Author: The Daily Hodl
A widely followed crypto analyst says that gold may just have signaled the local top of Bitcoin’s (BTC) recent strength. In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that if gold continues to do well, the top crypto asset by market cap may be in for a an extended correction “At least so far, you can see that the breakout of gold in 2019 marked the top locally for Bitcoin. Bitcoin did go higher obviously a year later. But even [this year], you can see gold broke out right when Bitcoin/USD found that local…
Macro guru and Real Vision CEO Raoul Pal is unveiling his crypto holdings, saying that his capital is geared toward capturing the potential rise of riskier digital assets. In an interview on the Crypto Banter YouTube channel, the former Goldman Sachs executive says that about 90% of his stash consists of crypto hedge funds, Solana (SOL), non-fungible tokens (NFTs) and layer-1 blockchain Sui (SUI). “The other 90% is Solana and hedge funds… I own a bunch of NFTs – I’ve been buying some high-end art in NFTs. But really I put most of my Ethereum into the fund, the asset…
Starbucks is shutting down its loyalty program that rewards participants with non-fungible tokens (NFTs) minted on the Polygon (MATIC) blockchain. The world’s largest coffeehouse chain rolled out the Starbucks Odyssey program for beta testing in December 2022. Members complete themed activities to earn NFTs called “Journey Stamps” and bonus points to access benefits and interactive experiences. But after nearly two years, Starbucks revealed on Monday that it will discontinue the program. The coffee giant says Odyssey will end on March 31st and members have until March 25th to complete their remaining Journeys. “The Starbucks Odyssey Beta must come to an…
Yuga Labs co-founder Greg Solano says the company behind the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) is trimming down its workforce. In a message to employees shared on the social media platform X, Solano says Yuga Labs will have to lay off some of its employees amid plans to make changes in the company. “Over the past two months, I’ve been determined to change both what we do and how we do it, and that means making some very hard, strategic decisions. Unfortunately, this includes a restructuring and some roles within the company are affected.” Solano also explains…
A widely followed analyst believes that Bitcoin (BTC) is gearing up for a parabolic surge despite its recent price doldrums. Pseudonymous crypto strategist TechDev tells his 447,600 followers on the social media platform X that conditions on Bitcoin’s two-month chart suggest that BTC is almost ready to witness a price explosion. The analyst predicts that BTC will rally by over 120%, similar to what happened in late 2020 when Bitcoin surged from around $13,000 to over $29,000 in just two months. “Bitcoin’s two-month candle is right on the candle body high, soon after max compression. As RSI (relative strength index)…
Ethereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in professional investor allocations this year, according to a new survey conducted by the digital assets manager CoinShares. CoinShares polled 64 investors worldwide who cover a combined $600 billion worth of assets under management. The respondents include different investor types including wealth managers, hedge funds, institutions, family offices, financial advisors and individual investors. Explains CoinShares, “Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations. Looking through the survey responses, this is due to a few large investors allocating, carrying more weight in the…
The chairman of the Swiss National Bank (SNB) reportedly isn’t convinced it’s in his institution’s best interest to hold Bitcoin (BTC) as a reserve currency. While speaking at the central bank’s annual general meeting on Friday, Thomas Jordan argued that there are downsides to holding the top crypto asset, according to a report from Reuters. “We have not yet decided that we want to invest in Bitcoin. Actually for good reasons. Currency reserves are international payments. They have to be liquid. They have to be sustainable. And we have to be able to sell and buy them.” Cypto stakeholders have…
The chief legal officer of crypto exchange Coinbase says that Ethereum (ETH) is a commodity as decentralized finance (DeFi) firm Consensys launches a lawsuit against the U.S. Securities and Exchange Commission (SEC). In a new post, crypto lawyer Paul Grewal affirms that the top smart contract platform is a commodity rather than a security and praises Consensys for standing up to the SEC’s “unlawful expansion of authority.” “I know ETH is a commodity. You know ETH is a commodity. The CFTC (Commodities Futures Trading Commission) knows ETH is a commodity. It’s time for the SEC to admit that it still…
A widely followed crypto analyst is issuing a warning that the altcoin market is about to implode against Bitcoin (BTC). In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum (ETH) and stablecoins, looks bearish against Bitcoin. According to Cowen, the weakness of altcoins against Bitcoin suggests that alts may witness a collapse in the coming weeks. “A majority of the altcoins are still putting in new lows on their Bitcoin pairs and to find ones that are not, you’d have to…
A closely followed crypto strategist is predicting an explosive rally later this year for one Ethereum (ETH) competitor. Pseudonymous analyst Altcoin Sherpa tells his 215,500 followers on the social media platform X that Solana (SOL) could soar 267% from its current value. “SOL: averaging into SOL is never a bad idea in my opinion. I think this goes to $500+ later this year. Anywhere from $130-$110 would be a gift (not quite expecting that yet).” Looking at the trader’s chart, the key Fibonacci levels he is watching closely for a possible retest are $138 and $116. Solana is trading for…