cryptocurrency widget, price, heatmap
arrow
Burger icon
cryptocurrency widget, price, heatmap
News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 21, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 21, 2024

Van Thanh Le

May 21 2024

4 weeks ago4 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Bitcoin and Ethereum Updates

  • Bitcoin surges amid Ether ETF speculation
  • Ethereum futures hit record high on ETF optimism
  • SEC expected to approve multiple Ethereum ETFs

Security Breaches and Solutions

  • Gala Games security breach leads to token plummet
  • Inferno Drainer resumes operations, scams crypto users
  • Lido DAO resolves security breach without losses

Market Speculations and Trends

  • Ethereum-based meme coins surge with ETF speculation
  • MAGA token insider selling leads to manipulation suspicions

Blockchain and Network Upgrades

  • Sei Foundation proposes Layer 1 blockchain upgrade
  • Sui Network launches Mysticeti on testnet
  • COTI V2 devnet introduces privacy-centric possibilities

Token Introductions and Investments

  • deBridge introduces governance token DBR
  • Hex Trust launches USDX stablecoin on Flare blockchain
  • Binance Labs invests in decentralized exchange Aevo

Corporate Acquisitions and Expansions

  • Phantom acquires Bitski to enhance Solana wallets
  • Farcaster raises $150M to expand social-media platform

New Product Launches

  • Alchemy Pay launches Web3 Digital Bank

NFT News and Controversies

  • Yuga Labs faces backlash over new NFT collection
Coin360.png

Bitcoin surges amid Ether ETF speculation

On May 21, Bitcoin surged to $71K before pulling back to $69.7K amid speculation of an Ether ETF approval, resulting in $260M short liquidations. Analysts suggested Bitcoin shorts face $1.4B liquidation risk if BTC hits $74.3K. Despite the recent down, BTC derivatives signal potential new highs above $73K, fueled by ETF optimism. Tether minted $1B USDT on Ethereum to boost liquidity, anticipating market rallies due to the ETF buzz.

chart.webp

Ethereum futures hit record high on ETF optimism

Ethereum's futures open interest hit a record $15.1B, driven by rising optimism about ETF approval, with probabilities increasing to 75% as the price soared by 20%. On-chain data showed 90% of investors in profit as Ethereum's price exceeded $3,800. Additionally, large investors like James Fickel swapped $25M in Wrapped Bitcoin for 6,905 ETH, reflecting heightened bullish sentiment amid increased long positions and tripled transaction volumes.

chart (1).webp

SEC expected to approve multiple Ethereum ETFs

The SEC is expected to approve multiple spot Ethereum ETFs, with firms like VanEck, ARK Invest, Grayscale, and Fidelity revising their filings. The probability of approval has surged to 75%, with anticipated inflows of $15-45 billion. This led to a 20% rise in ETH prices to $3,790-$3,800. Staking concerns are addressed in amended applications, with the SEC's final decisions imminent.


Gala Games security breach leads to token plummet

On May 20, 2024, Gala Games experienced a security breach where a rogue admin minted and sold 600 million GALA tokens (worth $23 million) out of 5 billion minted tokens. This caused the price to plummet by 20%. The remaining tokens were frozen and effectively burned. Gala Games' CEO admitted internal control failures and announced enhanced security measures. The hacker returned $23 million in ETH, and Gala proposed a "buy and burn" strategy. DWF Labs bought 25-28 million GALA tokens to support the market. Gala's price partially recovered to around $0.041-$0.043.

chart (2).webp

Inferno Drainer resumes operations, scams crypto users

Inferno Drainer, a notorious crypto scam group, has reportedly resumed operations, claiming to have stolen over $250 million from crypto users. The group ceased operations in November after draining $80 million. It now cites increased demand and the exit of competitors as reasons for resuming. This reflects the persistent threat of phishing scams in the crypto world.


Lido DAO resolves security breach without losses

When a security breach involving Numic, a Node Operator working with Lido DAO, was resolved without affecting validators or causing financial losses, LDO's price surged 40% at one point to $2.33. LDO's market cap reached $2.075 billion, ranking 56th, with derivatives volume rising 650.74% and open interest up 60.34%.

chart (3).webp

Ethereum-based meme coins surge with ETF speculation

Ethereum-based meme coins like MOG and PEPE surged due to increased speculation about spot Ethereum ETF approval, with MOG rising nearly 50% and PEPE over 20%. Other significant gainers included Wojak (66.3%), Hemule (89%), Base Pro Shops (161%), and Dog Ski Mask (111%). Pepecoin, the third largest meme coin, jumped 32%, while Ethereum itself rose over 17%, and Bitcoin hit $71,000. The meme coin market cap surpassed $62 billion, driven by high beta leverage on their underlying blockchains.

chart (4).webp

MAGA token insider selling leads to manipulation suspicions

An alleged "insider" selling $1.05 million in MAGA tokens led to suspicions of market manipulation. Further scrutiny revealed potential MEV bot involvement instead of insider trading. Lookonchain faced criticism for previous reports. Trump's pro-crypto statements coincided with MAGA's price surge. Memecoin volatility was evident in pump.fun's exploit, where an ex-employee allegedly caused a $1.9 million loss.  


Sei Foundation proposes Layer 1 blockchain upgrade

The Sei Foundation introduces a governance proposal for the Layer 1 blockchain upgrade to Version 2, incorporating a parallelized EVM. The multi-phase V2 roll-out prioritizes stability, scalability, and measured steps. A trading surge of SEI, up 11%, post-announcement hints at potential ATH testing, with key resistance levels, at $0.592, $0.613, $0.637.  

chart (5).webp

Sui Network launches Mysticeti on testnet

Sui Network has launched Mysticeti on testnet, boosting its speed to become the fastest blockchain. This upgrade has reduced consensus latency by 80%. It enhances user transaction experiences and benefits gaming and DeFi ecosystems. Sui's price surged by 26.69% in the past week, with potential for further positive impact from the Mysticeti launch. 

chart (6).webp

COTI V2 devnet introduces privacy-centric possibilities

The COTI V2 devnet, a new developer network, introduces privacy-centric possibilities to the blockchain. It enables exploration of confidential DeFi, sensitive data management, and private transactions. COTI has also launched a $52 million grant program to incentivize developers to build on the devnet and experiment with its capabilities, including creating proofs of concept for privacy-preserving smart contracts.

chart (8).webp

deBridge introduces governance token DBR

deBridge introduces its governance token, DBR. With a total supply of 10 billion, stakeholders can partake in DAO governance votes by staking tokens. The protocol allocates 20% of DBR to community and launch activities, including a snapshot-based airdrop. Jupiter's LFG launchpad may support the token's debut. Core contributors receive 2 billion DBR.  


Hex Trust launches USDX stablecoin on Flare blockchain

Hex Trust Group has launched USDX, the primary stablecoin for the Flare blockchain. USDX is backed by US dollar equivalents secured by tier-1 financial institutions. It will play a crucial role in Flare's DeFi ecosystem, with users able to stake USDX in a Clearpool vault, offering real-world yield opportunities without lock-up periods. The stablecoin is expected to reduce crypto market volatility and enhance overall security.  


Binance Labs invests in decentralized exchange Aevo

Binance Labs invested in the decentralized exchange Aevo, boosting its token's price by 10%. However, the token remains 70% lower than its March trading value. The investment details were not disclosed. Aevo operates on an Ethereum layer-2 network and experienced high derivative trading volume prior to its token launch, but trading has reduced significantly since then.  

chart (7).webp

Phantom acquires Bitski to enhance Solana wallets

Phantom, the leading Solana wallet, acquired Bitski, a wallet-as-a-service platform backed by a16z and Galaxy Digital. Bitski employees will join Phantom to bring embedded wallets to Solana. Phantom's user base has exceeded 7 million, and it aims to streamline onboarding with embedded wallets. The team is focused on preparing for the next 20 years.  


Farcaster raises $150M to expand social-media platform

Farcaster, a blockchain-based social-media startup, raised $150M led by Paradigm, also with a16z and Haun. The founder, Dan Romero, announced the investment would fuel project expansion, including hiring engineers. Farcaster operates on Ethereum and the OP Mainnet in the Optimism layer-2 ecosystem. Since going "permissionless," the project has seen significant growth in users, developers, and network activity.  


Alchemy Pay launches Web3 Digital Bank

Alchemy Pay disclosed the launch of 'the Web3 Digital Bank' for cross-border payments. The initiative aims to revolutionize multi-fiat accounts, enhance cash flow management, and allow seamless fiat-crypto conversions. ACH, Alchemy Pay's native token, surged by 10% post-announcement. ACH's current price stands at $0.0329, with notable increases in its Futures and Options OI and derivatives volume.  

chart (9).webp

Top Altcoin Gainers and Losers

Gainers: 

Pepe PEPE (+32.73%

Lido DAO Token LDO (+23.83%

Bonk BONK (+21.72%

Losers:

Arweave AR (-9.30%

Fantom FTM (-5.07%

Gala GALA (-5.02%

NFT Market Map

Screenshot_1.webp

Yuga Labs faces backlash over new NFT collection

Yuga Labs faced backlash for the new CryptoPunks NFT collection by Nina Chanel Abney, criticized for "woke" themes focusing on race and gender. Negative reactions on social media led to Yuga Labs abandoning future plans for the project. The NFTs, initially for auction, will now be distributed to existing Super Cool World NFT holders. Yuga Labs will no longer create new CryptoPunks NFTs but will support museums acquiring the originals.

This article has been refined and enhanced by ChatGPT.

cryptocurrency widget, price, heatmap
v 5.6.19
© 2017 - 2024 COIN360.com. All Rights Reserved.