A popular on-chain analyst believes that Bitcoin (BTC) is in the process of carving a bottom following the high-profile collapse of FTX.

In a recent interview with crypto analyst Scott Melker, Willy Woo says on-chain signals are telling him that Bitcoin has a lot of buyers at BTC’s current price range even after the implosion of FTX.

According to the analyst, Bitcoin is now trading sideways between a narrow range of $16,000 to $18,000.

Says Woo,

“Certainly the indicators I have are showing, when you see a lot of coins moving and the price going sideways, that’s a sure sign of accumulation. And so that’s been happening. I’m tracking it. That’s the reason why it’s going sideways…

The indicators had bottomed. Particularly one [that] I was looking at was really supply that’s underwater. Every single cycle, there’s a trendline. It trends downwards, it trends downwards and when that trendline breaks to the upside, it’s always happened in the middle of an accumulation zone. And it broke in that sideways before the FTX debacle. 

So that’s actually my view is that we were setting up for a decent accumulation phase. We’re building that multiple month accumulation bottom. And then, ‘Wham!’ we had another round of deleveraging, but accumulation is still happening. So I think we were setting up for $18,000 to $24,000 sideways band for a few more months. And then we hit that. The deleveraging happened. So now we’re continuing that in the $16,000 to $18,000 band now.”

At time of writing, Bitcoin is changing hands for $17,250, up 1.62% on the day.

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A prominent Bitcoin (BTC) bull says that central banks around the world will eventually adopt the king crypto as a reserve asset.

In a recent interview with Stansberry Research, veteran hedge fund manager Mark Yusko of Morgan Creek Capital predicts that policymakers will eventually return to devaluing the US dollar to pay off the government’s massive debt.

“So now the only way out is to print money… It’s the only way out for an empire that’s overly indebted. Even if they tried to tax all the wealth in the United States, they couldn’t pay back the debt… 

Everyone talks about the ‘strong’ dollar. It’s not strong. DXY [US dollar index] is not the dollar, DXY is the relative value of the dollar versus the Yen and the Euro. The dollar is toilet paper, or crepe paper, and the yen is super toilet paper, and the euro is just toilet paper.

The yen has been absolutely massacred, down 40% this year, so we look good by comparison, but versus the renminbi, we’re dead flat over the last two years.”

According the U.S. Treasury, the national debt stands at $30.93 trillion.

Yusko says that central banks, institutions that once only held gold and USD as reserve assets, eventually went on to also accumulate yen and euros. He says central banks have already begun holding the yuan as a reserve asset and will eventually add Bitcoin to their coffers, which he believes will replace gold.

“The renminbi is ascendant… What’s going to happen is central banks just used to have gold. Then they had gold and dollars, and then yen and euros. Now they have some renminbi, [and] eventually they’re going to have some Bitcoin… They’re going to have some Bitcoin and then eventually, Bitcoin will edge out gold.”

According to Yusko, this phenomenon won’t happen in weeks or months, but rather, decades.

“I think it’s a 10- or 20-year process of having central banks around the world realize that in order for them to have a viable central bank asset, they’ll have to have gold and Bitcoin and a few other major currencies in their basket.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Venture capitalist Tim Draper is doubling down on a prediction that Bitcoin (BTC) goes on a parabolic rally to $250,000 sooner than just about everyone thinks.

In a new interview with CNBC, the billionaire says he’s adding six months to his previous bull run prediction that put the king crypto asset at six figures by the end of 2022.

“I have extended my prediction by six months. $250,000 is still my number.”

Draper says there are several reasons why Bitcoin could go on the potential bull run of about 1,370% from its current price. At time of writing, Bitcoin is changing hands at $17,069.

He says women are currently an untapped demographic for crypto, and could help drive the price of BTC up when they get more involved.

“My assumption is that, since women control 80% of retail spending and only one in seven Bitcoin wallets are currently held by women, the dam is about to break.”

Draper also says that retailers are likely going to start to seize upon the benefits of having to pay fewer fees by accepting crypto payments instead of using traditional banking payment systems which take heftier cuts of each transaction.

“Retailers will save roughly 2% on every purchase made in Bitcoin vs dollars. Once retailers realize that 2% can double their profits, Bitcoin will be ubiquitous.”

Draper predicts a future of Bitcoin payments for life’s basic needs such as food, clothing and shelter.

Another factor that could boost the price of Bitcoin is the next halving event scheduled for 2024, according to Draper. Halving events reduce rewards for Bitcoin miners, limiting supply.

Draper, an early investor in Bitcoin, paid $18.7 million to purchase 29,656 BTC in 2014 from U.S. Marshals who confiscated them from the Silk Road dark web marketplace.

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The firm behind the second largest stablecoin by market cap is backing out of a multi-billion dollar deal to go public.

According to an official announcement, Circle and Concord Acquisition Corp are mutually terminating a proposed business deal between the two groups.

Concord Acquisition Corp is a publicly traded special purpose acquisition company. 

Says Concord Acquisition Corp chairman Bob Diamond of Circle, 

“Circle plays a key role in the blockchain’s disruption of financial services.

I remain confident in Circle’s regulatory-first approach to building trust and transparency in the financial industry, which has never been more important, and I will continue being an advocate for the company as it continues to grow.”

The proposed deal to go public between the two corporations was reportedly worth $9 billion.

The Boards of Directors from both companies reportedly approved the termination of the proposed agreement. 

Says Circle co-founder and CEO Jeremy Allaire of Concord,

“Concord has been a strong partner and has added value throughout this process, and we will continue to benefit from the advice and support of Bob Diamond and the broader Concord team. We are disappointed the proposed transaction timed out, however, becoming a public company remains part of Circle’s core strategy to enhance trust and transparency, which has never been more important.”

Early last month, Circle announced it was expanding the EuroCoin (EUROC) euro-pegged stablecoin would expand to the Solana (SOL) blockchain.

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Alameda Research, the trading firm founded by the disgraced former crypto billionaire Sam Bankman-Fried, reportedly invested well over a billion dollars into a Bitcoin (BTC) mining firm.

According to a report from Bloomberg, Alameda bet big on BTC mining via a $1.15 billion investment in Genesis Digital Assets, a New York-based company that has been operational since 2013.

The investments were reportedly spanned across four rounds within seven months. According to Bloomberg, Alameda Research made the initial capital injection of around $100 million in August 2021, followed by an additional $550 million in January this year. The trading firm added $250 million in February and another $250 million in April.

According to documents seen by Bloomberg, the $1.15 billion investment is the largest venture bet of Alameda Research and its sister firm FTX.

In September of 2021, Reuters reported that Genesis Digital Assets raised $431 million in fresh capital from multiple investors, including FTX. The Reuters report stated that at the time, Genesis Digital Assets had bought 20,000 mining machines from Chinese computer hardward manufacturer Canaan to boost its Northern American and Northern European operations.

At time of writing, Bitcoin is 74.9% down from its all-time high, trading at $17,320. Bitcoin’s sharp corrective move this year is putting heavy stress on BTC mining operations as miners have to deal with significantly reduced revenues.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto pioneer Vitalik Buterin is naming five things happening in the Ethereum (ETH) application ecosystem that he says are the most exciting to him.

In a new blog post, the Ethereum creator starts his list with “money,” which he says is the most important application in cryptocurrency.

Specifically, Buterin says that stablecoins are one of the most important aspects of being able to use cryptocurrency as a form of money.

“In either case, any kind of stablecoin working well would be a boon for many kinds of currency and savings applications that are already concretely useful for millions of people today.”

Second on Buterin’s list is decentralized finance (DeFi), and he says decentralized stablecoins are probably the most essential DeFi product of them all.

“Decentralized finance is, in my view, a category that started off honorable but limited, turned into somewhat of an overcapitalized monster that relied on unsustainable forms of yield forming, and is now in the early stages of setting down into a stable medium, improving security and refocusing on a few applications that are particularly valuable.

Decentralized stablecoins are, and probably forever will be, the most important DeFi product, but there are a few others that have an important niche.”

The Ethereum creator also says that prediction markets, synthetic assets, and “glue layers for efficiently trading between other assets” are important components of the DeFi world.

The third thing happening in Ethereum that excites Buterin is the identity ecosystem, including Ethereum Name Service (ENS), which allows users to have custom domain names in place of their regular crypto address.

While powerful, Buterin says the main challenge within the identity ecosystem is maintaining privacy.

“The big future challenge for this ecosystem is privacy. The status quo involves putting large amounts of information on-chain, which is something that is ‘fine until it’s not’, and eventually will become unpalatable if not outright risky to more and more people.”

The fourth thing that Buterin identifies are decentralized autonomous organizations (DAOs). He uses Gitcoin, a platform where crypto developers can get paid to work on open source software, as an example of something that could benefit from being a DAO.

“Here are some possible arguments for Gitcoin Grants to be a DAO:

• It holds and deals with cryptocurrency because most of its users and funders are Ethereum users
• Secure quadratic funding is best done on-chain (see next section on blockchain voting and implementation of on-chain QF here), so you reduce security risks if the result of the vote feeds into the system directly
• It deals with communities all around the world, and so benefits from being credibly neutral and not centered around a single country.
• It benefits from being able to give its users confidence that it will still be around in five years, so that public goods funders can start projects now and hope to be rewarded later.”

The fifth most exciting thing for Buterin are hybrid applications, or applications that are not entirely on-chain but use blockchain for certain aspects.

The entire blog post can be read here.

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A trading robot with a reputation for outperforming the digital asset markets is sharing its newest portfolio allocations amid the ongoing bear market.

Every week, the Real Vision Bot conducts surveys to compile algorithmic portfolio assessments that generate a “hive mind” consensus.

The bot’s latest data reveals that traders have a strong preference for Ethereum (ETH), with the majority of market participants voting to overweight their portfolios with ETH. Second place is king crypto Bitcoin (BTC), followed by Polygon (MATIC), the leading layer-2 ecosystem designed to help scale Ethereum. 

After MATIC is Ethereum competitor Avalanche (AVAX) and interoperability blockchain Polkadot (DOT). Those two coins are followed by blockchain ecosystem Cosmos (ATOM). 

“Latest results of the free RealVisionExchange crypto survey. Ethereum is still leading, but Bitcoin made it back to rank 2 followed by MATIC and AVAX. USDC isn’t favored anymore, showing participants are ready to retake more risks.”

As for the RealVision Bot’s picks, the algorithm is heavily weighed in favor of MATIC and has reduced favor for stablecoins, indicating a higher risk appetite.

“Latest allocation of the free RealVisionExchange crypto portfolio. The top 3 hasn’t changed much, but the survey participants have reduced cash exposure and are now fully risk-on again. The Bot makes a few small bets on trending tokens.”

The Real Vision Bot was co-developed by quant analyst Moritz Seibert and statistician Moritz Heiden.

Real Vision founder and macro guru Raoul Pal has called the bot’s historic performance “astonishing.” The former Goldman Sachs executive says the bot outperforms an aggregated bucket of the top 20 crypto assets on the market by more than 20%.

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The company promises to allocate 10% of the monthly revenue of Swap to the fund.

BitKeep, the leading Web 3.0 multichain crypto wallet, serves more than seven million users from across 168 countries.

Supporting 76 mainnets and more than 220,000 tokens, BitKeep Wallet is more than just a decentralized wallet – it also integrates major DEXs, holds an NFT market and provides a versatile DApp browser.

On December 1, 2022, BitKeep launched its Swap Protocol version two, which is now open source with the security audit completed by the SlowMist team.

Additionally, BitKeep announced the launch of its secure asset fund with an initial capital of $1 million and promised to distribute 10% of the monthly revenue of Swap to the fund. This fund is designed to cover user losses caused by BitKeep.

Swap version two audit

For the Swap Protocol audit, the SlowMist team mainly relied on white-box testing and combined black- and gray-box testing. It simulated real attacks and conducted a comprehensive security analysis covering all the code of Swap version two.

SlowMist concluded,

“No major vulnerabilities were found during the audit. A reinforced security plan was developed jointly with the BitKeep technical team.”

BitKeep has improved relevant contingency plans and configured multidimensional and in-depth defensive strategies such as one-tap suspension, timelock and multisig. Besides, BitKeep is building a more refined early warning and risk control mechanism on the chain.

After the audit, BitKeep made Swap Protocol version two open source. More protocol codes will be made available soon – such as the core code of Swap version one and NFT market. Check the open source core code and audit report here.

BitKeep secure asset fund

With an initial capital of $1 million, BitKeep secure asset fund aims to keep users’ assets safe and protect users from security incidents. BitKeep security fund will be used to cover the loss of user assets caused by BitKeep, which it assumes will only happen in extremely rare cases.

The company promised to distribute 10% of the monthly revenue of Swap to the fund to guarantee the continuous growth of the reserve.

A BitKeep executive said,

“Transparency plays a big part in building trust. Knowing that, BitKeep publicized the addresses of the fund to show its capability and commitment in terms of user protection.”

Check the on-chain addresses of the fund here.

About BitKeep

BitKeep is the leading Web 3.0 multichain crypto wallet. Thanks to its safety, ease of use and inclusiveness, BitKeep Wallet has become a long-favored solution for more than seven million global users from across 168 countries.

BitKeep is now the wallet partner of the world’s top 30 mainnets such as Ethereum, Polygon, Solana and BNB Chain.

Integrating five major modules of ‘wallet,’ ‘swap,’ ‘NFT market,’ ‘DApp’ and ‘discover,’ BitKeep supports over 76 mainnets, over 15,000 DApps, over 1,000,000 NFTs and over 250,000 tokens.

It also boasts popular features including advanced DEX price charts, instant gas swap and NFT trading dividends. It’s the vision of BitKeep to provide the safest and most convenient one-stop service for global crypto investors.

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The addition of crypto payments would be a natural fit for Twitter, according to the company’s new CEO Elon Musk.

In a new roundtable on Twitter Spaces, Musk talks about his vision for the future of the social media powerhouse, including the ability to transact in both digital and traditional currencies.

“WeChat has a lot of functionality that Twitter should have. It’s kind of a no brainer for Twitter to have payments, both fiat currency and crypto, and to make that easy and simple for people to use.”

Musk’s comments come as rumors that Twitter may be working on its own cryptocurrency begin to spread.

A researcher named Jane Manchun Wong claimed to have found an image of a “Twitter Coin” buried within Twitter’s web app. Wong’s account is no longer on Twitter and all tweets describing the possible crypto integration have been deleted.

Musk says he believes crypto assets will ultimately find their footing as a check on central banks and global monetary policies.

“I do think there is a role for crypto in the future without speaking to any particular crypto coin, as a means of ensuring that the monetary system does not get completely corrupted. It essentially provides competition to the fiat system. So if the fiat system becomes overly restrictive, crypto will grow.”

Musk doesn’t see much use for government-controlled Central Bank Digital Currencies (CBDCs), saying much of the monetary system is already digital.

[Money] is digital, but not in a very good way. And whether banks create some of their own cryptocurrencies, I think it’s somewhat relevant. People will use the cryptocurrencies that they think will accrue value over time and not use the ones that that don’t.”

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Coinbase chief Brian Armstrong says that former FTX CEO Sam Bankman-Fried was using stolen customer money to fund his trading firm Alameda Research.

While Bankman-Fried continues to deny knowingly committing any wrongdoing, Armstrong says even very gullible people shouldn’t believe it.

“I don’t care how messy your accounting is (or how rich you are) – you’re definitely going to notice if you find an extra $8 billion to spend.

Even the most gullible person should not believe Sam’s claim that this was an accounting error.

It’s stolen customer money used in his hedge fund, plain and simple.”

Last month, shortly after the collapse of FTX, Armstrong said Bankman-Fried had mostly likely committed some form of fraud, and that the debacle was not the result of an honest mistake.

“They had this solvency issue and instead of just letting it blow up, Sam basically said, ‘Hey we have a bunch of customer assets over here at FTX’ or he somehow basically made a loan from FTX into Alameda trying to prop it up. I don’t know why he did that.

That’s the moment in my mind where he crossed the line into probably committing fraud. I think he probably lied to users, lied to investors and he went around and tried to bail out these different companies like Voyager and BlockFi to sort of come off of this thing and maybe he thought he could trade his way out of it.”

Bankman-Fried has maintained that he never willingly traded customer funds and is deeply sorry for the now-defunct firm’s $8.9 billion in liabilities.

“I didn’t knowingly co-mingle funds, one piece of this [is] margin trading, you have customers borrowing from each other [and] Alameda is one of those I’m quite frankly surprised by how big [its] position was, which points to another of failure of oversight on my part.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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December 3, 2022 – Cranfield, England

Investment and philanthropy platform WAHED has donated five million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome.

FEAC is an Italian non-profit organization focused on awareness, education and research to improve the care given to children and adolescents on the autism spectrum.

In attendance at the Rome event were leadership figures from the WAHED and FEAC organizations. WAHED chairman Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa and FEAC president Eros Cenci were joined by prominent members of their teams.

• Sergio Torromino, former Italian member of parliament and current WAHED board member
• Dr. Salvatore Alberto Turiano, staff vascular surgeon at the University Hospital Policlinico – San Marco in Catania, Italy
• Dr. Luigi Lidonnici, FEAC member and owner of an autism therapy center in Calabria
• Giuseppe Scuderi from the Scientific and Technological Park of Sicily

Following a locked-in vesting period, five percent of the donated WAHED Coin will be released after one year. All appreciation in the token value during this time will stand to benefit FEAC, and the limited unlocking will ensure limited volatility in token price.

This donation to FEAC aligns with the WAHED vision of supporting companies and organizations that are improving the quality of life around the world.

The ease of transacting cryptocurrency globally makes it a perfect vehicle for charitable and philanthropic activities and sets the stage for a future where everyone can contribute to causes that they believe in.

About FEAC

Despite rapid advancement in medical technology improving the quality of life all over the world, there is plenty of work still to be done. Questions about the causes, prevention and management of many diseases still remain – and autism, despite affecting millions around the world, is still misunderstood.

The FEAC provides researchers and medical professionals with the funds they need to help improve both the lives of individuals on the autism spectrum and their care circles.

The first major project in FEAC’s vision is a therapeutic clinic in Calabria in collaboration with the Lidonnici family. The 1,292 square foot space will bring education and awareness of the realities and challenges of daily life faced by individuals with autism.

The clinic will also provide access to therapy, providing aid and guidance to ensure quality care when managing the condition. Making expert care available to all who need it is a vital part of the FEAC vision, and the center in Calabria is the first of many.

About WAHED

WAHED is an investment and philanthropy hub that is powered by WAHED Coin. Serving as the blockchain partner for several ambitious projects around the world, WAHED aims to use technology to scale operations and enrich more lives.

Established in the United Kingdom, WAHED is led by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, former undersecretary to the Ministry of Housing in Bahrain.

Bringing decades of experience in industries ranging from oil, banking and commodities, the WAHED founding team has identified the array of advantages that blockchains can bring to traditional systems. WAHED Coin provides access to innovative ideas to retail investors and cryptocurrency enthusiasts from all over the world.

WAHED Coin will be available for trading on LBANK exchange from December 5, 2022.

To learn more about the WAHED ecosystem, visit the WAHED website.

Become part of the global WAHED community on Discord, Facebook, Instagram and Twitter.

Contact

WAHED Projects team

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Crypto lender Genesis reportedly owes nearly $1 billion to the customers of crypto exchange Gemini due to the collapse of FTX.

According to a new report by the Financial Times, anonymous sources familiar with the matter say that Gemini is attempting to recover the funds from Genesis after the crypto broker was affected by FTX, a crypto exchange that declared bankruptcy last month.

Previously, Genesis and Gemini had formed a partnership to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest.

Last month, Gemini was forced to halt customer withdrawals from the Earn program when Genesis faced liquidity issues.

In an attempt to remedy the situation, Genesis has hired an outside banking firm to help the lender explore all of its options, while Gemini formed a creditor’s committee as a means of recouping the funds, according to the report.

The report also finds that Gemini’s committee is currently in talks with both Genesis and Digital Currency Group (DCG), the crypto lender’s parent company. According to the report, DCG owes Genesis a total of $1.7 billion in loans.

One unnamed source told the Financial Times that due to the entanglement of obligations, Genesis and DCG are negotiating together with creditors.

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Bloomberg commodity strategist Mike McGlone says that Ethereum (ETH) will come out ahead due to the smart contract platform’s solid fundamentals.

In a new interview on Stansberry Research, the analyst says it may take time for a reversal, but the worst of the crypto winter is likely behind us.

“Cryptos have already backed up 80%, and you just don’t want to get too bearish when a thing is down 80%. I think we’re in the final stages of this bear market for cryptos, but it’s not going to be easy. Typically markets don’t just make a V bottom. They have to make it as difficult as possible and the key thing I’ve learned trading in markets, especially bear markets, is they’ll make you lose your hair, they’ll take money from everybody and they have to be volatile and difficult. That’s the key thing.

Remember, this is not a crypto winter. This an everything winter, except for one asset class. Those are commodities. Commodities have to go down. If they don’t, the Fed is going to keep tightening until they do, and so that that’s to me the way I look at it.”

McGlone points out that ETH is still up 12X from where it was just three years ago, outperforming most asset classes, with a strong support fairly close below its current price level.

He says he fully expects ETH to come out ahead on the back of adoption, demand and diminishing supply.

“At some point we’re going to come out of this, but right now as we head towards the end of this year and we see [Fed] Chairman [Powell] still pounding, we see the Fed fund rate expectations for next year still for more tightening a year from now. That is bad for all risk assets, but then let’s look forward.

Right now, let’s just look at the price of Ethereum. It’s $1,200. At the end of 2019 before the whole Covid thing hit, it was $100. So it’s still up 12X. It’s holding good support around $1,000. It might get a little bit below that, but I fully expect that to come out ahead and to continue that upward trajectory over time. 

The key thing to remember… Bitcoin and Ethereum, the two stalwarts in the space have declining and definable diminishing supply, and increasing adoption and demand. From a commodities standpoint, something’s got to change in that trajectory. I fully expect the adoption point to increase after bumps in the road, and prices have to go up over time.”

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Leading analytics firm Santiment reveals that the two largest Chainlink (LINK) investor cohorts have loaded up on the Ethereum (ETH)-based oracle network to the tune of $194.3 million in just two months.

According to Santiment, LINK whales and sharks now hold the largest percentage of Chainlink’s supply since the altcoin was created in 2017.

“Chainlink’s shark and whale address, holding between 1,000 to one million LINK, have gone on an unprecedented surge of accumulation. These wallets have added a collective 26.8 million LINK ($194.3 million) in just two months, a 12.8% increase of coins to their bags.” 

Amid heavy whale and shark accumulation, crypto strategist Kaleo tells his 550,500 Twitter followers that he expects Chainlink to outperform Bitcoin (BTC) in the coming months.

According to Kaleo, the LINK/BTC pair has broken out of its diagonal resistance on the daily chart and looks poised to a rally toward his target at 0.0007 BTC ($12.04).

“LINK/BTC is on the verge of sending.”

At time of writing, LINK is swapping hands for $7.54, an increase of 3% on the day.

Santiment is also keeping an eye on payments-focused altcoins XRP and Stellar (XLM). According to the insights firm, both altcoins dominated crypto-related social media discussions on Friday.

“XRP, Stellar, and Status (SNT) are all currently on the top trending list in crypto Friday. These assets are all relatively even on the day, which means pump chances are higher than usual. But watch for a quick sell-off if they do while trending.” 

At time of writing, XRP is changing hands for $0.39 while XLM is valued at $0.08.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Whales and Sharks Accumulate $194,000,000 Worth of Ethereum-Based Altcoin in Just Two Months: Analytics Firm Santiment appeared first on The Daily Hodl.

A widely followed crypto strategist believes that Bitcoin (BTC) is gearing up for a massive rally next year.

Analyst Michaël van de Poppe tells his 642,700 Twitter followers that he expects Bitcoin to ignite big rallies toward his targets of $42,313 and $50,324 by June 2023 based on key Fibonacci levels.

“Relief rally targets for Q2 2023 on Bitcoin.”

At time of writing, Bitcoin is switching hands for $17,321, a 1.63% increase on the day.

Van de Poppe is keeping a close watch on Ethereum (ETH), which he says is likely setting up for bullish continuation after taking out resistance at $1,200.

“Ethereum didn’t hit target price and, if I were looking for longs, didn’t reach optimal entry zone. Still waiting for continuation, which seems likely after this breakout.” 

At time of writing, Ethereum is swapping hands for $1,290, up 2.45% in the last 24 hours.

Next up is Cosmos (ATOM), an ecosystem of blockchains designed to scale and communicate with each other. According to Van de Poppe, Cosmos also looks good for bullish continuation as long as it is trading above $10.

“This one looks a bit in the middle. Good resistance to support flip and reclaim of $9.40, but nothing strong further. Prefer to hold around $10 for continuation and then I’d be looking at $12.25 next.” 

At time of writing, ATOM is changing hands for $10.41, up 3.38% on the day.

The last coin on the trader’s radar is Ethereum Name Service (ENS), a project that aims to allow users to create personalized domain names for their crypto address. According to Van de Poppe, ENS looks good for a rally after converting resistance around $13 into support.

“Breakout above $13 and now a resistance to support flip. Most likely leading towards continuation and then I’d be targeting $15.40 and $17.” 

At time of writing, ENS is valued at $14.54, up 3% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Top Analyst Forecasts Massive 2023 Bitcoin Rally, Updates Outlook on Ethereum and Cosmos appeared first on The Daily Hodl.

A seasoned hedge fund manager says that Bitcoin (BTC) will eventually replace gold, and predicts the king crypto will hit a six-figure price tag.

In a new interview with Stansberry Research, veteran hedge fund manager Mark Yusko of Morgan Creek Digital predicts that China will be the home of the next world reserve currency, but that Bitcoin (BTC) will replace it sooner after.

“There’s only one money in the world: gold. Everything else is credit, everything else is a currency. Currency is backed by debt.

Every central bank in the world has gold, some of them have less than they used to because they moved off the gold standard and went to a fiat standard where they could devalue the currency faster because they had too much debt, but where is the gold going? It’s going to China, which I believe will be the next global reserve currency, [but] it’ll eventually be Bitcoin.

In the future, Bitcoin wins because it is an asset that exists in the absence of a liability, which is what the definition of money is.”

Yusko says BTC is on track to replace gold, largely due to its superior divisibility and portability. Based on the monetary value of gold, he sets a price target of roughly $250,000 BTC in the long run.

“And so [BTC] is superior to gold. If I had a bar of gold, and I wanted to split it three ways, I couldn’t bang it on the table and give you each a third, it’s too hard to do. And I couldn’t stuff it into my computer and send it to you.

But if I wanted to send you Bitcoin, I press a bunch of buttons, and boom, I could divide a Bitcoin into three pieces and send you both a third, easy. So it does have advantages in being more portable and more divisible than gold, so I think it will eventually replace gold. 

$5 trillion, the monetary value of gold, roughly equals $250,000 price per Bitcoin. Now, it won’t all happen tomorrow, but over time it’s going to happen. “

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Popular crypto analyst InvestAnswers says that an on-chain signal is suggesting that Bitcoin (BTC) is way overdue for a rally.

In a new strategy session, the pseudonymous analyst takes a look at Bitcoin’s realized price (RP) metric, which records the value of all BTC at the price they were bought, divided by the number of coins in circulation.

The analyst points out that historically, BTC has not stayed below the RP for long.

“We’re counting down to the next halving and here we’ve been under the realized price… it’s now 170 days and the actual price is under that RP of about $21,000, suggesting an upswing in the actual price is on the cards because we don’t stay down here that long, at least many believe…

This is a rainbow visual of the realized price. And you can see how the Bitcoin price is pretty much, most of the time, above the RP… It’s to the tune of like 97% of the time, 98% of the time it’s above that. Now it’s below. Now the question is, how does that shape up in history?”

According to the analyst, Bitcoin stayed below the RP for 110 days in 2011, 240 days in 2015, 115 days in 2018, 8 days in 2020 and 170 days so far in 2022, implying that a BTC bounce could be approaching.

Also suggesting that Bitcoin is ready for a rally is the increasing weakness in the US dollar index (DXY), says the analyst. DXY is the USD versus a basket of other major fiat currencies and is traditionally thought to be inversely correlated to risk-on assets like Bitcoin and crypto.

“This is a pretty cool sign because as we know, as DXY goes up, Bitcoin goes down, and vice-versa. They are inversely correlated. If history repeats – and we’ve said that a lot lately – this chart signals a possible breakdown. But you could also argue it already has broken down from 115 down below 109. But here we are again. If this does happen, this will be very good for the risk-on space as well.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Bitcoin (BTC) Overdue for a Rally As On-Chain Metrics Reach Historic Levels: InvestAnswers appeared first on The Daily Hodl.

A South Korean judge has reportedly thrown out a recent arrest warrant issued for Terra (LUNA) founder Do Kwon’s associates.

According to a new report by local publication Yonhap News, Hong Jin-Pyo, the chief judge in charge of warrants at the Seoul Southern District Court, is dismissing the arrest warrant issued for Shin Hyun-seong, one of the founders of Terraform Labs, and several other associates of Kwon.

Hong says he dismissed the warrants after interrogating the suspects, stating that he doesn’t believe they’ll attempt to flee or destroy evidence.

“Considering the attitude toward the investigation, the circumstances, process, and contents of the statement, it is difficult to see that there is a risk of destroying evidence or escaping beyond the scope of exercising the right to legitimate defense.”

Earlier this week, South Korean prosecutors sought an arrest warrant for Kwon’s associates, including Shin, claiming that he illegally profited from selling pre-issued LUNA tokens after the Terra ecosystem collapsed.

However, Shin denies the allegations.

“I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse.”

Shin also serves as the CEO of payments platform Chai Corporation and is further accused of leaking customer data from the firm to Terra.

In November, South Korean authorities seized over $100 million from Shin, claiming that the profits were earned from illicitly sold LUNA.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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A closely followed crypto strategist is calling for a Bitcoin (BTC) surge just as the US dollar index (DXY) is showing signs that its parabolic rally this year could be coming to an end.

In a new strategy session, Jason Pizzino tells his 279,000 YouTube subscribers that the US dollar index won’t stop crashing as it threatens to break a key support area on the high timeframe chart.

Traders keep a close eye on the US dollar index as weakness in the DXY suggests that investors are parting with their dollars to buy risk assets like stocks or crypto.

Says Pizzino,

“[The DXY] is at [104.506], so closes under this level is going to be critical for the US dollar [index]. If it closes under [104.5], [it is] probably looking much, much weaker. It starts to swing the probabilities in the favor of weakening US dollar.”

According to Pizzino, the US dollar may be ending its parabolic rally, similar to what happened in the early 2000s when the DXY plunged from around 120 in 2001 to around 70 in 2007.

“Really, this has collapsed a little bit quicker than I was anticipating… We’ve been watching that peak that came out through that previous 20-year cycle. This is during the tech boom [in 2001] and then the bust, so the subsequent bust that happened through the stock markets… But we all know from history – 2004, 2005, 2006, 2007 – nice strong years up for real estate while the US dollar was dropping. 

This is what we’re anticipating this time around. Sure you’re going to get some bumps. I’m not saying we’re going to dump in much of a same sort of percentage but we should tend to see the dollar start to fall into the later half of the cycle.” 

Looking at Bitcoin, the crypto analyst believes that BTC may pull back to $16,700 before it can start the next leg up.

“What this means is that we set up again to try and break out of this high of $17,200 and head towards our target above $17,600. So that’s our step two, our multi-day close area that we want to see Bitcoin for furthered strength, and then set itself up for the moves above $18,600.”

At time of writing, Bitcoin is changing hands for $17,044.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Ripple Labs says that the U.S. Securities and Exchange Commission (SEC) hasn’t been able to prove that the firm’s XRP sales were investment contracts in the regulator’s lawsuit against it.

The SEC sued Ripple in late 2020 for allegedly selling XRP as an unregistered security.

In its reply in support of a motion for summary judgment, Ripple lawyers say that the SEC has failed to show that any offer or sale of XRP – much less every single one between 2013 and 2020 – was an investment contract under federal securities laws.

“The SEC has, in any event, failed to carry its burden as to each of the three Howey elements. On the first element, investment of money, the SEC concedes that billions of units of XRP distributed by Defendants involved no investment of money at all…

Even for transactions that involved an exchange of money, the SEC has failed to show that purchasers invested that money in a common enterprise, as Howey requires, rather than simply buying an asset.”

The Howey test refers to a U.S. Supreme Court case for determining whether a transaction counts as an “investment contract” and therefore is subject to disclosure and registration requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934.

One of the key elements of the Howey test is whether the transaction implies an expectation of profit from the work of others, which Ripple says the SEC has failed to prove is present in XRP purchases.

“On the final element, expectation of profits based solely on the efforts of others, the SEC cannot overcome two fundamental flaws. First, no reasonable expectation can exist absent actual obligations undertaken by the promoter, and the SEC has pointed to none.

The SEC claims (at 3) that Defendants made ‘promises, but that empty claim does not hold up: no evidence of any ‘promise’ appears anywhere in the SEC’s fact statements, and, indeed, the only mention of a ‘promise’ that the SEC cites is a clear statement that Ripple was not making any.”

According to Ripple, the SEC cannot satisfy the Howey test and is therefore requesting a summary judgment in its favor.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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