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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 13, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 13, 2024

Van Thanh Le

Jul 13 2024

5 months ago3 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Market and Price Updates

  • Bitcoin and Ethereum Prices Recovering Amid Germany’s Bitcoin Sale
  • Ethereum Gas Fees Drop to Two-Month Low
  • U.S. Bitcoin ETFs See Record Inflows in July

Regulatory and Legal Developments

  • SEC Ends Stacks Investigation Without Enforcement Action
  • Tornado Cash Founder’s Trial Delayed to December

Investment and Funding News

  • BlackRock Eyes MakerDAO’s $1 Billion Grand Prix Competition
  • Abra Acquires Valkyrie’s Crypto Trusts Amid Regulatory Settlement
  • Pixelverse Raises $2 Million to Expand Web3 Gaming
  • VC Funding for Crypto Startups Drops 38.2% in June
  • ZAP Raises $15.1 Million on Blast's Layer 2 Network

Security Incidents

  • Dough Finance Reports $1.96 Million Hack
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Bitcoin and Ethereum Prices Recovering Amid Germany’s Bitcoin Sale

Bitcoin and Ethereum prices are recovering, with Bitcoin at $58,250 and Ethereum at $3,150. Germany appeared to have sold off its entire Bitcoin stash, transferring approximately 50,000 BTC, seized from the defunct Movie2K website, to various exchanges like KrakenBitstamp, and Coinbase. This sell-off has significantly impacted market liquidity, with 83% of Bitcoin holders in profit and exchange netflows up by 163.9%. The German government's wallet now has a zero balance, a sign of concluding its planned Bitcoin liquidation.

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Ethereum Gas Fees Drop to Two-Month Low

Gas fees on the Ethereum network have recently dropped to their lowest levels in nearly two months, indicating reduced network activity. This decline may suggest lower investor demand for ETH at the moment. However, with the upcoming approval of an Ethereum spot ETF, there's anticipation that increased network activity could potentially boost both gas fees and ETH prices.

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U.S. Bitcoin ETFs See Record Inflows in July

On July 12, U.S.-based Bitcoin ETFs saw significant inflows totaling $310.1 million, marking their strongest performance since June 5. Leading funds like BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund received substantial investments, while others like Grayscale Bitcoin Trust also showed modest gains amidst a week-long period of positive activity.


SEC Ends Stacks Investigation Without Enforcement Action

The SEC has concluded its three-year investigation into Stacks and its developer, Hiro Systems, without taking any enforcement action. The inquiry focused on whether Stacks tokens constituted securities, following their initial sale under SEC regulations. This decision is seen as a positive outcome for the crypto industry amidst ongoing legal battles with other entities like crypto exchanges and infrastructure developers.

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Tornado Cash Founder’s Trial Delayed to December

The trial of Tornado Cash founder Roman Storm has been postponed to December by Judge Failla of the Southern District of New York. The delay follows complexities in the case regarding Tornado Cash's legal responsibilities. Storm's defense argues he lost control over the platform in 2020, challenging accusations tied to user activities, including alleged money laundering incidents involving North Korean hackers.

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BlackRock Eyes MakerDAO’s $1 Billion Grand Prix Competition

BlackRock has shown interest in participating in MakerDAO’s 'Grand Prix' competition, aiming to bring $1 billion of tokenized assets onto the platform. The initiative, part of Maker’s broader strategy to diversify its holdings, involves investments in U.S. Treasury bills and similar tokenized products. Applications are open until August 12 for interested parties.

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Abra Acquires Valkyrie’s Crypto Trusts Amid Regulatory Settlement

Abra acquired Valkyrie’s crypto trusts amid settling with 25 US state regulators over financial licensing violations. The purchase includes Tron and Zilliqa trusts, valued at $50 million and $21.3 million, respectively. Abra may list these trusts on public exchanges if demand rises. The deal marks Abra’s strategic move amidst regulatory challenges.


Pixelverse Raises $2 Million to Expand Web3 Gaming

Pixelverse, a Web3 gaming platform, raised an additional $2 million in funding, bringing its total private funding to $7.5 million. This round was supported by Web3 venture capital firms and angel investors. Pixelverse aims to expand its gaming ecosystem and enhance accessibility to cryptocurrency through innovative gameplay mechanics and media initiatives.


VC Funding for Crypto Startups Drops 38.2% in June

In June, VC funds injected $481 million into crypto startups, marking a 38.2% decrease from May's total. Infrastructure projects led with $331 million, while DeFi and blockchain gaming also saw increased investment. Notable rounds included Avail's $43 million and M^0's $35 million. Overall, the sector continues to attract diverse funding despite recent fluctuations.


ZAP Raises $15.1 Million on Blast's Layer 2 Network

ZAP, a token distribution protocol on Blast's Layer 2 network, raised $15.1 million in funding, valuing the platform at $100 million. The funding included a $900,000 seed round, $2.1 million in private funding, and $12.1 million from an ongoing vault sale, aimed at expanding its ecosystem and launching new tokens.


Dough Finance Reports $1.96 Million Hack

Dough Finance reported a $1.96 million hack on July 12, 2024, with unauthorized access to their smart contracts. They issued an ultimatum to the hacker to return funds by July 15, 2024, threatening legal action otherwise. Users are advised to stay updated via official channels amidst ongoing developments.

Top Altcoin Gainers and Losers

Gainers: 

Ronin RON (+12.68%)

Internet Computer ICP (+11.80%

Stellar Lumens XLM (+11.73%

Losers:

Celestia TIA (-3.02%

Sei SEI (-2.02%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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