Author: The Daily Hodl
Maelstrom Fund, an early-stage crypto investment fund operated by Arthur Hayes’ family office, is expressing bullish sentiment on a relatively new blockchain oracle digital asset. The early-stage fund says that Chainlink (LINK) rival Flare (FLR) is “likely undervalued” currently. “Chainlink’s early mover advantage has given it a sizable head start, with countless projects having already integrated with its services. However, as Flare gains traction, it has the potential to quickly catch up to Chainlink.” “To better illustrate Flare’s potential,” Maelstrom Fund says that the fully diluted valuation of FLR is currently about 23% of Chainlink’s even though the upstart has…
New data reveals that the overall trading volume of centralized crypto exchanges (CEXs) plummeted in April after six consecutive months of gains. According to blockchain tracker CCData, the combined volume of spot market and derivatives trading on centralized exchange platforms fell by a staggering 43.8% to $6.58 trillion. The firm’s charts indicate that in March, the combined volume was about $11 trillion and in February, it was approximately $8 trillion. However, the chart also reveals that the overall volume in April 2024 is still higher than it was during any month in 2023 except for December. CCData goes on to…
A widely followed cryptocurrency trader who accurately predicted Bitcoin’s (BTC) collapse to under $30,000 in 2022 is naming a blue-chip altcoin that he thinks possesses big upside potential. The trader pseudonymously known as Capo tells his 841,700 followers on the social media platform X that if Polkadot (DOT) manages to stay above a key support level at $6, the Ethereum (ETH) competitor could skyrocket as much as 172% from its current levels. “DOT. Currently at major support again, after being rejected from resistance. If this support holds, we should see a move up to the same resistance ($10 to $11)…
The biggest bank in the US, JPMorgan Chase, says it now holds about $760,000 in spot Bitcoin ETFs on behalf of its clients. In a new Form F13 filing, which requires institutional investment managers to disclose their holdings, JPMorgan says the exposure is spread across BlackRock’s iShares Bitcoin Trust (IBIT), the ProShares Bitcoin Strategy ETF (BITO), Fidelity’s Wise Origin Bitcoin Fund (FBTC), the Grayscale Bitcoin Trust (GBTC) and the Bitwise Bitcoin ETF. The revelation follows a similar filing from rival Wells Fargo, which says it holds 2,245 shares of the Grayscale Bitcoin Trust (GBTC) worth $121,207 at time of publishing.…
US banking giant Wells Fargo is now holding a spot Bitcoin ETF on behalf of its clients, according to a new filing with the SEC. The bank’s Form F13 filing, which requires institutional investment managers to disclose their holdings, says Wells Fargo is holding 2,245 shares of the Grayscale Bitcoin Trust (GBTC), which was converted to an ETF in January. The total value of those shares is $121,207 at time of publishing – a sliver of the firm’s approximately $2 trillion in assets under management. But the revelation is significant given the resistance that banks have historically shown toward customers…
Top global crypto exchange Binance plans to launch trading support for a new altcoin connected to a viral game on the encrypted messaging platform Telegram. Binance plans to roll out support for NOT, a community token for the popular Telegram-based tap-to-earn mining game Notcoin, via its Launchpool platform, which lets users stake coins to farm new assets. Between May 13th and 16th, Binance users can stake BNB, the crypto exchange platform’s native asset, as well as the stablecoin First Digital USD (FDUSD) into separate pools to farm NOT tokens. The exchange then plans to list the asset on May 16th.…
A financial regulator in India is reportedly approving crypto exchange platforms Binance and Kucoin for business within the nation after banning them last December. According to a new report by CoinDesk, Binance and Kucoin have been approved by India’s anti-money laundering regulator, who said the crypto exchanges registering will add “a little more credibility to the system.” The world’s largest crypto exchange by volume and Kucoin will be the first two offshore digital asset exchanges approved by the regulator since banning nine of them last year. Others banned at the time included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and…
A widely followed crypto analyst is suggesting that altcoins could be on the rise as hopes for an Ethereum (ETH) exchange-traded fund (ETF) approval this month from the U.S. Securities and Exchanges Commission (SEC) this month dwindle. Crypto trader Michaël van de Poppe tells his 717,300 followers on the social media platform X that altcoins are waking up as Bitcoin (BTC) hovers near $61,000. “Markets did bounce from the crucial area at $61,000 and Altcoins are waking up. It’s the final accumulation period before the big surge.” BTC is worth $60,933 at time of writing, down 2% on the day. Looking specifically at the altcoin…
A widely followed crypto analyst says that Ethereum (ETH) layer-2 scaling solution Arbitrum (ARB) could be flashing a potentially bullish indicator. In a new thread, crypto trader Ali Martinez tells his 61,900 followers on the social media platform X that ARB’s Tom DeMark (TD) Sequential Indicator has presented a buy signal on the asset’s weekly chart. “It anticipates a one to four candlesticks rebound for ARB!” Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles. ARB is trading at $1.04 at time of writing.…
A widely followed cryptocurrency analyst and trader is turning bullish on a decentralized wireless network project. The analyst pseudonymously known as Bluntz tells his 258,700 followers on the social media platform X that key indicators suggest Helium (HNT) is about to have a massive breakout. Bluntz uses the Elliott Wave theory in his analysis, which attempts to forecast price movements based on crowd psychology that is manifested in waves. The Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections. “Since original post we did a nice five wave rise from the lows and now…