Analyst Says Dogecoin Will Do ‘Crazy Numbers’ This Cycle, Updates Outlook on Solana and One DOGE Rival

A closely followed trader in the crypto space says that Dogecoin (DOGE) is likely going to print sizeable gains once a proper bull market kicks off.

The pseudonymous trader known as Altcoin Sherpa tells his 209,000 followers on the social media platform X that while it may not be the most original investment thesis, DOGE is still a high-probability opportunity for getting several multiples on your capital.

“It’s not a very creative or fast trade but DOGE is eventually going to do crazy numbers this cycle. It won’t outperform other memes given its MC (market cap) but you probably make 4x your money if you buy and sell on the giga pump. Buy now and go into a coma and sell when this moons.”

Image
Source: Altcoin Sherpa/X

Altcoin Sherpa’s chart suggests that Dogecoin faces a major breakout level past the $0.18 mark. At time of writing, DOGE is trading at $0.164, up over 24% in the last 24 hours.

Looking at Ethereum (ETH) rival Solana (SOL), the trader says that SOL’s recent price action is somewhat underwhelming in a shorter-term time frame, but he remains bullish from a longer-term perspective.

“SOL: to be honest, these aren’t the best candle closes + I want to see some strong follow-up in the next few days.

Failing to do so would probably mean another move back within that $100-120 trading range. Overall, not really sure where this one goes in the midterm but I’m still bullish high timeframe.”

Image
Source: Altcoin Sherpa/X

At time of writing, SOL is trading at $129.

Meanwhile, the trader says Dogecoin rival Bonk (BONK) is presenting opportunities at the moment. Given that it’s lagging behind other memecoins like dogwifhat (WIF) and Pepe (PEPE), Altcoin Sherpa says BONK has a good chance of catching up soon.

“BONK: this is a good coin to buy right now. It’s still lagging WIF and PEPE.

When coins consolidate like this and the leaders are still going, you can easily buy this right now…”

Image
Source: Altcoin Sherpa/X

At time of writing, BONK is worth $0.000034, up nearly 50% in the past day.

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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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Phase of ‘Face-Melting FOMO’ Now Underway for Bitcoin, According to Quant Analyst PlanB

Quant analyst PlanB says that Bitcoin (BTC) has now entered the stage of its market cycle where extreme price pumps and volatility are commonplace.

In a new strategy session, PlanB shares a chart with his 118,000 YouTube subscribers that attempts to indicate the four phases of Bitcoin’s market cycles: the accumulation phase, the bull market, the distribution and the bear market.

According to PlanB, who is also the creator of the controversial stock-to-flow (S2F) model, Bitcoin has just entered the bull market, which will bring “face-melting FOMO (fear of missing out)” and massive rallies – as well as 30% dips.

“Big news here: red dot.

What we see in this chart is the stock-to-flow price again on a logarithmic scale and the colors… It’s the phases…

So we see a phase switch change right now. We go from the accumulation phase – which is over right now, there’s no more steady growth, easy buying, etc. No, we go to the bull market so there will be face-melting FOMO, extreme price pumps. 

And also, multiple, -30% dips.

A lot of people ask what I mean by that. If we look at, for example, the 2017 all-time high, which is more typical than the one in 2020 and 2021, we saw multiple – I think five or six -30% dips in there. But then, big pumps after that.

If you’ve never experienced a bull market, it will really be face-melting and scary at some times, but we have a lot of things going on. The narrative is the ETFs (exchange-traded funds) at the moment of course. We saw $500 million in inflows in one day, and that caused a 5% price pump in Bitcoin.

There are lots more inflows into the ETFs coming, so that promises a lot more price increases as well. 

And there might be in the rest of the year, in 2025, sovereign funds and nation-state adoption. Who knows what’s next? It will be very surprising, it will be extreme.”

Source: PlanB/YouTube

At time of writing, Bitcoin is worth $63,546, up over 2.5% in the last 24 hours.

 

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Top Trader Says Dogecoin (DOGE) Flashing Bullish Signal, Updates Outlook on AI-Related Altcoin

A trader who called the end of Bitcoin’s (BTC) 2018 bear market says that one momentum indicator is giving off a bullish reading for top meme crypto asset Dogecoin (DOGE).

Pseudonymous analyst Bluntz tells his 242,300 followers on the social media platform X that the Dogecoin versus Bitcoin pair (DOGE/BTC) is flashing a strong bullish reversal signal on the weekly chart.

“I was kind of avoiding DOGE because I thought it wouldn’t do anywhere near the multiples I thought WIF would do BUT……. thats a loooooottttt of weekly bull divergence on the DOGE/BTC weekly.

Might have to get a bag afterall.” 

Image
Source: Bluntz/X

A bullish divergence often signals that an asset’s bulls have begun to gain momentum even as the price trend remains down or sideways.

At time of writing, DOGE/BTC is trading for 0.0000023 BTC ($0.14).

The analyst is also keeping a close watch on the native asset of the decentralized storage network Filecoin (FIL). According to Bluntz, it’s still early days for FIL as the altcoin trades within its multi-year accumulation range.

“Finally starting to see some action again on FIL, beautiful weekly candle here.

All in all, it’s still in a huge accumulation range despite being up, definitely still early for this one.” 

Image
Source: Bluntz/X

At time of writing, FIL is worth $9.05, up over 9% in the last seven days.

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America on Eve of Banking Crisis, Warns Ex-IMF Official, With Hundreds of Lenders at Risk of Failure

A former IMF official believes the U.S. Federal Reserve has pushed America to the brink of another banking crisis.

Desmond Lachman, who was deputy director in the International Monetary Fund’s (IMF) Policy Development and Review Department, says in a new blog post for public policy think tank The American Enterprise Institute (AEI) that Fed Chair Jerome Powell is “inviting a banking crisis.”

With banks already under pressure, Lachman says the Fed is making matters worse by keeping monetary policy tight, and liquidity thin.

The ex-IMF official says it’s a mistake that’s significantly raised the odds of a hard landing for the US economy while pushing lenders to the eve of a fresh banking crisis.

In 2021, the Fed chose to ignore the markedly expansionary fiscal policy stance when it kept flooding the market with liquidity. The net result was a surge in inflation by June 2022 to a multi-decade high of over 9%.

Today, it seems to be making the opposite mistake of keeping monetary policy tight on the eve of a banking crisis at home and a weakening economic situation abroad. Unfortunately, this raises the risk of a hard economic landing within the next year or so.”

Lachman warns that commercial real estate, which makes up a major portion of US banks’ loan portfolios, is a clear Achilles heel for the industry that could result in the failure of around 385 small and medium-sized banks.

“It is estimated that this year more than $900 billion in commercial property loans fall due. It is difficult to see how those loans will be rolled over without major rescheduling. This is especially the case given how much higher interest rates are now than when those loans were originally contracted.

A wave of property loan defaults will be particularly problematic for the regional banks that are a major source of finance for small and medium-sized companies. Commercial property loans constitute around 18% of those banks’ overall loan portfolios.”

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Here’s Why Uniswap Fee Switch Could Be Pivotal Moment for Crypto, According to Analyst Jamie Coutts

Crypto analyst Jamie Coutts says Uniswap’s (UNI) recent proposal to alter its fee structure could be a pivotal moment for digital assets.

Uniswap recently put forth a proposal that would reward traders who have staked and delegated UNI with portions of the protocol’s revenue.

With Uniswap’s revenue on par with some stock markets in traditional finance, Coutts says the DEX can be an example of how profitable the digital asset industry can be and could boost UNI into an outperformance of Bitcoin (BTC).

“Uniswap ‘fee switch’ could be a pivotal moment for crypto assets in this cycle as it demonstrates just how cashflow generative some of these open finance protocols have become. Not to mention a big FU to the SEC (U.S. Securities and Exchange Commission). UNI token has rallied 50% since the news.

This is a $10 billion market cap asset on track to do $760 million in fee revenue this year, which is the equivalent of the 2023 revenues for the 13th and 14th largest global exchanges (Australian Securities Exchange and Singapore Exchange).

It trades on a 14x P/S (price-to-sales) multiple, which isn’t necessarily ‘cheap’ by traditional standards but is the same multiple as the CME (Chicago Mercantile Exchange) with one difference (of many) – Uniswap has an effective workforce of around 40 developers, which means it collects around $18.75 million in sales per employee versus the CME at $1.45 million per employee.

On the chart, the breakout from the base pattern is clear, but on the relative chart versus Bitcoin, it still has yet to prove it is in the small and select camp of cryptos that could outperform the king asset this year.”

Image
Source: Jamie Coutts/X

At time of writing, UNI is trading for $12.39.

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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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Over $360,000,000 Worth of Crypto Stolen in Month of February, According to PeckShield

Financial losses from crypto thefts significantly increased last month, according to blockchain security firm PeckShield.

In a new post on the social media platform X, PeckShield says hackers stole around $360.83 million worth of crypto assets in February, up from just $182.54 million in January.

Crypto gaming platform PlayDapp (PLA) accounts for the lion’s share of the stolen funds with $290 million in losses from two security breaches. PlayDapp tried to recover the funds by offering a $1 million white hat reward but the hackers chose to launder the money, according to blockchain analytics firm Elliptic. 

The automated crypto exchange FixedFloat comes in second with $25.85 million in losses.

Jeff “Jihoz” Zirlin, the founder of the blockchain-based game Axie Infinity (AXS) and gaming-centric Ethereum (ETH) sidechain Ronin (RON), takes the third spot. He says the breach – which drained $9.7 million worth of crypto assets from his wallets – only affected his personal accounts.

“Two of my addresses have been compromised. The attack is limited to my personal accounts, and has nothing to do with validation or operations of the Ronin chain.

Additionally, the leaked keys have nothing to do with Sky Mavis operations. I want to assure everyone that we have strict security measures in place for all chain-related activities.”

Meanwhile, layer-1 blockchain Shido (SHIDO) and stablecoin protocol Seneca (SEN) suffered losses of $7.3 million and $6.9 million, respectively.

PeckShield says only a small percentage of the stolen assets were recovered. 

“Hackers stole ~$360.83 million across over 21 attacks in February 2024, marking a month-on-month increase of 97.6% compared to January 2024. Additionally, ~1.8% of the stolen funds have been returned, totaling ~$6.7 million.”

Image
Source: PeckShield/X

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Wells Fargo Executive Drains $1,279,840 From Elderly and Disabled Customers’ Bank Accounts – Here’s How He Broke the System

A Wells Fargo branch manager has stolen over $1 million from customers via unauthorized cash withdrawals, money transfers and cashier’s checks, according to a statement from the U.S. Attorney’s Office in the Western District of Washington.

Prosecutors say Brian Davie targeted eight different victims, one of them being a woman who lost over $566,000 from her retirement accounts.

Between March 2014 and June 2019, Davie worked for Wells Fargo in Battle Ground Washington, and used his position as manager to access customer files with sensitive information about bank account balances.

The ex-manager targeted customers who were elderly, had dementia, or had limited English skills, according to the release, sending their money to a fraudulent business account in relatively small amounts that don’t need to be reported to the government.

In at least one instance, U.S. Attorneys say that Davie failed to file paperwork that would designate one of the victims’ relatives as a co-signer on the account, making it impossible for the relative to detect the fraudulent transactions.

According to prosecutors, Wells Fargo has partially reimbursed the victims for their losses, which amounts to a total of $1,279,840.

Davie has been sentenced to four years in prison.

Assistant United States Attorney Zachary Dillon said to the court,

“Bank fraud and aggravated identity theft cause devastating effects on their victims. It can often take years or even decades to undo the impact of identity theft and to untangle the impact it had on your finances and your credit score. Let alone the untold psychological damage it causes when you are unable to trust the government institutions that are designed to protect you. As a bank manager, Defendant knew better.”

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U.S. Department of Energy Agrees To Stop Gathering Information on Crypto Mining Following Lawsuit

The U.S. Department of Energy (DOE) is agreeing to stop gathering data about the energy usage rates of crypto mining firms.

In a new court filing, the Energy Information Administration (EIA), which tracks statistics for the DOE, says it will not only halt gathering the data, it will destroy all information it has already collected or will receive as a result of its survey.

“Defendants agree that EIA will destroy any information that it has already received in response to the EIA-862 Emergency Survey.

If EIA receives additional information in response to the EIA-862 Emergency Survey, EIA will destroy that data. EIA will sequester and keep confidential any information it has received or will receive in response to the EIA-862 Emergency Survey until it is destroyed.”

The parties involved view the agreement as a compromise where no wrongdoing is admitted.

Late last month, the EIA agreed to pause the collection of energy data after it was hit with a lawsuit by crypto mining firm Riot as well as the Texas Blockchain Council (TBC).

According to the plaintiffs, the EIA attempted to strongarm them and other mining companies into answering the energy consumption survey by allegedly threatening them with criminal fines and civil penalties if they did not comply.

As stated in the lawsuit,

“[The] EIA has moved forward with its information collection and is demanding – under the explicit threat of criminal fines and civil penalties – that certain companies, including Riot and many other TBC members, reply to the survey no later than February 23rd, 2024.”

The survey was first proposed in early February as a means of examining the energy ramifications of mining virtual currencies.

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Bitcoin in Midst of Sustainable Uptrend As BTC Bears Face Brunt of Futures Liquidations, According to Glassnode

Prominent crypto analytics firm Glassnode says Bitcoin is in a long-lasting uptrend powered by traders who are still doubting the strength of BTC.

In a new post on the social media platform X, the analytics firm says Bitcoin’s current bull run looks very different from the one witnessed in 2021 when BTC bulls were using excessive leverage to drive up the price of the crypto king.

According to Glassnode, bears who are shorting BTC are getting liquidated, triggering short squeezes and providing fuel for Bitcoin rallies.

A short squeeze happens when traders who borrow an asset at a certain price in hopes of selling it for lower to pocket the difference are forced to buy back the assets they borrowed as momentum moves against them, triggering further rallies.

Says Glassnode,

“It is worth noting that at both Bitcoin ATH (all-time high) peaks in 2021, long traders dominated liquidation volumes, as leveraged positions were force-closed within the intra-day volatility.

As such, seeing such a strong dominance of directional short traders being liquidated suggests many traders have been betting against the prevailing uptrend since October.”

Image
Source: Glassnode/X

Glassnode also notes that Bitcoin is moving in and out of crypto exchanges at a rate reminiscent of November 2021, when BTC printed its all-time high of about $69,000.

“The total volume of Bitcoin deposits and withdrawals to exchanges has continued to expand, reaching a staggering $5.57 billion in daily volume flowing in and out of exchanges, rivaling activity seen during the November [2021] market all-time high.”

Image
Source: Glassnode/X

At time of writing, BTC is trading at $61,825.

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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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Grayscale CEO Michael Sonnenshein Says Pent-Up Demand for Bitcoin Driving BTC Price Following ETF Launch

The chief executive of crypto investment firm Grayscale says that repressed demand for Bitcoin (BTC) is driving up its price after BTC exchange-traded funds (ETFs) were approved in January.

In a new interview with CNBC Television, Grayscale CEO Michael Sonnenshein says demand that had been kept in check before the approval of the BTC ETFs is now serving as fuel for Bitcoin rallies.

“A lot of pent-up demand based on the spot Bitcoin ETFs is coming to market.

GBTC (Grayscale Bitcoin Trust) uplisted in January of this year and that really opened doors to a lot of other spot ETFs coming to market and so we’re seeing tremendous flows and tremendous investor demand and that’s really also outpacing the supply of Bitcoin coming into the market every day which is being added to the price.”

According to Sonnenshein, Bitcoin’s rise is still in its early stages as he believes the spot market BTC ETFs have opened the doors for a new wave of investors to accumulate the top crypto by market cap.

“We’re just at the tipping point. I think many of my colleagues in the industry have called for a new wave of adoption as Bitcoin ETFs become available through advised wealth channels.

There’s over $40 trillion of advised wealth in the US and they largely have not been participating in Bitcoin or the crypto asset class more broadly. We think we’re in the early innings of this.”

Bitcoin is trading for $61,885 at time of writing, an increase of about 26% from its price when the ETFs were approved.

 

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Blow-Off Top? Legendary Trader Peter Brandt Weighs In on Bitcoin After BTC Rises Nearly 50% in a Month

Veteran trader Peter Brandt, who gained legendary status after calling the 2017 Bitcoin (BTC) collapse, is looking at the crypto king’s history to determine whether its multi-month bull run is over.

Brandt tells his 719,800 followers on the social media platform X that he thinks Bitcoin’s bull market is just getting started after BTC surged by about 45% last month.

According to the seasoned trader, Bitcoin’s last monthly candle is similar to the one witnessed in late 2020 when BTC soared above its previous all-time high of $20,000.

“Should note that huge monthly bars are usually ‘starting’ or ‘take-off’ candles or ‘ending” or ‘blow-off’ candles.

My bet is that this is a ‘starting’ candle. Note the bars in late 2020. BTC.

Oct 2021 was a blow-off candle for example.” 

Image
Source: Peter Brandt/X

But looking beyond the charts, Brandt believes that Bitcoin and other risk assets like stocks are soaring because investors think that the dollar is being destroyed by the US government through massive debt accumulation.

“Breakout in crude oil.
Gold poised for massive breakout.
Stocks into new highs.
Bitcoin soaring BTC.

WHAT IN THE WORLD IS HAPPENING?

This is all about the destruction of the US dollar. Analysts tell us to be bearish stocks because of US debt load.

Quite the opposite. Owning stocks IS the same thing as being short the US follar. Being long any asset – artwork, diamonds, real estate, cryptos, stocks, you name it – is a short US dollar play.

This is also reflected in inflation. This is what the destruction of the US Dollar USD and other fiat currencies looks like.” 

At time of writing, Bitcoin is trading for $61,890. Meanwhile, the national debt of the US is at record levels, sitting at $34.47 trillion.

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$870,000,000,000 in Interest Will Be Spent on US National Debt This Year, Exceeding Defense Spending for First Time Since 1940: Report

The US government is expected to shell out nearly a trillion dollars this year just to cover the interest on its record-level debt.

The Committee for a Responsible Federal Budget (CRFB), a nonprofit that calls attention to issues with significant fiscal impact, cites data from the Congressional Budget Office (CBO) estimating that the US government will spend $870 billion on interest payments for the 2024 fiscal year (FY).

According to the CRFB, interest spending is expected to surpass the government’s $822 billion budget for national defense this year.

“This has never been the case before, going back to at least 1940.” 

The CRFB also projects that interest payments will exceed spending on Medicare this year to become the second-largest government expense, just behind Social Security.

Source: CRFB

Looking at interest spending from another perspective, the CRFB highlights how the cost is growing relative to the size of the US economy.

“Net interest spending nearly doubled from FY 2020 to 2023, rising from $345 billion to $659 billion. As a share of the economy, interest grew from 1.6% of GDP in 2020 to 2.4% in 2023. This year, interest is projected to rise to 3.1% of GDP and will exceed its record – 3.2% set in 1991 – in 2025.” 

Data from the U.S. Treasury Department shows that the national debt currently stands at $34.332 trillion.

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JPMorgan Chase Refuses To Reimburse Customer Robbed at Gunpoint – Here’s How the Victim Fought Back

Banking giant JPMorgan Chase reportedly refused to refund a customer who was forced to make a transfer while staring down the barrel of a gun.

Chicago resident Victoria Karwowski says she and her roommate were suddenly approached by a group of thieves who wanted to drain her Chase account, reports ABC Chicago.

“All three of them armed with guns, masks, hooded, demanding all of our stuff. One of them started chasing my friend.

They were all holding their guns up to me, telling me to give them my passcode to my phone.” 

Karwowski says the thieves forced her to give up her Chase banking app password. Once they had access, they drained $1,700 from her account using the payment network Zelle.

“They sent themselves all the money in my account… It’s a very traumatizing experience. I was so on edge and so unwell.”

Karwowski says she received a $1,700 credit while Chase investigated the case. But a few weeks later, the banking giant closed the case, stating she authorized the transfer.

After the initial denial to reimburse her, Karwowski sent Chase a police report along with a video of the crime to support her claims but the lender rejected her appeals again.

At that point, Victoria sought the assistance of ABC Chicago’s I-Team, who immediately got in touch with Chase and Zelle. In a matter of days, she was able to get her money back in full.

“To have it back and kind of close that chapter altogether, and not having to worry about it anymore, was just so relieving.” 

Chase tells ABC Chicago’s I-Team,

“We’re sorry Ms. Karwowski experienced this stressful situation.” 

Meanwhile, the robbers who held Victoria at gunpoint remain at large, according to Chicago police.

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Ethereum Layer-2 Transaction Volumes Skyrocket in First Two Months of 2024, Says Analytics Firm IntoTheBlock

Ethereum (ETH) layer-2 projects are on the rise, according to the crypto analytics firm IntoTheBlock.

IntoTheBlock notes that Ethereum L2s have seen a 91% surge in transaction volumes since the beginning of 2024.

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The analytics firm also notes that both ETH and Bitcoin (BTC) continue to fly off centralized exchanges.

In a new analysis, Lucas Outumuro, IntoTheBlock’s head of research, tracked the top two crypto assets’ weekly netflows, which measures the level of each asset moving in and out of centralized crypto exchanges by subtracting the amount of their withdrawals from their deposits.

Outumuro notes that $906 million worth of ETH netflows left centralized exchanges, the smart contract platform’s 8th consecutive week of net outflows. IntoTheBlock interprets the movement of netflows off crypto exchanges as a potentially bullish sign for crypto assets.

The analyst also notes that $797 million worth of Bitcoin netflows left centralized exchanges in the past week.

BTC is trading at $62,703 at time of writing. The top-ranked crypto asset is up by nearly 23% in the past seven days and nearly 42% since the beginning of 2024.

ETH is trading at $3,445.00 at time of writing. The second-ranked crypto asset by market cap is up by nearly 17% in the past week and more than 46% since the beginning of the year.

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Original Post: Ethereum Layer-2 Transaction Volumes Skyrocket in First Two Months of 2024, Says Analytics Firm IntoTheBlock

Under-the-Radar Altcoin Surges After Surprise Listing on Crypto Exchange Binance

An under-the-radar, interoperability-focused altcoin set a new all-time high after Binance announced it was listing the asset.

Axelar (AXL) is a programmable Web3 interoperability platform that aims to provide cross-chain communication between numerous blockchains.

Explains the project’s website,

“Unlike other cross-chain connectors, Axelar is a proof-of-stake blockchain: it can do anything a blockchain can do. Transparent smart contracts built on Axelar automate paths for users, reducing them to a single click. Permissionless tools reduce developer overhead.”

The project’s native asset, AXL, is trading at $1.94 at time of writing, a nearly 27% increase from what it was priced at 24 hours ago. The 90th-ranked crypto asset by market cap also set a new all-time high, surging to $2.64 early Friday morning, a few hours after the listing was announced.

Binance attached a seed tag to AXL. The exchange applies seed tags to lower-liquidity tokens that have more volatility potential, and users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of their inherent risks.

Axelar also introduced its new virtual machine on Wednesday. Explain the project’s developers,

“Powered by Cosmwasm, the Axelar Virtual Machine turns interoperability into a programmable layer. It enables developers to write smart contracts on Axelar, while scaling their interchain deployments and “programming” the cross-chain networking layer.”

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Bitcoin’s Current Surge Is Outperforming Previous Pre-Halving Rallies, According to Analyst – Here’s His Outlook

A cryptocurrency strategist is forecasting the path forward for Bitcoin (BTC) after a double-digit rally over the past couple of days.

The crypto analyst pseudonymously known as Rekt Capital tells his 59,700 YouTube subscribers that as the halving scheduled for April approaches, Bitcoin’s current price performance appears to be more bullish than in previous pre-halving periods.

When we look at historical performances in the 60 days before the halving, we tend to see pre-halving rallies. And this is a pre-halving rally as well. But the point is here that this is overperforming, this is outperforming.”

Source: Rekt Capital/YouTube

According to Rekt Capital, Bitcoin possesses more upside potential ahead of the halving.

“So this pre-halving rally is going strong and it will still go strong for a few more weeks. But before the halving is probably where we’re going to start see some topping out.”

On how severe the correction is likely to be and how long it could last, the pseudonymous strategist says,

“After what was an explosive pre-halving rally, I wouldn’t be surprised to see a pre-halving retrace followed by some sort of sideways movement for a few months. Because this vertical price action it’s wonderful, it’s exciting, but it can’t continue forever.

So this pre-halving retrace is going to likely occur, whether it’s just 10%, 15%, 20%, maybe 25% if we’re lucky. But a retrace does need to occur, for that’s always going to be a healthy thing in a cycle.”

Bitcoin is trading at $62,159 at time of writing, up by around 22% in a week.

 

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Banking Glitch Sends $200,000,000 To 30,000 People in Error, Triggering Mad Dash To Claw Back Funds: Report

Officials in one of the richest cities in the world are scrambling to claw back funds after a big banking glitch gave tens of thousands of employees a massive payday.

On Monday, 30,000 Zurich city employees received double their February salary after a software hiccup caused the erroneous transfer of an additional 175 million Swiss Francs or $200 million, reports Bloomberg.

Zuercher Kantonalbank (ZKB), a state-owned financial services firm that handles the city’s payments, says the software issue came from Swisscom AG, a company that processes the bank’s transactions.

According to ZKB, a Swisscom contractor ran a defective software that triggered the massive transfer.

Says Swisscom in a statement to ZKB,

“Swisscom is aware of the seriousness of this incident and apologizes for the inconvenience caused.” 

The bank itself has issued a public apology.

“The ZKB apologizes to all employees of the city of Zurich for the inconvenience caused. The bank is working with the city of Zurich on a proposed solution for a simple repayment of the amount paid twice.”

Zurich’s offices received a barrage of calls as city employees inquired about the additional money in their accounts. Officials are now working on an efficient fix that will allow employees to easily hand back the extra cash.

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Original Post: Banking Glitch Sends 0,000,000 To 30,000 People in Error, Triggering Mad Dash To Claw Back Funds: Report

Nigerian Government Demands Nearly $10,000,000,000 From Binance for Alleged Foreign Exchange Rate Manipulation: Report

The government of Nigeria is demanding billions of dollars from Binance, alleging that the crypto exchange manipulated the exchange rate of its fiat currency.

According to a new report by the BBC, the Nigerian government is slapping Binance with a $10 billion fine, claiming that the top global crypto exchange by volume manipulated foreign exchange rates to the point where the naira – the nation’s issued currency – fell 70%.

Bayo Onanuga, special advisor to Nigerian President Bola Tinubu, tells the BBC that Binance failed to register with the government to legally be able to operate a crypto firm, also noting that the naira’s collapse in recent months was not “the result of normal activity.”

As stated by Onanuga, according to the BBC,

“All of a sudden the exchange rate went through the roof… and it was being caused by the people on Binance platform. The government could not just fold its hands and allow this thing to continue.”

Last week, two Binance executives were arrested in Nigeria in connection with the alleged crimes, according to the report.

Furthermore, Olayemi Cardoso, Nigeria’s Central Bank Governor, tells the BBC that the Nigerian branch of Binance has moved $26 billion worth of untraceable funds.

In November, Binance faced legal issues in the US when its founder, Changpeng Zhao, pled guilty to violating anti-money laundering laws. The crypto exchange was fined $4.3 billion at the time and Zhao stepped down from his role as the firm’s chief executive.

Zhao is still waiting to be sentenced.

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$90,000,000,000,000 Transfer of Wealth Begins, Creating Richest Generation in Human History: Report

A seismic shift of wealth is beginning in the US, which will create the richest generation in recorded history, according to a new report.

The global real estate consultancy firm Knight Frank is releasing its 2024 Wealth Report, and it finds boomers will hand $90 trillion in assets to millennials over the next 20 years, reports Fortune.

That number is higher than other estimates, which have pegged the transfer at somewhere between $53 trillion and $84 trillion.

Regardless, by 2030 millennials are expected to have five times as much wealth as they have today, according to Coldwell Banker.

It follows after a rough ride for the generation, which has suffered the consequences of the 2008 financial crisis and an era of money printing that has significantly lowered the purchasing power of the dollar.

According to Knight Frank, there’s evidence that millennials blame prior generations for creating the uphill battle they now face.

And despite being tagged as lazy, a 2023 report from Alliant Credit Union found millennials are actually the most fiscally motivated and responsible generation, largely out of necessity.

Alliant also says 53% of millennials believe they’ll receive $350,000 or more from their parents, while the boomers say they plan to give $250,000 or less.

As for what it takes to join the top 1% of earners in America, Knight Frank says it now takes $5.8 million to join the club.

That number is $700,000 higher than it was just one year ago.

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Bitcoin Price Primed To Hit $900,000, According To Contentious Crypto Model – Here’s the Timeline

Macro investor and fund manager Dan Tapiero says he’s analyzing the historical accuracy of a predictive model that suggests Bitcoin (BTC) will reach $900,000 this cycle.

The CEO of investment firm 10T Holdings tells his 113,000 followers on the social media platform X that on-chain analyst PlanB’s stock-to-flow (S2F) model seems to be a reliable price gauge for Bitcoin.

S2F aims to forecast the longer-term market cycles based on BTC’s halvings when miners’ rewards are cut in half.

Says Tapiero,

“Seems impossible, but the vertical spikes up in the S2F model in 2013, 2016, 2020 were all confirmed by price action within one year.

[The model] suggests a $900,000 Bitcoin price within 12-18 months. Not my call, just reading how model has worked.”

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Source: PlanB/X

PlanB himself says that Bitcoin’s recent rally into the $60,000 range has the top-performing digital asset now tracking the price targets of his S2F model.

“Bitcoin February closing price: $61,181. Back to S2F model value.”

PlanB continues by predicting a Bitcoin bull market cycle has begun and will last for about 10 months. However, he warns there may be some abrupt dips of about 30%.

“Accumulation phase has ended: no more easy buying opportunities in orderly and slowly increasing markets. Bull market has started. If history is any guide, we will see ~10 months of face-melting FOMO (fear of missing out): extreme price pumps combined with multiple -30% drops. Enjoy!”

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Source: PlanB/X

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Original Post: Bitcoin Price Primed To Hit 0,000, According To Contentious Crypto Model – Here’s the Timeline