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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 3, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 3, 2024

Van Thanh Le

Jul 3 2024

2 weeks ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Major Market Movements

  • Bitcoin Falls Below $60,000 Amid Market Pressures
  • U.S. Spot Bitcoin ETFs Record Minor Losses

Tax and Regulatory Changes

  • KuCoin to Enforce VAT on Nigerian Transaction Fees
  • Bitget Pursues VASP Registration in India

Exchange and Platform Developments

  • CoinDCX Acquires Bitoasis for Global Expansion
  • Bittensor Faces $8 Million Exploit, Halts Transactions
  • Whales Sell $8M Lido Tokens Post-SEC Action
  • Optimism Network Unlocks 31.34M OP Tokens

DeFi and Stablecoins

  • DeFi Tokens Suffer Significant Value Plunge
  • Liquity to Undergo V2 Upgrade with Friendly Fork

Tokenization and Real Estate

  • Mantra to Tokenize $500M in Real Estate Assets

Partnerships and Collaborations

  • Gala Games and Animoca Boost GALA Token Liquidity
  • Fidelity, Sygnum, and Chainlink Enhance Onchain NAV Data

Meme Coins and Market Trends

  • Biden Meme Coin Nosedives Amid PoliFi Token Declines

Corporate Developments

  • Worldcoin Strengthens Team with Former Tech Executives
  • Holograph Investigates $14M Token Heist by Contractor

Security and Scams

  • Consensys Acquires Wallet Guard for MetaMask Security
  • Sydney Sweeney's X Account Compromised by Scammers
  • User Loses $240K in NFTs on Blur Marketplace

Legal and Regulatory Cases

  • US Courts to Determine NFT Securities Status
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Bitcoin Falls Below $60,000 Amid Market Pressures

Bitcoin fell below $60,000 due to several factors, including the impending Mt. Gox Bitcoin repayments, strong US labor market data, and the Federal Reserve's stance on interest rates. Over 59,593 traders were liquidated for $168 million. The US dollar strengthened, reducing bets on rate cuts, while the Federal Reserve emphasized patience in policy changes. Some analysts predict Bitcoin may further decline to the $40,000 range, with significant sell-off pressures and a cautious market outlook. Mt. Gox is set to release up to 140,000 BTC, adding to market anxiety. 

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U.S. Spot Bitcoin ETFs Record Minor Losses

U.S. spot bitcoin ETFs faced minor losses on Tuesday, with $13.62 million in outflows recorded. Grayscale's GBTC led the downturn, shedding $31.38 million. However, Blackrock's IBIT bucked the trend with $14.12 million in inflows, maintaining strong market presence amidst fluctuating ETF performances. Overall, these ETFs manage $53.73 billion in bitcoin reserves.


KuCoin to Enforce VAT on Nigerian Transaction Fees

KuCoin will enforce a 7.5% VAT on transaction fees for Nigerian users starting July 8. The policy applies to KYC-registered accounts in Nigeria and raises concerns about clarity on tax oversight. Stakeholders question its implementation amidst regulatory ambiguities and ongoing crypto exchange restrictions by Nigeria's government.


Bitget Pursues VASP Registration in India

Bitget is actively pursuing VASP registration in India, aiming to comply with local regulations for enhanced market presence. Facing user sign-up challenges due to regulatory constraints, the exchange seeks to resolve these issues through FIU discussions. This move aligns with efforts to ensure tax compliance, protect consumers, and enhance operational transparency.


CoinDCX Acquires Bitoasis for Global Expansion

Indian crypto exchange CoinDCX has made a significant move towards global expansion by acquiring Bitoasis, a leading platform in the Middle East and North Africa. Bitoasis, headquartered in Dubai, operates in 15 countries and has processed over $6 billion in trading volume. This acquisition marks a strategic leap for Coindcx into new international markets.


Bittensor Faces $8 Million Exploit, Halts Transactions

Bittensor experienced an $8 million exploit, prompting a temporary halt in transactions to investigate. The incident, linked to a leaked private key, caused a 15% drop in TAO's price to $227, recovering slightly to $240. The blockchain remains in safe mode as investigations continue, raising concerns about its decentralized claims amidst vulnerability debates.

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Whales Sell $8M Lido Tokens Post-SEC Action

Five cryptocurrency whales have collectively sold nearly $8 million worth of Lido (LDO) tokens following an SEC enforcement action. These transactions involved significant losses, with one whale alone losing $973,000 after liquidating its holdings. Lido has seen a significant rise in staked Ethereum, adding 100,000 ETH amidst heightened scrutiny from the SEC. This surge brings the total staked assets on their platform to $33.48 billion, driven by strong net deposit inflows. Lido aims to enhance decentralization with its new Community Staking Module, set to democratize Ethereum node operations.

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Optimism Network Unlocks 31.34M OP Tokens

Optimism Network recently unlocked 31.34 million OP tokens, valued at $54.53 million, as reported by Token Unlocks. This event, occurring on June 30 at 12:00 AM UTC, released approximately 2.88% of OP's circulating supply. The unlocking follows Optimism's launch of permissionless fault proofs earlier in June, aiming to enhance decentralized token withdrawals.

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DeFi Tokens Suffer Significant Value Plunge

DeFi tokens, notably Pendle, suffered a 10%-20% plunge this week as crypto prices weakened. Pendle alone lost $3 billion in total value locked (TVL) due to waning interest in airdrop farming and reduced yields amidst subdued market activity. Similar declines hit AAVE and LDO, exacerbated by significant token transfers to exchanges.

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Liquity to Undergo V2 Upgrade with Friendly Fork

Liquity, a decentralized stablecoin lending platform, is set to undergo a "friendly fork" as part of its upcoming V2 upgrade. This move aims to address shortcomings from V1 and enhance flexibility in the stablecoin market. The upgrade will introduce multi-collateral configurations and user-set interest rates, aiming to establish Liquity V2 as a leading solution in DeFi stablecoin offerings.

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Mantra to Tokenize $500M in Real Estate Assets

Mantra will tokenize $500 million in real estate assets for UAE builder MAG Group, following an $11 million funding round in March. The initiative aims to offer investors yields through stablecoins and OM tokens, starting with projects like the Keturah Reserve and a $75 million mansion in Dubai's Keturah Resort.

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Gala Games and Animoca Boost GALA Token Liquidity

Gala Games and Animoca Brands have partnered to boost GALA token liquidity and market stability. Animoca Brands will serve as a market maker and plans to validate GalaChain. This collaboration has sparked a 38% increase in GALA's trading volume, indicating strong investor interest amidst broader market fluctuations.

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Fidelity, Sygnum, and Chainlink Enhance Onchain NAV Data

Fidelity International and Sygnum have partnered with Chainlink to bring Net Asset Value (NAV) data onchain, enhancing transparency and accessibility for tokenized asset data. This collaboration targets improved real-time data access, crucial for managing digital assets effectively. Chainlink's role in synchronizing NAV data across multiple blockchains underscores its pivotal role in advancing blockchain integration within traditional financial systems.

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Biden Meme Coin Nosedives Amid PoliFi Token Declines

The BODEN meme coin, tied to Joe Biden, nosedived by 95% amidst broader declines in PoliFi tokens linked to Trump and Biden. The sector saw significant losses amid escalating US election tensions. Despite Trump-themed tokens also suffering, speculation remains high with increased trading volumes on platforms like Polymarket.

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Worldcoin Strengthens Team with Former Tech Executives

Worldcoin has bolstered its team with former executives from Google, X, and Apple to enhance privacy and security. This strategic move aims to fortify its vision of creating an inclusive digital economic system. The new hires bring expertise in data privacy, social network security, cryptography, and IT infrastructure, positioning Worldcoin for robust growth in secure digital identity solutions.

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Holograph Investigates $14M Token Heist by Contractor

Holograph's internal investigation, assisted by Halborn, revealed that a former contractor orchestrated a $14 million token heist on their platform. The contractor exploited admin access to mint 1 billion Holograph (HLG) tokens, causing HLG's value to plummet by nearly 80% within hours. Holograph plans a token burn to mitigate supply inflation and continues with law enforcement involvement.

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Consensys Acquires Wallet Guard for MetaMask Security

Consensys has acquired Wallet Guard to bolster MetaMask security, integrating advanced features to combat rising Web3 threats. This move aims to eliminate user fund losses through enhanced scam detection and phishing protection. The acquisition underscores a strategic push towards stronger security measures amid growing concerns over crypto asset theft.


Sydney Sweeney's X Account Compromised by Scammers

Sydney Sweeney's official X account was recently compromised by cryptocurrency scammers promoting a fake Solana-based meme coin, causing confusion among her followers. The scammers exploited her platform to endorse the fraudulent token through misleading posts and fake giveaways, underscoring the risks of celebrity-targeted crypto scams.

Top Altcoin Gainers and Losers

Gainers: 

Fellaz FLZ (+4.57%

zkSync ZK (+1.14%

Losers:

Ethereum Name Service ENS (-14.77%

dogwifhat WIF (-14.12%

Fantom FTM (-13.21%

NFT Market Map

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User Loses $240K in NFTs on Blur Marketplace

A user lost $240,000 in NFTs on the Blur marketplace due to a phishing scam, highlighting vulnerabilities in decentralized platforms. The incident underscores risks associated with digital asset security and the need for enhanced user vigilance against fraudulent schemes in the crypto space.


US Courts to Determine NFT Securities Status

US courts are set to determine if NFTs qualify as securities following a class action lawsuit against DraftKings. The judge acknowledged the plaintiff's argument that DraftKings' NFTs meet key criteria under the Howey test. This case could establish precedent for how NFTs are regulated in the financial markets.

This article has been refined and enhanced by ChatGPT.

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