Author: The Daily Hodl
Binance has banned a market maker and confiscated its proceeds after conducting an investigation that indicated the entity committed misconduct. The top global crypto exchange didn’t disclose the identity of the market maker but noted that it operated as a liquidity provider for the decentralized security layer GoPlus Security (GPS) and the AI consumer project MyShell (SHELL). Binance offboarded the market maker and confiscated its proceeds “for the purpose of compensating users for GPS and SHELL.” GoPlus Security’s native token, GPS, plunged in value last week after receiving a Binance listing. The asset is down more than 71% in the…
A widely followed analyst is outlining the potential path forward for Bitcoin (BTC), Solana (SOL) and other crypto assets. The analyst pseudonymously known as InvestAnswers tells his 563,000 YouTube subscribers that Bitcoin, Solana and other crypto assets are in a “classic bear trap.” A bear trap is a situation where a decline is interpreted as the start of a bearish trend when it is a temporary development that will reverse upwards. “I think we’re still in the bull market. I’m 95% sure we’re still in the bull market. But this bear trap is designed to break your heads. Do not…
A crypto strategist who accurately called the top of the 2021 Bitcoin bull market believes the worst of the current BTC collapse is now in the rearview mirror. Pseudonymous analyst Dave the Wave tells his 148,800 followers on the social media platform X that Bitcoin is close to carving the price bottom of this correction. According to the analyst, Bitcoin’s downside potential from current levels is limited based on several technical indicators. “Thinking we’ve seen the worst of this BTC multi-month correction: 1] Multi-year diagonal support coming through 2] 0.38 Fibonacci retracement repeat 3] 0.5 Fibonacci retracement and resistance come…
A closely followed analyst says that the total market cap of the five largest stablecoins has reached heights never seen before. Crypto trader Ali Martinez tells his 131,400 followers on the social media platform X that the top five dollar-pegged crypto assets by market cap have a total valuation of $204.7 billion. The five largest stablecoins in the market include Tether’s USDT, Circle’s USDC, USDS, Ethena’s USDe and DAI, according to data from CoinGecko. A soaring stablecoin market cap suggests more buying power on the sidelines. It may also suggest that investors are unloading their crypto assets in favor of…
Top US crypto exchange platform Coinbase is launching around-the-clock futures contracts in America for Bitcoin (BTC) and Ethereum (ETH). In a new blog post, Coinbase says that its derivatives arm is launching the first 24/7 futures trading of the top two digital assets for US customers in the coming weeks. Says Greg Tusar, vice president of Coinbase’s institutional product, “Derivatives are a cornerstone of global crypto markets, accounting for over 75% of all total trading volume. Yet, much of this activity has taken place internationally, where markets operate 24/7 and offer futures contracts that aren’t confined to traditional expiries. US…
Strategy executive chairman Michael Saylor is unveiling an ambitious plan to bolster the company’s already boisterous Bitcoin (BTC) holdings. In a new post to the social media platform X, Saylor says that Strategy, formerly MicroStrategy, is selling $21 billion in preferred STRK stock to snatch up more coins. The announcement comes amid a turbulent market, with Bitcoin prices down 17% in the last month alongside a significant stock market correction. According to the announcement, the funds will be allocated for general corporate purposes, including acquiring additional Bitcoin. Strategy, already the largest public corporate holder of Bitcoin, currently owns 499,096 BTC, valued…
Former White House Communications Director Anthony Scaramucci says institutional entities and potentially countries will likely be gobbling up Bitcoin (BTC) in the coming months. In a new interview with CNBC, the SkyBridge Capital founder says Trump’s latest crypto-related executive order is a very positive sign for BTC bulls, despite perhaps a sell-the-news scenario currently playing out. “The problem with Bitcoiners, unfortunately, is they’ve been beaten down for the last four or five years and so the expectations were very high that the Trump administration would just come in, turn on a switch and they would have this Halcyon era. I…
The Trump Administration’s Crypto Czar says the US could gobble up more Bitcoin (BTC) to add to its upcoming strategic reserve. In a new interview on the All-In Podcast, renowned venture capitalist and Crypto Czar David Sacks says that the government would be allowed to purchase more of the top crypto asset by market cap to add to its strategic reserve if certain budgetary conditions are met. “I’m talking about Treasury and Commerce – they’re allowed to figure out strategies to accumulate more Bitcoin for the reserve if those strategies are budget neutral and don’t cost the taxpayer anything. So…
VanEck head of digital assets research Matthew Sigel says that S&P Global “snubbed” crypto companies in its latest update of the S&P 500 index. Sigel points out that in an announcement from the S&P Dow Jones Indices (“S&P DJI”) detailing the additions and deletions to its various indices, the biggest crypto firms are noticeably left out despite seemingly being solid candidates. S&P Global is best known for maintaining the S&P 500 through its S&P Dow Jones Indices division, which is responsible for rebalancing the index every quarter. Specifically, Sigel says crypto exchange Coinbase (COIN), business intelligence and Bitcoin (BTC) hoarder…
An analyst who accurately called Bitcoin’s correction in Q1 of 2024 believes BTC is close to printing a local bottom based on a technical momentum indicator. Pseudonymous analyst Rekt Capital tells his 542,00 followers on the social media platform X that Bitcoin’s relative strength index (RSI) on the daily chart has plunged into oversold territory. Traders keep a close eye on the RSI as it can often signal trend reversal points. The crypto strategist says that since November of 2022, Bitcoin has mounted strong rallies each time the RSI dropped to oversold levels on the daily time frame. “Bitcoin’s Daily…