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  • Crypto Alpha - 3 December 2024

Crypto Alpha - 3 December 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • Nike’s NFT Venture Laces Up for Closure

  • BTC in Bulk: U.S. Government Sends 10,000 BTC to Coinbase

  • Apple Pay + Coinbase = Crypto Convenience Goals

  • BlackRock and MicroStrategy: BTC’s Dynamic Duo

  • XRP: Flying Past $150 Billion Market Cap

  • Bitcoin Mining Difficulty Hits a New Peak

  • 19,800 BTC: U.S. Government Keeps Crypto on the Move

  • MicroStrategy: Bitcoin’s Biggest Fan Buys More

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Alpha of the Day

Nike’s NFT Venture Laces Up for Closure

In a move that’s shaking up the sneakerheads and crypto enthusiasts alike, Nike’s NFT brand RTFKT is saying goodbye. The iconic brand is known for blending virtual fashion with blockchain innovation, but it looks like even the swoosh couldn’t outrun the market cooldown. Fans are left wondering what this means for their digital kicks—will they appreciate in value or collect virtual dust? While Nike hasn’t disclosed specific reasons, the news has ignited speculation about the sustainability of NFT brands in a turbulent market. One thing’s for sure: it’s not just shoes dropping, but jaws too.

BTC in Bulk: U.S. Government Sends 10,000 BTC to Coinbase

Talk about a crypto power move—the U.S. government has just offloaded 19,800 BTC, with half of it, a hefty 10,000 BTC, finding its way to Coinbase. Worth nearly $1 billion, this transaction has the crypto crowd buzzing with questions. Are we looking at an auction, a liquidation, or something more strategic? The move comes with its usual cryptic government flair, leaving the rest of us to speculate while Bitcoin whales nervously clutch their wallets. Coinbase, meanwhile, is probably updating its LinkedIn profile to “Preferred Partner of Uncle Sam.”

Apple Pay + Coinbase = Crypto Convenience Goals

Coinbase just leveled up its game by integrating Apple Pay into its deposit and withdrawal services. Now, you can go from “I need crypto” to “I’ve got crypto” with just a Face ID scan or fingerprint. This is a massive win for iPhone users who’ve been craving a simpler way to hop on the crypto train. Whether you're a seasoned trader or someone who just learned Bitcoin isn't a game currency, this integration makes access easier—and that’s a flex worth celebrating. Coinbase: 1, friction: 0.

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BlackRock and MicroStrategy: BTC’s Dynamic Duo

When it comes to Bitcoin, BlackRock and MicroStrategy are officially running the show. These two giants have collectively crossed the 400,000 BTC threshold, making them the Batman and Robin of crypto hoarding. MicroStrategy’s Michael Saylor continues his crusade of buying dips (and peaks), while BlackRock flexes its institutional muscle. Together, they’re holding enough Bitcoin to make governments jealous and hodlers swoon. If Bitcoin ever becomes world currency, these two will probably be running the central bank.

XRP: Flying Past $150 Billion Market Cap

XRP is officially living its best life, soaring past a $150 billion market cap and planting its flag as the third-largest cryptocurrency. The once-controversial token has shrugged off past setbacks, proving that nothing can hold a good altcoin down. Ripple’s legal wins, combined with growing utility in cross-border payments, are fueling this ascent. Investors are wondering just how high this rocket can go, while skeptics mutter, “It’s just a phase.” Spoiler: It’s not.

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Bitcoin Mining Difficulty Hits a New Peak

Bitcoin miners, start your engines—or maybe just recalibrate them. Mining difficulty has risen another 1.59% to an eye-watering 103.92T, making it tougher than ever to strike digital gold. This milestone reflects growing network security and competition, but it’s not all sunshine and rainbows for miners. Those with outdated rigs might feel the pinch, while the industry’s big players laugh their way to the bank. For Bitcoin itself, it’s another testament to its resilience. For everyone else? Better upgrade your mining gear.

19,800 BTC: U.S. Government Keeps Crypto on the Move

In what feels like the plot of a Netflix heist series, the U.S. government moved a whopping 19,800 BTC, valued at $1.92 billion, just minutes ago. This jaw-dropping transfer is fueling speculation: was it a cash-out, a test, or a breadcrumb for crypto sleuths? The fact that the government even holds this much BTC is a flex on its own. For now, the crypto world waits with bated breath to see where this story leads—and if the government has more surprises in store.

MicroStrategy: Bitcoin’s Biggest Fan Buys More

Michael Saylor is at it again, with MicroStrategy splurging on another 15,400 BTC. If Bitcoin had a fan club, Saylor would be its president, treasurer, and head cheerleader. The purchase reinforces the company’s reputation as the ultimate hodler, with Bitcoin now a cornerstone of its corporate strategy. Critics might scoff, but Saylor’s not sweating it—he’s playing the long game, one block at a time. Meanwhile, other firms are left wondering if they too should take the plunge into BTC waters.

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