Author: The Daily Hodl
Ripple chief executive Brad Garlinghouse is “a little bit skeptical” that landmark crypto legislation will be passed in the US before the presidential election in November. In a new interview with CNBC, Garlinghouse acknowledges that the Biden Administration has been “softening” its rhetoric against crypto, but he still thinks real regulatory developments probably won’t happen until 2025. “As we all have seen, the wheels of legislative progress move slowly and carefully. I’m thrilled by the progress that we’ve made, even in the last three weeks, and I think it may have been the most important two or three weeks in…
A top crypto analyst thinks this week will offer some critical hints about the future direction of Bitcoin (BTC). In a new YouTube video, Benjamin Cowen tells his 802,000 subscribers that the labor market data, which will become public this week, could suggest a possible trajectory for BTC. The U.S. Bureau of Labor Statistics publishes reports on the first Friday of every month that include metrics like average hourly earnings, non-farm employment change and the unemployment rate. The crypto analyst notes that Bitcoin price hesitation leading up to a new month is a “common thing.” “You get that labor market…
An on-chain analyst and trader says crypto exchanges have been witnessing massive Ethereum outflows since the listing approval of spot ETH exchange-traded funds. Ali Martinez tells his 63,500 followers on the social media platform X that market participants have taken out 777,000 ETH worth $3 billion from crypto exchanges since the U.S. Securities and Exchange Commission (SEC) green-lighted spot ETH ETFs last month. At time of writing, Ethereum is trading at $3,776, a fractional decrease in the past day. Turning to fellow layer-1 protocol Toncoin (TON), the analyst says deep-pocketed investors have been busy moving the altcoin. “The number of…
The chief executive of the financial giant VanEck believes that Bitcoin’s (BTC) market cap will eventually soar to at least half of gold’s market cap. In a new interview with Scott Melker, VanEck CEO Jan van Eck says that it could take up to a decade for traditional finance (TradFi) to help drive Bitcoin’s market cap to $7.85 trillion. The current gold market cap is at approximately $15.7 trillion. Meanwhile, Bitcoin’s market cap is about $1.36 trillion. “I say [Bitcoin will] eventually become at least half the market cap of gold. So I think that takes another five or 10…
Veteran trader Peter Brandt believes that Bitcoin (BTC) can soar to a high of $150,000 before the bull market comes to a close. In a new blog post, Brandt says the timeline of each bull cycle has been more or less the same since 2012. “The number of weeks from the start of each bull market cycle (the low following a 75%-plus decline) to the halving dates has been almost equal to the number of weeks from the halving dates to the subsequent bull market highs.” If Bitcoin continues to follow the script, Brandt predicts that the current bull market…
Widely followed trader Inmortal says this year will see massive rallies for Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and one additional altcoin. The pseudonymous trader tells his 214,000 followers on the social media platform X that API3 (API3), a decentralized data oracle network that aims to connect traditional APIs with blockchain applications, is ready to “get sent” after a long consolidation period. Inmortal mentions API3’s recent strategic funding round led by digital asset investment firm DWF labs and the bullish technicals on the altcoin’s chart. “API3 about to get sent. API3 has successfully concluded a strategic funding round, allocating treasury…
Digital assets manager CoinShares says institutions poured two billion dollars into crypto products last month. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products reached $185 million in inflows last week. “Digital asset investment products saw inflows for the 4th consecutive week totaling US $185 million, with May seeing US $2 billion inflows, pushing year-to-date inflows past the US $15 billion mark for the first time on record. Volumes were down for the week though, falling to US$8bn, relative to US $13 billion the week prior.” The US region brought in $130 million in inflows while…
The CEO of blockchain analytics firm CryptoQuant says that Bitcoin’s (BTC) on-chain market structure looks similar to 2020 before its bull market finale. Ki Young Ju tells his 346,000 followers on the social media platform X that Bitcoin’s current price action is reminiscent of four years ago when BTC consolidated for over half a year while on-chain activity rose rapidly. Ju says that $1 billion in BTC has been added to whale wallets, which is most likely headed off-market to cold storage. “Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10,000 for six months with high on-chain…
The leader of the Gamestop (GME) short squeeze movement is sitting on potentially one of the best trades of all time shortly after his dramatic comeback to the public eye. Keith Gill, who goes by ‘Roaring Kitty,’ is currently looking at hundreds of millions of dollars in gains after building a massive call option position in GME. Yesterday, the legendary meme stock trader made his first post on Reddit under his username “DeepF**kingVallue” in over three years, revealing a call position initially worth $65 million. “GME YOLO update – June 2, 2024” According to stock and crypto market tools platform…
A widely followed analyst and trader is revealing his top four altcoin picks for the next six months. The analyst pseudonymously known as The Flow Horse tells his 217,900 followers on the social media platform X that Ethereum (ETH) is one of the main plays to look at from now until late this year. His other picks include memecoin Pepe (PEPE), MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump and Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs). “ETH, Pepe, Trump, Ondo. Don’t want a fifth, just throw it in the king (Bitcoin). Six months…