Bitcoin
Investor Dan Tapiero Says Bitcoin Primed To ‘Launch’ if BTC Breaks One Major Resistance Level
Published
5 hours agoon
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adminInvestor Dan Tapiero says that Bitcoin (BTC) is setting up for a breakout after printing a massive bullish technical pattern.
Tapiero says that Bitcoin is forming a large, years-long cup and handle structure that is setting BTC up for a breach of the March 2024 highs at $74,000.
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
But according to Tapiero, Bitcoin can still go through a period of sideways consolidation before witnessing a convincing breakout.
“If that ain’t a cup and handle, I don’t know what is.
Just a great day today across the board.
Stronger payrolls and liquidity-driven BTC and ETH still trading well.
Break of the March highs and we launch. Could still do a little chop chop but days like today confirm…
[Ethereum] has achieved network effect. Only BTC and ETH are in this category, but SOL is moving in this direction as well. This is not an emotional appeal. I’m just looking at usage, revenues, community build, years in existence etc.”
Tapiero expects crypto staking, which typically offers higher yields compared to traditional financial products, to be a key component for the next bull market.
“Powerful driver of this crypto up cycle will be yield (yes, again).
3% on staked ETH now better than 2% on euro two-year, 1.4% on China two-year.
US two-year at 3.7% but expect 2% next year.”
The investor adds that China has opened the liquidity floodgates to stimulate its economy. According to Tapiero, the move is a huge bullish catalyst for Bitcoin.
“Huge macro event.
Things so bad in China, the government flinches.
QE (quantitative easing) for China equity.
Rate cuts.
Big liquidity coming.
Low likely in for China assets.
Bazooka.
Bullish gold, BTC.”
At time of writing, Bitcoin is trading at $63,648, up 3% 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 losses 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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US Government Could Soon Sell 69,000 BTC
Published
2 hours agoon
October 7, 2024By
adminThere have been several bullish Bitcoin news these past few days. However, a recent Supreme Court ruling could dampen the mood as the US government has gotten the clear to proceed with selling 69,370 BTC associated with the Silk Road marketplace. This is significant as a sale of such magnitude could put massive selling pressure on the flagship crypto.
Bitcoin News: US Government Could Sell 69,000 BTC
The US government could soon sell over 69,000 BTC following the Supreme Court’s denial of a certiorari petition in the Battle Born Investments case against the United States. This Bitcoin news could negatively impact the Bitcoin price. Such a sale will put significant selling pressure on the flagship crypto.
This case involved the ownership of 69,370 bitcoins ($4.4 billion) linked to the Silk Road Marketplace. The government had initially seized these coins from ‘Individual X’ as part of the forfeitures from the dark web marketplace.
The Northern District of California also ordered these coins forfeited in 2022. However, Battle Born Investments appealed to the Supreme Court to claim ownership of these coins, which was why the sale of these coins has been put on hold until now.
The firm, which purchased bankruptcy claims following Silk Road’s collapse, argued that they owned the bitcoin that ‘Individual X’ stole from the dark web marketplace. However, the Supreme Court has chosen not to hear Battle Born’s appeal despite their claims to be the innocent owner of Silk Road’s property, including the 69,370 BTC stolen by individual X.
Supreme Court Order Gives The Government The Go-Ahead
The US Supreme Court’s denial of the petition for certiorari means that the Northern District of California’s forfeiture order remains the law. As such, this gives the government the go-ahead to sell these coins.
While such Bitcoin news provides a bearish outlook for the flagship crypto, it is worth mentioning that there are still formalities that the US Marshals or any other agency looking to liquidate these coins must follow.
Meanwhile, instead of selling these bitcoins, Democratic Representative Ro Khanna said the US government should keep seized bitcoins as a strategic reserve asset. Republican presidential candidate Donald Trump has also promised to create a Bitcoin strategic reserve if elected President. Considering how much BTC the US holds from seizures, Trump could adopt Khanna’s advice.
Bitcoin Treasuries data shows that the US is the largest Bitcoin holder among world governments, with 203,239 BTC. Interestingly, the majority of these coins are from the Silk Road marketplace.
A potential Bitcoin news around the US government selling any of these coins will bring back memories of the German government’s sale of almost 50,ooo BTC between June and July earlier this year. This move led to the Bitcoin price dropping below $55,000 at the time.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
Japan’s Metaplanet adds another $6.7m to their BTC reserves
Published
13 hours agoon
October 7, 2024By
adminJapanese budget hotel operator turned investment firm, Metaplanet, purchased $6.7 million worth of Bitcoin. This brings their total Bitcoin reserves to 639.50 BTC.
In a statement released on Oct. 7, Metaplanet announced that it has bought an additional ¥1 billion worth of Bitcoin(BTC) or equal to 108.786 BTC. This is the second time this month that the firm has purchased ¥1 billion worth of Bitcoin for their cryptocurrency reserves.
After their recent BTC purchase, the Tokyo-based firm now holds 639.50 BTC in their reserves, valued at approximately $40.54 million at current market prices.
According to data from Google Finance, the investment firm’s stocks went up over 10% shortly after they announced the Bitcoin purchase.
On Oct. 1, the firm made a similar purchase of ¥1 billion worth of Bitcoin, bringing Metaplanet’s reserves above 500 BTC for the first time in their cryptocurrency trading activities.
Not only that, Metaplanet announced in an Oct. 3 notice that it had made a Bitcoin put options transactions deal with Singaporean digital asset trading firm QCP Capital.
As part of the deal, the Japanese firm sold 223 contracts worth $62,000 put options which expires on Dec. 27, 2024 to the Singaporean firm. The sale made Metaplanet a profit of 23.97 BTC in option premium.
Metaplanet announced earlier this year that it planned to start buying Bitcoin as a way to sustain against economic pressures in Japan. In May 2024, the country had been facing high government debt levels, prolonged periods of negative real interest rates, and a weaking currency.
Metaplanet is not the only Japanese firm that has leaned into cryptocurrency to sustain its profits. According to a June survey by Nomura and Laser Digital, over 500 investment managers in Japan considered investing in crypto.
The survey also found that about half of the respondents are open to using stablecoins for settlements and daily transactions.
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Is Len Sassaman the Bitcoin Creator Satoshi Nakamoto? We Don’t Know, But Traders Are Betting on His Memes
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