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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 3, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 3, 2024

Van Thanh Le

Jun 3 2024

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

Crypto Market Update

Table of Contents

Bitcoin and Ethereum Updates

  • Bitcoin Stable at $69,000 Amid Strong Demand
  • Ethereum ETFs Lead to Major Outflows and Bullish Sentiment

Investment and Market Trends

  • Digital Asset Investments Surge with $185 Million Inflows
  • Wisconsin's Bitcoin ETF Investment Sparks Interest
  • Australia Launches Its First Spot Bitcoin ETF
  • Memecoins Gain Traction with New Investments
  • Notcoin Surges 400% in a Week
  • MyNeighborAlice Sees 70% Surge in Value

Major Events and Personalities

  • Keith Gill's GameStop Frenzy Returns
  • Frax Finance's Account Hacked, Suspected Inside Job
  • Michael Saylor Settles $40 Million Tax Evasion Lawsuit

Exchanges and Platforms

  • OKX Launches Centralized Exchange in Netherlands
  • OKX User Faces $2 Million Loss Due to AI Scam
  • Chinese Trader Loses $1 Million to Hackers
  • Binance to Delist Four Altcoins in June

Regulatory and Legal Developments

  • Coinbase Donates $25 Million to Fairshake Crypto PAC
  • Dubai Financial Authority Relaxes Crypto Investment Restrictions
  • Matter Labs Drops ZK Trademark Application

Blockchain and Technology Issues

  • Linea Faces Criticism After Halting Block Production
  • Whale Sells 2.095 Million OP Tokens, Causing Price Drop

NFT and Stablecoin Market

  • Ethena's USDe Stablecoin Reaches $3 Billion Supply
  • Bitcoin NFT Market Surges with Ordinal Inscriptions
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Bitcoin Stable at $69,000 Amid Strong Demand

After being rejected at $70,000, Bitcoin is stable at $69,000 due to a strong demand zone between $66,900 and $68,900, with 1.1 million BTC held by over two million addresses. Traders aim to establish $69,000 as support, eyeing $100,000 as a potential target. Predictions for June suggest BTC could reach $85,000 if it surpasses key resistance levels, with significant developments like new Bitcoin mining operations in Texas and Russia bolstering bullish sentiment.

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Ethereum ETFs Lead to Major Outflows and Bullish Sentiment

The SEC's approval of spot Ethereum ETFs led to a significant $3 billion (777,000 ETH) outflow from exchanges. On June 2, an Ethereum whale moved $32.51 million (8,518 ETH) to Kraken, marking a 1,228,387% profit. Despite this, ETH options turned bullish, with $33.5 million inflows into ETH-indexed ETPs. Ethereum-based DeFi applications' total value locked (TVL) rose 21% to over $116 billion, achieving 70% dominance in the DeFi ecosystem.

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Digital Asset Investments Surge with $185 Million Inflows

Digital asset investment products recorded $185 million in inflows last week, totaling $2 billion in May and $15 billion year-to-date. Bitcoin attracted $148 million, while Ethereum, buoyed by SEC's ETF approval, reversed a 10-week outflow trend. The US led inflows at $130 million, with Switzerland and Canada also seeing significant investments. However, ETF issuers faced $260 million in outflows, and blockchain equities saw $7.2 million in outflows, totaling $516 million for the year.


Wisconsin's Bitcoin ETF Investment Sparks Interest

Wisconsin's initial $160 million investment in Bitcoin ETFs is seen by finance professor David Krause as just the beginning. He anticipates other states will follow suit, despite potential challenges like volatility. Institutional investors often start small before scaling up, as seen with HighTower Advisors' $68 million allocation. Krause believes Bitcoin offers portfolio diversification and serves as an inflation hedge.


Australia Launches Its First Spot Bitcoin ETF

Australia is launching its first spot-bitcoin ETF, Monochrome bitcoin (BTC) exchange-traded fund (ETF) (IBTC), on Tuesday. This ETF will hold bitcoin directly, providing Australian investors with a more secure and compliant way to invest in crypto. The ETF's launch reflects a global trend towards crypto-related ETFs, with countries like Hong Kong and the US already approving similar products. 


Memecoins Gain Traction with New Investments

Memecoins have seen growing interest so far. DWF Labs invested $5 million in Milady Meme Coin (LADYS), enhancing its market position. A fresh wallet withdrew 202.4 billion PEPE coins worth $3.07 million from Binance, fueling bullish sentiments and potential further gains. Meanwhile, the newly launched PEW memecoin surged over 1,200% after being listed on multiple centralized exchanges, reflecting strong speculative interest and market support.

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Notcoin Surges 400% in a Week

Notcoin (NOT), linked to a Telegram-based game, surged 400% in a week, hitting a $2.77 billion market cap and trading $4.2 billion daily, mostly on Binance. The token's price climbed to $0.029, outperforming Lido DAO and Celestia by market cap. A whale's early investment saw substantial returns of $862K, highlighting growing confidence in TON blockchain's future.

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MyNeighborAlice Sees 70% Surge in Value

MyNeighborAlice (ALICE), a gaming-DeFi hybrid, trades around $2.6 with a $250 million cap after a 70% surge in the past 24 hours, attracting players and investors alike. Recently, MyNeighborAlice expanded its game features, introducing new NFTs and in-game items. This expansion has drawn increasing interest, enhancing the game's appeal and potential for earning through digital assets. Other GameFi tokens, i.e. GALA, DAR, GHST, TLM, GMEE, NYAN, KARRAT, and MBOX also saw double-digit growth.

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Keith Gill's GameStop Frenzy Returns

Keith Gill, also known as "Roaring Kitty," rekindled the GameStop frenzy with his $300M+ position, driving GME stock nearly doubling. His Reddit post showcasing $116 million in shares and $63 million in options sent shockwaves, ballooning GameStop's market cap by $5 billion. Meme tokens like GME, KITTY, and ROAR saw gains of over 200%, reflecting the power of social media in influencing markets.

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Frax Finance's Account Hacked, Suspected Inside Job 

Frax Finance's X account was hacked on June 1, with CEO Sam Kazemian suspecting an "inside job" at X due to no password breach. Kazemian claims no internal issues at Frax contributed to the hack, and he believes an X employee is involved. The account remains compromised, and users are advised to avoid any links shared from the account. 

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Michael Saylor Settles $40 Million Tax Evasion Lawsuit 

MicroStrategy founder Michael Saylor has agreed to a $40 million settlement with the District of Columbia, ending a lawsuit that alleged he evaded income taxes for over a decade while living there. The settlement is the largest income tax fraud recovery in D.C.'s history. Saylor disputes the allegations but settled to avoid further legal battles. 


OKX Launches Centralized Exchange in Netherlands 

OKX officially launched its centralized crypto exchange and OKX Wallet in the Netherlands on June 3rd, offering Dutch customers access to over 150 cryptocurrencies and 60 euro trading pairs. The exchange integrates with iDeal for seamless euro deposits and withdrawals, offering spot trading, staking, and Web3 wallet services. OKX previously operated as Okcoin Europe in the Netherlands, starting in 2021 after registering with the Dutch central bank. 


OKX User Faces $2 Million Loss Due to AI Scam

A user on OKX, known as "The Future is Long," reported a severe security breach resulting in a loss of over $2 million. Scammers obtained personal info via Telegram, then used AI-generated video to alter security settings and drain the account within 24 hours. This highlights the escalating threat of AI-driven cybercrime in the crypto sphere. Experts stress the need for enhanced security measures and user vigilance.


Chinese Trader Loses $1 Million to Hackers 

A Chinese trader lost $1 million to hackers who exploited a Chrome plugin called Aggr to steal cookies and bypass security measures on Binance. The hackers used the stolen cookies to hijack active user sessions, conduct leveraged trades, and profit from cross-trading. The trader alleges that Binance was aware of the scam but failed to take action to prevent it. Binance co-founder Yi He denies responsibility for a $1 million loss from a user's hacked account, claiming the user's computer was breached.


Binance to Delist Four Altcoins in June

Binance will delist four altcoinsOMGWAVESWNXM, and XEM, on June 17, 2024, due to failing to meet listing criteria. The decision caused significant price drops, with OMG, WAVES, and XEM falling over 25%, while WNXM dropped 3.27%. Binance will halt trading of affected pairs and deposits on June 18, but withdrawals will remain available until September 17. 

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Coinbase Donates $25 Million to Fairshake Crypto PAC

Coinbase has joined Ripple and a16z in donating $25 million to the Fairshake Crypto PAC, aiming to influence US crypto regulations and support pro-crypto candidates in the upcoming election. This brings the total crypto industry political contributions to $161 million, making it one of the largest campaign cash reserves in US politics. This strategic move underscores the industry's focus on shaping favorable legislation and policies for broader cryptocurrency adoption. 


Dubai Financial Authority Relaxes Crypto Investment Restrictions 

The Dubai Financial Services Authority (DFSA) has revised its cryptocurrency token regiaxing restrictions on funds investing in crypto tokens. The changes include allowing both external and domestic funds to invest in recognized crypto tokens, while domestic funds can now invest up to 10% of their gross asset value in unrecognized tokens. The DFSA also reduced the token recognition fee to $5,000 and introduced additional criteria for stablecoins


Matter Labs Drops ZK Trademark Application 

Matter Labs, the company behind zkSync, has dropped its coversial trademark application for "zero-knowledge (ZK)." The move came after intense criticism from industry leaders who argued that ZK is a public good. Despite the statement, the trademark application remains active on the US Patent and Trademark Office website. 


Linea Faces Criticism After Halting Block Production 

Linea, an Ethereum layer-2 blockchain, has faced criticism for halting block production after a $7 million hack on Velocore, a decentralized exchange on its network. The move, intended to prevent further losses, has sparked debate about decentralization and censorship resistance. Linea has pledged to decentralize its network and sequencer to prevent similar incidents. Velocore is negotiating with the hacker, offering a 10% refund to recover $6.8 million.


Whale Sells 2.095 Million OP Tokens, Causing Price Drop 

The Optimism (OP) market experienced a bearish trend earlier today, driven by a whale reportedly selling 2.095 million OP tokens for a loss. This resulted in a 4.2% price drop to $2.4, representing a $990,000 setback for the seller. Despite the decline, OP's trading volume surged by 671.7% to $233.7 million, indicating heightened market activity. 

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Ethena's USDe Stablecoin Reaches $3 Billion Supply

Ethena's USDe stablecoin has reached a $3 billion supply in just four months, making it the fourth-largest stablecoin. USDe is a synthetic dollar pegged to the US dollar, offering returns through ETH staking and derivatives management. Despite its rapid growth, concerns about its stability have been raised by experts like Andre Cronje and Ki Young Ju. 

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Top Altcoin Gainers and Losers

Gainers: 

Kaspa KAS (+12.17%

Floki Inu FLOKI (+9.74%

Ethena ENA (+5.59%

Losers:

Based Brett BRETT (-16.78%

Notcoin NOT (-10.80%

JasmyCoin JASMY (-9.40%

NFT Market Map

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Bitcoin NFT Market Surges with Ordinal Inscriptions 

Bitcoin's NFT market has exploded since Ordinal Inscriptions launched, generating $3.82 billion in sales and securing the fourth-largest spot on the NFT blockchain leaderboard.  While Ethereum remains the leader, Bitcoin NFTs have seen impressive growth, with over 3 million transactions, notable collections like Nodemonkes and Runestone, and a record sale of $1.44 million for a Budgie NFT.

This article has been refined and enhanced by ChatGPT.

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