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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 25, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 25, 2024

Van Thanh Le

Jun 25 2024

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

Crypto Market Update

Table of Contents

Bitcoin Market Updates

  • Bitcoin Rebounds Amid Market Fears
  • US Bitcoin ETFs Face Significant Outflows

Ethereum and Altcoin Developments

  • VanEck Files Spot Ether ETF with SEC
  • Ethereum Foundation Security Breach Warning
  • ZKSync Introduces 'Elastic Chain' Upgrade
  • Fetch.AI Surges on Potential Injective Collaboration
  • Toncoin Sees Surge in Bear Market

Regulatory and Legislative News

  • Congressman Proposes Bill for Bitcoin Tax Payments
  • Swarm Markets Introduces Gold-Backed NFTs

Crypto Exchange News

  • Bybit Surpasses Coinbase in Trading Volume
  • DEX Screener Launches Moonshot on Solana
  • Conduit Secures $37 Million in Funding

DeFi and Security

  • MakerDAO and Sherlock Launch Security Audit Contest
  • Alex Labs Thwarts North Korean Cyberattack

Technology and Partnerships

  • Aethir Partners with MetaGravity for DePIN Technology
  • Ava Protocol Acquires Blockchain Data Startup Openstory
  • Shardeum Launches Atomium Testnet with SHM Incentives

Token Activities and Market Moves

  • Notcoin Conducts Significant Token Burn
  • DWF Labs Completes Substantial JASMY Sale
  • Jason Derulo Accused of Pump-and-Dump Scheme

Gaming and Meme Coins

  • Meme Coins See Significant Gains
  • Iranian Officials Alarmed by 'Hamster Kombat' Game

Funding and Investments

  • Colosseum Secures $60 Million for Solana Hackathon

Community and Legal Updates

  • Celsius Creditors File for Second Distribution
  • AssangeDAO Allocates Funds for Legal Defense

Celebrity and Market Sentiment

  • Mark Cuban Sells NFTs Amid Market Downturn
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Bitcoin Rebounds Amid Market Fears

Bitcoin rebounded to $62,000 after a 6% recovery from seven-week lows, despite market fears sparked by Mt. Gox repayments and German government continuous Bitcoin sales. The Crypto Fear & Greed Index plummeted to its lowest in 18 months, dropping from 74 to 30, and Bitcoin dominance dropped from 56% to under 55%. Meanwhile, major Bitcoin whales bought $436 million in BTC following the crash. Bitcoin's supply in profit fell to 81%, and options market data remained optimistic despite bearish pressures.

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US Bitcoin ETFs Face Significant Outflows

US Bitcoin ETFs have experienced a notable downturn, with $1.1 billion exiting since June 13 amid a 10% drop in BTC's price over the past month. This marks seven consecutive days of outflows, tying a previous record, reflecting investor caution amidst market uncertainties and recent price declines.


VanEck Files Spot Ether ETF with SEC

On June 25, VanEck filed an 8-A form for its spot Ether ETF with the SEC, suggesting a potential launch by July 2, 2024. Ethereum has seen its longest inflationary period since the Merge, with its supply rising steadily for almost 72 days. Ethereum options traders remain bullish despite market fluctuations, anticipating the approval of spot Ethereum ETFs in early July. Bitcoin dominance fall could possibly open opportunities for altcoins

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Ethereum Foundation Security Breach Warning

The Ethereum Foundation recently experienced a significant security breach involving its "[email protected]" mailing list managed by SendPulse. Tim Beiko warned of phishing attempts targeting subscribers with promises of high-yield staking platforms in collaboration with Lido DAO. The Foundation is investigating the breach and has advised caution against interacting with suspicious emails.


ZKSync Introduces 'Elastic Chain' Upgrade

ZKSync has introduced its 'Elastic Chain' in the 3.0 roadmap, aiming to revolutionize its Layer-2 Ethereum scaling protocol. This upgrade shifts from a singular ZK rollup chain to a dynamic network of multiple ZK chains, enhancing interoperability. Despite recent price stagnancy, the project remains pivotal in blockchain evolution. Market cap stands at $2.40 trillion, with a 24-hour volume of $96.88 billion and BTC dominance at 50.7%.

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Fetch.AI Surges on Potential Injective Collaboration

Fetch.AI (FET) surged 20% at one point following Injective's hint at a potential collaboration, signaling strong market interest in AI-related cryptocurrencies amid broader market downturns. Injective's cryptic tweet suggesting a partnership sparked speculation, boosting FET's price from $1.42 to $1.70 before settling at $1.59. This trend underscores growing investor optimism in AI-focused digital assets.

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Toncoin Sees Surge in Bear Market

Toncoin (TON) has seen a significant surge over the past month amidst a general downturn in the crypto market. During this period, the number of TON whales holding between 1,000 and 1,000,000 coins has risen by 15%, reaching an all-time high of 1,200 addresses. This increase in whale accumulation reflects strong bullish sentiment and suggests potential further price gains, with predictions pointing towards a possible rise to $7.70 if current trends persist.

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Congressman Proposes Bill for Bitcoin Tax Payments

In a groundbreaking move, Congressman Matt Gaetz has introduced a bill in the US allowing Federal Income Tax payments with Bitcoin. This proposal aims to amend the Internal Revenue Code to facilitate Bitcoin use for tax payments, potentially reshaping cryptocurrency adoption nationwide. This legislative shift marks a significant step towards integrating digital assets into mainstream financial practices.


Swarm Markets Introduces Gold-Backed NFTs

Swarm Markets is gearing up for the EU's MiCA stablecoin regulations by introducing gold-backed NFTs. These non-fungible tokens represent ownership of real gold bars stored in London's Brink’s vault, allowing trading on their decentralized platform. The move aims to leverage NFTs' unique properties to potentially circumvent MiCA rules, merging traditional finance with DeFi.

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Bybit Surpasses Coinbase in Trading Volume

Bybit has surged to become the second-largest crypto exchange by volume, surpassing Coinbase, according to Kaiko. Since October 2023, Bybit's market share doubled from 8% to 16%, driven by competitive fee structures and increased trading volumes, particularly in Bitcoin and Ethereum spot markets. This growth coincided with Binance's regulatory challenges, solidifying Bybit's position in derivatives trading.


DEX Screener Launches Moonshot on Solana

DEX Screener launched Moonshot, a new meme coin launchpad on Solana, aiming to streamline project launches. It features a token-burning mechanism upon achieving liquidity requirements, reducing supply and potentially increasing token value. The platform emphasizes safety with rigorous audits, aiming to prevent insider activities and enhance transparency for investors.


Conduit Secures $37 Million in Funding

Conduit, a crypto infrastructure firm, secured $37 million in funding led by Paradigm and Haun Ventures. The investment aims to advance blockchain technology by developing customizable and reliable rollups. These Layer 2 solutions will enhance on-chain transaction efficiency, potentially unlocking new business models in the decentralized ecosystem.


MakerDAO and Sherlock Launch Security Audit Contest

MakerDAO and Sherlock have teamed up for a groundbreaking $1.35 million security audit contest, set to run from July 8 to August 5. This initiative aims to bolster security measures for MakerDAO's Endgame phase, attracting top-tier experts and emerging researchers to identify vulnerabilities in the DeFi platform.

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Alex Labs Thwarts North Korean Cyberattack

Alex Labs recently uncovered a significant cyberattack involving North Korea's Lazarus Group, resulting in the theft of $4.3 million and $13.7 million in STX tokens. Collaborating with law enforcement and an investigator, they traced and froze a substantial portion of the stolen funds, pledging enhanced security measures moving forward. This incident underscores ongoing security challenges in the cryptocurrency sector.


Aethir Partners with MetaGravity for DePIN Technology

Aethir has partnered with MetaGravity to advance DePIN technology, aiming to revolutionize 3D internet and gaming. This collaboration enhances scalability and efficiency in game development by leveraging decentralized infrastructure networks. It promises to simplify gaming development while boosting accessibility and operational efficiency across platforms.

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Ava Protocol Acquires Blockchain Data Startup Openstory

Ava Protocol, an EigenLayer AVS specializing in web3 automation, has acquired blockchain data startup Openstory. The deal, undisclosed in amount, includes cash and future AP tokens. Openstory’s founder joins Ava Protocol, enhancing its EVM chain monitoring capabilities. Ava Protocol, previously Oak Network, aims to expand its autonomous transaction infrastructure across Polkadot and Ethereum with upcoming mainnet and token launches.


Shardeum Launches Atomium Testnet with SHM Incentives

Shardeum's Atomium testnet, launching June 26, offers 3.3 million SHM tokens to enhance community engagement and network stability. This initiative aims to identify and fix network issues through community-led stress testing, crucial for the upcoming mainnet launch. The allocation represents 0.65% of SHM's total supply, emphasizing community participation in network development.


Notcoin Conducts Significant Token Burn

Notcoin (NOT) has conducted a significant token burn, eliminating $3 million worth of tokens to enhance scarcity and potentially boost its market value. Alongside this, the project has introduced new community-driven tokenomics, including a $4.2 million incentive plan for Gold and Platinum users of its Notcoin Explore platform. These moves aim to strengthen community engagement and increase token appeal.

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DWF Labs Completes Substantial JASMY Sale

DWF Labs has reportedly completed a substantial sale of JASMY tokens on Binance, totaling 24 million tokens valued at $731,000. This marks the final batch of tokens from their holdings since June 2023. DWF Labs, engaged in a market-making contract with Jasmy-MGT, has seen significant profits amid volatile market conditions.

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Jason Derulo Accused of Pump-and-Dump Scheme

Jason Derulo, despite pledging never to sell his JASON meme token, reportedly unloaded a significant amount following a sharp 72% drop post-launch. Allegations of a pump-and-dump scheme have emerged, with analytics firm Bubblemaps identifying substantial selling from wallets linked to Derulo and promoter Sahil Arora. The incident underscores ongoing concerns about celebrity endorsements in volatile cryptocurrency markets.


Meme Coins See Significant Gains

The meme coin market saw significant activity. Dogwifhat (WIF) surged 23.7% following substantial whale buying, with prices rising to $1.92. New memecoins like Solana-based POPCAT and Mog saw 50% and 39% surges, respectively. Brett (BRETT) and Bonk (BONK) experienced notable gains, with Bonk nearing an all-time high. The PoliFi sector, including TrumpCoin (DJT), BODEN, and TREMP, rallied over 25%, reversing previous bearish trends. 

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Iranian Officials Alarmed by 'Hamster Kombat' Game

Iranian officials are alarmed by the growing popularity of the web3 game "Hamster Kombat," which allows players to earn through tapping activities, amidst economic turmoil. Critics accuse it of distracting from upcoming elections and fostering dependency. Despite controversy, the game echoes earlier successes like Axie Infinity, highlighting economic desperation driving interest in alternative income sources.


Colosseum Secures $60 Million for Solana Hackathon

Colosseum has secured $60 million to bolster Solana's hackathon teams through its first fund. The funding will support pre-seed investments for participants in Colosseum's Accelerator program, aiming to foster innovation within the Solana ecosystem. This initiative reflects a growing demand for specialized venture products in the crypto space, driven by Colosseum's commitment to global participation and entrepreneurial vision.


Celsius Creditors File for Second Distribution

Several small business creditors of Celsius filed for a second distribution after claiming a 35% reduction in payments compared to non-corporate accounts. The motion, led by two creditors, seeks reimbursement following delays and alleged unfair treatment, highlighting ongoing disputes within the Celsius bankruptcy proceedings.


AssangeDAO Allocates Funds for Legal Defense

Silke Noa, a member of AssangeDAO, revealed that $37 million in Ethereum has been allocated through the Wau Holland Foundation for Julian Assange's legal defense and campaigns. Noa emphasized the need for transparency in fund allocation amid ongoing efforts to support Assange's cause.

Top Altcoin Gainers and Losers

Gainers: 

Based Brett BRETT (+23.31%

dogwifhat WIF (+21.02%

Pepe PEPE (+18.69%

Losers:

Fellaz FLZ (-2.33%

NFT Market Map

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Mark Cuban Sells NFTs Amid Market Downturn

Billionaire Mark Cuban has sparked speculation after selling 14 NFTs in just two days. Among them was a Pudgy Penguins NFT that fetched 9.065 ETH (approximately $30,000). Despite these sales, Cuban retains a significant NFT portfolio valued at $6.2 million. His sudden move comes amidst a downturn in the broader NFT market, raising questions about his strategy and market sentiment.

This article has been refined and enhanced by ChatGPT.

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