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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 8, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | August 8, 2024

Van Thanh Le

Aug 8 2024

4 months ago6 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin's Market Sees Significant Movements Amid Institutional Activity
  • Ether's Struggles Continue Amid Market Turbulence
  • US Bitcoin ETFs Recover with $45 Million in Net Inflows
  • Metaplanet Secures Loan to Expand Bitcoin Holdings

Altcoins and Tokens

  • Solana Surges in Market Cap Following Brazil's ETF Approval
  • Binance to List Toncoin and Introduce New Trading Pairs
  • Pacmoon to Migrate to Solana and Rebrand as ARMY
  • Nexera Burns Stolen Tokens to Enhance Security

Regulatory and Legal Updates

  • $12.7 Billion FTX Settlement Approved by New York Judge
  • Ripple Fined $125 Million for Securities Law Violations
  • Russia Legalizes Cryptocurrency Mining
  • Do Kwon's Extradition Delayed Again

Proposals and Initiatives

  • USABTC Proposes Tax-Free Bitcoin Digital Economic Zone
  • Mantle Network Introduces mETH Initiatives with High Yields

Market Analysis and Predictions

  • Trump's 2024 Election Odds Drop on Polymarket

Funding and Investments

  • Moonveil Secures Funding to Expand Web3 Gaming Ecosystem

Company and Platform Updates

  • WazirX to Reverse Trades Post-Hack to Restore Integrity
  • Aptos Labs and Stacks Partner to Boost Bitcoin Innovation
  • MultiversX Integrates Two-Factor Authentication into MetaMask
  • NEAR Launches Chain Signatures to Enable Cross-Chain Transactions
  • Franklin Templeton Launches OnChain Money Fund on Arbitrum
  • Path Digital Advisors Partners with Gemini for Crypto Portfolio App
  • Immutable Shuts Down NFT Marketplace to Focus on Expansion
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Bitcoin's Market Sees Significant Movements Amid Institutional Activity

Bitcoin's market saw notable movements as it hit its August 4 level at $59,800, influenced by US jobless claims, and positive inflow into Bitcoin ETFs. This reflects strong institutional interest, despite $365 million in liquidations indicating market stress. Glassnode reported a "statistically significant capitulation," with short-term holders experiencing 93% unrealized losses. 

CryptoQuant's Bull-Bear Market Cycle Indicator showed Bitcoin entering a bear phase, but Binance saw a net inflow of $2.4 billion in stablecoins post-market dip, signaling retail confidence. Additionally, Bitcoin OTC desk balances surged to 328,000 BTC, the highest since June 2022, highlighting increased institutional activity.

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Ether's Struggles Continue Amid Market Turbulence

Ether, losing 28% since its ETF launch, underperformed against Bitcoin and Solana, with BTC up 21% and SOL 41% against ETH this year. On August 8, 2024, $36 million worth of ETH, linked to the Nomad Bridge hack, was moved to Tornado Cash. The hacker previously moved 16,892 ETH on August 5. 

Meanwhile, on August 7, 2024, Chinese authorities activated over 789,534 ETH, worth $2 billion, seized from the Plus Token Ponzi scheme, raising market stability concerns. However, analysts reassured that recent transfers shouldn't trigger panic, because there isn't a large amount of ETH awaiting sale, only 789,534 ETH. The majority should have been sold in 2021, with the current amount being what wasn't sold then. Despite concerns, investigations reveal no imminent large-scale sell-off threats. 

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US Bitcoin ETFs Recover with $45 Million in Net Inflows

US spot bitcoin ETFs experienced a turnaround with $45 million in net inflows after recent outflows totaling $554 million. Meanwhile, ether ETFs saw $23 million in outflows, led by Grayscale's ETHE fund. This contrasts with Fidelity's FETH, which attracted $4.7 million in inflows. Overall, bitcoin ETFs have accrued $17.23 billion since their launch, while ether funds recorded $387.35 million in outflows post-July 23 listing.


Metaplanet Secures Loan to Expand Bitcoin Holdings

Japan’s Metaplanet has secured a JPY 1 billion loan from MMXX Ventures to expand its Bitcoin holdings. With this funding, it plans to purchase over 110 BTC, bolstering its current holdings of approximately 246 BTC. Metaplanet aims to hedge against inflation and economic instability, joining a trend among corporations to adopt Bitcoin as a strategic treasury reserve asset, potentially influencing its market dynamics and acceptance.


Solana Surges in Market Cap Following Brazil's ETF Approval

Solana (SOL) has surged past Binance Coin (BNB) in market cap following Brazil's approval of its first spot ETF. This milestone underscores growing institutional interest in SOL, driven by its robust fundamentals and expanding ecosystem. With a strong community and innovative products like the Saga mobile, Solana is poised for further growth amid the crypto market's rotation towards altcoins

Sonic's first gaming-focused Solana Virtual Machine (SVM) has also achieved a major milestone, surpassing 1 million monthly active users during its testnet phase. Solana has experienced a notable surge in Jito validator tips, reaching a record high of 17,290 SOL (approximately $3.19 million) recently, according to data from The Block. 

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Binance to List Toncoin and Introduce New Trading Pairs

Binance is set to list Toncoin (TON) and introduce trading for four spot pairs starting August 8: TON/BTC, TON/USDT, TON/FDUSD, and TON/TRY. This move follows the cryptocurrency exchange's previous launch of TON/USDT perpetual futures trading. Toncoin's surge is fueled by Telegram mini-games like Notcoin and Hamster Kombat, contributing to its rise as a top ten crypto with a market cap of $15.8 billion in 2024.

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Pacmoon to Migrate to Solana and Rebrand as ARMY

Pacmoon, the largest memecoin on Blast, plans to migrate from Ethereum Layer 2 to Solana, rebranding as ARMY. The team encourages token holders to burn PAC before August 14 to receive ARMY on Solana. Following the announcement, PAC surged 53.73% to $0.0353, with a market cap of $9.5 million, down from its June peak of over $100 million.


Nexera Burns Stolen Tokens to Enhance Security

Nexera has burned 32.5 million NXRA tokens stolen in a recent hack to enhance security and maintain market integrity. Despite the theft of $1.5 million worth of assets, Nexera confirmed its smart contracts were uncompromised. The protocol froze and subsequently burned the tokens to prevent further use, ensuring stability. This incident follows a coordinated attack targeting multiple DeFi projects, prompting heightened security measures across the industry.


$12.7 Billion FTX Settlement Approved by New York Judge

A New York judge has approved a $12.7 billion settlement involving FTX, Alameda Research, and the CFTC. The settlement mandates repayment to FTX creditors, marking a significant step in resolving financial obligations post-FTX collapse. This decision follows legal efforts to address the aftermath of the defunct exchange’s closure, aiming to restore confidence and financial stability within the crypto sector. 

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Ripple Fined $125 Million for Securities Law Violations

Ripple was fined $125 million by Judge Analisa Torres for violating federal securities laws through 1,278 institutional XRP sales. This is significantly less than the SEC's demand of $1 billion in disgorgement and $900 million in civil penalties. Ripple is also banned from future securities law violations, although its retail sales via exchanges were deemed compliant.

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Russia Legalizes Cryptocurrency Mining

Russia has legalized cryptocurrency mining, permitting registered Russian legal entities and individual entrepreneurs to participate. The new law introduces mining concepts like pools and infrastructure while emphasizing compliance with energy consumption limits. This move aims to boost international trade amid Western sanctions, paving the way for broader crypto use in Russia's economic strategy.


Do Kwon's Extradition Delayed Again

Do Kwon's extradition from Montenegro faces another delay, frustrating efforts by South Korea and the U.S. to bring him to trial for his role in the Terra/LUNA collapse. Montenegro's Supreme Court postponed the decision following a request from the Justice Minister, prolonging Kwon's legal saga that began with his arrest in March 2023.

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USABTC Proposes Tax-Free Bitcoin Digital Economic Zone

USABTC proposes a tax-free Bitcoin Digital Economic Zone (DEZ) in the US to bolster its crypto leadership. The initiative aims to integrate Bitcoin into the economy without adding it to reserves, potentially saving $200 billion. It suggests taxing only upon redemption to support economic growth and regulatory collaboration.


Mantle Network Introduces mETH Initiatives with High Yields

Mantle Network's mETH initiatives include earning Powder by holding mETH on Pendle, offering high yields like 25x daily. Bybit and Mantle offer 10,000 COOK tokens daily for holding mETH. Binance Web3 Wallet users staking 0.02 mETH share 2,500,000 COOK rewards, aiming to boost engagement in the Mantle ecosystem until October 8.

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Trump's 2024 Election Odds Drop on Polymarket

In the last month on Polymarket, Trump's odds of winning the 2024 election dropped by 13 percentage points, resulting in a tie with Harris, coinciding with recent polling indicating a statistical tie. Additionally, Trump-themed crypto tokens have experienced a sharper decline, with MAGA down 38% and Tremp down 40% before recovering. These shifts followed Biden's withdrawal and Harris' entry as the Democratic candidate.

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Moonveil Secures Funding to Expand Web3 Gaming Ecosystem

Moonveil has secured $9 million in extended Pre-Series A funding to bolster its web3 gaming ecosystem. The funding round, supported by leading blockchain VCs like Spartan Group and Animoca Ventures, aims to enhance infrastructure and community initiatives. Moonveil plans to expand user acquisition strategies targeting Web3 and GameFi players, while developing new games like AstrArk and Bushwhack.


WazirX to Reverse Trades Post-Hack to Restore Integrity

WazirX, an Indian crypto exchange, will reverse all trades made after a July 18 withdrawal freeze prompted by a $230 million hack. Users' balances will revert to their July 18 levels, aiming to restore platform integrity post-cyberattack. The exchange's multisig wallet on Ethereum was exploited, reportedly by North Korean-affiliated hackers. 

WazirX initially proposed a controversial "socialized loss strategy" but faced backlash, prompting this reversal decision. This move seeks fairness amid scrutiny over handling customer funds post-breach. The exchange plans gradual implementation over days to mitigate disruption from the unprecedented security incident.


Aptos Labs and Stacks Partner to Boost Bitcoin Innovation

Aptos Labs and Stacks have formed a strategic partnership to enhance Bitcoin innovation. This collaboration includes the creation of a joint working group and the Aptos Foundation becoming a Signer for Stacks. The aim is to leverage Aptos's R&D capabilities and Stacks's focus on Bitcoin to drive new technological advancements in the blockchain ecosystem.


MultiversX Integrates Two-Factor Authentication into MetaMask

MultiversX has integrated a two-factor authentication (2FA) feature called MultiversX Snap into MetaMask, enhancing security by embedding it directly into the blockchain protocol. This integration aims to protect users from phishing scams and fund theft, offering added security across applications within the ecosystem. MultiversX Snap is part of MetaMask's extended functionality through third-party audited add-ons, ensuring compatibility and improved security for MetaMask users accessing the MultiversX blockchain.

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NEAR Launches Chain Signatures to Enable Cross-Chain Transactions

NEAR has launched Chain Signatures on its mainnet, a feature enabling users to sign transactions on supported blockchains without cross-chain bridges. Introduced on testnet in March, this innovation aims to streamline multi-chain transactions, enhancing DeFi capabilities and expanding asset liquidity across ecosystems like Bitcoin. The move reflects a broader trend in blockchain technology towards chain abstraction.

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Franklin Templeton Launches OnChain Money Fund on Arbitrum

Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on Arbitrum, partnering with the Arbitrum Foundation. Represented by the BENJI token, the fund was previously available on Stellar and Polygon. It aims to offer competitive returns by investing primarily in government securities, maintaining a stable $1 share price. The move expands Franklin Templeton's blockchain integration efforts, leveraging Arbitrum's leading position in Ethereum Layer 2 networks.

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Path Digital Advisors Partners with Gemini for Crypto Portfolio App

Path Digital Advisors has selected Gemini Trust Company as the custodian for its new automated crypto portfolio app. This collaboration aims to enhance user investment options through Managed Portfolios, offering robo-advisement and tailored asset trading. Path aims to secure investor assets more effectively, reflecting their commitment to regulated investment practices. Gemini's robust infrastructure supports secure custody and trading services for Path's clients.

Top Altcoin Gainers and Losers

Gainers: 

XRP XRP (+23.80%

Bittensor TAO (+14.24%

Helium HNT (+14.20%

Ethereum Name Service ENS (+14.19%

Lido DAO Token LDO (+14.12%

Losers:

MANTRA DAO OM (-1.23%

Aave AAVE (-1.08%

NFT Market Map

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Immutable Shuts Down NFT Marketplace to Focus on Expansion

Immutable has decided to shut down its NFT marketplace to refocus efforts on ecosystem expansion. The closure, scheduled for August 13, aims to support broader platform partnerships amid a challenging NFT market downturn. Users' assets will remain accessible through Immutable's Global Orderbook and other platforms. 

This strategic shift follows similar moves by other firms facing market volatility, reflecting ongoing challenges in the NFT sector. Despite recent declines in monthly sales volumes, Immutable plans to redirect resources to bolster support for external marketplaces, aiming to sustain growth within its blockchain gaming and NFT ecosystem.

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This article has been refined and enhanced by ChatGPT.

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