Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 12, 2024

Crypto Market Update

Table of Contents

Bitcoin Market Updates

• Bitcoin Surges Above $69K as Inflation Eases
• Bitcoin ETFs Experience Significant Outflows
• Merlin Chain Introduces Staking Rewards for Bitcoin Holders

Meme Coins and Altcoins

• Meme Coins See $3.89 Billion Injection
• Ethena's ENA Token Drops 38% in a Month
• Blast's USDB Stablecoin Climbs to 9th Position

Regulatory and Legal Updates

• Terraform Labs Settles SEC Charges for $4.5 Billion
• Zimbabwe Studies Crypto Regulation

Ethereum and DeFi Developments

• ProShares Files for Spot Ethereum ETF
• Chainlink CCIP Live on Gnosis Network
• Circle Integrates Solana Blockchain Support

Blockchain Platforms and Innovations

• Solana Labs Launches Bond Loyalty Platform
• Ripple Introduces RLUSD Stablecoin and EVM Sidechain
• TON Foundation's Open League Season 4
• Moonbeam's $13 Million Fund for Web3 Gaming
• Aethir Mainnet Launch and Token Surge
• Symbiotic Launches Restaking Protocol with $5.8M Funding

Crypto Exchanges and Security

• OKX Compensates Users After Hack
• Holdstation Secures Funding for AI Wallets
• MoonPay Integrates PayPal for UK and EU Users

Influencer and Celebrity Involvement

• Trump Advocates for Domestic Bitcoin Mining
• Investigation Reveals Insider Activity in DADDY Token

Crypto in Sports and Entertainment

• Fan Tokens Surge Ahead of Soccer Events

Historical and Statistical Insights

• Crypto Hacks Total $19 Billion Since 2011

NFT Market Trends

• Ethereum NFT Traders Drop Below 4,000 Daily

Bitcoin Surges Above $69K as Inflation Eases

Bitcoin's price surged above $69,000 following a cooler-than-expected U.S. inflation report. Short liquidations spiked to over $28 million, with $198 million liquidated across the crypto market. Bitcoin whales quietly accumulated during price lows, withdrawing 14,140 BTC (~$954M) from exchanges. Major entities hold 4.23 million BTC, accounting for 27% of the supply. Institutional holdings include 862,000 BTC in ETFs and 2.3 million BTC on exchanges. The Runes protocol drove transaction counts to near all-time highs.

Bitcoin ETFs Experience Significant Outflows

US spot bitcoin ETFs experienced a significant $200.31 million outflow on Tuesday, following a $64 million outflow the previous day. Grayscale's Bitcoin Trust (GBTC) led the downturn, shedding $121 million. While some ETFs remained neutral, others like ARKB and HODL also saw outflows. This trend raises questions about the market's stability.

Merlin Chain Introduces Staking Rewards for Bitcoin Holders

Merlin Chain introduces staking rewards for Bitcoin holders, aiming to provide value and DeFi opportunities. With a PoS mechanism, users can earn rewards and access services like liquidity mining and yield farming. The protocol has already bridged over $13 billion worth of BTC, offering lucrative benefits to investors in the crypto space.

Meme Coins See $3.89 Billion Injection

The meme coin economy saw a $3.89 billion injection, boosting its market cap to $61.87 billion. BENJI rose 36.9%, MAGA 23.2%, and DOG 22.1%. PEPE surged 12%, reaching $0.00001355, with a market cap of $5.7 billion, driven by a 23% increase in trading volume to $1.42 billion, as investors anticipated short-term gains ahead of the Federal Reserve meeting.

Ethena's ENA Token Drops 38% in a Month

Ethena’s ENA token dropped 38% in a month, with a whale incurring a $2.71M loss due to the bearish market. Concurrently, Asymmetry Finance launched afUSD using Ampleforth's elastic supply mechanism to rival Ethena’s USDe, promising more security and scalability.

Blast's USDB Stablecoin Climbs to 9th Position

A new stablecoin, USDB, by Blast, has climbed to the 9th position among dollar-pegged tokens with a market cap of $405 million. Operating as a layer two network on Ethereum, Blast offers native yield on crypto assets, with USDB being its native stablecoin. It stands out with its auto-rebasing feature and variable yield derived from Makerdao’s T-Bill protocol.

Terraform Labs Settles SEC Charges for $4.5 Billion

Terraform Labs and its former CEO, Do Kwon, agreed to pay $4.5 billion in a proposed judgment with the SEC. The sum includes $3.5 billion in disgorgement, $460 million in prejudgment interest, and a $420 million civil penalty. This settlement addresses the magnitude of the fraud, offering recovery for investors. Kwon is also barred from public company roles.

Zimbabwe Studies Crypto Regulation

Zimbabwe has launched a study to regulate its crypto industry, aiming to understand its scope and risks. The initiative invites contributions from local and global firms, with a deadline of June 26. By fostering regulatory clarity, Zimbabwe seeks to promote innovation and strengthen its financial system amidst Africa's growing crypto adoption.

ProShares Files for Spot Ethereum ETF

ProShares filed an S-1 registration for its spot Ethereum ETF, revealing roles of various participants. BNY Mellon acts as transfer agent, while Coinbase facilitates trade credit lending. Roles include administrator, custodians, and execution agents. SEC awaits approval for the rule change, without a clear timeline. Competing ETFs may launch sooner.

Chainlink CCIP Live on Gnosis Network

Chainlink's CCIP protocol and Automation services are now live on the Gnosis network. This integration allows Gnosis users to leverage Chainlink for cloud computing tasks and reduce gas fees by up to 90%. The CCIP protocol facilitates cross-chain connectivity, enabling users to send messages and swap value across blockchains, opening up new possibilities for developers and enhancing interoperability in the Web3 ecosystem.

Circle Integrates Solana Blockchain Support

Circle is integrating Solana blockchain support into its Wservices, starting with programmable wallets and gas stations. This move aligns Solana with other supported blockchains like Ethereum, Polygon, and Avalanche.  The integration will be rolled out in two phases, with NFT and Smart Contract Platform support coming later. Circle cites the Solana developer community's growth as a key factor in the decision.

Solana Labs Launches Bond Loyalty Platform

Solana Labs launched Bond, a customer loyalty platform focusing on blockchain-enabled features like digital collectibles. Additionally, Solana’s validators saw a $330 million surge in restaking activity, with 2.239 million SOL tokens reinvested, highlighting growing confidence in the network's validators and marking a significant milestone for the blockchain's growth and security.

Ripple Introduces RLUSD Stablecoin and EVM Sidechain

Ripple CEO Brad Garlinghouse announced the RLUSD stablecoin at XRPL Apex in Amsterdam, highlighting its integration into the XRP Ledger and Ethereum. Concurrently, Ripple Labs revealed the XRPL EVM Sidechain to enhance blockchain interoperability, utilizing Wrapped XRP (eXRP) on the Axelar network. This sidechain aims to boost DeFi and real-world asset tokenization, expanding opportunities for developers and enhancing XRP liquidity despite ongoing legal challenges with the SEC.

TON Foundation's Open League Season 4

The TON Foundation's launch of season 4 of The Open League marks a significant milestone, surpassing Ethereum in daily active addresses. The League has been pivotal in driving TON's growth, with impressive increases in key metrics like active wallets and total value locked. Season 4 introduces updates to enhance user experience and competition dynamics.

Moonbeam's $13 Million Fund for Web3 Gaming

Moonbeam, a Polkadot parachain, initiates a $13 million fund aimed at fostering Web3 gaming and real-world asset ventures. The fund comprises a $10 million innovation fund, $1.5 million in ecosystem grants, and the same amount in Moonriver grants. N3MUS, focusing on gaming, becomes the inaugural recipient. Moonbeam aims to strengthen its position as a leading Web3 network, integrating Polkadot and Ethereum.

Aethir Mainnet Launch and Token Surge

Aethir, a decentralized cloud computing network on Ethereum, launched its mainnet with its native token, ATH, surging by 100% within 2 hours. With over 500,000 users, backed by NVIDIA and HPE, Aethir offers high-performance compute resources for AI and gaming, facilitated by its token economy. Prospects include scalable innovation and notable industry backing.

Symbiotic Launches Restaking Protocol with $5.8M Funding

Symbiotic, backed by Paradigm and cyber.Fund, launched a restaking protocol, securing $5.8 million in funding. It competes with EigenLayer, aiming to enhance blockchain security by reallocating staking capital. Symbiotic's modular design allows flexible token usage and customizable reward mechanisms. Notable integrations include Ethena and Hyperlane, showing potential for wider adoption.

OKX Compensates Users After Hack

Two users affected by a recent hack on OKX received full compensation from the exchange. OKX is implementing mandatory Google Authenticator to enhance security. The hack, involving a SIM-swapping attack, prompted investigation and promises of compensation from OKX. The platform is taking steps to prevent similar incidents in the future.

Holdstation Secures Funding for AI Wallets

Holdstation secures a substantial investment from SNZ Capital, Summer Ventures, and EVG Ventures, accelerating Phase 2 development of smart AI wallets. This infusion of capital will drive integration of AI with blockchain, enhancing user experience. Holdstation's innovative approach positions it as a leader in Web3 wallet technology, simplifying blockchain interactions and bolstering security. 

MoonPay Integrates PayPal for UK and EU Users

MoonPay has integrated PayPal as a fiat on-ramp for customers in the UK and EU. PayPal, the third most used payment method in the US, offers easier access to crypto purchases. The rollout is initially for 1% of European users, expanding gradually. MoonPay aims to enhance accessibility and trust for its growing customer base.

Trump Advocates for Domestic Bitcoin Mining

Donald Trump recently met with Bitcoin miners, advocating for "Made in the USA" BTC production, emphasizing its potential to bolster national energy dominance and as a safeguard against central bank digital currencies (CBDCs). His endorsement could shape domestic cryptocurrency mining policies, impacting the industry's trajectory.

Investigation Reveals Insider Activity in DADDY Token

An investigation into Andrew Tate's DADDY token reveals significant insider activity, with insiders holding over $45 million worth of the token. Despite Tate's claim of not selling his tokens, wallets funded through Binance purchased 20% of DADDY, indicating potential liquidity risks. The investigation raises concerns for traders about the token's stability.

Fan Tokens Surge Ahead of Soccer Events

Fan tokens, tied to soccer teams, surge in anticipation of Euro 2024 and Copa América. Chiliz cryptocurrency's value climbs, nearing 2022 World Cup levels. Despite increased trading, critics question the balance between fan engagement and speculation. These digital assets offer perks but face scrutiny over their speculative nature. Excitement grows as major soccer events approach.

Crypto Hacks Total $19 Billion Since 2011

Crypto hacks have amassed nearly $19 billion since 2011, with 785 incidents reported. The largest theft, $2.9 billion, occurred in 2019. Illegal activities on the blockchain continue to rise, with 2023 setting records for theft volume. Ethereum is the primary target, with 131 incidents totaling almost $1.3 billion, followed by BNB Smart Chain.