Author: The Daily Hodl

The CEO of US-based crypto exchange Coinbase is optimistic that layer-2 scaling solutions will transform the crypto economy. Speaking at Coinbase’s first-quarter earnings call, Brian Armstrong says he sees layer-2 scaling solutions facilitating the explosion of crypto use cases with lower fees and faster transaction times. “As a reminder, layer 2 solutions help blockchains scale, similar to when the Internet moved from dial-up to broadband. And we believe this scaling will drive many new use cases in the crypto economy.” The CEO goes on to put the spotlight on Base, Coinbase’s Ethereum (ETH) layer-2 designed to onboard billions of users into web3.…

A widely followed crypto analyst is laying out his bull market price target for Bitcoin, saying BTC is beginning to mirror its previous cycle. Pseudonymous analyst TechDev shares with his 448,000 followers on the social media platform X a chart that compares Bitcoin’s current market cycle to that of 2020-2021. Using Elliott Wave theory, which traditionally suggests that an asset goes through bullish impulses in five main waves, TechDev speculates that BTC is going through a final bullish move that will take it near the six-figure range later this year. “The impulsive structure of the last 1.5 years says $90,000-$100,000…

Popular analyst Michaël van de Poppe believes that crypto is gearing up for a marketwide rally amid signs of slowing economic activity. Van de Poppe tells his 716,300 followers on the social media platform X he’s bullish on crypto after the US labor market missed estimates in April. With unemployment rising to 3.9% and average hourly earnings growing less than expected, the analyst believes that the Fed will be forced to turn on the money printers to support the job market. “Terrible economic data -> DXY (US dollar index) down, additionally the case for QE (quantitative easing) and rate cuts…

Prominent on-chain analyst Checkmate is updating his outlook on Bitcoin’s (BTC) current market cycle and says that a parabolic move to the upside is likely in sight. The pseudonymous analyst tells his 90,000 followers on the social media platform X that based on previous cycles, Bitcoin is most likely in for about six months of “chopsolidation” – or a choppy period of consolidation with no real trend shift. After six months, Checkmate says that six months to a year’s worth of parabolic moves could be in store, based on historical precedence. “Bitcoin history tends to rhyme, and thus far, this…

A widely followed crypto strategist believes that Bitcoin (BTC) can skyrocket over 337% based on a classical chart pattern. Pseudonymous analyst Cheds tells his 330,400 followers on the social media platform X that Bitcoin appears to be forming a cup-and-handle pattern on the weekly chart. Cheds says that based on classical charting rules, Bitcoin could soar close to $300,000 in about two years. “BTC visual of a bull thesis. Measured move for a weekly cup and handle would be roughly $280,000 BTC, likely sometime in mid-2026.” The trader highlights that his price target and timeline go against the two widely…

Global investment giant Franklin Templeton thinks Solana (SOL) is primed to establish itself as the “third major crypto asset” after Bitcoin (BTC) and Ethereum (ETH). In a new analysis, the firm’s digital assets unit notes that the Solana network has witnessed significant increases in total fees and decentralized exchange (DEX) volumes in the past year. “We expect this growth to continue as Solana’s network effects grow stronger and its network performance improves even more, positioning itself to capture the next trends in crypto. The network has proven to have some of the lowest fees, lowest transaction latency and highest data…

Jack Dorsey’s fintech conglomerate Block is now investing 10% of its gross profit from Bitcoin products directly into BTC itself. In a new announcement, the firm notes that it is making a strategic investment in the top crypto asset “following numerous positive developments both within the company and in the broader market.” “In April, Block implemented a bitcoin dollar cost average (DCA) purchase program that will run through 2024. Under the program, Block will be investing 10% of its gross profit from bitcoin products into Bitcoin purchases.” The firm says Bitcoin aligns with its corporate mission. “Block believes that Bitcoin…

A crypto wallet lost $69.3 million worth of Wrapped Bitcoin (WBTC) in an apparent address-poisoning attack, according to the blockchain security firm CertiK. Address poisoning usually involves a scammer sending a wallet a tiny amount of crypto via an address that’s designed to look similar to the wallet’s, according to an explanation provided by Ledger, a digital asset wallet provider. The ploy is designed to trick wallet holders into mistakenly copying the scammer’s address from their transaction history and having funds sent to that wallet instead. In this instance, CertiK notes that a scammer mimicked a transfer of 0.05 Ethereum…

New data from crypto insights firm Galaxy Research finds that during the first quarter of the year, venture capitalists poured in billions of dollars into the digital assets industry. In a new article, Galaxy Research says that venture capitalists invested $2.49 billion into cryptocurrencies during Q1 of 2024, a 29% quarter-over-quarter (QoQ) rise. The analytics platform says that heavy investments during Q1 of 2024 signal that Q4 of 2023 could have been the bottom of the market. “In Q1 2024, venture capitalists invested $2.49 billion (+29% QoQ) into crypto and blockchain-focused companies across 603 deals (+68% QoQ). This was the…

A closely followed crypto strategist is updating his outlook on one red-hot altcoin amid a crypto market correction. Pseudonymous analyst Altcoin Sherpa tells his 215,800 followers on the social media platform X that he is long-term bullish on Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs). “ONDO: still one of the best-performing coins and has held up the best. Still also the leader in RWA right now. I think that this looks strong. Not a great active trade though. Better to just buy and hold for now.” ONDO is trading for $0.839 at time of writing, up…