Crypto Winter Is Thawing With Bitcoin And Ethereum Rebound Signal

It’s been a rough few weeks for cryptocurrencies, but things are finally looking up! Cryptocurrencies that have fallen off their highs over the past three weeks appear to be on an upward trajectory again.

Crypto winter is thawing as crypto markets are showing some signs of life. For example, Bitcoin, which fell 52% from its November highs to a low of around $33,000, has gained 15% in the past seven days, and Ethereum, which dropped 55% from its all-time high, has rebounded 13%.

Related Reading | Bitcoin and Ethereum rebound signals ‘crypto winter’ thaw

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January was a tough month for crypto investors. Still, Bank of America’s global strategist Alkesh Shah says he saw increased interest from people who want to invest or trade cryptocurrencies. He expects prices will rise throughout 2022 and into 2023 as more regulatory clarity emerges about digital assets like Bitcoin.

Bitcoin Price
Bitcoin price is steady at around $44,000. Source: BTC/USD on

When it comes to risky assets, like equities and real estate Shah says that their prices can fluctuate wildly. But with crypto, there is one additional factor: the Federal Reserve’s announcement about possible rate rises in March could affect its value too.

According to Shah statement;

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The market as a whole, and risk assets broadly, really weren’t expecting how many rate hikes are now being talked about.

Experts Predictions On Rate Hikes In 2022

The economy grows with each passing year, and inflation trends remain stable. This has led some experts to predict even more rate hikes in 2022. For example, Goldman Sachs’ forecast of four per season during the year 2022; however, one prediction stands out: Shah’s own bank forecasts seven increases in 2022. 

Related Reading | Seven hikes? Fast-rising wages could cause the Fed to raise interest rates even higher this year

The current decline in crypto prices is likely to continue for the next three months, but after that, it’s unlikely unless there are some significant changes. 

A recent study done by Shah suggests banks may hike interest rates which would cause even more problems with traders who rely on volatile assets like cryptocurrencies as their sole investment vehicle.

Crypto markets are adjusting to a new reality where risks no longer reap rewards. According to Shah, prices will again start climbing once the market will adjust to the new reality.

During the interview, Shah added:

Then, this group especially (crypto assets), can start to move up more based on the fundamentals of growth and adoption and all of the new applications being built on this ecosystem.

With recent developments in the blockchain space, more investors are beginning to take notice of Ethereum and its various applications. There’s not only one Ether but three different ones worth noting: Binance Coin (BNB) Avalanche (AVA). Each has its unique function that entrepreneurs can use to build on top of these networks or anyone looking into what they do – from security purposes all way down to simplicity.

Additionally, Shah said:

Investors just can’t ignore the sector anymore; It’s gotten too big to ignore.

                   Featured image from Pixabay, chart from


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Gucci Buys Land in Ethereum Game The Sandbox to Create Metaverse Experiences

Gucci is doubling down on its commitment to the metaverse.

The designer clothing brand announced on Wednesday that it’s bought an undisclosed amount of virtual land on the decentralized blockchain game The Sandbox. Gucci will create themed experiences on The Sandbox inspired by its “Gucci Vault” platform, which lists items like Gucci-themed NFTs and vintage bags.

In addition to a fashion-focused metaverse space, Gucci also will be releasing fashion items for Sandbox players to purchase and wear in the game’s virtual reality.

“For a new generation of players, virtual fashion is as important as real-life fashion,” Sebastien Borget, COO and co-founder of The Sandbox, said in a statement.

This isn’t the first time Gucci has licensed items for virtual wear. It previously partnered with two Roblox developers to release an official clothing collection in December 2020. Gucci also created a virtual space on Roblox called the “Gucci Garden Experience.” Notably, some of the Roblox items ended up being scalped and resold for thousands of dollars, with prices comparable to that of actual Gucci bags.

But unlike Roblox, The Sandbox is a distinctly crypto-focused platform. Users must purchase virtual land and items using the SAND token, and the game itself is built on the Ethereum network. That being said, The Sandbox is no stranger to wild prices for virtual things, either, with buyers scooping up virtual real estate near celebrities’ virtual land for hundreds of thousands of dollars.

Gucci, which made a name for itself in crypto as the first luxury brand to release an NFTa type of token used to demonstrate ownership of digital itemscontinues to invest in decentralized platforms and assets, and it shows no signs of slowing down when it comes to expanding into the world of Web3.

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Metaverse Token From Axie Infinity (AXS) Ecosystem Suddenly Erupts 150% in Less Than a Week

One play-to-earn (P2E) altcoin is seeing major gains after news spread that its future supply would be cut drastically.

In a new blog post, hit blockchain-based game Axie Infinity (AXS) announced a major rule change for its 20th season where players will no longer earn Smooth Love Potion (SLP) for completing “daily quests” in an effort to stabilize the token’s value.

“As a first measure to stabilize the economy, we have removed all SLP rewards from adventure mode [which] was originally conceived as a way for the community to learn how to use their Axies. It has outlived its purpose.”

‘Axies’ are non-fungible tokens (NFTs) that also serve as creatures within the game that users can battle and breed.

The gaming company says that the rule change will reduce new SLP issuance by approximately 45 million tokens each day.

A previous blog post stressed how critical the move is toward ensuring the survival of the game itself.

“Inflation of SLP has been very high, with around 4x more SLP being created (supplied) per day than burned (demanded) through breeding [Axies].

We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful.”

The price of Smooth Love Potion has been ripping higher and higher all week. Last Wednesday SLP was trading for under a penny but began to surge upward in successive waves starting on Monday.

Today the altcoin is up another 39%, and remains up 176% in the last seven days, priced at $0.026

Axie Infinity’s native token AXS is also in a winning mood, having risen nearly 30% over the same time period and currently up 4.81% to $66.69 at 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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Ethereum (ETH) and Altcoins Face Downside Risk Amid Strong Bitcoin (BTC) Rally, Says Top Crypto Strategist

A top crypto analyst and trader is issuing a warning that Ethereum (ETH) and other altcoins could see lackluster performances as Bitcoin (BTC) continues to rally.

Pseudonymous analyst Credible tells his 307,500 Twitter followers that he believes Bitcoin is in the midst of its fifth-wave rally, where BTC potentially prints a new all-time high around $80,000.

According to the crypto strategist, he expects altcoins to suffer during this rally as Bitcoin attracts most of the liquidity in the crypto markets.

“My thoughts on BTC dominance at this time. Long story short – BTC outperforms during initial stages of our final fifth wave impulse, alts steal the show after that as BTC tops, [and] dominance makes a new all-time low before this is all over.”

Source: Credible/Twitter

Credible adheres to the Elliott Wave theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that tends to manifest in waves. According to the theory, the fifth wave is the final leg of the bull market.

Meanwhile, the Bitcoin dominance Index measures the valuation of BTC in relation to the market cap of all other crypto assets. Looking at Credible’s chart, he expects BTC dominance to surge in the coming months, suggesting that Bitcoin’s value will either grow faster than altcoins or that alts will correct as the leading crypto rallies.

With Bitcoin bouncing from its 90-day low of $33,184, Credible believes that all eyes will now focus on BTC.

“Starting to feel as if BTC is going to suck the life out of alts in [the] immediate short/mid term (coming weeks) if we do breakout soon. As tempted as I am to move funds into cheap alts here, I think the right move is to focus on BTC for now and focus on alts a little later.”

Credible also says that he’s looking at Ethereum against Bitcoin (ETH/BTC) as an indicator of how altcoins, in general, will perform in the short term.

“ETH/BTC has now closed UNDER green level, which means the breakout was probably a fakeout. Expecting more downside. Lines up with [the] expectation that BTC is gearing up for a run and alts will take [the] initial hit.”

Source: Credible/Twitter

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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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Bitcoin Futures Basis Hints At Possible Disbelief Rally

Bitcoin has recovered back to $42,000 since the dump after recording a bearish trend. Since then, sentiment, as well as momentum, has since turned towards the positive, leading the digital asset back on the path to a bull rally. But this does not tell the whole story. In this report, we take a look at the bitcoin futures basis, where it’s at, and what it currently says about sentiment among institutional investors.

Institutional Investors Getting Bullish?

Institutional investors may be getting bullish based on what the bitcoin futures basis is saying. Although there has not been much change in the futures basis despite the recent strength displayed by bitcoin, it still helps to take a look.

Related Reading | Bitcoin Settles Above $43,000, But What Does The 4-Year Cycle Say?

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Mainly, derivatives trades remain on the fence. The CME’s basis has also been stabilizing around 3%, in addition to the gap between the CME and the offshore market continuing to narrow ever more slightly. As for the three-month basis in the offshore venues, it remains stable, still circulating around the 3.5% to 5.5% level. It sits below the recorded level for the previous week though.

Bitcoin price chart from

BTC trading below $44K | Source: BTCUSD on

CME’s front-month contract is now trading above the offshore market. This is a significant milestone in the fact that this is rare. The last time the front-month contract on CME was trading above the offshore market was in October of 2021. This could mean that institutional investors are starting to look at the market through a more positive lens, which could turn bullish going forward.

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Bitcoin Futures Basis Is Rising

The bitcoin futures basis has been rising as evidenced across various crypto exchanges. There could be a number of reasons for this but it could also be a direct result of growing inflows into some of the futures-based ETFs that were approved last year. BITO alone had seen a total of 135 March contracts on Monday. This could also be seen as a contributor to the growing basis.

Related Reading | Bitcoin Flips $44k To Support, Bulls In Longest Rally Since September

Bitcoin futures annualized rolling 3-month has been on the rise, with FTX leading the charge. Usually, Binance, the world’s foremost leading crypto exchange, would be the highest but not this time.

Chart showing bitcoin futures basis across different platforms

Binance trading below FTX | Source: Arcane Research

FTX has seen a 5.36% on its bitcoin futures annualized rolling 3-month basis. Binance is trading below this basis at 3.92%.  Others are Deribit, BitMEX, and the CME, all coming in at 4.41%, 3.81%, and 2.76% respectively.

These numbers point to brewing momentum even though the futures basis has remained mostly flat. With price picking back up on the charts, derivatives traders may begin to come off the fence, most likely stepping into the bullish territory.

Featured image from MARCA, charts from Arcane Research and


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BlackRock Could Soon Offer Crypto Trading to Its Clients

Key Takeaways

  • BlackRock has plans to offer its investors crypto trading as well as the ability to borrow money with crypto collateral.
  • Various sources informed Coindesk of these plans. However, BlackRock has not officially confirmed these reports.
  • BlackRock is the world’s largest asset manager, with more than $10 trillion under management from institutional clients.

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The asset management giant BlackRock plans to offer cryptocurrency trading to its clients, according to sources interviewed by Coindesk.

Institutional Clients Will Likely Get Crypto Trading

According to those sources, BlackRock plans to give its institutional clients the ability to trade cryptocurrencies. Those clients would also be able to borrow money using crypto as collateral.

One source suggested that BlackRock will offer the service on its Asset, Liability, Debt and Derivative Investment Network, or “Aladdin.”

Another source provided further details of BlackRock’s plans, claiming that the firm aims to get “hands-on with … crypto” and that it is “looking for providers in the space.”

The third source said that about 20 BlackRock employees are currently investigating cryptocurrency and opined that those employees “see all the flow that everyone else is getting,” adding that “they want to start making some money from this.”

The sources did not indicate when the service might be introduced.

BlackRock Is Interested In Crypto

BlackRock has not confirmed those reports. However, it is known that the firm is considering blockchain. The firm began searching for a blockchain strategy lead for Aladdin last June. Prior to this, it posted job listings seeking a blockchain executive in December 2020.

While the CEO of BlackRock, Larry Fink, has said before that he was “fascinated” by Bitcoin, he has been quick to mention the lack of demand for cryptocurrency among institutional clients. Meanwhile, BlackRock Managing Director and Chief Investment Officer, Rick Rieder, called Bitcoin more functional than gold in November 2020.

The company is also apparently planning to launch an ETF that tracks blockchain companies, according to SEC filings seen in January.

BlackRock is the world’s largest asset management company, with more than $10 trillion in assets under management. Its clients include endowments, sovereign wealth funds, and public pension schemes.

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

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Tennessee lawmaker introduces bill which would allow state to invest in crypto

Jason Powell, a member of the Tennessee House of Representatives, has introduced a bill proposing counties, municipalities, and the state to invest in cryptocurrencies and nonfungible tokens, or NFTs. 

According to Tennessee House Bill 2644 introduced on Feb. 2, Powell proposed amending the current state code to add crypto, blockchain, and NFTs to the list of authorized investments for the counties, state, and municipalities to make with idle funds. Lawmakers assigned the bill to the House Finance, Ways, and Means Subcommittee on Feb. 8 for further consideration.

The legislation was the second related to crypto and blockchain introduced by Powell. The same day, he asked Tennessee lawmakers to consider forming a study committee aimed at making the state “the most forward thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency.” Tennessee House Bill 2643, should it be passed by the legislature, would appoint the state’s commissioner of commerce and insurance, currently Carter Lawrence, to chair the committee with members including a representative with “experience or knowledge in cryptocurrency” and another with knowledge of federal securities laws.

Among the proposed study committee’s duties would be to review data on crypto and blockchain across the United States, determine the status of laws applicable to the crypto space, study NFT use cases and regulations, open a dialogue with industry experts, and present recommendations on potential legislation to promote Tennessee as a blockchain and crypto hub. The group’s first report would be due by Dec. 31, 2022, with the law expected to take effect by July 1 if approved by lawmakers.

Powell seemed to be hedging his bets on the aforementioned legislation, however, as he also proposed a bill which would direct the Tennessee Advisory Commission on Intergovernmental Relations to conduct a similar study on crypto and blockchain laws across U.S. states due at roughly the same time. In 2018, he introduced a bill which would have recognized the use of smart contracts in the state. 

Because of the 10th amendment of the U.S. Constitution, lawmakers in states and at the federal level often cross paths to determine which body governs certain aspects of business and trade. The result is what many industry experts have described as a patchwork of legislation which crypto firms must navigate to legally operate in the United States.

Related: US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets

In 2021, many local and state officials jumped on the bandwagon to promote their areas as having crypto-friendly regulations or other incentives for the space. In December, Florida Governor Ron DeSantis proposed the state government allow businesses to pay fees with cryptocurrencies including Bitcoin (BTC), while a bill signed by Kentucky Governor Andy Beshear in March reduced the sales tax burden of crypto miners operating in the state.

Cointelegraph reached out to Jason Powell, but did not receive a response at the time of publication.