Author: The Daily Hodl
Analyst Benjamin Cowen is issuing a warning on Ethereum (ETH) as the second-largest crypto asset lingers around 40% below the 2024 high recorded in March. Cowen tells his 811,000 YouTube subscribers in a new video that Ethereum could depreciate by at least 5% against Bitcoin (BTC) going forward. “When I look at this chart what do I see? I see that Ethereum/Bitcoin is likely going to form a bottom between now and the end of the year. It’s possible that it’s already in, but I would still say I’m still sort of leaning that it could go sub 0.04 BTC.”…
A widely followed crypto analyst is warning that one metric is flashing a bearish signal for Bitcoin (BTC). In a new video, analyst Nicholas Merten tells his 509,000 YouTube subscribers that spot Bitcoin exchange-traded funds (ETFs) have started to see daily outflows since late August, suggesting a market downtrend is taking shape. “We’re not seeing major buyers come in to really scoop up all this Bitcoin. We’re seeing a total net outflow of Bitcoin here, and some even coming not just from GBTC, but also from the ARK ETF, from the new players here on the block. More outflows are…
A closely followed crypto strategist believes that rallies are in store for one artificial intelligence-focused altcoin. Pseudonymous analyst Altcoin Sherpa tells his 222,700 followers on the social media platform X that he’s accumulating Artificial Superintelligence Alliance (FET). The trader shares a chart suggesting that FET could carve a bottom at around $1.10 before breaking out to $1.70. “FET: underwater on these first entries; going to cut it if it loses the 200 exponential moving average on the four hour. Have more entries lower and will wait. Still think the chart looks decent on lower time frames but I also recognize…
Former President Donald Trump’s decentralized finance (DeFi) project has issued a statement on its roadmap. In a new thread on the social media platform X, World Liberty FInancial – formerly known as The DeFiant Ones – says that its main mission is to spread US dollar-pegged stablecoins and the concept of DeFi throughout the world. “Our mission is crystal clear: Make crypto and America great by driving the mass adoption of stablecoins and decentralized finance. We believe that DeFi is the future, and we’re committed to making it accessible and secure for everyone.” According to World Liberty Financial, stablecoins are…
The founders of analytics firm Glassnode say that a bearish monthly candle for Bitcoin in September is less likely than most market participants believe. Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,000 followers on the social media platform X that they doubt 2024 will print another red September. “September is historically bearish for Bitcoin with many calling it ‘The Curse of September.’ We doubt 2024 will add to this narrative: – The month is starting on a low note, with upward catalysts– If everyone’s expecting it, it’s less likely to happen (Soros’ reflexivity)” While…
Popular on-chain analyst Willy Woo is updating his outlook on Bitcoin (BTC) as he suggests the market is becoming less bearish. Woo tells his 1.1 million followers on the social media platform X that the market seems to be absorbing the recent massive amount of Bitcoin sent to exchanges by the German government, the U.S. Department of Justice (DOJ) and the failed crypto exchange Mt. Gox for the purpose of unloading the digital asset. He looks at the amount of Bitcoin supply available on crypto exchanges, which is starting to decline after a sharp rise. At the same time, he…
Two Ethereum (ETH)-based decentralized finance (DeFi) altcoins are rallying after whales scooped up large amounts of the projects’ tokens, according to the crypto tracker Lookonchain. Lookonchain reports that the governance token of decentralized exchange (DEX) aggregator 1inch (1INCH) is up double digits after a large purchase. According to Lookonchain, a wallet associated with the investment fund behind the 1inch DEX just bought 7.96 million 1INCH valued at $1.75 million. Since July 5th, the wallet has bought a combined 22.4M 1INCH valued at $5.49 million at an average price of $0.25. 1INCH is trading for $0.28 at the time of writing,…
An address connected to the hack of Indian crypto exchange WazirX is suddenly moving millions of dollars in Ethereum (ETH), according to the cybersecurity firm PeckShield. PeckShield says that the hacker transferred the ETH stash to Tornado Cash, a coin-mixing service that facilitates anonymous digital asset transactions. “WazirX Exploiter-labeled address has transferred 2600.1 ETH (worth ~$6.5 million) to Tornado Cash…” The stolen ETH was part of the July 18th hack of WazirX, which resulted in the theft of more than $230 million in digital assets. Blockchain tracking firm Lookonchain reported that the crypto exchange lost multiple digital assets in addition…
The Commodity Futures Trading Commission (CFTC) is filing charges against the firm behind Uniswap (UNI), alleging that it offered illegal crypto derivatives contracts. In a new press release, the regulatory agency says it has slapped Uniswap Labs with a $175,000 civil penalty and a cease and desist letter after it was allegedly found to be in violation of the Commodity Exchange Act (CEA). According to the regulator, Uniswap Labs never properly registered as a contracts marketplace but was operating as if it did. “Among the digital assets traded on the protocol and through the interface were a limited number of…
One Bitcoin investor cohort has unloaded tens of billions of dollars worth of BTC in a matter of weeks, according to a popular crypto analyst. The trader Ali Martinez tells his 70,100 followers on the social media platform X that short-term holders (STHs) have offloaded 642,366 BTC worth $36.434 billion since mid-August. “While many aspire to be diamond hands and HODL, short-term holders actually have a big impact on Bitcoin’s price. When they buy, BTC typically rises, but when they sell, the market feels the pain.” However, the pseudonymous on-chain analyst known as Checkmate argues that those coins are just…