May sees major token unlock event for crypto projects like Aavo, Pyth Network, Starknet with over $2 billion in tokens set to release.
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This week’s Crypto Biz features the Lightning Network rollout on Coinbase, Avalanche integration with Stripe, MicroStrategy earning results and BlackRock’s new tokenized fund.
While developers have long focused on the Ethereum network, the Bitcoin ecosystem is making a comeback, with several initiatives now aiming to innovate on the original blockchain.
Recent developments include the growing ties between Bitcoin and decentralized finance (DeFi), driving the demand for layer-2 protocols to unclog the Bitcoin blockchain and reduce transaction fees as on-chain activity soars.
Major players like Coinbase are also reviewing Bitcoin offerings. The crypto exchange finally added the Lightning Network as an alternative for users seeking to transfer Bitcoin (BTC), following Binance’s similar move nearly a year ago.
Altcoins showed impressive double-digit gains after Bitcoin bulls successfully pulled BTC price back above the $61,000 level.
Bitcoin (BTC) bulls are trying to stage a comeback by pushing the price above the psychologically crucial level of $60,000. Veteran trader Peter Brandt said in a X post that if Bitcoin holds the most recent lows and moves higher, it will be considered a “very common bull market continuation chart construction.”
Analysts are bullish on the long-term prospects of Bitcoin but do not expect the uptrend to start in a hurry. Bitfinex Alpha market report said that Bitcoin could stay range-bound for one to two months “with swings of $10,000 on either side.”
Traders are likely to keep a close watch on the spot Bitcoin exchange-traded funds. According to Farside Investors data, the Bitcoin ETFs witnessed outflows of $563 million on May 1. The sentiment is likely to pick up after the Bitcoin ETFs witness net inflows for a few successive days. Former BitMEX CEO Arthur Hayes believes the sell-off has ended, and the crypto markets may head higher.
Solana (SOL) co-founder Raj Gokal is naming two blockchains that have a head start in the sovereign blockchains crypto sub-sector. At a TOKEN2049 panel discussion, Gokal says that Avalanche (AVAX) and Cosmos Hub (ATOM) are “the clear winners” with regard to sovereign blockchains. A sovereign blockchain is typically under the control of a single entity, […]
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Bitcoin’s drop to $56,500 crushed bullish traders’ sentiment and took a heavy toll on altcoin prices but are generational buying opportunities emerging?
Bitcoin (BTC) sliced through the $60,000 support on May 1, signaling that the uptrend has weakened. While the fall has muddied the short-term picture for Bitcoin, the analysts remain bullish for the long term.
Traders latch on to every bit of negative news when the price action turns bearish. Investor sentiment received a beating on the muted response to the Hong Kong spot Bitcoin and Ether (ETH) exchange-traded funds (ETFs) that debuted on April 30. Continued outflows from the United States-based spot Bitcoin ETFs for the fifth consecutive day also did little to soothe nerves.
Every bull phase witnesses sharp corrections, which shake out the weak hands. The lower levels give an opportunity to the long-term investors to add to their portfolios. However, it is better to wait for the price to confirm a bottom before initiating large bets.
A closely followed crypto strategist is predicting one Ethereum (ETH) competitor could go on a massive rally following a market correction. Pseudonymous analyst Altcoin Sherpa tells his 215,600 followers on the social media platform X that Solana (SOL) may retest $120 before a parabolic rally to more than $500 later this year. “SOL: as long […]
The post Trader Predicts Massive Rallies for Solana This Year, Updates Outlook on One More Ethereum Rival appeared first on The Daily Hodl.
Bitcoin and altcoins could be en route to retest their recent strong support levels as bears try to extend the correction.
Bitcoin (BTC) continues to trade inside a large range, suggesting indecision about the next trending move. Analysts trying to predict the direction are enthused by the $1.3 billion of USD Coin (USDC) transferred to Coinbase by whale addresses. Expectations are that the funds will be used to buy Bitcoin and Ether (ETH).
Large investors are not only buying the top two coins by market capitalization. CoinShares head of research James Butterfill said in a recent report based on a survey of 64 institutional investors that 15% of the respondents had invested in Solana (SOL). In comparison, none of the investors held Solana in the firm’s January survey.
Morgan Creek Capital CEO Mark Yusko said in a recent interview with The Wolf Of All Streets podcast that about $300 billion of baby boomers’ wealth is likely to enter into digital assets within 12 months. This inflow could boost the cryptocurrency market capitalization to $6 trillion.
Solana price is down 21% in a week, but on-chain and derivatives data highlights investors’ confidence that the network can overcome recent hurdles.
Solana’s native token SOL (SOL) experienced a significant 21% decline over the past week, reaching its lowest point in nearly six weeks. This downturn triggered a substantial $113 million in liquidations of leveraged long SOL futures contracts since April 11, suggesting that investors may have been overly optimistic following SOL's 61% price surge in March.
This raises questions about the potential for further corrections and whether the $130 support level will hold firm.
Market analysts observe that Solana’s current market capitalization of $60 billion appears inflated, particularly when compared to Avalanche’s (AVAX) $13 billion and Tron’s (TRX) $10 billion, standing four and six times higher, respectively. However, some argue that the premium is justified by the rapid expansion of Solana’s ecosystem, with many projects launching their own tokens.
Bitcoin price descends to new lows, dragging altcoins down with it just days before the long-awaited BTC supply halving.
Bitcoin (BTC) dipped back toward $61,000 on April 17, indicating a lack of demand at higher levels. According to data from Farside Investors, Bitcoin’s recent price action has resulted in net outflows from the spot Bitcoin exchange-traded funds (ETFs) on April 12 and 15. CryptoQuant founder and CEO Ki Young Ju said in a X post that demand for Bitcoin ETFs has “stagnated for 4 weeks.”
However, a comforting factor for the bulls is that the whales have not panicked and are not selling on weakness. Data from research firm Santiment shows that the largest Bitcoin wallet cohorts have been on an accumulation spree since March 1.
The whales seem to be holding on to their positions due to the bullish outlook in the long term. Bitwise Asset Management said in a X post that after the three previous Bitcoin halvings, Bitcoin’s prices remained soft for a month but witnessed triple-digit gains a year after the event.
“Homeowners effectively sell a portion of their home’s equity at today’s price and repay at tomorrow’s,” wrote Homium staff.
Homium, a home equity line of credit (HELOC) tokenization protocol built on Avalanche, has raised $10 million in a Series A funding round led by Sorenson Impact Group and Blizzard.
“Through shared appreciation home equity loans, Homium introduces a way for homeowners to borrow against their home equity without increasing their monthly debt burden,” wrote Avalanche in an April 15 announcement.
By using Homium, homeowners pledge a portion of their home’s future appreciation as collateral for loan equity in maintenance and repairs, debt consolidation or inheritance. At the same time, investors receive a tokenized asset tracking the price appreciation of a pool of shared homes on the protocol.
