Author: The Daily Hodl
Stablecoin issuer Circle says the dollar-pegged USDC is now available natively on layer-2 Ethereum (ETH) scaling protocol zkSync. In a series of posts on social media platform X, zkSync says that, unlike the USDC that was previously bridged on its platform, native USDC is different. “It’s backed by Circle with additional benefits: Regulated, fully reserved, and always redeemable 1:1 for US dollars Institutional customers can mint and redeem USDC through Circle Mint https://circle.com/en/circle-mint Easy integration into existing apps.” zkSync says the native USDC will be labeled USDC while the existing bridged USDC will be renamed as USDC.e on block explorers,…
A crypto trader made millions of dollars in profit on a Solana (SOL)-based memecoin in a matter of weeks, according to the digital asset tracker Lookonchain. Lookonchain notes that the trader spent 3,100 SOL worth $530,000 to buy 12.08 million Jeo Boden (BODEN) two days after BODEN went online last month. BODEN is a new memecoin built on Solana. On April 6th and 9th, the trader sold a total of 9.08 million BODEN for 23,758 SOL worth $4.06 million, realizing a profit of 20,659 SOL ($3.53 million). The crypto trader still holds 3 million BODEN. With the memecoin trading at…
A widely followed crypto analyst believes one key factor could signal Bitcoin (BTC) is heading to six figures. In a new strategy session, Nicholas Merten, the host of DataDash, tells his 509,000 YouTube subscribers that if inflows of Bitcoin exchange-traded funds (ETFs) remain around 20,000 BTC per week the crypto king could soar beyond $100,000. “I want to make clear here that for me personally seeing those tens of thousands of Bitcoin being purchased on a weekly basis to the ETF would be a huge cue that we’re ready for a broader upward move, that we’re ready for six figures,…
A popular crypto trader thinks Ethereum (ETH) rival Cardano (ADA) could be on the verge of skyrocketing by more than 190%. The on-chain analyst Ali Martinez told his 57,500 followers on the social media platform X last month that ADA’s price movement resembled a pattern observed from 2018 to 2021. “Should this fractal continue, anticipate ADA to consolidate in the $0.55 to $0.80 range in the coming weeks, followed by a surge to $1.70. After this upswing, expect a period of further consolidation, setting the stage for a breakout to $5.” This week, Martinez updated his prediction, noting that ADA…
Cryptocurrency analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC) ahead of the halvening. Svenson tells his 75,000 YouTube subscribers that the Relative Strength Index (RSI) indicator is confirming the end of a bearish trend for Bitcoin on the daily chart. The RSI indicator is a momentum oscillator whose values range from 0 to 100 and is primarily used to determine oversold or overbought conditions in the market. “The daily RSI is now showing a breakout. We have broken the downtrend as well. So this RSI downtrend line breakout lines up with our resistance trend line breakout.…
A widely followed crypto strategist believes that one Ethereum (ETH) rival could have a strong performance this year. Pseudonymous analyst Altcoin Sherpa tells his 214,300 followers on the social media platform X that Fantom (FTM) could soar more than 15% from its current value. “FTM: I think this is still a very solid coin and should do well in 2024 given their treasury. That said, would like to see consolidation for a longer-term bottom forming. Expecting that level to be $0.83 or $0.70. Still bullish and I have a bag.” Looking at his chart, the trader suggests Fantom could dip…
The chief executive of financial giant VanEck reportedly says that the U.S. Securities and Exchange Commission (SEC) will likely reject bids to launch Ethereum (ETH) exchange-traded funds (ETFs). Though many finance institutions had their bids for Bitcoin (BTC) ETFs approved earlier this year, VanEck CEO Jan van Eck told CNBC in an interview that he doesn’t think the regulatory agency will greenlight ETH ETFs. “We were the first to file as well for Ethereum in the U.S., and we and [Ark Invest CEO] Cathy Wood, are kind of the first in line for May, I guess, to probably be rejected……
Widely followed crypto analyst Criptopaul says he thinks a “parabolic” phase is coming to digital assets markets, specifically to altcoins. The trader shares in his Telegram channel a Bitcoin (BTC) chart overlayed with CRYPTOCAP, which measures the value of all assets in the crypto ecosystem excluding BTC. Criptopaul notes how in late 2020, Bitcoin reached its all-time high slightly before altcoins started going parabolic. According to the analyst, a similar pattern may be in play today, with altcoins potentially getting ready to explode following Bitcoin’s recent touch of new all-time highs (ATHs). “Remember that. We are really in this stage.”…
A top analyst known for making timely crypto calls warns that Bitcoin (BTC) may be in the midst of witnessing a painful scenario. Pseudonymous trader Bluntz tells his 254,100 followers on the social media platform X that Bitcoin appears to be flashing an ABC corrective move on the daily chart. Bluntz practices the Elliott Wave theory, which states that a bullish asset typically consolidates within an ABC corrective wave after going through a five-wave uptrend. Says Bluntz, “Max pain on BTC is take out the highs, make everyone FOMO (fear of missing out) back in and think it’s some kind…
Thomas Jordan, chairman of the Swiss National Bank (SNB), reportedly believes that the risks of a retail central bank digital currency (CBDC) outweigh the benefits. While speaking at an event in Zurich, Jordan said the SNB doesn’t think there is a need to roll out a CBDC to the public right now, Reuters reports. “Consumers and businesses already have access to a wide range of efficient and innovative payment instruments offered by the private sector. Retail CBDC could fundamentally alter the current monetary system and the role of central banks and commercial banks, with far-reaching consequences for the financial system.”…