Author: The Daily Hodl

Bitcoin (BTC) demand dropped before the halving, according to the crypto analytics firm CryptoQuant. The firm notes that investors took profits ahead of the halving event, which happened on Friday night and slashed Bitcoin’s block rewards from 6.25 BTC ($398,134) to 3.125 BTC ($199,067). “Traders in the perpetual futures market are locking in gains amid increased volatility and geopolitical concerns.” The firm suggests that Bitcoin investors could be waiting on the sidelines for the ongoing geopolitical uncertainty in the Middle East to de-escalate. “In a context of market turmoil amid tensions in the Middle East, traders with long positions have…

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Bitcoin whales gobbled up more than $1 billion worth of BTC amid the top crypto asset’s price dip on Thursday, according to the crypto analytics firm IntoTheBlock. IntoTheBlock notes that whales holding more than 0.1% of the total BTC supply collectively accumulated 19,760 Bitcoins worth $1.235 billion, at an average price of $62,500 per coin. Explains the firm, “Historically, accumulations by these addresses have often preceded rises in Bitcoin’s price.” IntoTheBlock also notes that miners’ BTC holdings hit a 12-year low going into the halving on Friday night, indicating that miners have been net sellers leading up to the event,…

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Binance is unveiling a new “megadrop” token launch platform with Bitcoin (BTC) “restaking” chain BounceBit (BB) as its first project. In a new announcement, the world’s largest crypto exchange platform by volume says that the Binance Megadrop is a new platform that integrates both Binance Simple Earn and Binance’s Web3 Wallet and will grant investors access to assets not yet listed on the crypto exchange. Furthermore, Binance says the Megadrop will feature the native asset of BounceBit and Web3 quests that allow users to earn rewards. “Binance is launching Binance Megadrop, a new token launch platform with airdrops and Web3…

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The chief investment officer of crypto fund manager Bitwise says the halving event for Bitcoin (BTC) is a bullish catalyst. In a new interview with CNBC Squawk Box host Andrew Sorkin, Bitwise CIO Matt Hougan says that the April 19th halving, when miners’ rewards are cut in half, could spark a massive rally based on historic precedence. However, he predicts that the bullish effects will be felt in the long term only. “I think this is a buy-the-news event if you pan out long-term. If you look historically at halvings, the price action around the halving if you look at…

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A cryptocurrency analyst and trader is expressing bearish sentiment on Cardano (ADA). In a new video, the analyst pseudonymously known as Credible Crypto tells his 48,700 YouTube subscribers that Cardano currently “does not look great”. According to Credible Crypto, Cardano faces the risk of falling further even after correcting by over 90% from its all-time high. “There is a valid perspective and I think a decently high probability of us not necessarily having put our low in for Cardano.” The pseudonymous analyst says that Cardano could fall by between 57% and 74% to reach his downside targets. “The idea is…

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A widely followed crypto analyst is forecasting that Bitcoin (BTC) could reach a six-figure price over the coming months. The pseudonymous host of the InvestAnswers YouTube channel says in an interview that Bitcoin could skyrocket by up to 282% from the current level driven by increased demand a few months after the approval of spot Bitcoin exchange-traded funds (ETFs). According to the InvestAnswers’ host, what the institutional investors have put in in the ETFs is only a “small allocation game”, but that is about to change. “Well, the money hasn’t arrived yet, so the institutions are coming. They watched for…

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Bitcoin has officially executed a systematic, hard-coded and highly anticipated event known as the halving. The event, which happens roughly every four years, essentially cuts the Bitcoin reward that miners receive for powering the network in half, reducing the new supply of BTC entering the market. The reward for mining a block has reduced from 6.25 BTC to 3.125 BTC. The halving does not directly impact the price of BTC and is not like a stock split. Instead, it fulfills and showcases Bitcoin’s scarcity, its ever-decreasing rate of inflation and its steady climb to a maximum supply of 21 million…

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A popular crypto trader says the decentralized oracle network Chainlink (LINK) is flashing a short-term bullish signal. Ali Martinez tells his 59,300 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal for LINK on the daily chart, which he says suggests “a potential one to four-day upswing.” Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles. LINK is trading at $13.81 at time of writing. The 18th-ranked crypto asset by market cap is up…

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A decentralized finance (DeFI) protocol has been hacked to the tune of millions of dollars over the Ethereum (ETH) and Arbitrum (ARB) blockchains. In a new announcement, cybersecurity firm Cyvers says that DeFi platform Hedgey Finance has been breached by bad actors who took at least $1.9 million worth of funds that were converted to the stablecoin Dai (DAI). “Hedgey Finance has experienced a security breach with their Hedgey Token Claim Contract! Total loss is around $1.9 million. Attacker is funded by ChangeNOW_io. All stolen funds are swapped to DAI and transferred to an [external address].” According to Hedgey Finance,…

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A widely followed crypto analyst says Bitcoin relief is on the way as the imminent BTC halving draws closer. The BTC halving is a pre-programmed event that occurs every four years, slashing BTC mining rewards in half. Analysts and experts anticipate the next BTC halving should occur in the coming days or even hours. One analyst, Michaël van de Poppe, tells his 712,800 followers on the social media platform X that BTC has an opportune shot to fight back from the $61,000 region. “Pretty significant chance Bitcoin will be bouncing from this area upwards for some relief. The hype is slowly fading…

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