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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 1, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 1, 2024

Jun 1 2024

2 months ago3 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Market Updates

  • Bitcoin Gains 11% Despite Volatility
  • Franklin Templeton, VanEck, Invesco File Ethereum ETF Forms

Regulatory and Legal News

  • CZ Starts Prison Sentence for Money Laundering
  • Matter Labs Faces Backlash Over Trademark Attempt
  • ARK Invest Ends Ethereum ETF Partnership

Crypto Exchange and Platform News

  • Uniswap Foundation Delays Fee-Switch Vote
  • Bybit Restructures After Airdrop Issue
  • Tether Invests $100M in Bitdeer
  • EOS Network Adopts Fixed Token Supply

Country-Specific Developments

  • Worldcoin Launches Iris Scans in Colombia

Innovative Projects and Developments

  • Ondo Price Climbs as MANTRA Introduces USDY Vault
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Bitcoin Gains 11% Despite Volatility

Bitcoin closed the month with an 11% gain despite a last-minute 3% dip due to volatility influenced by large-volume traders and a cryptocurrency exchange hack in Japan. Macroeconomic data, specifically the Personal Consumption Expenditures (PCE) index, failed to significantly uplift the market despite showing a slight slowdown in inflation. 

Traders highlighted the need for strong spot bid and demand to push prices higher, with a crucial support level at $66,000. The volatility was attributed to Bitcoin whales manipulating liquidity, with attempts to flip the $69,000 resistance to support ultimately failing. This led to continued consolidation around $67,000, with large-volume traders, referred to as "killer whales," significantly impacting market movements. 

CryptoQuant analysts reported that the movement of 138,000 BTC ($9.4 billion) by Mt. Gox trustee addresses will not cause immediate selling pressure, as the transfers are preparatory steps for creditor repayments, which have not yet begun. Concerns of a price slump were addressed, clarifying that the assets remain with the trustee and are not available on the open market.

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Franklin Templeton, VanEck, Invesco File Ethereum ETF Forms

Franklin Templeton, VanEck, and Invesco Galaxy filed amended forms for their spot Ethereum ETFs. Franklin Templeton plans to charge a 0.19% sponsor fee, the same as its spot Bitcoin ETF. VanEck received a $100,000 seed investment, while Invesco Galaxy named Bank of New York Mellon as cash custodian and Coinbase Custody Trust Company LLC as ether custodian. 

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CZ Starts Prison Sentence for Money Laundering

Binance founder CZ has started serving a four-month prison sentence for money laundering charges. The crypto community supports him, applauding his decision to prioritize Binance's stability. Once his sentence is completed, Zhao plans to resume his involvement in cryptocurrency, maintaining his holdings and focusing on compliance with regulations.

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Matter Labs Addresses Backlash Over Trademark Attempt

Matter Labs' attempt to trademark "ZK" sparked a community backlash, with Ethereum leaders proposing solutions to protect open access to zero-knowledge proofs. Vitalik Buterin and other influential community members suggested creating an ownerless entity to manage and freely license critical terms like "ZK." Matter Labs has committed to a collaborative approach by not pursuing new trademarks, supporting the proposed community-led entity financially, and transferring existing trademarks to this entity. The initiative aims to ensure that essential cryptographic terms remain freely available and protected against monopolization for a vibrant and collaborative ecosystem.


ARK Invest Ends Ethereum ETF Partnership

ARK Invest has ended its partnership with 21Shares on the Ethereum ETF, citing a need to reassess its investment strategy. However, this decision does not affect their collaboration on other projects, such as the ARK 21Shares Bitcoin ETF. 21Shares has filed an updated application for its Ethereum spot ETF.


Uniswap Foundation Delays Fee-Switch Vote

Uniswap Foundation announced the postponement of a proposal upgrade vote that would have allowed rewards for UNI token stakers and delegators. The "fee-switch" vote was scheduled for today but has been delayed due to a stakeholder raising a new issue that requires further diligence. The announcement caused Uniswap's UNI token price to tumble by 7.5% to $9.9.

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Bybit Restructures After Airdrop Issue

Bybit restructured its executive team following a botched airdrop that affected 320,000 users and led to a $26 million compensation payout. The airdrop distribution faced delays due to system maintenance and high transaction volume, resulting in a lower trading price for those who received tokens late. Internal role changes were made to address the issue, with affected executives taking on new roles within the company.


Tether Invests $100M in Bitdeer

Tether, a stablecoin issuer, invested $100 million in oin miner Bitdeer, acquiring 18.6 million Class A ordinary shares. The deal also includes a warrant for Tether to purchase an additional $50 million in shares within 12 months. Bitdeer plans to use the funds for data center expansion, ASIC-based mining development, and general corporate operations. 


EOS Network Adopts Fixed Token Supply

EOS Network has transitioned from an unlimited token supply to a fixed supply of 2.1 billion tokens, with four-year halving cycles. This new model aims to enhance stability, predictability, and value for token holders. The update also includes funding for middleware operations and RAM market support to facilitate network growth.

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Worldcoin Launches Iris Scans in Colombia

Worldcoin, a project that uses iris scans for proof of personhood, has launched operations in Colombia. Eye-scanning services are now available in Bogota and Medellin for World ID users. Currently, ten orb locations are operational, with plans to expand.  The project aims to increase the availability of these machines in Colombia. 

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Ondo Price Climbs as MANTRA Introduces USDY Vault

Ondo (ONDO) price climbed 5% before losing some of the gains as MANTRA introduced a new USDY-backed RWA savings vault, targeting a year-end launch for MANTRA Chain. The USDY vault integrates with MANTRA Chain, supporting Ethereum and Base networks, offering US Treasury yield. The move aims to attract institutional investors to the RWA marketplace.

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Top Altcoin Gainers and Losers

Gainers: 

JasmyCoin JASMY (+10.89%

Notcoin NOT (+7.75%

Lido DAO Token LDO (+7.65%

Losers:

Uniswap UNI (-7.51%

Ordinals ORDI (-7.13%

Stacks STX (-4.56%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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