Author: The Daily Hodl

A closely followed crypto strategist known for his timely altcoin calls believes two coins in the artificial intelligence (AI) subsector are going to see more downside price action. Pseudonymous analyst Altcoin Sherpa tells his 215,200 followers on the social media platform X that Render (RNDR), a project related to Graphics Processing Units (GPUs), could revisit the 0.618 Fibonacci level before witnessing a bullish reversal. “RNDR: these times are great during bull markets; you get a chance to scale into great projects at key levels. Buy from here down to $6 and feel very confident about it.” Traders use Fibonacci retracement…

Ex-Goldman Sachs executive Raoul Pal says a chart that has tracked well in the last five years indicates Bitcoin (BTC) and crypto are very much on schedule to hit four billion users. In a new video update, the Real Vision CEO says that crypto will likely see more than one billion users by the end of 2025. Pal’s prediction is based on a model that compares the adoption rate of the internet during its early years versus crypto’s user growth rate since 2016 – when it first hit one million users. “The internet, which was the fastest adoption of technology…

Pro-XRP lawyer and Senate hopeful John Deaton is reportedly filing an amicus brief in support of top US-based crypto exchange Coinbase. According to court documents revealed by Fox Business journalist Eleanor Terrett, Deaton has filed for permission to appear in court in support of 4,701 Coinbase customers in the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the crypto exchange. Terrett says that before launching his Senate campaign in Massachusetts, Deaton said he would file an amicus brief on behalf of the customers if the case ever went to the District Court or appeal, which it has. An amicus brief…

A crypto whale that’s been dabbling in Solana (SOL)-based memecoins has become the largest holder of a dog-themed altcoin. First spotted by blockchain tracking firm Lookonchain, a deep-pocketed entity has accumulated $4.29 million worth of PUPS, a cartoony animal-themed meme token. PUPS was originally created for Bitcoin (BTC) Ordinals but also exists on the Solana blockchain. Lookonchain says with the whale’s latest purchase worth more than half a million dollars, the entity has become Solana’s biggest holder of PUPS. “This whale bought 8,862 PUPS ($512,000) at $58 again before the Bitcoin halving. He has bought a total of 63,024 PUPS…

The chief investment officer of crypto fund manager Bitwise says large investors now view Bitcoin (BTC) as a means of mitigating the risks of economic headwinds. In a new interview on the Cheddar YouTube channel, Matt Hougan says institutions are closely looking into Bitcoin amid concerns about persistent inflation and the US government’s rapid debt accumulation. “We’ve been meeting with financial advisors, family offices and even endowments over the past few months since the Bitcoin ETF (exchange-traded fund) launched and what I’ve heard more than anything from these investors is what they’re really worried about – the potential for inflation…

The waning strength of the US dollar index (DYX) may be a catalyst for a renewed bull market for Bitcoin (BTC), according to Glassnode founders Jan Happel and Yann Allemann. The founders, who share the Negentropic handle on the social media platform X, point to the DXY chart, which measures the strength of the US dollar against a weighted basket of other major foreign currencies. According to analysts, DXY likely just printed a top in an expanding diagonal pattern, implying that a significant downward move to the lower bound of the pattern’s range and possibly beyond is underway. “Did DXY…

Morgan Creek Capital founder Mark Yusko thinks that we have not yet seen the FOMO (fear of missing out) phase grip Bitcoin (BTC) market participants. Speaking at the Bitcoin Investor Day, the hedge fund veteran says that Bitcoin’s latest halving kicked up BTC’s fair value from $50,000 to about $80,000. According to Yusko, he sees sidelined traders and investors rushing in to load up on Bitcoin once BTC rallies toward its new fair value. “Fair value has doubled in each of the previous halving cycles. Now I don’t think it will double this time because now we have inscription fees related…

A popular crypto trader says the top decentralized exchange (DEX) Uniswap (UNI) is flashing a short-term bullish signal. The analyst Ali Martinez tells his 59,400 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal for UNI on the daily chart, which he says suggests the asset could be “gearing up for a 1-4 day rally, potentially reaching $10!” 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. UNI is trading at $7.49 at time…

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…

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,…