Hey BlackRock, There Are New Kids in Town 😈
In today’s edition: 💸 TUSD drops below $1, 📈 100M inscriptions on Avalanche, ⚖️ Do Kwon fights extradition, 💡 Aave eyes Solana expansion, and more!
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What’s Poppin’?
by Sam Sriram, Sage Young, and Frederick Munawa
Should You Sell MicroStrategy Now That Spot Bitcoin ETFs Are Available?
There are arguments both for and against continuing to own shares of the software company that’s become a proxy for Bitcoin, owing to the massive amounts of the cryptocurrency it has on its books.
How Some Spot Bitcoin ETF Issuers Are Using Crypto Memes to Gain a Marketing Edge
VanEck’s HODL and Valkyrie’s BRRR reference longstanding jokes and memes within the crypto ecosystem, and the tickers could emerge as a differentiating factor for attracting potential investors.
TUSD Stablecoin Depegs Amid Binance Selling Frenzy
The TrueUSD stablecoin fell from its dollar peg to a low of $0.984 late on Monday after traders observed a large selling volume on crypto exchange Binance.
Avalanche Inscriptions Surpass 100 Million
The ASC-20 token standard on the Avalanche blockchain has garnered significant interest from market participants following the popularity of Bitcoin Ordinals.
Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.
Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Daily Bits…✍️✍️✍️
🏛️ Terraform Labs' Do Kwon is challenging the Montenegro High Court's decision to uphold extradition requests from the U.S. and South Korea.
📈 The Aave community is deliberating on a proposal to extend its services to the Neon EVM on the Solana network.
🪂 Jupiter set a date for its JUP airdrop and hints at launching a new meme coin on the Solana network.
📱 Solana Mobile is planning to release a second, more affordable crypto smartphone, following its first model, Saga.
👨💻 Celestia founder Mustafa Al-Bassam reminisced about his early hacking endeavors, including notable incidents with the CIA and Westboro Baptist Church.
🚀 Layer 2 Ethereum project Taiko introduced its final testnet, Katla, as a precursor to its mainnet launch expected by the end of Q1 2024.
🔐 Fantom drastically reduced its validator staking requirements by 90%, a move that developers believe could enhance network security.
Today in Crypto Adoption...
💳 Circle reported a significant increase in the use of its USDC stablecoin for remittances in Asia, highlighting its growing role beyond just speculative trading.
☁️ Google Cloud has become a validator and infrastructure provider for the Flare blockchain, leading to a 5% increase in FLR's value.
🌍 OKX obtained a virtual asset service provider license in Dubai, aiming to offer crypto exchange services in the region.
🎮 Ubisoft joined WeMade’s Wemix blockchain node council, validating its Ethereum-compatible EVM blockchain.
The $$$ Corner…
📈 Hong Kong's HashKey Group closed $100 million in a Series A funding round, valuing the company at $1.2 billion.
💰 Ethereum restaking protocol Renzo secured $3.2 million in seed funding, reaching a valuation of $25 million.
What Do You Meme?
Recommended Reads
Blockworks: Crypto hiring ‘picking up nicely’ at 2024 open by Jack Kubinec
ETF Wif Hat by Arthur Hayes
DL News: MakerDAO’s $2.4bn in crypto loans just became the protocol’s biggest moneymaker. Again
📈 Your Market Update 📉
BTC is up .7%, trading at $42,832
ETH is up .1%, trading at $2,532
BTC dominance: 47.45%
Crypto market cap: $1.77T
*All data as of today, 06:08 am ET. Source: CoinGecko
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