Ethereum Layer-2 Altcoin on the Verge of Big Breakout, According to Top Trader – Here’s His Outlook

The Daily Hodl

Ethereum Layer-2 Altcoin on the Verge of Big Breakout, According to Top Trader – Here’s His Outlook
Alex Richardson February 25, 2024

The closely followed trader known pseudonymously as The Flow Horse says that one Ethereum (ETH) scaling altcoin is about to see much higher levels.

The Flow Horse tells his 202,500 followers on the social media platform X that he’s anticipating moves in the Ethereum layer-2 subsector in general.


The top trader specifically names the native asset of Celo (CELO), a crypto project transitioning to become an ETH scaling solution, as an altcoin that could witness a big breakout.

“Expecting we see some love for the ETH layer-2 group.

There is a well-known pair close to the musical instrument that is breaking out of a monthly accumulation range.

I’m accumulating a position…

Bought spot CELO.”

Image
Source: The Flow Horse/X
Looking at the trader’s chart, he seems to suggest that CELO may have carved a bear market bottom and is poised to begin its uptrend. At time of writing, CELO is trading at $0.875, up nearly 10% in the last 24 hours.

The trader is also looking at the Solana versus Ethereum (SOL/ETH) ratio. Based on SOL/ETH, The Flow Horse says that Ethereum will likely outperform Solana – perhaps until the market becomes too optimistic on the approval of a spot Ethereum exchange-traded fund (ETF).

“Two months now, and still going to go lower most likely.

Bottoms when ETF bros increase odds of ETH approval from 60% to 90%.”

Image
Source: The Flow Horse/X
At time of writing, Ethereum is trading at $3,033 while SOL is worth $103.10.

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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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Rich Dad Poor Dad Author Unveils What He Would Do if Bitcoin (BTC) Witnesses Market Crash
Daily Hodl Staff February 25, 2024

The author of the best-selling finance book Rich Dad Poor Dad is revealing what moves he would make if Bitcoin (BTC) suffered a massive market crash.

Finance author Robert Kiyosaki tells his 2.5 million followers on the social media platform X that if the top crypto asset by market cap were to crash, he’d wait until it stabilizes before accumulating more BTC.


According to Kiyosaki, if the crypto king or other assets such as gold and silver were to crash, he’d view it as a fire sale and an opportunity to gobble up more.

“I am often asked ‘What happens if Bitcoin crashes?’ My reply is the same for Bitcoin, gold, or silver. My reply is ‘I would be happy and I would buy more, once the crashing stops.’ All market crashes are assets going on ‘sale,’ [which] is my favorite four-letter word.”

Earlier in February, Kiyosaki predicted that Bitcoin would hit a six-figure price tag by June while expressing concern about the demand for US bonds with the national debt standing well above $34 trillion.

Last month, Kyosaki revealed that he owns 66 Bitcoin, which he believes will be a great source of wealth for him in the future as capital from BTC exchange-traded funds (ETFs) – which were approved by the U.S. Securities and Exchange Commission (SEC) earlier this year – flow into the flagship digital asset.

Bitcoin is trading for $51,736 at time of writing, a 1.57% increase in 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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Last Great Opportunity To Accumulate Bitcoin and Ethereum Coming, Says Crypto Strategist – Here’s When
Henry Kanapi February 25, 2024

A closely followed analyst believes investors will have one last chance to accumulate Bitcoin (BTC) and Ethereum (ETH) at lower levels before the markets witness the next bull phase.

Pseudonymous analyst Rager tells his 199,300 followers on the social media platform X that he’s keeping some capital on the sidelines in anticipation of one more pullback.


According to Rager, Bitcoin and Ethereum might see a correction around the April halving, when the rewards of BTC miners get cut in half.

“Holding spot in positions and waiting for the BTC and ETH pullback in the next couple of months to buy around halving.

That will be the last great opportunity for this cycle.”

Looking closer at Bitcoin, Rager thinks that BTC is primed for a short-lived pullback. According to the analyst, his expected retracement will set the stage for Bitcoin to rally above $60,000.

“The uptrend from the bottom has been primarily composed of a few days of strong price action followed by a lot of chop and pullbacks.

The one time period with sustained grinding up without substantial pullback was from October to January where we saw the BTC spot ETF (exchange-traded fund) approval [being] front run.

Bitcoin and the market in general have a lot of upside opportunities coming but could be due for a short-term pullback. After a pullback and people flip/flop bearish, it’s likely we see another burst to the upside to break $60,000 for the first time since 2021.”

Image
Source: Rager/X
At time of writing, Bitcoin is trading at $51,683.

As for Ethereum, Rager thinks that the native asset of the top smart contract platform is poised to move higher.

“The question is how long can ETH stay above $3,000 this time?

The target remains $3,500 for this run-up, and with the ETH spot ETF talk, I think we can hit this sooner rather than later.”

Image
Source: Rager/X
At time of writing, ETH is worth $3,031.

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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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Europe’s Crypto Kill Switch Has Arrived
Kadan Stadelmann February 24, 2024

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Europe’s Data Act in January 2024 went into force, and the legislation has far-reaching requirements that could force smart contract developers to comply with strict requirements – such as terminating a live smart contract – even in cases where the smart contract features immutability, thus making any changes impossible.

“Safe termination and interruption – ensure that a mechanism exists to terminate the continued execution of transactions. The smart contract shall include internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future (accidental) executions,” reads Article 30 of the Data Act.

In essence, the Data Act outlaws immutable smart contracts, and thus true blockchain applications, potentially marking the dawn of a dark day for the European crypto industry after much optimism around MiCA (Markets in Crypto-assets) legislation passed last year.

The draconian rules in the Data Act are likely to cause an exodus of crypto talent away from the continent if lawmakers don’t see the errors in their ways – and quickly.

The Data Act’s demand for a mechanism to safely terminate or interrupt smart contracts represents a kill switch for blockchain-based apps.

It goes entirely against the nature of blockchain’s innovation.

Smart contracts are designed to avoid interference and potential termination dictated by authorities. That is the entire point of not having a middleman, after all.

Such a kill switch is also a single point of failure and threatens to create additional exploit risks, potentially putting user funds at serious risk.

It’s a disaster of a bill for crypto.

Although the Data Act is officially designed to remove barriers to data access, it creates barriers to access in the context of blockchain – talk about unintended consequences.

That’s right – the Data Act achieves the opposite of what it set out to do.

Aside from the fact that the Data Act renders smart contracts unlawful, the Act also fails to clearly define smart contracts and those instances when authorities could demand a smart contract be terminated.

It’s a whole lot of uncertainty that should make the European blockchain industry very, very nervous. It’s on the crypto industry to clean this mess up.

Undermining blockchain’s immutability is nothing more than innovation killing. Immutability is how blockchain ensures the integrity of data passing through the ledger.

Information added to a blockchain should generally be unalterable so that no entity can manipulate, replace or falsify data on the network. But EU lawmakers have chosen to ignore this innovation.

Public blockchain immutability bolsters trust in the system, reducing the time and cost of audits. It’s an essential feature of any real blockchain.

Enterprises should in particular want immutability since it provides organizations with needed data integrity.

With blockchain immutability, organizations can demonstrate to stakeholders that certain information is accurate.

The proven history of a transactional ledger increases ease and efficiency in the auditing process.

Use cases cropping up in this domain include supply chain management, financial disclosures and identity management.

Many data problems faced by enterprises can be solved with blockchain-based immutability.

One of blockchain technology’s strengths is that it preserves the full history and data trail.

The blockchain’s integrity can be proven at any time by re-calculating the block hashes so that organizations and regulators can detect fraud, etc.

The entire crypto industry throughout Europe must unite against the Data Act’s Article 30 because it threatens to put a freeze over the entire crypto industry with what amounts to a backdoor.

The blockchain’s immutability must be defended at every turn, and it is on the European crypto industry’s shoulders to lead the way.

Kadan Stadelmann is a blockchain developer, operations security expert and Komodo Platform’s chief technology officer. His experience ranges from working in operations security in the government sector and launching technology startups to application development and cryptography.



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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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Ethereum Competitor Avalanche (AVAX) Suffers Five-Hour Network Outage
Mehron Rokhy February 24, 2024

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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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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Bitcoin (BTC) Witnesses Largest Weekly Net Outflow off Centralized Exchanges in Eight Months: IntoTheBlock
Daily Hodl Staff February 24, 2024

Bitcoin (BTC) flew off centralized exchanges this week at its highest level since June 2023, according to the crypto analytics firm IntoTheBlock.

In a new analysis, Lucas Outumuro, IntoTheBlock’s head of research, tracked the top crypto asset’s netflows, which measure the Bitcoin moving in and out of centralized crypto exchanges by subtracting the amount of BTC’s withdrawals from its deposits.


Outumuro notes that $540 million worth of Bitcoin netflows left centralized crypto exchanges this week, the largest weekly net outflow total in eight months. IntoTheBlock interprets the movement of BTC out of crypto exchanges as a bullish sign for the top crypto asset.

Bitcoin’s fees dropped by 32.2%, with Outumuro citing the “decay” of ordinal-related activity. The analyst says that fees indicate the willingness to spend the asset, as well as the demand to use it.


Source: IntoTheBlock
Outumuro also notes that $370 million worth of Ethereum (ETH) netflows departed centralized exchanges this week, marking seven consecutive weeks of net outflows for the smart contract platform. Meanwhile, ETH’s fees dropped by 14.6%.

BTC is trading at $50,850 at time of writing. The top-ranked crypto asset by market cap is down around 2.5% in the past seven days.

ETH is trading at $2,928 at time of writing. The second-ranked crypto asset by market cap is up more than 4% in the past week.

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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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Social Media Giant Reddit Holds Bitcoin and Ethereum for ‘Treasury Purposes,’ According to SEC Filing
Conor Devitt February 24, 2024

Social media giant Reddit holds both Bitcoin (BTC) and Ethereum (ETH) in its treasury, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The company submitted an S-1 registration statement to the securities regulator on Thursday related to its planned initial public offering (IPO).

In the document, Reddit says it has invested some of its cash reserves in the top two crypto assets for “treasury purposes.” The company also notes that it has acquired ETH and MATIC, the native asset of blockchain scaling solution Polygon, as a form of payment for sales of certain virtual goods. It has also purchased other crypto assets for “specific uses” for its product and engineering teams.

Reddit acknowledges that crypto prices can be highly volatile and notes that any of the company’s digital asset investments require approval from its board of directors. The social media giant also notes that its treasury investments will remain limited to BTC, ETH and other cryptocurrencies that regulators identify “as likely not being a security.”

Reddit also acknowledges the unpredictable nature of the digital asset sector overall.

“While we believe cryptocurrencies and blockchain technology have significant potential, the popularity and prevalence of cryptocurrencies is a relatively recent trend, and whether cryptocurrencies and blockchain technology will continue to be adopted by consumers and businesses in the long term is uncertain.”

Reddit aims to list its Class A common stock on the New York Stock Exchange (NYSE) under the ticker symbol “RDDT.” Reuters, citing “people familiar with the matter,” reports that the company is targeting an IPO launch in March.

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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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Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases



ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

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