Author: The Daily Hodl
A widely followed crypto analyst is issuing a warning about Bitcoin (BTC), saying that traders shouldn’t rule out the crypto king dropping below $50,000. Pseudonymous crypto trader Kaleo tells his 642,200 followers on the social media platform X that Bitcoin could dip into the high $40,000 to low $50,000 range before taking off to fresh all-time highs near the end of the year. “While I don’t think a wick to the high $40,000s should be ruled out, I think it’s more probabilistic to see a bottom after a flush to the low $50,000s. Either way – new ATHs (all-time highs)…
An unknown whale trader with a 100% positive track record has been aggressively buying Ethereum (ETH) for months, according to blockchain tracking firm Lookonchain. Lookonchain says one “smart money” whale with a perfect track record of closing trades in profit has accumulated nearly $70 million worth of ETH since late May. On-chain data shows the whale accumulating ETH from Binance, the largest crypto exchange in the world. “The smart money with a 100% win rate bought 2,424 ETH ($7.22 million)… He has bought 19,436 ETH ($68.25 million) at $3,511 since May 29!” However, Ethereum is now significantly below the trader’s…
Crypto veteran Chris Burniske is reasserting his confidence in Ethereum (ETH) rival Solana (SOL), confirming a future price prediction despite the downward market. Late last month, Burniske, a partner at crypto venture firm Placeholder, said that a price target of $1,000 per SOL may end up looking “conservative” in the future. Since his prediction, Solana has corrected significantly, dropping from around the $180 level, trading at $129 at time of writing. But Burniske says, “Still the case – unswayed by short-term price action.” While doubling down on his $1,000 SOL prediction, he says that when Solana was trading at $8,…
A popular on-chain analyst thinks the US government will eventually return nearly 100,000 seized Bitcoin (BTC) to their rightful owners. Late last month, former President Donald Trump said in the Bitcoin2024 Conference that his administration will keep “100% of all the Bitcoin the US government currently holds or acquires into the future.” But analyst Willy Woo tells his 1.1 million followers on the social media platform X that Trump’s plan is impossible because about half of the US government’s Bitcoin stockpile belongs to the crypto exchange Bitfinex. “I keep hearing about 200,000 BTC owned by the US Government. 96,000 BTC…
Japan’s stock market is plunging to start the week, fueling a global asset sell-off. The Bank of Japan’s decision to tighten monetary policy, an increasingly bleak economic outlook in the US and rising tensions in the Middle East have triggered a worldwide market reversal, sending Bitcoin and the crypto markets in a free fall. After touching $70,000 about a week ago, BTC has plummeted to $54,350 at time of publishing, with crypto traders collectively witnessing a whopping $768.85 million in liquidations in the last 12 hours, according to Coinglass. US stock futures are also down, with the Dow Jones Industrial…
A closely followed crypto strategist thinks altcoins are about to witness a market meltdown against Bitcoin (BTC). Analyst Benjamin Cowen tells his 839,200 followers on the social media platform X that altcoin holders are about to experience pain as he believes the crypto market is closely following in the footsteps of the 2019 cycle. In April of this year, Cowen looked at the total market cap of altcoins (TOTAL3) against Bitcoin and said the chart is a carbon copy of the 2019 cycle. Back then, Cowen predicted that Bitcoin would see a larger correction once ALT/BTC pairs collapse, creating a…
A prominent analytics firm says crypto traders are not rushing to accumulate the latest Bitcoin (BTC) correction. Santiment says on the social media platform X the crypto crowd is not opening their wallets to gobble up the marketwide dip. “With this dip being roughly on par with the one we saw in early July, the same crowd enthusiasm for dip buying isn’t present… at least not yet. Look for $60,000 BTC or $2,900 ETH to be key psychological levels that may be enough for traders to open their wallets.” At time of writing, Bitcoin is trading for $60,960 while Ethereum…
The chief executive of USDC issuer Circle is revealing his “extraordinary” long-term outlook on the digital assets industry. In a new interview with investor Anthony Pompliano, Circle CEO Jeremy Allaire says that over the years, stablecoins will slowly encroach on the dominance of electronic money held by banks. Allaire compares stablecoins to online videos and banks to traditional cable broadcast, noting that it took decades for online videos to significantly intrude on the viewing hours of the latter. “You have currently a total addressable market of about $100 trillion of legal electronic money. Most of that is bank-intermediated electronic money…
Crypto exchange Coinbase has added trading support for Stader (SD), a noncustodial, multi-chain liquid staking platform. In an announcement, Coinbase says that SD is now available on Coinbase.com and the Coinbase iOS and Android apps. Coinbase placed SD on its listing “roadmap” last month, which signals the possibility of future listings for digital assets – triggering significant rallies for the token. Stader originally aimed to provide liquid staking solutions on the Terra blockchain but expanded to other chains following the 2022 collapse of the Terra ecosystem. Recently, the Stader community voted to reduce the supply of SD from 150 million…
Crypto whales are positioning themselves for the next market expansion in altcoins, according to the CEO of CryptoQuant. Ki Young Ju tells his 358,000 followers on the social media platform X that whales are now setting up limit orders for altcoins on centralized exchanges (CEXes). Ju explains whales, institutions, and other large entities prefer using limit orders – as opposed to market orders – to avoid slippage and to get the best possible price. A limit order is used to buy an asset at a pre-determined price. It will not push through until the asset reaches the desired level. Meanwhile,…