Author: The Daily Hodl

Base’s creator Jesse Pollak is singling out one category of crypto assets that is helping in the adoption of the layer-2 network backed by Coinbase. Pollak says in a new video posted on the social media platform X that memecoins are helping “onboard thousands and thousands of people” into the Base ecosystem. “I think every day from all the conversations I’m having on the ecosystem, memes are one of the big drivers for actually bringing new people in. And obviously, speculation plays some role in this.” On how memecoins are facilitating the adoption of Base, Pollak says, “I think the…

A popular trader known for several accurate crypto market calls is outlining his Bitcoin forecast after the BTC halving last week. The pseudonymous analyst known as Dave the Wave shares a chart with his 147,000 followers on the social media platform X that indicates Bitcoin could reach $169,500 in the last quarter of 2024. According to Dave the Wave, Bitcoin has consistently printed diminishing returns after every bull market since 2012. For the current cycle, the trader expects BTC to generate gains of over 626% from the bottom – a significant reduction from the 1,275% gains witnessed during the 2020…

A closely followed crypto trader believes that Dogecoin (DOGE) could be gearing up for a massive rally to the tune of over 530%. Analyst Ali Martinez tells his 59,800 followers on the social media platform X that Dogecoin has remained faithful to a pattern seen during the 2017 and 2021 bull cycles. According to the trader, DOGE appears to be consolidating in preparation for a big rally en route to a fresh all-time high. “Dogecoin is showing its classic pattern once again! DOGE is currently consolidating after breaking out from a descending triangle. Based on past trends, we might just…

Digital assets manager CoinShares says crypto product institutional investments suffered their second consecutive week of outflows last week. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products lost $206 million in outflows last week, bringing the two-week total outflows to nearly $312 million. According to CoinShares, investor interest in crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) is dipping as fears of an increase in interest rates rise. “Digital asset investment products saw outflows for the second consecutive week totaling $206 million, with trading volumes in ETPs dipping slightly at $18 billion. These volumes represent a…

A closely followed crypto strategist believes three new digital assets are about to soar in the coming weeks. Pseudonymous analyst Altcoin Sherpa tells his 215,400 followers on the social media platform X that three altcoin projects have a lot of upside potential after launching during relatively poor market conditions. The three projects are cross-chain messaging protocol Wormhole (W), Ethereum (ETH)-based project Omni Network (OMNI) and TNSR, the governance token of non-fungible token (NFT) platform Tensor. “Eyes on new coins. W, OMNI and TNSR are all on my radar. They launched in relatively bad conditions and I expect some of these…

A widely followed economist says that a $111,000 price tag for Bitcoin (BTC) is in the cards amid the alignment of a technical indicator and a bullish market structure. In a new video update on Trade Gate Hub, economist Henrik Zeberg says that based on a key indicator, it’s possible for the top crypto asset by market cap to “melt up” to six figures by August. According to Zeberg, the crypto king has historically entered into a parabolic phase after its monthly relative strength index (RSI) goes above 70. ”So I got $110,000-$115,000 for Bitcoin. It is actually a part…

Big Four accounting firm Ernst & Young (EY) has launched an Ethereum (ETH)-based solution to automate contract management and prevent non-compliant transactions and errors. In a statement, the firm says the EY OpsChain Contract Manager (OCM) runs on the Ethereum public blockchain to facilitate the execution of complex and multi-party business agreements.  The contract manager supports most business contract types, including volume purchase agreements, standardized rate cards, volume discounts, rebates and price models that are dependent on market data feeds. “EY OCM helps address the enterprise challenge of managing business agreements that run across internal and external operational and technology…

Hedge fund veteran Tom Lee is maintaining bullish conviction on both the stock market and Bitcoin (BTC) following the much-anticipated halving on April 20. In a new interview on CNBC, Lee says the halving, which cut Bitcoin miners’ rewards in half late last week, along with the rise of the Runes protocol, which has helped generate massive amounts of fees for the flagship blockchain, is going to contribute to upward pressure on price. The Fundstrat co-founder, who has been vocally bullish on Bitcoin for many years now, is forecasting a Bitcoin cycle top of $150,000, potentially before the year’s end.…

A new draft tax form by the Internal Revenue Service (IRS) is proposing tracking specific crypto transactions. The Digital Asset Proceeds From Broker Transactions draft indicates that taxpayers must fill out Form 1099-DA, which collects trader identification and detailed transaction data from crypto “brokers.” According to Shehan Chandrasekera, a crypto accountant and the head of tax at CoinTracker, the form could lead to the end of privacy for crypto traders in the US. “Brokers (centralized finance exchanges, certain decentralized finance exchanges, and wallets) will [now] be required to generate this form for each sale transaction and submit that info to…

Crypto whales are currently on the move as one large entity with nearly half a billion dollars worth of Ethereum (ETH) was spotted withdrawing coins from crypto exchanges. First seen by blockchain tracking firm Lookonchain, an address beginning with “0x4359” was spotted taking their ETH out of Binance and decentralized exchanges (DEXes). Lookonchain says the whale has accumulated about $405.19 million worth of ETH in less than two weeks. “This giant whale withdrew 10,119 ETH ($31.85 million) from Binance… He has bought 127,388 ETH ($405.19 million) from DEX and Binance since Apr 8th, with an average buying price of ~$3,172.”…