Author: The Daily Hodl
A widely followed crypto strategist is warning about the altcoin market as projects like Chainlink (LINK) correct. Pseudonymous analyst Altcoin Sherpa tells his 214,900 followers on the social media platform X that most altcoins may enter a months-long consolidation phase. “It’s quite possible that altcoins are done for the next one to four months. There are certainly going to be outliers, but I think that the majority need time to chill out and consolidate after such a big run.” The analyst says that Chainlink, a provider of decentralized oracle services for smart contracts, is illustrative of other alts. LINK is…
Stablecoin issuer Tether (USDT) says it’s branching out and advancing beyond just offering dollar-pegged crypto assets. In a new announcement, Tether says that it is adding four new divisions to its business model – data, finance, power, and education – as a means of creating an inclusive, future-proof financial and tech ecosystem. “Tether’s expansion beyond its well-established USDT stablecoin signifies a paradigm shift in its approach to financial empowerment. By focusing on sustainable solutions adaptive to the needs of individuals, communities, cities and countries, responsible Bitcoin mining, artificial intelligence infrastructure and decentralized communication platforms, Tether is actively contributing to a…
A crypto whale that bought $151.42 million in Ethereum (ETH) near its market cycle bottom in September 2022 appears to be taking some profits, according to the digital asset tracker Lookonchain. Lookonchain notes that the whale withdrew 96,638 ETH from Coinbase at an average price of $1,567 between September 3rd and Sept 7th, 2022. In early March, the trader deposited 15,000 ETH worth around $57.3 million to Kraken, and on Tuesday, they sent another 5,000 ETH worth $15.4 million to the exchange. The whale still holds 76,638 ETH worth roughly $230.5 million. Between realized and unrealized gains, the trader has…
One widely followed crypto trader is breaking down Bitcoin (BTC) after a 9% crash over the last week. Pseudonymous crypto analyst Rekt Capital tells his 452,800 followers on the social media platform X that BTC’s current re-accumulation phase may fool some traders into thinking it’s a Bitcoin breakdown. “One of the key things to note about Bitcoin’s Re-Accumulation Ranges throughout this cycle is this: Downside wicks below the Range Lows tend to occur to trick investors into a fake breakdown (black circles) before resuming into an uptrend.” Bitcoin is rapidly approaching the halving, a quadrennial event where BTC mining rewards are slashed…
A computer scientist who claims to be the pseudonymous creator of Bitcoin (BTC) is dropping his lawsuit against Bitcoin developers. According to a new post by the Bitcoin Legal Defense Fund, Craig Wright, who for years proclaimed to be Satoshi Nakamoto, is dropping his case against the 12 Bitcoin developers and others he sued in the UK. Last month, a judge ruled that there is overwhelming evidence that Wright is not actually Satoshi nor is he the author of the Bitcoin White Paper, the original thesis behind the digital asset, paving the way for Wright to drop his current lawsuit.…
The founder of venture capital firm Pomp Investments, Anthony Pompliano, is predicting Bitcoin (BTC) will soar to six figures in about one year. In a new interview on CNBC Squawk Box, Pompliano says he believes Bitcoin could reach at least $100,000 within 12 to 18 months. However, he warns that Bitcoin may first dip below the current value. “I think the downside is pretty muted at this point. Again, it’s impossible to tell. There’s always an external event that could occur. But I’d say I don’t see it going below $50,000 at any point. I think we’ve kind of crossed…
The digital asset market tends to underestimate the long-term price impact of Bitcoin (BTC) halvings, according to the crypto index fund management giant Bitwise. Bitwise notes that after the previous halvings in 2012, 2016 and 2020, the price of BTC in the first month went up 9%, dropped 10% and went up 6%, respectively. However, Bitcoin skyrocketed by 8,839% in the first year after the 2012 halving, 285% in the year after the 2016 event and 548% after the 2020 halving. Bitcoin spot trading volumes have also grown in the year following each of the three halvings, according to Bitwise…
Cryptocurrency trader Ali Martinez is highlighting a key resistance level which, if broken, could see Bitcoin (BTC) hitting a new all-time high. Martinez tells his 58,900 followers on the social media platform X that Bitcoin could soar by up to 36% from the current level if BTC manages to climb above a key resistance level. However, the trader says that Bitcoin could also fall by up to 18% if a key support level crumbles. “By the looks of it, Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important…
Cryptocurrency analyst Benjamin Cowen is expressing bearish sentiment on Ethereum (ETH) relative to Bitcoin (BTC) over the short to medium term. In a new video, Cowen tells his 799,000 YouTube subscribers that the Ethereum/Bitcoin (ETH/BTC) pair has further room to fall. “My base case at this point in time is that Ethereum/Bitcoin bottoms this summer, Ethereum/US dollar bleeds a little bit longer and then at some point later this year or early next year the Federal Reserve will turn the money printer back on. And then you will see a bull phase for the Ethereum/Bitcoin valuation. But I don’t think…
Cryptocurrency analyst Kevin Svenson believes Bitcoin (BTC) remains in an upward trajectory despite the recent pullback. In a new video, Svenson tells his 76,100 YouTube subscribers that as long as Bitcoin holds the mid to high $50,000 range as support a broader parabolic trend remains intact. “According to the textbook diagram, there’s no reason for me to think that we’re not in a parabolic trend because we are. The lows are currently exponential. Bitcoin can come down and wick into the mid to high $50,000 range, but as long as we bounce around that zone, it is still an exponentially…