A widely followed crypto analyst says that he expects Bitcoin’s (BTC) current period of low-volatility consolidation to resolve in a strong breakout rally. In a new video update, seasoned trader Tone Vays tells his 123,000 YouTube subscribers that even though the king crypto is in the middle of a “boring” consolidation phase, it’s flashing signs […]
The post Trader Tone Vays Predicts Bitcoin Burst to the Upside Amid ‘Boring’ Consolidation – Here’s His Timeline appeared first on The Daily Hodl.
Despite the crypto bear market in 2022, there wasn’t a significant decline in NFT adoption, according to the report.
Crypto data website CoinGecko has released survey findings indicating that the majority of nonfungible token (NFT) holders own 51 or more NFTs, while those who only hold a single NFT comprised the smallest group among the respondents.
Published on April 6, the CoinGecko report examined 438 responses from Dec. 2022 to Jan. 2023 in conjunction with Blockchain Research Labs.
At least 1 in 4 NFT holders (26.5%) said that they are “avid collectors” with 51 or more NFTs at the time of the survey, with the report noting this group likely represents people who are the most enthusiastic about NFTs. It noted:
“This suggests that people rarely stop participating in NFTs after their first one.”
It was closely followed by holders holding between 2 and 5 NFTs (17.6%), while those who held just one NFT accounted for a mere 4.8%.
Almost 4 out of every 10 people surveyed (38.8%) acquired their first NFT during the first bull market of 2021.
Despite 2022 seeing crypto enter a bear market, it still recorded the second-highest influx of new NFT collectors over the past five years, with just over 25% acquiring their first NFT during the year.
Meanwhile, only 2.9% got their first NFT in 2017, the same year in which Crypto Kitties and CryptoPunks were launched.
It was noted that NFT development may accelerate adoption in 2023, noting Bitcoin ordinals and Stamps NFTs, as well as Blur overtaking OpenSea to become the top NFT marketplace.
Related: OpenSea advanced NFT marketplace sparks mixed community reactions
In recent news, OpenSea launched OpenSea Pro on April 5, an NFT marketplace aggregator aimed at serving the needs of professional users, which is a refined version of NFT aggregator, which OpenSea acquired in April 2022.
Magazine: NFT Creator, The Sarah Show: Analog childhood meets dizzying digital future
Peter Schiff, economist and known gold bug, believes that the current price uptick that gold is currently experiencing will extend in the future, surprising stock traders. Schiff stated that gold stocks were the new tech stocks and that Wall Street’s indifference regarding these would lead to massive market capitulation. Peter Schiff Warns of Gold Rally: […]
The chief investment officer of Bitwise Asset Management, Matt Hougan, says that planned Ethereum (ETH) upgrades will cause the ecosystem to flourish like never before. In a new interview with Anthony Pompliano, Hougan says that development activity in the Ethereum ecosystem is likely to soar once Ethereum Improvement Proposal 4844 (EIP-4844) is complete since the […]
The post Bitwise CIO Matt Hougan Says Ethereum (ETH) Game Changer Imminent, Asserts ‘We Are in a Bull Market’ appeared first on The Daily Hodl.
Gemini’s co-founder believes that the next crypto bull run will come from the East. “It will be a humbling reminder that crypto is a global asset class,” he said. “The West, really the U.S., always only ever had two options: embrace it or be left behind. It can’t be stopped.” Gemini Co-Founder on Next Crypto […]
There’s been no shortage of news in past weeks when it comes to the United States Securities and Exchange Commission (SEC) taking action against crypto exchanges and companies. From Kraken, to Paxos, to Terraform Labs, it seems enforcement is in the air when it comes to chair Gary Gensler’s organization. In other news, South Sudan […]
While the collapse of the crypto exchange FTX and its affiliate Alameda Research is thought to have left many crypto players, including market makers, in the worst possible position, according to Andrei Grachev, managing partner at DWF Labs, this incident may have helped to “flush out companies that were not sustainable enough to operate during […]
Bitcoin nearly broke its record for the longest streak of daily green price candles this month, but many believe its recent surge could be short-lived.
While Bitcoin (BTC) has experienced a strong price pump to kick off the new year, many industry pundits are not convinced the cryptocurrency will continue its upward trajectory — at least in the short to mid-term.
The impressive price surge — which saw BTC experience 14 days of consecutive price increases earlier this month — has called on many to consider whether the surge marks a significant “breakthrough” or is indicative of a “bull trap."
Speaking to Cointelegraph on Jan. 23, James Edwards, a cryptocurrency analyst at Australian-based fintech firm Finder said the argument for a “bull trap” is stronger, warning the recent surge could be “short-lived.”
He stated that while the BTC price moved upwards over the weekend, the NASDAQ Composite and the S&P 500 also made similar rallies:
"This suggests to me that the rally in crypto is not unique, and instead part of a wider market uplift as inflation figures stall and a risk-on appetite appears to return to investments. So Bitcoin is just enjoying the effects of positive sentiment that originated elsewhere. This is likely to be short-lived.”
Edwards added that cryptocurrency markets still have some “significant hurdles to clear before a new bull market can begin.”
Among those obstacles, he mentioned include the continued fallout over FTX’s collapse and the recent Chapter 11 filing by Genesis on Jan. 19.
"As such, we're going to see further sell-offs and downsizing as crypto firms adjust their balance sheets and dump tokens onto the market to cover debt and try to stay afloat,” he explained.
In a statement to Cointelegraph, Bloomberg Intelligence Senior Commodity Strategist Mike McGlone wasn’t confident in the BTC price trajectory either, citing recessionary-like macroeconomic conditions as too big of a barrier for BTC to overcome.
“With the world leaning into recession and most central banks tightening, I think the macroeconomic ebbing tide is still the primary headwind for Bitcoin and crypto prices.”
The sentiment was also shared among some on Crypto Twitter, with cryptocurrency analyst and swing trader “Capo of Crypto” telling his 710,000 Twitter followers on Jan. 21 that BTC’s push past resistance looks like “the biggest bull trap” he has ever seen:
I've been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way htf resistances are being tested... it clearly looks manipulated, no real demand.
— il Capo Of Crypto (@CryptoCapo_) January 21, 2023
Once again, the biggest bull trap I've ever seen. But they won't trap me.
However, not all industry pundits were as bearish.
Cryptocurrency market analysis platform IncomeSharks appeared bullish, having shared a “Wall St. Cheat Sheet” chart to its 379,300 Twitter followers on Jan. 22 making a mockery of the “Bears” who think the latest price movements are indicative of a “bull trap.”
#Bears at the Denial stage. "It's just a bull trap" "It's all manipulation". Waiting for the Panic part next... pic.twitter.com/Lo6nWyZPD2
— IncomeSharks (@IncomeSharks) January 22, 2023
Sem Agterberg, the CEO and co-founder of AI-based trading bot CryptoSea also recently shared a flood of posts expressing positive sentiment towards BTC price action to his 431,700 Twitter followers, suggesting that a “BULL FLAG BREAKOUT” towards $25,000 may soon be on the cards:
Meanwhile, others have refrained from making a forecast on the price, likely given the unpredictability of crypto markets.
Here's my technical analysis of where Bitcoin's price is going. pic.twitter.com/cOFueErgGq
— Dan Held (@danheld) January 21, 2023
Related: Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher
Bitcoin (BTC) is currently priced at $22,738, while the Bitcoin Fear and Greed Index is currently at “Neutral” with a score of 50 out of 100, according to Alternative.me.
The cryptocurrency managed to break out of the “Fear” zone on Jan. 13 — which was then scored at 31 — after the BTC price increased for seven consecutive days.
A widely followed crypto strategist says that digital assets are here to stay despite a tumultuous year filled with high-profile collapses. The anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that crypto is an inevitability even if the industry had a rough 2022. Citing a report by Ryan Selkis, the CEO and founder of […]
The post Crypto Is Inevitable Despite the Setbacks in a ‘Horrible, Horrible’ 2022, Says Top Analyst – Here’s Why appeared first on The Daily Hodl.
The chief executive of San Francisco-based crypto exchange Okcoin is identifying three catalysts that could spark the next crypto market bull run. In a new interview with Kitco News, Okcoin CEO Hong Fang says that the rising need for sound currency systems, caused by the failures of current centralized monetary systems, could ignite the next […]
The post Okcoin CEO Names Three Catalysts for Next Crypto and Bitcoin (BTC) Bull Run appeared first on The Daily Hodl.
