Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 15, 2024

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Crypto Market Update

Table of Contents

Market Updates

• Bitcoin Surges Past $63,000 Amid Market Dynamics
• Ether Price Tops $3,300 with Spot ETF Predictions
• Trump Survives Assassination Attempt, Attends Bitcoin Conference
• Digital Asset Inflows Reach Record $17.8 Billion YTD

Corporate Developments

• BlackRock's Q2 Revenue and Bitcoin Holdings Surge
• Mog Coin Hits All-Time High Amid Meme Coin Rally

Regulatory News

• South Korea Proposes Three-Year Crypto Tax Delay
• Hong Kong Issues Alerts Against Unlicensed Crypto Exchanges

Cybersecurity and Hacks

• Lazarus Group Launders $35 Million via Huione Guarantee
• Phishing Scammer Returns $9.3 Million in DAI

Country-Specific Developments

• Spain Fan Token Drops Post-UEFA Win

Network and Platform Updates

• Helium Mobile Expands Network and Partnerships
• CME Group Launches XRP Indices and Reference Rates
• Toncoin Sees Q2 Growth with Increased Transactions
• Algorand Faces Investor Losses and Bearish Signals

Legal and Financial Disputes

• Tornado Cash Co-Founder Denied Bail Before Appeal
• Celsius and KeyFi Settle Legal Dispute

New Projects and Investments

• The Open Platform Invests in Akedo Games for Telegram

Market Reactions

• Trump Digital Trading Cards Spike Post-Assassination Attempt

Bitcoin Surges Past $63,000 Amid Market Dynamics

Bitcoin has surged past $63,000 due to various factors such as institutional buying from US whales, increased digital asset inflows, a weakening US dollar, and former U.S. President Donald Trump's comeback from a failed assassination attempt. The recent 17% rise followed the German government's sell-off of 50,000 BTC, ending downward price pressure. 

Notably, nine governments hold $32.3 billion in Bitcoin, with the US and China leading. Genesis Trading continues large BTC liquidations amid bankruptcy. Dormant wallets containing millions have also reactivated. Analysts predict potential Fed rate cuts in response to easing inflation, potentially boosting market confidence.

Ether Price Tops $3,300 with Spot ETF Predictions

Ether (ETH) topped $3,300, with analysts predicting imminent spot ETH ETF approvals this week. The price surged 16% from $2,909 last week, potentially attracting up to $10 billion in new inflows, according to Tom Dunleavy. Justin Sun purchased 14,436 ETH worth $45.51 million from Binance, continuing his pattern of strategic investments, which have yielded over $50 million in unrealized profits. An unknown entity transferred 12,000 ETH (~$40 million) to Kraken, sparking speculation about potential market impact.

Trump Survives Assassination Attempt, Attends Bitcoin Conference

On July 13, former U.S. President Donald Trump survived an assassination attempt during a campaign rally in Pennsylvania, leading to his commitment to attend the Bitcoin Conference in Nashville from July 25-27, where he aims to raise $15 million. Despite the attempt, Trump remains in good spirits and continues his campaign activities. The incident caused a surge in Trump-related meme coins and NFTs, with a notable crypto whale making an $8 million profit from MAGA (TRUMP) meme coins. 

Bitcoin Magazine CEO David Bailey confirmed Trump's attendance at the conference. Meanwhile, Trump's odds of winning the 2024 election have increased significantly, now standing at 71% on Polymarket. The assassination attempt has bolstered public support for Trump, reflected in the improved betting odds and market enthusiasm.

Digital Asset Inflows Reach Record $17.8 Billion YTD

Last week, digital asset investment products attracted $1.44 billion in inflows, driving the year-to-date total to a record $17.8 billion. Bitcoin led with $1.35 billion, marking the fifth-largest weekly inflow ever recorded. Ethereum saw its largest inflow since March at $72 million, anticipating a spot-based ETF approval in the US.

BlackRock's Q2 Revenue and Bitcoin Holdings Surge

BlackRock reported a Q2 revenue of $4.78 billion with earnings per share at $9.96. As the largest public holder of Bitcoin through its iShares Bitcoin Trust, it now manages over 300,000 BTC. Assets under management surged to $10.6 trillion, marking a nearly 13% increase year-over-year.

Mog Coin Hits All-Time High Amid Meme Coin Rally

Mog Coin (MOG) hit an all-time high of $0.0000022, with a 35% rally and a market cap reaching $779 million. In H1 2024, meme coins like Dogwifhat (WIF), Pepe (PEPE), and Floki Inu (FLOKI) outperformed Bitcoin (BTC), with WIF gaining over 1,300%, PEPE soaring 815%, and FLOKI rising 418%. Solana-based meme coins also surged, with Billy up 44% and Popcat 27.6%. Cat-themed coins, led by HEHE's 193% increase, saw significant gains, with MICHI up 60% and KEYCAT 39%. 

South Korea Proposes Three-Year Crypto Tax Delay

South Korea's ruling party proposes to delay crypto taxes by three years, aiming to ease investor concerns and avoid driving them away from high-risk virtual assets. Originally set for 2025, the tax on crypto gains may now start on January 1, 2028, pending approval from the Ministry of Economy and Finance.

Hong Kong Issues Alerts Against Unlicensed Crypto Exchanges

Hong Kong's Securities and Futures Commission (SFC) has issued alerts against seven unlicensed crypto exchanges for operating illegally. The SFC's Alert List now totals 39 entries, with 28 additions this year alone. Regulators are tightening oversight, requiring exchanges to apply for licenses, resulting in withdrawals and closures for non-compliance. Regulatory measures aim to curb fraud and enhance investor protection amid crypto market growth.

Lazarus Group Launders $35 Million via Huione Guarantee

Hackers associated with Lazarus Group have laundered $35 million from the DMM Bitcoin hack through Huione Guarantee, using THORChain for conversion into ETH, AVAX, USDT, and TRX. Huione Guarantee, allegedly tied to the Cambodian government, has been flagged for processing over $11 billion in illicit transactions, raising significant concerns about its operations.

Phishing Scammer Returns $9.3 Million in DAI

A phishing scammer returned $9.3 million in DAI to a victim, 10 months after stealing $24 million. The reasons for the return remain unclear. The funds were sent back across two transactions last week, significantly reducing the victim's losses. This unusual act comes amid rising concerns over crypto phishing scams.

Spain Fan Token Drops Post-UEFA Win

The Spain National Fan Token (SNFT) has dropped 26% in value following Spain's UEFA Euro 2024 win. This decline, typical of fan tokens, reflects post-event profit-taking. Despite Spain's victory boosting fan morale, SNFT slid to $0.024, with a market cap of $565,000, contrasting with gains seen before the tournament.

Helium Mobile Expands Network and Partnerships

Helium Mobile's latest update highlights expanded network coverage and partnerships with hardware manufacturers like RAKwireless. The decentralized infrastructure aims to disrupt traditional telecom by enabling community-controlled networks. In the first half of 2024, decentralized networks ranked among the most profitable sectors, reflecting growing investor interest in this innovative approach to connectivity.

CME Group Launches XRP Indices and Reference Rates

CME Group has announced the launch of real-time indices and USD reference rates for XRP, set to begin publishing on July 29, 2024. This move has driven XRP's price up by over 23% in the past two weeks amid speculation about an XRP ETF. The indices aim to enhance market transparency and attract institutional investors to the cryptocurrency.

Toncoin Sees Q2 Growth with Increased Transactions

Toncoin (TON) saw significant growth in Q2, handling over $9 billion in transactions, driven by an influx of native Tether (USDT) and increased adoption of mini-apps and meme tokens. The platform's main DEX, DeDust, also experienced substantial volume growth, reflecting Toncoin's expanding ecosystem and user engagement in the crypto market.

Algorand Faces Investor Losses and Bearish Signals

Algorand (ALGO) has seen a significant downturn since March, with 90% of its investors facing losses as the coin's value plummeted by 52%. Despite a recent 15% uptick, large holders are selling, and the Chaikin Money Flow indicator suggests potential further declines, projecting a drop to $0.14 due to bearish signals.

Tornado Cash Co-Founder Denied Bail Before Appeal

Alexey Pertsev, co-founder of Tornado Cash, was denied bail by a Dutch court as he prepares to appeal a recent money laundering conviction. Despite requests from his lawyers, the court deemed his continued detention wouldn't hinder his defense preparation. Pertsev's case has sparked significant controversy within the crypto community.

Celsius and KeyFi Settle Legal Dispute

Celsius and KeyFi founder Jason Stone settle their legal dispute, marking an end to a lengthy court battle. As part of the agreement, Celsius will liquidate a range of assets including cryptocurrencies and high-value NFTs over the next year. This resolution could impact the broader NFT market amid ongoing fluctuations.

The Open Platform Invests in Akedo Games for Telegram

The Open Platform (TOP) has invested in Akedo Games to develop Telegram games within the TON blockchain ecosystem. Akedo's debut game, Akedog, launches July 18, offering players the chance to collect Telegram NFT Pets. This strategic move aims to leverage Telegram's vast user base for decentralized gaming, potentially tapping into the popularity seen by similar games like Notcoin and Hamster Kombat.