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  • Crypto Alpha, 17 June 2024

Crypto Alpha, 17 June 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • El Salvador is integrating Bitcoin and other cryptocurrencies into its investment banking sector.

  • Hong Kong's Bitcoin spot ETF holdings have exceeded 4,000 BTC.

  • ID, PIXEL, APE, and other tokens will unlock next week, with ID releasing around $44 million.

  • Uniswap Labs launched a survey and might add bridging support and new features to its app.

  • Fed's Kashkari predicts the FOMC will cut interest rates by year-end.

  • dYdX v4 is now available on both iOS and Android devices.

  • A BlackRock executive said 80% of Bitcoin ETF purchases might come from independent investors, while financial advisors remain cautious.

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Alpha of the Day

El Salvador Goes All-In on Crypto Banking

El Salvador's government is channeling its inner Satoshi Nakamoto by launching an initiative to integrate Bitcoin and other cryptocurrencies into its investment banking sector. Imagine walking into your local bank and talking crypto instead of CDs or bonds. This move is like mixing avocado toast with traditional bankingā€”innovative and a little wild. President Bukele is probably high-fiving himself for turning El Salvador into a crypto haven. Now, let's just hope they don't replace the coffee machine with a Bitcoin ATM.

Hong Kong HODLs Over 4,000 BTC in Spot ETFs

Hong Kong's Bitcoin spot ETF holdings have skyrocketed past 4,000 BTC, proving that the city isn't just about dim sum and skyscrapers. It's now a serious player in the crypto arena. Picture a financial district where traders are more excited about Bitcoin charts than stock tickers. Hong Kong is stacking sats like there's no tomorrow, and who can blame them? With this kind of momentum, they might just give Wall Street a run for its money. Or should we say, digital gold?

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Crypto Tokens Set to Unlock a Fortune Next Week

Next week, ID, PIXEL, APE, and a slew of other tokens are breaking free from their digital vaults, with ID alone set to unlock around $44 million. It's like the crypto version of a jailbreak, only instead of prisoners, it's millions of dollars in tokens flooding the market. Expect crypto traders to go into a frenzy, like kids on Christmas morning. Just remember, with great token unlocks comes great volatility. Buckle up, folksā€”it's going to be a bumpy ride.

Uniswap Labs Wants Your Two Satoshis

Uniswap Labs has launched a community survey to crowdsource ideas for adding bridging support and other features to its app. It's like the ultimate suggestion box for DeFi enthusiasts. Have a brilliant idea? Nowā€™s your chance to share it and possibly shape the future of one of the biggest DEXs around. Think of it as DeFi democracy in action. So, get your keyboards ready and start typing those genius suggestions. Who knows, your idea might just become the next big thing in crypto.

Kashkari Predicts Rate Cutsā€”Party at the FOMC

Fedā€™s Neel Kashkari is predicting that the FOMC will cut interest rates by the end of the year, giving us all something to look forward to besides holiday shopping. It's like the Fed is planning a late-year party and everyoneā€™s invited. Lower rates could mean cheaper loans and, hopefully, a stock market rally to close out 2024. So, keep your eyes peeled and your portfolios readyā€”Kashkari might just be Santa Claus in disguise, bringing the gift of lower rates.

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dYdX v4: Now on Your Mobile Device

Crypto trading just got a major upgrade with dYdX v4 now available on iOS and Android devices. Thatā€™s right, you can now trade on the go, whether you're stuck in line for coffee or pretending to listen in a Zoom meeting. It's like having a mini trading desk in your pocket, minus the heavy lifting. dYdX v4 brings the power of decentralized trading to your fingertips. So, download the app, and may your trades be ever in your favor.

BlackRock Exec Says Independent Investors Are Bitcoinā€™s Best Friends

According to a BlackRock executive, about 80% of Bitcoin ETF purchases might come from independent investors, while financial advisors remain more cautious. Itā€™s like Bitcoin is the cool new band that all the indie kids love, but the mainstream crowd is still warming up to. Independent investors are diving in headfirst, while the advisors are sticking their toes in the water. If you're one of those indie investors, rock onā€”you might just be ahead of the curve.

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