Author: The Daily Hodl
A widely followed crypto analyst believes Bitcoin (BTC) is now seeing the final days of its multi-month correction before witnessing the last parabolic rally of this cycle. Pseudonymous analyst Credible Crypto tells his 412,200 followers on the social media platform X that he thinks Bitcoin could drop close to $50,000 before carving a local bottom. The trader shares a chart suggesting that Bitcoin will trade around the $50,000 range in the coming weeks before igniting a parabolic rally en route to fresh record highs. “Mid to high time frame outlook for the coming weeks. Almost there bull fam.” Looking at…
Binance, the world’s leading cryptocurrency exchange, has expanded its offerings to include Eurite (EURI), a newly minted euro-backed stablecoin. The exchange has confirmed that EURI trading pairs will be available in both euro and US dollars at 10:00 UTC on August 28th. Binance has announced that Eurite (EURI), a newly regulated euro-backed stablecoin, will be available for trading on its platform with zero fees for a limited time. Created by Banking Circle, EURI is designed to be the first euro-pegged stablecoin compliant with the European Union’s Markets in Crypto Assets Regulation (MiCA). The token is available as both an ERC-20…
An Ethereum whale lost nearly $4 million this summer after buying 8,825 ETH prior to the market downtick a few weeks ago, according to the crypto tracker Lookonchain. Lookonchain notes the whale bought the 8,825 Ethereum for $27.96 million at an average price of $3,169 per ETH from Binance between July 27th and Aug 3rd. Crypto prices plunged on August 4th. On Monday, the same whale deposited that entire trove of ETH back on Binance for $24 million, losing $3.96 million. Lookonchain also notes that institutions appeared to be selling Ethereum on Monday. The digital asset financial services firm Amber…
A crypto strategist who accurately called Bitcoin’s pre-halving pullback thinks BTC is gearing up to transition to the parabolic phase of the cycle. Pseudonymous analyst Rekt Capital tells his 84,600 YouTube subscribers that Bitcoin may be a few weeks away from witnessing the return of bullish price action based on historical data. “So this so-called boring zone is essentially the post-halving re-accumulation area. We tend to see that after the halving in every single cycle where we just move sideways for an extended period of time. In 2020, this was 160 days of sideways price action. In 2016, it was…
Two closely followed crypto strategists are predicting a rebound for layer-1 protocol Toncoin (TON) after last week’s sudden correction. Pseudonymous analyst Altcoin Sherpa tells his 220,700 followers on the social media platform X that TON could rally more than 23% from its current value. “Bought TON last night in spot, going to hold it and see how it plays out. $5.50 was the entry, going to be patient. I think this mean reverts a bit and these are decent entries from a TA (technical analysis) standpoint. Target is around $6.30.” Another pseudonymous analyst, The Crypto Dog, tells his 813,200 followers…
Coinbase chief executive Brian Armstrong has rolled out a new “on-chain score” platform for crypto wallets. Onchainscore.xyz assesses crypto wallets for “onchain-nativeness” on a 1-100 scale and provides information about the wallet’s activity history, token swaps, bridge transactions and the number of transactions on Ethereum (ETH) and the layer-2 scaling solution Base. Armstrong shared results for his own wallet, which clocked an 83/100 and a 66 on the “Talent Protocol Builder Score.” Onchainscore.xyz asks for Ox addresses currently but promises that Ethereum Name Service (ENS) and Basenames capability will be available soon. In May, Armstrong argued that layer-2 scaling solutions…
Ex-Goldman Sachs executive Raoul Pal believes that Ethereum (ETH) competitor Solana (SOL) could have a massive price explosion this cycle. In a new interview on the Empire podcast, Pal predicts that Solana will put up somewhere around 900% gains in the coming months. “The whole space goes up a lot [in the next 12 months]. I think Solana does maybe 10x from here, and Bitcoin does 5x or 4x from here. That kind of stuff, typical bull market.” Solana is trading at $154 at time of writing while Bitcoin (BTC) is priced at $61,963. According to Pal, Bitcoin may peak…
Crypto whales are offloading large amounts of Ethereum (ETH), adding sell pressure to a correction in digital asset markets. Blockchain tracking firm Lookonchain says that “many whales are dumping ETH” through a number of different platforms and exchanges in apparent panic. “This whale exchanged 4,591.8 Lido Staked Ether (stETH) directly for 4,589.5 ETH at a loss of 2.3 ETH($6K) to avoid the long withdrawal process. He then deposited all 5,145 ETH ($13.3M) into Binance for sale.” Lookonchain spotted another whale similarly depositing nearly $50 million in ETH to sell on Coinbase, the biggest crypto exchange in the US. “A whale…
Wyoming is reportedly planning to soon launch its own stablecoin pegged to the US dollar in an effort to generate additional revenue. CNBC reports that the state is hoping to roll out the so-called Wyoming stable token by the first quarter of 2025. The token project aims to allow businesses and individuals to transact in a faster and cheaper way while also generating revenue for the state. Wyoming Governor Mark Gordon says he will push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings. “One of the big things for me is to be…
Ethereum (ETH) co-founder Vitalik Buterin thinks decentralized finance (DeFi) projects need to demonstrate that they’re “useful in a sustainable way” without sacrificing core principles like permissionlessness and decentralization. Buterin says on the social media platform X that he’s a fan of decentralized exchanges (DEXs) and uses them every week, and he says the decentralized betting platform Polymarket “is great.” He also likes decentralized stablecoins, specifically mentioning RAI, a crypto asset backed by ETH. Additionally, Buterin praises the stablecoin USDC, which aims to maintain a 1:1 peg to the US dollar. “I think USDC is less great than RAI, but as…