Altcoins
USDC Becomes First Stablecoin To Gain Compliance With New Canadian Crypto Asset Requirements
Published
2 months agoon
By
adminCircle announced this week that USDC became the first stablecoin to gain compliance with new Canadian digital asset regulations.
Canada’s new regulations call for delisting noncompliant stablecoins after December 31st.
Circle’s compliance means USDC, which aims to maintain a 1:1 peg with the US dollar, can trade on crypto exchanges in the Canadian market, according to a new press release.
Dante Disparte, chief strategy officer and head of global policy at Circle, says the new development underscores the stablecoin issuer’s regulatory efforts.
“The Canadian Securities Administrators’ proactive approach in providing a digital asset regulatory framework reinforces the integrity of digital asset markets, while ensuring continued reliance on USDC across Canada’s burgeoning ecosystem.”
The announcement comes as Circle launched a new wave of layoffs, Bloomberg reports. A company spokesperson tells the news outlet the downsizing was routine and represented less than 6% of the firm’s workforce.
“Circle regularly reviews our investments and expenses. This includes investing in teams and operational infrastructure that need to grow, while marginally reducing spend and some roles in other areas of the business.”
This summer, USDC and Circle’s euro-pegged stablecoin EURC also achieved compliance with the European Union’s Markets in Crypto Assets (MiCA) regulations.
MiCA is upcoming EU legislation that will provide rules covering the supervision, consumer protection and environmental safeguards of crypto assets.
The law includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing, and it places stablecoin issuers under the European Banking Authority while requiring them to hold sufficient liquid reserves.
It’s also scheduled to take effect in December 2024.
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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 losses 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 Set for $36? Whale Moves Suggest a Big Rally—Analyst
Published
9 hours agoon
February 3, 2025By
adminAnalysts anticipate a potential breakout to $36, as Chainlink (LINK) is currently exhibiting robust upward momentum. In recent weeks, large investors, more commonly known as “whales,” have been aggressively accumulating LINK. Their increasing interest indicates that they are optimistic about the asset’s long-term potential. However, is this rally enduring, or is it merely another brief surge?
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Chainlink: Strong Whale Appetite
Data shows that large investors (whales) have been steadily buying more LINK when the price is between $17 and $21. In the past, when large buyers acted like this, it often led to big price raises. When many whales gather, it can lower the amount offered in the market, causing a supply shortage.
$Link #Link So Far So Good, Resistance Breakout, & Retest Has Already Confirmed, & Consolidating In This Region For A While, Now Expecting That Link Will Target 35-36$ In Next Couple Days, & Once This Resistance (35-36$ Got Cleared) We May See New Ath Within Couple Of Days… https://t.co/ImtBG8LINT pic.twitter.com/MWjibmqSGW
— World Of Charts (@WorldOfCharts1) January 31, 2025
Simultaneously, smaller investors have begun to take heed. The demand for LINK in the retail sector has increased, as the purchasing pressure has surpassed the selling activity. In the upcoming weeks, LINK may experience an increase in value as a result of the combination of institutional and retail accumulation.
Spot-Driven Rally Decreases Risk
Unlike other LINK price spikes, this jump is not driven by too great leverage. On-chain data indicate that the rise is spot-driven, meaning demand comes from direct purchases instead of speculative futures contracts. This raises the rally’s longevity by lowering the likelihood of a precipitous drop brought on by liquidations.
Still another important consideration is the lack of significant short holdings against LINK. When traders create high-leverage short positions, sudden price gains can cause short squeezes, which can drive prices even more upward. Given leverage is low, organic market demand seems to be the main reason behind LINK’s present movement instead of synthetic price pumps.
Breaking Critical Resistance Levels
The technical analysis indicates that LINK has effectively penetrated numerous resistance levels. Following a period of consolidation within the $21–$22 range, the token advanced toward $24, thereby establishing the foundation for additional gains. The next potential target range for LINK, according to CoinCodex, is $27, provided that it maintains momentum and remains above its critical support zones.
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Nevertheless, obstacles persist. LINK could be subject to short-term volatility if Bitcoin experiences a pullback. However, the favorable trajectory of LINK may persist if the broader market sentiment remains positive.
Chainlink Upward Trajectory: Will It Continue?
Chainlink’s long-term viability is bolstered by its increasing prevalence in blockchain infrastructure and decentralized finance (DeFi). Technical breakouts, whale accumulation, and organic demand all indicate that prices will continue to rise.
At the time of writing, LINK was trading at $22.37, down 9.1% and 11.4% in the daily and weekly frames.
Featured image from Pixabay, chart from TradingView
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Altcoins
One More Big Leg up Coming for Crypto Markets, According to Widely-Followed Analyst
Published
20 hours agoon
February 2, 2025By
adminA widely followed crypto analyst says the odds are in favor of one more major move to the upside for digital assets before the market cycle concludes.
The pseudonymous trader known as Pentoshi tells his 850,000 followers on the social media platform X that there’s a one in four chance that the crypto market cycle is over.
The trader notes that he’s leaning towards the total market cap of all digital assets to reach the $4.2 trillion mark, about 26% higher than current levels.
“I think maybe 25% odds the cycle is over and those calling it are correct.
I think 75% odds we at least have one more macro leg up.
In any case, the market has given us chances to buy the previous all-time high (high time frame supports for many altcoins) and many majors.
There’s also a clear invalidation where if we traded below the previous all-time high, then yes, it’d likely be a time to reconsider.
For now, it’s hard to look at this and think the market as a whole is in a bearish spot.
What likely has happened is most people were in memes. With no exposure to BTC or even Solana. Lost a lot. And now believe the entire market is bearish. Where BTC + RWA (real-world assets) have been stronger
We trend up. Consolidate/ chop. People trade it like a trend. And get chopped. Just how I view it currently.”
Looking at Ethereum (ETH) – often viewed as a bellwether for incoming strength in the altcoin market – Pentoshi says that a “slow shift” is unfolding that will lead to ETH going back to its recent highs at around $4,000.
“What seems impossible now, will be considered a guarantee later in my opinion.
I don’t think ETH looks as bad as people claim currently.
There’s a slow shift taking place, but I do think it’s happening.
Weeks of downtrend can be erased in days.
Back to the highs.”
At time of writing, ETH is worth $3,099.
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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 losses 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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Altcoins
Dogecoin Whales Go Ham As They Buy 560M DOGE In One Week
Published
1 day agoon
February 2, 2025By
adminDogecoin whales are making moves again, scooping up a whopping 560 million DOGE tokens in just one week, as market conditions become more favorable. This large-scale purchase underscores the renewed interest and growing confidence in Dogecoin’s future potential. As demand surges, crypto community members ponder the reasons behind the massive accumulation and the impact on the price of Dogecoin.
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Dogecoin Whales Gobble Up 560 Million Tokens
Dogecoin‘s biggest players are back in action, as reports from crypto analyst Ali Martinez reveal that these deep-pocketed investors, often called “Whales,” have been aggressively adding to their Dogecoin holdings. Whale transactions, typically defined as transfers exceeding $100,000, have risen lately, suggesting strategic accumulation among investors.
Martinez disclosed in his X (formerly Twitter) post on January 31 that Whales have accumulated 560 million DOGE tokens in one week. This significant Whale activity comes after the market experienced a deep selloff, with many investors opting to liquidate their bags for profit due to bearish market conditions.
Following its explosive surge in December, Dogecoin has been struggling to reclaim previous price highs and spark a rally past its ATH of $0.74. The cryptocurrency had risen above $0.4 initially, triggering excitement amongst analysts as multiple bullish predictions spread the market. After this significant price increase, the Dogecoin price declined towards the $0.3 zone and has been attempting to break resistance levels ever since.
Due to bearish pressures and unexpected declines, the market experienced an intense sell off. However, now, Dogecoin whales seem to be diving back into the market with vigor, gobbling up as many DOGE tokens as possible.
Just before Donald Trump’s Presidential inauguration, Martinez reported in another X post that Dogecoin whales had initiated a monumental transaction, acquiring a whopping 1.83 billion DOGE tokens within 48 hours. This massive buying spree has caught the attention of crypto community members, with many pondering the impact of these large-scale transactions.
Notably, a crypto member, Mohd Atif, had commented on the recent rise in whale activity, highlighting that these Dogecoin Whales may possess insights into the meme coin’s future price trajectory, as a surge in accumulation often shows increased confidence in a cryptocurrency’s potential. The crypto member went on to predict that a $1 price leap for Dogecoin, possibly driven by the activities of these large-scale investors.
Analyst Predicts ‘Massive Rally’ For Dogecoin Price
While Dogecoin Whales are buying up more tokens, the price of the meme coin is getting ready for a potentially massive rally. Crypto analyst Trader Tardigrade shared a distinct price chart, highlighting past trends when Dogecoin experienced a rally to new highs.
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In 2017, the meme coin skyrocketed to its highest level, experiencing a similar upward surge in 2021 during the previous bull run. With the 2025 bull market already ongoing, Trader Tardigrade believes that the Dogecoin price could have a repeat of historical trends and potentially surge to a new ATH target of $3.8.
Featured image from Pexels, chart from TradingView
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