Author: The Daily Hodl
An economist who accurately called that the US economy will flash signs of weakness by mid-2024 is warning that the crypto markets will witness a massive collapse in the coming months. In a new interview on the Metals and Miners YouTube channel, Henrik Zeberg says that the US economy is witnessing its largest bubble in nearly 100 years. The economist highlights that the US stock market capitalization to GDP ratio is almost double the figure seen in the late 1920s, just before the economy crashed and entered the Great Depression. “We have the largest bubble by market capitalization to GDP…
A trader who continues to build his following with timely altcoin calls believes one Solana (SOL)-based memecoin is gearing up for a massive upside move. Pseudonymous analyst Bluntz tells his 268,500 followers on the social media platform X that dogwifhat (WIF) looks to be setting up to break out from a falling wedge formation. The pattern is often seen as a bullish reversal signal as it suggests weakening selling momentum. Says Bluntz, “When WIF gets going, it goes hard. Despite being up 80% in a week, if I wasn’t already positioned, I would absolutely still be buying this. Limited amount…
Crypto startups attracted $2.7 billion in venture capital (VC) during the second quarter of 2024, according to PitchBook data. As reported by Bloomberg, this represents a 2.5% increase from the previous quarter but a nearly 10% decline compared to last year. Deal activity, however, fell by 12.5% from the first quarter. The digital asset market faced significant challenges following earlier highs that were largely driven by the launch of Bitcoin exchange-traded funds (ETFs) in the US. Bloomberg estimates reveal investor inflows into these ETFs plummeted by 80% in Q2, Says Rob Hadick, a partner at Dragonfly crypto venture fund, “While…
A widely followed crypto analyst is predicting that one Ethereum (ETH)-based altcoin will suddenly go on a parabolic rally. In a new thread, pseudonymous crypto trader Credible tells his 409,300 followers on the social media platform X that the native asset for the stablecoin-focused decentralized exchange Curve DAO (CRV) could soon double in value, catching investors by surprise. “CRV will quickly reprice 2x higher, leaving most investors sidelined in everything else.” At the time of his prediction, CRV was trading for around $0.25. At time of writing, CRV is trading for $0.30, up 19.6% in the last 24 hours. Credible…
A widely followed crypto analyst says that digital assets need looser monetary policy before moving another leg up. In a new video update, crypto strategist Benjamin Cowen tells his 806,000 YouTube subscribers the Federal Reserve needs to reverse course on its tight monetary policy before the crypto markets can take off. According to Cowen, Bitcoin (BTC) has been slowly bleeding out since March due to the Fed’s hesitation to engage in quantitative easing. However, he says the Fed loosening policy by September appears to be the most likely scenario. “Can [the crypto market] durably change before the Fed pivots to…
Digital assets manager CoinShares says that institutional crypto investors poured hundreds of millions in capital into digital asset investment products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products enjoyed $176 million in inflows last week due to investors viewing price weakness as an opportunity. “Digital asset investment products saw inflows totaling US$176m as investors saw recent price weakness as a buying opportunity. Total Assets under Management (AuM) of investment products had fallen to US$75bn, wiping over US$20bn off in the correction, but it has since recovered to US$85bn. Trading activity in ETPs…
Layer-1 blockchain Sui has printed more than a 2x from its lows in the last seven days, outperforming most of the top 100 altcoins. After hitting the $0.45 level on August 5th, SUI traded for $1.12 early Monday morning, a 148% gain in a week. In May, Sui unlocked 1.04 billion SUI tokens, which is 10.4% of the max supply of 10 billion and was 39% of the market cap at the time. In early June, July and August, 0.87%, 0.86% and 0.84% of the max supply were released respectively. Similar unlocks are scheduled on a monthly basis for SUI…
Defunct crypto lending platform Celsius Network is taking legal action to recover billions of dollars worth of Bitcoin (BTC) that it previously transferred to USDT issuer Tether. In a new complaint filed with the Southern District of New York, Celsius says it is seeking the return of 39,542.42 BTC worth $2.31 billion that were transferred as collateral for the stablecoins that it borrowed from Tether. Celsius alleges that Tether used the asset as payment for its outstanding loan and for less than the reasonably equivalent value of the crypto asset when it became insolvent. Celsius also wants to recover 15,658.21…
Closely followed crypto analyst Altcoin Sherpa is calling for caution amid what he sees as bearish price action for Bitcoin (BTC). Altcoin Sherpa tells his 219,000 followers on the social media platform X that BTC is continuously printing bearish patterns on the daily chart. He shares a chart suggesting that BTC is forming a simple set of lower highs and lower lows. “Even though we have a lot of euphoria on the timeline (and I’m also looking for dips), we have to still remember that BTC is in a one-day bearish market structure. What would change this? If we break…
A former chief of the Office of Internet Enforcement at the U.S. Securities and Exchange Commission (SEC) says Morgan Stanley will attract government scrutiny with its recent embrace of Bitcoin (BTC). Morgan Stanley recently gave its wealth advisors the green light to pitch Bitcoin exchange-traded fund (ETF) products to its wealthy clients. On the social media platform X, John Reed Stark says that by allowing its brokers to pitch BTC ETFs to clients, Morgan Stanley has now subjected itself to what he says will become “the largest SEC and FINRA examination sweep in history.” According to the ex-SEC official, Morgan…