Author: The Daily Hodl
America’s biggest financial institutions are collaborating on a new initiative to explore an on-chain settlement system for tokenized cash and assets. According to an announcement from the Securities Industry and Financial Markets Association (SIFMA), members of the “regulated U.S. financial sector” have launched a Regulated Settlement Network (RSN) proof-of-concept (PoC) that aims to explore the feasibility of a shared ledger that settles tokenized commercial bank money, wholesale central bank money, U.S. Treasury securities and other tokenized assets. Members of the program include Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp. Big…
The hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham. Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday. They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets. The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as…
On-chain analyst Willy Woo thinks Bitcoin (BTC) could be primed to surge in price. Woo tells his 1.1 million followers on the social media platform X that the top crypto asset is flashing a bullish divergence “with lots of room to run” on its volume-weighted average price (VWAP) oscillator chart. “Seems like a good setup for BTC to reach escape velocity.” VWAP represents the average traded price of an asset throughout the day, taking into account both volume and price. Traders use the VWAP to help them determine whether an asset is trading underbought or overbought based on its intraday…
Analytics firm IntoTheBlock is issuing an alert, saying that deep-pocketed Bitcoin (BTC) investors are starting to flash signs of exhaustion. IntoTheBlock says on the social media platform X that Bitcoin whales have taken every opportunity since March of this year to load up on BTC whenever the crypto king pulls back. But the analytics firm warns that wallets holding more than 1,000 BTC are starting to show disinterest in buying the dip as Bitcoin struggles to maintain bullish momentum above $60,000. IntoTheBlock says that large holders’ netflow, a metric tracking the Bitcoin moving in and out of whale wallets by…
The chief executive of market insights platform Fundstrat is reiterating that Bitcoin (BTC) will still post massive gains this year despite its choppy price action in the last six weeks. In a new CNBC interview, Tom Lee says Bitcoin’s bull market cycle is far from over. According to Lee, Bitcoin and other asset classes have not yet agreed that the Fed is shifting to a looser monetary policy. “Bitcoin is still early in an upcycle. So the idea that it can get to $150,000 this year is still within our base case… I think it does help that the Fed…
A closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle. Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120. The trader shares a chart suggesting that the blue-chip altcoin is now poised to rally to a fresh 2024 high at $320. “Last dip ever. SOL.” At time of writing, SOL is worth $153.45, suggesting an upside potential of nearly 110% if the altcoin hits the analyst’s target. Inmortal also predicts that a trio of memecoins will rally alongside…
Ethereum co-founder Joseph Lubin is issuing a warning about the U.S. Securities and Exchange Commission (SEC), saying the regulator’s current policies on crypto will have a lasting effect on the industry. In a new interview with Wired, Lubin says that if ETH is declared a security by the SEC, people in the US won’t be able to buy it, and developers won’t be able to develop Ethereum or build any more applications on top of the protocol. Earlier this year, SEC Chair Gary Gensler refused to confirm whether or not he sees ETH as a security. Says Lubin, “If the…
A new Ethereum (ETH)-based USD-pegged stablecoin is getting a boost from one of the world’s largest crypto exchanges. Ethena Labs has announced that USDe, the stablecoin of the Ethena (ENA) ecosystem, is being integrated by Bybit, the third largest crypto exchange by trading volume. “We are excited to share one of the most important developments for USDe adoption to date. As of this week, USDe will be integrated throughout Bybit, beyond the current USDe/USDT spot pair. Those new integrations include: USDe as a collateral asset to trade perpetual futures, allowing Bybit users to potentially earn a yield paid by Bybit on their USD-pegged collateral while trading any of your favorite tokens including BTC,…
A widely followed crypto analyst says that Bitcoin (BTC) may be acting as a “more volatile version” of the stock market. In a new video update, crypto strategist Benjamin Cowen tells his 801,000 YouTube subscribers that Bitcoin may be following in the footsteps of the Russell 2000 Index, NASDAQ and S&P 500. According to the analyst, the three major stock indexes rose to around their 50-day simple moving average (SMA) prior to witnessing a pullback. Cowen says that BTC may also rise to its 50-day SMA before another sell-off event. “You have the S&P, the NASDAQ and the Russell all…
The CEO of trading giant Robinhood is hitting back at the U.S. Securities and Exchange Commission (SEC) after receiving the regulator’s Wells notice. Robinhood head Vlad Tenev took to X today to decry the SEC’s planned action against Robinhood Crypto. “Over the last three years, we’ve reached a state of regulatory onslaught that is harmful to American companies and consumers. The SEC’s continued attack on crypto, coupled with recent rule proposals like the one related to predictive data analytics, mark yet another improper attempt by the administrative state to stifle innovation.” Furthermore, Tenev says that Robinhood will fight the charges in the courts if push comes to shove. “While we strive…