Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 30, 2024
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Crypto Market Update
Table of Contents
Bitcoin and Market Movements
- Bitcoin Drops Below $66K Amid Silk Road BTC Movements
Major Blockchain Updates
- Ethereum Celebrates Ninth Anniversary with $400B Market Cap
Regulatory and Legal Developments
- SEC Amends Complaint Against Binance, Charges BitClout Founder
Exchange and Platform News
- Mt. Gox Redistributes 41.5% of Owed Bitcoin
DeFi and Staking Innovations
- Compound Finance Cancels Proposal, Launches New Staking Product
Token Airdrops and Delays
- Hamster Kombat Delays Airdrop Due to Technical Issues
Blockchain Activity and ETFs
- Research Reveals Solana’s Activity Driven by Bots
Blockchain Collaborations and Applications
- Ava Labs and California DMV Digitize Car Titles
Mainnet Launches and Airdrops
- Lava Network Launches Public Mainnet and Airdrop
Layer-2 and Liquidity Enhancements
- Movement Labs Integrates with Polygon's AggLayer
Burn Tax Proposals
- Terra Luna Classic Considers Raising Burn Tax
Investment and Staking Platforms
- Binance Labs Invests in aPriori Liquid Staking Platform
New Blockchain Solutions
- Irys Launches Layer-1 Blockchain with Decentralized Data Storage
Streaming and Content Platforms
- DoodlesTV Launches Streaming Platform on Coinbase’s Base
Legal Challenges in Crypto Art
- Artists Sue SEC to Classify NFTs as Non-Securities
Bitcoin Drops Below $66K Amid Silk Road BTC Movements
Bitcoin (BTC) slid to under $66,000 following movements of Silk Road BTC. Bitcoin exchange reserves hit a multi-year low of 2.8 million coins amid a price rally nearing $70,000, reflecting increased investor confidence and decreased sell-off inclination. Bitfinex analysts warned of potential further declines due to options market pressure, with resistance around $68,000-$69,000. Analysts highlighted risks of liquidations below $64,000 and significant trading pressures from institutional shifts.
Ethereum Celebrates Ninth Anniversary with $400B Market Cap
Ethereum marks its ninth anniversary with a staggering $400 billion market cap and over 2.45 billion transactions processed. Launched in 2015, it has grown into the second-largest blockchain globally, fostering a vast ecosystem with $71 billion in assets and innovations like proof-of-stake consensus. Recent milestones include regulatory approval for Ethereum ETFs in the US, solidifying its pivotal role in crypto finance.
SEC Amends Complaint Against Binance, Charges BitClout Founder
The SEC has revised its complaint against Binance, aiming to amend charges related to third-party tokens like Solana and Polygon, potentially avoiding a securities ruling. Meanwhile, they've charged BitClout founder Nader Al-Naji with fraud, alleging misuse of funds and misleading investors about decentralization. These actions highlight ongoing regulatory challenges and transparency issues in crypto.
Mt. Gox Redistributes 41.5% of Owed Bitcoin
Mt. Gox has redistributed 41.5% (59,000 BTC) of the 141,686 owed Bitcoin to creditors, who are mostly holding their coins despite receiving nearly $4 billion worth of BTC. Creditors are facing issues on Kraken, including rejected payouts due to account verification delays, and on Bitstamp, where some received less BTC than promised or faced low selling rates. Mt. Gox is now preparing to transfer the remaining 80.5K BTC, worth $5.35 billion, amid Bitcoin price pressure at $70,000 resistance.
Compound Finance Cancels Proposal, Launches New Staking Product
On July 30, Compound Finance settled with crypto whale Humpy, canceling Proposal 289 which aimed to allocate $24 million in COMP tokens to a group-controlled protocol. This led to a new staking product, allocating 30% of market reserves to COMP holders annually. The incident raised governance security concerns and caused COMP’s value to rise 7% to $51. Compound remains one of the largest DeFi lending protocols with over $3 billion in assets.
Hamster Kombat Delays Airdrop Due to Technical Issues
Hamster Kombat announced in their whitepaper that 60% of their HMSTR tokens will be allocated to players, but the airdrop has been delayed due to technical challenges. Similarly, Catizen and BANANA, both Telegram-based games, have postponed their airdrops, citing logistical issues. Catizen faced community backlash over a PETA donation, while BANANA reached 1 million users in 72 hours. Trust Wallet partnered with TON on July 30 to increase blockchain adoption, enabling 100 million users to send and receive Toncoin.
Research Reveals Solana’s Activity Driven by Bots
Research indicated that Solana's recent activity, surpassing Ethereum with an average of 217 transactions per user compared to Ethereum's less than three, was largely driven by bots and inorganic trading. On July 29, BlackRock's CIO stated it would be a while before considering a Solana ETF, despite significant inflows to Ether ETFs expected around 2025. VanEck's Solana ETF filing inspired others, but analysts doubt SEC approval. Reports suggest Bitcoin ETF whales might soon invest substantial capital in BTC acquisitions.
Ava Labs and California DMV Digitize Car Titles
Ava Labs and the California DMV are collaborating to digitize 42 million car titles on the Avalanche blockchain by 2025. This move aims to enhance security against fraud and simplify the transfer process through a mobile app. The initiative leverages blockchain's transparency and immutability, promising Californians more efficient DMV interactions and secure vehicle ownership management.
Lava Network Launches Public Mainnet and Airdrop
Lava Network has launched its public mainnet and initiated an airdrop of 55 million LAVA tokens. Supported by partners like Filecoin Network and Cosmos Hub, Lava aims to incentivize blockchain node building through RPC services. The project's unique tokenomics include a high initial token supply with a capped total.
Movement Labs Integrates with Polygon's AggLayer
Movement Labs has integrated with Polygon's AggLayer, bridging Move-based Layer-2 chains and Ethereum to enhance liquidity. Their public testnet has attracted $160 million in Total Value Locked (TVL), showcasing projects like Solv Protocol. This integration aims to unify Web3 ecosystems by combining Ethereum's familiarity with Move's security and performance benefits.
Terra Luna Classic Considers Raising Burn Tax
Terra Luna Classic community is considering raising the burn tax from 0.5% to 1.5%. This proposal aims to increase LUNC and USTC burns, boost community and oracle pool funds, and align with initial targets set during the burn tax introduction. However, there's concern over potential repercussions from exchanges like Binance. The upgrade awaits Tax2Gas implementation for governance voting.
Binance Labs Invests in aPriori Liquid Staking Platform
Binance Labs has invested in aPriori, a liquid staking platform on the Monad network, focusing on miner extractable value (MEV). This follows aPriori's $8 million seed round and reflects growing interest in Monad's DeFi ecosystem. The platform aims to enhance validator incentives through innovative liquid staking mechanisms on an Ethereum Virtual Machine (EVM)-compatible blockchain.
Irys Launches Layer-1 Blockchain with Decentralized Data Storage
Irys has launched its layer-1 blockchain integrating execution and decentralized data storage. This solution targets developers seeking onchain applications with immutable data storage across Ethereum, Solana, and other EVM-compatible chains. Utilizing a dual-ledger system, Irys incentivizes data integrity through proof-of-work and staking mechanisms, challenging centralized IT reliance in today's digital infrastructure landscape.
Top Altcoin Gainers and Losers
Gainers:
BOOK OF MEME BOME (+5.41%)
Kaspa KAS (+3.93%)
XRP XRP (+3.59%)
Losers:
Popcat POPCAT (-10.42%)
Jupiter Space Station JUP (-9.10%)
Starknet Token STRK (-7.79%)
NFT Market Map
DoodlesTV Launches Streaming Platform on Coinbase’s Base
DoodlesTV has launched its own streaming platform with a Super Pass available on Coinbase's Base, offering exclusive content like early access to music videos and the animated film "Dullsville and the Doodleverse," featuring Pharrell Williams. This move follows Doodles' migration of its avatar platform to Base, aiming to enhance user experience with faster transactions and lower costs.
Artists Sue SEC to Classify NFTs as Non-Securities
Two artists are suing the SEC to classify their NFTs as non-securities, arguing that selling digital art shouldn't require SEC regulation. The lawsuit, led by Brian Frye and Jonathan Mann, challenges the notion that NFTs are akin to investment contracts, potentially reshaping how the SEC regulates digital art tokens in the future.
This article has been refined and enhanced by ChatGPT.