Author: The Daily Hodl

Analysts with the crypto exchange Bitfinex say two key metrics are suddenly flashing bullish for Bitcoin (BTC). In a new blog post, Bitfinex analysts say that Bitcoin’s Market Value to Realized Value (MVRV) ratio shows the price of the top-performing crypto asset is likely going up. MVRV is the ratio of Bitcoin’s market capitalization relative to its realized capitalization, which is the value of all BTC at the price they were bought at and is used to assess whether the crypto asset is undervalued or overvalued. The analysts say the MVRV ratio suggests Bitcoin is now undervalued after falling since…

A prominent early Bitcoin (BTC) investor was arrested in Spain over the weekend for allegedly evading $50 million worth of US taxes. Roger Ver, a noted supporter of Bitcoin Cash (BCH), faces charges including mail fraud, tax evasion and filing false tax returns, according to a new announcement from the U.S. Department of Justice (DOJ). US authorities hope to extradite the crypto veteran, who has faced multiple lawsuits from other businesses in the crypto space in the past. Ver, who’s nicknamed “Bitcoin Jesus” for his outspoken early praise of BTC, allegedly obtained citizenship in St. Kitts and Nevis in February…

A trader known for several accurate crypto market calls says that Bitcoin (BTC) may not be done correcting after suddenly dropping below $58,000. Pseudonymous analyst Dave the Wave tells his 146,700 followers on the social media platform X that he is closely watching to see if Bitcoin will hold as support at a key Fibonacci retracement level. Based on historic precedence, the analyst had accurately predicted a possible move down to around $58,000. “I don’t really see too much drama in BTC at the moment, still in the range, still some wiggle room down to the .382 fib, the standard…

Leverage traders are seeing red after Bitcoin (BTC) suddenly plummeted below $58,000, dragging altcoins down with it. According to crypto data aggregator Coinglass, over $448,490,000 in liquidations have occurred in the last 24 hours – more than 84% from leveraged longs. Leading exchange OKX hosted the largest amount of liquidations at $171.28 million, followed by $170.43 million on Binance, the world’s top exchange, $45.09 million on Huobi and $37.22 million on Bybit. Coinglass reveals that during the last day, $167.43 million worth of Bitcoin was liquidated, the overwhelming majority of them being long positions. Coinglass also finds that $115.48 million…

Widely followed analyst Benjamin Cowen is warning that Bitcoin (BTC) could fall further after the flagship crypto asset hit a low last recorded in February. Cowen tells his 801,000 YouTube subscribers in a new video that Bitcoin could experience more downward pressure if the price falls below the 100-day simple moving average (SMA). “In the short term the thing to keep an eye on with Bitcoin is going to be your 100-day moving average because that is where we are right now. We just swept these lows [at $60,000]. So that’s what I would keep an eye on. The 100-day…

The director of marketing at blockchain analytics firm Santiment, Brian Quinlivan, is listing two developments that could ignite a recovery in the price of Bitcoin (BTC). Quinlivan says in a new video that accumulation by whales and sharks (those holding between 10 and 10,000 BTC) as well as widespread fear, uncertainty and doubt (FUD) among crypto traders and investors could inspire an upward trend for Bitcoin. “Since the beginning of the month [of April], these last four-ish weeks or so we’re looking at the whales and sharks actually taking some profit and the price is seemingly following them. And until…

Solana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector. At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains. A sovereign blockchain is typically under the control of a single entity, unlike public blockchains such as Bitcoin (BTC) which are decentralized. According to Gokal, Cosmos Hub and Avalanche have some differences that set them apart. “Cosmos is an old-school project and it’s not that coordinated. I think Avalanche brings the coordination and the ability for developers…

Market intelligence platform Kaiko Analytics reports that new competitors are chipping away at Tether’s (USDT) stablecoin dominance. In a new report titled “Tether Loses Market Share,” Kaiko Analytics says that the stablecoin issuer’s market share over centralized exchange platforms (CEXs) has dipped 13% year-to-date (YTD) due to the growth of rival dollar-pegged digital assets, such as FDUSD and USDC. “Despite its dominant market position, USDT’s market share on CEXs has been trending downwards, declining from 82% to 69% YTD. This decrease can be partly attributed to growing competition from stablecoins like FDUSD which benefit from Binance’s zero-fee promotions. USDC has…

ARK Invest CEO Cathie Wood is reportedly raising her price target for Bitcoin (BTC) based upon an assumption of greater institutional investment in the top digital asset by market cap. According to a new report from Benzinga, Wood’s latest prediction is that Bitcoin will soar to $3.8 million by 2030 if institutions decide to allocate slightly more than 5% of their portfolios to BTC. The new Wood prediction, made at a New York Investor Day in March, increases her previous prediction by $2.3 million. Says Wood, “Last year we put out our bull case for Bitcoin. It was $1.5 million.…

A closely followed crypto strategist is warning that Bitcoin (BTC) may have already printed a bull market top. Analyst Ali Martinez tells his 60,700 followers on the social media platform X that realized profits, or gains converted to cash, have historically coincided with Bitcoin market tops. The analyst highlights that when Bitcoin hit a fresh all-time high of more than $73,000, realized profits soared to a new high and eclipsed levels witnessed during the 2018, 2021 and 2022 bull market tops. “Last month, when BTC hit $73,880, realized profits skyrocketed to $3.52 billion. This could signal a potential BTC market…