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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 5, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 5, 2024

Van Thanh Le

Jun 5 2024

2 weeks ago6 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Market Updates

  • Bitcoin Surges Above $71,000
  • BNB Hits New All-Time High
  • Solana Sees 5% Price Rise
  • Floki Hits New All-Time High
  • Stacks Price Surges with Bitcoin Rise

Regulatory and Legal News

  • Potential Delays for Spot Ether ETFs
  • UK Tribunal Against Crypto Exchanges
  • SEC's Salt Lake City Office Closes

Crypto Projects and Innovations

  • Vitalik Buterin Criticizes Celebrity Memecoins
  • Taiko Token Distribution Begins
  • Paxos Introduces Yield-Bearing Stablecoin
  • Misyon Bank Launches Tokenization Solution
  • Mina Mainnet Upgrade Enhances Privacy

Exchange and Platform Updates

  • DMM Bitcoin Plans $320 Million Raise
  • MetaMask Integrates Blockchain Games Directory
  • Coinbase Launches Smart Wallet

Security and Fraud Alerts

  • Tether CEO Warns of Supply Chain Attack
  • Bitget and Sumsub Combat Deepfake Scams

Investor Activity and Market Dynamics

  • Trader Invests $18 Million in SHIB
  • Dogecoin's Social Sentiment Turns Bearish
  • DWF Labs Sells 7 Million TOKEN
  • Donald Trump's Crypto Holdings Soar

DeFi and Blockchain Developments

  • Aave Reaches $20 Billion in Deposits
  • Crypto Startups Secure $777 Million
  • Wall Street Giants Invest in TXSE
  • M^0 Raises $35 Million for Stablecoin Platform

NFT Market Insights

  • Wash Trading Prevalent in NFT Market
  • Sotheby's to Auction Rare Bored Ape NFT

Bitcoin Surges Above $71,000

Bitcoin surged past $71,000, influenced by optimism around potential Federal Reserve interest rate cuts following BOC, and strong ETF inflows. On June 4, U.S. spot Bitcoin ETFs saw their second-highest daily net inflows of $887 million. Major contributors were Fidelity's FBTC and BlackRock's IBIT. Significant short positions above $71,000 suggest potential rapid market movements, with substantial leverage around $72,000. Bitcoin options indicate a possible price breakout above $74,000 by month's end. These dynamics reflect a favorable macroeconomic outlook and increasing institutional interest.

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BNB Hits New All-Time High

BNB reached a new all-time high of $711.56, jumping from $625.26 the previous day. Factors include increased Binance Launchpad and Launchpool activity, significant trading volume surpassing $4 billion, and BNB ecosystem projects' growth. PancakeSwap's CAKE rose 15%, and Floki's meme coin surged 17%. The total value locked in BNB projects increased by 8%, with BNB burns and a strong non-Western user base contributing to the surge.

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Solana Sees 5% Price Rise

Solana experienced a 5% price rise driven by memecoin trading and a robust DeFi ecosystem, with TVL reaching $4.9 billion and active addresses at 41.65 million. BODEN token surged 10% and TREMP 5% after Kraken listed them. Since December 2023, Solana's stablecoin inflows hit $1.5 billion, boosting SOL's price by 246% to $173.


Floki Hits New All-Time High

On June 5, 2024, Floki soared to a new all-time high of $0.0003424, up 30% in 24 hours due to positive fundamentals and $80 billion market inflows. Floki's market cap hit $3.1 billion, supported by a 850% YTD gain. 

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Stacks Price Surges with Bitcoin Rise

The price of Stacks (STX) surged by 11% to reach $2.40 as Bitcoin surpassed $71,000. This rise is attributed to increased DeFi activity on Bitcoin's Layer 2. STX is the top gainer, with a 14% increase in trading volume of over $275 million. Despite its TVL of $126 million, Stacks shows promising growth potential in the DeFi space. Additionally, positive news, such as the Grayscale Stacks Trust announcement, further boosted STX price.

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Potential Delays for Spot Ether ETFs

SEC Chair Gary Gensler indicated potential delays in approving spot Ether ETFs, with final approvals taking months despite initial green lights for several firms. Gensler emphasized investor protection and criticized crypto exchanges for lack of transparency and proper regulation. He highlighted issues such as market manipulation and fraud, referencing ongoing legal actions against figures like Do Kwon from Terraform Labs.

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UK Tribunal Against Crypto Exchanges

A UK tribunal began hearings against Binance, Kraken, ShapeShift, and other exchanges for delisting Bitcoin SV (BSV) in 2019. BSV Claims Ltd. seeks $9 billion in compensation for missed growth opportunities, alleging collusion among exchanges. The defendants argue BSV holders could have sold their tokens post-delisting and deny coordinated actions. The case centers around the impact of Craig Wright's disputed Satoshi Nakamoto claims.

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SEC's Salt Lake City Office Closes

The Securities and Exchange Commission's Salt Lake City office, known for its failed lawsuit against DEBT Box, is closing due to staff attrition following the case's dismissal. The SEC's Denver office will assume its enforcement responsibilities. Two lawyers resigned after a judge sanctioned them for misconduct in the DEBT Box case, which the judge dismissed, ordering the SEC to pay $1.8 million in legal fees.

Vitalik Buterin Criticizes Celebrity Memecoins

Vitalik Buterin recently criticized the surge of celebrity memecoins, emphasizing that projects should aim for lasting value. He highlighted Ashton Kutcher and Mila Kunis’ Stoner Cats project as more respectable, as it funded a show. Buterin believes celebrity tokens should serve a public benefit, have longevity, and offer engaging features beyond trading.

Taiko Token Distribution Begins

Taiko, a Layer 2 scaling network, initiated its token distribution with a $2.1 billion fully diluted valuation. Despite an initial drop of 40% to $2.20, it ranks among the top Layer 2 networks by market cap. Taiko's rollup technology aims for faster, cheaper transactions by offloading them from Ethereum's mainnet. Eligible users can claim tokens by bridging ETH to Taiko. Additionally, a Trailblazer program rewards community engagement.

Paxos Introduces Yield-Bearing Stablecoin

Paxos International has introduced Lift Dollar (USDL), a yield-bearing stablecoin, launching it initially in Argentina. USDL is backed one-to-one with the U.S. dollar and pays daily yield to token holders. Users can currently earn approximately 5% yield on USDL. However, it's not available in certain jurisdictions like the U.S. and the European Union.

Misyon Bank Launches Tokenization Solution

Misyon Bank launches a tokenization solution on Avalanche, enabling the digitization of assets like bonds, shares, and real estate. This platform, accessible to banks and investment firms, allows fractional ownership and seamless global access. Partnering with Taurus for custody, it's poised to attract capital and drive Turkish economic growth. The platform also offers tokenized Eurobonds to retail investors, enhancing diversification and stability.

Mina Mainnet Upgrade Enhances Privacy

The Mina mainnet upgrade introduces groundbreaking privacy applications, leveraging zk-SNARK proofs to maintain a compact size and efficient verification. This enhances decentralization and scalability, aligning with Ethereum's layer-2 aspirations. Unlike other rollups, Mina focuses on off-chain computations, ensuring user privacy through distributed tasks and transparent base layer transactions.

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DMM Bitcoin Plans $320 Million Raise

Japanese crypto exchange DMM Bitcoin announced plans to raise $320 million through loans and capital increases to repay victims of a $305 million hack that occurred on May 31, 2024. The company secured a $32 million loan and will raise an additional $310 million by June 10, 2024, to ensure full reimbursement for affected customers, supported by its group companies. The cause of the hack remains under investigation.

MetaMask Integrates Blockchain Games Directory

MetaMask now integrates a blockchain games directory, courtesy of HyperPlay, enriching its portfolio. Users can seamlessly access and enjoy games directly from the MetaMask interface. This enhancement signifies MetaMask's commitment to enhancing user experience and expanding its utility beyond conventional wallet functions.

Coinbase Launches Smart Wallet

Coinbase launched its Smart Wallet, aiming to attract 1 billion users to crypto. The wallet offers simple setup, gasless transactions, and works across networks and apps. It uses Passkeys and a web portal for access, and supports Base, Ethereum, OptimismArbitrumPolygon, Avalanche, BNB, and Zora networks. Coinbase is encouraging developers to integrate the wallet and is offering gas credits through a Base Gasless Campaign. 

Tether CEO Warns of Supply Chain Attack

Tether CEO Paolo Ardoino cautioned the crypto industry about a possible breach in an email list service, suggesting a supply chain attack. He urged vigilance against emails promising crypto airdrops. CoinGecko's COO, Bobby Ong, confirmed the threat and advised against clicking on fraudulent links. Crypto firms are on alert, emphasizing caution to users.

Bitget and Sumsub Combat Deepfake Scams

Bitget and Sumsub joined forces to combat AI-generated deepfake scams in the cryptocurrency industry. With Sumsub's KYC tools, including facial biometrics and identity verification, Bitget aims to safeguard its 25 million users against deepfake fraud, which has seen a 245% global increase year-over-year. This partnership addresses rising concerns about deepfake-related security threats in crypto.

Trader Invests $18 Million in SHIB

After amassing $120 million trading Shiba Inu (SHIB), a trader invested $18 million to buy 715.9 billion more SHIB. They initially acquired 5.5 trillion SHIB for $400,000, then sold at profit peaks. Their strategic trading history suggests confidence in future price surges. SHIB's recent price rise correlates with a surge in new accounts on its blockchain, Shibarium. Major traders remain bullish, though caution in investment decisions is advised.

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Dogecoin's Social Sentiment Turns Bearish

As of early June 2024, Dogecoin's social sentiment has turned bearish, similar to levels in February, as social volume and weighted sentiment decline. However, whales have accumulated over 900 million DOGE ($112 million). Despite recent whale accumulation, Dogecoin has experienced price downtrends, with minor positive trends insufficient to offset declines. DOGE was trading at $0.163, with whale wallets increasing holdings, yet overall holder numbers and volume remained flat at 6.6 million and $835 million, respectively.

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DWF Labs Sells 7 Million TOKEN

DWF Labs sold 7 million TOKENs amid a 29% surge in its price, impacting market dynamics and investor sentiment. This sale, coinciding with a significant price increase, raises questions about the motives behind DWF Labs' decision. Additionally, recent transactions totaling 25 million TOKENs to, worth $3.52 million, have contributed to market fluctuations.

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Donald Trump's Crypto Holdings Soar

Donald Trump's crypto holdings, assessed by Arkham Intelligence, have soared to $32 million, buoyed by meme coins. His largest stake is in TROG, valued at $21 million, over 50% of TROG's $36 million market cap. Despite his substantial gains, much of his wealth remains illiquid due to low trading volume.

Aave Reaches $20 Billion in Deposits

Aave, a leading DeFi protocol, has reached a significant milestone with over $20 billion in deposits, coinciding with a record annual revenue of $115 million. The community is discussing a fee-switch proposal to redistribute transaction fees. Market experts attribute Aave's growth to the recovery of the DeFi sector and increasing investor interest in Ethereum.

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Crypto Startups Secure $777 Million

In May, crypto startups secured $777 million from VC funds, marking a 17% decline from April. Blockchain infrastructure led with $630 million, BTC DeFi received $70 million, while overall DeFi funding decreased to $50 million. Notable sectors include NFTs and Web3 applications, with growing interest and investments. Blockchain gaming also saw a slight increase in funding to nearly $27 million.

Wall Street Giants Invest in TXSE

Wall Street giants, including BlackRock and Citadel, are investing $120 million in the new Texas Stock Exchange (TXSE). TXSE aims to challenge NYSE and Nasdaq, offering a more CEO-friendly environment. The exchange plans to begin operations in 2025, potentially boosting Texas' financial prominence.

M^0 Raises $35 Million for Stablecoin Platform

Decentralized infrastructure provider M^0 raised $35M in a Series A round led by Bain Capital Crypto. The funding will further develop its stablecoin issuance platform, which enables institutional clients to mint stablecoins backed by high-quality collateral. M^0 deployed its core protocol and governance mechanism on the Ethereum mainnet. This move aligns with the growing demand for stablecoins in DeFi and remittances.

Top Altcoin Gainers and Losers


Stacks STX (+12.35%

Cronos CRO (+7.71%

Floki Inu FLOKI (+6.88%


Notcoin NOT (-10.75%

JasmyCoin JASMY (-5.70%

Ondo ONDO (-2.59%

NFT Market Map

Wash Trading Prevalent in NFT Market

Wash trading, artificial trades to inflate volume, is prevalent in the NFT market, with Blur leading at 18.88% followed by Magic Eden at 27.98%. OpenSea has the lowest at 0.88%, maintaining a healthy organic volume. Renowned collections like BAYC and MAYC also show significant wash trading, while others like AzukiMilady, and Ethlizards have lower levels, indicating varying trading patterns. 

Sotheby's to Auction Rare Bored Ape NFT

Sotheby's plans to auction a rare gold-furred Bored Ape NFT, along with other NFTs from Yuga Labs, on June 18. The collection includes a Bored Ape profile picture and pieces from the Mutant Ape Yacht Club and Bored Ape Kennel Club lines. The auction will test demand for Ape-themed assets in the art world.

This article has been refined and enhanced by ChatGPT.

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