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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 8, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 8, 2024

Van Thanh Le

Jul 8 2024

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

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Crypto Market Update

Table of Contents

Major Market Movements

  • Bitcoin Drops Due to German Transfers and Mt. Gox Payouts
  • Bitwise and VanEck File for Spot Ethereum ETFs
  • Bitstamp to Distribute Tokens to Mt. Gox Creditors
  • Metaplanet Buys 42,466 BTC Despite Market Rates

Investment and Fund Updates

  • Digital Asset Funds See $441 Million Inflows
  • Whale Transfers $3.8M in PENDLE Tokens to Binance
  • Whales Buy 6.2M LINK Amid Market Downturn
  • SSV Network Stakes 1 Million Ethereum

Crypto Exchange Developments

  • Binance to Delist Four Tokens on July 22
  • Bybit Lists Hamster Kombat Token on OTC Platform
  • Pancake Bunny Hacker Moves $3M in Stolen ETH
  • Pink Drainer Group Scammed in Address Poisoning

Technology and Security

  • Solana Launches $1M Bug Bounty for Firedancer
  • Nuklai and Filecoin Partner for Decentralized AI Model Training
  • Hashkey Group to Launch Ethereum Layer 2 Mainnet

Project Updates and New Initiatives

  • EtherFi Foundation Enhances Liquidity with ETHFI Purchase
  • Ampleforth Unveils SPOT to Reduce Volatility
  • Celo's Dango L2 Testnet Scales Ethereum
  • Astar Network Burns 350M ASTR Tokens
  • EOS Network Launches Staking Rewards Program
  • NEAR Protocol Sees Surge in User Activity
  • Ronin Network Integrates Philippine Peso Stablecoin
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Bitcoin Drops Due to German Transfers and Mt. Gox Payouts

Bitcoin's price decline is influenced by German government transfers of 16,039 BTC ($895M) and upcoming Mt. Gox payouts, causing a 3.5% drop. The Crypto Fear & Greed Index hit its lowest levels since early 2023, indicating market fear. Despite this, whales are accumulating, with 46,000 BTC ($2.6B) leaving exchanges. Bitcoin's put-call ratio over 1 suggests bearish sentiment, with significant put options at $58K, $52K, and $48K strikes. 

The price risks a double top formation, potentially falling below $50K, while Bitfinex analysts predict that Bitcoin may have reached a local bottom following a significant sell-off in June. CPI data release might impact the bearish trend positively, hinting at possible rate cuts that could boost Bitcoin's price.

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Bitwise and VanEck File for Spot Ethereum ETFs

Bitwise filed an amended S-1 registration for a spot Ethereum ETF, followed by VanEck on July 8, with the SEC approval expected by mid-July. As of July 8, Golem's main wallet has transferred $100M in Ether to exchanges for a month, typically in transactions below $10M daily, with 24,400 ETH sold for $72M on BinanceCoinbase, and Bitfinex over three days. Crypto whale 0x742 liquidated $21.43M in ETH on Kraken, coinciding with the anticipated Ethereum ETF launch. Two whale wallets offloaded 13,680 ETH worth $41M, yet traders remain optimistic, anticipating ETF approval and market recovery.

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Bitstamp to Distribute Tokens to Mt. Gox Creditors

Bitstamp will distribute tokens to Mt Gox creditors within 60 days, as agreed with the Mt. Gox trustee. This move follows earlier compensation efforts by exchanges like Bitbank and Kraken, which have already reimbursed some creditors in BTC and BCH. The announcement signals progress and hopes for those awaiting compensation since Mt. Gox's collapse in 2014.


Metaplanet Buys 42,466 BTC Despite Market Rates

Metaplanet, a Japanese firm, has bolstered its Bitcoin holdings with a purchase of 42,466 BTC, totaling $2.5 million. This acquisition, made at an average price of $62,000 per Bitcoin, increases their total holdings to 203,734 BTC. Despite buying above current market rates, Metaplanet remains optimistic about Bitcoin's future, viewing it as a hedge against economic uncertainties and inflation.


Digital Asset Funds See $441 Million Inflows

Digital asset funds saw $441 million in inflows, reversing a three-week outflow trend. Bitcoin led with 90% of the inflows, while Solana and Ethereum also performed well. This resurgence is attributed to weak digital asset prices and significant buying in the U.S. ($384 million), Hong Kong ($32 million), Switzerland ($24 million), and Canada ($12 million).


Whale Transfers $3.8M in PENDLE Tokens to Binance

A significant crypto whale recently transferred $3.8 million worth of PENDLE tokens to Binance, retaining $3.5 million. This whale had accumulated 3.44 million PENDLE tokens at an average price of $0.32 since early 2023. Despite market fluctuations, Pendle Finance’s total value locked (TVL) has surged 1,141% year-to-date, reflecting robust investor interest and DeFi growth.

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Whales Buy 6.2M LINK Amid Market Downturn

Whales have recently capitalized on Chainlink's market downturn, acquiring 6.2 million LINK tokens valued at approximately $76.88 million. Despite LINK's 17.17% drop in the last month, these purchases indicate bullish sentiment among major investors. Today, LINK has rebounded by 3.99%, trading at $13.38 with a notable 43.8% increase in trading volume, suggesting potential for further price recovery.

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SSV Network Stakes 1 Million Ethereum

SSV Network has achieved a significant milestone by staking 1 million Ethereum (ETH), with a total value locked (TVL) exceeding $3 billion. This milestone underscores Ethereum's security and SSV's growth, supported by nearly 30,000 validators and 700 node operators globally. The platform's Distributed Validator Technology enhances decentralization and resilience, contributing to its leadership in staking and restaking within the validator ecosystem.

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Binance to Delist Four Tokens on July 22

Binance, the world's largest cryptocurrency exchange, will delist BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) from its spot market on July 22, 2024. This decision affects trading pairs including BTC and USDT, with no withdrawal or deposit options available after the delisting. Binance cited regular review processes aimed at ensuring asset security and compliance.

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Bybit Lists Hamster Kombat Token on OTC Platform

Bybit has listed Hamster Kombat's (HMSTR) token on its OTC pre-market platform, allowing users to secure tokens before official market availability. The platform facilitates early trades at fixed prices, enhancing accessibility and trading flexibility. This move aims to capitalize on the game's popularity, setting the stage for potential market influence upon official listing.


Pancake Bunny Hacker Moves $3M in Stolen ETH

The Pancake Bunny hacker, dormant for three years after a flash loan attack, recently moved $3 million in stolen ETH through Tornado Cash. This incident underscores ongoing security challenges in DeFi, with Pancake Bunny unable to recover its losses and ultimately transforming into a DAO.


Pink Drainer Group Scammed in Address Poisoning

Pink Drainer, a notorious crypto-draining group, fell victim to an address poisoning scam, losing 10 ETH. The incident underscores the escalating sophistication of cybercrime tactics, posing significant risks in the crypto ecosystem.


Solana Launches $1M Bug Bounty for Firedancer

Solana has launched a $1 million bug bounty for Firedancer, its new third-party validator client developed by Jump Crypto. Firedancer, built in C and Rust, aims to enhance Solana's security and diversity by offering independent codebase and high-speed blockchain operations. The bounty, hosted by Immunefi, runs until August 21, 2024, encouraging rigorous testing for vulnerabilities ahead of its July 10 release.

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Nuklai and Filecoin Partner for Decentralized AI Model Training

Nuklai and Filecoin have partnered to decentralize AI model training data. Nuklai will utilize Filecoin's storage network via its Lighthouse service to create a decentralized database. This initiative aims to standardize data storage for improved AI model efficiency, challenging centralized cloud providers like AWS and Google Cloud.

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Hashkey Group to Launch Ethereum Layer 2 Mainnet

Hashkey Group has confirmed the launch of its Ethereum Layer 2 mainnet, Hashkey Chain, scheduled for Q4 2024. This announcement, made on social media platform X, outlines plans for enhanced scalability and cost efficiency through zero-knowledge proof technology. The mainnet aims to support a wide array of on-chain services, bolstering Hashkey Group's position in the Web3 ecosystem.


EtherFi Foundation Enhances Liquidity with ETHFI Purchase

The EtherFi Foundation has purchased ETHFI tokens worth 46 ETH, aiming to enhance liquidity. Concurrently, the community endorsed a proposal to deploy an ETHFI staking contract on Ethereum's mainnet. This move triggered a 4% increase in ETHFI's price, signaling positive market sentiment towards the initiative.

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Ampleforth Unveils SPOT to Reduce Volatility

Ampleforth has unveiled SPOT, a new digital asset aiming to reduce volatility by splitting Ampleforth's currency into two assets: a low-volatility SPOT token and a volatile staked AMPL. This mechanism, funded by Coinbase Ventures with $1 million, is designed to offer stability akin to commodity-backed money while integrating peer-to-peer digital cash features.


Celo's Dango L2 Testnet Scales Ethereum

Celo's Dango L2 Testnet aims to scale Ethereum with faster transactions and reduced block times. Launched by the Celo Foundation, it promises a 50% increase in transaction speed, lowering block times from 5 to 2 seconds. The update integrates seamlessly with Ethereum, enhancing scalability and maintaining sustainable financial practices.

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Astar Network Burns 350M ASTR Tokens

The Astar Network recently burned 350 million ASTR tokens following community approval on July 2. This represents 5% of its genesis allocation, aimed at optimizing tokenomics. The move generated 70 million ASTR for staking in the Community Treasury, boosting ASTR's market cap over $400 million, a 20% increase in 12 hours.

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EOS Network Launches Staking Rewards Program

EOS Network has launched a new staking rewards program offering 250 million EOS tokens over a year. With daily distributions totaling 85,600 EOS and an initial APY exceeding 60%, the initiative aims to boost community participation. It also includes an extended lock-up period and additional incentives for EOS Block Producers, enhancing network sustainability and growth.

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NEAR Protocol Sees Surge in User Activity

NEAR Protocol is experiencing a surge in user activity with over 12 million unique addresses in the past month, signaling robust growth. This uptick is bolstered by high transaction volumes, low fees, and innovative AI integration plans. The protocol's strategic focus on scalability and user retention underscores its potential in the competitive blockchain landscape.

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Ronin Network Integrates Philippine Peso Stablecoin

The Ronin Network has integrated PHPC, a Philippine peso-pegged stablecoin, onto its platform in partnership with Coins.ph and Sky Mavis. Regulated by the Philippine Central Bank, PHPC joins USDC as the second stablecoin on Ronin. This move aims to enhance financial options and enable cost-effective remittances for Filipino gamers.

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Top Altcoin Gainers and Losers

Gainers: 

Celestia TIA (+15.39%

Notcoin NOT (+12.02%

Bonk BONK (+8.76%

Losers:

Fellaz FLZ (-9.88%

dogwifhat WIF (-7.32%

Based Brett BRETT (-6.53%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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