Tag: Bullish

EOS Community Revolts Against Brock Pierce’s Block.One, Won’t Pay 67M EOS

by NEWSBTC

EOS and Block.One are back on the news. Is this one positive or negative, though? The EOS Network Foundation, a community-led organization, voted to decouple from Block.One. The ENF alleges that Block.One is no longer working for the benefit of the network. The company that created EOS will not get the 67M EOS that they had coming distributed over the next seven years. Even though the infamous Brock Pierce resigned from the company years ago, this will also affect his finances.

Related Reading | Peter Thiel and Bitmain Invest in Block.one to Support EOS Ecosystem

In The Present, What Does Brock Pierce Have To Do With Block.One?

This might’ve been the last straw. Just last month, Block.one announced that they were selling 45M EOS at a discount to one of Brock Pierce’s ventures.

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“Today we are pleased to announce that we have agreed to transfer 45 million EOS tokens to Helios.

Led by Brock Pierce, Helios takes aim at serving the EOS community through several high ambitions, including creating an EOS Venture Capital fund, facilitating the creation of institutional-grade EOS financial products, supporting the creation of infrastructure, tooling and documentation for developers, and organizing community events around education, networking, and use case development.”

A pseudonymous Twitter user that broke the news, analyzed it as follows:

He says that “Block.One went in to a deal to sell their vested EOS tokens for a discount to their previous associate Brock Pierce!” And that, to stop this behavior, “The EOS community worked as one big DAO. An excellent example of democracy through voting and DpoS.” Even though the ENF is not a DAO, this might be a good example of how Decentralized Autonomous Organizations should work. However, should a decentralized protocol be so easy to control? Should the EOS Network Foundation be able to roll back a smart contract just like that?

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In any case, according to The Block, the company is not yet in control of the 45M EOS they promised Brock Pierce. “Eight million of the tokens were already vested and controlled by Block.one while 37 million are still vesting (meaning they haven’t been released by the network yet).” Is this transaction what the EOS Network Foundation wants to block? 

EOSUSD price chart - TradingView

EOS price chart on Coinbase | Source: EOS/USD on TradingView.com

What Did The EOS Network Foundation Want?

The ENF was negotiating with Block.One. According to The Block, their goal was to “get hold of the EOS network’s intellectual property.” However, one of Block.One’s side projects, an exchange called Bullish, owned the IP. And Block.One “wouldn’t publicly commit to getting the intellectual property back.” What did the company do instead? They announced this:

“In addition to the recently announced Helios transaction, today we are pleased to announce our intentions to offer the following grants of vesting tokens that are intended to be given over time, and subject to our token availability:


  • EOS Network Foundation – 30m EOS


  • Pomelo – 1m EOS


  • EdenOS – 1m EOS”

Related Reading | Cardano CEO Shares “Too Big Too Fast” Insight on EOS CTO Departure

How did the EOS Network Foundation react? They wanted the IP, not tokens. So, they created this proposal, which was approved. The ENF director, Yves La Rose, took to Twitter to declare victory.

“Through a super majority consensus, the EOS network has taken its future in its own hands. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs.”

The community spoke. They will roll back and block the 67M EOS that Block.One had coming. How does that put them regarding the EOS network’s intellectual property? Do they have any chance of getting that IP now?

Featured Image by Valentin Salja on Unsplash  | Charts by TradingView

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Cardano and Ethereum’s Trajectory Depends on Bitcoin Hitting This Target, According to Crypto Analyst Justin Bennett

by Dailyhodl

Crypto analyst Justin Bennett is saying the direction of Cardano (ADA) and Ethereum’s (ETH) price will likely depend on whether Bitcoin (BTC) exhibits bullish or bearish behavior.

In a new issue of the Cryptocademy newsletter, Bennett says that Ethereum’s support at the $4,200 level is currently holding well.

The second-largest crypto asset could appreciate further depending on Bitcoin’s next moves, according to Bennett.

“[Bouncing off the $4,200 level] could open the door to higher levels like $4,600. Just keep in mind that it depends on what BTC does if it reaches the $53,000 resistance area.”

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Source: Justin Bennett/Cryptocademy

Ethereum is trading at $4,315 at the time of writing.

The crypto trader points to the smart contract platform Cardano currently enjoying strong support at the $1.35 level. According to Bennett, if Cardano rises above $1.50 it would indicate more upside potential while falling under $1.35 would be bearish.

“Cardano has reached an interesting place on the chart. There’s a confluence of support near $1.35 that’s currently holding on a daily closing basis.

We’ll see if that continues. As we all know, it’ll likely depend on whether or not Bitcoin can get back above $53,000.

A close above $1.50 would signal strength and expose $1.70 while a close below the $1.35 area would suggest further downside.”

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Source: Justin Bennett/Cryptocademy

Cardano is trading at $1.37 at the time of writing.

Bennett says that after falling by over 20% in a span of hours about a week ago, Bitcoin has made an “impressive recovery.” The crypto trader says that unless Bitcoin rises above $53,000, the recovery recorded so far is “just a relief rally.”

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Source: Justin Bennett/Cryptocademy

Bitcoin is trading at $49,340 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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Billionaire Orlando Bravo Owns Bitcoin And Is Very Bullish

by Bitcoin Magazine

The cofounder of private equity firm Thoma Bravo told CNBC that institutional adoption would fuel higher prices.

  • Orlando Bravo, the cofounder of private equity firm Thoma Bravo, told CNBC today that he is an investor in bitcoin and a believer in its potential to surge in value over the coming years.

  • “Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years,” Bravo said about bitcoin.

  • Thoma Bravo recently participated in a Series B funding round for bitcoin exchange FTX, currently valued at $18 billion. Thoma Bravo has over $83 billion in assets under management.

Bravo, who is also a managing partner of the private equity firm, shared why he is bullish on bitcoin at CNBC’s Delivering Alpha conference on September 29. He said he personally invested in BTC and is very bullish on Bitcoin’s future.

“For me, it’s pretty simple. More people are going to use in the future than today, and it’s going to be more established,” Bravo said. “Institutions are just beginning to go there, and once that happens, I think it will increase significantly over the years. I’m very bullish.”

Bravo’s private equity firm has a long history of more than 40 years. It has been focusing on investing in software and technology companies for 20 years and had over $83 billion in assets under management as of June 30, 2021.

Companies have just recently started becoming aware of Bitcoin’s potential. According to data from bitcointreasuries.net, the biggest known corporate holding of bitcoin is that of MicroStrategy, the software company headed by Bitcoin advocate and bull Michael Saylor, with a 114,041 BTC stack. Tesla comes in second, with 43,200 BTC. In total, all the bitcoin being held on treasuries represent nearly 8% of the total 21 million coins supply that will ever exist.

As corporations start taking notice and rush to acquire bitcoin, the price will have no ceiling. With corporate FOMO, Bitcoin’s limited supply will catapult the dollar value to levels nobody can imagine. Bravo, Bravo.

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Institutional Investors Turning Bullish on Crypto: Survey Suggests

by Blockchain News

A new survey from Nickel Digital Asset Management (Nickel), a European investment manager dedicated to the cryptocurrency industry, has highlighted the increasing bullish stance of institutional investors in the ecosystem. 

Drivers of Institutional Investors’ Bullish Stance

Per the survey featuring institutional investors and wealth managers who have no prior exposure to crypto, across the United States, UK, Germany, France, and the United Arab Emirates, it was discovered that about 62% of those surveyed confirmed their readiness to commit funds into the nascent ecosystem in the coming year.

The underlying drive to invest in crypto differentiates amongst the surveyed money managers, with 47% aiming to invest in the industry because digital assets can give good long-term capital growth prospects. While some 44% of the respondents acknowledged that their decision is hinged on the fact that other hedge funds and corporate bodies are investing in the ecosystem, a group of 41% of the survey participants said their decisions will be backed by the fact that regulations governing digital assets are gradually improving.

“There is no doubt that the cryptoassets market is becoming more mainstream in the institutional and wealth management sectors,” said Henry Howell, Head of Business Development of Nickel Digital, “This is being driven by several factors, including strong market performance during the Covid crisis, more established investors and corporations endorsing the market, and the sector’s infrastructure and regulatory framework improving. “As these trends continue to evolve, this will fuel further growth in the market from professional and sophisticated investors.” 

Investing Through Regulator’s Support

With the growing popularity of cryptocurrencies in the past years, many institutional investors, particularly those concerned about the thin regulations governing the space, began demanding crypto-backed investment vehicles like Bitcoin ETFs. Many market regulators have heeded to this clamour with a number of crypto-backed ETF products that have made their way into economies, including Canada, Germany, Brazil, and Switzerland, amongst others.

Image source: Shutterstock

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Worried About The Dip? Zoom Out, Bitcoin Is Up Over 7,000% In 5 Years

by Bitcoin Magazine

It is easy to get trapped in watching short-term price fluctuations of BTC, so it helps to zoom out and learn more about Bitcoin.

Short-term price action can often get in the way of a more fundamental understanding of Bitcoin. Newcomers are especially prone to selling coins at a loss if they don’t go through the learning curve and dig deep into good resources.

But for those who have fallen down the rabbit hole, frequent red candles are nothing but a distraction to them because they have understood the actual value of Bitcoin. If you still care about the USD value of BTC and are still somewhat affected by daily movements in the bitcoin price, here are a few data points that might bring you some peace, from Bitcoin ROI.

First, it helps to zoom out and compare the bitcoin price with a less-volatile currency, commonly used as a store of value and medium of exchange by regular people. BTC has increased over 7,000% in value in the past five years, 300% in the past year, and 46% year-to-date against the U.S. dollar, the world’s reserve currency.

Bitcoin price in U.S. dollars since 2010, logarithmic scale. Source: CoinMetrics

Bitcoin price in U.S. dollars since 2010, logarithmic scale. Source: CoinMetrics



However, the U.S. dollar is hardly ever sought after by people to increase their purchasing power since it is widely used as a unit of account. Naturally, for that purpose, investors allocate at least part of their money into higher-risk investment vehicles. Over the past decade, tech stocks and major indexes like the S&P 500 and the Nasdaq have seen the biggest gains in U.S. dollars among traditional investment vehicles.

In either case, Bitcoin beats the pack once more. In the past five years, the peer-to-peer digital monetary network has been up more than 3,400% against the S&P 500. Bitcoin is also leading by more than 200% in the past year and 25% year-to-date. With the Nasdaq, it is no different. BTC has outperformed the tech index by over 2,000%, 190%, and 25% over the same three periods.

Individual tech stocks, usually referred to as “growth stocks,” have also underperformed. Over the past five years, bitcoin has increased more than 2,500% in USD value against Facebook, 1,600% against Amazon, 1,300% against Apple and Microsoft, and 1,900% against Google. The peer-to-peer money has also outperformed the FAAMGs in the past year by over three-digit percentage marks. Bitcoin also beat Tesla over all three timeframes.

Over the past year, Bitcoin has eaten all other assets for dinner. Source: TradingView

Over the past year, Bitcoin has eaten all other assets for dinner. Source: TradingView



Bitcoin doesn’t disappoint the store of value folks either. Gold, historically the most sought-after asset for store of value purposes, has been losing the price appreciation race against bitcoin in nearly all timeframes. BTC has outperformed gold by over 5,000% in the past five years, 340% in the past year, and 57% year-to-date.

In short, Bitcoin has been the best performing asset in the world for some time now. Even when adjusted for risk, BTC beats all other investment vehicles with the best return on investment (ROI). The only way for bitcoin to lose in the price appreciation race is if it’s set on too short of a course. Considering very short-term timeframes, six months or less, BTC can indeed be seen losing the race for some assets. However, that is precisely the point.

All short-term price action is nothing but noise, and Bitcoin should be seen for the transformative technology it is. Successful investors will be those who mute the daily, weekly, monthly fluctuations in price in favor of the big picture — the set of lasting changes with which Bitcoin can provide society at large.

Bitcoin makes outstanding gains in price over more extended periods because it takes people time to understand it, purchase it, and hold it long term. Until someone truly understands Bitcoin’s potential, they are prone to sell at a loss, blinded by the short-term price movements. Don’t be short-sighted; zoom out and get up on learning more each day with these great resources and understand why Bitcoin exists.

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Surging 60% Since Last Month, Is Bitcoin Heading Back To Its All Time High?

by Bitcoin Magazine

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary Of The Week

A mere month ago, bitcoin was hovering below $30,000 with many expecting a further dump. But if you bought the dip, you’d already be up over 60% with bitcoin breaking $50,000 on Sunday, trading on levels last seen in mid May. With bitcoin’s surge of over 60% over the last month, can we expect it to hit its most recent all-time high of just over $64,000?

Perhaps unsurprisingly, the last week has been full of bullish news as more institutional investors come onboard, banks pave the way for bitcoin adoption, and legendary investors jump on the bitcoin bandwagon (or confirm they’ve been along for the ride this whole time). Let’s take a look at the last week in bitcoin.

Timeline Of Bitcoin This Week

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Bullish Financial Services News

❶ Not to be left behind, global retail giant, Walmart, posted a job listing for a ‘digital currency and cryptocurrency product lead’ on Monday. Following in the footsteps of other retail giants, such as Amazon, Walmart appears to be getting ready to explore the acceptance of bitcoin and other cryptocurrencies. For some context on the company’s size, in its last fiscal year, Walmart reported nearly $560 billion in revenue, during a global pandemic. The scale at which they operate could bring a drastic increase to the bitcoin network should they choose to allow bitcoin payments.

❷ Also on Monday, Jehudi Castro Sierre, an advisor to the President of Colombia called bitcoin the “most brilliant piece of software ever” leading many to speculate this could lead to the South American nation looking to adopt bitcoin as either legal tender, or an investment, much like El Salvador. Nothing to this effect has been announced, or even rumoured, but the markets love to speculate.

❸ On Tuesday, news emerged that the UK’s largest retail bank, Lloyds Banking Group, is hiring a “Digital Currency Manager.” The bank has over 30 million customers in the UK and appears to be interested in offering services catering to increased demand for crypto and bitcoin specifically.

❹ Also on Tuesday, Fidelity, one of the largest financial services company which manages $10 trillion in assets said that bitcoin is a key focus for them now as it is emerging as a real asset class, revealing that 90% of Fidelity’s biggest clients are asking about bitcoin.

❺ On Wednesday, news emerged that billionaire Peter Thiel’s company, Palantir Technologies, is now accepting bitcoin. Thiel has welcomed bitcoin as a hedge against fiat currency inflation, however cautioned that “you have to be prepared for a future with more black swan events.”

❻ Also on Wednesday, legendary investor, Bill Miller, revealed that he’s been buying bitcoin since it was $200. The 71 year-old investor has been betting big on investments in software this year and announced that he’s acquired a stake in Coinbase, appearing to remain bullish on bitcoin.

❼ Thursday was a busy day for bullish news as Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank struck a deal with Coinbase that will allow its 40 million customers to buy bitcoin. Japan has some of the highest bitcoin trading volume in the world and the government has been very open towards cryptocurrencies.

❽ Also on Thursday, banking giants Wells Fargo and J.P. Morgan both filed for private bitcoin funds. Both institutions have been against bitcoin in the past, but it’s become an asset that’s hard to dismiss.Their pursuit of bitcoin-based products has undoubtedly been in part influenced by demand from customers.

❾ Wrapping up Thursday’s bullish news, payments giant Worldline partnered with Bitcoin Suisse to allow 85,000 merchants in Switzerland to accept bitcoin, paving the way for wider adoption in the country with over 8.5 million inhabitants.


❿ Finally on Friday, the world’s largest asset manager, BlackRock, revealed that it’s pursuing investments in bitcoin mining, joining the likes of Fidelity and Vanguard. The firm invested over $382 million in shares of Marathon Digital Holdings and Riot Blockchain.

Bear FUD And Criminals

Just because nothing hit the headlines doesn’t mean there hasn’t been any negativity towards bitcoin over the last week. Jake Klein, executive chairman of Australian gold mining firm, Evolution Mining, made some misguided claims, saying that bitcoin’s volatility will drive investors back to gold.

Criminals were also in the spotlight over the last week, as Helix operator, Larry Dean Harmon, forfeited 4,400 BTC to the U.S. Justice Department as part of a guilty plea to laundering charges. The Swedish government was also forced to pay a jailed drug dealer 33 BTC, after it sold his holdings when he was arrested. This will likely continue the “crypto is for criminals” narrative wrongly being pushed by many.

Then there’s the continued FUD about bitcoin mining’s effect on the government. This week Fortune published a piece about how CO2 emissions from bitcoin mining will exceed that of Mexico or Brazil should bitcoin hit $500,000, but doesn’t consider that the higher bitcoin goes, the more incentive there will be for greener mining operations. Pieces like these continue pushing a narrative that bitcoin can’t “go green” or in fact won’t, when the opposite is true.

Overall it’s good that the bearish news seems to be slowly fading to the so called “back pages,” but there still seems to be a push by traditional media to find negative angles to cover or negative voices to provide a platform to.

A Bullish Verdict

I’ve said for weeks now that bitcoin is overdue for a breakout, and the last month’s trend upwards confirms that bitcoin is poised to start a new run. The last week has been overwhelmingly bullish, even if the price didn’t necessarily “moon.” More banks, institutional investors and others are joining the fray. Bitcoin is becoming undeniable as a sturdy investment and with the effects of the COVID-19 pandemic continuing, it’s undeniable that the global economy is going to suffer for a few years.

Bitcoin stands out as a hedge against inflation, and as the money printers continue in overdrive across the globe, it’s becoming an increasingly important investment vehicle for those who want to uplift themselves from the so-called financial tyranny of the fiat currency system.

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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The Last Week Has Proven Bitcoin Is Heading Upwards

by Bitcoin Magazine

Last Week In Bitcoin is a series discussing the events of the previous week that occurred in the Bitcoin industry, covering all the important news and analysis.

Summary of the Week

After briefly dipping below $43,000 on Monday, bitcoin has remained relatively steady around $46,000 during the week, briefly surpassing $48,000 over the weekend. It may be too early to call, but it appears as if it’s time to get overly bullish for the short term. Over the past week, the U.S. Senate passed their controversial U.S. infrastructure bill, Bloomberg and Kraken’s CEOs seem to agree bitcoin is heading to $100,000 this year, and the president of Argentina says the country is open to adopting bitcoin as legal tender. Here’s last week in bitcoin:

Timeline Of Bitcoin This Week

image1

Bullish News That Proves Bitcoin Is Heading Upwards

❶ On Monday, bitcoin mining firm Argo announced record profits for the second quarter of 2021. They went on to state they own 1,100 BTC and have no intention of selling their holdings. This bullish sentiment appears to be shared across the market as miners continue to hold most of the bitcoin they mine.

❷ On Tuesday, Reddit darling AMC Theatres announced they would soon start accepting bitcoin payments for movie tickets and concessions. Whether moviegoers want to pay with bitcoin remains to be seen; however the company currently sits on a cash reserves pile worth $2 billion, which would be able to buy nearly 44,000 BTC, a larger stockpile than Tesla’s.

❺ On Wednesday, a Bloomberg Intelligence report stated that bitcoin is still on track to surpass $100,000 later in this year. If that’s not bullish enough, Kraken’s CEO, Jesse Powell, shared a similar opinion, suggesting bitcoin may far exceed $100,000 in the months ahead. As mentioned before, I share this same outlook and bitcoin’s performance over the last two weeks seems to indicate that we’re ready for liftoff.

❻ Also on Wednesday, digital car insurance firm, Metromile, announced that they purchased $1 million in bitcoin with plans to purchase an additional $10 million. They also stated that they would enable bitcoin payments on the platform soon.

❼ On Thursday, Choice, an $18 billion investment firm, launched a new investment option through their app that will allow users to invest in bitcoin tax-free. Users will be able to hold custody of their bitcoin or have Fidelity act as its custodian. The platform, launched last year, already manages over 125,000 retirement accounts.

❽ Also on Thursday, one of Mexico’s richest men, Riccardo Salinas Pliego added laser eyes to his Twitter profile. The business magnate, worth over $15 billion, later tweeted “I think #bitcoin has a great future and it will change the world…. we will see.”

❾ Finally, on Friday, Alberto Fernandez, the president of Argentina, was asked if the country would follow in El Salvador’s footsteps in an interview with local broadcaster, Filo News. He responded by saying “I don’t want to go too far out on a limb […] but there is no reason to say no.” This may end up being very bullish. The country has long struggled economically and embracing bitcoin as legal tender could bring relief to its millions of citizens.

Bearish News, Although Bitcoin’s Price Doesn’t Care

❸ On Tuesday, Black Rock Petroleum announced plans to install up to 1 million bitcoin miners in Canada’s Alberta province. Although that may seem bullish, this is a company that still utilizes fossil fuels and it may lead to a long term negative sentiment regarding bitcoin’s energy use, a hot topic as of late. A million mining rigs is bullish; more carbon emissions associated with bitcoin, not so much.

❹ Also on Tuesday, the U.S. Senate voted and pushed through the controversial $1 trillion US infrastructure bill, choosing not to allow any of the proposed amendments to the “crypto clause.” All hope is not lost however as it still has to go through Congress and even if it does pass without amendments there, it’s only likely to be implemented sometime in 2023.

The Verdict: Bullish Growth Ahead

Bitcoin has shown steady growth over the last three weeks. It’s already up over 50% since dipping below $30,000 on July 21st and there appear to be no signs of stopping anytime soon. In just a few short weeks El Salvador will start its nationwide rollout of bitcoin as legal tender in the country — the first phase of which will likely push more countries to adopt bitcoin as legal tender and a hedge against deflation.

Furthermore, more and more miners are opting to HODL their newly minted coins instead of selling them, indicating that they agree with the bullish sentiment that many investors and analysts are pushing out. More and more individuals and institutions agree that bitcoin may very well surpass $100,000 in the coming months, something I’ve blabbered on about incessantly as well.

The amount of companies investing in bitcoin is growing by the week. The amount of companies accepting bitcoin payments is growing by the week. I don’t believe it would be too far-fetched to say that soon the amount of countries accepting bitcoin will grow by the week. As inflation rises, fiat currencies like the dollar continue to lose their value, but bitcoin doesn’t.

Bitcoin adoption is growing by the week and if you’re not stacking while it’s a five-figure asset, you’re going to regret it when it’s a six, or even seven-figure asset. So, stack up, strap up and get ready for a wild ride in the months ahead…

This is a guest post by Dion Guillaume. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

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Top Trader Says Cardano Looking Better Than Ethereum, Doubles Down on Steep Bitcoin Rise

by Dailyhodl

A prominent crypto trader and market analyst is betting big on Cardano and Bitcoin, expecting the two crypto assets to lead the way in a new bull run.

The pseudonymous trader, known as Capo, tells his 142,700 Twitter followers that Bitcoin (BTC) looks ready to launch after breaking out of a two-month accumulation phase below $40,000.

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“Accumulation complete with the last LPS [last point of support].

UP ONLY season is here. Enjoy the ride.”

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Looking at his roadmap for the king crypto asset, Capo compares BTC’s current price action to the brief accumulation phase seen in September 2020, shortly before it broke out above $11,000.

The trader expects Bitcoin to rally to $50,000 before taking one more step down to accumulate around $40,000 and pushing beyond the $50,000 mark. 

“BTC roadmap

50 thousand -> 40-41 thousand -> consolidation above 50 thousand -> New ATHs [all-time highs]”

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Moving on to Cardano (ADA), Capo suggests that ADA looks stronger than Ethereum (ETH) over the next few weeks.

“ADA/ETH

I prefer holding more ADA than ETH over the next few weeks.

Last bullish confirmation above 57 thousand satoshis”

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Finally, Capo analyzes Ethereum against Bitcoin (ETH/BTC).

The trader thinks the second-largest crypto has the potential to outperform Bitcoin and could even flip BTC for the top position, assuming the crypto markets catch another bullish wave.

“ETH/BTC

If we get the 5th wave in the entire market, Ethereum will probably outperform Bitcoin, and the flippening will be likely.”

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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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Veteran Trader Peter Brandt Updates Outlook on Cardano (ADA)

by Dailyhodl

Veteran analyst and trader Peter Brandt is taking a fresh look at Cardano (ADA) following its recent rally.

After previously cautioning that ADA could follow Litecoin’s bearish 2018 trajectory, the popular trader says Cardano’s price structure is now looking significantly more bullish.

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According to Brandt, ADA needs to show it can hold onto a key level of support.

“New development in Cardano ADAUSD. The advance through the July 4 high goes a long way to negate the potential bearishness of the H&S [head-and-shoulders] top in this crypto.

In fact, this price action can be viewed as bullish as long as price remains above $1.25.”

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Cardano is trading at $1.85 at time of writing and is up 34.3% in the past seven days, according to CoinGecko.

Earlier this month, Cardano got the green light for listing on exchanges operating in Japan.

On August 6th, Input Output Hong Kong (IOHK) said it was preparing to roll out the final phase of Cardano’s Alonzo update, which will bring smart contract capabilities to the platform.

The Cardano developer said the Alonzo Purple testnet is up and running and is currently undergoing an onboarding process.

IOHK says that it’s aiming for Cardano to launch full smart contract compatibility in the coming weeks.

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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 (BTC) $ 25,771.91 3.82%
Ethereum (ETH) $ 1,814.47 3.02%
Litecoin (LTC) $ 87.38 6.24%
Bitcoin Cash (BCH) $ 109.42 3.91%