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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 16, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 16, 2024

Van Thanh Le

May 16 2024

6 days ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

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Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin and Ether React to U.S. Jobless Claims Report
  • Ether-Bitcoin Ratio Hits Lowest Point Since 2021
  • U.S. Bitcoin ETFs See Inflow Streak
  • Senate Overturns SEC's SAB121

Country-Specific Developments

  • Oklahoma Passes 'Bitcoin Rights' Bill
  • CME Plans to Introduce Spot Bitcoin Trading
  • Coinbase Targets Australia's Pension Market
  • ShibaSwap 2.0 Launches on Shibarium
  • Pepe (PEPE) Attracts Whales Despite ATH

Banking and Regulatory Updates

  • Notcoin (NOT) Enters Market with $1 Billion Valuation
  • Rune Christensen Proposes Dual Stablecoin Framework
  • Blast Network Delays Airdrop to June 26
  • Oobit Launches Tap & Pay Tech for USDT and XAUt
  • EOS Blockchain Shows Q1 Revenue Growth
  • PancakeSwap to Reimburse Uniswap Users

Crypto Exchanges and Platforms

  • Bitpanda Projects Record-High Profit in 2024
  • 'Crypto King' Charged with Fraud
  • Sam Trabucco Defends Ryan Salame
  • CZ's Prison Sentence Delayed
  • Phishing Attack Targets b3hodlr.eth
  • Exploited via Flash Loans
  • Tornado Cash Developer Appeals Sentence
  • NFT Market Plunges 97% Since 2021

Bitcoin and Ether React to U.S. Jobless Claims Report

On May 16, crypto markets reacted to the latest U.S. jobless claims report, with Bitcoin dropping to $65,000, and Ether below $3,000. QCP analysts predict BTC could rise to $74,000 due to institutional demand and favorable economic factors. Long-term holders recently bought 70,000 BTC for $4.3 billion, signaling bullish sentiment. Despite mixed reactions, traders like Peter Brandt and QCP Capital are optimistic, forecasting a potential return to all-time highs driven by easing inflation, sovereign and institutional adoption, and the upcoming U.S. elections.


Ether-Bitcoin Ratio Hits Lowest Point Since 2021

The ether-bitcoin ratio hit its lowest point since April 2021 today, influenced by competition from Solana and uncertainties around ETH ETFs. Ethereum broke $3,000 at one point but has retraced following BTC’s move. A mysterious wallet bought 29,000 ETH, raising speculation amid Ethereum’s yesterday revival. Despite the slowdown, analysts suggest Ethereum could drive an altcoin rally, with altcoins poised for gains following potential Ethereum breakouts. However, some believe a broader altcoin season may still take time to materialize.

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U.S. Bitcoin ETFs See Inflow Streak

As of May 15, 2024, U.S. Bitcoin ETFs achieved a three-day inflow streak, netting a total of $303 million. Monday saw inflows of $66 million, Tuesday $100.5 million, and Wednesday $131 million, with Grayscale's Bitcoin Trust (GBTC) alone gaining $27 million. Another report revealed that over 600 firms disclosed $3.5 billion in Bitcoin ETF investments in their 13F filings with the U.S. Securities and Exchange Commission. Millennium Management invested $1.9 billion, mainly in BlackRock and Fidelity ETF products. Despite recent declines in inflows, the total investments remain substantial.

Senate Overturns SEC's SAB121

The U.S. Senate overwhelmingly overturned the SEC's SAB121, criticizing its capital requirements on financial institutions as excessive. The SEC's failure to follow procedural rules added to the controversy. Bipartisan support indicated growing concerns. A related companion bill was previously voted on in the House. The issue continues to draw significant attention and controversy.  

Oklahoma Passes 'Bitcoin Rights' Bill

Oklahoma's newly-passed 'Bitcoin Rights' bill protects citizens' rights to self-custody Bitcoin using a hardware wallet and to use crypto for legal transactions. The legislation also permits participation in home digital asset mining, subject to compliance with local noise ordinances. The non-profit Satoshi Action Fund created the bill, which has been introduced in 15 states.  

CME Plans to Introduce Spot Bitcoin Trading

The Chicago Mercantile Exchange (CME) plans to introduce spot bitcoin trading, expanding from futures to offer an integrated platform for spot and derivatives markets. This move aims to attract major hedge funds and institutional traders by providing a regulated environment for complex trading strategies. It comes amidst surging demand, particularly from institutional clients. 

Coinbase Targets Australia's Pension Market

Coinbase, the American cryptocurrency exchange, is targeting Australia's $600 billion self-managed pension niche. The platform is developing a tailored product for this growing market. The move comes as Bitcoin ETFs gain traction globally. Coinbase aims to capitalize on the absence of institutional interest in crypto assets within Australia, with expectations of the country launching spot crypto ETFs soon.  

ShibaSwap 2.0 Launches on Shibarium

ShibaSwap 2.0 has launched on Shibarium, introducing token swapping and staking. The migration brings new features like liquidity pool creation, token swapping, and opportunities for fee earning. Additionally, it offers discovery charts for new tokens and onboarding of new assets. This move is expected to increase transactions and accelerate the SHIB token burn rate, positively impacting the community. The SHIB price has already shown a 3% increase, while BONE, the governance token, gained 4.7%.  

chart (2).webp

Pepe (PEPE) Attracts Whales Despite ATH

Pepe (PEPE) set a new all-time high (ATH) and attracted crypto whales to buy 720 billion tokens. However, with 100% of holders in profit, a potential price dump is anticipated. Despite this, Rachid Crypto predicts continued bullish momentum due to the pending "mega meme cycle," altcoin season, listings on major platforms, and a correlation with Ethereum's price. 

chart (3).webp

Notcoin (NOT) Enters Market with $1 Billion Valuation

On May 16, 2024, Notcoin (NOT) entered the market with a $1 billion valuation, attracting over 35 million users and achieving $294 million trading volume within an hour. It is now trading on top exchanges like Binance and OKX. An airdrop distributed 80 billion NOT tokens, with 100% of its token supply released immediately. However, Binance removed the NOT/BTC trading pair due to compliance issues.

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Rune Christensen Proposes Dual Stablecoin Framework

Rune Christensen proposes a dual stablecoin framework to resolve the Stablecoin Trilemma. MakerDAO's DAI will evolve into NewStable and PureDAI, prioritizing growth and decentralization, respectively. NewStable aims for mass market adoption and regulatory compliance, while PureDAI seeks autonomy with decentralized collateral. The transition timeline depends on community adoption speed.  

chart (5).webp

Blast Network Delays Airdrop to June 26

On June 26, Blast Network will launch its airdrop, originally scheduled for May. This delay led to increased airdrop allocations to compensate developers and early users. Blast Gold points will be distributed twice before the airdrop, targeting dApps builders. Blast, with $2.7 billion TVL, is following a strategy similar to Blur's, aiming to boost user engagement and platform growth.

Oobit Launches Tap & Pay Tech for USDT and XAUt

Oobit's Tap & Pay tech will facilitate USDT and XAUt fiat transactions on TONTether's $200M USDT issuance on TON and XAUt's launch. USDT is also on 14 other blockchains, joined Celo in March. Oobit's app features accessible crypto-to-fiat solutions. Its Tether-backed Series A funding and geographic expansions demonstrate Tether's growth.  

chart (6).webp

EOS Blockchain Shows Q1 Revenue Growth

According to Messari, the EOS blockchain has shown Q1 revenue growth due to increased transactions and RAM fees. Savanna Consensus update in July will ensure faster transaction finalization and more block producers. EOS will introduce a layer for tokenized Bitcoin and aims to boost market activity after years of stagnation. Currently priced at $0.80, it faces challenges despite increased network usage.  

chart (7).webp

PancakeSwap to Reimburse Uniswap Users

PancakeSwap will reimburse up to $8 million in fees paid by Uniswap users who match their Uniswap v3 holdings on PancakeSwap v3 by August 15. This responds to Uniswap's interface fee hike in April, from .15% to .25%. Eligible traders must have held at least $5,000 in WBTC and/or WETH pairs on Uniswap's Ethereum platform between Jan. 1 and March 31. PancakeSwap aims to attract market share from Uniswap with lower fees and refunds.  

chart (8).webp

Bitpanda Projects Record-High Profit in 2024

Bitpanda GmbH, headquartered in Vienna, projects a record-high profit in 2024 due to rising bank deals and digital asset growth. After 2023’s net sales of €148 million, Q1 2024 revealed over €100 million in revenue. Following substantial losses in 2022, the company earned a pre-tax profit of €13.6 million in 2023. Bitpanda remains optimistic, expecting substantial profits.  

'Crypto King' Charged with Fraud

Two Canadian men, including self-proclaimed “Crypto King” Aiden Pleterski, were charged with fraud, accused of defrauding investors of $40 million CAD in a crypto and foreign exchange investment scheme. Pleterski allegedly spent millions on luxury items, was kidnapped and tortured by five victims, and now faces strict bail conditions. The Ontario Securities Commission plans to share more details soon.

Sam Trabucco Defends Ryan Salame

Sam Trabucco called for fair sentencing of Ryan Salame, his best friend and former FTX Digital Markets co-CEO, who pleaded guilty to conspiracy and campaign finance fraud in September 2023. FTX creditors were informed they would receive 118% of their allowed claims, sending FTT trading volume to $139 million, the highest since December. Despite the positive news, some creditors criticized the compensation plan for not repaying in cryptocurrency.

chart (9).webp

CZ's Prison Sentence Delayed

According to a Protos report, Binance founder Changpeng Zhao (CZ) is yet to start his four-month prison sentence due to US prison system intricacies. CZ has not received a notification from the Probation Office. Delays may occur due to formalities, voluntary surrender, or awaiting the US Marshalls for prison transport. Due process is vital.  

Phishing Attack Targets b3hodlr.eth

phishing attack targeted b3hodlr.eth, resulting in the loss of $1.26 million in Wrapped Liquid Staked ETH (wstETH). PeckShield identified the attacker as Fake_Phishing187019. Scam Sniffer reported $173 million lost to phishing scams in Q1 2024. Rising instances emphasize the need for heightened cybersecurity measures in the crypto community. Exploited via Flash Loans, a Solana-based token launcher, has reportedly been exploited using flash loans to manipulate the bonding curve for memecoins. The exploiter manages to acquire the tokens without payment by employing a crypto loan service. A social media user, Stacc, has claimed responsibility for the exploit and has expressed emotional distress via public statements.

Tornado Cash Developer Appeals Sentence

The developer of Tornado Cash, Alexey Pertsev, has appealed his 64-month prison sentence for money laundering via the crypto mixer. Pertsev filed the appeal following his recent conviction. Despite the legal issues facing its founders, Tornado Cash is still actively used within the crypto community, as pointed out by various stakeholders.  

chart (10).webp

Top Altcoin Gainers and Losers


Fantom FTM (+11.96%

Core DAO CORE (+11.63%)

Akash Network AKT (+6.18%


Ethena ENA (-7.46%

Render Token RNDR (-7.12%

Helium HNT (-6.51%

NFT Market Map


NFT Market Plunges 97% Since 2021

The NFT market has suffered a 97% plunge in trading volume since 2021, with 95% of projects holding zero market value. Factors include the broader crypto market slump, saturation of low-quality projects, and lack of utility for many NFTs. The report published on Invezz suggests potential retail investor interest and hints at regulatory challenges ahead.  

This article has been refined and enhanced by ChatGPT.

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