cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 10, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 10, 2024

Van Thanh Le

Jul 10 2024

last week4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

This article comes to you with the generous support of Betplay.io. Discover the excitement and rewards that await you at Betplay.io with a 100% welcome bonus and 10% weekly cashback!

Crypto Market Update

Table of Contents

Crypto Market Updates

  • German Government Sells Bitcoin Amid Market Fluctuations
  • Ethereum 2.0 Staking Reaches Record Levels
  • CFTC Chairman's Stance on Cryptocurrencies
  • New Leveraged Bitcoin ETFs Launched

Blockchain and Staking Developments

  • Starknet to Launch Staking Feature by Q4 2024
  • Solana's Liquid Staking Hits All-Time High
  • Curve Finance Users Lock Record 51M CRV Tokens
  • SingularityNET and Filecoin Partner for Decentralized AI
  • Skale Labs Unveils Major Blockchain Upgrade

Memecoins and Token Launches

  • Soccer-Backed Memecoin Faces Insider Concerns
  • Triangle Accelerator Program Launched by Notcoin, 1inch, and Sign
  • Stader's SD Token Surges Following Coinbase Announcement

Tech and Venture Updates

  • Microsoft and Apple Leave OpenAI Board
  • Hypersphere Ventures Launches $130M Liquid Fund
  • Block Sells New Mining ASICs to Core Scientific

Regulatory and Security News

  • Goldman Sachs to Launch Tokenization Projects
  • Elliptic Exposes $11B Scam Network
Coin360.png

German Government Sells Bitcoin Amid Market Fluctuations

On July 10, the German government transferred 10,853 BTC ($637.7M) to various exchanges, aiming to sell part of their 50,000 BTC confiscated from Movie2K. Bitcoin is trading near $58K despite these sell-offs and Mt. Gox's 47,228 BTC repayments. Analysts noted new Bitcoin whales lost $1B in two weeks, while long-term holders accumulated BTC at a 6.3% monthly rate. BitMEX saw its second-largest BTC outflow of 35,486 BTC, indicating investor confidence. 

Bitcoin ETFs recorded $500M inflows, led by BlackRock's IBIT. The US June CPI data, released on July 11, is expected to influence BTC's price. Despite sell pressure, economist Alex Krüger believes the market can absorb the BTC from both German and Mt. Gox sales. BTC demand surged at $61K-$62K, with easing miner selling pressure potentially propelling it to $78K.

chart.webp

Ethereum 2.0 Staking Reaches Record Levels

Ethereum's ETH2 Beacon Deposit Contract has surged to a record 47.36 million ETH, marking a substantial milestone with 33.9% of the total supply now staked. This growth underscores Ethereum 2.0's increasing popularity despite lower staking rewards and inflation rates, potentially stabilizing ETH's long-term value. The trend reflects broader confidence in Ethereum's future and network security.

chart (1).webp

CFTC Chairman's Stance on Cryptocurrencies

CFTC Chairman Rustin Benham revealed that approximately 70-80% of cryptocurrencies in the market are not categorized as securities. This contrasts sharply with SEC Chairman Gary Gensler's stance, indicating a significant regulatory divide. The discussion underscores ongoing challenges in defining and regulating digital assets under current legal frameworks.


New Leveraged Bitcoin ETFs Launched

REX Shares and Tuttle Capital Management have introduced two new ETFs, offering high-conviction Bitcoin traders 200% leveraged exposure to BTC's price movements. The T-REX 2X Long Bitcoin Daily Target ETF (BTCL) and T-REX 2X Inverse Bitcoin Daily Target ETF (BTCZ) aim to capitalize on Bitcoin's volatility using derivatives, not direct holdings, despite higher management fees and potential underperformance over time.


Starknet to Launch Staking Feature by Q4 2024

Starknet is gearing up to launch its staking feature, starting with a testnet rollout and aiming for a mainnet release in Q4 2024. CEO Eli Ben-Sasson announced the initiative at EthCC, detailing a 21-day withdrawal time-lock for stakers. Rewards will follow a minting curve, incentivizing higher token stakes despite lower percentage rewards.

chart (2).webp

Solana's Liquid Staking Hits All-Time High

Liquid staking on Solana has surged to an all-time high, representing 7% of the network's market cap. Total value locked has spiked from $244 million to $3.73 billion since October, led by protocols like JITO with $1.57 billion TVL. This trend signals broader utility beyond memecoins, potentially challenging Ethereum's dominance in liquid staking.

chart (3).webp

Curve Finance Users Lock Record 51M CRV Tokens

Curve Finance users set a new record by locking 51 million CRV tokens last week, doubling the previous high. This influx, valued at $14.7 million, underscores a renewed focus on governance and fee rewards. Despite this, Curve's total value locked (TVL) remains at $2 billion, trailing its peak, with CRV's market cap hitting a low amid broader market volatility.

chart (4).webp

SingularityNET and Filecoin Partner for Decentralized AI

SingularityNET and Filecoin have partnered to integrate decentralized AI and DePIN, focusing on ethical AI and decentralized infrastructure. This collaboration includes short-term goals like using Filecoin's Lighthouse SDK and long-term plans to enhance AI data storage with Filecoin's technology. They aim to advance DePIN applications and ensure ethical AI practices through an AI ethics working group.

chart (5).webp

Skale Labs Unveils Major Blockchain Upgrade

Skale Labs has rolled out version 3.0 of its blockchain network, marking a significant technical upgrade aimed at enhancing scalability and efficiency. Dubbed Pacifica, this latest iteration promises a 108% increase in block mining speed and a 122% boost in transaction throughput. With over 5 million active wallets and strong adoption in web3 gaming, Skale continues to expand its influence in decentralized applications.

chart (7).webp

Soccer-Backed Memecoin Faces Insider Concerns

WATER, a memecoin boosted by endorsements from soccer stars like Lionel Messi, faces scrutiny for allegedly concentrated insider token holdings. Analysis reveals over 30% of the supply controlled by a handful of wallets, raising concerns of potential market manipulation and rug-pull risks. Despite initial hype, questions remain over the token's transparency and long-term viability.

chart (6).webp

Triangle Accelerator Program Launched by Notcoin, 1inch, and Sign

Notcoin1inch, and Sign have launched Triangle, an accelerator program aimed at enhancing the Telegram and TON ecosystems. This initiative, supported by notable figures like Sign's CEO Xin Yan and 1inch co-founder Anton Bukov, focuses on developing consumer apps that bridge Web2 and Web3. Triangle aims to onboard millions to Web3 via Telegram's extensive user base.

Screenshot_2.png

Stader's SD Token Surges Following Coinbase Announcement

Stader's SD token surged by 104% at one point following Coinbase's announcement of its inclusion in their asset listings roadmap. This spike, from $0.417695 to $0.850730, reflects strong market interest in Stader's liquid staking solutions across multiple networks, bolstered by recent Chainlink integration for secure cross-chain transfers. The token currently trades at $0.642826, stabilizing after the initial surge.

chart (8).webp

Microsoft and Apple Leave OpenAI Board

Microsoft and Apple have opted out of holding board seats at OpenAI amidst increased regulatory scrutiny. Microsoft's $13 billion investment in 2023 no longer aligns with its strategic interests amid evolving regulatory challenges. This decision leaves OpenAI without board observers, reflecting broader concerns over Big Tech's influence in AI.


Hypersphere Ventures Launches $130M Liquid Fund

Hypersphere Ventures has launched a $130 million liquid fund, Atlas, now open to external investors. Designed for agility, it targets 40% returns through diverse strategies like DeFi and quantitative trading. Concurrently, the firm plans to raise a new $75 million venture capital fund to back early-stage crypto projects, further expanding its investment footprint in the digital asset space.


Block Sells New Mining ASICs to Core Scientific

Block, led by Jack Dorsey, has finalized its first sale of new 3nm mining ASICs to Core Scientific. This collaboration, involving ePIC Blockchain Technologies, aims to boost Core Scientific's Bitcoin mining capacity by nearly 15 EH/s, enhancing efficiency and scalability in the industry. Block's move underscores its commitment to advancing mining technology amid global chip shortages.


Goldman Sachs to Launch Tokenization Projects

Goldman Sachs plans to launch three tokenization projects by the end of this year, aiming at institutional clients. These initiatives include the first US-based effort and focus on creating marketplaces for tokenized assets, enhancing transaction speeds, and expanding collateral types. The bank seeks to differentiate itself using private blockchains for regulatory compliance and to stand out from competitors targeting retail markets.


Elliptic Exposes $11B Scam Network

Elliptic's investigation uncovered an $11 billion scam network facilitated by Huione Guarantee, linked to extensive money laundering and cyber scams involving Tether transactions. The platform, part of Cambodia's Huione Group, utilized thousands of messaging channels for illicit activities like selling personal data and developing scam websites. Blockchain transparency enabled Elliptic to identify and label hundreds of associated crypto addresses, aiding in prevention efforts.

Top Altcoin Gainers and Losers

Gainers: 

Stacks STX (+12.52%

JasmyCoin JASMY (+8.27%

Optimism OP (+8.06%

Losers:

Flare FLR (-2.52%

Celestia TIA (-2.18%

Quant QNT (-1.87%

NFT Market Map

Screenshot_1.webp

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.33
© 2017 - 2024 COIN360.com. All Rights Reserved.