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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 11, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 11, 2024

Van Thanh Le

Jun 11 2024

last month5 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin Volatility Linked to FOMC Meetings
  • Ethereum Whale Accumulation Indicates Bullish Outlook
  • Stablecoins See Record Inflows and Trading Volumes
  • zkSync Airdrop Faces Criticism for Exclusion

Institutional and Investment News

  • ICBC Labels Bitcoin and Ethereum as Digital Assets
  • Metaplanet Increases Bitcoin Holdings to $9.4 Million
  • Tether Plans $1 Billion in Investments
  • Ripple Launches XRPL Fund for Japan and Korea
  • Gnosis DAO Adopts Swarm for Storage
  • MultiversX Introduces Sovereign Chains
  • VeChain Tokens Listed on Revolut
  • Lido Faces DeFi Competition from EigenLayer
  • Binance Labs Invests in Zircuit

Regulatory and Legal Updates

  • EU Raises Concerns Over Bitcoin’s Lightning Network
  • Australia Bans Credit Cards for Online Betting
  • Thailand SEC Revokes Zipmex's Licenses
  • OKX Users Victimized by SIM Swap Hack

Platform and Technology Developments

  • Polygon Launches $720 Million Community Treasury
  • MetaMask Introduces Pooled Staking for Ethereum
  • Biconomy Integrates AI Agents for On-Chain Transactions
  • ASI Alliance Reschedules Token Merger to July
  • ArbitrumDAO Proposes Reputation NFTs and Gaming Fund
  • Uniswap Labs Acquires ‘Crypto: The Game’
  • SushiSwap Transitions to Sushi Labs
  • PancakeSwap Enables Gas-Free Transactions on zkSync Era
  • Loopring Smart Wallets Exploited in Hack
  • Optimism Achieves Stage 1 Decentralization
  • Arthur Hayes Joins Covalent as Strategic Advisor
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Bitcoin Volatility Linked to FOMC Meetings

Bitcoin saw a brief drop below $67,000, fueled by $200 million in spot selling, primarily from Binance, before reclaiming this level. Its price exhibited significant volatility around FOMC meetings, often dropping before and rallying after rate decisions, with open interest remaining high at over $35 billion. Analysts warn of potential further declines to $60,000, citing thin bid liquidity and weak buying pressure. A 19-day inflow streak of Bitcoin ETFs ended, contributing to market volatility.

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Ethereum Whale Accumulation Indicates Bullish Outlook

The SEC anticipated comments on spot Ethereum ETF applications, with one issuer expected to receive feedback. Institutional investors have been rapidly accumulating Ethereum, increasing buying pressure and potentially pushing prices above $4,000. Despite a price drop, whales are seizing the opportunity, with the number of Ethereum addresses holding 10,000+ ETH reaching 975, indicating a bullish outlook. 

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Stablecoins See Record Inflows and Trading Volumes

Fiat-pegged stablecoins saw $16 billion inflows in 90 days, with USDT growing to $112.5 billion. Euro-pegged stablecoins hit record trading volumes, exceeding $40 million, driven by regulatory moves in Europe. US Dollar-backed stablecoins still dominate, accounting for 90% of trades.


zkSync Airdrop Faces Criticism for Exclusion

The zkSync airdrop faced criticism due to Sybil attacks and exclusion of eligible users. Out of 695,000 wallets, nearly 90% were excluded from the distribution. Critics argue that the criteria were easily exploitable, allowing fake accounts to receive significant rewards. Community sentiment turned negative, highlighting concerns about fairness and the need for better anti-Sybil measures.


ICBC Labels Bitcoin and Ethereum as Digital Assets

The Industrial and Commercial Bank of China (ICBC) labels Bitcoin as "digital gold" due to its scarcity and established position in the market, though it faces challenges like volatility. Ethereum is termed "digital oil" for its versatile platform supporting various decentralized applications. The report emphasizes Ethereum's security and scalability efforts, including its transition to Ethereum 2.0.


Metaplanet Increases Bitcoin Holdings to $9.4 Million

Metaplanet disclosed a $1.6 million Bitcoin purchase, boosting its total holdings to $9.4 million. This investment firm now possesses 141 BTC, sparking a 10% surge in its shares. The move aligns with their strategy to hedge against Japan's high debt volatility. Similar to MicroStrategy, they aim to leverage Bitcoin as a reserve asset.


Tether Plans $1 Billion in Investments

Tether reportedly plans to invest over $1 billion in deals within the next year, focusing on financial infrastructure, AI, and biotech, according to CEO Paolo Ardoino. With a track record of allocating reserves to generate profit, Tether aims to support technology that disrupts traditional finance, aiming for less reliance on major tech companies.


Ripple Launches XRPL Fund for Japan and Korea

Ripple unveiled the XRPL Japan and Korea Fund, a $490 million initiative to boost blockchain innovation in East Asia. This strategic move aims to integrate the XRP Ledger into corporate operations, support developers with grants, invest in XRPL startups, and foster community growth. Ripple's partnerships and upcoming events underline its commitment to the region's blockchain ecosystem.

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Gnosis DAO Adopts Swarm for Storage

Gnosis DAO has shifted from IPFS to Swarm for storing blobs, leading to a surge of over 80% in Swarm's (BZZ) price within 24 hours. This move aims to tackle scalability challenges in the blockchain space. Swarm, a peer-to-peer network, provides decentralized storage services, with its token, BZZ, experiencing significant market activity.

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MultiversX Introduces Sovereign Chains

MultiversX introduces Sovereign Chains, promising to boost layer-2 transaction speeds significantly. Leveraging this technology, existing L2 networks could increase their transaction and smart contract throughput by up to 100 times. The innovation aims to address scalability challenges in blockchain networks, potentially revolutionizing real-world applications like micropayments.

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VeChain Tokens Listed on Revolut

VeChain's VET and VTHO tokens are now tradable on Revolut, a significant move indicating mainstream acceptance. This listing expands accessibility to over 40 million users across 50 countries, enhancing liquidity and credibility for VeChain. Additionally, VeChain recently secured a patent for carbon trading technology, furthering its innovative solutions in blockchain.

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Lido Faces DeFi Competition from EigenLayer

Lido, a major Ethereum staking platform, faces competition from EigenLayer in DeFi. To counter, Lido collaborates with Mellow Finance and Symbiotic to introduce "Restaking Vaults," aiming to boost stETH's prominence. This move aligns with Lido's strategy to maintain its position in Ethereum DeFi amidst rising competition.

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Binance Labs Invests in Zircuit

Binance Labs has made a significant investment in Zircuit, a Layer 2 network that integrates AI-enabled sequencer-level security. Zircuit employs a hybrid architecture, combining rollup infrastructure with zero-knowledge proofs for enhanced security without compromising speed. With over $3.5 billion in staked assets and a thriving ecosystem, Zircuit is set to debut its mainnet this summer.


EU Raises Concerns Over Bitcoin’s Lightning Network

The EU's Innovation Hub for Internal Security warns that Bitcoin's Lightning Network and layer 2 scaling solutions might be exploited by criminals, posing challenges for law enforcement. This report raises concerns about potential abuse of these technologies, signaling the need for regulatory scrutiny in the cryptocurrency space.


Australia Bans Credit Cards for Online Betting

Australia has introduced a ban on using credit cards and cryptocurrency for online betting, aiming to tackle gambling issues. The prohibition extends to credit cards linked to digital wallets and cryptocurrencies like Bitcoin. Despite the ban, Australia is witnessing a rise in crypto adoption, ranking 9th globally, with 17% of the population owning crypto.


Thailand SEC Revokes Zipmex's Licenses

Thailand's Securities and Exchange Commission (SEC) has revoked Zipmex's licenses due to non-compliance with regulatory orders since February. Despite orders to correct operational deficiencies, Zipmex failed to comply, prompting the SEC's action. The exchange must now return assets to clients or follow their instructions. This decision follows months of regulatory scrutiny and financial troubles for Zipmex.


OKX Users Victimized by SIM Swap Hack

On June 9, 2024, two OKX users fell victim to a SIM swap hack, resulting in stolen funds. Amid these security concerns, OKX recorded over $633 million in outflows within seven days. Hackers used deceptive SMS notifications and created new API keys for withdrawals and trading. OKX is investigating and will bear responsibility if found at fault.


Polygon Launches $720 Million Community Treasury

Polygon has launched a $720 million Community Treasury to support blockchain projects over the next decade. The initiative aims to back developers within the Polygon and Ethereum ecosystems, with an initial allocation of 35 million MATIC tokens. The treasury will distribute around 100 million POL tokens annually for ten years, fostering ecosystem growth.

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MetaMask Introduces Pooled Staking for Ethereum

MetaMask has launched a pooled staking service for Ethereum, allowing users to stake any amount of ETH, democratizing participation. The service, backed by Consensys Staking, addresses the challenge of the 32 ETH staking threshold. However, regulatory hurdles limit accessibility, with US and UK users currently exempted. This move aims to redistribute ETH concentration and mitigate network centralization risks.


Biconomy Integrates AI Agents for On-Chain Transactions

Biconomy integrates AI agents for on-chain transactions, employing its Delegated Authorization Network (DAN) as an authorization layer. DAN allows users to delegate trading tasks to AI agents, enhancing transaction autonomy. The system ensures privacy through key sharding across decentralized nodes and utilizes EigenLayer for security. The AI agent market is anticipated to grow significantly, driven by automation in finance. 

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ASI Alliance Reschedules Token Merger to July

The ASI Alliance, comprising Fetch.ai, SingularityNET, and Ocean Protocol, rescheduled their token merger to July 15, aiming for a smooth transition. Initially set for June 13, the merger involves merging FETAGIX, and OCEAN into the Artificial Superintelligence token (ASI). No immediate action is required from token holders, with more details forthcoming.

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ArbitrumDAO Proposes Reputation NFTs and Gaming Fund

ArbitrumDAO discussed introducing Reputation NFTs for rewarding verified social media activity, which could be used for rewards and credentials. On the same date, it launched a $210M Gaming Catalyst Program. As of June 12, ARB's price dropped to $0.94 but showed potential for recovery due to whale accumulation.

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Uniswap Labs Acquires ‘Crypto: The Game’

Uniswap Labs expands its gaming portfolio with the acquisition of 'Crypto: The Game' (CTG), a blockchain survival game. CTG's success, including sold-out seasons, prompts the acquisition. Uniswap Labs and CTG founders collaborate on season three, aiming to enhance user experiences. The game attracts both crypto enthusiasts and newcomers, potentially boosting adoption.

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SushiSwap Transitions to Sushi Labs

SushiSwap has transitioned to Sushi Labs, a company replacing its decentralized autonomous organization (DAO). The move aims to address governance challenges and enhance market responsiveness. Under this new model, a council structure, akin to Synthetix, will oversee operations. This transition includes a multi-token ecosystem to manage product costs and incentivize token holders.

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PancakeSwap Enables Gas-Free Transactions on zkSync Era

PancakeSwap has integrated Zyfi on zkSync Era to enable gas-free transactions, enhancing user experience. This move aims to attract more users to decentralized exchanges (DEXs) by simplifying the trading process. With gasless transactions sponsored by PancakeSwap and other DeFi protocols, users can trade without the need for Ethereum as the main gas token.

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Loopring Smart Wallets Exploited in Hack

Loopring's smart wallets encountered a $5 million exploit, with attackers impersonating owners to reset ownership and claim assets. The vulnerability, linked to the Loopring Official Guardian, allowed unauthorized access to certain wallets. Loopring halted Guardian-related operations and is collaborating with security experts and law enforcement to investigate. The incident caused a 2.7% drop in Loopring's native token, LRC.

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Optimism Achieves Stage 1 Decentralization

Optimism achieves Stage 1 decentralization on OP Mainnet with permissionless fault proofs, enabling users to withdraw ETH and ERC-20 tokens without centralized intervention. The community-backed upgrade enhances security and decentralization, aligning with Vitalik Buterin's criteria for Stage 1 rollups. The Optimism Security Council retains intervention power, ensuring responsible deployment. OP Mainnet ranks third in Layer 2 networks by TVL at $7.31 billion.

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Arthur Hayes Joins Covalent as Strategic Advisor

Arthur Hayes, co-founder of BitMEX, has joined Covalent as a strategic advisor. He believes Covalent's CQT token is undervalued compared to competitors like The Graph and aims to help the company grow. Hayes will be compensated in CQT tokens, aligning his interests with the team's and investors'. Covalent focuses on providing data infrastructure for various blockchain networks, with a recent emphasis on Ethereum. Hayes' role involves advising on tokenomics, market positioning, and business model refinement.

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Top Altcoin Gainers and Losers

Gainers: 

We don't have any winners in the top 100 today.

Losers:

Notcoin NOT (-15.30%

Wormhole W (-13.62%

Uniswap UNI (-12.76%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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