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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 4, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 4, 2024

Van Thanh Le

Jul 4 2024

7 days ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Bitcoin Market Updates

  • Bitcoin's Price Drops Amid Whale Activity and Fed Caution
  • Justin Sun Eyes Germany's Bitcoin Stash Amid Skepticism

Ethereum and Altcoins

  • Bitwise Amends S-1 for Ethereum ETF Amid Outflows
  • DWF Labs Launches $20M Cloudbreak Fund for Web3 in Asia
  • Mt. Gox Redemption Focuses on Bitcoin Cash
  • XRP Turns Bearish After Whale Dumps 65 Million Coins
  • Solana Whale Moves $180M to Coinbase Amid Market Drop
  • Whale Sell-Off Hits Ethereum-Based Tokens Hard

Regulatory and Country-Specific Developments

  • South Korea's FSS Launches Crypto Monitoring System
  • New Zealand Targets Crypto Tax Evasion

Token and Project Updates

  • Toncoin Rises 40% Amid Market Decline
  • Notcoin and Helika Launch Accelerator for Telegram Crypto Games
  • OpenTensor Proposes Bittensor Supply Burn After Exploit
  • Matter Labs Denies Insider Minting Allegations for NFTs
  • Symbiotic Surpasses $1B TVL in First Month
  • Kamala Horris Memecoin Surges 250% Amid Biden Speculation

Crypto Exchanges and Platforms

  • Bybit Enters Swiss Market with Dual Sponsorships
  • Friend.tech Token Plummets After Base L2 Decision
  • Blast Season 2 Incentives Reveal Causes Token Drop
  • Binance Labs Leads Pre-A Funding Round for UniSat
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Bitcoin's Price Drops Amid Whale Activity and Fed Caution

Bitcoin's price experienced significant declines, reaching as low as $56,952 before climbing back to above $58,000. Factors contributing to this include a whale sending 3,500 BTC to Binance for potential sell-off, resulting in $310 million in liquidations, and the German government moving 1,300 BTC ($76M) to exchanges, and 1,700 BTC ($99M) to an unidentified address

Additionally, test transactions by Mt. Gox trustee in preparation for a major Bitcoin repayment and a cautious Fed approach further pressured the market. Analysts predict potential drops to $50,000 or even $40,000 due to poor Q3 seasonals, miner liquidations, and leveraged positions near all-time highs, while long-term holders and retail investors remain optimistic, seeing the dip as a buying opportunity.

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Justin Sun Eyes Germany's Bitcoin Stash Amid Skepticism

Justin Sun has expressed interest in acquiring Germany's $2.3 billion Bitcoin stash seized from Movie2k.to, aiming to negotiate off-market to avoid market impact. However, community skepticism questions his ability to pass due diligence, given his legal challenges and EU compliance issues. The sale has exacerbated Bitcoin's recent 20% decline, prompting mixed reactions from stakeholders.


Bitwise Amends S-1 for Ethereum ETF Amid Outflows

On July 3, Bitwise filed an amended S-1 for an Ethereum ETF, potentially launching soon, pending SEC approval. However, several spot Ethereum ETFs did not launch on July 2 or July 4 as expected, and the new expected date is July 8. Ethereum saw significant outflows, with $61 million withdrawn in a week, contributing to a 4.45% price drop. A large Ethereum whale is on the verge of liquidation with a $31.4 million debt, and ETH's price declined from $3,500 to $3,150, partly due to market-wide sell-offs. Short-term investor sentiment shifted from optimism to fear.

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DWF Labs Launches $20M Cloudbreak Fund for Web3 in Asia

DWF Labs has launched the $20 million Cloudbreak Fund to support projects and founders in Chinese-speaking regions, including Hong Kong, China, Macao, Taiwan, and Singapore. The fund aims to foster innovation across sectors like gaming, social finance, meme coins, derivatives, and blockchain technology. This initiative underscores DWF Labs' commitment to driving Web3 growth in Asia.


Mt. Gox Redemption Focuses on Bitcoin Cash

The Mt. Gox redemption saga focuses on Bitcoin Cash (BCH) rather than Bitcoin (BTC). Presto Research warns of significant selling pressure and liquidity concerns once Mt. Gox starts distributing assets. BCH's $73 million return to creditors could impact its market, representing a sizable portion of its daily trading volume, contrasting with BTC's minimal exposure.

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XRP Turns Bearish After Whale Dumps 65 Million Coins

XRP has turned bearish following a substantial dump of 65 million coins by a whale, coinciding with broader market trends. This significant sell-off has heightened concerns about XRP's future price trajectory despite recent legal developments favoring Ripple. The cryptocurrency's price slipped 6.84% to $0.4502 amid the market downturn, reflecting uncertain sentiment among traders and analysts.

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Solana Whale Moves $180M to Coinbase Amid Market Drop

Over $180 million in Solana (SOL) has been transferred to Coinbase, as reported by Whale Alert today. These transactions, involving significant amounts like 322,817 SOL worth $45.5 million, coincide with a broader market downturn, impacting SOL's price which has dropped 7.8% to $135. The whale activity underscores heightened market volatility and uncertainty.

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Whale Sell-Off Hits Ethereum-Based Tokens Hard

A recent market sell-off orchestrated by a significant whale has heavily impacted Ethereum-based tokens like Lido DAO (LDO), Aave (AAVE), and UniSwap (UNI). On July 3, the whale dumped millions of dollars' worth of these tokens, triggering a 14% drop in LDO, 9% in AAVE, 5% in UNI, and 12% in Frax Share (FXS). This move follows uncertainties surrounding the SEC's delayed decision on Spot Ethereum ETFs, potentially signaling further volatility ahead.

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South Korea's FSS Launches Crypto Monitoring System

South Korea's Financial Supervisory Service (FSS) has launched a new system to monitor suspicious crypto transactions on exchanges. Starting July 19, major exchanges will report abnormal activities via a dedicated data line. This initiative, under the Virtual Asset User Protection Act, aims to enhance market integrity and combat illegal trading practices.


New Zealand Targets Crypto Tax Evasion

New Zealand's tax authority is intensifying efforts against crypto tax evasion, targeting 227,000 users involved in 7 million transactions totaling NZ$7.8 billion since 2018. The Inland Revenue Department treats cryptocurrencies like property for tax purposes, urging compliance with income reporting obligations to avoid penalties. Authorities emphasize their ability to track crypto transactions, debunking anonymity myths.


Toncoin Rises 40% Amid Market Decline

In Q2 2024, Toncoin's TON token stood out among the top 50 cryptocurrencies, achieving a remarkable 40% increase. This performance positioned Toncoin as a leader in market capitalization gains, surpassing other major tokens despite widespread declines in the crypto market. Toncoin's rise was attributed to increased network activity and integration with mainstream platforms like Telegram, boosting user adoption significantly.

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Notcoin and Helika Launch Accelerator for Telegram Crypto Games

Notcoin has launched an accelerator program in collaboration with AI-powered analytics firm Helika to foster growth in Telegram-based crypto games. The initiative aims to leverage Helika's analytics to enhance the ecosystem, focusing on boosting engagement and innovation within this emerging sector of blockchain-powered gaming on Telegram.

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OpenTensor Proposes Bittensor Supply Burn After Exploit

OpenTensor Foundation has proposed burning 10% of Bittensor's (TAO) supply following an $8 million exploit. The incident, occurring on July 2, resulted in a significant price drop for TAO. OTF aims to stabilize the token's value through this burn, with users voting on the proposal and receiving compensatory rewards. The network's response included immediate security measures and plans for enhanced package verification to prevent future breaches.

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Matter Labs Denies Insider Minting Allegations for NFTs

Matter Labs refutes allegations of insider minting for Libertas Omnibus NFTs, asserting all minters met eligibility criteria, including event attendees. They deny special treatment for team members or unauthorized insiders. Critics allege the minting process favored insiders, allowing them to gain ZK tokens without meeting requirements. Matter Labs emphasizes transparency in its minting and airdrop processes.

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Symbiotic Surpasses $1B TVL in First Month

Symbiotic, a new Ethereum restaking protocol, achieved a remarkable milestone by surpassing $1 billion in total value locked (TVL) within its first month of launch. This rapid growth positions Symbiotic as a significant competitor to established protocols like EigenLayer. Backed by key investors including Lido's founders and Paradigm, Symbiotic's success underscores its potential in the DeFi ecosystem.


Kamala Horris Memecoin Surges 250% Amid Biden Speculation

Kamala Horris (KAMA) memecoin surged 250% amid speculation that President Biden might step down, following a lackluster debate performance against Donald Trump. Meanwhile, Jeo Boden (BODEN) token plummeted nearly 75% post-debate. Harris is reportedly favored to replace Biden if he withdraws from the presidential race, according to Reuters sources.


Bybit Enters Swiss Market with Dual Sponsorships

Bybit, a major Dubai-based crypto exchange with 33 million users, has entered Switzerland's market through dual sponsorship initiatives amidst the implementation of MiCA regulations. They sponsored key events including the Swiss Summer Web3Fest and Crypto Valley Conference, aiming to strengthen institutional ties and expand their market presence. The cryptocurrency market, currently valued at $2.2 trillion, continues to attract significant interest with growing regulatory clarity and institutional adoption prospects.


Friend.tech Token Plummets After Base L2 Decision

Friend.tech's decision to remain on Base L2, an incubator of Coinbase, led to a dramatic 25% drop in its token price, hitting an all-time low. Investors reacted negatively to the strategy, questioning its long-term viability amidst competitive blockchain migration trends.

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Blast Season 2 Incentives Reveal Causes Token Drop

The Ethereum Layer 2 network Blast revealed details on Season 2 incentives, causing its native token to drop 15%. Season 2 maintains a 50-50 airdrop split with Blast points and gold, introducing a Golden Ticket system for token holders to earn rewards like points, gold, and even Tesla Cybertrucks. Despite innovations, Blast's TVL fell by 21% in a week, with the token price down 37% from its peak.

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Binance Labs Leads Pre-A Funding Round for UniSat

Binance Labs has spearheaded a significant Pre-A funding round for UniSat, a Bitcoin wallet offering Ordinals and BRC-20 solutions. UniSat, known for its browser extension wallet, expressed gratitude for the strategic partnership and investment from Binance Labs. This move underscores Binance's commitment to fostering innovation in blockchain technology infrastructure.

Top Altcoin Gainers and Losers

Gainers: 

MANTRA DAO OM (+5.52%

Pendle PENDLE (+4.24%

Fasttoken FTN (+3.94%

Losers:

Core DAO CORE (-12.80%

Fellaz FLZ (-12.69%

BEAM (onbeam) BEAM (-12.59%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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