Author: The Daily Hodl

Long-term Bitcoin (BTC) holders seem to be doubling down on their bullish sentiment for the crypto king, according to blockchain analytics platform Glassnode. In a new analysis, Glassnode reports that Long-Term Holders (LTH), or addresses that hold coins for at least 155 days, do not appear phased by the recent market volatility and are adding more Bitcoin to their wallets. “Despite challenging and choppy market conditions, Long-term Bitcoin holders remain remarkably steadfast in their conviction, with evidence they are ramping up accumulation behavior.” Glassnode says that the unwillingness of long-term holders to sell their coins despite Bitcoin’s recent drop to…

Financial giant VanEck is buying Bitcoin (BTC), according to Matthew Sigel, the firm’s head of digital assets research. In a new interview with CNBC, Sigel notes there have been four sellers in the BTC market driving the price of the top crypto asset down. “The German government has sold all of its Bitcoin, $2 billion worth. The US government is selling Silk Road-related coins. There are two major bankruptcies where creditors have just been paid out – that’s Mt. Gox and Genesis. So with all this selling behind us… this is a typical seasonal pattern where Bitcoin tends to struggle…

A widely followed crypto strategist is predicting a massive breakout for one decentralized finance (DeFi) low-cap altcoin. Pseudonymous analyst The Crypto Dog tells his 810,200 followers on the social media platform X that Synapse (SYN), a protocol that aims to enable secure cross-chain communication, could soar more than 75% from the current value. “Think it can see $1… 10% dip back to breakout level. I rebought SYN.“ Synapse is trading for $0.566 at time of writing, down 12.82% in the last 24 hours. The cross-chain network project was launched in August 2021 and is compatible with most other layer-1s and…

Blockchain data shows that stablecoin issuer Tether has minted over $33 billion in USDT over the last year. According to blockchain tracking firm Lookonchain, $33 billion in USDT has been minted on the Tron (TRX) and Ethereum (ETH) blockchains. “Tether Treasury minted 1B USDT on Tron Network again 25 minutes ago! TetherTreasury has minted 33B USDT in the past year, of which 19B USDT was minted on Tron Network and 14B USDT was minted on Ethereum.” According to closely followed crypto analyst Ali Martinez, there has been a strong correlation between the price of Bitcoin (BTC) and Tether’s minting of…

Real Vision analyst Jamie Coutts says that altcoins may be close to repeating the explosive mania of 2020 and 2021. Coutts says on the social media platform X that the crypto market cycle is currently at a point “where selective high-quality assets are bottoming and will outperform when the bull resumes.” The analyst shares a chart that compares the performance of the top 200 crypto assets versus the total market cap of crypto, which he uses to gauge altcoin strength. He notes the metric is similar to late 2020 when Bitcoin (BTC) outran the rest of the market for months…

State Street is announcing a new collaboration with Swiss cryptocurrency firm Taurus to introduce digital asset services to institutional investors. According to Reuters, the partnership will enable State Street to offer custody services for cryptocurrency holdings and assist in creating tokenized versions of traditional assets, such as funds and securities. The service targets asset management clients looking for support in tokenizing their funds, though no specific launch date has been announced. In its recent proof-of-concept run, Taurus used oracle service Chainlink’s (LINK) cross-chain interoperability protocol (CCIP) to move stablecoins over different chains. State Street aims to become a custodian for…

A Coinbase ecosystem memecoin is rallying after suddenly gaining support from Binance, the largest crypto exchange in the world. In a new announcement, Binance says it will add futures contracts for Brett (BRETT), a memecoin built on Coinbase’s Ethereum (ETH) layer-2 Base. Brett bills itself as the “mascot” of the Base chain. “To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the BRETT/USDT Perpetual Contract at 2024-08-20 10:35 (UTC) with up to 50x leverage.” News of the listing sent Brett flying from a 24-hour low of $0.074 to as…

More than 80% of short-term Bitcoin holders are currently losing money on their BTC positions, according to a popular on-chain analyst. The pseudonymous on-chain sleuth known as Checkmate tells his 97,000 followers on the social media platform X that the short-term holder (STH) metric looks similar to charts in 2018, 2019 and mid-2021, all of which signaled investor panic and incoming bearish trends. The analyst defines STH as entities that have held their coins for less than 155 days. But the analyst says this time could be different because while a huge number of short-term holders are in the red,…

A crypto strategist known for calling bottoms believes the altcoin market is one correction away from igniting rallies. Pseudonymous analyst Bluntz tells his 269,600 followers on the social media platform X that he’s keeping an eye on the TOTAL3 chart, which tracks the total market cap of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins. Bluntz says TOTAL3, which is used to gauge the performance of altcoins, looks poised for a leg down before it regains bullish momentum. “Although TOTAL3 structurally looks amazing, very clear five-wave rise from the lows on the four-hour [chart]. I still think an ABC correcting that impulse…

Bitcoin’s (BTC) chart appears to be mirroring a Japanese stock market index, according to one popular crypto analyst. The pseudonymous trader known as TechDev shares charts with his 465,800 followers on the social media platform X comparing BTC to the Nikkei 225, a price-weighted index that tracks 225 blue-chip companies trading on the Tokyo Stock Exchange. “Haven’t seen much else like it.  Log growth cycles have existed well before Bitcoin. Different assets. Different decades. Same species. Without looking at time or price, most would think the first half of the Nikkei’s chart is Bitcoin’s. It must have had a halving…