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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 26, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 26, 2024

Van Thanh Le

Jun 26 2024

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

Crypto Market Update

Table of Contents

General Crypto Market Updates

  • German Government Moves 250 BTC to Bitstamp and Kraken
  • VanEck Files 8-A Form for Spot Ethereum ETF

Partnerships and Integrations

  • Nubank Partners with Lightspark for Bitcoin Lightning Network Services
  • Solana Introduces Blinks and Actions for Social Platforms
  • Worldcoin Partners with Alchemy for World Chain Launch
  • Bitget and Foresight Ventures Announce $20M TON Ecosystem Fund

Regulatory and Compliance

  • Bitstamp Delists EURT Ahead of MiCA Regulation
  • Binance Secures VASP License from Dubai’s VARA
  • CertiK Under Scrutiny for Front-Running Bug Bounty Reports

Token Launches and Ecosystem Developments

  • BLAST Token's Airdrop and Price Drop
  • Largest Holder of Dogwifhat Buys 2.3M WIF Tokens
  • Notcoin Anticipates Price Surge After Token Burn

Exchange and Platform Updates

  • PancakeSwap Launches AI-Prediction Market on Arbitrum
  • Unstoppable Domains Launches Marketplace for Tokenized Domains
  • Sui Network Expands Custody Capabilities with Copper

Corporate Moves and Legal Developments

  • Animoca Brands Plans IPO in 2025
  • Michael Kane Sentenced for Cryptocurrency Fraud
  • Julian Assange's Wife Launches Donation Appeal

Security and Fraud Incidents

  • Cardano Thwarts DDoS Attack
  • Rug Pull Event Causes 99% Price Drop in Doraemon Token
  • Metallica's X Account Hacked to Promote Solana Token

NFT Market Insights

  • NFT Trading Volume Drops 45% This Quarter
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German Government Moves 250 BTC to Bitstamp and Kraken

The German government moved 250 BTC, worth $15.4 million, to Bitstamp and Kraken, indicating potential sale intentions Meanwhile, U.S. spot Bitcoin ETFs saw a reversal from their outflow trend, attracting $31.01 million in net inflows, with Fidelity's FBTC fund leading with $49 million in inflows. Bitcoin's price rebounded by 3.5%, rising from $59,495 to $61,485 before pulling back to $61,000, as fears about Mt. Gox repayments were deemed overblown by analysts. 

However, it's worth noting that Bitcoin's drop below traders' average entry points, at $68,500 and $66,400, has sparked concerns of a deeper sell-off. Glassnode's report highlights diminishing momentum in demand, potentially prolonging the downturn.

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VanEck Files 8-A Form for Spot Ethereum ETF

VanEck filed an 8-A form for its spot Ethereum ETF, announcing a fee waiver until 2025 or $1.5 billion in assets to attract investors. Bitwise's CIO, Matt Hougan, predicts Ethereum ETPs will attract $15 billion in net inflows over the next 18 months. Since mid-April, Ethereum's supply has been increasing due to the Dencun upgrade, adding over 112,000 ETH, with significant inflation driven by EIP-4844. Despite recent supply growth, over 1.5 million ETH has been burned since September 2022, resulting in a net supply reduction of 345,000 ETH.

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Nubank Partners with Lightspark for Bitcoin Lightning Network Services

Nubank has teamed up with Lightspark to introduce Bitcoin Lightning Network services to its 100 million customers across Latin America. This partnership aims to enhance transaction speed and reduce costs through blockchain technology. Lightspark will integrate the Universal Money Address standard, simplifying money transfers. This move marks a significant advancement in crypto adoption in the region.


Solana Introduces Blinks and Actions for Social Platforms

Solana is enhancing crypto accessibility with new tools called Blinks and Actions, integrated directly into social platforms. These features enable users to execute blockchain transactions easily across websites and social media, aiming to streamline meme coin trading and broaden blockchain adoption. Solana's initiative marks a significant step towards making crypto interactions more seamless and widespread.

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Worldcoin Partners with Alchemy for World Chain Launch

Worldcoin has partnered with Alchemy to launch World Chain, integrating advanced blockchain infrastructure. This collaboration aims to enhance development capabilities, leveraging Alchemy's APIs and data indexing. Additionally, Worldcoin initiates its European expansion with World ID orb verifications, marking its entry into Europe's blockchain market. This strategic move positions Worldcoin to scale its digital identity solutions across continents.

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Bitget and Foresight Ventures Announce $20M TON Ecosystem Fund

Bitget and Foresight Ventures announced a $20 million TON Ecosystem Fund to support early-stage projects, highlighting TON's rapid growth and surpassing Ethereum in daily active addresses. On the same day, Tether's USDT on the TON blockchain saw a $580 million surge, attributed to ease of transactions and Binance's support. Additionally, 30 million Toncoin worth $224.64 million was transferred to Telegram's wallet, which holds $1.59 billion in TON, indicating significant blockchain activity.

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Bitstamp Delists EURT Ahead of MiCA Regulation

Bitstamp is delisting Tether's Euro Tether (EURT) ahead of Europe's MiCA regulation enforcement, set for June 30. Initially introduced in November 2021, EURT's market cap has declined significantly from its peak in 2022, contrasting sharply with USDT's dominance. Bitstamp supports MiCA's push for uniform crypto regulation across the EU.


Binance Secures VASP License from Dubai’s VARA

Binance secured a VASP license from Dubai’s VARA, transitioning UAE accounts to Binance Dubai, offering services like crypto exchange and asset management, supporting over 300 assets. Meanwhile, in Europe, Binance disabled copy trading ahead of the MiCA regulation effective end of June 2024, impacting stablecoin trading and user fund transfers.


CertiK Under Scrutiny for Front-Running Bug Bounty Reports

CertiK is under scrutiny for allegations that its subsidiary, OpenBounty, may be front-running bug bounty reports. Critics argue the platform, linked to CertiK, could exploit vulnerabilities before notifying affected protocols directly. This controversy follows recent accusations involving CertiK's handling of a security exploit on Kraken, raising concerns about its ethical practices in the cybersecurity domain.


BLAST Token's Airdrop and Price Drop

The BLAST token launched with an airdrop, distributing 17% of its supply and initially valuing it at $420M. Despite high expectations, the token's value quickly dropped due to immediate sell-offs, disappointing many users who anticipated higher returns. BLAST aims to transition to a full-stack chain and improve its ecosystem with desktop and mobile wallets. However, its controversial launch and rapid TVL growth to $2.38B faced skepticism regarding its sustainability and trustworthiness.


Largest Holder of Dogwifhat Buys 2.3M WIF Tokens

The largest holder of dogwifhat recently purchased 2.3 million WIF tokens at $2.03 each, boosting their total holdings to 23.39 million WIF, valued at approximately $49.6 million. This move, alongside increasing unique wallet counts and bullish technical signals, indicates strong investor confidence in WIF's future prospects.

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Notcoin Anticipates Price Surge After Token Burn

Notcoin, linked to Telegram, anticipates a 100% price surge following a 210 million NOT token burn. This move is expected to trigger a bullish reversal, supported by efforts to expand its gaming ecosystem. The burn has already propelled NOT's price up by 10% to $0.0163, signaling optimistic market sentiment and potential for further growth.

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PancakeSwap Launches AI-Prediction Market on Arbitrum

PancakeSwap has launched an AI-Prediction Market on Arbitrum, powered by AlloraNetwork. Participants can predict ETH price movements to win up to 60,000 ARB in rewards. The market offers 100% Fund Protection and operates on Ethereum L2 Arbitrum, utilizing AI for enhanced prediction accuracy and engagement.

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Unstoppable Domains Launches Marketplace for Tokenized Domains

Unstoppable Domains has launched a new marketplace enabling the tokenization and trading of '.com' domains alongside web3 domains. This platform supports payments via crypto assets, credit cards, and mobile payment methods. It aims to streamline digital identity across web2 and web3 platforms, offering enhanced usability and integration for users.


Sui Network Expands Custody Capabilities with Copper

Sui Network is expanding its custody capabilities by partnering with Copper, aiming to attract institutional finance. This collaboration introduces new features for staking and DeFi functions, enhancing options for issuing stablecoins and real-world assets. Copper's enterprise-level custodial solutions bolster Sui's infrastructure, positioning it as a prime choice for storing and deploying digital assets in the evolving crypto landscape.

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Animoca Brands Plans IPO in 2025

Animoca Brands plans to go public in 2025, exploring listings in Hong Kong or the Middle East. The Web3 investor has engaged with investment banks but has yet to finalize an adviser for the potential IPO. Animoca, known for NFT and crypto gaming investments, was valued at $5.9 billion in its last funding round in 2022.


Michael Kane Sentenced for Cryptocurrency Fraud

Michael Kane, former CEO of Hydrogen Technology Corporation, has been sentenced to 45 months in prison for securities fraud involving a cryptocurrency price manipulation scheme. The case, marking a milestone as the first federal jury conviction of a cryptocurrency as a security, underscores growing regulatory scrutiny in the crypto market.


Julian Assange's Wife Launches Donation Appeal

Julian Assange's wife has launched an urgent appeal for donations to cover $520,000 owed to the Australian government for charter flights. An anonymous donor contributed over 8 BTC, worth $500,000, and over £300,000 (roughly $380,000) has been raised through fiat currency donations. These flights were necessary as Assange was barred from flying commercial airlines or routes to Saipan and onward to Australia. 


Cardano Thwarts DDoS Attack

Cardano successfully thwarted a DDoS attack aimed at stealing staked tokens by overloading the network with 0.9 ADA per transaction across 194 smart contracts. The network continued normal operations, and the attacker's loss of funds ironically funded network improvements. Despite increased load and some impact on stake pool operators, the network's security remained intact. Developers are now upgrading the node to enhance future security measures.

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Rug Pull Event Causes 99% Price Drop in Doraemon Token

A rug pull event involving the Solana-based memecoin Doraemon (DORAE) led to a 99% price drop. A wallet, likely belonging to the developer, sold 2.5 million DORAE for 10,538 SOL ($1.45 million) shortly after acquiring them, causing the price to plummet from over $2 to $0.0015. This incident sparked significant losses and calls for greater regulation and transparency in the cryptocurrency community.


Metallica's X Account Hacked to Promote Solana Token

Metallica's official X account was apparently hacked to promote a Solana token named METAL, launched via pump.fun. The token, falsely claiming a partnership with Ticketmaster, saw a brief price spike before plummeting 90%, leaving a market cap of around $43,000. All related posts have since been deleted, and both Metallica and Ticketmaster have not commented on the incident.

Top Altcoin Gainers and Losers

Gainers: 

Notcoin NOT (+10.01%

Fetch.AI FET (+9.97%

SingularityNET AGIX (+7.81%

Losers:

Arweave AR (-8.12%

Celestia TIA (-7.65%

Based Brett BRETT (-7.37%

NFT Market Map

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NFT Trading Volume Drops 45% This Quarter

According to CryptoSlam, the trading volume of non-fungible tokens (NFTs) plummeted by 45% this quarter, reflecting a cooling trend amid market consolidation. Initial momentum from earlier in the year, where sales hit $4.1 billion, gave way to a significant decline in activity. Manipulative practices like wash trading, accounting for over $35 billion, also underscored challenges in the NFT space.

This article has been refined and enhanced by ChatGPT.

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