5 Minute Crypto - SocGen EURO stable; 3AC NFTs auction; Crypto fees data; Argentina USD shortage; Rana Capital and more

Two Degens (resources, interviews, on all things crypto and some AI)

It’s Monday — this is the 5 minute crypto daily update for April 24th, I was outta commission the last 2 days but we’re back on the crypto horse now
Let’s go!
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As of this recording
Bitcoin sits just under $27,900
ETH is $1880
It’s been a down week, but prices seem to be settling
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What’s going on in crypto land…
https://blockworks.co/news/euro-stablecoin-societe-generale-ethereum
Societe General, a large publicly traded bank in Europe, has announced plans to launch a Euro-pegged stablecoin
-called EUR Coin-vertible or EURCV for short, on Ethereum
-Societe Generale, also known as SocGen, was started 150 years ago in Paris and has a public market cap of almost $20B USD
https://twitter.com/michaelbouhanna/status/1648734520076533772?s=46
Sotheby’s will auction failed hedge fund Three Arrows’s blue chip NFT collection
-auction starts May 19 at Sotheby’s New York
-who’s who of blue chip Art Blocks: Ringers, Squiggles, alien Punk, Autoglyphs, Fidenzas
-most of the art was bought in 2021, before 3AC imploded due to a series of bad bets on Luna Terra and GBTC
https://www.sothebys.com/en/series/grails-property-from-an-iconic-digital-art-collection?cmp=mso7000007288
https://blockworks.co/news/gemini-apac-crypto-exchange
-US exchange Gemini, founded by the Winklevii, announced plans to build teams and regional products in India and Singapore
https://www.coindesk.com/business/2023/04/21/gemini-to-open-a-crypto-derivatives-platform-outside-the-us/
-according to Coindesk, they also announced plans to build an offshore derivatives platform, with the first product being a perpetual BTC contract
https://blockworks.co/news/transactions-arbitrum-bitcoin-fees
In another sign of the Ethereum ecosystem’s growth, the Arbitrum layer 2 blockchain’s daily transaction fees have passed those of bitcoin, according to Blockworks and the service CryptoFees.info
https://cryptofees.info/history/2023-04-20
When you look at 7 day averages, Ethereum is far and away number 1 at almost $11M in daily fees, Uniswap is second with $2M, and Bitcoin is third with $600K
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Crypto twitter…
https://twitter.com/BowTiedMara/status/1649517262078980098
Developing story
-Argentine Central Bank suspended operations through Monday
-foreign payments are suspended
-according to Tuur Demeester on twitter
Apparently Argentina's Central Bank ran out of dollars and started stealing local banks' customer USD deposits to fill the hole. Now that's no longer working so they're announcing a bank holiday
-inflation is more than 100% year over year
https://twitter.com/CampbellJAustin/status/1649382433056333826
Great short thread on implications of EU passing MICA crypto regulations
https://twitter.com/AaronSage/status/1649466781164240896
Is NFT culture dead? Or are prices finally bottoming?
NFT writer & artist Aaron Sage
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Recommended reads…
https://ranacapital.substack.com/p/ribbit-05-an-idiots-guide-to-surviving
Idiot’s Guide to surviving alt season
As little to no fresh money is entering the ecosystem, narratives tend to be short-lived, as ‘smart money’ traders rotate between coins at high frequency. In effect, traders are playing a high-stakes game of hot potato in the absence of external buying pressure.
-He outlines 5 kinds of buyers and the order in which they benefit:
1. Insiders
2. Snipers and Botters
3. On-chain sleuths
4. Crypto regulars
5. Retail
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That’s it for today! That was 6 minutes long. All the links are in the show notes. You can follow @twodegenspod on Twitter and subscribe for more!
Outro clip from Robert Leshner & the Chopping Block on VCs in crypto
https://www.youtube.com/watch?v=nCX6o3o_m1M