Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 24, 2024

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Crypto Market Update

Table of Contents

General Market Updates

• Kraken and Bitstamp to Distribute Mt. Gox Proceeds

Ethereum and Altcoin News

• Ethereum ETFs See Strong Volume Despite Price Dip

Bitcoin Spot ETFs

• Bitcoin Spot ETFs Experience Significant Outflows

Conference and Industry News

• Kamala Harris Will Not Attend Bitcoin Conference

Major Holdings and Corporate Moves

• Tesla and SpaceX Maintain Substantial Bitcoin Holdings

DeFi and Tokenization

• BlackRock and Others Compete for Ethena's RWA Fund
• Coinbase to Launch Tokenized Money-Market Fund

Speculations and Future ETFs

• Franklin Templeton’s Solana Endorsement Sparks ETF Speculation

Crypto Payment and Initiatives

• Ferrari Expands Crypto Payments to European Dealers

Stablecoins and Financial Technology

• Jingdong to Launch Stablecoin Pegged to HK Dollar

Security and Protocol Updates

• dYdX Restores Website After DNS Hijacking Incident
• LayerZero Rewards Sybil Bounty Hunters

Price Movements and Market Sentiment

• Render's Price Falls Amid Whale Sell-Offs
• COTI Chosen for Israel’s CBDC Pilot Project

Cross-Chain and Protocol Developments

• DeBridge to Launch DBR Token on Solana

Blockchain and Real-World Assets

• Lisk and Backed Finance Partner for RWA Adoption
• Minima and Mercury FX Challenge SWIFT with Blockchain

Gaming and Layer-1 Solutions

• PixelRealm Launches L1 Using Saga’s Technology

Layer-2 Blockchain Launches

• Hemi Labs and RACE Launch Ethereum Layer-2 Blockchains

Funding and Development

• Caldera Raises $15M for Metalayer Development
• RiskLayer Secures Funding for DeFi Security Middleware

Market Expansion and IPOs

• Fold Plans Nasdaq Listing Via SPAC Merger

Exchange Security and User Protection

• Wazirx to Reopen After Major Security Breach
• Terra/LUNA Collapse Victims Must File Claims by August 21
• Monoswap Hacked, Users Urged to Withdraw Funds

NFT and DeFi Activity

• Optimism Sees Surge in NFT Trading and DeFi Activity

Kraken and Bitstamp to Distribute Mt. Gox Proceeds

Kraken has completed the distribution of Mt. Gox Bitcoin credits, while Bitstamp is set to start distributing Mt. Gox proceeds on Thursday. Bitcoin remained steady above $66K despite a miss in US wholesale inventory growth, supporting falling inflation. A smart trader accumulated $45 million worth of BTC in a week, signaling a buy opportunity. Crypto analysts predict Bitcoin's price to hold at $66K due to strong demand from hodlers.

Ethereum ETFs See Strong Volume Despite Price Dip

Ethereum ETFs recorded a solid volume of $1.1 billion and $107M inflow on their debut day in the U.S., but ETH price declined slightly. Grayscale’s ETHE experienced a $484 million outflow, yet BlackRock's ETHA led with $266.5 million inflows. Despite this, large holders amassed 112.9K ETH worth $390 million, outpacing ETF inflows. On-chain data indicated increased whale activity, suggesting limited downside. Bitwise committed to donating 10% of its ETF profits to Ethereum developers, supporting Protocol Guild and PBS Foundation. Over the past 24 hours, ETH hovered near $3,430. 

Bitcoin Spot ETFs Experience Significant Outflows

Bitcoin spot ETFs saw a significant shift on July 23, with outflows totaling $77.9 million after twelve days of consecutive inflows. Grayscale's GBTC led with a $27.3094 million outflow, while BlackRock's IBIT captured 67% of the market share, indicating strong investor preference despite average trading volumes.

Kamala Harris Will Not Attend Bitcoin Conference

Bitcoin Magazine CEO David Bailey announced that Kamala Harris would not attend the Bitcoin Conference in Nashville. Following this news, Bitcoin's price surged above $67,000 at one point as attention shifted to other political figures like Donald Trump. Bailey highlighted potential implications for the crypto industry under different leadership scenarios.

Tesla and SpaceX Maintain Substantial Bitcoin Holdings

Elon Musk's companies, Tesla and SpaceX, maintain substantial Bitcoin holdings with Tesla holding $640.9 million in Bitcoin as of Q2 2024, reporting no sales during this period. SpaceX also holds approximately $550 million worth of Bitcoin. This reinforces Musk's steadfast support for cryptocurrency amid ongoing speculation.

BlackRock and Others Compete for Ethena's RWA Fund

BlackRock's BUIDL and other funds are vying for Ethena's $45 million reserve fund allocation, aiming to invest in Ethereum-based Real World Asset (RWA) products. Ethena plans to allocate $45 million from its reserves, attracting interest from various DeFi protocols seeking stable asset investments. This move reflects a growing trend in DeFi towards tokenized RWAs for enhanced investment diversification and stability.

Coinbase to Launch Tokenized Money-Market Fund

Coinbase Asset Management is reportedly launching a tokenized money-market fund, diving into blockchain's trending area of tokenization. Following BlackRock's success with a $500 million tokenized U.S. Treasuries fund, Coinbase aims to leverage blockchain for transparent, liquid assets. This move expands their push into tokenizing traditional assets, initially approved by Abu Dhabi regulators.

Franklin Templeton’s Solana Endorsement Sparks ETF Speculation

Franklin Templeton's endorsement of Solana has sparked speculation about a potential Solana ETF. Following the success of its Bitcoin and Ethereum ETFs, Franklin Templeton sees Solana's growing adoption and technological advancements as promising for a future ETF. Industry experts anticipate decisions on Solana ETF applications by mid-March 2025, pending regulatory approvals and political factors.

Ferrari Expands Crypto Payments to European Dealers

Ferrari expands its crypto payment initiative to European dealers, following a successful US launch last year. Embracing Bitcoin, Ethereum, and USDC, the move targets tech-savvy clientele but faces challenges like regulatory uncertainty and energy concerns. Partnering with BitPay ensures smooth transactions, shielding dealers from crypto price volatility and enhancing customer trust in financial innovation.

Jingdong to Launch Stablecoin Pegged to HK Dollar

Jingdong Coinlink Technology Hong Kong Limited plans to launch a stablecoin pegged 1:1 to the Hong Kong dollar, emphasizing secure, cost-effective payments within regulatory guidelines. The initiative aims to leverage highly liquid assets stored in licensed financial institutions and collaborate with global regulators.

dYdX Restores Website After DNS Hijacking Incident

dYdX swiftly restored its v3 website following a DNS hijacking incident on July 23. Users were urged to clear browser caches to avoid the compromised version. The exchange resumed normal operations within three hours, assuring users that its core protocols remained secure despite the website disruption.

LayerZero Rewards Sybil Bounty Hunters

LayerZero is preparing to distribute rewards to Sybil bounty hunters starting July 25, following its proactive stance against Sybil attacks. After identifying over 800,000 suspected Sybil addresses, the blockchain interoperability giant engaged community members in a bounty program. Rewards, set at 10% of the token allocation per identified address, will be distributed directly into hunters' wallets at 13:00 UTC.

Render's Price Falls Amid Whale Sell-Offs

Render's price has plummeted to $6.5 amid significant sell-offs by whales and long-term holders, totaling 30 million tokens in just a week. This extensive offloading has shaken investor confidence, hindering any recovery above the $7.0 support level. The situation suggests ongoing bearish sentiment and potential further declines in the near term.

COTI Chosen for Israel’s CBDC Pilot Project

COTI has been selected by the Central Bank of Israel for its CBDC pilot project, elevating its status alongside major players like PayPal and Fireblocks. This endorsement has driven a notable 8.19% price surge at one point, backed by a significant volume increase of 950.61%. Analysts foresee further bullish momentum, with technical indicators suggesting a potential doubling in value soon.

DeBridge to Launch DBR Token on Solana

DeBridge, a cross-chain transfer service, will soon launch its DBR governance token on Solana following a snapshot of user activity. This token aims to reward users based on past fees and transaction volumes, enabling voting on protocol decisions. Since April, DeBridge has facilitated over 2.3 million transactions worth $2 billion across Ethereum, Solana, and other networks.

Lisk and Backed Finance Partner for RWA Adoption

Lisk and Backed Finance have partnered to accelerate the adoption of real-world assets (RWA) in emerging markets. Leveraging Lisk’s blockchain and Backed’s tokenization expertise, they aim to enhance economic growth and financial inclusion. Backed ecosystem partners gain access to Lisk’s incubator, fostering innovation with grants up to $100,000 in LSK tokens for eligible projects utilizing Backed’s solutions on Lisk’s platform.

Minima and Mercury FX Challenge SWIFT with Blockchain

Minima and Mercury FX are teaming up to challenge SWIFT with blockchain technology. Their collaboration aims to improve global financial communications and overhaul international payments. Using Minima's Maxima protocol, they promise enhanced security, faster transaction times, and decentralized operations. This initiative seeks to set a new standard in efficiency and security for global financial messaging.

PixelRealm Launches L1 Using Saga’s Technology

PixelRealm, an Omnichain Gaming platform, is transitioning from an L2 rollup to launching its own L1 using Saga's technology. This collaboration enables PixelRealm to offer flexible gas fees, high transaction speeds, and scalability crucial for gaming applications. It showcases Saga's ability to empower gaming platforms with customized L1 solutions, providing developers enhanced control and efficiency.

Hemi Labs and RACE Launch Ethereum Layer-2 Blockchains

Hemi Labs unveiled the Hemi Network, a modular layer-2 blockchain enhancing scaling, security, and interoperability for Bitcoin and Ethereum, co-founded by Jeff Garzik and Max Sanchez. Meanwhile, RACE launched its Ethereum layer-2 blockchain on Optimism's OP Stack, joining Optimism's Superchain to tokenize and distribute real-world assets.

Caldera Raises $15M for Metalayer Development

Caldera has secured $15 million in Series A funding, led by Founders Fund and joined by Dragonfly, Sequoia Capital, and others, bringing their total raised to $25 million. Their Metalayer aims to unify rollups across major Ethereum frameworks, supporting 60+ projects with $800 million TVL and 59 million transactions, streamlining blockchain deployment and scalability.

RiskLayer Secures Funding for DeFi Security Middleware

RiskLayer has secured a Builders Round led by Antler to develop DeFi Security Middleware on EigenLayer, aiming to bolster economic security. This funding will advance RiskLayer's Actively Validates Services (AVS) infrastructure, enhancing risk management for DeFi protocols and users. Notable investors include Wagmi Ventures and Hypotenuse Ventures.

Fold Plans Nasdaq Listing Via SPAC Merger

Fold, a Bitcoin rewards app, plans to go public on Nasdaq via a merger with SPAC Emerald Acquisition Corp. The app offers a cashback debit card that provides Bitcoin rewards, processing over $2 billion in volume and distributing $45 million in rewards. This move signifies the growing trend of crypto-based businesses entering the public market. 

WazirX to Reopen After Major Security Breach

Indian exchange WazirX plans to reopen withdrawals, deposits, and trading following a major security breach involving $230 million. Co-founder Nischal Shetty announced a poll for user input on the approach, alongside efforts to recover stolen tokens with a $23 million bounty program. INR funds remain unaffected amid ongoing recovery initiatives.

Terra/LUNA Collapse Victims Must File Claims by August 21

Victims of the Terra/LUNA collapse must file crypto loss claims by August 21 to participate in bankruptcy voting. Failure to meet this deadline forfeits voting rights on the debtor’s plan, though future claim submissions will still be accepted. The process involves submitting forms to Epiq Corporate Restructuring online or by mail.

Monoswap Hacked, Users Urged to Withdraw Funds

Monoswap suffered a malicious hack, prompting a warning to users against depositing new funds or opening positions. The attack, involving a developer's compromise by phishing, allowed hackers access to platform wallets. Monoswap urges immediate fund withdrawals and caution against interacting with suspicious links. Investigations are ongoing to mitigate losses and enhance security measures.