Author: The Daily Hodl
BitMEX founder Arthur Hayes has been spotted on-chain locking up one of his altcoin stacks for nearly three months. First reported by blockchain tracking firm Lookonchain, Hayes locked $8.4 million worth of PENDLE tokens till September 5 of this year. “Arthur Hayes locked 1.65M PENDLE ($8.4M) until Sept 5 again…” Pendle, initially built on Ethereum (ETH), is a protocol that aims to tokenize yield by enabling markets for it on yield-bearing coins. It also allows users to earn a yield on their fixed assets. PENDLE, the platform’s native token, can be used to earn rewards by those who provide liquidity…
The world’s biggest bank, the Industrial and Commercial Bank of China (ICBC), is reportedly calling Bitcoin (BTC) “digital gold” and Ethereum (ETH) “digital oil.” In a new report shared by Matthew Siegel, VanEck’s head of digital assets, the ICBC gives praise to the top two cryptocurrencies by market cap. The report also says that market demand is strong for digital assets, pushing innovation in the sector. “Market demand drives the continuous iteration of digital currencies.” The report draws comparisons between Bitcoin and gold while also saying the crypto king has added benefits. “Bitcoin retains the scarcity similar to gold through…
Cardano (ADA) co-founder Charles Hoskinson is outlining the timeline for the layer-1 blockchain’s Voltaire phase, the fifth stage of the 11th-largest crypto asset’s roadmap. Hoskinson says that a new Cardano node which will usher in two Chang upgrades is ready for deployment. The first Chang upgrade will introduce governance features on Cardano, enabling decentralized voting and various other governance processes. Chang Upgrade 2 is expected to unlock more on-chain governance features such as treasury withdrawals and delegated representative participation. Says Hoskinson, “It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is…
Bitcoin (BTC) has been flying off exchanges as the digital asset market tracks sideways, according to a popular crypto analyst. The trader Ali Martinez tells his 63,700 followers on the social media platform X that approximately 22,647 BTC worth more than $1.57 billion were withdrawn from crypto exchanges in a recent seven-day period. Martinez also notes that the number of daily Bitcoin addresses recently broke a downtrend that started on March 5th. “In [24 hours], 765,480 BTC addresses were active. This surge in network activity is a positive sign that the BTC bull run will continue.” The analyst says that…
BitMEX co-founder Arthur Hayes just unveiled a massive prediction for Ethereum (ETH) competitor Aptos (APT). In a new interview with Coin Bureau co-host Jessica Walker, Hayes predicts that layer-1 (L1) smart contract blockchain Aptos will overtake Solana (SOL) this market cycle. “I’ll put this out there on this particular venue and I’ll qualify it with more information probably later this summer once I get back in the swing of things. Aptos flips Solana in the layer-1 game. I’ll put that out there. I’m not going to say any more than that. I think Aptos could be the number two L1…
Venture capitalist Chris Burniske is abruptly changing his stance on Bitcoin (BTC) and crypto, believing the markets are almost ready to soar to greater heights. The Placeholder partner tells his 291,800 followers on the social media platform X that he’s been “hijacked by unapologetic bullishness.” Burniske, who called the 2022 digital asset bottom, flipped bearish on crypto in February just before BTC hit its all-time high of around $73,000. But after months of consolidation, the investor says BTC appears to be mirroring its late 2020 price action when Bitcoin struggled to break above its previous all-time high of $20,000. “When…
Bitcoin (BTC) whales opened massive long positions on the digital asset exchanges Bybit and HTX, according to CryptoQuant chief executive Ki Young Ju. Young Ju notes that the whales opened the long positions at $69,000. Young Ju reminds his followers that Bitcoin whales also opened massive long positions in August 2023, just before a parabolic rally that sent BTC from $25,000 to above $73,000 in just a few months. The analytics firm CEO also says that Bitcoin isn’t currently overvalued from a network fundamentals perspective. Young Ju cites BTC’s “thermo cap ratio” as evidence. Thermo cap represents the weighted sum…
A closely followed crypto analyst is listing five altcoins he believes are showing strength despite the choppy market conditions. Pseudonymous crypto trader Altcoin Sherpa tells his 217,200 followers on the social media platform X that layer-1 protocol Injective (INJ), cross-chain protocol Wormhole (W), data democratization project JasmyCoin (JASMY), Bitcoin (BTC) layer-2 scaling solution Stacks (STX) and layer-1 blockchain Toncoin (TON) all look bullish amid a generally range-bound market. “Eyes on these for active trades, a lot of stuff looks like cr*p right now.” According to the analyst, Wormhole is one of his top picks. However, he warns that it’s still possible…
Coinbase, the largest crypto exchange in the US, says there’s a need to accurately measure the true adoption of blockchains beyond what already exists. In a new blog post, Coinbase says that as more applications launch, tracking the adoption of blockchain ecosystems becomes difficult as traditional metrics like total transactions or daily active addresses become distorted due to spam and Sybil attacks – an exploit that involves the forging of multiple identities in peer-to-peer networks. To address these difficulties, Coinbase proposes using the h-index, which was originally created to measure the productivity and impact of scientific publications. Coinbase says it…
Real Vision analyst Jamie Coutts is warning that the altcoin market is in a bearish trend after a strong six-month long run. The former Bloomberg analyst tells his 18,400 followers on the social media platform X that most alts are now being outperformed by Bitcoin (BTC). “A quick update on the altcoin malaise. Most crypto funds are overweight alts and not having as much fun as they would like, despite having a cracking six months from Q4 2023 to Q1 2024. Despite ETH’s recent outperformance, there’s been no follow-through (top chart) and the smart contract platform (SCP) sector continues to…