Author: The Daily Hodl
The chief investment officer of crypto asset management firm Bitwise says that Bitcoin (BTC) will be hit with an unexpected crisis. In a new interview on the Insightful Investor YouTube channel, Bitwise CIO Matt Hougan says that the crypto king is now stable enough to be considered a store of value, much like gold. According to Hougan, assets that are stores of value tend to follow a pattern – one that sees their volatility diminish over time as their price increases. “I would argue that [Bitcoin] has gotten to the point where it’s sufficiently stable to be used as a…
A widely followed crypto analyst is updating his outlook on Ethereum (ETH) competitor Solana (SOL) as the market chops around. In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that Solana could plummet in value if a similar 2019 market pattern plays out again. Looking at the TOTAL3 chart, which tracks the total market cap of crypto excluding Bitcoin (BTC), Ethereum and stablecoins, Cowen shows that alts rallied in 2019 but then plummeted that same year when the Federal Reserve enacted a looser monetary policy. The Fed is now expected to cut interest rates next…
A cryptocurrency analyst and trader is saying that Bitcoin (BTC) is on the cusp of turning bullish. The analyst pseudonymously known as Rekt Capital tells his 84,700 YouTube subscribers that Bitcoin is in a re-accumulation phase and is “getting really close to entering the parabolic phase of the cycle.” According to the pseudonymous analyst, Bitcoin is weeks away from breaking out above the current record high of around $73,800 based on historical precedent. “214 days after the halving is typically when we are already breaking out into a new micro uptrend because… 214 days after halving we should be already…
BitMEX co-founder Arthur Hayes thinks impending rate cuts in the US will drive up the price of Bitcoin (BTC). In a new blog post, Hayes said comments made by Federal Reserve Chair Jerome Powell last week indicate the Fed is “reaching for the rate cut sugar high before hunger arrives.” While speaking in Jackson Hole, Wyoming, Powell said the time has come for “policy to adjust,” noting that incoming data would determine the pace of rate cuts. Hayes says he doesn’t know if the rate cuts will benefit stock prices, but he’s confident about the policy change’s impact on Bitcoin.…
Large Bitcoin (BTC) traders may be suddenly rotating capital into altcoins in pursuit of greater returns, according to analytics firm Santiment. Santiment says on the social media platform X that Bitcoin is seeing a significant decline in open interest while top altcoins like Ethereum (ETH) and Solana (SOL) are not. Open interest is the total number of outstanding derivatives contracts for a given asset. “While Bitcoin has seen a mild -2.2% price drop in the past 24 hours [on August 26th], it was enough to cause a much larger -7.5% drop in total open interest on exchanges. For comparison, total…
The co-founder of decentralized finance (DeFi) platform Maker (MKR) says that the rebrand of its stablecoin will have a freeze function but that DAI will continue to operate normally. In a new thread on the social media platform X, MakerDAO creator Rune Christensen says that DAI itself will not feature a freeze function – or a mechanism that stops the movement of tokens – after rumors swirled that it would. According to Christensen, the addition of a freeze function to the rebranded stablecoin will not be immediate and will have to be something hashed out and approved by the protocol’s…
The president of Ava Labs, the team behind layer-1 blockchain Avalanche (AVAX), says that he’s optimistic about Ethereum (ETH)-based exchange-traded funds (ETFs). In a new interview with Bloomberg Television, Ava Labs president John Wu says that over time, Ethereum ETFs will find success due to the competitive nature of the decentralized finance (DeFi) sector. “I don’t think anyone anticipated [the] Ethereum ETF to be as successful as the Bitcoin ETF was, but in reality, Bitcoin really has just one competitor – that’s gold. Ethereum is about utility and creating use cases. They actually have many, many competitors, from Avalanche to…
The U.S. Securities and Exchange Commission (SEC) has sent a Wells notice to non-fungible token (NFT) marketplace OpenSea, according to the firm’s CEO. Devin Finzer says in a new post on the social media platform X that the company has received a Wells notice from the SEC warning them of possible securities law violations. A Wells notice is a warning issued by the SEC that it’s planning to pursue legal action against a company and is not an indication of wrongdoing. Says Finzer, “OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs…
Another dip in crypto markets has sparked a large wave of liquidations against those holding leveraged long positions. According to crypto data aggregator Coinglass, there have been $324 million in liquidations in the past 24 hours – the majority being long positions in Bitcoin (BTC) and Ethereum (ETH). Now, analysts are debating what the next move will be for the top crypto asset by market cap. Pseudonymous analyst Credible Crypto tells his 413,000 followers on the social media platform X that he’s getting out of his short positions, and will most likely start looking for longs. “Coinbase is buying the…
US crypto exchange Coinbase is employing artificial intelligence to mitigate against potential downtime during times of heavy traffic. Coinbase says it has deployed a machine-learning model that “predicts spikes in user traffic” and automatically deploys more server resources to pre-empt potential outages. “Crypto markets can be volatile. On the Coinbase platform, spikes of user activity and traffic can occur suddenly and quickly, and then disappear just as fast. We handle those changing traffic patterns and workloads by scaling up and adding resources in times of high traffic, and scaling down back to normal after the spike in traffic has passed.”…