Author: The Daily Hodl

Bitcoin (BTC) miners are reportedly hedging against the recent downturn in prices by mining other cryptocurrencies, according to the CEO of CryptoQuant. Ki Young Ju says that Bitcoin’s hashprice is now at an all-time low, potentially causing a slowdown in investments for mining companies and prompting them to look to other, cheaper proof-of-work (PoW) coins to mine for the time being. Hashprice refers to the expected value of 1 TH/s of hashing power per day and aims to quantify how much a miner can expect to earn from a given amount of hashrate. Says Ju, “Bitcoin hashprice hit an all-time…

An analyst who continues to build a following with timely crypto market calls believes that the stage is set for altcoins to witness a big burst to the upside. Pseudonymous analyst TechDev tells his 461,900 followers on the social media platform X that he’s looking at the two-week chart of OTHERS, which tracks the market capitalization of all crypto excluding the 10 largest digital assets and stablecoins. According to the analyst, OTHERS appears to be mirroring its setup in 2017 just before the altcoin market witnessed a parabolic surge. “Accumulation –>Markup –> Expansion… Not one bearish idea I’ve seen passes…

Macro guru and Real Vision CEO Raoul Pal says that Solana (SOL) will lead the next market expansion for digital assets. In a new video update, the former Goldman Sachs executive tells his 94,200 YouTube subscribers that the crypto market is approaching the “banana zone,” or a lengthy period of sustained growth. Pal predicts that the smart contract platform Solana will lead crypto out of its price doldrums and into a new bull market phase. “When is the banana zone? I think it’s coming, and I think Solana is going to lead it. As I’ve urged with you, patience is…

A closely followed on-chain analyst thinks a deeper drawdown could ultimately end up as the spark that ignites a Bitcoin (BTC) rally to fresh highs. In a new interview on the What Bitcoin Did podcast, pseudonymous analyst Checkmate says on-chain data suggests that BTC has seen a significant decline in sell-side pressure since April when people unloaded their holdings near all-time highs. But the analyst says Bitcoin is still having trouble sustaining its uptrend due to the absence of fresh demand. “The one that we saw in the ETF (exchange-traded fund) peak, about 30% of that was GBTC but not…

A blockchain platform focused on gaming defied a sideways crypto market and rallied by 37% this week amid an upcoming hard fork and token burn. WEMIX  is a crypto project that bills itself as an “experience-based, platform-driven, and service-oriented mega-ecosystem.” More than 580,000 people use its blockchain game platform, WEMIX Play. The project’s native token is trading at $1.37 at time of writing, up from $1.01 seven days ago. WEMIX witnessed gains as users look forward to the “Brioche Hard Fork,” which will overhaul the project’s tokenomics. The hard fork is slated for July 1st. Explains WEMIX, “This pivotal milestone…

The decentralized oracle network Chainlink (LINK) leads all ERC-20 projects in terms of recent development activity, according to new data published by the crypto analytics platform Santiment. Santiment notes that Chainlink registered 560.6 notable GitHub events in the past 30 days. Status (SNT) was second, clocking 385.97 events. Status aims to offer users a secure messaging app, crypto wallet and web3 browser via an open-source, peer-to-peer protocol and end-to-end encryption. Ethereum (ETH) itself was third on Santiment’s list, registering 314 notable events. The analytics firm notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data…

The U.S. Securities and Exchange Commission (SEC) is suing Consensys, claiming that the blockchain tech firm’s MetaMask wallet acted as an unregistered securities broker. According to recent court documents, the SEC says Consensys violated federal laws by failing to register with the regulatory agency as a securities broker. “Since October 2020, Consensys has acted as an unregistered broker of crypto asset securities through its MetaMask Swaps service. Since January 2023, Consensys has engaged in the unregistered offer and sale of securities in the form of crypto asset staking programs, and acted as an unregistered broker, through its MetaMask Staking service.…

21Shares has now officially filed paperwork in hopes of launching a Solana (SOL) exchange-traded fund (ETF). The fintech firm submitted a registration statement with the U.S. Securities and Exchange Commission (SEC) on Friday for the “21Shares Core Solana ETF,” which would trade on the Cboe BZX Exchange if approved. Three years ago, 21Shares’ European affiliate launched the world’s first Solana ETF in Europe, the 21Shares Solana Staking ETP (ASOL). The financial product has more than $846 million in assets under management as of June 27th. The fintech firm says the recent SEC filing is “essential for democratizing access to crypto…

A widely followed crypto analyst and trader believes that one Ethereum (ETH) rival is well below fair market value. Crypto trader Michaël van de Poppe tells his 722,500 followers on the social media platform X that layer-2 scaling solution Polkadot (DOT) could follow ETH’s upward trend. “DOT is likely going to follow Ethereum in its expansion upwards. This means that the current valuations of Polkadot are extremely low. I expect a lot from the Polkadot ecosystem with all the new segments.” Looking at his chart, he suggests the possibility of a bullish divergence for DOT on the three-day chart, a…

A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on an Ethereum-based low-cap altcoin while offering his insights on Bitcoin (BTC) and Curve DAO (CRV). The analyst pseudonymously known as Credible Crypto tells his 401,200 followers on the social media platform X that Convex Finance (CVX) has the “best-looking chart” in terms of the risk/reward ratio over the short to medium term if the support level between $2.60 and $2.70 holds. Convex Finance is a decentralized finance (DeFi) platform built on the Ethereum (ETH) blockchain. “If those lows [between $2.60 and $2.70] aren’t breached, things are going to…