Author: The Daily Hodl

Strong altcoins look poised for a move up, according to a top crypto analyst. The pseudonymous crypto trader known as Pentoshi tells his 809,600 followers on the social media platform X that the digital asset market is currently in an important spot for altcoins. “I personally like the structure or basing taking place. It looks constructive for another move higher. There’s certainly a lot of upside *IF* this can be flipped from resistance to support. I’ve been very bullish on BTC, and this is a type of spot where MANY not ALL alts can get stuck on BTC/USD pivots and…

Chainlink (LINK) creator Sergey Nazarov says a major milestone has been reached in its partnership with payments giant SWIFT. In a new speech at the Sibos 2024 conference in Beijing, Nazarov says that Chainlink has developed a system that connects the traditional finance (TradFi) world with blockchain functions. “Over many years now we’ve been collaborating with SWIFT to bring you the ability to use SWIFT messages and SWIFT standards in order to efficiently interact with blockchains with minimal additional investment by your institutions. I’m very happy to say that this diagram (below) that we presented in the second pilot with…

Decentralized exchange (DEX) Uniswap (UNI) is launching a new bridge that will allow users to access other blockchains outside of Ethereum (ETH). In a new blog post, Uniswap Labs says that it’s launching the bridge in collaboration with Across Protocol (ACX), allowing users to swap crypto assets between nine different blockchains directly from the Uniswap Interface or Uniswap Wallet. “In-app bridging is one of our most requested features, and we’re excited to roll it out as a step toward our long-term vision of cross-chain swaps. Today, over six million Uniswap users swap on multiple chains. At Uniswap Labs, we’re committed…

Coinbase wants US banking regulators to disclose information regarding an apparent “digital asset deposit cap” they’ve been imposing on financial institutions, according to Paul Grewal, the exchange’s chief legal officer (CLO). Grewal notes the firm filed a new Freedom of Information Act (FOIA) request with the Federal Deposit Insurance Corporation (FDIC), asking for copies of documents related to “the imposition of a formal or informal cap, limit, ceiling, maximum, or other restriction or restraint on deposits from digital asset companies at depository institutions, including but not limited to Signature Bank, Customers Bank, Cross River Bank, Western Alliance Bank, and Silvergate…

Russian officials are reportedly discussing how to use Bitcoin (BTC) to conduct international trade outside the purview of the US dollar system. According to a Bloomberg report shared by VanEck’s head of digital assets Matthew Sigel, top lawmakers are pushing the idea that Russian mining firms could sell their BTC to international buyers, who would then use the coins to pay for imports and effectively bypass sanctions. Russia has already made several moves this year to sanctions-proof its economy, including permitting the use of cryptocurrency for international trade, and working on the launch of its own crypto exchanges and stablecoins.…

A government can run a “permanent primary deficit” if it bans or taxes Bitcoin (BTC), according to researchers at the Federal Reserve Bank of Minneapolis. The Fed researchers ask their readers to imagine an economy “in which the government issues stock and pays a flow of non-negative dividends.” “If a unit of government stock is used as the numeraire, then the price level in this economy is the price of consumption in units of government stock. And the nominal interest rate is the dividend yield on government stock. Agents in this economy who hold government stock are, in effect, holding…

Seasoned trader Peter Brandt believes that Bitcoin (BTC) and two additional crypto assets including Ethereum (ETH) are showing signs of strength. Brandt tells his 744,000 followers on the social media platform X that Bitcoin continues to trade within a consolidation pattern. While the trader shares a chart suggesting that BTC has broken above the resistance of the pattern, he notes Bitcoin will officially be in bull territory only after clearing its all-time high close to $74,000. “[The] seven-month inverted expanding triangle continues to form. The sequence of lower highs and lower lows from Mar 2024 has NOT yet been violated.…

An ARK Invest analyst is saying that three indicators are currently flashing bullish for Bitcoin (BTC). ARK analyst David Puell tells his 68,900 followers on the social media platform X that there have been “interesting market events in the last few weeks” signaling a potential Bitcoin breakout. He also says that Bitcoin appears to printing a bullish pattern on the daily timeframe. “Bitcoin bounced off its 200-day moving average and its short-term holder cost basis. [On Friday], it seems to be breaking out of a broadening wedge that began to develop since last March.” The analyst looks at the trends…

One altcoin running on the Ethereum (ETH) network is seeing massive gains after a new blockchain launched in its ecosystem. ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, soared to $1.74 on Monday, a 135% jump in value form Saturday. APE began to rally as Apechain launched on Sunday. Apechain, a project led by Yuga Labs, which also developed APE, allows staking of ApeCoin tokens and expands the Bored Ape Yacht Club ecosystem. Says pseudonymous analyst Elena, “Apechain facilitates NFT minting, trading and dApps (decentralized apps) while providing a seamless experience…

An analyst who nailed the pre-halving Bitcoin correction this year believes BTC is solidifying its odds of witnessing a trend shift soon. Pseudonymous analyst Rekt Capital tells his 506,300 followers on the social media platform X is very close to stepping into bull territory after soaring above $69,000 last week. According to the crypto strategist, the move marks the end of Bitcoin’s bearish trend that began in March. BTC has weekly closed above the red resistance area above the channel top (black). “Key takeaways: • The multi-month downtrend is over • BTC has broken out from its downtrending channel •…