cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 4, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 4, 2024

Van Thanh Le

Jun 4 2024

4 months ago6 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Market Updates

  • Bitcoin surges driven by market liquidations and Fed rate cut odds
  • Spot Bitcoin ETFs see consistent inflows, led by Fidelity
  • Ethereum spot ETFs predicted to attract billions in inflows
  • Thailand approves Bitcoin ETF for affluent investors

Trends and Developments

  • Google Trends shows all-time high interest in "onchain"
  • Bitcoin-based meme coin DOG surges 200%, nearing $1 billion market cap
  • FTX may settle $24 billion IRS tax bill for $200 million
  • Polygon Labs acquires Toposware to bolster ZK technology
  • Avail secures $43 million in Series A funding
  • Ark Labs aims to outpace Lightning Network with new protocol
  • StarkWare raises $1 million to scale Bitcoin with ZK proofs
  • Multicoin Capital and Coinbase Ventures invest in El Dorado

Regulatory and Legal News

  • Worldcoin suspends operations in Spain amid privacy investigations
  • Australian court rebukes ASIC in dispute with Block Earner

Company and Investment Updates

  • DWF Labs commits $12 million to purchase more Floki tokens
  • Astar Network proposes burning $38 million in tokens
  • IOTA Foundation unveils Layer 2 solution, IOTA EVM
  • ERC-6900 website launched for standardized smart account proposal
  • Dogechain's PawPort bridge connects DRC20 assets to EVM
  • Core Scientific signs $3.5 billion deal with CoreWeave
  • Fidelity Digital Assets reports significant revenue decline
  • Deutsche Bank partners with Bitpanda for crypto services

Market Movements and Analysis

  • Kraken experiences largest BTC and ETH outflows since 2017
  • E*Trade considers removing Keith Gill over market manipulation concerns

Scandals and Controversies

  • Ruja Ignatova suspected murdered by Bulgarian drug lord
  • Sahil Arora banned from X for memecoin scams

Innovative Ventures

  • Galaxy Digital issues multimillion-dollar loan using tokenized Stradivarius violin
  • Dapper Labs settles class-action lawsuit for $4 million
Coin360.png

Bitcoin surges driven by market liquidations and Fed rate cut odds

Bitcoin surged to $71,000 at one point, driven by $20 million in short liquidations and $87 million in total crypto market liquidations. The US job openings fell to 8.06 million, increasing the probability of Fed rate cuts to 51.3%, which boosted investor confidence. Spot Bitcoin ETFs saw $170.9 million in net inflows. Long-term holders have only 0.03% of holdings at a loss, indicating market confidence. The FDIC reported $517 billion in unrealized bank losses, with 63 banks at risk, further supporting Bitcoin's rise amid potential Fed rate cuts and increasing market volatility.

chart.webp

Spot Bitcoin ETFs see consistent inflows, led by Fidelity

On June 3, 2024, Bitcoin spot ETFs saw a net inflow of $105 million, marking 15 consecutive days of inflows, with Fidelity leading at $77 million. BlackRock and Fidelity’s Bitcoin ETFs have significantly impacted their total flows, comprising 26% and 56% respectively of their 2024 inflows. Since their January 2024 launch, these ETFs have drawn $31.86 billion, propelling BlackRock, Fidelity, and Invesco into the top 10 ETF issuers by year-to-date flows. 


Ethereum spot ETFs predicted to attract billions in inflows

K33 Research predicts new spot Ethereum ETFs in the U.S. could attract $3.1-$4.8 billion in net inflows within five months, absorbing up to 1.26 million ETH, potentially boosting ETH prices. Meanwhile, Ethereum, currently at $3.8K, is building bullish momentum, driven by increased whale transactions, social media interest, and a favorable long/short ratio, hinting at a possible surge to $4K.

chart (1).webp

Thailand approves Bitcoin ETF for affluent investors

Thailand's SEC has greenlit ONE Asset Management's Bitcoin ETF for affluent and institutional investors. The ONE Bitcoin ETF Fund of Funds Unhedged targets global funds for liquidity and security. With Bitcoin's growing demand and limited supply, the ETF offers an alternative investment, recommending a 5% portfolio allocation for an 8.90% yearly return.


Google Trends shows all-time high interest in "onchain"

Interest in the term "onchain" reached an all-time high in May, according to Google Trends data. This surge, which peaked at 100 on a scale of 100, highlights the growing interest in blockchain and cryptocurrency developments. Previously, global search interest for "onchain" remained below 25 for the past five years, with a brief peak in March. This significant increase in interest indicates a growing curiosity and engagement in the blockchain and cryptocurrency space. 


Bitcoin-based meme coin DOG surges 200%, nearing $1 billion market cap

Bitcoin-based meme coin DOG surged 200%, approaching a $1 billion market cap, making it the seventh largest meme coin overall. Simultaneously, Based Brett on Coinbase’s L2 Base rose 24%, reaching a $1.2 billion market cap while Base ecosystem TVL hit an all-time high of $7.41 billion, driven by Coinbase's new smart wallet. Meme stocks GME and AMC saw declines, and associated meme coins like KITTY and WSB experienced significant losses. Dogecoin faced a downturn due to whale sell-offs and low investor participation, failing to meet bullish expectations. 

Screenshot_3.png

FTX may settle $24 billion IRS tax bill for $200 million

FTX could settle its $24 billion IRS tax bill for $200 million initially, with an additional $685 million as a junior subordinated claim if approved by the judge. This arrangement contrasts sharply with the original amount, potentially marking a significant development in the ongoing dispute.

chart (2).webp

Polygon Labs acquires Toposware to bolster ZK technology

Polygon Labs has acquired Toposware, bolstering its investment in zero-knowledge (ZK) technology to over $1 billion. Toposware's team developed Polygon's Type 1 Prover. This marks Polygon's third ZK investment in three years. The acquisition integrates 11 engineers from Toposware with Polygon's ZK development teams. ZK technology enhances privacy in blockchain transactions without revealing details.

chart (3).webp

Avail secures $43 million in Series A funding

Avail, a modular blockchain base layer, secures $43 million in Series A funding, adding to its previous $32 million corpus. Led by Polygon's co-founder, the company aims to tackle Web3 challenges like fragmentation and data availability. Their approach involves creating a permissionless unification layer for Web3, addressing issues like blockchain fragmentation and scalability.


Ark Labs aims to outpace Lightning Network with new protocol

The team behind Bitcoin Layer-2 protocol Ark has established a new firm, Ark Labs, aiming to create a faster, cheaper payments system than Lightning Network. Ark Protocol tackles Lightning's "inbound liquidity" problem by using service providers for liquidity. It employs an unspent transaction output (UTXO) model for off-chain payments. Ark Labs plans to roll out services later this year.


StarkWare raises $1 million to scale Bitcoin with ZK proofs

StarkWare is raising $1 million to scale Bitcoin using zero-knowledge proofs, potentially realizing Satoshi Nakamoto's vision with a Bitcoin soft fork. This scaling plan could significantly enhance Bitcoin's capabilities. Zero-knowledge proofs offer privacy and scalability benefits, but implementing them on a large scale may face technical challenges and require community consensus.


Multicoin Capital and Coinbase Ventures invest in El Dorado

Multicoin Capital and Coinbase Ventures have invested in El Dorado, a Colombia-based stablecoin protocol aiming to create a crypto payments "superapp" for Latin America. Stablecoin adoption in the region is rising as people seek protection against currency devaluation and seek cheaper remittance options. El Dorado aims to offer a cheaper way to send, exchange, and pay using blockchain technology.


Worldcoin suspends operations in Spain amid privacy investigations

Worldcoin suspends operations in Spain until year-end or resolution by German data authority amid ongoing privacy investigations. Spanish watchdog reveals agreement with Tools for Humanity Corporation, extending halt until 2024 end. European probes continue over data privacy concerns. Worldcoin enhances security during investigation, facing scrutiny in multiple countries despite user base growth.

chart (4).webp

Australian court rebukes ASIC in dispute with Block Earner

An Australian court rebuked ASIC for a "misleading" press release regarding a legal dispute with Block Earner. The court ordered ASIC to cover some costs incurred by Block Earner. Despite ASIC's attempt to penalize Block Earner, the court ruled in favor of the company, stating it acted honestly in engaging with government regulation on crypto-related services.


DWF Labs commits $12 million to purchase more Floki tokens

DWF Labs has committed $12 million to purchasing additional FLOKI tokens, reinforcing Floki's position in the market despite a temporary price dip. This investment aims to support Floki's ecosystem and upcoming projects, including the highly anticipated Valhalla metaverse game. DWF Labs' continued support has significantly enhanced Floki's market presence and adoption.

chart (5).webp

Astar Network proposes burning $38 million in tokens

Japanese blockchain project Astar Network proposes burning $38 million worth of its tokens, originally reserved for a Polkadot parachain slot. This move aims to enhance tokenomics by reducing inflationary pressures and potentially increasing market value. The proposal involves a three-week community discussion followed by an on-chain vote. If approved, 350 million ASTR tokens will be burned, improving the token economy's sustainability.

chart (6).webp

IOTA Foundation unveils Layer 2 solution, IOTA EVM

IOTA Foundation has unveiled IOTA EVM, a Layer 2 solution integrating smart contracts into the IOTA network, leading to a 6% surge in IOTA price. The partnership includes LayerZero, Stargate FinancePyth Network, and Supra. IOTA EVM enhances scalability, interoperability, fairness, and security, driving real-world adoption and market interest.

chart (7).webp

ERC-6900 website launched for standardized smart account proposal

The ERC-6900 website, co-authored by Ethereum Foundation, Alchemy, Circle, and Quantstamp, is a comprehensive resource for the standardized smart account proposal. The site offers resources on ERC-6900's motivation and design, community engagement, implementations, plugin development, and future roadmap. It aims to foster permissionless innovation by making it easier for developers to build secure, interoperable, and composable modular smart accounts and plugins. 


Dogechain's PawPort bridge connects DRC20 assets to EVM

Dogechain's new bridge, PawPort, connects DRC20 assets (Doginals) to the EVM, enabling their integration in DeFi and NFT applications. This allows for near-instant transfers of DRC20 assets, boosting their utility and scaling Dogecoin's ecosystem. PawPort also enables instant and low-cost trading of DRC20 tokens, attracting more memecoin traders. 


Core Scientific signs $3.5 billion deal with CoreWeave

Core Scientific, a leading Bitcoin miner, has signed a $3.5 billion deal with CoreWeave, shifting its focus to AI and HPC hosting. The 12-year agreement involves a $300 million infrastructure upgrade, enabling Core Scientific to diversify its services and capitalize on the growing demand for AI infrastructure. This move is expected to generate an additional $290 million in annual revenue, positioning the company for long-term growth in the rapidly evolving tech landscape. 


Fidelity Digital Assets reports significant revenue decline

Fidelity Digital Assets, the crypto custody arm of Fidelity Investments, reported a significant revenue decline of nearly 60%, with losses exceeding £7 million in the previous year. The revenue drop is attributed to a decrease in service-level agreement fees. Operating expenses rose by 32%, mainly due to increased staff salaries. Despite challenges, Fidelity remains optimistic, anticipating revenue growth through expanded services and new clients.


Deutsche Bank partners with Bitpanda for crypto services

Deutsche Bank has partnered with Bitpanda, an Austrian crypto exchange, to facilitate customer deposits and withdrawals. This collaboration allows Bitpanda's 4 million users to deposit and withdraw traditional currencies through Deutsche Bank, bridging the gap between crypto and mainstream finance. This partnership follows Deutsche Bank's recent expansion into the crypto space, including applying for a digital asset custody license and collaborating with other crypto companies. 


Kraken experiences largest BTC and ETH outflows since 2017

Kraken, a major crypto exchange, experienced its largest Bitcoin and Ethereum outflows since 2017. Approximately $3.33 billion in BTC and $2.15 billion in ETH were withdrawn, significantly reducing Kraken's reserves. However, these synchronized movements might indicate strategic repositioning or institutional strategies. The timing coincides with SEC's approval of spot Ethereum ETFs, potentially leading to a supply squeeze and positive price impacts.


E*Trade considers removing Keith Gill over market manipulation concerns

E*Trade is considering removing meme stock trader Keith Gill, known as "Roaring Kitty," from its platform due to concerns he could manipulate GameStop stock for personal gain. Gill's recent X and Reddit posts have sent GameStop shares surging, prompting concerns from E*Trade and the Securities and Exchange Commission. Gill reportedly holds a large stake in GameStop and has profited from its recent rise. 


Ruja Ignatova suspected murdered by Bulgarian drug lord

Ruja Ignatova, the "Crypto Queen" behind the OneCoin scam, is suspected to have been murdered by her bodyguard, Bulgarian drug lord Hristoforos Nikos Amanatidis (Taki). BBC's investigation suggests Ignatova was killed in 2018, her body dismembered and dumped at sea. The investigation is based on a police document and statements from a Bulgarian investigative journalist. 


Sahil Arora banned from X for memecoin scams

Sahil Arora, known as @Habibi_Comm on X, was banned from the platform after being accused of scamming celebrities with "pump and dump" schemes involving memecoins. Celebrities like Caitlyn Jenner and Iggy Azalea publicly accused Arora of faking involvement in their coins and dumping tokens to profit, causing their prices to crash. 


Galaxy Digital issues multimillion-dollar loan using tokenized Stradivarius violin

Galaxy Digital has issued a multimillion-dollar loan to Yat Siu using a tokenized 1708 Stradivarius violin valued at over $9 million as collateral. The deal marks a precedent for tokenizing physical assets, opening new avenues for investment in high-value items. The physical violin is secured in Hong Kong, while its digital counterpart facilitates the loan process. 

Top Altcoin Gainers and Losers

Gainers: 

Uniswap UNI (+17.65%

Ordinals ORDI (+15.27%

Based Brett BRETT (+13.85%

Losers:

Ronin RON (-5.05%

Pepe PEPE (-3.86%

Celestia TIA (-3.40%

NFT Market Map

Screenshot_2.webp

Dapper Labs settles class-action lawsuit for $4 million 

Dapper Labs, the company behind NBA Top Shot, has set a class-action lawsuit for $4 million, resolving claims that its NFTs were unregistered securities. The settlement will compensate claimants and cover legal fees. Dapper Labs will also implement changes to improve market fairness and withdrawal processes, including transferring FLOW tokens to an independent foundation and enabling third-party marketplaces. 

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.7.19
© 2017 - 2024 COIN360.com. All Rights Reserved.