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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 13, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 13, 2024

Van Thanh Le

Jun 13 2024

last month4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin Falls Below $67,000 Amid Hawkish Fed Outlook
  • SEC Chair Hints at Ether ETF Approvals by Summer's End
  • Terraform Labs Shuts Down After SEC Settlement
  • MicroStrategy Plans $500M Stock Sale for Bitcoin Acquisitions

Banking and Regulatory Updates

  • US Spot Bitcoin ETFs See $101M Net Inflows
  • UwU Lend Faces Another Hack Amid Reimbursement Process
  • Crypto Markets See $12B Net Inflows Year-to-Date

Blockchain and Development

  • NEAR Foundation Forms Nuffle Labs with $13M Funding
  • Manta Network Launches $50M Ecosystem Fund
  • BNB Chain and Binance Labs Launch Incubation Alliance

Data and Protocol Enhancements

  • The Graph Completes Transition to Decentralized Data Layer
  • Eigen Labs Acquires Rio Network for Liquid Restaking

Innovations and Partnerships

  • Arbitrum Advances Stage 2 Decentralization
  • Hidden Road Partners with Bitfinex for Institutional Trading

Identity and Security

  • European Commission Selects Iota’s Web3 ID for Blockchain Sandbox
  • Polygon ID Rebrands to Privado ID for Digital Identity Solutions

Memecoins and Market Movements

  • Curve Finance Founder Faces Massive Liquidations Amid CRV Crash
  • Andrew Tate Promotes DADDY Memecoin, Surge Follows
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Bitcoin Falls Below $67,000 Amid Hawkish Fed Outlook

Despite U.S. PPI and CPI data indicating a slowdown in inflation, Bitcoin failed to sustain gains, falling back to under $67,000 despite soaring to $70,000 post-CPI, due to the Fed’s commentary. The Fed's economic outlook shifted, now predicting only one 25 basis point rate cut in 2024, down from the previous expectation of three cuts. This hawkish tone contributed to Bitcoin giving up its early session gains. Despite these setbacks, some analysts remain bullish, projecting Bitcoin could reach $91,500, driven by anticipated approval of ETH ETFs and potential future rate cuts.

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SEC Chair Hints at Ether ETF Approvals by Summer's End

On June 13, SEC Chair Gary Gensler suggested final approvals for spot Ether ETFs by summer's end, causing brief ETH price increases. However, the crypto market remained sluggish, with ETH and BTC prices falling. Institutional interest in spot Ether ETFs is limited without staking capabilities. JP Morgan predicts up to $6 billion inflows if staking is approved. Just before that, Coinbase experienced the largest Ethereum outflow of the year, with over 336,000 ETH worth more than $1 billion, likely driven by whales or institutions. 

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Terraform Labs Shuts Down After SEC Settlement

Terraform Labs shuts down after a $4.47 billion SEC settlement, transferring control of the Terra blockchain to the community. Chris Amani, CEO, confirms the decision and plans for community-led governance. Market reacts with LUNA and LUNC prices falling. The settlement sets a regulatory precedent, emphasizing the importance of compliance in the crypto space.

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MicroStrategy Plans $500M Stock Sale for Bitcoin Acquisitions

MicroStrategy is planning a $500 million stock sale to fund more Bitcoin acquisitions, reinforcing its commitment to BTC as a treasury reserve asset. The convertible senior notes, due in 2032, will be offered to institutional buyers. This move aligns with the company's long-term strategy, despite being subject to market conditions.


US Spot Bitcoin ETFs See $101M Net Inflows

US spot bitcoin ETFs experienced a return to net inflows, with $101 million pouring in on Wednesday. Fidelity's FBTC led the inflows with $51 million, followed by BlackRock's IBIT with $16 million. This resurgence follows a brief period of outflows earlier in the week. Grayscale's GBTC reported zero flows. Since inception, these ETFs have amassed $15.52 billion in net inflows.


UwU Lend Faces Another Hack Amid Reimbursement Process

During the reimbursement process for a previous $20 million hack, UwU Lend experienced another hack, losing $3.5 million. The attackers exploited vulnerabilities in the lending protocol, targeting various asset pools. The protocol, in the midst of reimbursing victims, faces challenges in securing its system against repeated attacks.


Crypto Markets See $12B Net Inflows Year-to-Date

JPMorgan report showed that crypto markets have seen $12 billion of net inflows year-to-date, driven by $16 billion into spot bitcoin ETFs, primarily from existing digital wallets. JPMorgan remains skeptical about the continuation of this inflow pace for the rest of the year. KuCoin Research said that in May 2024, crypto investments totaled $1 billion, with Notcoin's launch contributing significantly. Despite a 6.4% decline from April, Ethereum and EVM chains remained popular. Key investors like Animoca Brands and OKX Ventures were highly active. 


NEAR Foundation Forms Nuffle Labs with $13M Funding

The NEAR Foundation has formed Nuffle Labs with $13 million in funding to enhance NEAR's modularity and decentralized development. The spinout, backed by grants and external investments, will leverage NEAR's products to offer rollups. Positioned strategically, Nuffle Labs aims to boost efficiency and resilience in the NEAR ecosystem by collaborating with multiple platforms.

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Manta Network Launches $50M Ecosystem Fund

Zero-knowledge Manta Network launches a $50M ecosystem fund to boost project development. Early-stage ventures can secure grants up to $50,000. $35M goes to direct investments, $10M to grants, $5M for hackathons, $4M for general grants, and $2M for AI, memecoin, and ZK-specific projects. Despite a TVL decline, Manta aims for market disruption.


BNB Chain and Binance Labs Launch Incubation Alliance

BNB Chain and Binance Labs join forces to launch the BNB Incubation Alliance, offering grants, investments, and a 10-week accelerator program to early Web3 projects. Participants can access up to $300,000 in free services. Events worldwide will help identify projects, with the first being at the Ethereum Community Conference. This initiative follows a surge in BNB's price, hitting $717.48 on June 6.

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The Graph Completes Transition to Decentralized Data Layer

The Graph has completed its transition to a fully decentralized data layer through its Sunrise initiative. This initiative upgraded subgraphs from centralized hosting to a global network of token-incentivized data indexers. Now, indexers choose which applications to serve, receiving payment in GRT tokens. This decentralization enhances reliability and scalability for blockchain data access.

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Eigen Labs Acquires Rio Network for Liquid Restaking

Eigen Labs has acquired Rio Network, obtaining its intellectual rights and open-sourcing its liquid restaking token (LRT) as part of the EigenLayer ecosystem. The acquisition includes Rio's team, focusing on EigenLayer development. This move aims to optimize staked assets, allowing users to secure additional blockchains. EigenLayer's total value locked nears $20 billion.


Arbitrum Advances Stage 2 Decentralization

Arbitrum advances Stage 2 decentralization with permissionless transaction validation. The community greenlights BoLD dispute resolution protocol, ensuring exclusive code control over posting state roots. Vitalik Buterin defines this as Stage 2 decentralization. Zero-knowledge proofs will also be integrated, enhancing security. Arbitrum leads with $18B assets and $4.44B TVL in DeFi protocols.

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Hidden Road Partners with Bitfinex for Institutional Trading

Hidden Road, supported by Citadel Securities, collaborates with Bitfinex after ceasing support for Bybit due to KYC issues. This partnership expands institutional exposure to digital assets with new trading and security tools. Bitfinex's integration with Hidden Road aims to enhance services like derivatives trading, spot trading, and OTC trading.


European Commission Selects Iota’s Web3 ID for Blockchain Sandbox

The European Commission has chosen Iota's Web3 ID for its Blockchain Sandbox initiative, recognizing its potential to transform KYC processes. This collaboration signifies progress in Web3 identity solutions, offering a secure, decentralized approach. Iota's selection among 20 projects validates its innovation in digital identity and reinforces the importance of blockchain in regulatory discussions.


Polygon ID Rebrands to Privado ID for Digital Identity Solutions

Polygon ID has rebranded to Privado ID after spinning out from Polygon Labs. This move aims to meet the rising demand for secure digital identity solutions. Privado ID offers protocol-agnostic design, emphasizing user control and privacy. Led by Polygon co-founders and key figures in blockchain development, Privado ID is actively partnering with multinational organizations to develop interoperable identity frameworks.


Curve Finance Founder Faces Massive Liquidations Amid CRV Crash

Curve Finance founder, Michael Egorov, faced substantial liquidations as the CRV token crashed, resulting in losses of tens of millions. Egorov used $141 million in CRV as collateral for $95.7 million in stablecoin loans across various DeFi protocols, but the sharp decline in CRV's price led to significant liquidations, slashing his holdings by around 78%.

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Andrew Tate Promotes DADDY Memecoin, Surge Follows

Andrew Tate promoted the Solana-based DADDY memecoin, leading to a 209% surge in 24 hours. Blockchain analytics firm Bubblemaps identified insider trading, with 30% of DADDY’s supply allegedly bought by insiders before promotion, now valued over $45M. Tate holds $65M worth of tokens without selling any. Iggy Azalea’s MOTHER coin also showed insider activity, with significant pre-launch purchases and sales. Despite Tate's claims of no sales, other wallets linked to insiders significantly impact liquidity.

Top Altcoin Gainers and Losers

Gainers: 

We have no gainers in the top 100 today.

Losers:

Arweave AR (-15.98%

Bonk BONK (-13.87%

Based Brett BRETT (-13.33%

NFT Market Map

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This article has been refined and enhanced by ChatGPT.

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