Coin360 Daily Dispatch | Crypto Market Updates & Highlights | July 9, 2024

This article comes to you with the generous support of Betplay.io. Discover the excitement and rewards that await you at Betplay.io with a 100% welcome bonus and 10% weekly cashback!

Crypto Market Update

Table of Contents

Bitcoin and Ethereum Updates

• Bitcoin Steady Above $57K Amid Fed Testimony
• Ethereum Reclaims $3K with ETH ETF Launch Hopes

Cryptocurrency ETFs

• VanEck, 21Shares to Launch Solana-Based ETFs
• DigitalX's Bitcoin ETF to Trade on ASX

Tokenization and DeFi

• BlackRock’s BUIDL Token Surpasses $500M Market Value
• TON and Polygon Launch TON L2 Integration
• Stellar's Soroban Platform Targets Global DeFi
• Worldcoin Prepares for 2024 Mainnet Launch
• Consensys Unveils MetaMask Delegation Toolkit

Market Performance and Investor Insights

• 97% of Arbitrum Holders Facing Losses
• Pepe Coin Surges Despite Wintermute Dump
• BONK Surges on Token Burn Proposal
• Messi’s Endorsement Boosts Water Token 400%

Legal and Regulatory Updates

• Multichain Ordered to Pay Fantom $2.18M
• Doja Cat’s Account Hacked to Promote Scam Token

Acquisitions and Partnerships

• Storj Acquires Cloud Computing Firm Valdi

Security and Protocol Enhancements

• Ethereum, Immunefi Announce $2M Attackathon

Exchange and Platform Developments

• Bithumb Lists TAIKO and BRETT Tokens
• WOOFi Integrates Gaming NFTs for Enhanced Yields

Bitcoin Steady Above $57K Amid Fed Testimony

Bitcoin held steady above $57K as Fed Chair Powell testified to Congress, while Citi analysts predicted eight weeks of Fed rate cuts starting in September. Crypto markets rallied with Bitcoin ETFs seeing the highest inflows since June 6 while Bitcoin sentiment hit a 12-month low, according to Santiment. 

A $1B Bitcoin dump by the German govt was followed by a $305M buyback, with further $362M selloffs ongoing. Poor liquidity on exchanges spurred Bitcoin Cash sell-offs amid Mt. Gox creditor liquidations. Despite all the headwinds, CryptoQuant analysts forecast a Bitcoin bull run to begin in Q3 2024.

Ethereum Reclaims $3K with ETH ETF Launch Hopes

Ethereum (ETH) has reclaimed the $3,000 mark with the anticipated ETH ETF launch. Industry optimism is high for imminent SEC approval of a spot Ethereum ETF by July 18, with major asset managers updating their S-1 filings. The approval could drive demand and liquidity, positively impacting the market. Invesco and Galaxy have announced a 0.25% fee for their ETF, positioning competitively. Additionally, a significant ETH whale transaction of $34.35 million to Coinbase suggests potential market impacts amidst recent volatility, despite Ethereum's current stability above $3,000.

VanEck, 21Shares to Launch Solana-Based ETFs

VanEck and 21Shares are set to launch Solana-based ETFs on Cboe Exchange, as confirmed by recent filings. These ETFs, following S-1 submissions in June, await SEC approval after Cboe's 19b-4 filings. If approved, these products will cater to growing investor interest in Solana, expanding Cboe's cryptocurrency ETF offerings alongside Bitcoin and potentially Ether.

DigitalX's Bitcoin ETF to Trade on ASX

DigitalX's Bitcoin ETF, BTXX, will commence trading on the Australian Securities Exchange (ASX) starting this Friday. Partnering with K2 Asset Management and 3iQ, DigitalX aims to simplify Bitcoin investment for Australians without managing digital wallets, marking a significant milestone in the country's digital asset market.

BlackRock’s BUIDL Token Surpasses $500M Market Value

BlackRock's BUIDL token has exceeded $500 million in market value, marking a significant milestone in the tokenized treasury sector. Launched recently, BUIDL has outpaced established funds like Franklin Templeton's BENJI, reflecting growing interest in real-world asset (RWA) tokenization. This surge has also boosted RWA tokens overall, with notable increases seen in ONDO and Mantra tokens.

TON and Polygon Launch TON L2 Integration

Ton Application Chain and Polygon Labs have collaborated to launch a new TON L2 integration, enabling Ethereum Virtual Machine (EVM) compatibility within the TON ecosystem. This partnership aims to expand application capabilities, including DeFi and GameFi, leveraging Telegram’s vast user base. The move underscores efforts to bridge functionalities between TON and Ethereum networks.

Stellar's Soroban Platform Targets Global DeFi

The Soroban smart contract platform, launched by Stellar earlier this year, aims to democratize decentralized finance (DeFi) globally. It targets the unbanked, offering them access to financial services previously unavailable. By leveraging Stellar's established blockchain infrastructure, Soroban seeks to provide developers with a reliable platform for building DeFi applications, potentially transforming financial inclusion worldwide.

Worldcoin Prepares for 2024 Mainnet Launch

Worldcoin is nearing its 2024 mainnet launch, introducing a developer preview of World Chain. This initiative allows developers to deploy infrastructure on a "gated mainnet," bypassing traditional testnets. The project aims to integrate its World ID digital identity protocol, facilitating human-centric transactions on a global scale.

Consensys Unveils MetaMask Delegation Toolkit

Consensys has launched the MetaMask Delegation Toolkit to streamline user onboarding in blockchain apps. It eliminates traditional wallet interactions and user friction by removing pop-ups and confirmations when switching between applications and wallets. This toolkit supports various Ethereum-compatible chains, enhancing user experience through simplified smart contract development and gas cost management.

97% of Arbitrum Holders Facing Losses

Data revealed that 97% of Arbitrum holders were experiencing losses, with 1.15 million addresses holding 6.67 billion ARB, equating to $4.53 billion. Arbitrum's fully diluted market capitalization is $6.75 billion, but only $2.18 billion in ARB is profitable. Additionally, Ethereum Layer 2 rollups, including optimistic and ZK rollups, saw a yearly low of 34,920 unique depositors, a 33% drop from the previous week. The combined TVL for rollups fell from $25.7 billion to $20.5 billion since early June, with significant declines attributed to recent airdrops and user disengagement.

Pepe Coin Surges Despite Wintermute Dump

Pepe Coin has shown resilience by surging 12% despite Wintermute dumping a massive 702.9 billion PEPE tokens on Binance. This unexpected move initially raised concerns but was counterbalanced by bullish market dynamics. On-chain data highlighted significant accumulations and bullish trading activities, supporting PEPE's upward momentum amidst broader market volatility.

BONK Surges on Token Burn Proposal

BONK surged 25.08% following a proposal by BONK DAO to burn 84 billion tokens, enhancing scarcity and boosting value. Concurrently, meme coins saw mixed performance amid market downturn; BONK gained 12%, becoming Solana's largest meme coin. Billy also rose 70% over the week. Bitcoin’s sell-off by the German government and Mt. Gox refunds contributed to broader market declines.

Messi’s Endorsement Boosts Water Token 400%

Lionel Messi's Instagram endorsement of the Solana-based meme coin Water (WATER) triggered a rapid 400% surge in its price within hours, despite concerns about wallet concentration. The token, aimed at promoting positive real-world impacts, saw significant trading volume of nearly $97 million and maintains an $80 million market cap, reflecting heightened investor interest post-Messi's promotion.

Multichain Ordered to Pay Fantom $2.18M

The High Court of Singapore has ruled that Multichain Foundation must pay $2.18 million to Fantom Foundation for losses stemming from a $210 million hack affecting multiple crypto protocols. The court found Multichain liable for breaching agreements, highlighting vulnerabilities in cross-chain protocols. Fantom sought compensation for its share of the significant financial losses incurred.

Doja Cat’s Account Hacked to Promote Scam Token

Doja Cat's official social media account was hacked to promote a scam cryptocurrency token, DOJA, on the Solana blockchain. The token surged over 79,000% within an hour but quickly crashed, causing investors to lose over $2.3 million. This incident underscores the risks of celebrity account hacks and the importance of vigilance in crypto investments.

Storj Acquires Cloud Computing Firm Valdi

Storj has acquired Valdi, a cloud computing firm specializing in high-performance GPU computing, though financial details remain undisclosed. Valdi enables global access to GPU compute cycles, crucial for AI and high-performance computing. The acquisition aims to enhance Storj's enterprise offerings, leveraging Valdi's network of over 16,000 GPUs worldwide.

Ethereum, Immunefi Announce $2M Attackathon

Ethereum and Immunefi are teaming up for an unprecedented 'Attackathon' with a $2M bounty, aiming to enhance Ethereum's protocol security. This four-week event, supported by the Ethereum Protocol Security team, seeks to attract top security researchers to identify vulnerabilities. Immunefi plans to crowdfund the bounty by August 1, promising significant rewards and educational opportunities for participants.

Bithumb Lists TAIKO and BRETT Tokens

Bithumb listed TAIKO, an Ethereum Layer 2 token, and BRETT, a meme coin on the Base blockchain, resulting in TAIKO's price rising over 12% and BRETT's over 6% within 24 hours. Concurrently, ENS surged 13% following Upbit's listing announcement. Both events spiked trading volumes and increased market visibility.