Author: The Daily Hodl
A closely followed analyst and trader warns that Bitcoin’s (BTC) multi-month bull market may be hanging by a thread. Pseudonymous analyst Altcoin Sherpa tells his 219,700 followers on the social media platform X that he’s keeping a close watch on Bitcoin’s price action at around $58,000. According to the trader, an immediate move below $58,000 could spell trouble for the crypto king. “$58,000 would be the level of interest for me for BTC. Pulling back is expected; the reaction from that area should be telling. Bounce strongly = we test higher levels. Weak bounce or nonexistent= we go to hades.”…
A South Korean CEO is reportedly facing fraud charges for allegedly orchestrating a massive $364.9 million Ethereum (ETH)-themed crypto scheme. According to iNews24, Byun Young-oh, the CEO of tech firm Wacon, was arrested for allegedly running a pyramid scheme disguised as a legitimate crypto investment opportunity. The CEO was arrested along with an alleged accomplice surnamed Yeom. They are now expected to be tried by the Fifth Criminal Division of the Seoul Central District Prosecutor’s Office on fraud charges. The alleged scheme targeted mostly elderly citizens by promising them interest rate returns as high as 50% if they deposited their…
Crypto veteran and BitMEX founder Arthur Hayes is updating his outlook on when altcoins could have their time to shine. In a new essay, Hayes says that he expects the crypto market to respond positively to an anticipated massive injection of liquidity into the financial system from US Treasury Secretary Janet Yellen’s issuing US Treasury bills (T-bills). Hayes says the new liquidity could cause Bitcoin (BTC) and Ethereum (ETH) to soar, while at the same time setting the stage for an “altseason.” “Therefore, taking Bad Gurl Yellen’s word, we know that $301 billion of T-bills will be net issued between…
Tether chief executive Paolo Ardoino thinks geopolitical tensions and macroeconomic trends are going to increase the importance of scarce assets like Bitcoin (BTC) and gold. Ardoino says in a new interview with investor and venture capitalist Preston Pysh that he doesn’t think the globe is headed towards “a nicer period for humanity,” citing bubbling geopolitical issues across the world. “There’s so much tension starting from Europe: very, very high tension, to the US, to everywhere else in the world. Things are not nice. And so having an exposure to scarce assets like Bitcoin and gold is the way to go.” The…
An economist who accurately called that the US economy will flash signs of weakness by mid-2024 is warning that the crypto markets will witness a massive collapse in the coming months. In a new interview on the Metals and Miners YouTube channel, Henrik Zeberg says that the US economy is witnessing its largest bubble in nearly 100 years. The economist highlights that the US stock market capitalization to GDP ratio is almost double the figure seen in the late 1920s, just before the economy crashed and entered the Great Depression. “We have the largest bubble by market capitalization to GDP…
A trader who continues to build his following with timely altcoin calls believes one Solana (SOL)-based memecoin is gearing up for a massive upside move. Pseudonymous analyst Bluntz tells his 268,500 followers on the social media platform X that dogwifhat (WIF) looks to be setting up to break out from a falling wedge formation. The pattern is often seen as a bullish reversal signal as it suggests weakening selling momentum. Says Bluntz, “When WIF gets going, it goes hard. Despite being up 80% in a week, if I wasn’t already positioned, I would absolutely still be buying this. Limited amount…
Crypto startups attracted $2.7 billion in venture capital (VC) during the second quarter of 2024, according to PitchBook data. As reported by Bloomberg, this represents a 2.5% increase from the previous quarter but a nearly 10% decline compared to last year. Deal activity, however, fell by 12.5% from the first quarter. The digital asset market faced significant challenges following earlier highs that were largely driven by the launch of Bitcoin exchange-traded funds (ETFs) in the US. Bloomberg estimates reveal investor inflows into these ETFs plummeted by 80% in Q2, Says Rob Hadick, a partner at Dragonfly crypto venture fund, “While…
A widely followed crypto analyst is predicting that one Ethereum (ETH)-based altcoin will suddenly go on a parabolic rally. In a new thread, pseudonymous crypto trader Credible tells his 409,300 followers on the social media platform X that the native asset for the stablecoin-focused decentralized exchange Curve DAO (CRV) could soon double in value, catching investors by surprise. “CRV will quickly reprice 2x higher, leaving most investors sidelined in everything else.” At the time of his prediction, CRV was trading for around $0.25. At time of writing, CRV is trading for $0.30, up 19.6% in the last 24 hours. Credible…
A widely followed crypto analyst says that digital assets need looser monetary policy before moving another leg up. In a new video update, crypto strategist Benjamin Cowen tells his 806,000 YouTube subscribers the Federal Reserve needs to reverse course on its tight monetary policy before the crypto markets can take off. According to Cowen, Bitcoin (BTC) has been slowly bleeding out since March due to the Fed’s hesitation to engage in quantitative easing. However, he says the Fed loosening policy by September appears to be the most likely scenario. “Can [the crypto market] durably change before the Fed pivots to…
Digital assets manager CoinShares says that institutional crypto investors poured hundreds of millions in capital into digital asset investment products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products enjoyed $176 million in inflows last week due to investors viewing price weakness as an opportunity. “Digital asset investment products saw inflows totaling US$176m as investors saw recent price weakness as a buying opportunity. Total Assets under Management (AuM) of investment products had fallen to US$75bn, wiping over US$20bn off in the correction, but it has since recovered to US$85bn. Trading activity in ETPs…