Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 23, 2024

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Crypto Market Update

Table of Contents

Cryptocurrency Market Updates

• Bitcoin bulls struggle as Mt. Gox creditors receive payouts
• Ethereum ETFs see $600M in volume, prices dip
• dYdX Trading Inc. negotiates v3 software sale amid DNS attack
• Telegram's user base surges to 950M with crypto gaming

Gaming and Entertainment

• Atari launches Onchain Arcade on Ethereum Layer 2
• Illuvium to launch triple-title gaming ecosystem
• Binance Labs invests in Catizen gaming bot

Financial Products and Investments

• Hamilton Lane launches $920.7B credit fund on Solana
• Franklin Templeton invests in Bitlayer's Bitcoin Layer 2

Hacks and Security

• WazirX seeks partnerships after $230M hack
• Debt Box co-founder allegedly kidnapped in Dubai

Regulatory and Compliance

• Worldcoin denies insider trading allegations
• Gate.io halts services for Japanese customers

Unique and Novel Products

• Ondo Finance introduces USDY on Cosmos

Market Reactions and Rumors

• "Biden Dead" and "Biden Done" market caps rise on false rumors

Technology and Development

• SingularityNET invests $53M in AI supercomputer
• Aethir and APhone launch 10x scaling for decentralized smartphones
• Avail launches mainnet and AVAIL token
• Igloo, Inc. secures $11M for Ethereum Layer 2 initiatives

Bitcoin bulls struggle as Mt. Gox creditors receive payouts

Bitcoin bulls failed to protect $66,000, seeing the price slightly drop below this level amidst Ether ETF launches. Meanwhile, Mt. Gox creditors began receiving Bitcoin and Bitcoin Cash on Kraken after the exchange moved 47,500 BTC (worth $3.2 billion) to various addresses. The transfers contributed to Bitcoin's price drop to $66,000 earlier today due to increased selling pressure. BTC's net ETF inflows reached $486 million, despite market volatility.

Ethereum ETFs see $600M in volume, prices dip

Ethereum ETFs reached $600 million in volume within three hours, led by Grayscale's ETHE at $270 million and BlackRock's ETHA at $133.5 million. Preliminary data showed $112 million in inflows in the first 15 minutes, with Bitwise leading at $25.5 million. Despite high inflows, Ethereum's price dropped by 1.16%. Analysts suggest this "buy the rumor, sell the news" pattern could mirror Bitcoin ETF behavior, potentially impacting prices. 

Market sentiment remains cautious due to large Bitcoin movements by the US government and Mt. Gox. Predictions for annual Ethereum ETF inflows range from $1 billion to $6 billion, with competition among issuers intensifying through fee reductions and unique strategies.

dYdX Trading Inc. negotiates v3 software sale amid DNS attack

dYdX Trading Inc. was negotiating the sale of its v3 derivatives trading software, which generated $137 million in fees from $466.3 billion trading volume in 2022. Concurrently, the v3 platform's user interface was compromised in a DNS attack, with users advised to avoid the site. No smart contracts were breached, and v4 on Cosmos remained unaffected.

Telegram's user base surges to 950M with crypto gaming

Telegram's active user base has surged to 950 million, fueled by the popularity of crypto gaming and The Open Network (TON). Notcoin and Hamster Kombat's integration with Telegram has attracted millions, with Hamster Kombat becoming the fastest-growing digital service globally. This growth underscores Telegram's evolution into a major hub for crypto enthusiasts and gamers alike.

Atari launches Onchain Arcade on Ethereum Layer 2

Atari launches Onchain Arcade on Base Network, partnering with Coinbase to bring classic games like Asteroids to Ethereum Layer 2. Despite a 28% decline in blockchain gaming, Atari plans weekly competitions with Atari 2600+ prizes. Atari aims to expand its on-chain gaming offerings amid market challenges.

Illuvium to launch triple-title gaming ecosystem

Illuvium is gearing up to launch its triple-title gaming ecosystem on July 25th, backed by $100 million in funding. Featuring interconnected games like Illuvium: Overworld, Arena, and Zero, the platform emphasizes blockchain-based asset ownership via the ILV governance token. Players can seamlessly transfer assets across games, enhancing gameplay and ownership experience.

Binance Labs invests in Catizen gaming bot

Binance Labs has invested in Catizen, a Telegram-based gaming bot aimed at revolutionizing web3 entertainment on the TON network. The funding round led by Binance Labs underscores growing interest in GameFi projects like Catizen, which boasts 25 million players and aims to enhance user engagement through innovative play-to-airdrop models. This investment aligns with Binance Labs' strategy to support web3 adoption and innovation in crypto gaming.

Hamilton Lane launches $920.7B credit fund on Solana

Hamilton Lane launches a $920.7 billion private credit fund on Solana, facilitated by LibreCap's tokenization expertise. This move democratizes wealth management, lowering the investment threshold to $10,000 from $250,000. It underscores Solana's appeal for blockchain-based financial products, aiming to broaden access and efficiency in alternative asset investments.

Franklin Templeton invests in Bitlayer's Bitcoin Layer 2

Franklin Templeton has invested in Bitlayer's Bitcoin layer-2 infrastructure, valuing it at $300 million. Bitlayer secured $16 million, including $11 million in Series A funding, with participation from Franklin Templeton and others like Framework Ventures. The funding will fuel Bitlayer's expansion, focused on its Bitcoin Layer 2 network utilizing the BitVM system, known for its security and scalability in the Bitcoin ecosystem.

WazirX seeks partnerships after $230M hack

WazirX, an Indian exchange, is seeking partnerships to recover from a recent $230 million hack. The breach compromised over 200 cryptocurrencies, prompting a temporary trading pause. Despite a $23 million bounty program and ongoing recovery efforts, the return of funds remains uncertain amid alleged links to North Korea's Lazarus Group.

Debt Box co-founder allegedly kidnapped in Dubai

The co-founder of Debt Box, a crypto company sued by the SEC, was allegedly kidnapped in Dubai, where he was forced to relinquish control of the company and over $400 million. Jason Anderson's ordeal involved mental coercion over two weeks, implicating business partners in a high-stakes financial and legal dispute.

Worldcoin denies insider trading allegations

Worldcoin has denied allegations of insider trading and price manipulation, emphasizing its zero-tolerance policy towards such practices. According to a spokesperson, strict confidentiality rules prevent anyone covered by their policies from disclosing information impacting Worldcoin (WLD) purchases. The project recently postponed unlocking 80% of its tokens for two years, coinciding with a significant price surge.

Gate.io halts services for Japanese customers

Gate.io has decided to halt its services for Japanese customers, citing regulatory demands from the Financial Services Agency (FSA). The exchange, headquartered in the Cayman Islands, will cease new account openings and assist users in transferring their assets to compliant platforms. Gate.io will also remove Japanese language content from its site as part of its compliance efforts.

Ondo Finance introduces USDY on Cosmos

Ondo Finance introduces USDY, a tokenized treasury product on Cosmos via Noble, marking a first in the ecosystem. Backed by U.S. Treasuries and bank deposits, USDY offers a 5.3% APY. Noble has $246M in stablecoin market cap, with $USDY at $323M, supporting DeFi across Cosmos appchains like Injective and Osmosis.

"Biden Dead" and "Biden Done" market caps rise on false rumors

The market cap for "Biden Dead (BIDEAD)" reached $660,000, followed by "Biden Done (BIDONE)" hitting $567,000. These rumors were sparked by a "verified source" claiming Biden was unlikely to survive COVID-19. However, his physician confirmed normal vitals and nearly resolved symptoms, dispelling the false claims.

SingularityNET invests $53M in AI supercomputer

SingularityNET is allocating $53 million towards developing an AI 'supercomputer' and new data centers. This initiative aims to bolster artificial general intelligence (AGI) research by creating modular hubs that can adapt and scale with advanced components for optimal performance and flexibility.

Aethir and APhone launch 10x scaling for decentralized smartphones

Aethir and APhone have launched a 10x scaling solution for decentralized smartphones, promising a 90% reduction in mobile user costs. Utilizing Aethir Edge, the partnership enhances Web3 mobile apps' speed and efficiency. APhone's capacity now supports over 800,000 users concurrently, slashing monthly costs to under $0.60, down from $6.

Avail launches mainnet and AVAIL token

Avail, a blockchain project, has launched its mainnet, Avail DA, and introduced the AVAIL token. This enhances data availability across blockchains with a new layer combining validity proofs and sampling. Backed by $75 million in funding, Avail aims to compete with other DA solutions like Celestia and NEAR Protocol, leveraging partnerships with major Layer 2 ecosystems.