Author: The Daily Hodl
Chainlink (LINK) creator Sergey Nazarov says that traditional finance (TradFi) will flood the real-world assets (RWA) crypto sector with trillions of dollars. In a new speech at the TOKEN2049 conference in Singapore, Nazarov says that TradFi will ultimately be the largest customer of decentralized finance (DeFi). Nazarov says that he expects RWAs to overtake all other crypto assets by market cap by creating an environment that allows TradFi money to arrive in the blockchain industry. “It’s actually about net new value coming in from the traditional market, and coming in not in the hundreds of billions but in the trillions.…
On-chain analyst Willy Woo says one classic indicator is suggesting that now is an opportune time for bulls to position themselves for Bitcoin’s (BTC) next leg up. On the social media platform X, Woo looks at the Puell Multiple, which has often been used to call tops for Bitcoin. The Puell Multiple is a ratio between the daily coin issuance in dollar terms and the 365-day moving average of daily coin issuance, aiming to provide an oscillator derived from miner profitability and income stress. Woo shares a chart that smooths out the Puell Multiple to roughly pinpoint when the indicator…
Digital asset veteran Chris Burniske thinks the crypto market looks ready for a new bull run after witnessing months of correction. The former crypto analyst at ARK Invest says on the social media platform X that digital assets have sufficiently cooled off after rallying from late 2023 to early 2024. He shares a chart posted by Real Vision analyst Jamie Coutts to suggest that technical conditions are ripe for fresh surges. “Crypto’s now emerging from a textbook ‘early bull’ reset. While the path remains volatile, don’t get shook, and it’s not too late if you’re sidelined.” Looking at the overall…
Macro guru Raoul Pal believes that the stage is being set for Bitcoin (BTC) to explode to his massive price target. In a video posted on Real Vision’s YouTube channel, the former Goldman Sachs executive says Bitcoin tends to rise and fall along with global liquidity cycles. He shares a chart suggesting that global liquidity will surge over the next three months with BTC following suit. “It’s an [absolutely] beautiful chart. It’s the GMI (Global Macro Investor) global weekly liquidity [index], so that’s both private-sector liquidity and public-sector liquidity from the large global economies. I mean it’s just perfect. It…
The decentralized oracle network Chainlink (LINK) continues to outpace all other ERC-20 projects in terms of development activity, according to the crypto analytics firm Santiment. Santiment notes on the social media platform X that Chainlink registered 624.17 notable GitHub events in the past 30 days, more than double the number of the second-ranked project, Ethereum (ETH), which clocked 298.8. The oracle project also topped the list in June and August. The decentralized finance (DeFi) protocol Synthetix (SNX) came in third with 289.93 notable GitHub events. An ERC-20 project is a standard that developers use to issue tokens on the Ethereum…
New data from prominent blockchain security firm Cyvers reveals that a Singapore-based crypto exchange lost $52 million after being hacked. In a new post, Cyvers says that BingX’s hot wallet suffered a multimillion-dollar exploit affecting multiple blockchains, including Ethereum (ETH), Avalanche (AVAX), BNB, Optimism (OP), and Polygon (POL), Base, and Arbitrum (ARB). “Our system has flagged multiple suspicious transactions linked to BingX across several blockchains. Estimated losses have now exceeded $52 million, with most of the stolen assets currently being swapped.” According to cybersecurity firm Peckshield, the hacker made away with about $43 million worth of stolen crypto assets and…
MicroStrategy, the world’s largest corporate holder of Bitcoin, has purchased an additional $458.2 million worth of BTC. The business intelligence and “Bitcoin development” firm acquired 7,420 BTC at an average price of approximately $61,750, according to Michael Saylor, the company’s co-founder and executive chairman. Saylor also notes that MicroStrategy has achieved a Bitcoin yield of 5.1% quarter to date and 17.8% year to date. In total, the firm now owns 252,220 BTC acquired for $9.9 billion at an average cost of approximately $39,266 per Bitcoin. BTC is trading at $62,945 at time of writing, meaning the value of MicroStrategy’s holdings…
Several ancient Bitcoin addresses are suddenly waking up after more than 15 years and moving hundreds of BTC. Whale-watching bot Whale Alert reports the abrupt awakening of five long-dormant Bitcoin wallets that moved on Friday a total of 250 BTC worth more than $15.9 million at time of transfer. According to digital asset tracker Lookonchain, the five wallets are connected to Bitcoin miners and each received 50 BTC in January or February of 2009. “Please note that many miner wallets dormant for more than 15.5 years are transferring BTC… These wallets received 50 BTC as mining rewards per block back…
Cryptocurrency analyst Benjamin Cowen is forecasting that Ethereum could be in the process of carving cycle lows against Bitcoin (ETH/BTC). In a video update, Cowen tells his 813,000 YouTube subscribers that based on historical precedent, the bottom for the Ethereum/Bitcoin pair is close at hand. “One of the things I have mentioned before is the 2016 and 2019 fractals. If you look at either of these fractals, it would suggest that the bottom for Ethereum/Bitcoin is going to happen relatively soon.” Looking closer at the price action of ETH/BTC, Cowen says the pair’s current market structure appears to be following…
A widely followed cryptocurrency analyst and trader is leaning bullish on a feline-inspired low-cap memecoin in the Binance Smart Chain ecosystem. The trader pseudonymously known as Bluntz tells his 274,800 followers on the social media platform X that a massive breakout for the Simon’s Cat (CAT) memecoin is in sight. “Cat season alive and well, CAT just keeps vertically accumulating then breaking out, constant grind up from launch. I think a face-ripping breakout is near.” Based on Bluntz’s chart, he seems to suggest that the CAT memecoin is in the process of breaking out from an ascending channel in the…