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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 24, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 24, 2024

Van Thanh Le

Jun 24 2024

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

Crypto Market Update

Table of Contents

Bitcoin and Ethereum Updates

  • Bitcoin Price Drops Amid Mt. Gox Repayment News
  • Justin Sun Withdraws 13,967 ETH from Binance

Market Sentiment and Investments

  • Investors Pull $1.2 Billion from Crypto Funds
  • Mt. Gox to Repay $9 Billion to Creditors
  • Metaplanet to Acquire $6.3M Bitcoin with New Bond
  • Core Scientific AI Hosting Deal Boosts Bitcoin Miners
  • Tether Stops USDT Minting on Algorand and EOS
  • Stablecoin Holdings Drop, Bitcoin Dominates

Security and Network Developments

  • Phishing Attacks Threaten TON Ecosystem
  • Binance Labs Invests in Berachain’s Infrared Protocol
  • Solana’s ZK Compression Scaling Solution Sparks Debate
  • Arbitrum STEP Committee Allocates 35M ARB Tokens
  • Burak Unveils Brollups, New Bitcoin Layer 2 Solution

Token Releases and Market Dynamics

  • Major Token Unlocks to Influence Market Dynamics
  • Ethena’s USDe Faces Trading Disparity Issues
  • Dogwifhat Price Plummets 36% in a Week

Industry Practices and Regulations

  • Poorly Managed New Crypto Listings Since April 2024
  • HashKey Group Announces HSK Token Airdrop
  • Blast Forms Foundation Ahead of Token Airdrop
  • MakerDAO Governance Delegate Loses $11M in Phishing Scam

Strategic Moves and NFT Market

  • CoinShares Sells FTX Claim for $39.6M
  • Truth Arts Launches “Portals” for NFT Cross-Chain Transfers
  • Mark Cuban Sells NFTs, Pudgy Penguins Form Igloo Inc.
  • Raoul Pal Buys Discounted NFTs Amid Market Downturn
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Bitcoin Price Drops Amid Mt. Gox Repayment News

Bitcoin's price dropped below $60,000 at one point as investors reacted to Mt. Gox's announcement to repay 140,000 BTC starting July 2024, causing fears of market oversupply. Simultaneously, $630 million outflows from Bitcoin investment products were recorded, partly due to pessimism regarding Fed interest rate cuts. This decline is compounded by miner capitulation and record liquidations of long positions, which reached the highest level since April 13. The market sentiment has shifted to neutral, with decreased whale transactions signaling cautious investor behavior.

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Justin Sun Withdraws 13,967 ETH from Binance

Justin Sun's wallet withdrew 13,967 ETH worth $48.8M from Binance, sparking speculation about market strategy. Amid ETH’s drop below $3,300, Andrew Kang predicted Ether could fall 30% to $2,400 after spot ETH ETFs launch, citing less institutional interest compared to Bitcoin. Ethereum and Bitcoin transaction fees have dropped to multi-year lows, with Ethereum's average gas price at 7.3 Gwei and Bitcoin transaction fees at $1.94, driven by high network activity and increased adoption of Layer 2 solutions.

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Investors Pull $1.2 Billion from Crypto Funds

Investors pulled out $1.2 billion from crypto funds last week, driven by waning hopes for Federal Reserve interest rate cuts. Bitcoin saw the largest outflow of $630 million, while altcoins like Solana and Litecoin attracted fresh investments despite market volatility. The U.S. led withdrawals with $475 million, marking a cautious investor sentiment amidst global economic uncertainties.


Mt. Gox to Repay $9 Billion to Creditors

Mt. Gox, once a leading Bitcoin exchange, will start repaying $9 billion to creditors in Bitcoin and Bitcoin Cash from July 2024. After a decade-long wait since its collapse in 2014 due to significant hacks, this move marks a pivotal moment for over 127,000 affected users eagerly anticipating restitution.


Metaplanet to Acquire $6.3M Bitcoin with New Bond

Japanese firm Metaplanet Inc. plans to acquire bitcoin worth $6.3 million through a new bond issuance. The Tokyo-listed company will raise capital with a 1 billion yen bond offering, aiming to bolster its bitcoin holdings amid economic pressures in Japan. Metaplanet's stock surged 12.2% following the announcement.


Core Scientific AI Hosting Deal Boosts Bitcoin Miners

Investor interest in bitcoin miners surged following Core Scientific's AI hosting deal, as reported by JP Morgan. The deal, involving AI GPU hosting for CoreWeave, boosted miners' aggregate market cap by $4 billion. This move validates miners' potential in high-performance computing (HPC) and AI, leveraging existing infrastructure for dual-use capabilities.


Tether Stops USDT Minting on Algorand and EOS

Tether will cease minting its USDT stablecoin on Algorand and EOS due to low usage, accounting for just 0.1% of total USDT supply across these blockchains. This strategic move aims to focus on more active community-driven blockchain support while continuing to redeem existing USDT for the next year.


Stablecoin Holdings Drop, Bitcoin Dominates

Stablecoin holdings among investors dropped from 50.2% in December to 42.8% in May, according to Bybit's latest report. Bitcoin remains dominant, making up 26% of total assets, while Ethereum follows with 20.9%. Retail traders favor Bitcoin over Ethereum despite recent ETF developments, while altcoin holdings saw fluctuations amidst new trading trends.


Phishing Attacks Threaten TON Ecosystem

Phishing attacks are intensifying within the TON ecosystem via Telegram, posing significant security risks. Exploiting vulnerabilities, attackers use deceptive tactics like fake airdrops and phishing links to compromise user wallets. Meanwhile, Toncoin faces a bearish trend, down 4% with a neutral market sentiment. 

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Binance Labs Invests in Berachain’s Infrared Protocol

Binance Labs has made its first investment in the Berachain ecosystem by backing Infrared Protocol, which specializes in liquidity staking solutions. This strategic move aims to enhance Berachain's Proof of Liquidity mechanism through protocols like iBGT and iBERA. The investment supports infrastructure development for improved security and efficiency within Berachain, fostering broader adoption and new decentralized finance (DeFi) applications.


Solana’s ZK Compression Scaling Solution Sparks Debate

Solana's ZK Compression scaling solution is stirring debate in the crypto community, particularly among Ethereum advocates who argue it resembles a Layer 2 network. Developed to slash on-chain computation costs, it uses zero-knowledge proofs and calldata to compress data, potentially transforming transaction efficiency on Solana, despite comparisons to Ethereum's Layer 2 solutions.

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Arbitrum STEP Committee Allocates 35M ARB Tokens

The Arbitrum STEP Committee has proposed allocating 35 million ARB tokens to six tokenized treasury products, including USDY and BUIDL. This strategic move aims to enhance diversification within the RWA sector, with USDY securing a substantial portion of the allocation, reflecting its robust market position and the committee's focused investment strategy.

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Burak Unveils Brollups, New Bitcoin Layer 2 Solution

Lightning Network developer Burak has unveiled "Brollups," a new Bitcoin layer 2 solution aimed at enhancing DeFi capabilities without altering the Bitcoin protocol. Utilizing Bitcoin's infrastructure, Brollups facilitate smart contract execution and support various DeFi activities like NFT sales and decentralized exchanges. This innovation aims to bolster Bitcoin's role in decentralized finance while leveraging its security and decentralization strengths.


Major Token Unlocks to Influence Market Dynamics

Next week, significant token unlocks from projects like AltLayerYield Guild GamesSingularityNETOptimism, and Ethena are expected, totaling over $108 million. These releases may lead to notable market fluctuations, affecting token prices as unlocked tokens enter circulation, influencing investor sentiment and market dynamics.


Ethena’s USDe Faces Trading Disparity Issues

Ethena's USDe is experiencing a trading disparity, with staked tokens trading below $1 while free tokens maintain a $1 price. Despite high APY from staking and an upcoming ENA token airdrop, liquidity for swapping out of staking is limited. The protocol faces challenges during bearish market conditions, potentially impacting stability and investor confidence.

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Dogwifhat Price Plummets 36% in a Week

Dogwifhat (WIF) has suffered a significant setback, with its price plummeting 36% in a week, leading to its exclusion from the top 50 cryptocurrencies by market capitalization. Currently trading around $1.65 per token, down from its previous high of $5 earlier this year, $WIF faces competitive pressures from other meme-inspired tokens like Dogecoin and Shiba Inu.

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Poorly Managed New Crypto Listings Since April 2024

Up to 78% of new crypto listings since April 2024 may have been poorly managed, potentially manipulated by market makers. These firms, entrusted to provide initial trading liquidity, sometimes exploit pre-market conditions for short-term profit, disrupting fair price discovery and harming project credibility and market health. The issue underscores the need for stricter market maker accountability and better industry standards.


HashKey Group Announces HSK Token Airdrop

HashKey Group has announced the upcoming airdrop and public listing of its HSK token, scheduled for Q3 2024. The ERC-20 token will feature a billion-unit supply, with 65% allocated for network growth and 30% for the team. A burn mechanism will reduce supply, enhancing scarcity. The token aims to integrate deeply into HashKey's ecosystem, promoting community engagement and platform utility.


Blast Forms Foundation Ahead of Token Airdrop

Blast, an Ethereum Layer 2 network, has announced the formation of a foundation to oversee protocol governance ahead of its upcoming token airdrop. Managed by the founder of Blur NFT marketplace, this move aims to decentralize governance, with specifics to be disclosed on June 26. The initiative seeks to enhance community involvement and ensure sustainable development.


MakerDAO Governance Delegate Loses $11M in Phishing Scam

MakerDAO governance delegate lost $11 million in a phishing scam involving aEthMKR and Pendle USDe tokens. The attack exploited the delegate’s role, leading to unauthorized transfers within seconds. This incident raises significant concerns about governance security within MakerDAO and the protection of stakeholders' assets.

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CoinShares Sells FTX Claim for $39.6M

CoinShares reportedly sold its $33.6 million (£26.6 million) FTX claim to an undisclosed buyer for $39.6 million (£31.32 million), achieving a 116% recovery rate. The firm plans to reinvest the funds in growth opportunities and enhance client services, reflecting its resilience despite previous $21.7 million losses from Terra (LUNA) exposure.

Top Altcoin Gainers and Losers

Gainers: 

Injective INJ (+4.82%

Fantom FTM (+4.15%

Lido DAO Token LDO (+3.71%

Losers:

Ordinals ORDI (-13.56%

Gnosis GNO (-10.45%

Uniswap UNI (-9.63%

NFT Market Map

NFT

Truth Arts Launches “Portals” for NFT Cross-Chain Transfers

Truth Arts, the creator of Goblintown and Illuminati NFT collections, has launched "Portals," allowing Ethereum NFT holders to seamlessly move assets across various blockchains including Arbitrum, Base, Blast, Optimism, Polygon, and soon, Solana. This platform aims to enhance NFT liquidity and flexibility, offering users broader market opportunities and future-proofing against single-chain limitations.


Mark Cuban Sells NFTs, Pudgy Penguins Form Igloo Inc.

Mark Cuban sold over a dozen NFTs, including a Pudgy Penguin for $30,000, from his wallet, which still holds around 1,600 NFTs. On the same day, Pudgy Penguins and OverpassIP announced the formation of their parent company, Igloo Inc., aiming to create an end-to-end crypto ecosystem, with a new project to be revealed in the coming months. Pudgy Penguins' current floor price is about 9.13 ETH ($30,700), with a market cap of around $274 million and $1 million in trade volume in the past 24 hours.


Raoul Pal Buys Discounted NFTs Amid Market Downturn

Raoul Pal capitalized on the recent crypto market downturn, revealing purchases of discounted NFT artworks amidst a $165 million industry-wide liquidation. He utilized Ethereum reserves to acquire pieces from renowned artists like XCOPY and Beeple, betting on their long-term value despite NFTs' recent market stagnation. His strategic move underscores a contrarian approach amid market volatility.

This article has been refined and enhanced by ChatGPT.

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