Author: The Daily Hodl
The derivatives liquidity protocol Synthetix (SNX) witnessed more development activity than any other project in the decentralized finance (DeFi) sector in the past 30 days, according to the crypto analytics firm Santiment. Synthetix aims to serve as a backend liquidity tool for user-facing DeFi projects, according to the protocol’s whitepaper. Santiment notes that Synthetix clocked 264.57 notable GitHub events in the past 30 days, compared to 218.33 events for the second-most-developed project, the decentralized exchange (DEX) dYdX. A distant third on the analytics firm’s list is Lido DAO, a liquid staking service for the Ethereum (ETH) ecosystem. The project registered 129.37…
Cryptocurrency analyst Benjamin Cowen is forecasting the likely trajectory of Ethereum (ETH) against Bitcoin (BTC) over the coming weeks and months. Cowen tells his 866,700 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “likely” to bottom out before the end of this year. According to Cowen, the ETH/BTC pair is unlikely to fall by over 20% from the current level. “If you were bullish on ETH/BTC at 0.08, but bearish on it at 0.038, then the market has completely tricked you. Yes, ETH/BTC could go lower, but the time to make the trade was 2…
A widely followed analyst and trader is offering his forecast on three crypto assets. The analyst pseudonymously known as Bluntz tells his 283,900 followers on the social media platform X that Dogecoin (DOGE) is “so close to major breakout” after a brief correction on the two-hour time frame. Based on the widely followed analyst’s chart, it appears he’s suggesting that Dogecoin has broken out of a descending trend line on the daily time frame and is now attempting to climb above the resistance level at around $0.132. Dogecoin is trading at $0.122 at time of writing. Next up is the…
The chief investment officer of crypto asset management firm Bitwise believes Bitcoin (BTC) will hit six figures sometime next year. In a new interview on the Altcoin Daily YouTube channel with Aaron Arnold, Bitwise CIO Matt Hougan says that multiple factors seem to be lining up to make 2025 a big year for Bitcoin. “I think it’s going to be a new all-time high. I think it’s going to be six-figure Bitcoin for sure. And the question is, is it a one handle or is it a two handle? When I say for sure, of course, there are no guarantees.…
A veteran trader known for timely crypto calls is issuing a warning over memecoins as he suggests the sector may have reached peaked popularity. Pseudonymous trader The Flow Horse tells his Telegram channel that memecoins may soon fade as another crypto sector ascends. “Let me stress this: nothing in this market – or in life, for that matter – is permanent. Some things stay in the spotlight much longer than others, but the longer something remains in the spotlight, the more people forget that everything outside of it still exists. That overlooked space, which seems dark and empty, is where…
A decentralized social media altcoin is nosediving just days after gaining support from the top US crypto exchange platform. New data reveals that social media token DEGEN went from a weekly high of $0.011 to $0.008 since being adopted by Coinbase on October 15th, a 27% drop. According to DEGEN’s website, the digital asset is a reward token for active participants of the decentralized social media platform Farcaster. Furthermore, it powers the Degen Chain, which is billed as a layer-3 built over Base, the blockchain of Coinbase. “DEGEN is a reward token for Farcaster users, born from meme culture. It…
The developer of interconnected blockchain network Cosmos (ATOM) is warning that the Liquid Staking Module (LSM) of the Cosmos Hub poses serious security risks. In a statement, Cosmos co-founder Jae Kwon says that when developer Zaki Manian began building the LSM in August 2021, Jun Kai and Sarawut Sanit, coders who were later linked to North Korea, wrote most of the module’s code. Kwon says the same North Korean developers also fixed the vulnerabilities identified by an Oak Security audit in July 2022. “This not only undermined the integrity of the remediation process but also gave the potential creators of…
A widely followed crypto analyst is issuing an alert about Ethereum (ETH), saying that the top altcoin appears to be forming a bearish pattern. In a new strategy session, crypto trader Justin Bennett tells his 113,200 followers on the social media platform X that the second largest digital asset by market cap could be forming a diamond reversal pattern that could land it below the $2,500 price tag if confirmed. “It’s not a pattern I trade, but ETH could be forming a diamond reversal pattern. The objective is $2,485 if it confirms with a close below support. Nothing is confirmed…
Electric car maker Tesla just moved its Bitcoin (BTC) holdings that have been untouched for the past two years. Data from blockchain analytics platform Arkham Intelligence shows that the company made a series of on-chain transactions on October 15th, the first time since June 2022. Tesla transferred nearly all of the Bitcoin in its reserve worth $760 million at the time to new addresses, leaving just $6.7 worth of the flagship crypto asset. Tesla bought $1.5 billion worth of Bitcoin in January 2021 and sold 272 million BTC in Q1 of the same year and $936 million BTC in Q2…
The second largest US-based crypto exchange by trading volume is launching a new 1:1 Bitcoin (BTC)-pegged token. According to a new announcement, Kraken just dropped Kraken Wrapped Bitcoin (kBTC), a wrapped BTC token fully backed by the exchange. “We are thrilled to launch Kraken Bitcoin (kBTC), a fully backed, cross-network-compatible ERC-20 representation of Bitcoin custodied by Kraken… kBTC is a fully backed, cross-network-compatible ERC-20 token. Each kBTC token is fully backed 1:1 by an equivalent amount of Bitcoin and held securely in Kraken’s custody.” According to Kraken, the Ethereum (ETH)-based BTC equivalent will be available for use in decentralized applications…