Author: The Daily Hodl

A Bitcoin (BTC) mining firm backed by disgraced FTX founder Sam Bankman-Fried is reportedly considering an initial public offering (IPO) in the US. According to a new report by Bloomberg, anonymous sources familiar with the matter say that Genesis Digital Assets, which is backed by Alameda Research, is currently working with advisors on the potential listing. Alameda Research was once the investing branch of the former crypto exchange FTX. One of the sources divulged that the firm is planning on launching a pre-IPO funding round in the coming weeks. Genesis Digital Assets, which has its roots in 2014, eventually started large-scale…

Fear surrounding the repayments of defunct crypto exchange Mt. Gox is most likely overblown, according to analysts at digital asset management firm CoinShares. Mt. Gox was the world’s largest Bitcoin exchange at one point before abruptly going bankrupt and “losing” most of its coins due to theft. The exchange ultimately recovered most of its coins and has been in a lengthy bankruptcy process paying back its former customers, a large source of uncertainty in the market given the amount of potential sell pressure it could release if it were to sell its BTC to redeem creditors. In a new report,…

Matthew Sigel, the head of digital assets research at investment giant VanEck, has confirmed that his firm’s Solana (SOL) exchange-traded fund (ETF) filing is a bet on Donald Trump winning the presidency. VanEck became the first company in the United States to file for a SOL ETF when it submitted an S-1 registration statement to the Securities and Exchange Commission (SEC) last week. Bloomberg ETF analyst Eric Balchunas said he thought the filing was “a call option on the POTUS election.” “The knee-jerk reaction here is: ‘oh, this will never be approved because there aren’t Solana futures.’ Agree, but if…

Interoperability blockchain project Polkadot (DOT) is reportedly spending massive amounts of money on outreach and marketing. According to the project’s new treasury report, $37 million was spent in the first half of 2024 to increase interest in the Polkadot ecosystem. “$37 million was spent on ‘outreach.’ But what do we mean by that? Under outreach, we describe every spend that is intended to attract new users, developers and businesses into the ecosystem. This spans from advertising and media, online and offline community building and events, to big conferences and business development. Some subcategories deserve the grouping together, such as advertising…

Following Bitcoin’s (BTC) dip below the $60,000 level, analysts are warning that the crypto king is at risk of moving even lower. The analyst pseudonymously known as DonAlt tells his 566,900 followers on the social media platform X that Bitcoin could remain bearish unless it reclaims a key level as support on the weekly chart. “BTC update: shitty bearish retest did its job. Not sure if shitty support is gonna do its job again. Makes sense to be cautious everything until $63,800 is regained or until lower supports are hit. Until then assuming risk is off.” Bitcoin dipped to a…

Circle’s digital assets designed to be pegged to the US dollar and the euro have achieved compliance with the European Union’s laws, according to the stablecoin issuer’s CEO, Jeremy Allaire. Allaire says that Circle is now the “first global stablecoin issuer to be compliant” with the Markets in Crypto Assets (MiCA) regulations. MiCA is a comprehensive regulatory framework for the cryptocurrency industry in the European Union (EU) which, among other things, places stablecoin issuers under the European Banking Authority while requiring them to hold sufficient liquid reserves. “Circle is now natively issuing both USDC and EURC to European customers effective…

The head of research at crypto brokerage firm FalconX thinks that the coming months will see the return of tremendous upside volatile moves for Bitcoin (BTC). David Lawant says on the social media platform X that the current discount on Coinbase BTC premium is reminiscent of August 2023 conditions when Bitcoin was trading at around $25,000 before igniting a rally to record highs close to $74,000. “Always darkest before the dawn? According to my calculations, the last time the Coinbase premium was this negative was a couple of months before the massive rally from Oct 2023 to March 2024.”  The…

Whales have been gobbling up the decentralized oracle network Chainlink (LINK), according to the crypto tracker Lookonchain. Lookonchain notes that 54 fresh wallets withdrew 2.08 million LINK worth $30.28 million from Binance in the past seven days. The crypto tracker says the addresses could belong to institutions. LINK is trading at $14.43 at time of writing. The 17th-ranked crypto asset by market cap is up more than 1.5% in the past seven days. Lookonchain also notes that the German government transferred 1,500 Bitcoin (BTC) worth $94.7 million on Monday. Of that amount, 400 BTC worth $25.3 million was transferred to…

BitMEX co-founder Arthur Hayes thinks upcoming fiat currency debasement will drive up the prices of Bitcoin (BTC) and stocks. In a new analysis, the crypto veteran says he’s confident the economy is in a new inflationary cycle and BTC will “regain its mojo.” Hayes cites projections from the Congressional Budget Office (CBO), which estimated that the US federal budget deficit in the 2024 fiscal year will be $1.9 trillion, the highest amount ever outside of the COVID-19 years. Explains Hayes, “There ain’t going to be a recession. That doesn’t mean a large swath of plebes won’t be in dire financial…

A widely followed crypto strategist believes that Bitcoin’s (BTC) long-term upside potential is unlimited despite its recent price doldrums. Pseudonymous analyst Pentoshi tells his 801,000 followers on the social media platform X that while he’s bullish on Bitcoin for the long haul, the crypto king may see a significant correction before heading higher. “For BTC, I wanted to start off with what I view to be the worst-case scenario. Let’s say, $48,000-$51,000, essentially 20-25% lower. And in this scenario, people should get more bullish the lower it [goes] because the upside becomes greater. But again, let’s call that max drawdown.…