Day: February 2, 2022

Don’t Count on Buying Bitcoin at $30,000, Says Crypto Analyst Justin Bennett – Here’s Why

by Dailyhodl

Closely followed crypto analyst Justin Bennett says that bargain-hunters hoping to get Bitcoin at $30,000 will likely end up disappointed.

Bennett tells his 97,000 Twitter followers that many people who watch his YouTube strategy sessions are saying that a $30,000 Bitcoin is imminent, but he doubts traders will get BTC that cheap.

“Every other comment on my YouTube channel is someone waiting/wishing for $30k $BTC.

It would be the first time in a long time that retail gets exactly what they want.

I think a move higher from $35k-$36k is more likely.”

The analyst says that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is playing a big role in the crypto markets. Usually, a strengthening DXY can signal weakness in many assets, while a struggling DXY often suggests higher prices.

According to Bennett, crypto traders may want to keep an eye on a trend reversal playing out in the DXY to signal a new bull run in the digital asset markets.

“DXY is still coming off. 95.50 is probably next.

A close below 94.60 is required to reverse the trend.”

Image
Source: Justin Bennett/Twitter

The analyst recently said that contrary to what some say, he doesn’t think the crypto bull market is over. While some short-term volatility may be in play, Bennett says crypto is still due for another “melt-up” rally sometime this year.

“I don’t think the crypto bull market has ended.

Markets don’t crash when everyone expects them to, and right now, everyone expects it.

My base case is for one more melt-up this year, followed by a correction in either late 2022 or 2023…

So that means we could be in for more volatility in the short term if the stock market is going to strong-arm the Fed into remaining accommodative for longer.

But ultimately, I don’t think this crypto bull market is over just yet. It’ll be an interesting few months regardless.”

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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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Solana (SOL), Chainlink (LINK) and Three Additional Altcoins Are Ones To Watch This February: Crypto Analyst

by Dailyhodl

A top crypto analyst and trader is naming Solana (SOL), Chainlink (LINK) and three other altcoins as the digital assets to watch this month.

In a new video, pseudonymous trader Altcoin Sherpa says that he expects one more leg down for smart contract platform Solana to around $65 before it can ignite a relief rally to his target at $140.

“I would just like to see this area [$60-$70] get tapped several times and then form some sort of bottom and then probably come up, hit this high volume node again around $140 and then probably come back down.”

Another coin on the trader’s list is decentralized oracle network Chainlink, which he says looks bullish as it trades close to a key support area.

“You can probably just look to buy any dip for LINK. I think that it’s possible that we might see [a] return back lower as well down to $15 or so, somewhat like a double bottom in the lower timeframe charts. To me, this looks pretty strong given it’s at range lows, given its high sell volume, given that we’re seeing dips getting bought pretty quickly.”

Next up is blockchain-based game Axie Infinity (AXS). Altcoin Sherpa predicts a strong rally for Axie Infinity as the coin continues to respect support at $45.

“You can still hit like a 2x or something like that from $45 to $90 or some of these levels up [above $110]. It’s certainly possible that this comes.”

While Altcoin Sherpa is currently bullish on AXS, he does not expect the coin to print a new all-time high anytime soon.

The crypto analyst is also keeping an eye on Kyber Network Crystal (KNC), an Ethereum-based token used to pay fees on the Kyber Network. According to Altcoin Sherpa, KNC looks very strong right even amid the general bearish trend across the crypto markets.

“I would just consider buying any dip personally. Looking for resistance levels, I would look for around $2.40 or so.”

The last coin on the analyst’s radar is Near (NEAR), a developer-focused blockchain designed for scalability and stability. Altcoin Sherpa predicts one more move down for NEAR before rallying to his target at $14.

“It’s possible that we see maybe one last potential shakeout to $8 or so, and I do have bid there. But overall, this coin has held up pretty strong, and to me, this coin looks a little bit better than many other coins right now.”

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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.

Featured Image: Shutterstock/GrandeDuc/Natalia Siiatovskaia/Tun_Thanakorn/David Sandron

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ConsenSys Acquires Ethereum Wallet MyCrypto: Will Be Integrated With MetaMask

by CryptoPotato

Blockchain software technology company ConsenSys has acquired Ethereum wallet interface provider, MyCrypto, to integrate it with its popular MetaMask wallet.

ConsenSys Acquires MyCrypto

Announcing the acquisition in an official blog post on Tuesday, the company noted that MetaMask and MyCrypto will combine their efforts to “improve the security of all the products and create a cohesive user experience across desktop, mobile, extension, and browser wallets.”

Currently, MetaMask boasts more than 21 million monthly active users and is one of the most popular crypto wallets because of its stability and compatibility, providing secure solutions for users. It is also one of the top non-custodial wallets for mobile and browser extensions globally.

Providing More Security for Users

The integration with MyCrypto will not only bring MetaMask to more platforms and encourage more integrations with the wallet, but it will also provide users with an enhanced and secure experience.

Speaking on the acquisition, Dan Finlay, the co-founder of MetaMask,  said:

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“MyCrypto has consistently been one of the most reliable and inter-compatible wallets in Ethereum, often shipping cutting-edge Ethereum features ahead of other wallets, while MetaMask has focused on general-purpose dapp interactions.

With our talents combined, and our strong sense of shared ethics and goals for this ecosystem, I think we’ll be able to provide a wallet experience that is much more able to help its users make the best decisions through this rapidly evolving Web3 wallet landscape.”

Although ConsenSys did not disclose the terms of the acquisition, the company noted that both wallets will continue to operate independently in the near term with the eventual goal of merging features and brands.

Taylor Monahan, founder, and CEO of MyCrypto, also commented, saying,

“With the rapid growth of the ecosystem and products racing to ship slick features, it is imperative that the leading wallet continues to build foundational and secure self-custody tools that empower the user. Combining our years of experience and shared values allows us to accelerate our mission of providing a way for users to fully realize their self-sovereignty.”

The unified product offerings will be led by MetaMask’s Dan Finlay and Aaron Davis, alongside MyCrypto’s Taylor Monahan. MyCrypto’s team of 12 employees will also be joining ConsenSys.

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Dune Analytics Raises Meme Worthy $69,420,000 In Series B Funding Round

by CryptoPotato

Dune Analytics – a free blockchain research tool – recently announced an additional $69 420 000 in funding. The round was led by Coatue – a global investment manager focused on tech.

  • According to an announcement from Dune’s blog, the funding will be used to empower another generation of “Dune Wizards” – aka Web 3 data analysts. The group currently only has 16 employees, but will now be hiring many more.

  • While Dune currently provides free blockchain data, it will now invest in educational resources to help average people interpret that data. This will be especially important as blockchains scale and their use-cases expand.

  • The tool also plans to revamp its query engine, speeding up its execution time and allowing for support across all major blockchains.

  • Users will be enabled to bring both public and private data into Dune.

  • Lastly, the team plans to release a Dune API, allowing “boundary-less research, building, tinkering, trading, and beyond.”

  • Months ago, FTX exchange exploited the same meme-numbers during a funding round: The numbers were reversed, however: $420.69M raised in a Series B funding round, dwarfing Dune’s recent figures.

  • Still, the round indicates a massive funding increase compared to the $8 million the firm received in August.

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Wormhole Bridge Attacked for $322 Million

by Cryptobriefing

Key Takeaways

  • The blockchain bridge protocol Wormhole has experienced an attack resulting in the theft of at least 120,000 ETH.

  • That amount is worth $322 million; earlier estimates placed the value of the attack at $256 million.

  • Wormhole is attempting to contact the attacker and has offered a $10 million reward if the funds are returned.




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An attacker has exploited the bridge protocol Wormhole for $322 million of ETH, according to various reports.

Attack Estimated Above 120,000 ETH

Wormhole has placed the value of the attack at 120,000 ETH, an amount worth $322,952,400 at current prices.

The earliest reports placed the value of the attack at 80,000 ETH. Later, Steven Zheng of The Block noted that the amount stolen was “a lot more than 80,000 ETH,” while an article on that site estimated the value of the attack at 93,750 ETH or $256 million.

It appears that those smaller estimates did not account for stolen funds kept on Solana as wrapped ETH (wETH).



Regardless, the amount of money stolen in the attack makes it one of the largest DeFi attacks in recent history. Other large attacks include a $611 million attack on Poly Network last August. Cream Finance and BadgerDAO also suffered thefts above $120 million in 2021.

No Official Explanation Yet

Wormhole’s official Twitter account has not given a detailed explanation of the attack, but has stated that the network is “down for maintenance as [it looks] into a potential exploit.”

Elsewhere, Wormhole developers have attempted to contact the attacker via a blockchain message. The team members extended a “white hat agreement” and offered the attacker $10 million to reveal their exploit strategy and return the stolen funds.

That message also said that the attacker was able to mint new tokens by exploiting the verification of Wormhole’s Solana VAA—the messaging system processed by receiving blockchains.


Wormhole is a protocol that operates as a bridge between various blockchains, primarily Ethereum and Solana. It allows users to move funds quickly and easily between those blockchains.

Incidentally, Ethereum co-founder Vitalik Buterin warned about the shortcomings of cross-chain bridges in early January, noting the security risks inherent in such protocols.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 



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Cathie Wood’s ARK Invest Puts Bitcoin At $1 Million By 2030

by NEWSBTC

Investment firm ARK Invest has revealed its bullish outlook for bitcoin. It is not the first time that the company would be taking such a bullish stand on the digital asset. But it is the first time that it is putting the price of the cryptocurrency at such a high price point. This comes following the recent market crash that saw bitcoin lose about 50% of its all-time high value but this has done nothing to deter the firm from seeing a largely successful future for the digital asset.

Bitcoin At $1 Million

The latest prediction from the investment firm came in a recently published report that held a particularly promising outlook for the blockchain and the technologies that surround it. This included the application of public blockchains, of which the report put forward that bitcoin was the “most profound application” of this.

Related Reading | Bitcoin Inflows Suggest Institutional Investors Are Moving Back Into The Market

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For the value of bitcoin itself, the points expressed in the report held closely to that of its leading figure, Cathie Wood. Wood had earlier said that she believed that the price of bitcoin would hit the $500,000 mark in the next five years, propelled forward by institutional investors moving just 5% of their portfolios into the digital asset. The report suggested that they believed this number would double in the following half a decade, putting its price at $1 million by 2030.

Bitcoin price chart from TradingView.com

BTC resumes another downtrend | Source: BTCUSD on TradingView.com

Citing market research carried out by the firm, it put the growth rate of bitcoin in the next decade at 25-fold, saying that the digital asset possessed significant appreciation potential over this time period.

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“According to our research, Bitcoin’s market capitalization could scale more than 25-fold in the next decade, with each exceeding $1 million in value,” the report read.

Where Does Ethereum End Up?

Bitcoin was not the only digital asset that received much praise and positive outlook in this report. As stated above, the report’s stance on the market, in general, was gleaming and Ethereal was no different in this regard.

Ethereum which has been one of the fastest-growing crypto projects has been put forward as being a valuable investment option going forward and ARK Invest does not disagree. It put the second-largest cryptocurrency by market cap at a whopping $20 trillion market cap by 2030.

Related Reading | Goldman Sachs: Mainstream Adoption Won’t Boost Bitcoin Price

Given that this time frame is less than a decade away, it means that the digital asset would have to grow at least 7,000 times from the current market value to hit this valuation. However, ARK Invest remains confident in the digital asset’s ability to appreciate due to its dominance on financial services existing on the blockchain.

If ethereum does reach the $20 trillion market cap, then the asset’s value would rise to around $170,000-$180,000 apiece. Still less than half of bitcoin’s expected valuation by the firm, but a growth rate that would rival even the best of the best in any financial market.

Featured image from Blockchain News, chart from TradingView.com

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Bitcoin price dips below $37K as a descending channel pattern comes back into play

by Cointelegraph

The crypto market is once again in the red on Feb. 2 as global financial markets continue to see increased volatility. 

Data from Cointelegraph Markets Pro and TradingView shows that after spending the morning hovering around $38,200, BTC was hit with a wave of selling that pushed the price to $36,800.

BTC/USDT 1-day chart. Source: TradingView

Here is what several analysts and traders are saying about Wednesday’s Bitcoin price action and what areas to keep an eye on moving forward.

Bulls are in trouble below $36,700

Insight into the major support and resistance zones of note for Bitcoin was provided by crypto trader and pseudonymous Twitter user ‘HornHairs’, who posted the following chart indicating a solid level of support near $37,400.

BTC/USDT 1-hour chart. Source: Twitter

According to the analyst, after finding support at this level, “a move back to $38,000s is just a bearish retest unless we can reclaim $38,700.”

That being said, a bearish move could see the price continue to slide lower with the chart above indicating that bulls are in trouble below $36,781.

HornHairs said,

“A drop below $36,700 and a move to take out range low seems likely, seeing as we took out the range high yesterday.”

Will the fourth attempt be the charm?

A look at the descending price action for BTC since topping out in November was provided by crypto trader and pseudonymous Twitter user ‘Daan Crypto Trades’, who posted the following chart highlighting the difficulty Bitcoin has had at breaking above this trend.

BTC/USD 1-day chart. Source: Twitter

Daan Crypto Trader said,

“Everyone seems to be watching this same line now which could cause for some fakeouts. So be cautious for that. It’s currently testing the diagonal for the 4th time. When will it break?

Related: BTC price dives with stocks as fresh sell-off sees PayPal shed nearly 25%

“A fully intact bull market that is consolidating”

A forward-looking analysis on what could come next for Bitcoin was summarized by technical analyst and pseudonymous Twitter user ‘Decodejar’, who posted the following chart outlining a possible move lower for the top cryptocurrency.

BTC/USD 1-day chart. Source: Twitter

According to Decodejar, this is a common chart being circulated by analysts which shows a “bearish ABC wave 4 expanded flat, ending below last year’s lows.”

While this is a common pattern, Decodejar indicated that “there’s not much volume for an impulse” and he doesn’t “think we break last year’s lows.”

Decodejar said,

“What this all boils down to is that the correction is likely almost done at these levels, even if the market needs more time. What I do not see is a bear market, in fact, I am sick of hearing it. I see a fully intact bull market that is consolidating.”

The overall cryptocurrency market cap now stands at $1.729 trillion and Bitcoin’s dominance rate is 41.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.