Author: The Daily Hodl

New data from market intelligence firm DappRadar reveals that the total value locked (TVL) within the decentralized finance (DeFi) sector has skyrocketed to the highest level in 15 months. In a new blog post, DappRadar notes that DeFi’s TVL has reached $192 billion, a 17% rise from the previous month and the best it has registered since February 2022. TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem. According to the crypto analytics firm, the majority of the growth was driven by an increase…

A trader who accurately called Bitcoin’s (BTC) epic 2022 meltdown thinks Ethereum (ETH) is gearing up to revisit its all-time highs Pseudonymous analyst Capo tells his 847,900 followers on the social media platform X that he’s bullish on Ethereum as long as it holds its immediate support at $3,600. “ETH looking good for bullish continuation.” Based on the trader’s chart, he appears to predict that Ethereum will rally to $4,100 before a slight correction and a move toward its all-time high at around $4,900. At time of writing, Ethereum is worth $3,683, a fractional decrease in the past day. Looking…

SkyBridge Capital founder Anthony Scaramucci believes President Joe Biden will pander to the crypto industry even if it’s against the wishes of Securities and Exchange Commission (SEC) Chair Gary Gensler. In a new interview with the independent journalist David Lin, Scaramucci says Biden is starting to soften his stance on Bitcoin and crypto following the listing approval of spot Ethereum exchange-traded funds (ETF) last week. According to the hedge fund veteran, Biden may lose votes from swing states if he gives in to the “capricious whims” of anti-crypto personalities. “I think the Biden team, they vetoed this bill (SAB 121)…

BitMEX co-founder Arthur Hayes says that a shift in policy from the central banks is about to boost crypto assets into a new bullish phase. In a new essay, Hayes, now the CIO of crypto investment fund Maelstrom, notes that both the Bank of Canada (BOC) and the European Central Bank (ECB) have decided to lower interest rates. Hayes says the moves by Europe and Canada suggest that a global shift in looser monetary policy may be underway, and could therefore signal a bump in risk assets once the Federal Reserve in the US follows suit. “The June central banking…

A layer-1 blockchain passed the Ethereum (ETH)-based virtual reality platform Decentraland (MANA) to become the top crypto gaming project in terms of development activity, according to the analytics platform Santiment. Santiment notes that MultiversX (EGLD), formerly known as Elrond, registered 236.93 notable GitHub events, compared to 150.4 events for Decentraland. The non-fungible token (NFT) layer-2 scaling solution Immutable X (IMX) ranked third with 77.4 GitHub events, and the Ethereum sidechain Skale Network (SKL) clocked in at fourth with 42.6. Santiment notes that it doesn’t count routine updates and uses a “better methodology” to collect data for GitHub events based on…

A crypto marketplace backed by the owners of the New York Stock Exchange (NYSE) is reportedly mulling over the possibility of a sale. According to a new report by Bloomberg, anonymous sources familiar with the matter say that crypto firm Bakkt has been working with a financial advisor to contemplate its future options, including the possibility of a breakup or a sale. However, no additional details were given and no firm decisions have been made yet, according to the report. Bakkt, which first went public in 2021, recently announced a partnership with digital asset technology firm Crossover Markets to power…

A closely followed crypto analyst believes that a top-10 altcoin by market cap is about to soar to new all-time highs (ATH). Pseudonymous trader Kaleo tells his 642,000 followers on the social media platform X that BNB (BNB), the utility token for the BNB Chain ecosystem, is mimicking a 2021 price pattern on the four-hour chart that led to new ATHs. “When BNB entered price discovery in the Spring of 2021 it initially had a very similar breakout and retest to the one we’re seeing now. Would look to add heavily on this dip, especially sub-$650 if you get the…

A widely followed crypto analyst believes Bitcoin (BTC) may be just days away from an explosive rally based on historic precedence. Pseudonymous crypto trader Rekt Capital tells his 475,500 followers on the social media platform X that Bitcoin could soon enter a phase of the market cycle that in 2020 and 2021 saw massive gains. “Bitcoin is on the cusp of a historic breakout.” The analyst says if Bitcoin confirms a breakout into the historic “parabolic phase” of the cycle, it will have come earlier than in past cycles. “Bitcoin could soon make history. Not just because a breakout from…

Cryptocurrency analyst and trader Michaël van de Poppe believes that one Solana (SOL) challenger may be gearing up to witness a bullish reversal. Van de Poppe tells his 719,300 followers on the social media platform X that a “new round of upwards momentum seems inevitable” for Sei (SEI). According to the widely followed crypto analyst, Sei has depreciated by around 70% against Bitcoin (SEI/BTC) since January. Based on Van de Poppe’s chart on the daily timeframe, Sei may find support at 0.0000006 BTC ($0.42). Sei, which currently has a market cap of around $1.6 billion, is trading at 0.00000768 BTC ($0.543)…

The CEO of digital asset custodian BitGo, Mike Belshe, believes Bitcoin (BTC) could rally by up to 94% over the next six months. Belshe says in a new Kitco News interview that Bitcoin “will be somewhere around $125,000 to $135,000″ by the end of this year. Bitcoin is trading at $69,470 at time of writing. According to the BitGo CEO, one of the catalysts that will drive Bitcoin to a six-figure price is the high level of US national debt. “We still have the macro climate backdrop which is constantly verifying the thesis of Bitcoin. You know, it’s not really…