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Crypto Alpha, 11 June 2024

Crypto Alpha, 11 June 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

June 11, 2024

TL;DR

The Federal Reserve is 99.4% likely to keep interest rates unchanged this week.
Uniswap Labs hired a former Coinbase executive as its chief legal officer.
Musk said Apple devices will be banned at his company if OpenAI integrates with Apple’s OS.
Ripple launched a fund to promote innovation in the XRP ledger in Japan and South Korea.
Ethereum spot ETF issuers are waiting for the U.S. SEC’s initial comments on their S-1 forms.
Metaplanet added 23.35 BTC to its holdings.
Bitfarms approved a poison pill plan to prevent a hostile takeover by Riot Platforms.
Echelon Foundation delayed the unlocking time for Parallel Founders to June 2025.

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Alpha of the Day

Federal Reserve Set to Chill on Interest Rates

Buckle up, folks! The Federal Reserve is almost certainly keeping interest rates steady this week, with a whopping 99.4% chance of no change. It's like watching your favorite show and knowing there won't be any cliffhangers. This stability means no surprise jumps in your loan interest or unexpected dips in your savings. So, breathe easy, at least for now. It's like the financial equivalent of your mom not moving the thermostat—everything stays just the way you like it.

Uniswap's Legal Team Just Got a Major Upgrade

Uniswap Labs is stepping up its legal game by hiring a former Coinbase exec as their chief legal officer. It’s like getting a seasoned player on your fantasy football team—big moves ahead! This new hire is expected to navigate the choppy regulatory waters and keep Uniswap cruising smoothly. Get ready for some serious legal muscle flexing, as Uniswap looks to secure its place at the top of the decentralized finance food chain.

Musk's Bold Stand Against Apple Integration

Elon Musk, never one to shy away from a bold statement, has declared that if OpenAI integrates with Apple’s operating system, Apple devices will be banned in his company. It’s like the ultimate tech face-off: Apple vs. Musk. Imagine the drama at Tesla HQ—employees sneaking in iPhones like they're contraband. Musk's declaration could spark a tech rebellion or maybe just a few awkward conversations in the break room.

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Ripple's New Fund: XRP Innovation Goes Global

Ripple is spreading the love with a new fund aimed at boosting innovation in the XRP ledger across Japan and South Korea. It’s like setting up a tech playground for developers to create the next big thing. With this fund, Ripple is making it rain on those who dare to dream big with XRP, ensuring that the crypto scene in Asia remains as lively and innovative as ever. Get ready for some cool new blockchain projects to come out of this!

Ethereum Spot ETF Issuers Play the Waiting Game

Ethereum spot ETF issuers are sitting tight, waiting for the U.S. SEC’s first comments on their S-1 forms. It’s like being in line for a roller coaster, anticipation building as you inch closer to the front. Everyone's holding their breath, hoping for the green light that could send Ethereum prices skyrocketing. Until then, it’s a game of patience and nerve, with the whole crypto community on edge.

Metaplanet’s Big Bitcoin Boost

Metaplanet just added 23.35 BTC to its holdings, making a serious power move in the crypto world. It’s like finding out your rich uncle just bought a ton of gold bars—confidence boost, much? This hefty addition signals Metaplanet’s bullish stance on Bitcoin, betting big on its future value. It's another reminder that while the market may wobble, some players are all-in on Bitcoin’s long game.

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Bitfarms vs. Riot Platforms: The Poison Pill Plan

Bitfarms isn’t playing around, approving a poison pill plan to stop Riot Platforms’ hostile takeover attempt. Think of it as Bitfarms pulling out the secret weapon in a high-stakes corporate game of Thrones. This defensive strategy is all about keeping control and fending off unwanted advances, ensuring Bitfarms stays the captain of its own ship. Expect some corporate drama and power plays ahead!

Echelon Foundation’s Delayed Unlocking: Patience, Please

The Echelon Foundation has announced a delay in the unlocking time for Parallel Founders, pushing it back by a year to June 2025. It’s like being told you have to wait another year for the next season of your favorite show—frustrating but hopefully worth it. This move is all about timing and strategy, giving the project more time to mature. So, hang tight, good things come to those who wait!

YOLO GAMES' Early Shutdown: Security First!

YOLO GAMES had to pull the plug on YOLOLBP sales early due to security flaws in the Bazaar LBP smart contract. It’s like stopping a party because someone noticed a fire hazard—safety first, people! This precautionary measure shows they’re serious about protecting their users, even if it means taking a hit. Kudos to YOLO GAMES for prioritizing security over sales, even if it means fewer confetti cannons for now.

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Daily #Crypto Alpha | June 11 2024
• There's a 99.4% chance the Federal Reserve will keep interest rates unchanged this week.
• #Uniswap Labs appointed a former #Coinbase executive as its chief legal officer.
• Musk warned that if #OpenAI… x.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
5:21 AM • Jun 11, 2024

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