Author: The Daily Hodl

A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on one memecoin built on the Solana (SOL) blockchain while revealing his forecast for Ethereum (ETH) going forward. The analyst pseudonymously known as Flow Horse tells his 216,400 followers on the social media platform X that dogwifhat (WIF), whose logo features a dog wearing a hat, appears to be undergoing consolidation on the daily chart. According to the pseudonymous analyst, WIF could then turn bullish after the consolidation phase. “It looks like WIF isn’t ready to take off the hat.” WIF is trading at $2.97 at time of writing,…

A widely followed cryptocurrency analyst and trader is forecasting that one blue-chip altcoin could rally by double-digits. The analyst pseudonymously known as The Crypto Dog tells his 782,000 followers on the social media platform X that Dogecoin (DOGE) could hit a price of $0.30, about 78% above the current level if Bitcoin (BTC) records a new all-time high. “Feel pretty good about DOGE actually.” Dogecoin, currently the ninth-largest crypto asset by market cap, is trading at $0.169 at time of writing. Turning to Bitcoin, The Crypto Dog says that the largest digital asset by market cap could be on the…

A widely followed crypto analyst believes one Ethereum (ETH) competitor could more than double in price. Crypto trader Michaël van de Poppe tells his 718,900 followers on the social media platform X that interoperability blockchain Polkadot (DOT) is poised to rally due to major network advances. He also says DOT is likely to see a boost from ETH’s upward momentum as well. “Polkadot did a retest at the crucial levels and wakes up slowly. Given their Polkadot 2.0 release and the JAM ( Join-Accumulate Machine) white paper and the correlation with ETH, I’m expecting a lot from them. Next target…

A top crypto trader thinks one Ethereum (ETH)-based decentralized finance (DeFi) token is an “obvious play” amid recent ETH developments. The pseudonymous analyst known as the Flow Horse tells his 216,500 followers on the social media platform X that the governance token of Ethena (ENA) looks promising. “Looking to go for round 2 of a shift in the pace downward and possible turnaround.” The Ethena Labs project includes the yield-earning “synthetic dollar” token USDe. The project aims to create a stable and scalable form of money in the crypto space without relying on traditional banking systems. ENA is trading at…

The U.S. Securities and Exchange Commission appears ready to pass eight spot Ethereum ETFs after expectations on their approval flipped overnight. The agency just approved form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy simultaneously. Although the products have nearly obtained the full go-ahead, the SEC must approve the firms’ S-1 registration filings before trading can begin. Expectations on the approval of the ETFs turned on a dime when the agency reportedly changed its tune on the filings and began following procedures that preceded the approval of Bitcoin ETFs. Bloomberg analyst Eric Balchunas cautions…

The Supreme Court of the United States is ruling against crypto exchange Coinbase in the Dogecoin (DOGE) sweepstakes dispute. According to new legal documents obtained by Cornell Law, the Supreme Court unanimously ruled that the conflict between Coinbase’s sweepstakes contract and user agreement must be determined through the court system. As stated by Justice Ketanji Brown Jackson, “Arbitration is a matter of contract and consent, and we have long held that disputes are subject to arbitration if, and only if, the parties actually agreed to arbitrate those disputes. Here, then, before either the delegation provision or the forum selection clause…

The Financial Innovation and Technology for the 21 Century (FIT21) Act, a bill that would treat crypto assets as commodities provided their blockchain is decentralized enough, has passed the US House of Representatives. According to a new press release by the Financial Services Committee, the House has passed the new crypto bill, which would bolster consumer protections and give the Commodity Futures Trading Commission (CFTC) authority over digital assets. As stated by Republican Representative Patrick McHenry of North Carolina, the Chair of the Financial Services Committee, “Today, the House took a historic step by passing FIT21 with broad, bipartisan support.…

Uniswap (UNI) is fighting back against the U.S. Securities and Exchange Commission (SEC). The largest decentralized exchange by trading volume received a Wells Notice from the SEC last month, which indicates the regulator intends to take enforcement actions against the DEX soon. Marvin Ammori, the chief legal officer at Uniswap Labs, notes that the project submitted an official response to the SEC on Tuesday. Ammori argues that the SEC relies on a false assumption that nearly all crypto assets are securities. “But a token is merely a file format–like a PDF or JPEG. Tokens can represent any value, and overwhelmingly…

The founder and CEO of an investment firm specializing in digital currencies is looking down the line for the next crypto exchange-traded fund (ETF). In a new CNBC interview, BKCM LLC head Brian Kelly reacts to speculation that the U.S. Securities and Exchange Commission (SEC) could approve Ethereum (ETH) ETF applications as soon as tomorrow by naming which digital asset he expects to receive ETF approval next. “I think you’ve got to think about Solana as probably the next one, right? Bitcoin, Ethereum, and Solana. Now, we have some clarity about what a security is and what isn’t, and they’ll be able to list a…

The derivatives arm of the largest US-based crypto exchange is launching retail-sized futures contracts for oil and gold. In a statement, Coinbase Derivatives says that while crypto derivatives remain at the core of its business, it is introducing commodities futures contracts to give customers enhanced trading opportunities in the traditional markets. Commodity futures contracts oblige buyers to purchase an underlying commodity such as oil, gold and silver at a predetermined future price and date. Investors take advantage of these products to hedge investment positions and capitalize on the price movement of the underlying asset. Explains Coinbase, “Our main objective in…