Author: The Daily Hodl
A closely followed crypto analyst says that one key indicator is flashing a similar bottom signal for Bitcoin (BTC) as it did in November 2022. In a new strategy session, crypto trader Ali Martinez tells his 68,900 followers on the social media platform X that Bitcoin’s Market Value to Realized Value (MVRV) is the lowest since after the FTX crypto exchange collapse. The MVRV is the ratio of a crypto asset’s market capitalization relative to its realized capitalization or the value of all the coins at the price they were bought. When the MVRV value drops below zero, it indicates…
An analyst who accurately called the most recent crypto correction is issuing a dire warning to Ethereum (ETH) holders. Crypto strategist Benjamin Cowen tells his 845,000 followers on the social media platform X that Ethereum looks poised to repeat its massive corrections witnessed during the 2016 and 2019 market cycles. According to Cowen, a similar script appears to be playing out after Ethereum recently collapsed against Bitcoin (ETH/BTC). “This idea for ETH/USD is starting to look more believable.” In May of this year, Cowen predicted that ETH would lose 70% of its value and plunge close to $1,150. “The last…
Seasoned trader Peter Brandt is suggesting that Bitcoin (BTC) may be gearing up for a massive breakout after Monday’s sharp decline. Brandt tells his 732,800 followers on the social media platform X that Bitcoin may be repeating a similar pattern from two cycles ago after falling into the $49,000 range. “Please note that BTC decline since halving is now similar to that of the 2015-2017 halving bull market cycle.” According to Brandt’s chart, Bitcoin’s collapse Monday to $49,000 was a 26% decline from this year’s weekly close after the halving event, when miners’ rewards were cut in half. Bitcoin sustained…
Widely followed analyst and trader Michaël van de Poppe believes there are four catalysts that could revive the crypto bull market after this week’s broad sell-off. Van de Poppe tells his 721,400 followers on the social media platform X that if there are significant inflows into both spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) during the next few weeks, it could spark a crypto rally. “If ETH, especially ETH, starts to become positive, that would be the ideal trigger for the markets to surge.” He also believes that worsening macroeconomic conditions could cause gold to soar and the…
The chief executive officer of the world’s largest crypto exchange says that crypto’s latest crash is likely to be short-lived. According to Binance CEO Richard Teng, outside forces are currently shaping the digital asset markets. “Recent sharp drops in crypto & equity prices are influenced by macroeconomic factors. We do NOT believe it’s indicative of a long-term negative trend. With potential Fed rate cuts & geopolitical volatility, there’s still significant potential for market fluctuations. Reminder to always DYOR (do your own research) & stay informed. Keep building!” The crypto market cap, which sat around $2.48 trillion seven days ago, is…
MicroStrategy founder and executive chairman Michael Saylor says that younger voters are growing tired of traditional finance and finding Bitcoin (BTC) more attractive. In a new interview on CNBC, the BTC firebrand says that millennials, people born from 1981 to 1996, are starting to feel that Bitcoin offers many more benefits than traditional finance, including round-the-clock access. 2:45:- “What you have is two constituencies. You’ve got traditional finance, and traditional finance operates 19% of the time. It costs $40 million to take a company public. There’s no credit, there’s no liquidity on the weekend. Bitcoin represents a different thing. It…
A whale has aggressively scooped up the crypto market correction, quietly accumulating nine figures worth of Ethereum (ETH). First spotted by tracking firm Lookonchain, an entity known as “7 Siblings” has accumulated $129 million worth of ETH near the $2,300 level. “While you guys were panic selling due to the market crash, the entity ‘7 Siblings’ with $1.57B assets quietly bought 56,093 ETH ($129M) at the bottom! 7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours of buying! The average buying price is $2,305.” 7 Siblings…
Hackers are reaping the rewards after exploiting a Ronin (RON) bridge for $10 million in Ethereum (ETH). According to the gaming-focused blockchain’s X account, white hat hackers have returned $10,000,000 in USDC to the network and will receive $500,000 in compensation for their efforts. “The ETH (~$10 M) has been returned and we expect that the USDC will be returned later today. We thank the white hats for their vigilance and integrity. The Bug Bounty Program will reward the white hats with a 500 K bounty. The bridge will undergo an audit before it is reopened. We will provide updates…
Fidelity Investments’ global macro director Jurrien Timmer predicts that Bitcoin (BTC) will never reach millions of dollars in value for one key reason. In a new interview with Scott Melker, Timmer says that Bitcoin will not hit the astronomical seven-figure price because investors tend to value assets against other assets. “I was on another podcast and the question was, Will Bitcoin just eat everything else? And I don’t think that’s going to happen. I think it’s doing it in a way right now, and it has been, but it’s not going to replace real estate or equities or other assets…
A top crypto strategist thinks Bitcoin (BTC) and the crypto markets are due for another correction before seeing a sustained recovery. Pseudonymous analyst The Flow Horse tells his 223,400 followers on the social media platform X that markets often do not instantly reverse after an extreme correction. On Monday, Bitcoin dropped by as much as 15% to $49,000 before BTC bulls stepped in and pushed the price above $50,000. According to the analyst, it is more likely for markets to revisit lows before any recovery could take place. “After significant moves like this, we don’t often see a quick reversal…