Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 27, 2024

Crypto Market Update

Table of Contents

Bitcoin and Major Cryptocurrencies

• Bitcoin Activity and Market Shifts Amid Sell-Offs
• SEC May Approve Spot Ethereum ETFs by July 4
• VanEck Files for First Solana ETF in the U.S.
• Marathon Digital Expands Revenue by Mining Kaspa
• Litecoin Whale Withdraws $20 Million from Binance
• Ethereum Layer-2 Blast Faces Price Volatility Post Airdrop
• Cardano Foundation Announces New Governance Model
• Dogecoin and Shiba Inu Profitability Rates Revealed
• Pepe Coin Sees Significant Event with Smart Trader Move

Token Launches and Market Movements

• Zeta Markets Launches ZEX Token with Airdrop
• Seoul High Court Rules in Favor of Fantom Foundation

Expansion and Partnerships

• Hashed Ventures Expands to Abu Dhabi
• State Street and Galaxy Digital Develop New Trading Products
• Abra Settles $82.1 Million for Operating Without Licenses

Technology and Innovation

• Infinite Block Supports XRP Ledger Services
• Dfinity Launches Utopia for Cybersecurity and Sovereignty
• Chainlink Data Streams Launch on Avalanche
• Tezos Unveils Tezos X Roadmap
• Andromeda Integrates with Injective to Boost DeFi Adoption
• Puffer Finance Raises $18M and Shifts to Rollups
• Sygnum Expands with 20 New Banking Institutions
• Zerion Launches Testnet for ZERO Network Layer 2 Rollup
• BVNK Launches Layer1 for Stablecoin Payments

Acquisitions and Mergers

• CleanSpark Acquires GRIID Infrastructure for $155 Million
• Coinbase Will Not Facilitate ASI Token Merger Migration

Regulatory and Security Updates

• Binance Tightens Rules in Link Program
• MegaLabs Raises $20 Million for MegaETH Blockchain
• Deepfake Technology Projected to Cause $25 Billion Losses
• Crypto Hacks and Fraud Surge to Half a Billion Dollars in Q2

Bitcoin Activity and Market Shifts Amid Sell-Offs

Bitcoin saw significant activity and market shifts, with its price holding near $62,000 despite various pressures. BTC/USD reached daily highs of $62,323 but faced sell-offs from the U.S. and German governments and a DMM Bitcoin hacker moving 500 BTC. U.S. government sell-offs added $240 million to Coinbase, contributing to market volatility, while a 14-year dormant wallet transferred $3.05M BTC to Binance. The U.S. spot Bitcoin ETFs saw inflows of $21.52M, with Fidelity's FBTC leading gains. The Mayer Multiple hit lows not seen since October 2023, and Bitcoin's RSI reached its most oversold level in over 300 days, signaling potential for prolonged consolidation. JPMorgan analysts noted that Mt. Gox's upcoming Bitcoin repayments might exert further downward pressure but expected market recovery by August.

SEC May Approve Spot Ethereum ETFs by July 4

As per Reuters, the SEC may approve spot Ethereum ETFs by July 4, with applications from BlackRock, Fidelity, and Franklin Templeton. Galaxy Research predicts Ethereum ETF inflows could reach up to 50% of Bitcoin ETF inflows. VanEck filed for an Ethereum ETF, indicating imminent trading. The SEC approved 19b-4 forms for eight Ethereum ETFs last month.

VanEck Files for First Solana ETF in the U.S.

VanEck has filed for the first Solana ETF in the U.S., aiming to list it on the Cboe BZX Exchange (June 27, 2024). Analysts doubt approval under the current administration, predicting a possible launch in 2025 if new leadership takes office. Market confidence wavers as Solana's daily stablecoin volume plummeted 93%, likely due to inflated figures from wash trading and unfilled orders. Meanwhile, Bloomberg analysts see potential for Solana ETFs to gain traction, and Jump Crypto's recent issues have exacerbated concerns over trading volumes. Market maker GSR remains bullish on Solana, expecting it to outperform Bitcoin.

Marathon Digital Expands Revenue by Mining Kaspa

Marathon Digital is expanding revenue streams by mining Kaspa, a high-profit blockchain network. Since deploying its first Kaspa mining machine in September 2023, Marathon has mined 93 million KAS tokens, valued at around $15 million as of June 25. The move aims to diversify from Bitcoin mining, leveraging Kaspa's profitability and compatibility with existing infrastructure to capture up to 16% of Kaspa's global hash rate with new ASICs.

Litecoin Whale Withdraws $20 Million from Binance

A Litecoin whale recently withdrew $20 million in LTC from Binance, as reported by on-chain data. This significant move, tracked by Whale Alert, suggests potential bullish sentiment for Litecoin's price, indicating investor confidence or accumulation strategies. Such transactions often influence market dynamics, though outcomes depend on whether the whale intends to hold or sell the coins.

Ethereum Layer-2 Blast Faces Price Volatility Post Airdrop

Ethereum Layer-2 network Blast experienced price volatility following its $354 million airdrop, initially debuting at $0.025 before rising to $0.029 and then stabilizing at $0.024. Security concerns were raised by Resonance Security, citing risks from third-party DeFi protocols like Lido and MakerDAO, and issues with multisig addresses and lack of anti-fraud mechanisms. Despite Blast’s growth to a $3.16 billion total value locked, the project faced user disappointment, scams, and criticism over security audits.

Cardano Foundation Announces New Governance Model

Cardano Foundation announced a new governance model following the Chang Hard fork, aiming to decentralize power among delegate representatives (DReps), stake pool operators (SPOs), and a constitutional committee. The interim governance phase includes parameter changes, hard fork initiations, and info actions. The ADA token's market value dropped by 2.67% in a week, despite increased trading volume.

Dogecoin and Shiba Inu Profitability Rates Revealed

Dogecoin has shown a profitability rate of 75%, while Shiba Inu's stands at 52%, according to IntoTheBlock. Both meme coins have experienced similar price movements recently, but divergent outcomes for holders. Dogecoin maintains higher profitability with 75% of addresses in profit, compared to Shiba Inu's 52%, indicating differing investor sentiments amidst broader crypto market declines.

Pepe Coin Sees Significant Event with Smart Trader Move

Pepe Coin recently saw a significant event where a smart trader transferred 118.5 billion PEPE tokens to Kraken, netting an 11-fold return after holding them for about seven months. This move has sparked concerns among investors about the coin's future price direction. The transaction coincides with increased PEPE dumps to exchanges, contributing to volatile trading conditions. As of now, PEPE's price has fluctuated significantly, reflecting uncertainty amid broader market optimism for meme coins.

Zeta Markets Launches ZEX Token with Airdrop

Zeta Markets has launched its ZEX token with a 100 million token airdrop, initially priced at $0.132653. Within hours, the token surged by 132%, attracting traders and stakers with promises of governance and staking rewards through a vote-escrow model. The airdrop targets early supporters and active traders, aiming to bolster community engagement and long-term participation.

Seoul High Court Rules in Favor of Fantom Foundation

The Seoul High Court recently ruled in favor of the Fantom Foundation, affirming that Andre Cronje and his team were the rightful developers of the Fantom network, dismissing claims by SikSin. This legal victory clears the path for Fantom's growth, reassuring investors and developers alike. The ruling is expected to bolster Fantom's ecosystem, potentially leading to increased adoption and development on its platform.

Hashed Ventures Expands to Abu Dhabi

Hashed Ventures, a South Korean crypto firm, has announced its expansion to Abu Dhabi, citing the city's favorable regulatory environment. The move aims to tap into Abu Dhabi's growing web3 ecosystem, supported by initiatives like Hub71. With over $700 million in assets under management, Hashed Ventures plans to introduce more South Korean startups to Abu Dhabi, aiming to overcome local challenges such as a shrinking population in Korea.

State Street and Galaxy Digital Develop New Trading Products

State Street and Galaxy Digital are collaborating to develop new crypto trading products, following a similar partnership Galaxy had with DWS in Europe last year. The initiative aims to offer investment opportunities in crypto companies and spot and futures-based ETFs, enhancing access to the growing digital asset market.

Abra Settles $82.1 Million for Operating Without Licenses

Abra, a cryptocurrency exchange, has settled a significant $82.1 million with 25 U.S. states for operating without proper licenses, impacting its mobile app services. The settlement requires Abra to cease U.S. customer services and refund virtual assets. This case underscores regulatory challenges in the crypto space, emphasizing compliance and consumer protection amid industry growth.

Infinite Block Supports XRP Ledger Services

Infinite Block, South Korea's first licensed crypto custodian, has announced support for the XRP Ledger (XRPL). They will offer escrow, transfer, and storage services, alongside consultation for XRPL ecosystem developers. Being the only approved VASP in South Korea since last year, this move aims to expand XRPL's presence and comply with local regulations, enhancing accessibility and reliability for Korean users.

Dfinity Launches Utopia for Cybersecurity and Sovereignty

Dfinity launches Utopia, an ICP-powered platform aiming to bolster cybersecurity and sovereignty for government and enterprise cloud infrastructures. The platform integrates AI for secure operations and digital asset management, promising enhanced resilience against cyber threats and ensuring data sovereignty through private sovereign clouds.

Chainlink Data Streams Launch on Avalanche

Chainlink Data Streams have launched on Avalanche through GMX V2, enhancing DeFi speed and security. This integration promises low-latency, high-throughput market data, benefiting Avalanche's ecosystem by enabling faster, more secure decentralized exchanges. This move aims to attract developers and users to leverage advanced DeFi applications on Avalanche.

Tezos Unveils Tezos X Roadmap

Tezos has unveiled Tezos X, a comprehensive roadmap aimed at revolutionizing blockchain technology. Developed collaboratively by teams including Nomadic Labs and TriliTech, Tezos X introduces a "canonical rollup" to enhance blockchain performance, composability, and interoperability. This approach mirrors Ethereum's L2 scaling initiatives, promising to streamline transaction execution and bolster decentralization on the Tezos network by 2026.

Andromeda Integrates with Injective to Boost DeFi Adoption

Andromeda has integrated with Injective, aiming to boost DeFi adoption. This partnership combines Andromeda's Web3 Operating System with Injective's scalable blockchain for finance. They plan to enhance cross-chain tokens, asset management, and Web3 applications, fostering innovation in decentralized finance. The collaboration aims to unify networks and offer users diverse DeFi functionalities on a single platform.

Puffer Finance Raises $18M and Shifts to Rollups

Puffer Finance, an Ethereum-based liquid staking derivatives project, raised $18M and is shifting to rollups. Partnering with the Ethereum Foundation, it aims to bridge liquidity gaps across Ethereum layers. Puffer's technology allows validators to stake with minimal ETH, enhancing decentralized finance integration. It's part of ongoing efforts to streamline Ethereum's scalability and interoperability challenges.

Sygnum Expands with 20 New Banking Institutions

Sygnum, a leading Swiss crypto bank, has expanded its business capabilities by partnering with 20 new banking institutions. This move aims to enhance access to crypto services under Switzerland’s regulatory framework. The additions, including major names like PostFinance and cantonal banks, will utilize Sygnum’s infrastructure for secure crypto transactions. This expansion supports Sygnum's goal of offering regulated digital asset solutions across Europe.

Zerion Launches Testnet for ZERO Network Layer 2 Rollup

Zerion has launched a testnet for its ZERO Network Layer 2 rollup, built using ZK Stack from ZKSync. Scheduled for a mainnet release later this year, ZERO aims to offer gasless transactions via a custom paymaster contract. To prevent abuse, Zerion introduces Onchain DNA, an open-source spam prevention system.

BVNK Launches Layer1 for Stablecoin Payments

BVNK has launched Layer1, a self-custody digital asset infrastructure aimed at simplifying stablecoin payments for businesses. This platform enables quick and secure deployment of digital asset payments globally, addressing infrastructure challenges and enhancing data privacy and control. BVNK's initiative responds to increasing demand for efficient blockchain solutions in the stablecoin sector amid significant market growth.

CleanSpark Acquires GRIID Infrastructure for $155 Million

CleanSpark has agreed to acquire GRIID Infrastructure for $155 million amid challenges in the Bitcoin mining sector. The acquisition includes assuming all of GRIID's debts and obligations, alongside providing financial support. This move aims to expand CleanSpark's operations in Tennessee, potentially reaching over 400 megawatts of capacity by 2026. The transaction awaits shareholder and regulatory approvals, expected to close in Q3 2024.

Coinbase Will Not Facilitate ASI Token Merger Migration

Coinbase announced it will not facilitate the ASI token merger migration but will continue supporting OCEAN and FET tokens. The ASI merger aims to combine OCEAN, FET, and AGIX into a $5.8 billion decentralized AI token. On June 27, Coinbase accused the US SEC and FDIC of blocking document requests, hindering legal processes. It simultaneously sponsored the WNBA Commissioner’s Cup, supporting women’s sports bars, enhancing engagement with female athletes and fans.

Binance Tightens Rules in Link Program

Binance is tightening rules in its Link Program to curb arbitrage by prime brokers, impacting their fee structures. Some firms exploited tiered discounts, profiting by passing savings to clients. The move signals Binance's crackdown on misuse, part of broader regulatory challenges it faces globally.

MegaLabs Raises $20 Million for MegaETH Blockchain

MegaLabs, creator of MegaETH blockchain, raised $20 million in a seed funding round, valuing its tokens at over $100 million. Vitalik Buterin and Joseph Lubin were among the backers. MegaETH aims to achieve 100,000 transactions per second with real-time capabilities, leveraging Ethereum security and Optimism's technology. Public testnet is set for fall with mainnet launch by year-end.

Deepfake Technology Projected to Cause $25 Billion Losses

Cryptocurrency losses due to deepfake technology are projected to exceed $25 billion next year, according to Bitget Research.  The report shows a dramatic increase in deepfake scams, with a 245% surge globally this year alone. Crypto losses from deepfakes reached $6.3 billion in Q1 2024, and Bitget predicts they could make up 70% of all crypto-related crimes by 2026 if left unchecked. 

Crypto Hacks and Fraud Surge to Half a Billion Dollars in Q2

In Q2, cryptocurrency hacks and fraud amounted to nearly half a billion dollars, doubling last year's losses, as reported by Immunefi. The surge underscores ongoing security challenges in the crypto space, impacting investor trust and highlighting the need for robust cybersecurity measures across digital assets.