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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 10, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 10, 2024

Van Thanh Le

Jun 10 2024

4 weeks ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Market Updates

  • Fed Decision Keeps Crypto Markets Mixed
  • Ethereum Sees Rise in Institutional Investments
  • Solana Foundation Penalizes Validators in Sandwich Attacks
  • UwU Lend Loses $19.5M in Cyber Attack

Investment and Institutional News

  • Crypto Investment Products See $2B Surge
  • DeFi Technologies Buys 110 Bitcoins

Ethereum Network Developments

  • Ethereum Layer-2 Base Surpasses Optimism
  • Bitcoin Core Users Urged to Upgrade

Major Upgrades and Forks

  • Cardano's Chang Fork Marks Governance Era

Token Movements and Market Reactions

  • Wintermute's ARB Token Move Raises Concerns
  • Orbit Chain Hacker Moves $47.7M to Tornado Cash
  • Justin Sun's $21M Transfer Raises Concerns

Funding and Partnerships

  • Squads Labs Secures $10M Series A Funding

Token Performance and User Engagement

  • Notcoin Token Surges with 40M Players
  • Iggy Azalea Offers New Use Case for MOTHER Token

Whale Activity

  • Crypto Whales Invest $8M in PEPE
  • Lookonchain Reports GMX Accumulation

Community and Governance

  • FLOKI Achieves 417,400 Holders Milestone
  • ZKSync Launches Community-Driven Governance

Financial Asset Tokenization

  • Fidelity Tokenizes Money Market Fund

DeFi Innovations

  • Aevo Unveils AZUR Pre-Launch Contract
  • Polyhedra Network Launches Staking Services

Strategic Partnerships and Market Positioning

  • MANTRA's OM Token Hits All-Time High

Legal and Regulatory Updates

  • Ripple CTO Debunks XRP Abandonment Rumors
  • io.net Co-Founder Steps Down Before Token Launch
  • South Korea Introduces NFT Regulations
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Fed Decision Keeps Crypto Markets Mixed

The crypto markets experienced mixed movements as traders awaited the Fed’s interest rate decision, with Bitcoin staying around $70,000 and Solana, Ethereum, and the majority of the top 100 remaining flat. Bitcoin futures markets signal further corrections, with high funding rates and significant ETF inflows contributing to market stability. Despite fluctuations, Bitcoin’s long-term outlook remains positive due to continued whale accumulation and increased ETF buying activity.

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Ethereum Sees Rise in Institutional Investments

Ethereum is experiencing a surge in institutional investment, with addresses holding over 10,000 ETH increasing by 3%, indicating rising buying pressure and demand from high-net-worth individuals. This follows the SEC's approval of eight spot Ethereum ETFs. Concurrently, the upcoming Pectra upgrade, possibly split into two hard forks, will introduce significant changes, including Verkle Trees, statelessness, validator light clients, and numerous execution and consensus layer upgrades. Developers are staging these upgrades on devnets, with some proposals potentially being dropped if not ready in time. Ethereum’s scarcity on exchanges, with only 10.56% remaining, further signals accumulation trends.

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Solana Foundation Penalizes Validators in Sandwich Attacks

The Solana Foundation removed several validators from its delegation program due to their involvement in sandwich attacks, which manipulate asset prices to profit at the expense of retail investors. Validators identified via memepool participation were penalized by losing Solana Foundation support, though they can still operate independently. Meanwhile, Solana is preparing for a significant v1.18.15 mainnet upgrade to address network congestion, improve transaction handling, and enhance overall performance, with speculations of SOL price rallying to $250. The upgrade and the potential approval of a Solana ETF are influenced by the upcoming US presidential election.

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UwU Lend Loses $19.5M in Cyber Attack

The DeFi platform UwU Lend, created by Michael Patryn (a.k.a. Sifu), suffered a cyber attack resulting in losses of approximately $19.5 million. The attacker utilized flash loans and manipulated asset prices on the platform, converting stolen funds to ETH. Among the affected was Curve Finance founder Michael Egorov. This incident highlights persistent vulnerabilities in the DeFi sector, emphasizing the need for enhanced security measures and transparency from platforms. The industry has faced substantial financial losses, with 108 incidents leading to $473.22 million in 2024 alone.


Crypto Investment Products See $2B Surge

Crypto investment products experienced a significant surge with $2 billion in inflows last week, bringing the five-week total to over $4.3 billion. The US led with $1.98 billion, while global Spot Bitcoin ETFs surpassed $70 billion, equating to 5% of Bitcoin's total supply. Ethereum had its best week since March, with $69 million in inflows. The iShares Bitcoin ETF overtook Grayscale with $21 billion in assets under management. Overall, crypto ETP trading volumes increased by 55% to $12.8 billion, driven by expectations of US rate cuts and weaker macroeconomic data.


DeFi Technologies Buys 110 Bitcoins

DeFi Technologies, a leading financial technology firm, has diversified its treasury by acquiring 110 Bitcoins, worth $7.7 million, as a hedge against inflation and currency debasement. CEO Olivier Roussy Newton highlighted Bitcoin's role in safeguarding against monetary devaluation. This move has boosted DEFTF stock by 11%, following a remarkable 145% rally since the beginning of 2024.


Ethereum Layer-2 Base Surpasses Optimism

The total value locked (TVL) on Ethereum layer-2 network Base has surged to $8 billion, surpassing Optimism's OP Mainnet. Base leads in transactions per second and profits, with $16.9 million in March alone. However, its popularity with memecoins attracted scammers, resulting in increased phishing scams. Despite this, Base remains a dominant force in Ethereum's scaling solutions.


Bitcoin Core Users Urged to Upgrade

Bitcoin Core's Optech Newsletter #306 advises users to upgrade to Bitcoin Core version 25.0 or higher within the next two weeks, with the latest version being 27.0. Additionally, a new vulnerability disclosure policy was discussed, with low-severity vulnerabilities disclosed about two weeks after a new version release. Erroneous rumors of a Bitcoin Core bug caused widespread panic, but senior developer Ava Chow clarified it's not in version 24 but in 21. 


Cardano's Chang Fork Marks Governance Era

Cardano is gearing up for its Chang fork upgrade, marking the onset of the 'Age of Voltaire,' as Charles Hoskinson anticipates Cardano Node reaching version 9.0 by June. This milestone signifies a decentralized governance era for Cardano, boasting advanced blockchain governance, annual budgets, and community involvement. The upgrade is poised to propel Cardano to the forefront of the blockchain revolution.

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Wintermute's ARB Token Move Raises Concerns

Wintermute's transfer of $12 million worth of ARB tokens to Binance has raised concerns about a potential price drop, especially with an upcoming ARB token unlock. The move is seen as strategic, possibly aimed at influencing ARB's liquidity and market presence. Market metrics indicate a slight downturn, while recent partnerships suggest Wintermute's expanding influence in the crypto ecosystem.

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Orbit Chain Hacker Moves $47.7M to Tornado Cash

The hacker behind the $82 million Orbit Chain exploit moved $47.7 million worth of Ether to Tornado Cash after five months of dormancy. Arkham Intelligence revealed seven transactions on June 8, indicating the hacker's first move since the New Year's Eve breach. The hacker's balance now stands at $71.2 million.

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Justin Sun's $21M Transfer Raises Concerns

TRON founder Justin Sun startled the crypto market by transferring $21 million in various assets to Binance, raising concerns about potential market impact. The move, including significant deposits in AAVE and MKR tokens, led to speculations about Sun's intentions, with some fearing a potential sell-off. The market's downturn further intensifies scrutiny on Sun's actions, leaving many to ponder the strategic implications.


Squads Labs Secures $10M Series A Funding

Squads Labs, a technology company facilitating digital asset transactions, secured a $10 million Series A funding round, spearheaded by Electric Capital. Key participants include RockawayX, Coinbase Ventures, L1 Digital, and Placeholder. Their latest development, Fuse, a smart wallet, aims to simplify user access with innovative recovery and 2FA features. 


Notcoin Token Surges with 40M Players

Notcoin's token saw a 6% surge as its Telegram game reached 40 million players, with users earning $1.5 million across 20 campaigns. This milestone reflects growing adoption and engagement within the platform's ecosystem, showcasing potential for further growth and development.

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Iggy Azalea Offers New Use Case for MOTHER Token

Iggy Azalea is making waves in the telecom industry with her MOTHER crypto token, enabling users to buy phones and plans. Partnering with Boston-based Sphere Labs, her company promises crypto-friendly services. Despite controversy over insider activity, MOTHER's value surged. 

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Crypto Whales Invest $8M in PEPE

Crypto whales recently invested over $8 million in PEPE during a market downturn, indicating sustained interest in the meme coin. Notably, Nascent acquired 447.67 billion PEPE from Binance, worth $5.65 million. Another whale purchased 231.64 billion PEPE from Kraken, adding to a series of significant buys. Despite recent price fluctuations, PEPE has gained 43.1% in the last month.

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Lookonchain Reports GMX Accumulation

Lookonchain reports significant accumulation of GMX, an Arbitrum-based DEX altcoin, by whales or possibly institutional investors. Six new wallets withdrew $15.3 million worth of GMX from Binance, leading to a 24% price increase in two days. 

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FLOKI Achieves 417,400 Holders Milestone

FLOKI, a memecoin project, has achieved a significant milestone with over 417,400 holders globally. This achievement is accompanied by plans to build schools in India, aligning with its philanthropic mission. FLOKI's growth strategy includes token burning and unique projects like TokenFi. The coin's recent listing on Binance Thailand also adds to its growth potential.

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ZKSync Launches Community-Driven Governance

ZKSync launches ZK Nation, a community-driven governance system empowering token holders to shape protocol development. Token holders can propose, vote, and discuss upgrades and network changes. The system includes the Token Assembly, Security Council, and Guardians, aiming for strong decentralization. It aligns with ZKSync's commitment to innovation through zero-knowledge proofs.


Fidelity Tokenizes Money Market Fund

Fidelity International has tokenized a money market fund on JPMorgan’s blockchain, using Onyx Digital Assets. This move aims to enhance efficiency in margin requirements and reduce transaction costs. Tokenization of traditional financial assets has become a priority for banks, with JPMorgan leading in this area. Fidelity's participation signifies a step forward in embracing blockchain technology for financial markets.


Aevo Unveils AZUR Pre-Launch Contract

Aevo has unveiled its AZUR Pre-Launch Contract, a pioneering move in decentralized finance (DeFi). This groundbreaking contract offers Over-the-Counter services for AZUR tokens, enhancing pre-market trading options. Market analysis and community speculation around Aevo's native token, AEVO, reflect significant interest despite recent price fluctuations. 

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Polyhedra Network Launches Staking Services

Polyhedra Network has launched staking services after settling a trademark dispute over "ZK." Users can stake ZKJ tokens for rewards like ETHFI, ID, and CYBER. The temporary staking event lasts four weeks, with a minimum stake of 1,000 ZKJ tokens by June 12. The dispute arose with Matter Labs, but the trademark issue is now resolved.

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MANTRA's OM Token Hits All-Time High

MANTRA's token OM soared to an all-time high amid a stagnant market due to a strategic partnership with UAE's Zand, focusing on real-world asset tokenization under Dubai's regulations. The surge follows funding and aims to establish industry standards. OM facilitates DeFi activities and governance, enhancing accessibility and regulatory compliance in the UAE.

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Ripple CTO Debunks XRP Abandonment Rumors

Ripple's CTO, David Schwartz, debunked rumors of the firm abandoning XRP. Speculation arose from a misunderstood tweet, but Schwartz clarified it as fictional. Despite ongoing legal battles with the SEC, Ripple reassures XRP's significance in its long-term plans. This swift clarification eased concerns among the XRP community. XRP remains pivotal in Ripple's operations.


io.net Co-Founder Steps Down Before Token Launch

Ahmad Shadid, a co-founder of io.net, stepped down as CEO two days before the IO token launch. The departure raised concerns, although Shadid assured a 4-year lockup period for his tokens. The project, which aggregates GPU power, aims to foster decentralized AI development. New CEO Tory Green promises further updates soon.

Top Altcoin Gainers and Losers

Gainers: 

Oasis Network ROSE (+10.28%

MANTRA DAO OM (+8.17%

Monero XMR (+8.17%

Losers:

Wormhole W (-6.61%

Based Brett BRETT (-5.68%

Filecoin FIL (-5.48%

NFT Market Map

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South Korea Introduces NFT Regulations

South Korea's Financial Services Commission (FSC) introduces new regulations for NFTs, aiming to bring clarity and protect investors. The guidelines, part of the Virtual Asset User Protection Act effective July 19th, focus on fungibility, categorizing NFTs as virtual assets. Stricter rules apply to mass-produced, divisible NFTs, while exemptions exist for unique, non-divisible ones, fostering market growth but requiring businesses' compliance.

This article has been refined and enhanced by ChatGPT.

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