Author: The Daily Hodl
The CEO of Tether says that the stablecoin issuer’s synthetic aUSDT product is backed by gold rather than Bitcoin (BTC) because the precious metal is more stable in price than the crypto king. In a new interview with Bloomberg, Paolo Ardoino says the firm could have chosen Bitcoin to back aUSDT but BTC’s tendency to go through wild price swings made gold a more preferable option. “Until 1971, the US dollar was backed by gold and we often hear interest from our customers to have optionality… [So] we also see the opportunity to provide an [option] for others that want…
A closely followed crypto strategist believes that one decentralized finance (DeFi) altcoin is gearing up for “explosive” rallies. Pseudonymous analyst Altcoin Sherpa tells his 215,400 followers on the social media platform X that the native token for lending platform Aave (AAVE) could soon spark another leg up after trading in a range for weeks. “AAVE’s true move coming again soon. I caught it [on September 8th] but am out (just as a scalp). I think a more explosive move is going to come though…lots of compression. Of course, we need BTC to play nice first but eyes on AAVE.” AAVE…
The Commodity Futures Trading Commission (CFTC) is filing a motion to shut down Kalshi’s election betting markets after the firm scored up a legal victory against the regulator. According to new court documents, the CFTC is asking a US court for an emergency stay of a judge’s recent decision to overturn the regulatory body’s order to stop Kalshi from offering election betting contracts. The CFTC says that without the benefit of the court’s reasoning, it would be unable to decide whether to file an appeal or not. Bloomberg reported earlier this week that a judge ruled in favor of Kalshi,…
Short-term holders (STHs) of Bitcoin are feeling pain as BTC falls in price, creating the potential for heightened volatility, according to analytics firm Glassnode. In a new report, Glassnode says that the short-term holder cohort is “heavily underwater” in their positions. “The Bitcoin market has continued to experience downward pressure over recent months despite the average Bitcoin investor remaining profitable overall. However, the short-term holder cohort remains heavily underwater on their holdings, making them a source of risk for the time being.” According to Glassnode, short-term Bitcoin holders are a primary risk to BTC given they are significantly underwater and…
Crypto analyst Benjamin Cowen says that Ethereum (ETH) could finally reach a price bottom sometime in December of this year. In a new strategy session, Cowen tells his 812,000 YouTube subscribers that the unemployment rate in the US has historically topped out in December, coinciding with a bottom in crypto markets. Given that unemployment is trending upward, and has in the past peaked in December, Cowen speculates that Ethereum could reach its bottom in the same month as well. He also notes that ETH tagged its logarithmic trend line in December in both 2016 and 2019. “December 2024, the number…
New data from market intelligence platform IntoTheBlock reveals that crypto whales have accumulated over $10 billion worth of Bitcoin (BTC) during the last six months. In a new report, IntoTheBlock says that whales appear unworried by the downward price action as deep-pocketed investors holding between 100 and 1,000 Bitcoin have been steadily collecting tens of thousands of BTC over the past several months. “Unfazed by the market, addresses holding between 100 and 1,000 BTC have remained unaffected by recent market fluctuations, continuing to steadily accumulate over the past few months. These addresses now control 20.3% of the circulating supply, equivalent…
A closely followed crypto strategist says he’s seeing signals that Bitcoin (BTC) is in the early stages of reversing its latest correction. Pseudonymous analyst Credible Crypto tells his 417,400 followers on the social media platform X that Bitcoin trader activity suggests that BTC could be setting up for a short squeeze. A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies. The trader says he’s bullish on Bitcoin…
A crypto strategist is issuing a dire warning for Ethereum, believing that ETH is on the cusp of witnessing massive downward price action. Analyst Justin Bennett tells his 111,100 followers on the social media platform X that Ethereum is once again testing the diagonal support of an ascending channel pattern. An ascending channel suggests that an asset is printing higher highs and higher lows but could break down if price falls through the lower support. Says Bennett, “To say this is an important moment for ETH is a massive understatement. Probably a bounce here, but I still think we eventually…
Veteran commodities trader Peter Brandt says that Bitcoin (BTC) is flashing hints that it is gearing up to massively outperform gold. According to Brandt, Bitcoin priced in gold (BTC/GLD) is printing a multi-year inverted head and shoulders (H&S) pattern, suggesting that BTC preparing to run faster than the precious metal. “Massive inverted continuation H&S forming in the ratio between BTC and GC_F” An inverted H&S pattern consists of a first shoulder, a head and another shoulder, with the second shoulder representing a failed attempt at new price lows and a signal of a trend reversal. Brandt notes that before running…
Pseudonymous crypto analyst TechDev says that Bitcoin (BTC) and digital assets are in the middle of a massive bear trap before the next leg up. TechDev shares a chart with his 467,000 followers on the social media platform X that suggests Bitcoin’s market cycles happen in a series of stages starting with “accumulation” and ending in a bull trap. According to TechDev, BTC is in the “bear trap” phase of the cycle, which precedes “renewed optimism,” “FOMO” (fear of missing out) and “euphoria” stages before topping out and entering the bull trap. The analyst also believes that USDT dominance in…