Author: The Daily Hodl
Bloomberg exchange-traded funds (ETFs) analyst Eric Balchunas believes the odds of the U.S. Securities and Exchange Commission (SEC) approving a spot Ethereum (ETH) ETF by late May are low. Responding to a question regarding a post he published on the social media platform X saying he’s pessimistic about the approval of an ETH spot ETF, Balchunas says in an appearance on the David Lin YouTube channel that one of his reasons is that the process of approval is running behind schedule. “The final due date is May 21st, I believe. We are now six weeks away, the SEC hasn’t given…
One savvy memecoin trader is attracting attention for having turned $8,524 into $12,800,000 within weeks. According to blockchain tracking firm Lookonchain, one trader is looking at massive profits after buying and selling memecoin Pepe (PEPE). “jwynn.eth (@JamesWynnReal) spent $8,524 to buy 2.83 trillion PEPE in the early stage and sold 1.81 trillion PEPE for $4.57 million. He currently holds 1.02 trillion PEPE ($8.25 million) in three wallets. The total profit on PEPE is ~$12.8 million, a gain of 1,503x!” Lookonchain also noticed another smart trader made off with big gains by trading Book of Meme (BOME), a newer memecoin launched…
A widely followed crypto analyst is expressing bullish sentiment on Bitcoin (BTC) days after the halving took place. The analyst, pseudonymously known as Bluntz tells his 257,100 followers on the social media platform X that Bitcoin is preparing to break out according to price action on the two-hour chart. Based on the pseudonymous analyst’s chart, Bitcoin appears to form a symmetrical triangle on the two-hour chart. Symmetrical triangle patterns can either be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks down below the lower trend line. According…
The founders of the analytics platform Glassnode are predicting the altcoin market cap will surge by 350% after the recent correction. Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say the alt market cap may be forming a similar 2021 structure when there was a sudden retracement followed by a massive bull run. The analysts use the Elliott Wave theory in their analysis, which states that an asset tends to witness a five-wave rally. “The crypto bull market continues. ‘Others’ follow crypto excluding the largest ten cryptos. Observe that we…
Crypto investor Brian Kelly thinks Bitcoin (BTC) has hit a bullish intersection of rising demand and reduced supply. In a new interview on CNBC’s Fast Money, the founder and CEO of digital asset investment firm BKCM says seeing bigger brokerage firms jumping into Bitcoin will have a bigger impact than the recent BTC halving. “So Morgan Stanley, UBS – once they are online, and they can have their customers start to come into Bitcoin, that’s a lot of pent-up demand.” Kelly says that the recently approved spot Bitcoin exchange-traded funds (ETFs) will also drive demand in the post-halving environment. “If…
The chief executive of investment firm Morgan Creek Capital says that the digital asset industry is set to be inundated by hundreds of billions of dollars coming from the baby boomer generation. In a new interview with crypto influencer Scott Melker, Morgan Creek Capital CEO Mark Yusko says that within the next 12 months, he expects asset managers who manage funds for boomers to put $300 billion into the crypto space. “We have a pretty significant demand shift and it hasn’t fully played out, in fact it hasn’t even come close to fully playing out… I believe in the next…
Hedge funds are starting to succumb to the lure of crypto memecoins in search of bigger gains, according to a report from Bloomberg. Newport Beach, California-based fund Stratos – backed by heavyweight investors Marc Andreessen and Chris Dixon – reportedly recorded 137% gains in Q1 by allocating part of its portfolio to dogwifhat (WIF), which is now the biggest memecoin on Solana (SOL). Says Stratos’ founding partner Rennick Pallet, “The unspoken truth is that if the fund isn’t doing it, the people working at the fund are doing it.” While memecoins essentially started as a joke – perhaps with the…
Top US-based crypto exchange Coinbase is listing a new security-focused Ethereum (ETH) altcoin, along with other major platforms. Coinbase announced via the social media platform X that the crypto project Safe (SAFE) landed a listing on the platform as an “experimental asset.” “Safe is now live on Coinbase.com and in the Coinbase iOS and Android apps with the ‘experimental’ label. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.” The platform uses the experimental asset label for tokens that pose certain risks such as price swings and canceled orders because of lower trading volume…
A widely followed crypto strategist believes that a layer-1 altcoin running on a hybrid consensus mechanism will do big rallies this year. Pseudonymous analyst Altcoin Sherpa tells his 215,600 followers on the social media platform X that he’s bullish on Core (CORE). According to the analyst, CORE looks strong after erasing most of the losses witnessed earlier this month. “CORE: These [Fibonacci levels] have held up extremely well. The chart also looks very solid. I have a bag of this one and think it’s going to do big numbers in 2024. Wouldn’t personally buy around this current $2.70-$2.90 level but…
A closely followed analyst is predicting an imminent massive breakout for Ethereum (ETH) competitor Solana (SOL). Pseudonymous analyst Bluntz tells his 256,800 followers on the social media platform X that SOL appears to be printing a bullish pattern on the four-hour chart, setting higher lows. “SOL gearing up for a violent breakout here in my opinion.” The trader also uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after a three-part ABC correction. Looking at his chart, the trader suggests SOL completed the ABC correction after a retest of the $120 level. Solana…