Author: The Daily Hodl

An altcoin inspired by the Gamestop (GME) short-squeeze frenzy of 2021 has exploded over 2,000% after the movement’s leader made an internet appearance for the first time in nearly three years. Keith Gill, who pseudonymously goes as “Roaring Kitty” on the social media platform X, posted a gamer meme early on Monday, and has since posted several other videos. The posts are Gill’s first since mid-2021 when he led the movement to pump the price of GME, causing several large institutions that were short the stock to lose money. Since the posts, GME has skyrocketed. At time of publishing, it…

A closely followed crypto analyst believes Bitcoin (BTC) is entering into a bullish reversal phase after a post-halving correction. The pseudonymous analyst known as Rekt Capital tells his 466,400 followers on the social media platform X that Bitcoin seems to be following a 2016 cycle pattern when Bitcoin dipped after the halving event – during the so-called ‘danger zone’ – and then soared to new all-time highs (ATHs). He says Bitcoin now appears to have exited the historic correction period on the weekly chart after April’s halving event when miners’ rewards were cut in half. “The post-halving Bitcoin ‘danger zone’…

Asset manager ARK Invest and fintech firm 21Shares have made key revisions to their application for a spot Ethereum (ETH) exchange-traded fund (ETF). Based on the updated ARK 21Shares Ethereum ETF registration statement submitted to the U.S. Securities and Exchange Commission (SEC) on May 10th, the firms are scrapping the ability to stake a portion of the fund’s assets. The amended proposal no longer includes the provision that states the issuer “may, from time to time, stake a portion of the Trust’s assets through one or more third-party staking providers.” Staking allows cryptocurrency holders to earn rewards by locking their digital…

Digital assets manager CoinShares says institutions resumed investing in crypto products last week after a five-week break. In its latest Digital Asset Fund Flows report, CoinShares finds that digital asset investment products brought in $130 million in inflows last week after four weeks of outflows. “Digital asset investment products saw inflows for the first time in five weeks totaling $130 million. ETP (exchange-traded product) volumes continue to subside, though, with $8 billion for the week compared to $17 billion average in April. These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges…

An unknown whale has sold off their altcoin positions for a massive loss after prices dipped, according to on-chain data. First reported by blockchain tracking service Lookonchain, one whale capitulated their positions in Ethereum (ETH) and layer-2 altcoins Optimism (OP) and Arbitrum (ARB). Lookonchain says the whale, with wallet addresses beginning with 0x12199 and 0xac218, suffered losses of $8.43 million. “So sad! This whale sold all ETH, OP, and ARB at a loss of ~$8.43 million. Sold 6,714 ETH ($19.5 million) at $2,903 and lost $6.45 million!Sold 428,047 OP ($1.06 million) at $2.48 and lost $902,000!Sold 901,685 ARB ($882 million)…

A crypto trader who nailed the 2022 Bitcoin bottom thinks that BTC is at risk of witnessing an over 15% correction. In a new strategy session, pseudonymous analyst DonAlt tells his 59,300 YouTube subscribers that Bitcoin is in danger of losing its range low and support at $61,000 again after reclaiming it earlier this month. DonAlt warns that a daily close below $61,000 is a huge sign of weakness that will likely trigger a sell-off event that sends BTC close to $50,000. “This is just the bearish scenario. This was just kind of the complacency bounce off of the range…

Crypto strategist Michaël van de Poppe believes that Ethereum (ETH) is close to witnessing a big trend shift. Van de Poppe tells his 717,600 followers on the social media platform X that he doesn’t expect the U.S. Securities and Exchange Commission (SEC) to approve pending applications for spot Ethereum exchange-traded funds (ETFs) in the coming weeks. The SEC is slated to approve, delay or deny the ETH ETF applications by financial giants Hashdex and Ark 21Shares on May 30th after postponing it in March. Van de Poppe predicts that the SEC’s decision will end up being a pivotal point for the…

Technical signals are hinting at an explosion in altcoin prices approaching over the horizon, according to veteran crypto analysts. Glassnode co-founders Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that altcoins are likely on the verge of a “massive move.” The analysts say that ALTS (TOTAL3), which represents the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins, appears ready to move up now that both its monthly relative strength index (RSI) and moving average convergence divergence (MACD) indicators have potentially bottomed out.…

Hedge fund Pantera Capital says one project, which is the firm’s “largest investment ever,” has an opportunity to bring crypto to the masses. In a new post, Pantera CEO Dan Morehead says that Toncoin (TON), the layer-1 blockchain network originally designed by the messaging platform Telegram, has a major advantage over other projects in building a large community. “99.999% of blockchain projects are a tech idea trying to create a community – from nothing. According to CoinMarketCap, there are more than 23,000 cryptocurrencies. That’s a hard road for most. Telegram is a community integrating blockchain technology. That’s just got to…

Billionaire hedge fund manager Stanley Druckenmiller is warning that excessive government spending will stifle key technological innovations that could supercharge productivity in the US. In a new CNBC interview, Druckenmiller says that the government is spending money like we’re back in the Great Depression. According to the billionaire, the government’s demand for more debt to fund its undue spending will eventually lead to higher interest rates, making it more expensive for private firms innovating in tech fields such as blockchain and artificial intelligence (AI) to access fresh capital. “I’ve studied the Great Depression, and you had a private sector crippled…