Author: The Daily Hodl

Hedge fund Pantera Capital says one project, which is the firm’s “largest investment ever,” has an opportunity to bring crypto to the masses. In a new post, Pantera CEO Dan Morehead says that Toncoin (TON), the layer-1 blockchain network originally designed by the messaging platform Telegram, has a major advantage over other projects in building a large community. “99.999% of blockchain projects are a tech idea trying to create a community – from nothing. According to CoinMarketCap, there are more than 23,000 cryptocurrencies. That’s a hard road for most. Telegram is a community integrating blockchain technology. That’s just got to…

Billionaire hedge fund manager Stanley Druckenmiller is warning that excessive government spending will stifle key technological innovations that could supercharge productivity in the US. In a new CNBC interview, Druckenmiller says that the government is spending money like we’re back in the Great Depression. According to the billionaire, the government’s demand for more debt to fund its undue spending will eventually lead to higher interest rates, making it more expensive for private firms innovating in tech fields such as blockchain and artificial intelligence (AI) to access fresh capital. “I’ve studied the Great Depression, and you had a private sector crippled…

Popular on-chain analyst Willy Woo strongly believes that Bitcoin (BTC) will ultimately achieve a seven-figure price tag. Woo tells his 1.1 million followers on the social media platform X that he’s convinced Bitcoin’s value will skyrocket to $1 million in the coming years. According to the analyst, a $1 million BTC price will have enduring effects that would change the global landscape. “What a time to be alive. BTC at $1 million will happen easily in the next 10 years. Follow-on impacts will be long-lasting… – BTC becomes a reserve currency – a purge of central bank corruption – wars…

A decentralized cloud computing altcoin has surged by 44% since it completed a mainnet upgrade on May 2nd. Akash Network (AKT) is trading at $5.76 at time of writing, up from around $4.00 prior to rolling out its “Mainnet 11” version earlier this month. The 73rd-ranked crypto asset by market cap is also up nearly 35% in the past seven days alone. Akash Network is a decentralized open-source cloud network that supports decentralized finance (DeFi) applications and organizations, as well as machine learning, blockchains and artificial intelligence (AI). The project says the new upgrade improved the management and tracking of…

The crypto exchange Kraken is pushing back against claims made by the U.S. Securities and Exchange Commission (SEC). In November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency. Earlier this year, Kraken filed in US District Court to dismiss those charges, and the company provided additional arguments in support of that motion on Thursday. The exchange’s lawyers argue that the SEC’s argument would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility. “When pressed to identify the securities in question, the SEC…

Billionaire and tech entrepreneur Jack Dorsey expects big things from Bitcoin (BTC) in the next six years. In a new interview with tech-focused news site Pirate Wires, the Twitter co-founder predicts that the top crypto asset will skyrocket to “at least” $1 million by 2030. “I do think it hits that number and goes beyond. But I think the price is only interesting… The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves – everyone who puts any effort in to make it…

Real Vision crypto analyst Jamie Coutts says that key indicators for one Ethereum (ETH) competitor are flashing bullish. The former Bloomberg analyst tells his 14,100 followers on the social media platform X that NEAR Protocol (NEAR) could soar more than 47% from its current value. “Absolute price momentum: has been consolidating since March. The technical pattern looks extremely bullish if it breaks this resistance around $7.60 which is where a cluster of volume has traded these past months. This is a high conviction set up if it breaks the pattern neckline, producing a target above $10.50 (+30%).” Looking at his…

A widely followed crypto trader says that the build-up to the US presidential election in November could send two memecoins soaring. Pseudonymous crypto analyst Altcoin Sherpa tells his 216,000 followers on the social media platform X that meme tokens MAGA (TRUMP) and Jeo Boden (BODEN) could outperform due to election year excitement. TRUMP is inspired by former president Donald Trump, who is running for president again. BODEN is inspired by US President Joe Biden, who is running for re-election against Trump and refers to a misspelling of his name. “Current meme strategy for me: concentration in one sector, USA politics.…

Maelstrom Fund, an early-stage crypto investment fund operated by Arthur Hayes’ family office, is expressing bullish sentiment on a relatively new blockchain oracle digital asset. The early-stage fund says that Chainlink (LINK) rival Flare (FLR) is “likely undervalued” currently. “Chainlink’s early mover advantage has given it a sizable head start, with countless projects having already integrated with its services. However, as Flare gains traction, it has the potential to quickly catch up to Chainlink.” “To better illustrate Flare’s potential,” Maelstrom Fund says that the fully diluted valuation of FLR is currently about 23% of Chainlink’s even though the upstart has…

New data reveals that the overall trading volume of centralized crypto exchanges (CEXs) plummeted in April after six consecutive months of gains. According to blockchain tracker CCData, the combined volume of spot market and derivatives trading on centralized exchange platforms fell by a staggering 43.8% to $6.58 trillion. The firm’s charts indicate that in March, the combined volume was about $11 trillion and in February, it was approximately $8 trillion. However, the chart also reveals that the overall volume in April 2024 is still higher than it was during any month in 2023 except for December. CCData goes on to…