Author: The Daily Hodl
A date has been set for the Cardano (ADA) blockchain to go ahead with its long-awaited Chang hard fork. In a post on the social media platform X, the Cardano Community says that the Chang upgrade will move forward on September 1st. The blockchain’s community leaders, the Cardano Foundation, development firm Input Output Global and others all unanimously agreed to initiate Chang 1 onto the Cardano mainnet, according to Intersect, a member-based organization for the Cardano ecosystem. The first Chang upgrade will introduce governance features on Cardano, enabling decentralized voting and various other governance processes. Chang Upgrade 2 is expected…
New data reveals that Bitcoin (BTC) mining in Texas has seen a 30% increase during the month of August as electricity prices in the state nosedive. In a new thread, Pierre Rochard, the vice president of BTC mining firm RiotPlatforms, tells his 58,200 followers on the social media platform X that mining of the top crypto asset by market cap in Texas has spiked, surprising Bitcoin critics. “Texas Bitcoin mining load increased 30%. August electricity prices fell 80%. Anti-Bitcoin critics in disbelief.” Rochard’s chart indicates that in August 2023, Bitcoin miners used 1,750,000 MHw (megawatt-hours) while in 2024, that figure…
A widely followed crypto analyst says the following few days can either confirm or deny a reversal for Ethereum (ETH) as it trades against Bitcoin (ETH/BTC). Crypto trader Michaël van de Poppe tells his 723,500 followers on the social media platform X that certain signs point to a bullish ETH divergence. “These are great signs on the markets, as ETH has made its first bullish divergence in the daily timeframe in more than two years. The question is: Will this be the actual reversal signal? We’ll be seeing that in the next 2-3 days.” In an update tweeted less than…
The total market capitalization of stablecoins has been increasing for nearly a year now, according to blockchain analytics firm CCData. In a new report, CCData says the total market cap of stablecoins rose by $169 billion in August, up by 2.89% from last month. The increase marks the 11th time in a row that the market cap for stablecoins broke the previous month’s record. “This is the highest end-of-month market capitalization recorded since April 2022. This also represented an all-time high market capitalization for the asset class, excluding algorithmic stablecoins.” Payments giant PayPal’s stablecoin is also seeing a surge in…
The CEO of Bitcoin (BTC) wallet and payments application Strike believes that the top digital asset could massively outperform all other assets for one key reason. In a new interview with Peter McCormack on the What Bitcoin Did podcast, Jack Mallers says a loosening monetary policy plus Bitcoin’s finite supply could make it the top-performing asset this market cycle. “Is this the cycle where central banks try and price fix the bond market? If it is, the quantity of money printing is astronomical. You’re going to get two, three, four, five Covid’s worth of printing. And I think it’s going…
A widely followed crypto analyst believes that Bitcoin (BTC) is primed for an explosive breakout that could take it to new all-time highs (ATHs). Pseudonymous crypto trader Inmortal tells his 215,300 followers on the social media platform X that Bitcoin could flip its ATH of about $74,000 into support within four months. “New BTC all time high by EOY (end of the year).” The analyst suggests that Bitcoin may not return to the $49,000 level before reaching a new ATH. “Maybe the low of this consolidation is already in.” He also says that Bitcoin could trade around the $58,000 range…
A crypto analyst who nailed Bitcoin’s 2018 bottom six months in advance is turning bullish on Ethereum (ETH). The analyst pseudonymously known as Bluntz tells his 273,300 followers on the social media platform X that the low for Ethereum is potentially in now that ETH tagged its lowest level in six months in August. According to the trader, Ethereum is now on the verge of reclaiming a range with an upper boundary at around $2,850. Bluntz further says that Ethereum is exhibiting bullish divergence on the three-day time frame when paired with Bitcoin (BTC). A bullish divergence occurs when the…
Largely followed crypto analyst Altcoin Sherpa is warning that more weakness is ahead for one large-cap memecoin. The pseudonymous trader tells his 221,500 followers on the social media platform X that Dogecoin (DOGE) could depreciate by over 10% from its current level, even after bleeding more than 20% this month. Sherpa says, “Pains me to say it but DOGE probably keeps bleeding until the $0.08s. I still think this is probably a decent one for this cycle for passive investors but eh.” Based on the trader’s chart, he appears to suggest that the key levels to watch on Dogecoin’s potential…
A widely followed crypto analyst is updating his outlook on when Bitcoin (BTC) could pull off a reversal into bullish territory. In a new video update, crypto strategist Benjamin Cowen tells his 809,000 YouTube subscribers that Bitcoin could continue to print bearish price action until the end of 2024. “How long could the lower high/lower low structure go on for before the trend changes? I think it could go on for as long as the rest of the year. That honestly seems about right to me.” Cowen believes a bullish reversal may not occur until the Fed cuts interest rates…
A cryptocurrency trader and analyst is issuing a warning on the potential price performance of altcoins in the current cycle. The analyst pseudonymously known as Sherpa tells his 11,399 YouTube subscribers that altcoins might perform poorly during the current cycle relative to other cycles and periods. “Your altcoin might not do crazy multiples like it did earlier this year. It might not go to an all-time high like it did in 2021 and your altcoin might simply have already topped for the cycle.” The pseudonymous analyst further says, “I think that you have to be realistic with your overall targets…