Author: The Daily Hodl
Binance, the largest digital asset exchange in the world, is about to list its first pre-market altcoin for trading. In a blog post, the exchange says it is listing the new Ethereum (ETH) layer-2 Scroll (SCR) on the Binance Pre-Market platform, a service announced last month that allows users to acquire tokens in advance of their official spot listing. Says Binance, “Binance will be the first platform to list the token mentioned herein, with Pre-Market trading starting at 2024-10-11 10:00 (UTC). Any claims to offer this token for sale before the stated timeline are likely to be false advertising. Please…
USDT, the stablecoin issued by Tether, is reportedly experiencing the impacts of Chinese investors suddenly returning to their nation’s stock market. According to a new report by Bloomberg, USDT has at times traded below the value of the US dollar since the end of September. Stablecoins are usually pegged to the dollar or other assets at a 1:1 ratio. According to Dessislava Aubert, a senior research analyst at blockchain data firm Kaiko, the stablecoin discount coincided with China’s central bank implementing several easing measures in an effort to alleviate a worsening economic outlook that sent stocks surging upward. Says Livio…
One of the leading crypto exchanges in the world is striking back against the U.S. Securities and Exchange Commission (SEC) in court. After receiving a Wells notice from the SEC – an indication that the regulator is investigating a person or entity – Singapore-based crypto exchange Crypto.com announced today that they filed a suit against the agency. “Today, Crypto.com has filed suit against the U.S. Securities and Exchange Commission (SEC). We are doing so to protect the future of the crypto industry in the U.S., joining a series of our peers who are actively defending themselves and taking action against…
The biggest Donald Trump-inspired memecoin on the market has exploded off its lows as the former president’s odds of winning the November election increase. After hitting $1.64 on September 24, TRUMP (MAGA) ran up to $5.67 by October 7th, a 246% rally in just under two weeks. The move coincided with Donald Trump taking the lead on crypto betting platform Polymarket’s “Presidential Election Winner 2024” portal. MAGA is currently trading at $4.37 with a market cap of $201.1 million. Trump now has a 52.6% chance of winning the November 5th election compared to Kamala Harris’ 46.7%, according to Polymarket. The…
Top stablecoin issuer Tether is celebrating the 10th anniversary of the launch of USDT with the rollout of a new documentary film focused on the issue of inflation. The upcoming film, titled “Stability and Freedom in Chaos,” will advertise Tether’s role in countries dealing with inflation, including Argentina, Brazil and Turkey. A teaser for the documentary shows various professionals and small business owners in those countries discussing the harsh impacts of inflation and how saving USDT and making payments with the stablecoin has been helpful. Tether chief executive Paolo Ardoino says the firm’s goal is to provide financial inclusion for…
Solana (SOL) co-founder Anatoly Yakovenko believes meme tokens have a role to play in advancing the product-market fit of crypto projects. Yakovenko says on the social media platform X that memecoins offer something unique to the crypto industry. According to the Solana creator, memecoins are getting so much attention from crypto traders that digital asset projects are being forced to deliver something of value in order to stand out. “I think previous cycles were also 90% meme 10% product. My theory is that memecoins today have completely absorbed the meme energy that drove other cycles, like DeFi (decentralized finance) summer.…
A closely followed crypto strategist believes Bitcoin will generate more bullish momentum if BTC manages to convincingly reclaim a key price area. Pseudonymous analyst Inmortal tells his 216,500 followers on the social media platform X that all eyes are on Bitcoin after BTC surged past $63,000 yesterday. According to the trader, BTC will witness more rallies if it holds the price level, noting that Bitcoin opened the month of October at around $63,000. “Uptober resumes above $63,000 BTC.” Yesterday, Bitcoin rallied to a 24-hour high of $64,458. The top crypto by market cap has corrected since and is trading at…
Crypto veteran Chris Burniske is expecting big things from memecoins in the current digital asset market cycle. The venture capitalist says on the social media platform X that “memecoins’ tendency to trigger” suggests they will be bigger than expected going forward. “The cultural relevance some NFT collections garnered in 2021 will be surpassed by some memecoins. Not here to endorse a horse, but the trend is clear.” Burniske, a partner at venture capital firm Placeholder, also feels optimistic about the development of non-fungible tokens (NFTs). “While memecoins replace PFP (profile picture) NFT collections that were primarily about the $$$, true…
A popular crypto trader thinks Bitcoin (BTC) is gearing up for a big breakout this month en route to fresh all-time highs. The pseudonymous analyst known as TechDev says in a new analysis that BTC’s relative strength index (RSI) has built a bottoming structure and is flashing early signs of possibly reversing into a new leg up. The RSI indicator is a momentum oscillator used to determine whether an asset is oversold or overbought. The RSI’s values range from zero to 100 with the level between 70 to 100 indicating that an asset is overbought while the zero to 30…
A popular on-chain strategist says the top meme token Dogecoin (DOGE) is seeing an abrupt increase in network activity. Analyst Ali Martinez tells his 73,400 followers on the social media platform X that institutional investors may be behind the sudden rise in large Dogecoin transactions. “The number of large Dogecoin transactions on the network continues rising, which suggests institutional players and DOGE whales are positioning themselves for a potential upside move.” Last week, Martinez noted that crypto whales accumulated over $100 million worth of DOGE in just one day. “Dogecoin whales bought over 1 billion DOGE in [24 hours], totaling…