Author: The Daily Hodl

The parent company of MetaMask, one of the world’s most popular crypto wallets, is urging the U.S. Securities and Exchange Commission (SEC) to approve spot market Ethereum (ETH) exchange-traded funds (ETFs). In a new letter to the SEC, Consensys asks the regulatory agency to approve spot market ETH ETFs as Ethereum’s proof-of-stake consensus mechanism, which it transitioned to in 2022, is safer than Bitcoin’s (BTC) proof-of-work system, according to the firm. Consensys notes the SEC had previously asked for public commentary about how to address the “unique concerns” associated with Ethereum when it comes to fraud and manipulation. In response,…

Crypto hedge fund Pantera Capital, which has over $5 billion in assets under management, has reportedly seen its Liquid Token Fund appreciate by 66% during Q1 2024. According to a new report by Bloomberg, Pantera Capital’s $300 million crypto fund ended the first quarter with massive gains due to the rise of digital assets such as smart contract platform Solana (SOL), decentralized derivatives exchange Aevo (AEVO), decentralized finance (DeFi) protocol Ribbon Finance (RBN) and open source blockchain Stacks (STX). Pantera’s success partially stemmed from having reduced exposure to Bitcoin (BTC) and Ethereum (ETH) and allocating to smaller market cap altcoins.…

A widely followed crypto analyst is detailing when he believes Ethereum (ETH) and altcoins could outpace Bitcoin (BTC). In a new video update, crypto strategist Jason Pizzino tells his 321,000 YouTube subscribers that the altcoin market is setting up for a massive rally – with the ETH/BTC pair as its proxy. “Still seems like the market is building for those mega 37x potential returns for altcoins. [ETH/BTC] is a bit of a proxy for the altcoin pump.” According to Pizzino, if history repeats itself and ETH/BTC behaves the same way it did the last time Bitcoin hit its 2021 cycle…

Top global crypto exchange Binance is rolling out support for a new layer-1 crypto project via its Launchpool platform. Binance Launchpool, which lets users stake coins to farm new assets, says its 51st project will be Saga (SAGA), a web3 platform designed for developers. Saga aims to enable developers to launch interoperable, application-specific chains called “Chainlets.” Explains the project’s website, “We are building this by rearchitecting developer and end-user interactions with blockchains. Using shared security, innovations in validator orchestration, and an automated deployment pipeline, Saga makes launching a dedicated blockchain, or Chainlet, as easy as deploying a smart contract.” Between…

A Bitcoin whale with nearly $600 million in BTC has deposited a large amount of its coins to Binance, the largest crypto exchange in the world. According to blockchain tracking firm Lookonchain, a whale that’s been dormant for the past eight months sent over $74.3 million in Bitcoin to Binance and still holds on to $597.55 million worth of BTC. “A whale that had been dormant for eight months transferred 2,000 BTC ($132.41 million) to a new wallet [on Thursday], then deposited 1,100 BTC ($74.34 million) into Binance. This whale currently holds 8,900 BTC ($597.55 million).” Lookonchain also has its…

A widely followed crypto analyst is issuing a warning on Ethereum, saying that ETH could still witness a 2019-style collapse. In a new video update, crypto strategist Benjamin Cowen tells his 796,000 YouTube subscribers that the conditions for Ethereum now are similar to that of mid-2019, and that the leading smart contract platform may suffer a similar setback. Cowen notes that in 2019, a slash in interest rates coincided with a dramatic correction for ETH. With the Fed expected to begin cutting rates again at some point this year, the analyst suggests that a similar scenario could play out. “We’ll see…

A widely followed trader is expressing bearish sentiment on a months-old memecoin built on Solana (SOL). The trader pseudonymously known as Bluntz tells his 253,400 followers on the social media platform X that dogwifhat (WIF) may be due for a correction. According to the pseudonymous trader who applies the Elliott Wave theory in his technical analysis, WIF appears to have completed a five-wave rally and now looks primed to enter an ABC corrective wave. The Elliott Wave theory states that a bullish asset tends to witness an ABC correction after completing a five-wave upside move. Says Bluntz, “I think the…

A veteran trader is warning that Ethereum’s (ETH) place as the dominant smart contract platform is not as set in stone as many believe. Pseudonymous trader The Flow Horse tells his 210,000 followers that there’s a possibility that Ethereum is like Compaq Computer Corporation, which was the top dog in its field before eventually fizzling out and being acquired by HP in 2002. He says the scenario of Ethereum succumbing to Solana (SOL) has “definitely grown.” “The possibility of Solana overtaking Ethereum has definitely grown. Current trends and sentiments among ETH’s staunchest supporters suggest an expectation for a natural mean…

Synthetic dollar protocol developer Ethena Labs has added Bitcoin (BTC) to the backing of its USDe stablecoin, the firm’s flagship product. Announcing via the social media platform X, Ethena Labs says that using Bitcoin to back USDe is “a crucial unlock which will enable USDe to scale significantly” from its current supply of $2 billion. USDe aims to be a censorship-resistant stablecoin that maintains its backing on-chain via delta-hedging staked Ethereum (ETH) collateral – a mechanism described as an “Internet Bond.” “The ‘Internet Bond’ will combine yield derived from staked Ethereum as well as the funding and basis spread from…

A closely followed crypto trader is predicting Ethereum (ETH) will reach new all-time highs (ATHs) within days. Pseudonymous trader Criptopaul tells his 135,400 followers on the social media platform X that the top altcoin historically outperforms Bitcoin (ETH/BTC) during the month of the halving event, when BTC miners’ rewards are cut in half. The next halving is expected to take place around April 19th. Says the trader, “The halving month [has arrived] and historically it has always been a crossroads for altcoin explosion and ETH/BTC reversal. Are you ready? I expect also a new ETH ATH in 30 days.” ETH/BTC…