Author: The Daily Hodl
A widely followed crypto analyst is predicting Bitcoin (BTC) is nearing a massive breakout. Crypto trader Michaël van de Poppe tells his 724,100 followers on the social media platform X that BTC could soon soar if the Fed starts its rate-cutting process later this month. The analyst suggests that the rate cutting would inject more liquidity into the market, which could give risk assets like Bitcoin a boost. He also believes investors will pour into the flagship digital asset as a safe haven against US economic uncertainty and currency debasement. “Bitcoin is going to surge significantly from the rate cut…
Long-time trader Peter Brandt is issuing a warning on Bitcoin (BTC) amid the formation of a bearish chart pattern on the flagship crypto asset’s weekly time frame. Brandt tells his 737,000 followers on the social media platform X that Bitcoin is forming an inverted expanding triangle pattern on the weekly chart. In technical analysis, an expanding triangle pattern, which is also known as the megaphone, can either be bullish or bearish – bullish when the pattern breaks out above the upper boundary and bearish when the pattern breaks down below the lower boundary. Brandt says that if Bitcoin tests the…
New data from market intelligence firm DappRadar reveals that the total value locked (TVL) in decentralized finance (DeFi) plunged during the month of August. In its industry report for August 2024, the crypto analytics platform unveils that while last month saw a record number of crypto wallets interacting with decentralized applications (DApps), both the TVL in DeFi and trading volume of non-fungible tokens (NFTs) saw significant dips. According to DappRadar, the TVL in DeFi dropped by 14% from the previous month while NFT trading volume reached a yearly low. However, DappRadar also found that the number of NFTs being traded…
The Dogecoin Foundation is releasing a map on how the Dogecoin (DOGE) blockchain and community are growing. In a new thread on the social media platform X, the team behind the popular dog-themed meme asset reveals a “trail map” that displays the milestones they have achieved and are planning to achieve. The first step, which was to grow the development community and make it more accessible, is marked as 100% completed while the second second, which was marked as lowering the barrier to access DOGE and ready it for business adoption, is displayed as 90% complete. However, the third step,…
Retail trading giant Robinhood is settling with the state of California for millions of dollars after an investigation uncovered users were stymied from withdrawing their funds. In a new press release, California’s Department of Justice says that Attorney General Robert Bonta settled with the crypto branch of Robinhood for $3.9 million for failing to let customers withdraw crypto from their accounts between 2018 and 2022. According to the state, Robinhood was in violation of the law because it allegedly sold commodities to traders without actually delivering the assets and then would not let customers withdraw their crypto to leave the…
A widely followed crypto analyst is suggesting that Ethereum (ETH) is reaching a decision point. Crypto trader Michaël van de Poppe tells his 724,400 followers on the social media platform X that ETH’s next move depends on how it trades against Bitcoin (ETH/BTC). “ETH remains to be in an indecisive state of mind. Bullish divergence is applicable, but there is no follow-through. If it drops sub 0.042 BTC, I expect we will see a fall beneath 0.04 BTC and a denial of the divergence.” Ethereum is worth 0.042 BTC ($2,287) at time of writing, just holding Van de Poppe’s level.…
A widely followed crypto analyst is warning that Bitcoin (BTC) could plummet by double digits after failing to break out. In a new strategy session, crypto trader Justin Bennett tells his 110,800 followers on the social media platform X that Bitcoin is at risk of falling more than 11% of its current value. “BTC $53,000 has been my target since the $63,000 failure (see posts from mid-August), but don’t rule out $48,000. Markets love symmetry, and fake outs to one side of a pattern usually trigger extended moves in the opposite direction.” Looking at his chart, the analyst suggests that…
The hacker who plundered more than $230 million worth of crypto assets from the Indian exchange WazirX in July continues to launder their stolen Ethereum (ETH), according to the blockchain security firm PeckShield. PeckShield notes an address associated with the hacker transferred 5,000 ETH worth approximately $12 million to a new wallet on Thursday. That new wallet promptly laundered around 1,600 ETH worth $3.86 million to the Ethereum-based coin mixing service Tornado Cash, a controversial platform that helps users conceal their digital assets. The hacker has been on the move recently: Earlier this week, a different address associated with the…
An under-the-radar altcoin is skyrocketing after being added to Coinbase’s listing roadmap. In a new thread on the social media platform X, top US-based crypto exchange platform Coinbase is announcing the addition of decentralized finance (DeFi) protocol Moonwell (WELL) to its suite of products. News of the addition sent WELL flying as it went from a seven-day low of $0.0124 on September 5th to a peak of $0.0173 just a day later, a gain of about 40%. The crypto asset has since retraced and is trading for $0.0170 at time of writing. Coinbase’s listing roadmap was created in 2022 to…
A deep-pocketed crypto holder who bought Bitcoin (BTC) nearly 12 years ago is suddenly moving the flagship digital asset at a massive profit. On-chain data shows that on Thursday the previously dormant crypto wallet moved 31.90 Bitcoin worth $1,810,404 at the time, a gain of 487,122%. The Bitcoin was bought for under $12 in 2012. Says blockchain tracker Whale Alert, “A dormant address containing 31 BTC has just been activated after 11.9 years (worth $362 in 2012)!” The ancient wallet is among several long-dormant addresses that have recently awoken. Says Whale Alert, “A dormant address containing 35 BTC ($1,990,206) has…