Author: The Daily Hodl
A top analyst who nailed the end of the 2021 Bitcoin (BTC) bull market is detailing the mechanics behind the latest altcoin meltdown. Pseudonymous crypto strategist Pentoshi tells his 779,400 followers on the social media platform X that momentum is what moves markets. According to the analyst, the crypto markets were launching new altcoins at such a high rate that it depleted demand and allowed momentum to swing over to the other side. “I think for the most part it was simple supply vs. demand dynamics. We got to the point where there were a lot of new coins launching…
Top global crypto exchange Binance is planning on launching trading support for another new layer-1 altcoin project via its Launchpool platform. Binance Launchpool, which lets users stake coins to farm new assets, says its 52nd project will be Omni Network (OMNI), a network that aims to integrate Ethereum’s (ETH) rollup ecosystem into a single, unified network. Explains the project, “Omni is an Ethereum-native interoperability protocol that establishes low-latency communications between all Ethereum rollups. Omni offers a secure, performant, and globally compatible architecture that presents Ethereum as a single, unified operating system to both users and developers.” Between April 13th and…
A popular crypto trader says that a slumping memecoin could witness a colossal move to the downside after violating a key support level. Crypto analyst Ali Martinez tells his 57,700 followers on the social media platform X that the frog-themed meme asset Pepe (PEPE) is “preparing for its next move” amid its recent price woes. “Watch out for a daily close outside of the $0.00000793 – $0.00000664 range, which could lead to a 54% move for PEPE.” At time of writing, PEPE is trading for $0.0000058, well below the analyst’s support level at 0.00000664. A 54% correction from the Martinez’s…
A new layer-1 blockchain has raised nine figures in a series B funding round that featured tech giant Samsung and several crypto venture capital firms. In a new announcement, the decentralized finance (DeFi)-focused blockchain Berachain (BERA) says that its latest funding round raised a staggering $100 million led by Brevan Howard Digital and Framework Ventures. Some notable companies that invested in Berachain include Samsung Next, HashKey Capital, Animoca Ventures and Nomad Capital. As stated by Berachain co-founder Smokey The Bera, according to Bloomberg, “We see this raise as a major validation of our approach to building a blockchain that’s built on…
A widely followed trader says that he is bullish on the leading memecoin Dogecoin (DOGE) despite the marketwide correction. The trader pseudonymously known as Sherpa tells his 214,200 followers on the social media platform X that he intends to accumulate Dogecoin. “DOGE: The play in my opinion is just to buy down to $0.15 and just let this sit for this cycle. Still super bullish on DOGE doing something silly later this year.” Dogecoin is trading at $0.167 at time of writing, close to Altcoin Sherpa’s accumulation level. Next up, the analyst says that Bitcoin (BTC) is likely to range…
A widely followed crypto analyst says one Bitcoin (BTC) ordinals token that has skyrocketed in the last few weeks still possesses more upside potential. Pseudonymous crypto strategist Bluntz tells his 254,300 followers on the social media platform X that he has entered a long position on PUPS (Ordinals) amid an ascending channel breakout on the token’s four-hour chart. In technical analysis, a breakout occurring on the upper border of an ascending channel is considered a bullish move. PUPS is trading at $78 at time of writing, up a staggering 4,656% from its March 17th low of $1.64. Bluntz chart below…
An altcoin project focused on digital commodities and artificial intelligence (AI) is witnessing volatility after a surprise listing on Binance. The top global crypto exchange says it’s officially rolled out trading services for Bittensor (TAO). The announcement triggered a 9% surge in the asset to a high of $627.52 on Wednesday, before the coin dropped to $548.20 following Bitcoin’s big pullback to as low as $65,771. Bittensor is a decentralized blockchain platform that focuses on machine learning and AI. The open-source project enables users to produce digital commodities in distinct subnets. Explains the project’s documentation, “These digital commodities can be…
A widely followed crypto analyst says Bitcoin (BTC) is busy accumulating for another breakout. Crypto trader Michaël van de Poppe tells his 711,500 followers on the social media platform X that gold and BTC are on their way to new all-time highs (ATHs). “Bitcoin looks like it wants to build up before another breakout. Gold continues the rally towards new ATHs as well.” BTC is worth $69,383 at time of writing, up 1.6% in the last week. Looking at Polkadot (DOT) trading against BTC, Van de Poppe says he will be adding the interoperability chain to his portfolio soon. “There we go, DOT reached…
Two low-cap memecoins overtook Dogecoin (DOGE) in terms of weekly active traders, according to the crypto analytics firm IntoTheBlock. Degen (DEGEN) currently leads all meme assets with 129,000 active traders, followed by The Doge NFT (DOG) with 126,000. Explains IntoTheBlock, “The number of addresses that hold an asset for less than a month are classified as traders. A strong increase in traders usually coincides with bullish momentum. While DOGE has long dominated almost every metric in the memecoin market, it seems to be losing some of its dominance.” DEGEN launched on the Ethereum (ETH) layer-2 scaling solution Base in January.…
The approval of spot market Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) could reportedly happen in Hong Kong as early as next week According to a new report by Bloomberg, anonymous people familiar with the matter say that two companies – Chinese asset manager Harvest Fund Management as well as a partnership between Bosera Asset Management and HashKey Capital – are expected to get both BTC and ETH ETFs approved by regulators. The sources told Bloomberg that Hong Kong’s Securities and Futures Commission (SFC) could approve the ETFs for the firms as soon as Monday and that the products…