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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 18, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 18, 2024

Van Thanh Le

May 18 2024

last month4 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 Ethereum Prices Surge Amid Short Squeeze
  • Ethereum's Price Boosted by Court Ruling and Rate Cut Speculation
  • Support for FIT21 Market Structure Bill Grows
  • Genesis Global's $3 Billion Payout Approved by Court

ETF and Institutional Investments

  • U.S. Spot Bitcoin ETFs Attract $10 Billion in Q1 2024

Exchange and Platform Developments

  • Kraken May Drop Tether's USDT in EU Due to MiCA
  • Telegram Founder Receives $6.8 Million in Notcoin
  • zkSync Nears v24 Upgrade with Expected Airdrop

Major Investments and Partnerships

  • Crypto Whale's Investment in ONDO Causes Price Surge
  • Mintlayer and Salus Introduce Thunder Network

Legal and Regulatory News

  • Two Arrested for Laundering $73 Million Through Crypto Schemes
  • Crypto Personality Admits to Wire Fraud

Security and Recovery Efforts

  • Alex Labs Recovers $3.9 Million of Exploited Crypto
  • Pendle Token Thefts Highlight Security Needs

NFT Market Trends

  • Ethereum NFT Sales Volume Drops 50%
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Bitcoin and Ethereum Prices Surge Amid Short Squeeze

Bitcoin surged to $67,422 today, the highest since its April 19 halving. Ethereum exceeded $3,100, and other top altcoins like SolanaXRP, and Cardano also saw gains. The surge followed a significant short squeeze, with Bitcoin and Ethereum witnessing $35.84 million and $24.58 million in short liquidations, respectively. 

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Ethereum's Price Boosted by Court Ruling and Rate Cut Speculation

Ethereum's price rose 5.5% to over $3,100, driven by expectations of a potential interest rate cut by the U.S. Federal Reserve and a favorable court ruling recognizing Ethereum as a decentralized blockchain. Coinbase analysts remain optimistic about spot Ether ETFs, despite regulatory delays, predicting a 30-40% chance of approval. Better Markets, however, opposes the approval of a spot Ether ETF, citing risks of intertwining the crypto industry with traditional finance and increased systemic risks. Ethereum's dominance in decentralized applications and network security also contributed to investor confidence.

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Support for FIT21 Market Structure Bill Grows

Sixty crypto organizations, including GeminiKraken, and Coinbase, support the FIT21 market structure bill. The bill aims to address compliance challenges and provide clear rules for digital asset firms. If passed, the bill will shift more regulatory responsibility to the Commodity Futures Trading Commission, but faces an uphill battle in the Senate.  


Genesis Global's $3 Billion Payout Approved by Court

Genesis Global's court-approved $3 billion payout will leave Digital Currency Group (DCG) with zero recovery amidst a bankruptcy. Judge Lane favored creditor claims, deeming DCG's equity interest valueless. Genesis prepares to return assets after frozen funds release due to major crypto firm collapses. DCG's $32 billion creditor prioritization overshadows its equity stake.  


U.S. Spot Bitcoin ETFs Attract $10 Billion in Q1 2024

As of Q1 2024, U.S. Spot Bitcoin ETFs attracted $10 billion, with 937 institutional investors contributing. The U.S. led with $9.27 billion, and top banks like Morgan Stanley and Wells Fargo disclosed significant holdings. Millennium Management invested $2 billion, while Susquehanna and Boothbay Fund Management also made notable contributions. Hong Kong, Jersey, and Canada followed as key contributors. In May 2024, Spot Bitcoin ETFs reversed April’s outflows with a $1.5 billion inflow. Major ETFs like BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC saw substantial investments.


Kraken May Drop Tether's USDT in EU Due to MiCA

Kraken is considering removing support for Tether's USDT stablecoin in the EU, due to impending regulatory changes under MiCA, which aims to restrict the sale of stablecoins to EU investors. The move may affect Tether's availability on the platform and impact users, potentially leading to decreased liquidity and increased price volatility.  


Telegram Founder Receives $6.8 Million in Notcoin

On May 17, 2024, it was reported that Telegram founder Pavel Durov received a $6.8 million gift in Notcoin (NOT) from the TON-based game, raising concerns about insider trading and undisclosed promotions. Over 552,000 players donated 1.03 billion NOT tokens, currently worth $7.3 million, as appreciation for Durov's contributions to Telegram. Durov plans to hold the tokens until their value increases 100-fold to $680 million for Telegram support. Notcoin's launch faced skepticism, with the token's value dropping by over 50% since launch.

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zkSync Nears v24 Upgrade with Expected Airdrop

zkSync, an Ethereum layer 2 network, nears the v24 upgrade that concludes network governance transition to its community, to be followed by an expected airdrop by end of June. Supporting EIP-4844, zkSync targets mass scalability. Total value locked stands at $141 million, supported by a $50 million tokenization partnership, affirming the project's drive for meaningful impact.  


Crypto Whale's Investment in ONDO Causes Price Surge

A crypto whale invested $5.7 million in ONDO, causing a 9% surge to $1.03. ONDO approaches its $1.05 all-time high. The whale's average buy price was $0.95, above analysts' estimates. Potential insider knowledge is suspected. Analysts predict possible targets at $1.40 and $2.70+. Ondo Finance partners with Zebec Network for stablecoin enhancement. OUSG ranks third in tokenized funds.  

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Mintlayer and Salus Introduce Thunder Network

Mintlayer and Salus are collaborating to introduce the Thunder Network, a Layer-3 solution enhancing Bitcoin's scalability, privacy, and transaction speeds. The network integrates the Ethereum Virtual Machine for developing decentralized applications, combining Mintlayer's scalability expertise with Salus' zero-knowledge technology. They aim to revolutionize Bitcoin's potential in DeFi while ensuring security, privacy, and decentralization.  


Two Arrested for Laundering $73 Million Through Crypto Schemes

The Justice Department arrested Daren Li and Yicheng Zhang for allegedly laundering "at least" $73 million through shell companies connected to cryptocurrency investment schemes. The accused lured victims into depositing money into U.S. accounts and utilized co-conspirators to launder the money through U.S. financial institutions to Bahamas bank accounts. They face charges of money laundering.  


Crypto Personality Admits to Wire Fraud

Thomas John Sfraga, a crypto personality, admits to wire fraud, manipulating victims into investing in non-existent ventures, including fake cryptocurrency schemes. He allegedly swindled over $1.3 million and promised returns of up to 60%. Crypto scams continue to attract attention with recent crackdowns on fraudulent activities within the crypto industry.  


Alex Labs Recovers $3.9 Million of Exploited Crypto

Bitcoin layer-2 developer Alex Labs froze over $3.9 million of exploited crypto after attacker sent funds to centralized exchanges (CEXs). The team successfully recovered balances for 17 different tokens and is offering a 10% bounty to the attacker. They are evaluating the deployment of reserves for a treasury grant program. Alex continues to monitor the attacker's addresses.  


Pendle Token Thefts Highlight Security Needs

The recent surge in Pendle token thefts, totaling over $10 million, emphasizes the need for stringent security measures. A $5.62 million loss from a phishing scam underscores the continued threats. Despite these challenges, Pendle's price has risen by 8.15% in the last 24 hours, driven by strategic investments, including a notable purchase by BitMEX's Arthur Hayes.  

Top Altcoin Gainers and Losers

Gainers: 

Ethena ENA (+11.88%

Ordinals ORDI (+10.87%

Gnosis GNO (+10.59%

Losers:

Hedera Hashgraph HBAR (-3.35%

JasmyCoin JASMY (-2.93%

NEAR Protocol NEAR (-2.60%

NFT Market Map

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Ethereum NFT Sales Volume Drops 50%

NFT sales volume on Ethereum dropped 50% over the past month, totaling $203 million. 469,276 NFT sales transactions were recorded, representing a 72% decline. The low sales volume on Ethereum was reflected in Bitcoin and Solana networks as well. Top NFT projects like Bored Ape Yacht Club saw a decline in value. 

This article has been refined and enhanced by ChatGPT.

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