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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 23, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | May 23, 2024

Van Thanh Le

May 23 2024

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

Crypto Market Update

Table of Contents

Crypto Market Updates

  • Bitcoin Drops Below $70,000
  • Ethereum Falls to $3,700
  • SEC Engages with Ethereum ETF Issuers

Investment and Institutional Interest

  • BlackRock's Bitcoin ETF Nears Milestone
  • Grayscale Launches NEAR and Stacks Trusts
  • EtherFi Plans Credit Card for Restaked ETH
  • Fantom Foundation Launches Sonic Blockchain
  • Solana's DePIN Ecosystem Shows Growth

Usage and Adoption Trends

  • Crypto Usage Declines in US
  • Hong Kong Considers Staking for Ethereum ETFs
  • Pixelmon and Taiko Announce Airdrops

Token Performance and Market Movements

  • Bittensor's TAO Token Surges

Exchange and Platform Developments

  • Bybit CEO Refutes Insolvency Rumors
  • Coinbase Reinstates XRP in New York
  • Sushi Integrates GoPlus Security

Regulatory and Legal Developments

  • US House Passes FIT21 Act
  • Tech Against Scams Group Formed

Partnerships and Acquisitions

  • Elixir Games Partners with Ava Labs

New Products and Features

  • FSL Launches Stepn Go Game

Advertising and Promotions

  • Algorand's New Ad Highlights Efficiency

Funding and Investments

  • Plume Secures $10M in Seed Funding

NFT News

  • Coffeezilla Accuses Rabbit of NFT Scam
  • Milady Maker NFTs Surge

Bitcoin Drops Below $70,000

Bitcoin fell below $70,000 following the Federal Open Market Committee’s decision to hold interest rates steady amid inflation concerns. The dollar strength index (DXY) rose, influenced by lower-than-expected jobless claims. Glassnode reported a slowdown in Bitcoin demand, with the Realized Cap showing a deceleration in capital inflow. Financial leaders, including JPMorgan Chase CEO Jamie Dimon, warned of a potential hard landing due to persistent inflation, while market expectations shifted towards possible rate cuts starting in September 2024, contingent on consistent inflation data improvements.


Ethereum Falls to $3,700

Ethereum dropped near $3,700, possibly due to a $27 million ETH sell order by Symbolic Capital Partners’ transactions known as MEV, which caused a broader crypto market sell-off. Ethereum saw a nearly 5% crash attributed to MEV manipulation, while its bullish momentum is the strongest since May 2021, with some traders eyeing $5,000 by June's end. Exchange inflows into Ethereum reached $2.3 billion, marking significant institutional interest. Early investor James Fickel bought $24 million worth of ETH ahead of the SEC's ETF decision, while co-founder Jeffrey Wilcke reportedly sold $37 million worth.

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SEC Engages with Ethereum ETF Issuers

The SEC reportedly initiated discussions with Ethereum ETF issuers about S-1 forms, hinting at a potential approval. Lawmakers are urging the SEC to approve Ether spot ETFs, arguing consistency with Bitcoin ETFs. QCP Capital predicts a 60% increase in Ether's price to around $6,000 upon approval. Bernstein noted that approval would set a precedent for Solana to be classified as a commodity, and forecasts a similar price rally for Ether as seen with Bitcoin. The SEC is expected to approve multiple Ether ETF applications soon, with trading likely to start by July or August if approved.

BlackRock's Bitcoin ETF Nears Milestone

BlackRock's IBIT Bitcoin ETF is on the brink of surpassing Grayscale's GBTC in Assets Under Management as Bitcoin ETF net inflows extend for eight consecutive days. On May 22, total Bitcoin ETF holdings surpassed 850,000 Bitcoin. Meanwhile, WisdomTree's achievement in receiving authorization to introduce Bitcoin and Ethereum ETPs on the London Stock Exchange signifies growing interest in crypto investment products. 

Grayscale Launches NEAR and Stacks Trusts

Grayscale Investments debuted the Grayscale Near Trust and Grayscale Stacks Trust on May 23, catering to individual and institutional investors. The trusts provide exclusive access to NEAR and STX tokens, marking Grayscale’s initial focus on NEAR and Stacks. Grayscale’s Ethereum ETF odds surged to 75%, while GBTC maintained $20.08 billion in AUM as of May 23.  

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EtherFi Plans Credit Card for Restaked ETH

EtherFi, a leading Ethereum restaking protocol, has revealed plans to introduce a credit card tied to users' restaked ETH holdings. The EtherFi Cash, a Visa credit card with a linked mobile wallet, allows payments using USDC or borrowed funds. EtherFi aims to simplify the use of crypto, with a TVL of $5.66 billion and significant growth driven by the recent liquid restaking token boom.  

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Fantom Foundation Launches Sonic Blockchain

The Fantom Foundation recently established Sonic Foundation and Sonic Labs to support the new Sonic layer-1 blockchain. Sonic will enhance the speed and security compared to the Fantom chain and eventually enable a smooth migration for users. A $10 million funding round will contribute to growing Sonic's ecosystem and product development.  

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Solana's DePIN Ecosystem Shows Growth

Solana's DePIN ecosystem, as detailed in the "Solana DePIN Snapshot: H1 2024" by Flipside, exhibits growth across sectors like decentralized compute with Render, decentralized connectivity with Helium, decentralized data networks with Hivemapper, and decentralized storage with ShdwDrive. Key metrics include Render's GPU rendering, Helium's mobile network growth, Hivemapper's mapping activity, and ShdwDrive's transaction handling capabilities.  

Crypto Usage Declines in US

The Federal Reserve survey of US adults found a significant drop to 7% using cryptocurrencies in 2023, down from 10% in 2022 and 12% in 2021. Only 1% used crypto for financial transactions. Millennials and Gen Z were the biggest users, while Black and Hispanic adults mainly used it for financial transactions. Fairshake PAC contributed to political campaigns, leveraging cryptocurrency's influence.  

Hong Kong Considers Staking for Ethereum ETFs

Hong Kong's Securities and Futures Commission considered allowing staking for spot Ethereum ETFs, potentially providing investors with passive income despite current low demand for ETFs in the region.'s Hong Kong entity, Gate.HK, decided to cease operations and withdrew its crypto trading platform license application due to upcoming strict licensing requirements. Additionally, Worldcoin expressed disappointment over Hong Kong's ban on its data collection activities, which led to a 5% drop in its WLD token value.

Pixelmon and Taiko Announce Airdrops

On May 27, 2024, Pixelmon will airdrop MON tokens to over 180,000 eligible wallets, including NFT holders and game players. On May 23, 2024, Taiko announced a "genesis airdrop" of 5% of its 1 billion tokens to testnet users and Ethereum ICO participants ahead of its mainnet launch.

Bittensor's TAO Token Surges

Today, Bittensor's TAO token surged 15% amid rumors of a Grayscale trust, with a 24% weekly gain, reaching $483.10, making it the top-performing asset. Meanwhile, CorgiAI, a meme coin on Cronos, rose 60% in 24 hours and 102% in a week, becoming one of the largest memecoins by market cap.

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Bybit CEO Refutes Insolvency Rumors

Bybit CEO Ben Zhou refuted insolvency rumors after social media speculation fueled by an alleged graph bug. The exchange's Proof of Reserves displayed assets fully collateralized, exceeding 100% reserve ratios for major cryptocurrencies. Despite $115 million in user withdrawals and challenges in France, data suggests the platform remains robust.

Coinbase Reinstates XRP in New York

Coinbase reinstated support for XRP in New York, four years after withdrawing it due to a legal battle over its status as a security. Paul Grewal announced that New York customers can now buy and sell XRP. Earlier, Coinbase lost a Supreme Court case on May 23, 2024, where consumers alleged they were misled into paying $100 to enter a Dogecoin sweepstakes, resulting in a 3.5% drop in Coinbase's stock. The court ruled that the dispute should be decided by the court, not arbitration.

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Sushi Integrates GoPlus Security

Sushi integrated GoPlus Security to protect users from honeypots by assessing token risks and transaction security. Robinhood launched gas-free trading on Arbitrum, also on May 23, 2024, using 0x for DEX aggregation, allowing users to trade without needing ETH for gas, simplifying access to on-chain finance.

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US House Passes FIT21 Act

The U.S. House passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support of 279-136 votes. Representative French Hill remarked on its historic passage, emphasizing the creation of a regulatory framework for digital assets. Despite opposition from President Biden and SEC Chair Gensler, the bill signifies a pivotal moment in U.S. blockchain legislation.  

Tech Against Scams Group Formed

Coinbase, along with KrakenGeminiRipple Labs, Meta, the Global Anti-Scam Organization (GASO), and Match, formed "Tech Against Scams" to combat prevalent crypto-related fraudulent schemes. Notably, the group aims to educate the public on various fraudulent tactics, including "pig butchering" scams. In 2022, an estimated $5.9 billion was stolen through crypto-related scams.  

Elixir Games Partners with Ava Labs

Elixir Games, a web3 gaming firm, has partnered with Avalanche ecosystem developer Ava Labs, and acquired RoboKiden, a third-person shooter game. The partnership aims to leverage Avalanche infrastructure for gameplay and digital assets. Square Enix, the Solana Foundation, and Shima Capital, have collectively invested $20 million, supporting Elixir’s acquisition and forthcoming launch of KIDEN token and the ELIX token generation event.

FSL Launches Stepn Go Game

FSL is set to launch a new social lifestyle game called Stepn Go, centered around rewarding NFT-owning players for their real-world movement with crypto tokens. This new version adds social features like a "Haus System" and interactive map, as well as a player-vs-player mode. The original app has over 5.6 million users and expansions to Ethereum and BNB Chain. An alpha version of Stepn Go is scheduled to roll out in Q3 2024, accompanied by a prize drawing for 5,000 NFTs.  

Algorand's New Ad Highlights Efficiency

Algorand recently debuted an ad featuring Anthony Scaramucci, emphasizing its transaction efficiency compared to Ethereum and Solana. This move seems aimed at restoring Algorand's prominence within the blockchain space. The commercial, set in a supermarket, showcases failed transactions on Ethereum and Solana, contrasting it with Algorand's supposedly swift and cost-effective processing speed. 

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Plume Secures $10M in Seed Funding

Plume, a blockchain for real-world assets, secured $10M in seed funding, led by Haun and Galaxy Ventures. It aims to simplify bringing assets like real estate onto blockchains compliantly. Utilizing Arbitrum Nitro technology, over 80 projects have tested asset deployment. Plume plans to launch its testnet to the public in about a month.  

Top Altcoin Gainers and Losers


Gnosis GNO (+4.37%

Ethereum Classic ETC (+4.09%

Bonk BONK (+2.93%


Render Token RNDR (-10.70%

SingularityNET AGIX (-10.29%

Arweave AR (-10.08%

NFT Market Map


Coffeezilla Accuses Rabbit of NFT Scam

YouTube investigator Stephen “Coffeezilla” Findeisen accused AI company Rabbit of involvement in an NFT scam before venturing into AI. He claimed the company raised funds for an NFT project but failed to deliver. Findeisen alleged that Rabbit's new AI product, Rabbit R1, resembled the failed NFT project and was overhyped, suggesting a potential pattern of deceptive practices. 

Milady Maker NFTs Surge

Milady Maker NFTs surged 35% as Ethereum NFT collections dropped. While most NFTs trended down or remained flat during a recent Ethereum rally, the floor price for Miladies vaulted from 4 ETH to 5.8 ETH, maintaining a 5.5 ETH floor. Redacted Remilio Babies, a related collection, also rose 35%. Despite ETH price volatility, both set all-time highs since 2022.  

This article has been refined and enhanced by ChatGPT.

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