from the Bureau of Labor Statistics (BLS) revealing that inflation data cooled in April. According to the BLS, the Consumer Price Index (CPI), which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, increased by 0.3%, slightly less than what was forecasted. Both Bitcoin and stock markets responded well to the data, with the S&P500 reaching new all-time highs above the 5,300 level, and BTC rebounding to $65,152. With Bitcoin’s halving now in the…
Stablecoin issuer Circle is reportedly looking to move its domicile to the US ahead of its planned upcoming initial public offering (IPO). According to a new report by Bloomberg, Circle, which issues the dollar-pegged crypto asset USDC, is planning on moving to the US from Ireland. An anonymous company spokesperson told Bloomberg that the court paperwork was filed earlier this week but a reason for the move was never given. In January, it was announced that Circle submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC), informing the regulator of its intention to become a publicly…
A Boston-based hedge fund has gobbled up $363 million worth of spot Bitcoin (BTC) exchange-traded fund (ETF) shares. Bracebridge Capital has reported owning $262 million worth of the ARK 21Shares Bitcoin ETF (ARKB), $81 million worth of BlackRock’s iShares Bitcoin Trust (IBIT) and $20 million worth of Grayscale Bitcoin Trust ETF (GBTC), according to Eric Balchunas, a senior ETF analyst at Bloomberg. Bracebridge reports around $12 billion worth of net assets under management (AUM) and is known for managing endowment money for Ivy League institutions, including Yale and Princeton. According to Balchunas, the firm also holds significant investments in the…
A widely followed crypto strategist and trader says that it’s almost time for Bitcoin (BTC) to reveal its hand. Analyst Michaël van de Poppe tells his 718,100 followers on the social media platform X that Bitcoin is at a point where it either attacks a new all-time high or sees another big sell-off event. According to the trader, Bitcoin must hold its immediate support at $60,500 to have a shot at igniting a big burst to the upside. Otherwise, he predicts BTC heading close to $50,000. “Crucial decision is approaching for Bitcoin. The range low at $60,500-$61,000 is still holding…
A widely followed crypto analyst is predicting that Bitcoin (BTC) is about to take off on another bull run after chopping around for weeks. Pseudonymous crypto trader Inmortal tells his 213,800 followers on the social media platform X that Bitcoin appears to be mirroring a 2020 pattern of trading around the prior cycle’s all-time high (ATH) before a massive bull run. “It is not hope. It is not a dream. Round two of the bull market is almost here. Grab your balls and ride the trend.” The trader says that the current market structure may appear bearish, but Bitcoin remains…
Macro investor and fund manager Dan Tapiero believes Bitcoin (BTC) is gearing up to print fresh all-time highs (ATHs). The CEO of investment firm 10T Holdings tells his 115,600 followers on the social media platform X that Bitcoin could soar more than 45% from its current value if it crosses $65,000 again. “Starting to look scary bullish for Bitcoin. Break of $65,000 goes right to $90,000, and then more. Very clear sideways overlapping flag type consolidation nearly done. Markets always surprise. Specific catalyst unclear but it doesn’t matter.” Looking at his chart, the analyst suggests that Bitcoin is on the…
A closely followed crypto strategist believes that astronomical gains are on the horizon for an altcoin initially built on the Ethereum (ETH) blockchain. Analyst Ali Martinez tells his 62,100 followers on the social media platform X that the native asset of a supply-chain management project VeChain (VET) appears to be mirroring its previous cycle’s market structure. If VET continues to follow the script, Martinez predicts that the altcoin will print staggering gains of more than 1,660% before the year expires. “Fractals indicate that VeChain (VET) is set for a rebound this summer, with a potentially explosive growth in the fall.” …