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Crypto Alpha, 1 June 2024

Crypto Alpha, 1 June 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

June 01, 2024

TL;DR

Solana's SocialFi platform Zizle raised $3 million in Pre-Seed funding, including Unity Ventures.
USDC circulation fell by $400 million last week, now totaling $32.3 billion.
A US Congressman asserts that digital assets and cryptocurrencies are vital for the future of US finance.
A Bloomberg analyst says ARK will not promote an Ethereum ETF at this time.
US Republican congressmen stress the urgency of Senate action on the FIT21 bill.
E Money Network secured $3.3 million in a bridge round led by Animoca Brands and Kelsier Ventures.

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Alpha of the Day

Hong Kong's Web3.0 Blueprint Unfolds

Minsheng Securities just dropped some big news: Hong Kong is getting serious about Web3.0. With their regulatory framework becoming as clear as a Netflix HD stream, they're putting the spotlight on platforms that have their licenses and those eagerly waiting for approval. So, if you’re in the crypto game, it’s time to get your paperwork in order and hop on this Web3.0 bandwagon before it leaves the station. Basically, it’s like getting your ticket punched for the hottest tech show in town, where compliance is the new cool.

Biden's Crypto Smackdown: Vetoes SAB 121

The founder of Satoshi Action Fund announced that President Biden has given a big thumbs down to SAB 121. That’s right, folks, Biden went full Gandalf and declared, “You shall not pass!” to this piece of legislation. This move has the crypto world buzzing and probably sent a few lobbyists scrambling for their next move. It’s like watching a political thriller unfold, with crypto enthusiasts sitting on the edge of their seats. SAB 121? More like SAB-wait-for-it-forever.

Zizle Secures the Bag: $3 Million Pre-Seed Funding

Solana’s SocialFi platform Zizle just snagged a cool $3 million in a Pre-Seed funding round. Unity Ventures and some other big names were part of this investment, showing serious love for Zizle’s vision. It’s like the Avengers of venture capital coming together to boost Zizle’s superpowers. With this cash infusion, Zizle is all set to flex its muscles in the social finance space, aiming to change the game faster than you can say “blockchain.”

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USDC Takes a Dip: Circulation Down $400 Million

USDC circulation just did the crypto equivalent of a dramatic faint, dropping by $400 million in the past week. The total circulation now stands at $32.3 billion. It’s like someone found a hole in their pocket and didn’t notice until it was too late. This decline has got everyone wondering if USDC is just taking a breather or if there’s a bigger shakeup on the horizon. Either way, it’s a rollercoaster ride that’s making waves in the stablecoin seas.

Crypto's Here to Stay: Congressman Declares

A US Congressman just dropped a truth bomb: digital assets and cryptocurrencies aren’t going anywhere. In fact, they’re set to be the cornerstone of the future of US finance. It’s like hearing your cool uncle say, “Yeah, those video games you love? They’re the future.” The Congressman’s endorsement is a big win for the crypto crowd, reinforcing that Bitcoin and friends are more than just a phase—they’re the next big thing.

ARK Says 'Not Yet' to Ethereum ETF

According to a Bloomberg analyst, ARK Investment Management is playing hard to get with an Ethereum ETF. They’re not promoting it right now, keeping everyone guessing like it’s the final season of a hit TV show. The crypto community is left wondering if ARK’s just waiting for the right moment to swoop in or if this is a long-term pause. Either way, it’s the classic case of “will they, won’t they” that’s got investors on the edge of their seats.

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FIT21 Bill: The Senate Needs to Step Up

US Republican congressmen are sounding the alarm: it’s high time for the Senate to take action on the FIT21 bill. They’re saying it’s more urgent than a pizza delivery to a gamer’s basement. With the clock ticking, the pressure is on for lawmakers to make moves and get this bill passed. It’s like watching a high-stakes sports game where the next play could change everything. Will they rise to the occasion or fumble the ball?

E Money Network Scores $3.3 Million

E Money Network just pocketed $3.3 million in a bridge round of financing, thanks to Animoca Brands and Kelsier Ventures. This fresh injection of funds is like rocket fuel for their crypto ambitions. The company’s ready to level up and take on new challenges, proving that sometimes, you just need a little help from your (investor) friends. It’s a big win for E Money, and the crypto world will be watching their next moves closely.

USDe Supply Breaks Records: Over 3 Billion

USDe supply has smashed through the 3 billion mark, setting a new record. It’s like watching a marathon runner cross the finish line in record time. This milestone is a testament to the growing adoption and trust in USDe. With numbers like these, it’s clear that USDe is flexing its financial muscles and staking its claim in the crypto arena. It’s a big “mic drop” moment for USDe, and everyone’s taking notice.

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Daily #Crypto Alpha | June 1 2024

• Minsheng Securities: Hong Kong's Web3.0 regulatory framework is becoming clearer, with a focus on licensed platforms and those with submitted applications.
• Founder of #Satoshi Action Fund: President #Biden has officially vetoed… x.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
6:37 AM • Jun 1, 2024

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