Author: The Daily Hodl
One widely followed crypto analyst says Bitcoin (BTC) needs to hold current price levels or face a precipitous drop. Crypto trader Michaël van de Poppe tells his 717,100 followers on the social media platform X that BTC could potentially fall by $10,000 in value if current levels aren’t maintained. “Bitcoin is at the range low. This is technically the area where you’d prefer to see it hold, so the upward momentum continues, and the range holds. If this doesn’t hold, then we might expect $52,000-$55,000 as a potential low on this correction.” BTC is trading for $61,966 at time of writing, up 5% on the week. The analyst next breaks down AIOZ Network (AIOZ), a…
Global trading and technology firm Susquehanna is making massive investments in spot Bitcoin (BTC) exchange-traded funds (ETFs). In a new filing with the U.S. Securities and Exchange Commission (SEC), the company says it bought 17,271,326 shares of Grayscale Bitcoin Trust (GBTC) in three tranches of $6.3 million, $1.05 billion and $34.77 million for a total of $1.09 billion. The GBTC investment, which is now worth $955.10 million based on the current market price of $55.30 per share, represents Susquehanna’s biggest spot Bitcoin ETF allocation. The trading firm also bought 1,349,414 shares of Fidelity Wise Origin Bitcoin Fund (FBTC) for $83.74…
The founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will soon soar even higher after being up 7% in the last week. In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 62,900 followers that key indicators suggest Bitcoin is gearing up from a massive breakout. The analysts say Bitcoin appears to be forming a bullish pennant pattern. They also suggest that Bitcoin is correcting to a Fibonacci retracement level, in the low $60,000 range, which often predicts a continuation of an upward trend. “BTC…
Market intelligence firm Glassnode says Ethereum (ETH) has been lagging behind Bitcoin (BTC) for one key reason. In a new analysis, Glassnode says that Ethereum has not seen the same level of increased capital from new buyers that Bitcoin has in the current market cycle, which drove the crypto king to new all-time highs (ATHs). The analysts say that the approval of spot Bitcoin exchange-traded funds (ETFs) was likely a main driver for the increase in short-term holders who bought BTC in the last 155 days. “In the run-up to Bitcoin’s all-time high on March 14th, there was a noticeable…
The widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months. In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum. “I think that ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF)… …I think the impact that people are going to feel is just from tighter monetary policy. They’re going to blame it on the spot ETF and they’re going to capitulate potentially into that.” According to Cowen, the Ethereum…
A widely followed crypto analyst and trader is expressing bearish sentiment on a top-50 memecoin by market cap. The analyst pseudonymously known as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat (WIF), which is built on the Solana (SOL) blockchain, could drop by around 66% from the current level. According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, WIF is likely in the process of completing a corrective three-pattern wave. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern…
Former President Donald Trump says he’s now “good with” Bitcoin and cryptocurrency. At an event for Trump NFT holders at his Mar-a-Lago resort, Trump told attendees that regulatory hostility is driving crypto firms out of the US. “Crypto is moving out of the US because of hostility toward crypto. We’ll stop it because I don’t want that. If we’re going to embrace it, we have to let them be here.” In a pitch to crypto advocates, Trump accused President Biden of being against an industry that he doesn’t understand. “They are against it, the Biden – Biden doesn’t even know…
Blockchain analytics platform Santiment says one Ethereum (ETH)-based altcoin project is leading in the real-world asset (RWA) sector based on development activity. Santiment says that blockchain oracle Chainlink (LINK) is seeing the greatest amount of daily activity on the development hosting platform GitHub. LINK Is seeing more than two times the amount of development activity compared to the second most active blockchain project, Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum. “Here are crypto’s top real-world assets by development. This list is compiled by counting any non-redundant GitHub activity, and averaging this daily activity…
Crypto bank Anchorage Digital is drawing attention for suddenly accumulating massive amounts of one decentralized finance (DeFi) altcoin. Blockchain tracking firm Lookonchain says that Anchorage Digital has used 13 wallets in the past month to accumulate more than $49.4 million worth of MKR, the native token for the DeFi protocol Maker. The most recent purchases came on Monday, with Anchorage Digital using two newly created wallets to acquire $6.28 million worth of MKR from Binance, according to Lookonchain. MKR is trading for $2,816 at time of writing, down 1.4% in the last 24 hours. Lookonchain also noticed one savvy deep-pocketed…
The founders of crypto analytics platform Glassnode say that Bitcoin (BTC) may reach $85,200 before summer if a technical setup plays out. In a new thread, the co-founders of Glassnode , who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that the crypto king appears to be breaking out of a bullish pennant pattern. “BTC [is] currently in process of breaking [the] trendline of Pennant and the 50 Daily SMA (simple moving average). When the level [of] $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that…