cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 13, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 13, 2024

Van Thanh Le

May 13 2024

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

This article comes to you with the generous support of Xtreme.game. Discover the excitement and rewards that await you at Xtreme.game with a 100% deposit bonus!

Crypto Market Update

Table of Contents

Market Updates

  • Bitcoin Surges Amid Inflation Anticipation
  • Ethereum Navigates Regulatory Hurdles and Whale Movements
  • Roaring Kitty Sparks Market Frenzy in Meme Stocks
  • El Salvador's Bold Bitcoin Strategy

Crypto Exchanges and Platforms

  • Suspected Exploit on Middle Eastern Exchange
  • Leadership Change at dYdX Spurs Growth
  • Degen Chain Encounters Operational Downtime
  • BounceBit's Mainnet Launch Amid Security Alerts

Crypto Investment Trends

  • Crypto Investment Products See Shift in Inflows
  • Toncoin and Trump-Themed Memecoin Show Bullish Signs

Global Developments

  • Philippines Tests Peso-Backed Stablecoin
  • North Korean Malware Targets Crypto Firms
  • Successful Recovery of Stolen Crypto Funds
  • Runes Protocol Experiences Fluctuating Fees
  • Tether CEO Defends Against Ripple Criticism

Retail and Merchandising in Crypto

  • Pudgy Penguin NFT Project's Retail Success
Coin360.png

Bitcoin Surges Amid Inflation Anticipation

Bitcoin increased to $63,000 today, influenced by U.S. inflation data anticipation, which could dictate future Federal Reserve interest rate decisions. Long-term holders are increasingly seen as stabilizing forces, opting not to sell despite market volatility, a behavior noted across multiple analyses and supported by on-chain data indicating their growing Bitcoin retention; while short-term Bitcoin holders react quickly to macroeconomic updates with sell-offs. Major banks, such as JP Morgan, Wells Fargo, and UBS, have disclosed substantial investments in Bitcoin through ETFs, signaling enhanced institutional acceptance. 

chart (1).webp

Ethereum Navigates Regulatory Hurdles and Whale Movements

Ethereum is facing potential regulatory scrutiny in the US, with the SEC likely to reject spot Ether ETFs later this month, leading to a precarious market position, despite its rise to surpass $2,950 today. Amid the change, a significant whale transferred 4,153 ETH to Coinbase, valued at over $12 million, contributing to an increased positive Netflow, with the ETH price nearing $3,000. This movement was part of a larger pattern of sales from this wallet since 2021, totaling over $21 million. This early adopter reportedly transferred 9,436 ETH to exchanges since 2016 for sale, generating a $28.5 million profit, with current holdings valued at approximately $7.48 million. 

chart.webp

Roaring Kitty Sparks Market Frenzy in Meme Stocks

Keith Gill, known as Roaring Kitty, triggered market frenzies in meme stocks and cryptocurrencies with a tweet after nearly three years of silence, causing GameStop's stock to double and trading to halt nine times due to soaring demand, and GME token price up by over 1,800%. This surge also affected AMC and smaller stocks like Reddit and Robinhood. Meanwhile, a trader capitalized on Gill's return by buying 17.4 million Roaring Kitty (KITTY) meme coins, earning a profit of $94,000 from a $3,000 investment as KITTY's value soared by over 6,000%, indicating a potential resurgence of interest in meme stocks and cryptocurrencies.

chart (2).webp

El Salvador's Bold Bitcoin Strategy

El Salvador launched a proof-of-reserves website to monitor its 5,748 BTC worth around $360M. The country aims to add 1 Bitcoin to its treasury daily. With an average buying price of $43,097 per BTC, it holds an estimated unrealized profit of $57.4M. Some experts suggest that Bitcoin's price action is dependent on U.S. Bitcoin exchange-traded funds.  


Suspected Exploit on Middle Eastern Exchange

ZachXBT alleges that the Rain exchange in the Middle East was "likely exploited" for $14.8 million, as funds from its BTC, ETH, SOL, and XRP wallets were suspiciously moved out on April 29, 2024. Rain has not commented. The exchange got regulatory approval from Abu Dhabi last year. ZachXBT previously reported on North Korea's Lazarus Group and a NFT holder's phishing attack.


Leadership Change at dYdX Spurs Growth

Antonio Juliano, founder of dYdX, stepped down as CEO to become Chairman & President. Ivo Crnkovic-Rubsamen, former chief strategy officer, took over. Under Crnkovic-Rubsamen's leadership, dYdX has seen a surge in activity, with over $1.1 billion in market capitalization, $463 million in total value locked, and annualized revenue of $35.4 million. The DEX has also achieved over $1.31 trillion in derivatives trading volume since 2021.

chart (3).webp

Degen Chain Encounters Operational Downtime

Degen Chain, a Layer 3 Ethereum-based blockchain developed for the Degen meme token, experienced an approximately 20-hour operational downtime, halting new block production, and affecting associated services and platforms such as Relay bridge, DegenSwap, Mint Club, and Frogswap. The downtime is being resolved with Conduit's assistance. Interestingly, Degen (gas token) on Base continues to operate unaffected. 

chart (4).webp

BounceBit's Mainnet Launch Amid Security Alerts

Today marks BounceBit's mainnet launch and BB token airdrop, amidst an alert about a phishing site. The venture recently secured $6 million in funding and offers a BTC restaking mechanism via its SSC infrastructure. DeFiLlama reports a TVL of $448.65 million in BounceBit, establishing anticipation within the industry for its unique features.  


Crypto Investment Products See Shift in Inflows

Digital asset investment products saw $130 million in inflows after five weeks of outflows. ETP volumes dropped to $8 billion, with the US registering its lowest outflows since January. Bitcoin gained $144 million in inflows, while Ethereum faced uncertainty due to US regulatory indecision on spot Ethereum ETFs and experienced $14 million in outflows.  


Toncoin and Trump-Themed Memecoin Show Bullish Signs

Toncoin (TON) soared to $7.46 nearing its all-time high today, driven by significant whale activity with more than 350,000 TON purchased recently. Meanwhile, Trump-themed memecoin MAGA (TRUMP) surged 85% in a week, reaching $9.3, following Donald Trump's favorable comments on cryptocurrencies on May 8. It shows strong bullish indicators, with its value and market cap increasing. Additionally, memecoin is the winning sector today with notable members: PEPEWIFDOGESHIBBONKFLOKI.

meme.png

Philippines Tests Peso-Backed Stablecoin

The Philippines central bank has initiated controlled trials for a peso-backed stablecoin, PHPC, in partnership with Coins.ph, aiming for real-world utility through applications like domestic payments and DeFi interactions. It came as China’s digital yuan, e-CNY, faces usage reluctance as workers prefer converting it to cash due to its limited utility and absence of interest accrual. The Philippine project was officially announced without a specific date, while significant e-CNY transactions, amounting to over $250 billion, were reported as of July 20, 2023.


North Korean Malware Targets Crypto Firms

North Korean hackers, specifically the Kimsuky group, have deployed a new malware variant called "Durian" to target South Korean cryptocurrency firms. The malware infiltrates systems to execute commands, download files, and exfiltrate data. It also connects to the Lazarus Group, notorious for laundering over $200 million in ill-gotten crypto and stealing billions in assets.  


Successful Recovery of Stolen Crypto Funds

The whale, who lost $71 million worth of WBTC to a phishing attack, had all funds returned a week later. The attacker used "Address Poisoning" to mimic the victim's address. The stolen WBTC was swiftly converted into 22,960 ETH. After tracking the attacker, the victim received all funds back, highlighting the need for greater caution when making cryptocurrency transfers.  


Runes Protocol Experiences Fluctuating Fees

The Runes protocol, launched on April 20, generated over $135 million in fees within the first week, with its highest transaction share reaching 81.3%. However, a significant decline followed, with fees surpassing $1 million only twice in the last 12 days. The protocol's activity has dwindled, impacting Bitcoin miners' earnings post-halving.  


Tether CEO Defends Against Ripple Criticism

Tether's CEO, Paolo Ardoino, rebutted Ripple CEO Brad Garlinghouse's criticism, labeling him as "uninformed." Ardoino defended Tether's USDT stability, emphasizing its global utility in unbanked communities. He stressed USDT's security measures, compliance with law enforcement, and mainstream media's bias against stablecoins, highlighting Tether's efforts to block illicit funds, collaborating with 124 law enforcement agencies.  

Top Altcoin Gainers and Losers

Gainers:

Pepe PEPE (+18.65%

Floki Inu FLOKI (+11.92%

Dogecoin DOGE (+8.13%

Losers:

Pendle PENDLE (-8.71%

Ethena ENA (-6.91%)

Core DAO CORE (-5.42%

NFT Market Map

NFT.webp

Pudgy Penguin NFT Project's Retail Success

The Pudgy Penguins NFT project has sold over one million toys in the past year, spreading to global retailers. CEO Luca Schnetzler emphasized the surprising Consumer Crypto revolution led by the project. The stuffed toys are sold in Walmart and Target. NFT holders get 5% royalties from physical product sales. The NFTs are valuable, with Penguin #6873 selling for $1.17 million. It recently ranks twelfth in NFT sales. The project partnered with Unstoppable Domains to introduce ".pudgy" domain names, offering numerous benefits.  

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.31
© 2017 - 2024 COIN360.com. All Rights Reserved.