Ethereum Competitor Avalanche (AVAX) Suffers Five-Hour Network Outage

https://dailyhodl.com/2024/02/24/ethereum-competitor-avalanche-avax-suffers-five-hour-network-outage/

Prominent layer-1 blockchain and Ethereum (ETH) rival Avalanche (AVAX) has suffered a five-hour network outage.

According to Avalanche data-tracking platform Avalanche Status, the blockchain went through an outage that prevented blocks from being accepted on its primary network.

“Developers across the community are currently investigating a stall in block finalization that is preventing blocks from being accepted on the primary network. Updates will be posted here as the issue is investigated.”

However, the issue has since been resolved as of Friday morning due to an update.

According to Patrick O’Grady, Ava Labs’ vice president of platform engineering, upgrading to AvalancheGo v1.11.1 solved the issue, which was rooted in node validators excessively communicating.

“Please upgrade your node to AvalancheGo to v1.11.1. This release disables logic added in v1.10.18 that led to validators sending an excessive amount of gossip to each other.

Avalanche Validators provision a stake-weighted bandwidth allocation for each peer and this buggy logic led to each node saturating their allocation with useless transaction gossip.

This dynamic prevented pull queries issued by the validator from being processed in a timely manner and led to consensus stalling (as no polls were being handled).”

The outage had little impact on the price of AVAX, which is trading for $35.55 at time of writing, a 1.85% decrease during the last 24 hours.

Earlier this month, Solana (SOL) – another layer-1 competing with ETH – also suffered a five-hour outage, causing crypto exchange UpBit to suspend deposits and withdrawals of both SOL and SOL-based products at the time.

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Solana-Based MOBILE Altcoin Project Drops Over 10% After Going Live on Coinbase

https://dailyhodl.com/2024/02/23/solana-based-mobile-altcoin-project-drops-over-10-after-going-live-on-coinbase/

The native token of a Solana (SOL)-based decentralized wireless provider is seeing a dip in price after going live on Coinbase, the leading crypto exchange platform in the US.

According to Coinbase, Helium Mobile (HELIUM), a wireless phone service that incentivizes users to map out their network to earn rewards, is now fully supported on the trading platform.

“Helium Mobile (MOBILE) is now live on coinbase.com and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”

News of the listing saw HELIUM drop over 10% in price, going from its seven-day high of $0.0042 set on February 22nd to trading for $0.0036 at time of writing.

MOBILE, which is a part of the Internet of Things (IoT) network and markets itself as an affordable low-cost alternative to traditional wireless carriers, allows users to earn rewards by verifying or mapping out Helium’s 5G network using their phones.

“Helium Mobile users will be able to earn MOBILE rewards by verifying (known as “mapping”) the Helium 5G network from their phones. Network mapping is an opt-in program that will be available on Helium Mobile plans.”

Initially launched in Miami last year, Helium Mobile is now available nationwide.

Earlier this month, Coinbase announced that it would be adding MOBILE to its listing roadmap, which alerts investors that the crypto exchange may soon list an asset, causing the digital asset to rise nearly 7%.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Uniswap Soars Over 50% in 24 Hours After Protocol Upgrade Proposal To Reward Token Holders Put Forward

https://dailyhodl.com/2024/02/23/uniswap-soars-over-50-in-24-hours-after-protocol-upgrade-proposal-to-reward-token-holders-put-forward/

Decentralized crypto exchange Uniswap (UNI) is skyrocketing after an upgrade was proposed to reward its token holders.

In a new announcement, The Uniswap Foundation says the protocol’s governance lead has put forth a proposal that would reward traders who have staked and delegated UNI.

According to the team, the proposal is of utmost importance to the long-term success of the protocol.

“Potential Impact: decentralized, resilient, and engaged governance is imperative to the long-term health and success of the protocol. We believe this upgrade will strengthen and invigorate Uniswap governance.”

News of the proposal sent UNI flying, as the digital asset went from its seven-day of $7.06 to a peak of $11.62 in just 24 hours, a gain of just over 50%. UNI has since retraced and is trading for $11.20 at time of writing.

According to the Uniswap Foundation, the proposal will bring in fresh delegates who are proven to be committed to the project.

“We believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success.

If this proposal succeeds we believe we will see an influx of new delegation. And because existing delegators will be required to re-delegate to stake their tokens, we will see a shift of ‘stale’ existing delegation to delegates who have proven their commitment to supporting the protocol.

Further, this mechanism can run on its own into the future – continuing to incentivize engaged delegation, without requiring any additional facilitation.”

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NFT Platform Launches Classic Nintendo 64 Emulator on Bitcoin Blockchain Using BTC Ordinals

https://dailyhodl.com/2024/02/22/nft-platform-launches-classic-nintendo-64-emulator-on-bitcoin-blockchain-using-btc-ordinals/

A non-fungible token (NFT) platform is launching a classic Nintendo emulator on Bitcoin (BTC) using BTC ordinals.

In a new announcement, NFT platform Pizza Ninjas says it has successfully launched an N64 emulator on the crypto king using ordinals, which inscribe data on satoshis, the smallest unit of BTC.

Emulators allow gamers to play video game consoles on other devices without needing to own or operate the console itself.

According to Pizza Ninjas, utilizing Google’s Brotli Compression method has allowed them to inscribe bigger and bigger items.

“Inscribing a larger system like N64 and its games is more realistically feasible than before. Brotli Compression allows for file size reductions around 80%. Take for example, the iconic Goldeneye 64. It’s 12.4 MB uncompressed, but with Brotli we can get it down to 3.15 MB!

This is enough to fit it inside 1 Bitcoin block (4 MB) or split across 8 transactions under 400 kb. And with network fees now the lowest we’ve seen since the start of Ordinals. Inscribing this at the current 15 sats/vbyte would only cost $6,000.

Totally reasonable for a community of gamers with a vested interest in seeing these classic games preserved forever.”

The Nintendo 64 was launched in 1996 and sold over 30 million units over its lifetime, according to data-tracking platform Statista.

In January, the classic first-person shooter Doom – which pits players against demons on Mars – was also inscribed on Dogecoin (DOGE) using “doginals,” the meme asset’s own version of BTC ordinals.

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SingularityNET (AGIX) Soars 45% in 24 Hours As AI Chipmaker Nvidia Profits Surge by Triple-Digits

https://dailyhodl.com/2024/02/22/singularitynet-agix-soars-45-in-24-hours-as-ai-chipmaker-nvidia-profits-surge-by-triple-digits/

An artificial intelligence (AI)-focused altcoin is skyrocketing as tech giant Nvidia’s profits leap by triple digits.

According to a press release detailing Nvidia’s Q4 financial report, the AI chipmaker hauled in a revenue of $22.1 billion during Q4, up 23% from Q3 and 265% from a year ago.

News of Nvidia’s success preceded blockchain-based decentralized AI marketplace SingularityNET (AGIX) jumping about 45% in 24 hours, going from a price of $0.506 on February 21st to trading for $0.738 at time of writing.

“Nvidia today reported revenue for the fourth quarter ended January 28, 2024, of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.

For the quarter, GAAP (generally accepted accounting practices) earnings per diluted share was $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share was $5.16, up 28% from the previous quarter and up 486% from a year ago.”

The data also reveals that Nvidia profited $12.3 billion during Q4, up a staggering 769% year over year.

As stated by Jensen Huang, founder and chief executive of Nvidia, in the press release,

“Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations.

Our data center platform is powered by increasingly diverse drivers – demand for data processing, training and inference from large cloud-service providers and GPU-specialized ones, as well as from enterprise software and consumer internet companies.

Vertical industries – led by auto, financial services and healthcare – are now at a multibillion-dollar level.”

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Ripple CEO Brad Garlinghouse Says XRP ETF ‘Makes Sense,’ Predicts Inevitable Wave of New Crypto Investment Products

https://dailyhodl.com/2024/02/21/ripple-ceo-brad-garlinghouse-says-xrp-etf-makes-sense-predicts-inevitable-wave-of-new-crypto-investment-products/

The chief executive of payments platform Ripple says that it would “make sense” if exchange-traded funds (ETF) centered around XRP and other digital assets were created.

In a new interview with Bloomberg, Ripple Labs CEO Brad Garlinghouse predicts that a new wave of crypto investment products will appear in the future.

“I think it makes sense that there will be other ETFs. It’s sort of like the earliest days of the stock market – you don’t really want exposure to one stock, or one company, you want to typically think about diversifying risk and what have you. I think we will see other [crypto] ETFs.

When we will see them is hard to predict. The sad reality of what we saw with the Bitcoin ETF is [it happened] only because the courts forced the SEC’s hand, and really [SEC Chair] Gary Gensler’s hand.”

According to Garlinghouse, Ripple’s years-long battle with the SEC, which culminated in a favorable ruling for the payments platforms last year, hurt the valuation of XRP. The SEC first sued Ripple Labs in December 2020 for allegedly selling XRP as an unregistered security.

However, a court later ruled that XRP does not qualify as a security which would fall under the jurisdiction of the SEC.

Says Garlinghouse,

“Before the SEC lawsuit, XRP was the second-most valuable digital asset. Because of the headwinds of that lawsuit, we’ve now seen that largely abate. But the long-term view on these things is about how you create utility and solve real-world problems with these different digital assets.

Bitcoin’s doing that very well as a store of value. XRP and its dynamics are about being very fast, very efficient, [and] low cost on a per transaction basis [and that] makes it ideal for payments and that’s where RIpple has leaned into as a company.”

XRP is trading for $0.54 at time of writing.

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US Government Sanctions Two Russian Nationals’ Crypto Wallets Related to Ransomeware Group LockBit

https://dailyhodl.com/2024/02/21/us-government-sanctions-two-russian-nationals-crypto-wallets-related-to-ransomeware-group-lockbit/

The US government is sanctioning the crypto wallets believed to belong to two Russian nationals linked to the ransomware group LockBit.

In a statement, the Treasury Department’s Office of Foreign Assets Control (OFAC) says that it has sanctioned several Bitcoin (BTC) and Ethereum (ETH) wallets linked to the group.

According to a press release, the wallets of Ivan Gennadievich Kondratiev and Artur Sungatov will be blocked in the United States after LockBit attacked the Industrial and Commercial Bank of China’s (ICBC) U.S broker-dealer, impacting the settlement of billions of dollars worth of assets.

“OFAC’s investigation identified LockBit as responsible for the ransomware attack on ICBC, which occurred on November 9, 2023. The ransomware attack disrupted ICBC’s U.S. broker-dealer, affecting the settlement of over $9 billion worth of assets backed by Treasury securities.

The ransomware attack caused a blackout of ICBC’s computer systems, resulting in a loss of e-mail and communications. ICBC’s inability to access its systems caused securities to be delivered for settlement with no funds backing the trades.”

LockBit, which first appeared in 2019, employs the ransom-as-a-service model, where it licenses its malware out to cyber criminals who then give them a cut of the ransoms paid by victims, according to the press release.

“LockBit is known for its double extortion tactics, where its cybercriminals exfiltrate vast amounts of data from its victims before encrypting the victim’s computer systems and demanding ransom payments. LockBit was the most deployed ransomware variant globally in 2022 and remains prolific today.”

As stated by Deputy Secretary of the Treasury Wally Adeyemo, according to the press release,

“The United States will not tolerate attempts to extort and steal from our citizens and institutions. We will continue our whole-of-government approach to defend against malicious cyber activities, and will use all available tools to hold the actors that enable these threats accountable.” 

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Filecoin Announces Integration With Solana (SOL) for Decentralized Blockchain Storage Solution

https://dailyhodl.com/2024/02/18/filecoin-announces-integration-with-solana-sol-for-decentralized-blockchain-storage-solution/

Peer-to-peer file storage network Filecoin (FIL) is collaborating with smart contract platform Solana (SOL) for decentralized blockchain storage solutions.

In a new thread on the social media platform X, the team behind Filecoin says that integrating with Solana will greatly enhance the Ethereum (ETH) rival’s capabilities as well as advance the concept of decentralized storage.

“Solana’s integration with Filecoin is a significant move away from centralized storage solutions and a remarkable step towards enhancing the reliability and scalability of the Solana blockchain.

Solana is utilizing Filecoin to make its block history more accessible and usable for infrastructure providers, explorers, indexers, and anyone needing historical access.

By leveraging Filecoin’s decentralized storage capabilities, Solana can achieve data redundancy, scalability, and enhanced security while staying true to its decentralized ethos. This collaboration showcases the power of blockchain networks to create more robust and resilient ecosystems for the benefit of users and developers.”

In a separate post, Solana founder Anatoly Yakovenko says remote procedure call (RPC) service Triton One played a big role in making the partnership possible.

“I am really excited to see this launch. Huge thanks to Filecoin for building an awesome decentralized archive layer.

And to Triton One, who did a ton of work to ship this.”

FIL is trading for $6.24 at time of writing, an 8.54% gain during the last 24 hours while SOL is worth $108.82 at time of writing, a marginal decrease during the same time frame.

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CoinShares’ Meltem Demirors Says Ethereum (ETH) Narrative Has Struggled Amid Rise of Rival Layer-1s

https://dailyhodl.com/2024/02/18/coinshares-meltem-demirors-says-ethereum-eth-narrative-has-struggled-amid-rise-of-rival-layer-1s/

The chief strategy officer of market intelligence platform CoinShares says that the narrative centered around Ethereum (ETH) has been hampered amid the rise of alternative layer-1 blockchains.

In a new interview on the Crypto Banter YouTube channel, CoinShares CSO Meltem Demirors says that crypto newcomers are still more likely to choose Bitcoin (BTC) over Ethereum (ETH) as their entry point to the digital asset ecosystem due to a simpler narrative.

Says Demirors,

“I think for a lot of the newcomers in this next cycle, ETH is not going to be their first entry point into crypto, and I do think that fundamentally changes the dynamics – that’s my view… 

I do think Ethereum has a very complicated scaling road map, [and] I do think the Ethereum narrative has struggled…

Bitcoin has a very unique narrative – like [that] Bitcoin is digital gold [or] Bitcoin is money backed by physics, Bitcoin has a very strong narrative in my view…

I actually think that’s a very big positive for Bitcoin that makes people feel very comfortable holding Bitcoin – what I struggle with a bit more is does Ethereum have the same strength of narrative?”

Demirors says that while the Ethereum community is strong in general, it lacks the die-hard brand loyalty displayed for the top crypto asset by market cap. She also says she’s uncertain that Ethereum will be able to maintain prominence as more layer-1 (L-1) blockchains with faster, cheaper and more intuitive user experiences establish themselves.

“Can [Ethereum] maintain market share as more and more L-1s launch whether they have the SVM (Solana Virtual Machine) or compatibility with Ethereum’s EVM (Ethereum Virtual Machine) which allows you to utilize a lot of the Ethereum DApp (decentralized application) ecosystem on those newer higher throughput chains. The question is: can Ethereum preserve mindshare and market share? That’s the open question for me…

I think the Ethereum community is very strong but there are no real Ethereum maxis (maximalists) – there are tons of hardcore toxic Bitcoin maxis who are sort of like the army of Bitcoin.

Ethereum doesn’t really have that type of loyalty, I can’t really name a lot of Ethereum maxis, so that narrative loyalty, I don’t know if that’s there.”

Ethereum is trading for $2,766 at time of writing, a fractional decrease during the last 24 hours.

 

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Two AI-Related Crypto Assets Rally As OpenAI Launches Text-to-Video Artificial Intelligence Model

https://dailyhodl.com/2024/02/17/two-ai-related-crypto-assets-rally-as-openai-launches-text-to-video-artificial-intelligence-model/

Two artificial intelligence (AI)-focused altcoins are surging as AI research firm OpenAI rolls out its new text-to-video project.

In a new thread, tech giant OpenAI announces the launch of Sora, a new model that can generate detailed high-definition videos based on text prompts.

“Introducing Sora, our text-to-video model. Sora can create videos of up to 60 seconds featuring highly detailed scenes, complex camera motion, and multiple characters with vibrant emotions.”

According to OpenAI’s website, Sora can also generate videos from still images.

News of the launch sent two AI-related digital assets – decentralized video streaming network Livepeer (LPT) and blockchain-based marketplace for AI services SingularityNET (AGIX) – skyrocketing.

LPT went from a February 15th low of $7.96 to a price of $14.64 just a day later, a staggering rise of 83.9%, while AGIX went from a February 15th low of $0.318 to a peak of $0.418, a gain of 31.4%, during the same time frame.

Both crypto assets have since retraced and are trading for $14.32 and $0.384 at time of writing, respectively.

In an accompanying announcement, Livepeer says it is striving to incorporate text-to-video technology in its network within the next few months as a part of its AI Video initiative, though no exact date or details were given.

“Today, OpenAI revealed their research progress on the Sora generative video AI model, with some impressive demonstrations. This helps show the world how powerful generative video can be, and progress on open models is moving faster than ever.

But generating these videos requires massive GPU (graphics processing unit) computing power, and can be expensive.

As part of Livepeer’s AI Video initiative, the community is working to bring these capabilities to the Livepeer network in the coming months, creating affordable and open access points to developers, creators, and users looking to do inspiring things with generative video.”

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US Banking Leaders Vie for Spot Bitcoin ETF Custodianship in Joint Valentine’s Day Letter to the SEC

https://dailyhodl.com/2024/02/16/us-banking-leaders-vie-for-spot-bitcoin-etf-custodianship-in-joint-valentines-day-letter-to-the-sec/

US banking giants are writing a joint letter to the U.S. Securities and Exchange Commission (SEC) arguing for spot Bitcoin (BTC) exchange-traded fund (ETF) custodianship.

The letter, which was sent on Valentine’s Day by four industry leaders, addresses SEC Chairman Gary Gensler and asks him to modify a law passed in 2022 (SAB No. 121) that regulates crypto custodianship in light of several key developments, such as the approval of spot market BTC ETFs.

According to Thomson Reuters, SAB No. 121 forces entities safeguarding digital assets to present them on their balance sheet at a fair value.

However, the Bank Policy Institute American, the Bankers Association, the Financial Services Forum, and the Securities Industry and Financial Markets Association all say that SAB No. 121 hinders their ability to participate.

“Since SAB 121 was issued in 2022, the Associations have articulated their concerns regarding the bulletin to the Commission both in writing and in meetings with Commission staff.

The foremost concern identified and discussed is how the on-balance sheet requirement of SAB 121 negatively impacts U.S. banking organizations and investors due to the associated prudential implications.

The Associations have underscored that on-balance sheet treatment will preclude highly regulated banking organizations from providing a custodial solution for digital assets at scale.

Moreover, the Associations have highlighted that the on-balance sheet requirement, coupled with the overly broad definition of ‘crypto asset’ in SAB 121, will have a chilling effect on banking organizations’ ability to develop responsible use cases for distributed ledger technology (DLT) more broadly.”

As a solution, the groups propose narrowing down the definition of “crypto asset” as well as exempting banking organizations from having to list the assets on-sheet but maintaining the disclosure requirements.

“Exempting banking organizations from the on-balance sheet treatment but requiring them to make certain disclosures about their digital activity would mitigate the concerns raised by banking organizations without undermining the goal of SAB 121 to promote disclosures to investors.”

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Decentralized Exchange Uniswap To Upgrade to Newer Version After Ethereum’s Dencun Update

https://dailyhodl.com/2024/02/16/decentralized-exchange-uniswap-to-upgrade-to-newer-version-after-ethereums-dencun-update/

A decentralized crypto exchange plans to upgrade to a new version after Ethereum’s (ETH) Dencun update rolls out in March.

In a new announcement, the Uniswap Foundation, the team behind digital asset exchange Uniswap (UNI), says that the protocol’s fourth version is slated to launch sometime during Q3 of 2024., according to a shared launch roadmap.

“Phase 1: Code freeze (in progress), Core code completion, testing, gas optimizations, security enhancements, and finalizing the periphery.

Phase 2: Auditing and testnet comprehensive auditing by multiple audit firms and a community audit contest. In parallel, v4 will be deployed to testnet, and final adjustments will be made to the code.

Phase 3: Launch Push v4 is pushed to Mainnet ETH in Q3.”

UNI is trading for $7.40 at time of writing, a 1.34% gain during the last 24 hours.

Dencun, a portmanteau of Cancun and Deneb, represents two separate upgrades happening simultaneously for the leading smart contract platform – one for its execution layer and another for its consensus layer, according to an article written in October by blockchain software firm Consensys.

“With the upcoming Cancun-Deneb upgrade, there is a clear focus on improving Ethereum scalability through the creation of ‘data blobs’: a new transaction type intended to scale data availability for Layer 2 (L2) rollups…

The Ethereum network is divided into two main layers: the Execution Layer and the Consensus Layer. Prior to the Bellatrix upgrade – often described as “The Merge” – Ethereum’s Consensus Layer and Execution Layer operated independent of one another. In our post-merge world, these two run parallel to one another…

Each Ethereum layer undergoes separate upgrades, but the client teams for each layer synchronize the timing of each Ethereum hard fork. Therefore, while the forthcoming Cancun and Deneb upgrades are technically distinct, they are implemented simultaneously.”

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Solana-Based Decentralized Rendering Altcoin Offers Tepid Response to Coinbase Listing News

https://dailyhodl.com/2024/02/15/solana-based-decentralized-rendering-altcoin-offers-tepid-response-to-coinbase-listing-news/

A Solana-based (SOL) decentralized rendering altcoin is trading sideways despite the news that the top US crypto exchange platform would be adding support for it.

In a new announcement, Coinbase says that it’s going to be listing Render (RENDER), a decentralized altcoin that allows users to share their unused GPU (graphics processing unit) power to render graphics and visual effects for other projects as a means of earning rewards.

“Coinbase will add support for Render on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on Coinbase and CoinbaseExch in the regions where trading is supported.”

The digital asset had a lukewarm response to the listing, as it is trading for $4.91 at time of writing, a 2.1% decrease over the last 24 hours.

Render used to be an Ethereum-based (ETH) token, but it switched over to Solana in late 2023. According to Jules Urbach, the project’s founder, the move greatly enhanced the utility of the project.

Says Urbach,

“Moving Render’s core infrastructure to Solana is a watershed moment that unlocks major new capabilities like real-time streaming and dynamic NFTs.”

According to Coinbase, it will be supporting both the Solana and Ethereum versions of the asset, noting that the tokens have slightly different names across blockchains.

“Coinbase will support trading of the Render token on both Ethereum and Solana networks. Render on the Ethereum network will retain the ticker RNDR while Render on Solana will have the ticker RENDER and will be named Render (Solana) on our trading platform.”

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Altcoin Explodes by Over 50% in Less Than Two Days After Update Promising a ‘Whole New World’ Goes Live

https://dailyhodl.com/2024/02/15/altcoin-explodes-by-over-50-in-less-than-two-days-after-update-promising-a-whole-new-world-goes-live/

A supply and demand-focused altcoin is skyrocketing amid the release of an update that greatly expands its reach.

In a new announcement, VeChain (VET) says that its Account Abstraction upgrade is now live, opening up a “whole new world” for the smart contract platform.

“Account Abstraction is now live, opening up a whole new world for VeChain. Not only does AA make interoperability seamless, but it also unlocks programmable smart contract wallets for a better user experience and improved security.”

News of the update sent VET flying from a February 14th low of $0.0321 to a February 15th high of $0.0491, an increase of 53%. The digital asset has since retraced and is trading for $0.0491 at time of writing.

VeChain goes on to explain that Account Abstraction works by letting traders program their blockchain accounts and crypto wallets via smart contracts rather than traditional manual signatures, enhancing security and utility.

“Account abstraction is reshaping how we think about blockchain accounts, making them programmable through smart contract wallets. At its core, account abstraction is about enhancing user experience and security on the blockchain.

AA moves away from traditional externally owned accounts (EOAs) toward a more flexible, programmable approach. EOAs have been the standard for blockchain interactions, requiring manual operation and management through a public-private key pair…

By abstracting the transaction signing process, smart contract wallets improve user experience, making blockchain interactions smoother and more intuitive.”

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Gary Gensler Says Bitcoin Is ‘Token of Choice for Ransomware’ and ‘Not That Decentralized’

https://dailyhodl.com/2024/02/14/gary-gensler-says-bitcoin-is-token-of-choice-for-ransomware-and-not-that-decentralized/

The Chair of the U.S. The Securities and Exchange Commission (SEC) says Bitcoin (BTC) isn’t as decentralized as the public believes.

In a new interview on CNBC, Gensler says the top crypto asset by market cap is “not that decentralized,” partially due to the prominence of centralized crypto exchanges.

“[Bitcoin] is not that decentralized…look at how finance tends toward centralization since antiquity. What do we have? We have a handful of three to six core so-called crypto exchanges.”

Bitcoin is sold on crypto exchanges around the world, and it’s not clear how that has anything to do with Bitcoin’s decentralization.

The network’s decentralization stems from Bitcoin’s underlying blockchain technology, which is a distributed ledger managed by a network of computers (nodes) spread across the globe, with no single entity in control.

Backing up JPMorgan CEO Jamie Dimon, who said last month that Bitcoin was a “pet rock” with a main use case of helping criminals perpetrate illicit schemes, Gensler also says BTC is the token of choice for ransomware.

“[Bitcoin] is the leading market share in ransomware, and that’s publicly known. It’s the token of choice for ransomware.

The US dollar, the euro, the yen – you have the whole [of] society using [them] as a medium of exchange, we buy our cups of coffee, we get paid in dollars or yen or euro and you have a whole central bank and support for one currency, generally, per economic region.

That, we don’t have here, so there is a very real economic difference… 

According to Gensler, Bitcoin’s transparent ledger gives off the impression that it’s more decentralized than it actually is, and should not be cited as a reason to invest in BTC.

“How many times do you have people on this show that say ‘I’m going to invest in something because of how the books and records are kept’… It’s just an accounting ledger. A clever [one].”

Bitcoin is trading for $51,699 at time of writing, a 6.5% gain during the last 24 hours.

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Bitcoin Whales Gobble Up About $6,160,000,000 Worth of BTC in Just Three Weeks: Crypto Analyst

https://dailyhodl.com/2024/02/12/bitcoin-whales-gobble-up-about-6160000000-worth-of-btc-in-just-three-weeks-crypto-analyst/

A closely followed crypto analyst says that Bitcoin (BTC) whales have scooped up billions of dollars worth of the flagship digital asset in just three weeks.

In a new thread, crypto strategist Ali Martinez tells his 44,700 followers on the social media platform X that deep-pocketed Bitcoin investors have gobbled up $6.16 billion worth of the top crypto asset by market cap since the last week of January.

“Bitcoin whales have been on a buying spree, acquiring 140,000 BTC over the past three weeks, amounting to $6.16 billion!”

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Source: Ali Martinez/X

The rise in BTC holdings of crypto whales comes as Martinez notes that Bitcoin’s Super Trend, an indicator that helps traders to identify market trends, has flashed a bullish signal for the crypto king.

According to Martinez, the Super Trend indicator has been a historically accurate marker for a Bitcoin bull run.

“The Super Trend just flashed a buy signal on the Bitcoin monthly chart, a tool known for its precision in predicting BTC bull markets. The four buy signals it has issued since BTC inception have all been validated, leading to gains of 169,172%, 9,900%, 3,680%, and 828%, respectively.”

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Source: Ali Martinez/X

Bitcoin is trading for $48,157 at time of writing, a fractional increase during the last 24 hours.

Concluding his analysis with memecoin Pepe (PEPE), Martinez says that its three-day chart appears to be forming a bullish inverse head-and-shoulders pattern.

The analyst also says that the Tom Demark (TD) sequential indicator – used to identify trend direction and potential price reversals – is also flashing a bullish signal, suggesting that a rally is in sight for the meme crypto asset.

“PEPE is currently showing signs of forming the right shoulder of [an inverse] head-and-shoulders pattern on its three-day chart. Additionally, the TD Sequential indicator has issued a buy signal within this timeframe, suggesting an anticipated bullish impulse for PEPE.”

GF_APCQWMAErJKo
Source: Ali Martinez/X

PEPE is trading for $0.000001 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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FTX Plans To Sell Digital Custody Inc to CoinList for $500,000 After Acquiring the Firm for $10,000,000

https://dailyhodl.com/2024/02/12/ftx-plans-to-sell-digital-custody-inc-to-coinlist-for-500000-after-acquiring-the-firm-for-10000000/

Bankrupt crypto exchange FTX is planning on selling one of its subsidiaries, Digital Custody, Inc. (DCI), to CoinList at a massive discount.

New court documents reveal that FTX is going to sell DCI, which it planned to use to provide custodial services for FTX.US and LedgerX customers, to crypto exchange CoinList for just $500,000 after acquiring it for over $10 million in 2022 – a 95% price cut.

“Seller acquired DCI, a trust company registered in South Dakota, in order to provide custodial services for cryptocurrencies and other digital property for FTX.US, its US cryptocurrency spot trading exchange, and non-Debtor LedgerX, the Debtors’ digital currency futures exchange and clearinghouse.

Given the timing of the acquisition, DCI was never integrated into the operations of FTX.US or LedgerX prior to the commencement of these Chapter 11 cases. Following the commencement of these Chapter 11 cases, the debtors sold its interest in LedgerX in May 2023. The debtors have also never sold or restarted the FTX.US exchange.”

According to the filings, CoinList (purchaser) and two other firms initially showed interest in scooping up DCI late last year, with the crypto exchange ultimately landing the deal.

“The debtors ultimately received indications of interest from three parties, including an indication of interest from purchaser, on December 15, 2023. Of these three prospective purchasers, the debtors proceeded with [the] purchaser and engaged in good faith negotiations with [the] purchaser regarding the terms of the agreement.”

FTX collapsed in November 2022 after its disgraced founder and former chief executive, Sam Bankman-Fried, was found to have been mishandling billions of dollars worth of customer funds, funneling them into Alameda Research, FTX’s sister firm, to make risky gambles on digital assets.

Bankman-Fried was found guilty on all seven charges against him in 2023.

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Low-Cap Altcoin Surges More Than 40% in 24 Hours Amid Efforts To Pivot to a Privacy-Centric Ethereum Layer-2

https://dailyhodl.com/2024/02/10/low-cap-altcoin-surges-more-than-40-in-24-hours-amid-efforts-to-pivot-to-a-privacy-centric-ethereum-layer-2/

A small-cap altcoin is surging 40% as it upgrades to a privacy-focused Ethereum (ETH) layer-2 (L2) blockchain.

In a recent article, the development team behind the decentralized payments platform Coti (COTI) says that it has successfully upgraded the project to become a privacy-centric layer-2 (L2) for the second-largest digital asset by market cap.

“Upgrading COTI to a privacy-centric L2 on Ethereum represents the most ambitious pivot the ecosystem has seen to date…

After months of development, we are pleased to announce the achievement of a pivotal milestone: the successful design and integration of the Multi-Party Computation (MPC) protocol of COTI V2…

Multi-Party Computation (MPC) is a revolutionary field in cryptography, where cryptographic protocols enable a group of parties to collaboratively perform a computation on their private inputs without disclosing them to each other.

This process is inherently designed to protect the confidentiality of each participant’s data throughout the computation phase.”

News of the update sent COTI flying, as the crypto asset went from a price of $0.0597 on February 5th to a peak of $0.1067 on February 9th, a gain of over 78%. COTI has since stabilized and is trading for $0.0999 at time of writing, up about 40% during the last 24 hours.

According to COTI’s website, the protocol’s mainnet is slated to launch sometime during the fourth quarter of 2024.

The upgrade was initially announced in December. At the time, the COTI Foundation said that the update would be much faster and lighter compared to zero-knowledge (ZK) solutions, which prove knowledge about a specific piece of data without revealing the information.

“In the biggest upgrade of our infrastructure to date, we’re building an Ethereum L2 and using a new technology that’s 10x faster + lighter than ZK solutions.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Binance-Backed Web3 Mobile Strategy Gaming Token Rips 64% in One Day After Airdrop and Several Major Listings

https://dailyhodl.com/2024/02/09/binance-backed-web3-mobile-strategy-gaming-token-rips-64-in-one-day-after-airdrop-and-several-major-listings/

A mobile strategy gaming altcoin backed by top global crypto exchange Binance is skyrocketing after launching an airdrop campaign earlier this week, as well as several major listings on top crypto exchanges.

MAVIA, the native token of the Heroes of Mavia web3 game, was listed on the crypto exchanges ByBit, KuCoin, HTX Global, and MEXC earlier this week.

The game utilizes non-fungible tokens (NFTs) and has players sustain armies to battle for control of bases.

According to a recent article published by the group, Heroes of Mavia’s distinctive Pioneer Airdrop Program – which is slated to span across numerous seasons – will cause the ecosystem to grow.

“The Pioneer Airdrop Program is a unique airdrop system, divided into multiple seasons spanning over time to continue growing the Mavia player base and ecosystem.

Each season of the Mavia Pioneer Airdrop program will consist of different ‘quests’ and tasks which reward participants in various ways, such as MAVIA tokens, Ruby, Legendary Items, Sapphire and more!”

According to Heroes of Mavia, about 3.5% of the token’s total supply will be used for airdrops during its token generation event (TGE).

“The initial circulating supply at TGE will be 12% (30 million MAVIA). The total Airdrop allocation will make up roughly 30% of the initial circulating supply (3.5% total, 2% for Land stakers/holders and 1% for CEX exchange airdrop activities).”

However, the developers also note that even if one didn’t stake land in the game previously, they will still receive an airdrop.

“The Season 1 Pioneer Program portal will be live in the next week. If you staked Land during Season 2, 3 or 4, you will be able to view your pending MAVIA airdrop rewards via this portal.

If you are a new holder and did not stake land, you will still be eligible for an Airdrop! The rewards will be calculated for holders closer to TGE, so keep an eye on the portal.”

MAVIA is trading for $5.58 at time of writing, a 43.4% increase during the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Under-the-Radar Altcoin Explodes Over 45% in 24 Hours Amid Passing of Community Proposal To Upgrade Token

https://dailyhodl.com/2024/02/09/under-the-radar-altcoin-explodes-over-45-in-24-hours-amid-passing-of-community-proposal-to-upgrade-token/

A little-known altcoin is surging over 45% during the last day as a new community proposal passes to upgrade the protocol’s token.

In a new video update, John Patrick Mullin, the chief executive of Mantra Chain (OM) says that the community recently voted on making OM the project’s sole token, causing OM to spike.

“We actually didn’t decide to do that, a community member issued a proposal on the DAO. Shout out to The King, one of our community members from a long time ago, an OG member, who effectively put forth the proposal on the Mantra DAO (decentralized autonomous organization) and asked for OM to become the main L1 token for Mantra Chain.

For those that are newer to the project, initially, there was going to be effectively two tokens, and we had reasons for doing this, but due to some changes and obviously due to what the community decided, they felt that it was a good idea to have OM be the preeminent and only token for the ecosystem.”

Mantra Chain is a Cosmos (ATOM)-based decentralized finance (DeFi) protocol.

According to Mullin, the community was unanimous in its decision to use OM.

The move caused OM to skyrocket as the digital asset went from a price of $0.15 on February 7th to a peak of $0.338 on February 9th, a 123% gain. The crypto asset has since retraced and is moving for $0.315 at time of writing, an over 40% gain during the last 24 hours.

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US-Based Crypto Exchange Cracks Into Europe’s Fifth-Largest Economy With VASP Registration

https://dailyhodl.com/2024/02/08/us-based-crypto-exchange-cracks-into-europes-fifth-largest-economy-with-vasp-registration/

A prominent US-based crypto exchange platform is venturing into Europe’s fifth-largest economy after acquiring the proper registration.

In a new press release, crypto trading platform Kraken announced that it has obtained VASP (Virtual Asset Service Provider) registration from the Dutch Central Bank (DCB), allowing it to expand its services into the Netherlands.

VASP licenses give crypto firms clear guidelines on how to operate digital asset services within the European Union (EU).

As stated by Brian Gahan, the managing editor of Kraken’s European branch, in the press release,

“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe.

Whether for existing crypto investors or people looking to buy crypto for the first time, Kraken is a top choice with a very competitive offering that continues to expand.”

According to Kraken, offering products in the Netherlands is an important part of its European growth strategy as the nation has one of the highest rates of fintech and crypto adoption in the EU.

“The Netherlands has a vibrant startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies.

It also has one of the highest crypto adoption rates in Europe with around 20% of Dutch citizens owning crypto. As a result, we see the Netherlands as a strategically important market for its European growth strategy.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Montenegro’s Appellate Court Revokes Terra (LUNA) Founder Do Kwon’s Extradition to the US, Orders a Retrial

https://dailyhodl.com/2024/02/08/montenegros-appellate-court-revokes-terra-luna-founder-do-kwons-extradition-to-the-us-orders-a-retrial/

An appellate court in Montenegro is revoking the extradition of disgraced Terra (LUNA) founder Do Kwon to the US and has ordered a retrial.

According to a new press release, an appeals court yesterday overturned the decision of the high court made late last year, which ruled that Kwon is to be extradited to both the US and South Korea for his alleged role in the multi-billion downfall of the Terra ecosystem.

In the new ruling, the appellate court judge ruled that since the old decision is “incomprehensible” and lacks “decisive facts,” it must be canceled. Furthermore, the first court never established the extradition orders properly, which is a requirement.

“It was stated that the court of first instance did not establish in an unquestionable way the order of arrival of the petitions of the Republic of South Korea and the United States of America, which is one of the criteria when deciding in terms of Article 26 of the aforementioned law, in the case when the extradition of the same person is requested by several countries.”

The original ruling, made in November, claimed that the legal requirements for extraditing Kwon to the US and South Korea – where he’s wanted for allegedly defrauding investors, market manipulation, and mishandling funds – were met.

As stated in the ruling at the time,

“It was established that the legal prerequisites for the extradition of the citizen of the Republic of South Korea, the defendant KDH (Do Kwon), were met, at the request of the Ministry of Justice of the Republic of Korea dated March 29, 2023…

The same decision establishes that the legal prerequisites for the extradition of the same defendant have been met, at the request of the Ministry of Foreign Affairs of the United States of America.”

In December, authorities extended his custody period and ordered him to stay in the Balkan nation for at least another two months.

Kwon was arrested in Montenegro in June 2023 after attempting to board a flight to the United Arab Emirates (UAE) with a forged Costa Rican passport.

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Ransomware Makes Comeback With Over $1,000,000,000 Extorted in 2023, According to Chainalysis

https://dailyhodl.com/2024/02/07/ransomware-makes-comeback-with-over-1000000000-extorted-in-2023-according-to-chainalysis/

New data from market intelligence platform Chainalysis reveals that ransomware attacks resurfaced in 2023, extorting over $1 billion from investors throughout the year.

In a new blog post, Chainalysis says that 2023 saw a rise in the number of ransomware attacks across the board – and the firm believes it’ll only increase.

“Ransomware payments in 2023 surpassed the $1 billion mark, the highest number ever observed. Although 2022 saw a decline in ransomware payment volume, the overall trend line from 2019 to 2023 indicates that ransomware is an escalating problem…

In 2023, the ransomware landscape saw a major escalation in the frequency, scope, and volume of attacks. Ransomware attacks were carried out by a variety of actors, from large syndicates to smaller groups and individuals – and experts say their numbers are increasing.”

chart-1-ransomware-totals-800x454
Source: Chainalysis

According to data from cybersecurity firm Recorded Note, 538 new ransomware variants arose in 2023, signifying a rise in the number of groups or individuals perpetrating them.

As stated by Allan Liska, a cybersecurity expert who works for Recorded Note, according to Chainalysis,

“A major thing we’re seeing is the astronomical growth in the number of threat actors carrying out ransomware attacks.”

Chainalysis’ also says that bad actors are reusing the codes of older ransomware strains to create new ones.

“We can also see significant differences in the victimization strategies of the top ransomware strains on the chart below, which plots each strain’s median ransom size versus its frequency of attacks.

The chart also illustrates numerous new entrants and offshoots in 2023, who we know often reuse existing strains’ code. This suggests an increasing number of new players, attracted by the potential for high profits and lower barriers to entry.”

chart-4-bubble-chart-800x617
Source: Chainalysis

The market intelligence firm notes that the preferred method for obfuscating stolen funds changed in 2023 as platforms began increasing their defenses.

“Centralized exchanges and mixers have consistently represented a substantial share of transactions, suggesting they are preferred methods for laundering ransomware payments. However, this year saw the embrace of new services for laundering, including bridges, instant exchangers, and gambling services.

We assess that this is a result of takedowns disrupting preferred laundering methods for ransomware, some services’ implementation of more robust AML/KYC policies, and also as an indication of new ransomware actors’ unique laundering preferences.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Chainlink Challenger Pyth Network Announces New Airdrop for Over 160 Dapps

https://dailyhodl.com/2024/02/07/chainlink-challenger-pyth-network-announces-new-airdrop-for-over-160-dapps/

A rival of blockchain oracle provider Chainlink (LINK) is announcing a new airdrop for over 160 decentralized applications (Dapps).

In a new blog post, data aggregating service Pyth Network (PYTH) says that it is launching the second phase of its Retrospective Airdrop plan, which gives all Dapps using data provided by Pyth free tokens.

“Readers can soon look forward to their favorite [Pyth-using] applications announcing their receipt of PYTH Governance Tokens and their plans on what they will do with their PYTH Tokens.”

The plan was initially launched in November 2023, at the time becoming the largest cross-chain airdrop ever. According to Pyth, as of today, 51,000 users claimed over 163 million PYTH tokens, or 65% of the entire airdrop.

“The first phase of the airdrop program oversaw the distribution of PYTH Tokens to DeFi (decentralized finance) participants, from EVM (Ethereum Virtual Machine) to Cosmos, to Solana, who interacted with these Pyth-powered applications. Active community members from the Pythian community also received allocations…

This second phase of the airdrop program involves the distribution of PYTH Tokens to more than 160 decentralized applications using Pyth Data. These applications rely on Pyth’s price data to secure their protocol operations, typically for transactions, asset valuation, and on-chain settlement.”

According to Pyth, its program spans across the DeFi space, including decentralized exchanges (DEXs), crypto lending protocols, stablecoin issuers, and other data analytics platforms.

PYTH is trading for $0.468 at time of writing, a 1.1% decrease during the last 24 hours and a 15% drop from its seven-day high of $0.539 set on February 1st.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Trader Says Altcoins Ready To Witness Next Push to the Upside, Predicts Rallies for Chainlink Challenger

https://dailyhodl.com/2024/02/05/trader-says-altcoins-ready-to-witness-next-push-to-the-upside-predicts-rallies-for-chainlink-challenger/

A widely followed crypto analyst says altcoins are ready for the next big leg up while predicting a huge rally for one Chainlink (LINK) competitor.

In a new thread, crypto strategist Michaël van de Poppe tells his 692,000 followers on the social media platform X that altcoins could double up in the coming months.

Van de Poppe says the TOTAL3 chart, which tracks the total market cap of all crypto excluding Bitcoin (BTC) and Ethereum (ETH), appears to have printed a bullish higher low setup at around $450 billion.

“Altcoins are ready to have their next push and could possibly go 2x in the next months. Crucial areas holding, through which a higher low is established and the next push could start.”

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Source: Michaël van de Poppe/X

At time of writing, TOTAL3 is trading at $481 billion.

Van de Poppe goes on to say that he believes Bitcoin will rally to the $48,000 to $50,000 level before its April halving when BTC miners’ rewards are cut in half.

After the rally, the analyst predicts that Bitcoin will witness a correction down to $38,000, which he notes will give altcoins the room to make a new run to the upside.

“My general theory is that Bitcoin is consolidating in the coming months. Pre-halving a final run towards resistance at $48,000-50,000, after that another correction to $36,000-38,000 and from there altcoins to continue outperforming Bitcoin.”

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Source: Michaël van de Poppe/X

Bitcoin is trading for $42,686 at time of writing.

Concluding his analysis with Chainlink rival API3 (API3), Van de Poppe says that the decentralized oracle provider is “waking up” and heading toward a price tag of between $4.60 and $4.80 as long as it can maintain its support around $2.50.

“Oracles are starting to fire up, as PYTH and LINK have been showing a tremendous amount of momentum. API3 is also waking up, as we can see with the recent push. As long as it stays above $2.50, I think a rally to $4.60-$4.80 is possible.”

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Source: Michaël van de Poppe/X

API3 is trading for $3.14 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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US Government Announces New Probe Into Cryptocurrency Mining Operations in the United States

https://dailyhodl.com/2024/02/04/us-government-announces-new-probe-into-cryptocurrency-mining-operations-in-the-united-states/

The U.S. Energy Information Administration (EIA) is announcing that it will be carefully examining crypto mining operations in the country.

In a recent press release, the EIA, a statistical and analytical agency within the U.S. Department of Energy, says that it wants to keep track of how much electricity is being used by US firms that mine digital assets.

The EIA also says it will be asking the public for its opinion on the energy data it collects from the companies.

“The U.S. Energy Information Administration is initiating a provisional survey of electricity consumption information from identified cryptocurrency mining companies operating in the United States.

Beginning [this] week, EIA will survey identified commercial cryptocurrency miners, which are required to respond with details related to their energy use... EIA will also be soliciting public comment on the collection of cryptocurrency miners’ energy use data.”

According to Joe DeCarolis, the EIA’s Administrator, the agency is looking to find out more about the energy ramifications of mining virtual currencies within the US.

As stated by DeCarolis in the press release,

“We intend to continue to analyze and write about the energy implications of cryptocurrency mining activities in the United States.

We will specifically focus on how the energy demand for cryptocurrency mining is evolving, identify geographic areas of high growth, and quantify the sources of electricity used to meet cryptocurrency mining demand.”

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PlanB Predicts Timeline for New Bitcoin All-Time High, Says BTC Won’t Go Below This Floor Price

https://dailyhodl.com/2024/02/04/planb-predicts-timeline-for-new-bitcoin-all-time-high-says-btc-wont-go-below-this-floor-price/

Widely followed analyst PlanB is predicting the timeline for Bitcoin (BTC) to spark a rally to new all-time highs.

In a new video update, the quant analyst tells his 96,300 YouTube subscribers that BTC is unlikely to ever dip below $31,000 again based on Bitcoin’s 200-week moving average.

“Historically when Bitcoin is diverging from the moving average line, [it] won’t drop below that line, so that could mean – not a guarantee – but it could mean, that’s also my opinion, that we will not drop below $31,000 again. It’s sort of the floor at the moment.

The nice thing is that this floor is rising because as you can see the 200-week moving average is always going up, it’s always rising, so next month it will not be $31,000, it could be $32,000 or $35,000.”

PlanB goes on to say that the top crypto asset by market cap will likely see a new all-time high in Q4 of this year before ultimately crashing.

“After the 90% [orange dots] always comes 100% [red dots], the new all-time high. So this means that we [will] see another all-time high before another crash in my opinion, and usually that is six months after the halving, so that would be October [of] this year, we could see a new all-time high.”

Source: PlanB/YouTube

BTC’s next halving is slated for April and will see miners’ Bitcoin rewards cut in half.

Bitcoin is trading for $42,860 at time of writing, a fractional decrease during the last 24 hours.

 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Lender Genesis Agrees to $21 Million Civil Penalty To Settle Gemini Earn SEC Lawsuit: Report

https://dailyhodl.com/2024/02/02/crypto-lender-genesis-agrees-to-21-million-civil-penalty-to-settle-gemini-earn-sec-lawsuit-report/

Bankrupt crypto lender Genesis is reportedly agreeing to pay a $21 million civil fine to settle with the U.S. Securities and Exchange Commission (SEC) over the now-defunct Gemini Earn program.

According to a new report by Reuters, the settlement will allow Genesis to focus on repaying customers and creditors instead of having to defend itself against the SEC’s claims that the firm was selling unregistered securities through its partnership with Gemini.

However, Genesis did not admit to any wrongdoings by agreeing to the settlement, according to the report. Genesis and Gemini first collaborated in 2020 to allow Gemini customers to loan out their digital assets as a means of earning interest.

The SEC initially sued the crypto lender in January 2023 shortly after it filed for bankruptcy, claiming that Genesis illicitly sold securities to traders through the Earn program, earning billions of dollars of interest in the process, according to the report.

Also in January 2023, Gemini announced that it would be suing the Digital Currency Group (DCG) – the parent company of Genesis – for failing to pay back hundreds of millions of dollars that were a part of the Earn program.

Furthermore, in January of 2024, Genesis was hit with an $8 million fine by the New York State Department of Financial Services (DFS) after it was found to have inadequate cybersecurity measures.

Genesis is slated to move ahead with its plan of repaying customers in cash or crypto assets, hoping to have its plan approved by the court on February 14th, according to the report.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Binance Exchange Slapped With a Lawsuit in New York by Victims of October 7 Hamas Attack on Israel: Report

https://dailyhodl.com/2024/02/02/binance-exchange-slapped-with-a-lawsuit-in-new-york-by-victims-of-october-7-hamas-attack-on-israel-report/

The world’s largest crypto exchange platform by volume is reportedly being sued in New York by the victims of the October 7th Hamas attack on Israel.

According to a new report by ABC News, Binance is being sued by the families of the victims for allegedly providing the terrorist group with a funding mechanism.

The lawsuit, which was filed earlier this week by an American woman freed from Gaza and the families of two men killed during the October 7th attack, accuses Binance of processing numerous transactions for Hamas between 2017 and 2023.

According to a filing by the U.S. Department of Justice (DOJ), the crypto exchange failed to report “transactions with cryptocurrency wallets that Binance senior executives had knowledge were linked to terrorist groups such as Hamas or Palestine Islamic Jihad.”

Furthermore, the lawsuit alleges that Binance went out of its way to obfuscate the actions of Hamas to keep making profits from its transactions.

As stated in the lawsuit, according to ABC,

“For years, Binance remained willfully blind to the use of its platform by illicit actors, including terrorists, by failing to do any due diligence on the vast majority of its users prior to August 2021.

Incredibly, Binance went out of its way to protect users associated with Hamas and other terrorist groups from regulatory scrutiny, especially if they were ‘VIP users who generated huge profits for Binance.”

Last year, Binance and its former chief executive, Changpeng Zhao, pleaded guilty to violating anti-money laundering laws and agreed to pay more than $4 billion in fines. Zhao ended up stepping down from his role as CEO.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Binance Exchange Slapped With a Lawsuit in New York by Victims of October 7 Hamas Attack on Israel: Report appeared first on The Daily Hodl.

Embattled Crypto Lender Celsius Escapes Chapter 11 Bankruptcy, To Distribute $3 Billion in Crypto to Creditors

https://dailyhodl.com/2024/02/01/embattled-crypto-lender-celsius-escapes-chapter-11-bankruptcy-to-distribute-3-billion-in-crypto-to-creditors/

Troubled crypto lending platform Celsius has avoided Chapter 11 bankruptcy with a plan to pay back its creditors billions of dollars.

In a new press release, the embattled crypto firm announced yesterday that it has successfully emerged from bankruptcy with the intention of paying back its creditors $3 billion worth of crypto assets and fiat money.

Furthermore, Celsius also plans to create a new Bitcoin (BTC) mining company – Ionic Digital, Inc. – under its creditors’ control.

According to the press release, the plan was approved by 98% of the company’s account holders and confirmed by the Bankruptcy Court for the Southern District of New York.

“This milestone marks the conclusion of an eighteen-month process during which the Company built consensus among a wide range of stakeholders, resolved complex novel legal issues, fully cooperated with all regulatory investigations, and developed and consummated the transactions under the plan.”

As stated by Chris Ferraro, Celsius’ interim chief executive and current chief restructuring officer,

“Creating the best outcome for creditors by maximizing value and speed have been front of mind for Celsius throughout this process. Today, over 18 months after Celsius paused withdrawals, we began distributing over $3 billion of cryptocurrency, fiat, and stock in Ionic Digital to Celsius creditors.”

Celsius’ plan to pay back its creditors was initially approved by a judge last November. At the time, the mining company it planned to give to creditors was called “NewCo” and dealt with Ethereum (ETH) rather than BTC.

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The post Embattled Crypto Lender Celsius Escapes Chapter 11 Bankruptcy, To Distribute $3 Billion in Crypto to Creditors appeared first on The Daily Hodl.