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Crypto Alpha, 20 May 2024

Crypto Alpha, 20 May 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

May 20, 2024

TL;DR

An address that bought over 1% of BAYC’s supply four months ago has seen its value drop by around $4.3 million.
LayerZero Lianchuang will resume their bounty program in the next few days.
The ETFStore President predicts the SEC will approve 19b-4s this week, but S-1 approvals will be delayed.
The Federal Reserve’s balance sheet has decreased to approximately $7.3 trillion.
A mathematics professor suggests replacing all public-key cryptography systems with ones resistant to quantum attacks.
Hyperliquid L1 will soon support native EVM, enhancing its derivatives trading platform.

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Alpha of the Day

Trump: The Crypto President?

In a surprising twist that could make even the most hardcore crypto enthusiasts raise an eyebrow, the former CFTC Chairman has declared Donald Trump as the United States' first crypto president. No, it’s not because Trump has been mining Bitcoin in his Mar-a-Lago basement or hosting Ethereum summits at Trump Tower. This proclamation is all about the deregulation vibes and pro-business stances that have made the crypto world buzz during his tenure. Love him or loathe him, Trump’s presidency seemingly gave crypto a little extra swagger. Maybe the next campaign slogan will be "Make Crypto Great Again"? Whatever the case, the blockchain crowd can’t help but chuckle at this unexpected title for the former Commander-in-Chief.

BAYC Buyer’s Remorse

Talk about a monkey business gone wrong! An address that snagged over 1% of Bored Ape Yacht Club’s supply four months ago is now crying into its banana smoothie. The current value has nosedived by a cool $4.3 million. Ouch! This poor crypto collector is likely feeling like the ape in the mirror was a bit too hasty with that investment. It’s a stark reminder that in the wild world of NFTs, what goes up must come down—sometimes with a splat. So next time you’re tempted to drop a fortune on digital primates, remember: even the king of the jungle can slip on a banana peel.

Bitcoin Wallets: An Endangered Species?

Remember the days when everyone and their grandma was setting up a Bitcoin wallet? Well, those days seem as distant as a Blockbuster rental. The creation of new Bitcoin wallets has plummeted to its lowest level since 2018. Is it because everyone has finally learned their lesson from losing keys and wallets? Or perhaps the latest dog-themed meme coins are stealing Bitcoin’s thunder? Either way, Satoshi’s brainchild is seeing less love in the wallet-creation department. Maybe it’s time for Bitcoin to launch a charm offensive—free Bitcoin with every avocado toast, anyone?

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LayerZero’s Bounty Bonanza

Hold onto your hats and glasses, folks, because LayerZero Lianchuang has announced that their bounty program is making a grand return in the next couple of days. Think of it as the crypto version of a treasure hunt, but with fewer pirates and more coding. This announcement has bounty hunters sharpening their keyboards and readying their code. It’s the perfect opportunity for tech-savvy treasure seekers to earn some crypto and bragging rights. So, if you’ve got the skills and a penchant for digital scavenger hunts, now’s your time to shine.

SEC’s Approval Anticipation

The ETFStore President has donned his fortune teller hat and is predicting that the SEC will likely give the green light to 19b-4s this week. However, the S-1 approvals will be dragging their feet like a sloth on a lazy Sunday. It’s a classic case of hurry up and wait in the financial world. While some might pop the champagne for the 19b-4s, others will be twiddling their thumbs, waiting for the S-1 nod. It’s like getting the appetizer but having to wait an eternity for the main course. Patience is a virtue, especially in the bureaucratic ballet of SEC approvals.

Magic Eden’s Coinbase Conundrum

Magic Eden is allegedly using Coinbase to handle small transactions, aiming to dodge trouble and cut integration costs. It’s like using a sledgehammer to crack a nut, but hey, whatever works, right? This clever maneuver is suspected to save them some serious crypto cash and keep the transaction headaches at bay. It’s a bit like sneaking into the VIP lounge with a friend’s pass—effective and resourceful. Just don’t get caught! If this tactic pays off, Magic Eden might just set a new trend in the crypto cost-cutting playbook.

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The Federal Reserve’s Slimmer Wallet

The Federal Reserve’s balance sheet has been on a diet and has slimmed down to about $7.3 trillion. That’s still a lot of zeros, but in Fed terms, it’s like switching from a Big Mac to a salad. This trim-down could signal all sorts of economic shifts, from interest rates to inflation dreams (or nightmares). For the crypto world, it’s another piece of the puzzle in understanding where fiat is heading. Maybe the Fed’s next move will be to get into the crypto workout regimen and shed a few more trillions. After all, leaner is meaner, right?

Quantum-Proof Cryptography: The New Frontier

According to a math professor who’s clearly seen too many sci-fi movies, it’s time for all public-key cryptography systems to pack their bags and make way for quantum-resistant replacements. The looming threat of quantum computers cracking current encryption like a hot knife through butter has everyone in a tizzy. It’s like upgrading from a wooden fortress to a steel bunker in preparation for an alien invasion. Sure, it sounds a bit dramatic, but in the world of cryptography, better safe than sorry. Embrace the quantum-proof future, or risk being left in the digital dust.

Hyperliquid L1’s EVM Embrace

Hyperliquid L1 is rolling out the red carpet for native EVM support, and the crypto community is here for it. This move is akin to upgrading from a flip phone to the latest smartphone—sleeker, faster, and way cooler. By integrating native EVM support, Hyperliquid L1 is making a big play in the derivatives trading arena, potentially attracting a flood of new users who want the best of both worlds. It’s a savvy move that could pay off big time, proving once again that in the crypto world, staying ahead of the tech curve is the name of the game.

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Daily #Crypto Alpha | May 20 2024 🗞
• The former #CFTC Chairman stated that Trump is the United States' first crypto president.
• An address that bought over 1% of #BAYC’s supply four months ago has seen its value drop by about $4.3… x.com/i/web/status/1…
— WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
6:07 AM • May 20, 2024

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