Author: The Daily Hodl
A crypto whale that went inactive for about eight years just woke up from their slumber to move tens of millions of dollars in Ethereum (ETH). Data from the blockchain tracking platform Arkham shows that an Ethereum whale loaded up 16,636 ETH worth about $186,840 in 2015 from the Switzerland-based crypto exchange ShapeShift. The numbers suggest that the entity’s average cost to accumulate the ETH stack is about $11.21. After hoarding ETH from ShapeShift, the whale sent the Ethereum trove to another address where it was untouched for eight years. But that changed about a day ago when the deep-pocketed…
A crypto strategist who continues to build a following with timely Bitcoin calls is unveiling two roads that BTC could take en route to new all-time highs. Pseudonymous analyst Credible Crypto tells his 419,300 followers on the social media platform X that he thinks Bitcoin’s market structure is being set up to annihilate BTC bears. According to the trader, BTC bears are piling up liquidity by building large short positions as Bitcoin continues to print lower highs. Credible believes that the lower highs are a guise to make BTC bears complacent before their positions become rocket fuel for short squeezes.…
A crypto strategist who nailed the pre-halving correction for Bitcoin (BTC) thinks that a layer-1 project is close to sparking breakout rallies. Pseudonymous analyst Rekt Capital tells his 499,300 followers on the social media platform X that Injective (INJ) appears to be forming a large falling wedge structure on the weekly chart. The falling wedge pattern is typically viewed as a bullish reversal signal as it indicates that sellers are losing momentum while buyers are stepping in to slow down the price decline. Says Rekt, “Injective has been developing this channel for months. A weekly close above the light blue…
US crypto giant Coinbase has successfully gone live with the launch of its wrapped Bitcoin token at a $100 million market cap. The firm’s Coinbase Wrapped BTC (cbBTC) is a Bitcoin (BTC)-backed, Ethereum (ETH)-based token that aims to help users streamline their decentralized finance (DeFi) experience. Data from CoinGecko shows that cbBTC started trading on September 12th before getting to a market cap of over $100 million the next day. Coinbase recently explained how BTC holders can use the firm’s wrapped version of the crypto king to streamline their DeFi experience. “cbBTC removes a key point of friction by allowing…
The CEO of analytics firm CryptoQuant says he’s concerned about the direction that the digital asset industry is heading. Posting to the social media platform X, Ki Young Ju says that the builders who used to create things that traders loved have disappeared, largely due to overzealous regulations, being imprisoned, or making too much money and withdrawing from the scene. Without those builders, Ju says that crypto has essentially turned into “a gambling den.” “The remaining builders are now creating either gambling products like meme coins or dull, time-consuming products seen in traditional financial institutions. Their works no longer offer…
An early crypto investor has pleaded guilty to filing tax returns that underreported the capital gains he earned from selling millions of dollars worth of Bitcoin (BTC). According to the U.S. Department of Justice (DOJ), Frank Richard Ahlgren III bought approximately 1,366 BTC in 2015 when the flagship cryptocurrency was still trading for less than $500. Two years later, he sold 640 BTC for $5,807.53 each for a total of $3.7 million. The lion’s share of the BTC he sold came from the Bitcoin he acquired in 2015. The DOJ says Ahlgren used all the proceeds of the sale to…
One Ethereum (ETH)-based memecoin is soaring by triple digits after a sudden listing by Binance, the world’s largest crypto trading platform by volume. As Binance announced on Monday spot trading support for First Neiro (NEIRO), dubbed by the project as “the official sister of DOGE,” the altcoin rallied more than 965%. NEIRO currently has a market cap of $170.3 million and is trading for $0.0004089 at time of writing. Binance also announced the listing of two other memecoins on the Ethereum blockchain, artificial intelligence (AI)-inspired Turbo (TURBO) and Baby Doge Coin (BABYDOGE). Turbo is trading for $0.004737 at time of…
Digital assets manager CoinShares says that institutional crypto investors poured hundreds of millions in capital from digital asset products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $436 million following weeks of outflows adding up to just north of $1 billion. “We believe the surge in inflows towards the end of the week was driven by a significant shift in market expectations for a potential 50 basis point interest rate cut on September 18th, following comments from former NY FED President Bill Dudley.…
Circle CEO Jeremy Allaire says that the US is on the cusp of becoming a global leader in crypto innovation and development. In a new thread on the social media platform X, the co-founder of the USDC stablecoin issuer says that the US is nearing a “turning point” where the government is no longer hostile toward the digital assets industry. “Many complain that the United States is not the right jurisdiction to build a company in our industry, and that the current government here remains hostile to this industry. I couldn’t disagree more. My view is that we are at a…
BitMEX founder Arthur Hayes reportedly says that layer-1 blockchain Aptos (APT) is capable of solving many problems for the traditional finance (TradFi) world. In a speech at the recent Aptos Experience conference in Seoul reported by Aptos co-founder Mo Shaikh, Hayes says that his experience in the TradFi world showed him how antiquated the industry is, with large amounts of friction and frequent disputes over settlement delays, currency payments and stock deliveries. The crypto veteran says that a world where TradFi products trade on an Aptos-based decentralized exchange (DEX) could change that. “As an ETF (exchange-traded fund) issuer, you don’t…