Day: December 25, 2021

Crypto Traders May Be Sleeping on Top Altcoin for the Next Bull Cycle, According to Macro Guru Raoul Pal

by Dailyhodl

Real Vision chief executive Raoul Pal is saying that one “interesting” crypto project could be a good bet for the next crypto bull market.

In a new interview on investment YouTube channel FamilyOffice, the former Goldman Sachs executive says he’s eyeing under-the-radar altcoin Internet Computer (ICP).

“Everybody hates it because the VCs [venture capitalists] got in really early. It was suddenly worth a huge amount of money. The coin sank 95%, but I think it’s interesting.

I think it’s potentially something for the next cycle because there’s a lot of smart people working on that. There’s a lot of development taking place. There’s not a huge network effect yet of distribution of the tokens, so it’s not provable yet.”

Internet Computer is a crypto project developed by Swiss-based not-for-profit scientific research organization Dfinity. The blockchain project aims to replicate the speed, power, and scale of the internet without relying on centralized systems such as firewalls, cloud computing infrastructure and databases. Internet Computer also enables developers to create websites, enterprise IT systems and internet services by installing their code directly on the public Internet.

ICP, the project’s utility token, is trading at $27.93 at time of writing and is up more than 3% in the past 24 hours.

Pal has previously said Internet Computer “is clearly the biggest in ambition of any project in the space.”

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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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Cardano Rally in the Cards, According to Crypto Analyst Capo – Here Are the Targets

by Dailyhodl

A popular crypto analyst and trader is saying that a Cardano (ADA) rally to fresh all-time highs is on the table as the sixth-largest crypto asset bounces off a crucial support area.

The crypto strategist pseudonymously known as Capo tells his 224,800 Twitter followers that he expects Cardano to ignite a potential 4x surge, provided that the Ethereum competitor stays above a long-term support level.

“ADA

Second retest of the previous all-time high. As long as it stays above this level, $3 to $4 should be next (last all-time high), and if it consolidates above it, we will probably see $10.”

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Source: Capo/Twitter

Cardano is trading at $1.42 at the time of writing, about 54% lower than its all-time high price of $3.10.

The cryptocurrency analyst and trader also takes a look at Bitcoin (BTC) by analyzing the demand exhibited on the crypto derivatives exchange FTX.

Looking at Bitcoin’s heatmap, which determines the depth of liquidity in the market, Capo says FTX users are eager to hop on the leading crypto asset.

“FTX adding even more demand now. This is bullish, and it doesn’t mean those orders have to be filled.”

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Source: Capo/Twitter

In the short term, Capo says he expects Bitcoin to rally to $55,000. As for the broader crypto market, Capo says he expects the bull cycle to continue until the beginning of Q2 2022 at the very least.

“In my opinion, this bull cycle will last longer than most people expect, and 2022 should be bullish until April at least.”

Bitcoin is trading at $51,112 at the time of writing.

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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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CryptoCom CEO Slams CoinMarketCap for Misreporting Exchange Trading Volumes

by CryptoPotato

Kris Marszalek, the CEO of popular cryptocurrency exchange CryptoCom, slammed data aggregating resource CoinMarketCap for misreporting their trading volume.

  • In a tweet on Christmas Day, the CEO of CryptoCom slammed CoinMarketCap for failing to report their trading volume accurately.

Merry Christmas to team CoinMarketCap who, a week after my response to their poorly worded tweet, arbitrarily reduced our exchange ranking to 14th.

We are 2nd/3rd on CoinGecko, so you guys know where to look for real and market neutral data. – He said.

  • At the time of this writing, CoinMarketCap has ranked CryptoCom at number 14 with $1.8 billion in trading volume over the past 24 hours.

  • Meanwhile, CoinGecko reports that its trading volume is $3.1 billion, putting it third in place.

  • The “poorly worded tweet” that Marszalek refers to is from December 15th, when there was an exchange between both, ultimately ending in him saying that they are “already working on removing CoinMarketCap’s unreliable price feed from our product.”

  • The main reason for the complaints seems to be the glitch that CoinMarketCap went through back then.

  • As CryptoPotato reported, a bug on the CoinMarketCap website showed absurdly high increases in the most important cryptocurrencies, which, in turn, affected all crypto services that rely on its data to show fiat prices and balances.

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Top Analyst Michaël van de Poppe Unveils 2022 Crypto Portfolio and Outlook As New Year Approaches

by Dailyhodl

Popular cryptocurrency analyst and trader Michaël van de Poppe is looking ahead to 2022 and how best to capitalize on the cryptocurrency markets.

In a new discussion, Van de Poppe tells his 157,000 YouTube subscribers that he’s focusing on two key categories while seeking to maximize his gains.

“When we’re looking at my portfolio, and I think most of the portfolio should look like it, my portfolio consists of an investment part but also of a trading part.

The investment part is most of the assets that I just keep on cold wallets for the long term, which is approximately 80% of my entire portfolio.

The trading portfolio is approximately 20%, and in that, I try to make more money which I can move towards the investment portfolio, or to my bank account, or towards other assets to de-risk myself or to just build my portfolio further.”

Van de Poppe makes a point of mentioning that while the crypto concept of “long term” is somewhat truncated compared to traditional investing, he does intend to hold such assets for “multiple years.”

When it comes to his specific long-term holdings, the trader has put his money in the top-two crypto assets.

“In my investment portfolio, I’ve got Bitcoin (BTC) and Ethereum (ETH). I’ve got some Polkadot (DOT), and I’ve got a staking portfolio… where I switch between certain assets that I want to stake…

The trading portfolio is the one that I want to switch between USDT (Tether) and Bitcoin towards altcoins and such, in which I try to make money. I try to make an allocation towards a certain asset group that makes the most sense.”

Van de Poppe foresees the overall crypto market cap continuing to grow, possibly to as high as $10 trillion by the end of 2022 or into 2023. He says he’s building his portfolio with such massive growth in mind and targeting assets that he believes are undervalued.

At the top of his list is decentralized parallel blockchain network Cosmos (ATOM), which he says is “currently showing strength in the price action but has been seeing some cycles that are important to look at.”

Van de Poppe is also keen on decentralized exchange and automated market maker protocol Curve DAO Token (CRV).

He notes,

“We’re constantly making higher lows, higher highs, which might bring us a result that we’re going to have an acceleration into price discovery for Curve.”

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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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Christmas Gift 2021: $50K BTC After PlanB $100k Miss

by NEWSBTC

Following an epic fail from pseudonymous analyst, PlanB, Bitcoin was trading at $50,000 on December 25th, avoiding an unwelcome Christmas Day surprise for BTC bulls.

PlanB Model Fails Bitcoin

PlanB’s model failed many crypto investors who must be looking at their portfolios with disappointment, as the pseudonymous analyst’s $100,000 Bitcoin prediction did not come true on December 25.

BTC/USD maintained $50,000 support into the weekend, according to TradingView data, after ranging following local highs above $51,500.

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As the Christmas season began, the pair remained placid, with thinner liquidity yet to manifest itself in the form of violent price movements.

With most traders and analysts taking a break from trading and analysis, the $1 trillion market cap valuation level at $53,000 remained the closest upside objective.

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BTC trading at $50k. Souce: TradingView

PlanB made a point of separating his floor model from the Bitcoin stock-to-flow model. The floor model failed in November and December, according to the analyst, as it did not reach the minimum expected costs of $98,000 and $135,000, respectively.

PlanB had previously stated that if Bitcoin did not reach $100k in December, his stock-to-flow model would be invalidated, but he now appears to be changing his mind. Instead, PlanB stated in a recent tweet,

PlanB, reportedly stated this summer that if the Bitcoin price did not reach $100,000 in December, he would consider S2F useless.

Related article | Plan B: The Next 6 Months Will Make Or Break Famed Bitcoin Model

Is Next Year PlanB’s Plan B

Following criticism over Twitter statements he claims were misinterpreted, PlanB noted that Bitcoin would continue to follow his model’s projections.

Investors and experts are split. While many investors are debating if the floor model failure marks the end of S2F, Willy Woo, a Bitcoin on-chain analyst, has a different perspective. PlanB’s opinion did not define S2F, according to Woo, because models existed independently of their designers. He wrote on Twitter,

“A model is a model. We can look back on it years from now and know whether it gets invalidated. Certainly not from some arbitrary line in the sand, even if it’s from the creator.”

While a prediction from the recently invalidated floor model of $135,000 this month proved to be unduly optimistic, that figure as an average price for this half cycle remains in play. PlanB has previously stated that models do not have to be perfect in order to work.

Related Reading | Why This U.S. Congressman Compared Bitcoin Investment With Playing The Lottery

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Popular Altcoins Exchange MEXC Global to Retire Chinese Accounts This Month

by CryptoPotato

One of the leading altcoin exchanges in the Chinese region – MEXC Global, formerly known as MXC, revealed that it will be retiring Chinese users’ accounts by the end of December 2021.

  • In a detailed Twitter thread, one of the leading Chinese altcoins exchanges, MEXC Global, which was previously called MXC, announced that it will be retiring the accounts of Chinese accounts by the end of December.

  • The move comes as a response to the fact that the exchange has struck partnerships with “multiple international investment funds to support the expansion of our global operations.”

The adjustments of corporate governance structure are in progress under the guidance of the new established united board of directors. The new diversified leadership team will be adopted, and the former team will gradually exit after retiring Mainland China user accounts. – Reads the announcement.

  • Meanwhile, the exchange revealed the MX Token 2.0 program launch intended to “take a further step in blockchain ecosystem development and talents acquisition.”

  • The news doesn’t come much as a surprise to those following the crypto-related events in China.

  • While the country is taking a pro-blockchain approach, its attitude towards cryptocurrencies has been nothing short of prohibitive.

  • CryptoPotato recently reported that the country’s Communist Party expelled a top official for supporting crypto mining companies.

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Ethereum Competitor Terra (LUNA) Surpasses $35,000,000,000 Market Cap, Soaring 123% in 30 Days

by Dailyhodl

Ethereum (ETH) competitor Terra (LUNA) is surging in terms of both the price of its native asset and its network’s total value locked (TVL).

LUNA, the 9th-ranked crypto asset by market cap, is up more than 123% in the past 30 days and is trading at $97.36 at time of writing. The project’s market cap has skyrocketed past $35 billion on the heels of its price increase.

Terra is a network of several fiat-pegged stablecoins. It’s used for e-commerce payments and DeFi (decentralized finance) services, with LUNA underpinning the price of the stablecoins. LUNA can also be used for investments and savings.

Binance listed Terra’s own stablecoin, TerraUSD (UST), this week, and Kraken recently listed the LUNA token.

LUNA’s price rise also comes as TVL in the Terra ecosystem hit $20 billion, according to crypto insights platform DeFi Llama.

The TVL of a blockchain or DeFi protocol represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.

LUNA’s TVL is ahead of Binance Smart Chain ($16.9 billion) and Avalanche ($12.68 billion). Ethereum (ETH) remains the largest blockchain in terms of TVL ($157.28 billion).

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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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Baidu’s Metaverse App Will Not Support Digital Assets as Tech Giant Exercises Caution

by CryptoPotato

Chinese internet behemoths are racing to the metaverse. Baidu, for one, is fairly confident that its metaverse app will take at least six years to fully launch. However, as the tech giant eyes to explore more, it will not add support for digital assets on the app.

Baidu’s Metaverse World

While speaking at the “Create 2021,” Baidu’s annual developers’ event, Ma Jie, the company’s Vice President, shed some light on the timeline of its immersive digital world ‘XiRang.’ Although the application has been under development for over a year, it could take an additional six years to launch. According to Ma, XiRang is capable of hosting 100,000 virtual attendees.

With XiRang, Baidu intends to develop an open-source platform for metaverse developers and build an infrastructure for a virtual world. The app is now accessible to developers, primarily in China.

Due to the stringent regulatory environment, the exec clarified that the app will not support digital currencies or the trading of assets associated with virtual properties.

The main objective behind Baidu’s approach of staying away from crypto assets is to comply with a barrage of new regulations. This is because the Chinese government is known for its crackdown on monopolistic practices by internet tech giants. Beijing’s year-long suppression of the country’s technology players has also prompted many to exercise caution.

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Chinese Tech Firms Embrace the Metaverse

China had imposed a fresh ban on cryptocurrencies this September, but there are no laws regarding metaverse yet. However, the state media has posted numerous articles on the subject that mostly consists of related scam risks.

The People’s Bank of China (PBoC) also issued a warning against the dangers of the metaverse and NFTs recently. That being said, China’s stance on the sector is still ambiguous, as CryptoPotato recently reported about the launch of the country’s first metaverse industry group. Called – the Metaverse Industry Committee, it’s an organization that will operate under the state-supervised China Mobile Communications Association (CMCA).

The tech companies, on the other hand, are filing for metaverse trademarks at a rapid pace. A recent report by South China Morning Post revealed that over 1,360 homegrown firms had submitted 8,534 trademark applications related to the metaverse by December 19. Some prominent firms are- Baidu, NetEase Global, Alibaba, TENCENT, and Bytedance.

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Bitcoin (BTC) $ 26,321.05 0.66%
Ethereum (ETH) $ 1,590.59 0.22%
Litecoin (LTC) $ 64.45 0.17%
Bitcoin Cash (BCH) $ 210.45 1.68%