Author: The Daily Hodl

A widely followed crypto analyst and trader is expressing bearish sentiment on a top-50 memecoin by market cap. The analyst pseudonymously known as Bluntz tells his 258,100 followers on the social media platform X that dogwifhat (WIF), which is built on the Solana (SOL) blockchain, could drop by around 66% from the current level. According to Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, WIF is likely in the process of completing a corrective three-pattern wave. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern…

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Former President Donald Trump says he’s now “good with” Bitcoin and cryptocurrency. At an event for Trump NFT holders at his Mar-a-Lago resort, Trump told attendees that regulatory hostility is driving crypto firms out of the US. “Crypto is moving out of the US because of hostility toward crypto. We’ll stop it because I don’t want that. If we’re going to embrace it, we have to let them be here.” In a pitch to crypto advocates, Trump accused President Biden of being against an industry that he doesn’t understand. “They are against it, the Biden – Biden doesn’t even know…

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Blockchain analytics platform Santiment says one Ethereum (ETH)-based altcoin project is leading in the real-world asset (RWA) sector based on development activity. Santiment says that blockchain oracle Chainlink (LINK) is seeing the greatest amount of daily activity on the development hosting platform GitHub. LINK Is seeing more than two times the amount of development activity compared to the second most active blockchain project, Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum. “Here are crypto’s top real-world assets by development. This list is compiled by counting any non-redundant GitHub activity, and averaging this daily activity…

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Crypto bank Anchorage Digital is drawing attention for suddenly accumulating massive amounts of one decentralized finance (DeFi) altcoin. Blockchain tracking firm Lookonchain says that Anchorage Digital has used 13 wallets in the past month to accumulate more than $49.4 million worth of MKR, the native token for the DeFi protocol Maker. The most recent purchases came on Monday, with Anchorage Digital using two newly created wallets to acquire $6.28 million worth of MKR from Binance, according to Lookonchain. MKR is trading for $2,816 at time of writing, down 1.4% in the last 24 hours. Lookonchain also noticed one savvy deep-pocketed…

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The founders of crypto analytics platform Glassnode say that Bitcoin (BTC) may reach $85,200 before summer if a technical setup plays out. In a new thread, the co-founders of Glassnode , who go by the handle Negentropic on the social media platform X, tell their 62,800 followers that the crypto king appears to be breaking out of a bullish pennant pattern. “BTC [is] currently in process of breaking [the] trendline of Pennant and the 50 Daily SMA (simple moving average). When the level [of] $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that…

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Deep-pocketed investors are scooping up massive amounts of two artificial intelligence (AI)-related altcoins, on-chain data suggests. Blockchain-monitoring service Lookonchain noticed that a Binance wallet linked to crypto investment firm DWF Labs suddenly received a large amount of Fetch.ai (FET), a decentralized machine learning project. “Wallet ‘0x633c’ transferred 1 million FET ($2.25 million) to DWF Labs Binance deposit wallet again [on May 8th]. Wallet ‘0x633c’ received 5 million FET ($11.95 million) from Fetch.ai Foundation yesterday and deposited 2 million FET ($4.71 million) to DWF Labs Binance deposit wallet [on May 8th].” Fetch.ai is trading for $2.20 at time of writing, down…

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America’s biggest financial institutions are collaborating on a new initiative to explore an on-chain settlement system for tokenized cash and assets. According to an announcement from the Securities Industry and Financial Markets Association (SIFMA), members of the “regulated U.S. financial sector” have launched a Regulated Settlement Network (RSN) proof-of-concept (PoC) that aims to explore the feasibility of a shared ledger that settles tokenized commercial bank money, wholesale central bank money, U.S. Treasury securities and other tokenized assets. Members of the program include Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Big…

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The hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham. Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday. They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets. The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as…

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On-chain analyst Willy Woo thinks Bitcoin (BTC) could be primed to surge in price. Woo tells his 1.1 million followers on the social media platform X that the top crypto asset is flashing a bullish divergence “with lots of room to run” on its volume-weighted average price (VWAP) oscillator chart. “Seems like a good setup for BTC to reach escape velocity.” VWAP represents the average traded price of an asset throughout the day, taking into account both volume and price. Traders use the VWAP to help them determine whether an asset is trading underbought or overbought based on its intraday…

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Analytics firm IntoTheBlock is issuing an alert, saying that deep-pocketed Bitcoin (BTC) investors are starting to flash signs of exhaustion. IntoTheBlock says on the social media platform X that Bitcoin whales have taken every opportunity since March of this year to load up on BTC whenever the crypto king pulls back. But the analytics firm warns that wallets holding more than 1,000 BTC are starting to show disinterest in buying the dip as Bitcoin struggles to maintain bullish momentum above $60,000. IntoTheBlock says that large holders’ netflow, a metric tracking the Bitcoin moving in and out of whale wallets by…

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