Author: The Daily Hodl
The chief investment officer of crypto fund manager Bitwise says large investors now view Bitcoin (BTC) as a means of mitigating the risks of economic headwinds. In a new interview on the Cheddar YouTube channel, Matt Hougan says institutions are closely looking into Bitcoin amid concerns about persistent inflation and the US government’s rapid debt accumulation. “We’ve been meeting with financial advisors, family offices and even endowments over the past few months since the Bitcoin ETF (exchange-traded fund) launched and what I’ve heard more than anything from these investors is what they’re really worried about – the potential for inflation…
The waning strength of the US dollar index (DYX) may be a catalyst for a renewed bull market for Bitcoin (BTC), according to Glassnode founders Jan Happel and Yann Allemann. The founders, who share the Negentropic handle on the social media platform X, point to the DXY chart, which measures the strength of the US dollar against a weighted basket of other major foreign currencies. According to analysts, DXY likely just printed a top in an expanding diagonal pattern, implying that a significant downward move to the lower bound of the pattern’s range and possibly beyond is underway. “Did DXY…
Morgan Creek Capital founder Mark Yusko thinks that we have not yet seen the FOMO (fear of missing out) phase grip Bitcoin (BTC) market participants. Speaking at the Bitcoin Investor Day, the hedge fund veteran says that Bitcoin’s latest halving kicked up BTC’s fair value from $50,000 to about $80,000. According to Yusko, he sees sidelined traders and investors rushing in to load up on Bitcoin once BTC rallies toward its new fair value. “Fair value has doubled in each of the previous halving cycles. Now I don’t think it will double this time because now we have inscription fees related…
A popular crypto trader says the top decentralized exchange (DEX) Uniswap (UNI) is flashing a short-term bullish signal. The analyst Ali Martinez tells his 59,400 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal for UNI on the daily chart, which he says suggests the asset could be “gearing up for a 1-4 day rally, potentially reaching $10!” Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles. UNI is trading at $7.49 at time…
Bitcoin (BTC) demand dropped before the halving, according to the crypto analytics firm CryptoQuant. The firm notes that investors took profits ahead of the halving event, which happened on Friday night and slashed Bitcoin’s block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067). “Traders in the perpetual futures market are locking in gains amid increased volatility and geopolitical concerns.” The firm suggests that Bitcoin investors could be waiting on the sidelines for the ongoing geopolitical uncertainty in the Middle East to de-escalate. “In a context of market turmoil amid tensions in the Middle East, traders with long positions have…
Bitcoin whales gobbled up more than $1 billion worth of BTC amid the top crypto asset’s price dip on Thursday, according to the crypto analytics firm IntoTheBlock. IntoTheBlock notes that whales holding more than 0.1% of the total BTC supply collectively accumulated 19,760 Bitcoins worth $1.235 billion, at an average price of $62,500 per coin. Explains the firm, “Historically, accumulations by these addresses have often preceded rises in Bitcoin’s price.” IntoTheBlock also notes that miners’ BTC holdings hit a 12-year low going into the halving on Friday night, indicating that miners have been net sellers leading up to the event,…
Binance is unveiling a new “megadrop” token launch platform with Bitcoin (BTC) “restaking” chain BounceBit (BB) as its first project. In a new announcement, the world’s largest crypto exchange platform by volume says that the Binance Megadrop is a new platform that integrates both Binance Simple Earn and Binance’s Web3 Wallet and will grant investors access to assets not yet listed on the crypto exchange. Furthermore, Binance says the Megadrop will feature the native asset of BounceBit and Web3 quests that allow users to earn rewards. “Binance is launching Binance Megadrop, a new token launch platform with airdrops and Web3…
The chief investment officer of crypto fund manager Bitwise says the halving event for Bitcoin (BTC) is a bullish catalyst. In a new interview with CNBC Squawk Box host Andrew Sorkin, Bitwise CIO Matt Hougan says that the April 19th halving, when miners’ rewards are cut in half, could spark a massive rally based on historic precedence. However, he predicts that the bullish effects will be felt in the long term only. “I think this is a buy-the-news event if you pan out long-term. If you look historically at halvings, the price action around the halving if you look at…
A cryptocurrency analyst and trader is expressing bearish sentiment on Cardano (ADA). In a new video, the analyst pseudonymously known as Credible Crypto tells his 48,700 YouTube subscribers that Cardano currently “does not look great”. According to Credible Crypto, Cardano faces the risk of falling further even after correcting by over 90% from its all-time high. “There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.” The pseudonymous analyst says that Cardano could fall by between 57% and 74% to reach his downside targets. “The idea is…
A widely followed crypto analyst is forecasting that Bitcoin (BTC) could reach a six-figure price over the coming months. The pseudonymous host of the InvestAnswers YouTube channel says in an interview that Bitcoin could skyrocket by up to 282% from the current level driven by increased demand a few months after the approval of spot Bitcoin exchange-traded funds (ETFs). According to the InvestAnswers’ host, what the institutional investors have put in in the ETFs is only a “small allocation game”, but that is about to change. “Well, the money hasn’t arrived yet, so the institutions are coming. They watched for…