FreeCryptoCurrency.Me

A crypto trader who goes by “Tree of Alpha” on Twitter made a profit of over $1 million on Monday from the recent Elon Musk-induced Dogecoin rally.

“I made $1.1 million in 30 minutes on an $8 million total position size,” Tree of Alpha told The Block.

It started when Tree of Alpha, who declined to share an actual name, noticed someone in the Tree News Discord messaging platform posted that they saw the Dogecoin icon as the Twitter logo. A minute later, the popular crypto news Twitter account DB also tweeted the new Twitter logo, prompting Tree of Alpha to start buying Dogecoin. He bought $3 million worth of Dogecoin, followed by $2 million and a final buy worth $3 million.

His average buying price was around $0.0815 and he exited around $0.095, resulting in over a million worth of profit, he said.

“This is actually my biggest trade of the year by far,” Tree of Alpha said. “Trading takes a lot of patience, but eventually, you will come across a handful of trades that you need to absolutely nail like this Doge one. Everything else is preparation for those.”

Sizing up

Dogecoin shot up more than 27% on Monday after Twitter’s blue bird logo was changed on the website to the famed meme of a Shiba Inu dog. It’s currently trading at around $0.093140, per CoinGecko.

Tree of Alpha exited his doge trades within 30 minutes as he suspected there might be a chance of a late April Fool’s joke by Elon Musk, the owner of Twitter.

“Elon could have tweeted something debunking the whole thing like he has done before,” said Tree of Alpha.

Tree of Alpha said he could “re-enter if Elon, or Twitter official accounts, come out and says something quite positive about it (possible implementations).”

The trader believes Twitter could integrate doge as an acceptable payment method. “It is a possibility, especially given how unpredictable Musk is,” he said. “It would definitely be wise for everyone to keep notifications on relevant accounts for more developments on the subject.”

Tree of Alpha, who lives in Western Europe, started trading crypto in 2017, he said, adding that he only started becoming profitable after March 2019, once he began trading events and “stopped drawing lines on charts.”

“My advice to a lot of people would be to try to achieve profit asymmetry one way or another: entering trades that have either a much higher chance of going up, or trades that have way more upside than downside,” he said. “I do that through trading of news and events.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The firm said it continues to invest in and grow its asset management business.

OPNX, the new exchange for crypto-related bankruptcy claims run by 3AC founders Su Zhu and Kyle Davie, got off to trading with a dud, seeing just $13.64 in volume across both spot and perpetual derivatives trading in its first 24 hours.

The exchange appeared to brush off the matter after initial reports of volume that was just over $1, while some users on Twitter asked if the company was missing any 0s.

“After the FTX fallout, we’ve thought about this deeply and re-evaluated what building up liquidity should look like,” the firm’s chief executive officer Leslie Lamb said in a follow-up tweet. “This means not relying on internal MMs & not giving preference to external MMs. This is why we launched with minimal liquidity.” 

The firm will “build up liquidity” via a transparent market making program “so everyone can see what’s inside the box,” she said. Claims onboarding and trading are not yet live, Lamb added.

The exchange is the brainchild of the sullied hedge fund investors behind now-bankrupt Three Arrows Capital, which was among the most notable victims of crypto’s 2022 credit crisis. The former classmates teamed up with Coinflex CEO Mark Lamb to launch the venture via a rebranding of the erstwhile derivatives venue. CEO Leslie Lamb is his wife.

Failed exchanges

The exchange intends to support trading in bankruptcy claims tied to failed exchanges, like Sam Bankman-Fried’s now-bankrupt FTX.

Coinflex rebranded to Open Exchange last month with FLEX as the exchange token. FLEX was trading at $1.97 by 12:10 p.m. EST, down 27% over the past almost 24 hours, according to CoinGecko.

OPNX launched on Tuesday along with a giveaway of its native token FLEX as a “token of our appreciation.”

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Future of Finance Global Head Ronit Ghose says the adoption of blockchain technology will be driven by CBDCs, digital securities and endgame tokens.

Binance has no interest in buying Huobi due to its rumored ties to China, according to a person familiar with the situation.

Paxos, the stablecoin issuer that’s been on the front lines of the U.S. crack down on crypto, is looking for help managing its reserves and is seeking a new “Head of Portfolio Management,” according to a job listing on LinkedIn posted five days ago.

The person who gets hired will oversee allocation decisions on over $20 billion of portfolio reserves “in accordance with the Paxos portfolio management mandates and legal restrictions within the NYDFS stablecoin issuance framework,” the company said, referring to the New York state regulator that ordered it to stop issuing the Binance USD stablecoin in February. 

The person will also be charged with implementing investment strategies and processes that meet regulatory and client “goals and constraints’; they’ll also work with regulators to explain the company’s products and controls.

Paxos is looking for with someone with at least a Bachelor’s degree in finance, economics, accounting, statistics, business administration, mathematics or a related field, and 15 years of trading experience; knowledge of trading short term interest rate instruments, T-bills, and overnight repos backed by treasuries would also be helpful. Over 200 people have applied for the job so far, according to LinkedIn. 

Paxos got a Wells notice in February 

Paxos, which dubs itself as “a regulated blockchain infrastructure platform,” is one of the largest players in the stablecoin space and issues the Pax Dollar (USDP), in addition to Pax Gold, a digital token backed by physical gold. While it no longer mints new Binance USD, it allows customers to redeem it for USD or convert it to USDP.

The company in February said it received a Wells Notice from the U.S. Securities and Exchange Commission about the Binance USD stablecoin, which the regulator claims is a security. Paxos has said that it disagrees with the SEC and is prepared to “vigorously litigate if necessary.”

Austin Campbell, a consultant, writer and adjunct professor at Columbia Business School, held the 
Head of Portfolio Management role at Paxos for ten months through December, according to his LinkedIn profile. 

Neither Paxos nor Campbell immediately responded to emailed requests for comment from The Block.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Web3 consumer engagement models are still in their infancy, but could have the potential to unlock incremental value and enable price discovery for creators and investors alike.

There’s value in crypto, even if regulators and politicians don’t dig enough to see it.

The DAOs native token, VITA, rose 3% on news the community was considering the proposal.

The central banker said firms like Binance should be forced to disclose legal status and lines of accountability, with extra rules on top of the EU’s planned MiCA