Author: The Daily Hodl

The level of capital flowing into the crypto space has grown by double digits since the start of the year, according to the research arm of Binance digital assets exchange. In a new report, Binance Research says that the “resurgence of markets is here” with decentralized finance (DeFi) being one of the major beneficiaries. “Notably, the broad market rally has been accompanied by a substantial influx of capital into DeFi, pushing the total value locked to US$94.9 billion this year, up from US$54.2 billion at the start of the year, reflecting a strong 75.1% year-to-date rebound.” The research arm of…

South Korean crypto exchange Upbit has announced the new listing of a low-cap altcoin, triggering explosive price action. In a new announcement on May 29, Upbit says they’re listing Bounce (AUCTION), a crypto project focused on blockchain-based auction technology. The project, created by Bounce.Finance, is a decentralized auction platform that allows for the swapping of tokens in a competitive environment with a limited supply of tokens. Bounce is backed by several large players in the space, including Pantera, Coinbase Ventures and Blockchain Capital. Following the announcement from Upbit, AUCTION exploded from the $16 level to over $31, about a 94%…

The upcoming spot Ethereum (ETH) exchange-traded funds could initially put selling pressure on the second-largest crypto asset by market cap, according to the market intelligence firm Kaiko. Last week, the U.S. Securities and Exchange Commission (SEC) approved the listing of spot market Ethereum ETFs, paving the way for the products to start trading on US stock exchanges. In a new analysis, Kaiko researchers note that the approval could cause Grayscale’s Ethereum Trust (ETHE) to witness massive daily outflows. The researchers note ETHE has been trading at a discount between 6-26% in the past three months. “ETHE currently has over $11 billion in…

A top executive from digital asset manager CoinShares believes market conditions could soon send Ethereum (ETH) soaring. In a new interview with Scott Melker, CoinShares’ head of research James Butterfill says a likely upcoming Fed pivot could be bullish for both Bitcoin (BTC) and ETH. Butterfill says Ethereum could see additional upside momentum around the time the Fed starts cutting rates from the potential launch of spot market ETH exchange-traded funds (ETFs) and a supply crunch due to investors already staking a large amount of the top altcoin. “If you look at the futures market, interest rate expectations is saying…

A new hardware crypto wallet designed by the inventor of Apple’s iconic iPod is now being shipped to consumers. According to a new blog post from the French-based startup company manufacturing the device, the Ledger Stax wallet is being delivered to those who pre-ordered it. Says Ledger CEO Pascal Gauthier, “[May 28th] marks a special day for Ledger. I am excited to announce that the shipping of our next-generation device, Ledger Stax, has begun for pre-order customers. The first pre-orders will be shipped over the coming weeks, and new orders will be globally available in Summer 2024. I will share…

Chainlink (LINK) co-founder Sergey Nazarov doesn’t think the U.S. Securities and Exchange Commission (SEC) will stop at Ethereum (ETH). Last week, the SEC approved form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy simultaneously, paving the way for spot Ethereum exchange-traded funds (ETFs) in the US. Nazarov says the approval indicates the regulator will greenlight ETF offerings for other crypto assets in the future. “The launch of the ETH ETF proves a very basic assumption – that the Bitcoin ETF will not be the only ETF or traditional financial market vehicle through which the average…

A long-time holder of Shiba Inu (SHIB) is looking at big profits after suddenly selling the memecoin, on-chain data shows. Blockchain tracking firm Lookonchain notices that one patient investor sold more than 48 billion SHIB for a 419x gain after holding onto the digital asset for more than three years. The investor first purchased the Dogecoin (DOGE) rival in February 2021 for $2,625 and just sold his holdings for $1.1 million, a gain of more than $1.09 million. “After being dormant for three and a half years, the super diamond trader finally sold SHIB at a profit. He spent two…

A popular crypto strategist thinks that two scorching-hot memecoins are racing toward fresh all-time highs. Pseudonymous analyst Bluntz tells his 260,500 followers on the social media platform X that Pepe (PEPE) has more gas left in the tank even after its more than 140% surge this month. The top trader shares a chart suggesting that PEPE could soar to new record highs of $0.000028. “Despite the all-time highs, I think PEPE will continue to be the fastest horse for now.” At time of writing, Pepe is worth $0.000016, indicating an upside potential of 75% if the memecoin hits Bluntz’s target.…

Former Coinbase executive Balaji Srinivasan isn’t a fan of the U.S. Federal Reserve. Srinivasan says on the social media platform X that the Fed represents “unpredictable monetary policy,” compared to Bitcoin (BTC), which he says is “predictable monetary policy.” “If you made the graph of Bitcoin’s predicted issuance versus its actual issuance over the last 15 years, they would be exactly superimposed. This predictability is as crucial as the scarcity of the currency itself.” The former Coinbase chief technology officer says the Fed plagues the markets with risk. “That is: all the unpredictability and volatility comes from the Fed committee.…

Crypto whales have been gobbling up an Ethereum (ETH)-based fan engagement token, according to the analytics firm Santiment. Chiliz (CHZ) is a web3 infrastructure provider for sports and entertainment. The project’s native token, CHZ, is up nearly 2% in the past 24 hours, more than 14% in the past week and more than 27% this month. Santiment notes whale addresses with at least 10 million CHZ tokens have added a total of 42.67 million CHZ in the past 30 days. The project is also witnessing its highest trading volume level in 22 months. CHZ is trading at $0.136 at time…